Winnie Wu

For the MSCI China market, earnings revisions are the key driver. We prefer defensive sectors with steady earnings growth. In our second-quarter portfolio we highlight banks (high dividend yield with RMB appreciation tailwind), energy, coal, and materials (where earnings revisions are stronger and share prices are outperforming).

For the MSCI China market, earnings revisions are the key driver. We prefer defensive sectors with steady earnings growth. In our second-quarter portfolio we highlight banks (high dividend yield with RMB appreciation tailwind), energy, coal, and materials (where earnings revisions are stronger and share prices are outperforming).

For the MSCI China market, earnings revisions are the key driver. We prefer defensive sectors with steady earnings growth. In our second-quarter portfolio we highlight banks (high dividend yield with RMB appreciation tailwind), energy, coal, and materials (where earnings revisions are stronger and share prices are outperforming).

For the MSCI China market, earnings revisions are the key driver. We prefer defensive sectors with steady earnings growth. In our second-quarter portfolio we highlight banks (high dividend yield with RMB appreciation tailwind), energy, coal, and materials (where earnings revisions are stronger and share prices are outperforming).

Speaker stated their year-ahead strategy has been a "barbell" and noted that in March, "energy banks utility relatively outperforming... On the other side, it's the materials sector down like over 20%." In an environment of rising macro uncertainty, growth concerns, and high volatility, investors are rotating into sectors that offer downside protection and relative resilience. These sectors are positioned as the defensive end of the barbell strategy. LONG on Energy, Banks, and Utilities as explicit outperformers and components of a defensive, diversifying strategy within the Chinese market. A rapid de-escalation in geopolitical tensions and a sharp drop in energy prices could reduce the defensive premium and trigger a rotation back into growth sectors.

Speaker stated their year-ahead strategy has been a "barbell" and noted that in March, "energy banks utility relatively outperforming... On the other side, it's the materials sector down like over 20%." In an environment of rising macro uncertainty, growth concerns, and high volatility, investors are rotating into sectors that offer downside protection and relative resilience. These sectors are positioned as the defensive end of the barbell strategy. LONG on Energy, Banks, and Utilities as explicit outperformers and components of a defensive, diversifying strategy within the Chinese market. A rapid de-escalation in geopolitical tensions and a sharp drop in energy prices could reduce the defensive premium and trigger a rotation back into growth sectors.

Speaker stated their year-ahead strategy has been a "barbell" and noted that in March, "energy banks utility relatively outperforming... On the other side, it's the materials sector down like over 20%." In an environment of rising macro uncertainty, growth concerns, and high volatility, investors are rotating into sectors that offer downside protection and relative resilience. These sectors are positioned as the defensive end of the barbell strategy. LONG on Energy, Banks, and Utilities as explicit outperformers and components of a defensive, diversifying strategy within the Chinese market. A rapid de-escalation in geopolitical tensions and a sharp drop in energy prices could reduce the defensive premium and trigger a rotation back into growth sectors.