2026 China Investment: A 'Barbell' of Tech Stocks and Domestic-Demand Stocks | So Jin-woong, Yeo Do-eun, Heo Jae-mu

2026 중국투자는 '바벨' 기술주와 내수주 | 소진웅, 여도은, 허재무 [아침N투자]

Watch on YouTube ↗ | January 28, 2026 at 02:51 | 25:36 | 3PRO TV (삼프로TV)

Speakers

So Jin-woong — Manager

Summary

So Jin-woong discussed China's 2026 equity outlook through a barbell framework: technology/AI exposure alongside domestic-demand and cyclical exposure. He remains positive on Chinese Big Tech, Hong Kong-listed large platforms, AI/semiconductors, and the STAR Market, while also favoring physical AI/humanoid robotics and, for the first quarter, cyclicals, raw materials, and chemicals. He cites policy support, deposit migration into risk assets, yuan strength, and first-quarter events such as the Two Sessions and the 15th Five-Year Plan as catalysts. The transcript also includes a brief KOSPI catch-up-rally discussion and a warning that tighter margin trading and property weakness remain risks.

China 2026 strategy framed as a barbell of tech and domestic-demand/cyclical exposure.
Chinese Big Tech and Hong Kong-listed large platform companies remain favored.
AI, semiconductors, newly listed chip names, and the STAR Market are seen as policy-supported areas.
Physical AI and humanoid robotics are highlighted as China's application-strength theme.
Cyclicals, raw materials, and chemicals are favored for first-quarter domestic-demand exposure.
Supportive factors include deposit migration, policy easing, yuan strength, and the March Two Sessions.
Risks cited include margin-trade tightening, property weakness, and the need for fundamental economic improvement.
KOSPI's rally is described as a catch-up and earnings-cycle re-rating move.

Ideas

So Jin-woong Manager 5:02

KOSPI catch-up rally with earnings growth.

The KOSPI rally is partly a catch-up move after 2023-24 underperformance and reflects a re-rating plus an earnings growth cycle.

So Jin-woong Manager 9:30

China tolerates yuan appreciation, favoring CNY.

The People's Bank of China's fixing is moving toward tolerating yuan strength, and Beijing is focused on raising the yuan's international status, which supports the currency and is a positive factor for Chinese assets.

So Jin-woong Manager 10:31

Chinese Big Tech, HK platforms still favored.

The speaker remains positive on Chinese Big Tech and says Hong Kong-listed large platform companies should benefit in the first quarter from AI-related interest, policy events, and liquidity flowing out of low-yielding deposits into risk assets.

So Jin-woong Manager 11:07

China AI and semiconductors stay favored.

China's government is pushing AI, the DeepSeek re-rating should continue, and semiconductor-related areas are a key beneficiary; newly listed Chinese semiconductor names such as MetaX and Biren Technology and the STAR Market index have been strong, and a possible new DeepSeek release around Lunar New Year could revive AI interest.

So Jin-woong Manager 12:49

China cyclicals and raw materials look attractive.

With policy support and possible economic improvement in China, economy-sensitive cyclicals and raw materials are attractive for the first quarter; commodity and product prices have started responding since late last year, and a fundamental recovery could extend the market rally.

So Jin-woong Manager 12:49

Chinese chemicals are a neglected cyclical play.

The Chinese chemical sector has been ignored for a long time, is highly sensitive to the economic cycle, and product prices and share prices have already begun to respond since late last year and early this year.

So Jin-woong Manager 13:52

China leads physical AI application and humanoids.

China is not the frontier-model leader but is strong in AI diffusion and application, which should allow Chinese companies to apply AI broadly across manufacturing and industry; humanoid robots are a representative physical-AI area where China can compete well.

So Jin-woong Manager 19:50

China equities favored on policy and liquidity.

China's policy stance supports the stock market, low deposit rates and maturing deposits should push funds toward risk assets, and the first quarter has pro-market catalysts such as the Two Sessions, the 15th Five-Year Plan, improving foreign relations, and yuan strength; downside looks limited and a fundamental recovery could extend the rally.

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This 3PRO TV (삼프로TV) video, published January 28, 2026, features So Jin-woong discussing EWY, Chinese yuan (CNY), KWEB, Chinese AI/semiconductor stocks, STAR Market Index, MetaX, Biren Technology, Chinese cyclical stocks, Chinese raw materials/commodity-related stocks, Chinese chemical sector, Chinese humanoid robotics/physical AI stocks, FXI. 8 trade ideas extracted by AI with direction and confidence scoring.

Speakers: So Jin-woong · Tickers: EWY, Chinese yuan (CNY), KWEB, Chinese AI/semiconductor stocks, STAR Market Index, MetaX, Biren Technology, Chinese cyclical stocks, Chinese raw materials/commodity-related stocks, Chinese chemical sector, Chinese humanoid robotics/physical AI stocks, FXI