Asks how the recent precious metals volatility impacts the equity market.
Host (David)
Ginger Law
The metals volatility is disruptive in the short term and caused indiscriminate selling, but it doesn't change the overarching bullish thesis for Chinese equities in 2026.
Asks what will drive the earnings story in terms of industry groups.
Host (Yvonne)
Ginger Law
Key drivers are AI implementation/investment, Chinese corporates going global, and infrastructure infusion. Tech is the key sector.
Asks if the macro picture changes this year, or if the market will remain divorced from fundamentals.
Host (David)
Ginger Law
Macro provides fundamental support. Forecasts 4.8% real GDP growth, above consensus, driven by investment, consumption, and solid export momentum.
Asks for the best portfolio playbook for Chinese equities this year.
Host (David)
Ginger Law
Overweight A and H shares regionally. Key sectors: Tech, Insurance, and Materials.
Asks about valuations in the materials sector after its substantial rally.
Host (Yvonne)
Ginger Law
Momentum in materials will continue because metal supply backdrop remains favorable. Valuations are at mid-cycle, not very extended.
Asks about a Goldman report suggesting the stock rally isn't creating a wealth effect boost to consumption.
Host (David)
Ginger Law
The stock market may not fully offset the drag from the housing market downturn on aggregate wealth.
Asks for the best tactical opportunity, mentioning the property sector.
Host (Yvonne)
Ginger Law
Housing market still in downturn, prices may bottom in next 12 months. Government will focus more on property policy this year.