China Weekly Kickstart

Goldman Sachs reports that Chinese benchmarks fell 0.3%-2.3% this week amid weak April activity data, despite a 6% rally in the STAR50 tech index.

Key Takeaways

• 1.Chinese equity indexes were largely flat to down (MXCN -2.3%, CSI300 -0.3%) over the week, while the STAR50 index outperformed with a 6% rally.
• 2.1Q26 earnings reporting is well underway, with 89% of the All-China universe reported; earnings rose 7% YoY overall but MSCI China earnings declined 2% YoY.
• 3.April activity data broadly missed expectations, and fiscal expenditure growth dropped further during the month.

Table of Contents

• Performance
• Earnings and valuations
• Flows
• Key reports
• Policies and news
• Charts of the Week: 1Q26 Earnings Tracker
• Charts of the Week: Preliminary Mutual Fund Positioning
• Charts of the Week: Index Performance
• Charts of the week: Proprietary Models and Barometers
• Goldman Sachs' China strategy and economic view at a glance
• Macro indicators summary
• Performance snapshot: Global markets, commodities, FX and rates
• Weekly performance summary
• Weekly top and bottom performers in MSCI China
• Sector performance
• Earnings momentum and revisions
• China valuations
• Sector valuations
• Regional valuations
• Stock Connect weekly flows
• Style investing monitor
• China specific baskets performance
• A/H premium and A-shares liquidity
• Breakdown of the Chinese alphabet soup

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