China Weekly Kickstart

The report details a volatile week for Chinese equities with a performance divergence between A-shares and H-shares, alongside major policy signals from the Lujiazui Forum.

Key Takeaways

• 1.A-shares outperformed H-shares this week, with the latter losing 3% amid a tech sector divide.
• 2.Chinese financial regulators signaled a transition toward price-based monetary policy and rule-based capital account opening at the Lujiazui Forum.
• 3.May macro data for fixed asset investment (-10.6% yoy) and retail sales (-0.6% yoy) missed market expectations.

Table of Contents

• Performance
• Earnings and valuations
• Flows
• Key reports
• Policies and news
• Charts of the Week: Market 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
• Relative performance of offshore China sectors
• Relative performance of onshore China sectors
• Earnings momentum and revisions
• China valuations
• Sector valuations
• Regional valuations
• Stock Connect weekly flows
• Style investing monitor (China Offshore)
• Style investing monitor (China Onshore)
• China specific baskets performance
• A/H premium and A-shares liquidity
• Breakdown of the Chinese alphabet soup

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