20 June 2025
Kai Kong Chay, Senior Portfolio Manager, Greater China Equities
Wenlin Li, Senior Portfolio Manager, Greater China Equities
Ben Yu, Head of Equities, Taiwan Region
The latest Greater China Equities Outlook highlights how the Greater China equity investment team navigates global uncertainties and invests through the lens of our GCMV (growth, cash generation, management, valuation) investment framework via the “4A” positioning: Acceleration, Abroad, Advancement, and Automation.
Despite macro headwinds and geopolitical tensions, Greater China continues to demonstrate structural resilience and innovation-led growth. Our investment team remains focused on identifying opportunities aligned with long-term trends:
Acceleration: We favour niche and service-oriented consumption leaders that are outperforming amid macro softness, such as specialty F&B, cosmetics, and tourism.
Abroad: Mainland China’s healthcare sector continues to globalise, with strong out-licensing momentum and novel drug modalities gaining traction.
Advancement: AI adoption is accelerating, driven by breakthroughs like DeepSeek. We see strong potential opportunities in cloud service providers and next generation of AI supply chain across Greater China.
Automation: Mainland China’s high-tech manufacturing and robotics sectors are thriving, supported by a robust domestic supply chain.
In Taiwan, we see renewed momentum in AI semiconductors, smartphone components, and network infrastructure, supported by global AI demand.
Takeaways from China’s NPC Meeting & upcoming drivers for Greater China equity market
In addition to the recent breakthroughs in AI and humanoid robot development, we observe other positive catalysts that further support the region’s market.
Five macroeconomic themes for 2025: a global economy in transition
2025 is shaping up to be a year of transition. With that in mind, we explore five key forces that we believe will drive the global economy and markets this year. Return to this page periodically for additional timely insight and resources to help guide you through 2025.
2025 Outlook Series: Asia Fixed Income
As rate paths shift and market volatility is expected to increase across global rates, credit, and currency markets, we explain why the sub-asset classes within the Asian fixed income space (Asia high yield, Asia investment grade, and Asia local currency) could provide shelter with opportunities.
Asian Fixed Income: Are we at a turning point?
This outlook analyses the near-term tailwinds propelling returns in Asian fixed income, as well as the structural fundamentals and shifting geopolitical trends that could support the asset class over the long-term.
Midyear 2025 global macro outlook: what’s changed and what hasn’t
More forceful-than-expected government policy decisions, particularly by the United States, have swiftly overtaken some of our early 2025 views. Global trade issues and deglobalization have indeed come to the fore, with knock-on effects for many trade-sensitive emerging markets. Elsewhere, capital markets the world over are contending with a big wave of government debt supply, which is driving global bond yields higher.
Greater China Equities: 2H 2025 Outlook
The latest Greater China Equities Outlook highlights how our investment team navigates global uncertainties and invests through the lens of our investment framework via the “4A” positioning: Acceleration, Abroad, Advancement, and Automation.
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