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.
2026 Asia Equities ex-Japan Outlook: Positive catalysts drive continued momentum
Asia equities ex-Japan delivered strong performance in 2025. Looking ahead to 2026, June Chua, Head of Asia Equities, outlines in this investment note why she believes the outlook for the asset class remains constructive, underpinned by numerous positive catalysts: a softer US dollar, the US Federal Reserve’s rate-cut trajectory, supportive earnings and valuations, and differentiated growth drivers across geographies.
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.
Overweight utilities – stability meets growth in a rate-cutting cycle
Heading into 2026, preferred securities remain an attractive asset class supported by strong fundamentals and favourable macro trends. In particular, utilities preferreds stand out as a core allocation, benefiting from structural growth drivers, such as artificial intelligence (AI)-driven energy demand, easing monetary policy, and their defensive characteristics amid potential market uncertainties.
2026 Outlook Series: Greater China Equities
Greater China equity markets registered a strong equity rally in 2025 to date, driven by technology breakthroughs, demand for localisation, go-global demand, and upward earnings growth revisions. We reiterate a positive view on Greater China equity markets going into 2026 as we believe Mainland and Taiwan are well-positioned to drive high-quality growth to the next level.
2026 Asia Equities ex-Japan Outlook: Positive catalysts drive continued momentum
Asia equities ex-Japan delivered strong performance in 2025. Looking ahead to 2026, June Chua, Head of Asia Equities, outlines in this investment note why she believes the outlook for the asset class remains constructive, underpinned by numerous positive catalysts: a softer US dollar, the US Federal Reserve’s rate-cut trajectory, supportive earnings and valuations, and differentiated growth drivers across geographies.