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<Research>Macquarie Now Favors H-shrs Over A-shrs, Prefers BYD COMPANY/ ANTA SPORTS/ HAIDILAO/ Others
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Unless trade negotiations or geopolitical relations break down, emerging market capital inflows and improved H-share liquidity will provide tailwinds over the next 6 months, according to Macquarie's research report. The A-share market may find support as anti-involution policies in upstream industries drove a 20% YoY increase in industrial profits in August, with additional piecemeal consumption stimulus measures likely before year-end. The broker currently favored H-shares over A-shares, as quality rotation and IPOs will draw greater investor attention to the Hong Kong equity market. However, Macquarie remained bullish on A-shares' medium-term performance, as national policy reforms will drive capital inflows. Sector-wise, the broker preferred internet, consumption services and other segments, while avoiding energy stocks and low-beta high yield shares. Macquarie's screen identified high-beta and quality stocks laggards, including BYD COMPANY (01211.HK), WULIANGYE (000858.SZ), ANTA SPORTS (02020.HK) and HAIDILAO (06862.HK). AAStocks Financial News Website: www.aastocks.com |
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