(1) Base Case Targets and Valuation Forecasts:Index │ Target by Jun 2026 │ Forecasted 2026 Top-Down EPS Change (%) │ Forecasted P/E Ratio by Jun 2026HSI│24,500│+5%│10.6 timesHSCEI│8,900│+5%│9.2 timesMSCI China Index│78│+6%│11.2 timesCSI 300 Index│4,000│+6%│12.9 timesRelated NewsIndustrial Production YoY for April in China is 6.1%, lower than the previous value of 7.7%. The forecast was 5.5%.(2) Bull Case Targets and Valuation Forecasts:Index │ Target by Jun 2026 │ Forecasted 2026 Top-Down EPS Change (%) │ Forecasted P/E Ratio by Jun 2026HSI│28,000│+7%│11.5 timesHSCEI│10,200│+6%│10.2 timesMSCI China Index│90│+8%│12.5 timesCSI 300 Index│4,700│+8%│14.3 times(3) Bear Case Targets and Valuation Forecasts:Related NewsByteDance Expects Rev. to Grow 20% to US$186B This Yr, Comparable to Meta: WireIndex │ Target by Jun 2026 │ Forecasted 2026 Top-Down EPS Change (%) │ Forecasted P/E Ratio by Jun 2026HSI│18,300│+3%│8.2 timesHSCEI│6,600│+3%│7.2 timesMSCI China Index│58│+3%│9.1 timesCSI 300 Index│3,250│+4%│10.9 times