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<Research>HSBC Research Remains Neutral on Consumer Stocks; 15th FYP May Boost Techs' Rally
China's Fourth Plenum approved the recommendations for the 15th Five-Year Plan (FYP) (2026-2030), HSBC Global Research said in its report. The plan highlighted considerably enh...
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<Research>HSBC Research Remains Neutral on Consumer Stocks; 15th FYP May Boost Techs' Rally
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China's Fourth Plenum approved the recommendations for the 15th Five-Year Plan (FYP) (2026-2030), HSBC Global Research said in its report. The plan highlighted considerably enhancing technological self-sufficiency, strategically positioning future industries, and promoting an economic development model driven more by domestic demand, consumption, and endogenous growth. This was believed to add fuel to the potential rally of tech stocks.

According to the broker's analysis, strategic industries mentioned in the 15th FYP, such as semiconductors, artificial intelligence, and biotechnology, could see an average market return of about 16.5% and an average excess return of about 17.5% within a year of the plan's announcement.

Related NewsJPM Upgrades SMIC (00981.HK) to Neutral, Raises TP to HKD67
In view that the overall economy has not fully recovered and the PMI has been in contraction territory for six straight months, HSBC Global Research lately remained neutral on the consumer sector. It assigned an Overweight rating to sectors like information technology and healthcare, which have greater potential for Chinese innovation, The broker was bullish on themes of anti-involution efforts and raw materials segment.

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