UBS Global Research APAC head Lian Peikun said at UBS's 23rd China A‑share
seminar the recent A‑share pullback is primarily a risk-release after prior
gains, not a fundamental mid‑term trend reversal. Declining margin financing
balances suggest deleveraging is nearing completion; measures to stabilize
capital markets are accumulating, strengthening the market repair and supporting
H2 market momentum. He stressed the structural growth case for AI, the
domesticisation of China’s tech supply chain and the trajectory of domestic AI
infrastructure remain intact. With an improving global AI narrative, faster
enterprise adoption and a more complete domestic tech ecosystem, China’s AI
industry chain retains medium‑to‑long‑term investment value. Overseas engagement
shows many investors now view the China AI supply chain as a material part of
global tech portfolios, and some foreign capital is deploying real money into
the sector.
