HSBC’s Q3 2026 Global Investment Outlook says China’s structural equity rally
should persist. The bank points to a supportive policy backdrop: the PBOC
maintaining an easing bias and ample liquidity, plus fiscal measures backing new
productive capacity and ultra-long special sovereign bonds earmarked for hard
tech and advanced manufacturing. HSBC expects A-share earnings to achieve a
structural recovery this year, with the largest upward revisions to forecasts in
materials, energy and information technology. The bank remains constructive on
energy and materials and highlights high-dividend, high-quality central and
state-owned enterprises as potential sources of relatively stable returns to
bolster portfolio resilience.
