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Key investment themes: Inflation and policy risk should start moderate. Policy sensitive sector could reverse the
Market valuation is close to the historical trough on bearish sentiment. Upcoming earning
downgrade risk is largely priced in.
Expect China policy to place more emphasis on “pro-growth”. Policy easing targeting the
small and medium enterprises already begun.
Raising wages will continue to support consumption. Social housing and public utilities
becomes the new driver for fixed asset investment growth. Domestic demand will largely
offset export slowdown.