China equity strategy for 2026 (with David)

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Citigroup 8.5
Investment Bank $1800.00B
Peter Luo 8.0

China equity strategy for 2026 (with David)

metals

Basic material is also an area that we are seeing continuous earnings upward revisions... For some type of metal, copper, aluminum, the demand will remain strong. Links demand to global electricity demand and AI/infrastructure development, differentiating from weaker steel/cement.

6 calls

+24

more right than wrong, with meaningful gains

12/15/2025 8:22:43 PM	short term up	6 days later	+5.42%	+5.42%
10/9/2025 11:58:10 PM	short term up	5 days later	+8.40%	+8.40%
9/23/2025 7:37:45 PM	medium term up	20 days later	+13.32%	+13.32%

Show all 3 metals results

Bullish. Looking at the targets themselves, how are you looking at market leadership this year? What are the places to be in?

David
Peter Luo

This year 2026 is a special year. It will be the first year of our 15 five year period. We are more positive into some sector like tech. Secondly, export is still something we are very interested in. Thirdly, basic material is also an area that we are seeing continuous earnings upward revisions.

China is a big country, not easy to be replaced because of comprehensive value chain and high degree of automation.
Drilling down into tech in particular, which areas of the market stand out to you?

David
Peter Luo

The area that we are more interested in are semiconductor. We are expecting China wants to have more localization to support our semiconductor development. That's also the area that you can expect more policy support.

Over the last five year, China have a lot of obstacle in terms of importing high level semiconductor, so government wants more self-development.
Interesting on that because Goldman Sachs... saying that the rally we've had in base metals could face headwinds essentially on softer Chinese demand. You don't see that being the case?

David
Peter Luo

For some type of metal, copper, aluminum, the demand will remain strong. We are having accelerated electricity demand globally. So for copper, aluminum, demand will remain strong.

Not talking about all basic materials. Steel, cement, property market in China are not very good. But copper, aluminum see demand from AI development, infrastructure development.

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