The Global Point

Research evidence excerpt

The Global Point

China Property - Positive View: Position for a Stronger Volume Growth in Core

Cities

Position for sales growth and pickup in launches from Sep; look through weak

1H earnings — Our constructive sector view is backed by (1) likely accelerating

sales growth in Jul-Sep on resilient transaction volumes in core cities and a

favorable low base; (2) a stronger new launch pipeline from Sep; (3) expectation for

a supportive tone from July’s Politburo meeting. Despite the recent sector share

price retreat, physical market activity remains firm, with primary/secondary

transaction units in key cities increasing 18%/12% yoy in the first week of July. We

believe 1H26 earnings weakness is widely expected by the market, while guidance

on sales & margin could also be supportive. As such, we think the sector is well

prepared for a bull run in Jul-Oct.

Griffin Chan | Cindy Li

Taiwan Electronic Components & Equipment - Investor Feedback and Key

Questions Post BBU Sector Report and Dynapack Initiation

Following our Dynapack (3211.TWO) initiation and BBU sector report, investor

feedback has generally been constructive. Most investors appear interested in the

BBU theme particularly given rising AI rack power density, increasing adoption of

rack-level backup power, and the potential for the higher BBU content value.

Dynapack is viewed as an interesting stock idea to gain exposure to the BBU

growth cycle, given its improving sales mix, margin expansion potential and direct

exposure to AI power architecture evolution. We highlight several key questions

below.

Angela Hsu

Fund Flow Insights - Improvement in fund flows as markets see corrections

In the week of 8 July 2026, bond funds saw US$31.3bn of inflow while equity funds

had US$56.4bn of inflow.