The 720: HK Exchanges, China Macro - 2Q GDP & Politburo preview, Global Markets, DBS, Guming, Baycurrent, Li Ning, BABA

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The 720: HK Exchanges, China Macro - 2Q GDP & Politburo preview, Global Markets, DBS, Guming, Baycurrent, Li Ning, BABA

Equity Research

16 July 2026 | 7:22AM HKT

The 720: HK Exchanges, China Macro - 2Q GDP & Politburo preview,

Global Markets, DBS, Guming, Baycurrent, Li Ning, BABA

In Focus | HK Exchanges Michael Snaith

+852-2978-0455 |

michael.snaith@gs.com

Hong Kong Exchanges – New listings and profit growth inflection to drive sustainable Goldman Sachs (Asia) L.L.C.

ADT growth – Buy. We reiterate our Buy rating and 12m TP of HK$540, as we see Caleb Chan

+852-2978-0790 | caleb.chan@gs.com

multiple tailwinds to average daily turnover and revenue growth heading into the Goldman Sachs (Asia) L.L.C.

second half of 2026. While the year-to-date share price has tracked the broader

market decline, we expect further turnover growth supported by rising investor

interest, a record IPO pipeline, and continued strong performance of newly listed

companies. Additionally, we anticipate the turnover drag from the internet sector

will reduce as consensus profit growth returns to positive territory in the third

quarter. We incorporate June data and marginally raise our FY26-FY29 EPS estimates

to reflect sustained market turnover, viewing the expanding fixed income and

currency product offerings as the next structural growth engine. Thomas Wang

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China Macro | 2Q GDP, July Politburo preview

China – Real GDP growth slowed meaningfully in Q2 amid mixed June activity data.

We lower our 2026 full-year real GDP growth forecast to 4.6% from 4.7% after Q2