Markets rebounded 1-3% supported by National Team buying; HKEx eased listing requirements for WVR companies

Research evidence excerpt

Markets rebounded 1-3% supported by National Team buying; HKEx eased listing requirements for WVR companies

Portfolio Strategy Research

24 July 2026 | 11:34PM HKT

CHINA WEEKLY KICKSTART

Markets rebounded 1-3% supported by National Team buying; HKEx eased listing requirements for

WVR companies

MXCN/CSI300 rebounded 0.9%/2.7% this week. Brent crude n A: Materials (3.2%) & Earnings Rev (4.1%) Kinger Lau, CFA

+852-2978-1224 | kinger.lau@gs.com

surged above US$100/bbl for the first time since May. The outperformed, Real Estate (-2.3%) & Size (-1.9%) Goldman Sachs (Asia) L.L.C.

Trump administration imposed the new 10%-12.5% tariffs lagged Timothy Moe, CFA

+65-6889-1199 | timothy.moe@gs.com

under USTR Section 301 on 60 trading partners as the Goldman Sachs (Singapore) Pte

Earnings and valuations (Pages 12-16)temporary 10% global tariff expired on Friday. CSRC Chair Si Fu, Ph.D.

+852-2978-0200 | si.fu@gs.com

Wu Qing met with market participants on Jul 20 and pledged n MXCN/CSI300 12m forward P/Es are 10.5x/14.8x Goldman Sachs (Asia) L.L.C.

to respond proactively to market concerns and bolster Kevin Wang, CFA

n I/B/E/S consensus 2026/27E EPS growth is 17%/17% +852-2978-2446 | kevin.wang@gs.com

market stability. Two major central SOEs, China Reform Goldman Sachs (Asia) L.L.C.

and 25%/15% for MXCN and CSI300, respectively

Holdings and Chengtong, announced substantial increases in

n Financials/Info Tech were revised up the mosttheir equity holdings. China’s largest insurers also publicly

off/onshorecommitted to increasing their equity allocations. CATL

announced the largest share repurchase plan (Rmb20-40bn)

Flows (Page 17)

in A-share history. Our top 10 National Team favorite ETF

tracker recorded ~Rmb100bn net inflows over the past two n Southbound: US$49bn ytd