APAC Signal-to-Noise: What did we learn from our China Conference?

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APAC Signal-to-Noise: What did we learn from our China Conference?

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APAC Signal-to-Noise

What did we learn from our China Conference?

15 May 2026Signal-to-Noise at the China Conference

This week, against the backdrop of the May 13-15 Trump-Xi summit, we hosted our 19th China Conference, Equity Strategy

joined by over 500 investors and 210 corporates (see Day 1 | Day 2 | Day 3 takeaways). Please join our China Asia-Pacific

Economist, Helen Qiao, for her key takeaways on President Trump’s China visit on Mon, May 18, 9:00 am HKT

(see flyer). ChrisHead ofOberoiAPAC >>Research

Merrill Lynch (Hong Kong)

AI capex surge and global expansion offset uneven sector sentiment chris.oberoi@bofa.com

Overall, management tone is positive across Technology, Industrials, Autos and Property; mixed in Healthcare; ChristineResearch AnalystTan >>

and relatively cautious in Consumer and Banks. The AI capex cycle remains the clearest theme at the Merrill Lynch (Hong Kong)

christine.tan2@bofa.com

conference, with Megmeet’s management (see note) indicating a robust QTD orderbook for power supply.

Kaspar Lam >>

Additionally, international expansion is highlighted by companies across sectors as a key growth driver. BYD, Research Analyst

for instance, cited lengthening delivery lead times in overseas markets, suggesting strong demand. Professor Merrill Lynch (Hong Kong)

kaspar.lam@bofa.com

Huang Yiping noted that rising energy security concerns are accelerating investment in clean energy supply

Katherine Zhu >>

chains. He also flagged artificial intelligence as a medium-term macro risk, warning that productivity gains Research Analyst

could outpace job creation, potentially suppressing labor income and weakening demand. Merrill Lynch (Hong Kong)

kexin.zhu@bofa.com