China on the ground—April 2026 "Key words: Middle East & fuel prices" Hong

研报英文原文证据摘录

China on the ground—April 2026 "Key words: Middle East & fuel prices" Hong

China on the ground—April 2026 UBS Research

Sector heat map

UBS's Quant Research team provides an institutional field trip dataset for A-share

companies, which we view as a useful broad indicator of investor interest in specific

companies/sectors. We aggregate the number of visits to a single company at the sector

level and calculate the share of each sector. We track the MoM change in each sector's

investor visit share, which we believe indicates shifts in investor interest among sectors.

In April, materials, consumer durables & apparel and healthcare equipment &

services recorded the highest proportional MoM increases in company visits, while

technology hardware & equipment and automobiles & components recorded the

highest proportional decreases.

Figure 2: Top five sectors with highest MoM company visit Figure 3: Bottom five sectors with the highest MoM

proportionalSource:UBS QuantincreasesTopResearch companySource:UBS QuantvisitResearchproportional declines

We further combine the company visit data with the crowding factor (proprietary data

from UBS's Quant Research team). Crowding scores range from -30 (short-crowded) to

30 (long-crowded). In April, consumer durables & apparel and healthcare

equipment & services recorded MoM increases in company visits and their crowding

scores remained in negative territory. Conversely, technology hardware & equipment

and semiconductors & semiconductor equipment, which showed a large

proportional decline in company visits, remained relatively crowded.

FigureSource:UBS4: QuantCompanyResearch.visitNote:MoMMore detailchangeon datavs.sourcescrowdingand backgroundsfactorsininA ComprehensiveAprilCompany Crowding Factor and Can we trade

on company visits in China?