China Equity Strategy US marketing feedback – China’s K-shaped economy and the Sino-US AI race

研报英文原文证据摘录

China Equity Strategy US marketing feedback – China’s K-shaped economy and the Sino-US AI race

26 June 2026

Equity Research Report

China Equity Strategy EquityChina Strategy

US marketing feedback – China’s K-shaped economy

and the Sino-US AI race

◆ China’s K-shaped economy with strong supply but weak Steven Sun*, CFA (Reg. No. S1700517110003)

demand suggests opportunities in ChiNext Index and STAR50 Head of Research, HSBC Qianhai Securities Limited HSBC Qianhai Securities Limited

stevensun@hsbcqh.com.cn

◆ A non-zero-sum AI race as US focuses on tech superiority in +86 755 8898 3158

chips and models, China on AI diffusion / scaling at low cost Jeffrey Xie* (Reg. No. S1700523100002)

Analyst, China Equity Strategy Research

HSBC Qianhai Securities Limited

◆ AI looks set to improve global productivity and shift value jeffrey.p.xie@hsbcqh.com.cn

from labour to capital — supporting a bull market in China +86 10 5795 2361

Neal Chen*, PhD (Reg. No. S1700524120001)

We conducted a two-week China equity strategy marketing trip in the US and met HSBC Qianhai Securities Limited neal.m.chen@hsbcqh.com.cn

with 30+ institutional investors, including sovereign funds, mutual funds, hedge funds +86 21 5066 2066

and endowment fund investors. We summarise our key feedback in this note. Lydia Li*, CFA (Reg. No. S1700525040002)

The one-line takeaway. Despite generally cautious views on China, the consensus HSBC Qianhai Securities Limited

lydia.j.y.li@hsbcqh.com.cn

was consistent: the global economy and equity markets are bifurcating into “AI” and +86 21 5066 2022

“non-AI.” Within AI, investors said the US–China relationship has shifted from a

technology race into a symbiotic structure best described as US innovation + China * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is