China: An Equity Strategist’s Diary (H): Weekly wrap (22-26 Jun): De-risking and rotations amid cooling AI momentum

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China: An Equity Strategist’s Diary (H): Weekly wrap (22-26 Jun): De-risking and rotations amid cooling AI momentum

Boat Festival: domestic trip volume/ spending +852 3508 4601

+4.4%YoY/ +4.0%YoY (+5.7%/ +5.9% in 2025), daily spending per person flattish. patrick.pan2@bofa.com

Sector: key trends and weekly updates GinaStrategistWu >>

A-shares: margin trading balance topped RMB3tn for the first time on Jun 23; SSE Merrill+852 3508Lynch8008(Hong Kong)

launched “value-up 2.0” initiative to boost listcos’ operating efficiency and shareholder gina.wu@bofa.com

returns; IPO: HK targeted global No.2 spot with USD41bn IPO boom; Financial Winnie Wu >>

Research Analyst

regulation: top auditor flagged “involution-style” competition and tax abuse among Merrill Lynch (Hong Kong)

major FIs; Auto: EU prepared to extend tariffs on China-made vehicles to PHEV; +852 3508 3058 winnie.wu@bofa.com

Brokerage: China closed another offshore investing loophole as TRS (total return swap)

faces restrictions; Electricity: May consumption +6.9%YoY (+6.0% in Apr); Internet:

“618” campaign wrapped up quietly with flat eC sales; Alibaba sued US govt for being See glossary on page 21

linked to Chinese military; top regulators unveiled 2026-28 plan to drive coordinated

growth across the platform economy; Oil & Gas: SOE refiners considered resuming Iran Recent reports:

oil imports for the first time since 2019; Rare earths: China tightened scrutiny on The W&W Indicator remains bullish in

indium exports, adding to growing controls on materials critical to next-gen AIDC; Jun, Jun 23

Semis: US raised concerns that ASML’s EUV machines may have reached China in

violation of export controls; Tech/AI: DeepSeek planned to at least double staff across A tale of two markets: Korea and