Insights
LATEST
China beyond manufacturing: Automation and the rise of services
In late 2025, Chinese equities completed a full cyclical transition, moving from a period of volatile consolidation and policy support to a pre-New Year rally. The A-share market came under pressure in November before rebounding. Investor sentiment weakened amid debates around the sustainability of the AI narrative and a marginal tightening in liquidity conditions, prompting a rotation into defensive sectors such as banking and pharmaceuticals. The MSCI China A Onshore Index outperformed significantly in December (+4.8%). The MSCI China Index dipped (- 1.5%) while the China All Shares Index remained flat (+0.4%). On a full-year basis, all three indices delivered strong double-digit growth: MSCI China (+28.1%), MSCI China A Onshore (+27.0%), and MSCI China All Shares (+25.9%).
Prev
Next
