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Wang Zonghao, Head of China Equity Strategy Research at UBS, stated on November 11 that tracking data from approximately 800 foreign active funds indicates foreign institutional investors' positions in Chinese stocks were largely unchanged in the third quarter. At the sector level, international investors increased their holdings in healthcare, internet, and technology (potentially driven by IPOs and placements), while trimming exposure to insurance, basic materials, and automotive sectors. UBS remains bullish on China's AI tech hardware, citing attractive risk-reward dynamics; however, the recent sharp selloff in global tech stocks could have spillover effects on related domestic names. Given fragile sentiment in the AI market and still-elevated AI tech hardware holdings among public funds, UBS recommends a barbell strategy that balances tech hardware with bank stocks.
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