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CHINA STOCKS: Goldman Sachs note that "Chinese equities have staged an
impressive rally since March, with the CSI300 surging 32% since its March
troughs, and 14% in the past 5 trading days. We attribute the rally to a
combination of factors including robust economic reopening/recovery,
well-contained COVID-19 resurgence risk, supportive macro policy and positive
government rhetoric towards the equity market, improving corporate earnings
trends, undemanding valuations, and rising retail participation. Looking ahead,
we see a case for 15% further liquidity-driven upside to be developed in the
next 1-3 months, but flat 12-month returns from current levels framed by
fundamental considerations. Our refreshed 12-month target for CSI300 is 4,600
(from 4,100) and we stay Overweight China A-shares in the Asia-Pac ex-Japan
region. Staying engaged but vigilant about correction risks is crucial in
navigating a fast-moving market. Strategies still possess favorable risk/reward,
in our view, which include: a) GS China A VIP basket b) Mid-cycle outperformers
(Financials and select Cyclicals); and, c) GS Buy-rated laggards."