瑞银：中国股市反弹-我们走了多远

ab 3 March 2025 Global Research EM & APAC Equity Strategy China rally: How far have we travelled? EM earnings cuts accelerate After a volatile start to the year - MSCI EM is up c2% YTD (underperforming DM's 3%) - although we point out that this is heavily lifted by China. EM ex-China has underperformed DM by 5%. Overall, we also see a decent YTD trend of reversal of 2024 winners and losers (with the exception of China and Singapore, which continue to outperform). Fundamentally, EM continues to see earnings ...