瑞银：中国股票策略-如何在当前市场中应对波动

Historically equity market volatility in China rose mostly due to external shocks (e.g. COVID in 2020 and ADR delisting in 2022) and has typically seen negative returns with MSCI China down 6% during these periods of rising volatility (see Figure 1). That said, the market typically overshot in times of uncertainty and as volatilities declined in the ensuing period, the index actually delivered a positive return of 5% on average. Using the option implied volatility in the HSI as a proxy, we found that invest ...