瑞银：A股2025年下半年展望-五类资金流向与五种宏观情景配置

ab 17 June 2025 Global Research China Equity Strategy A-share outlook H225: Five types of fund flows, five macro-scenario allocations Earnings may recover sequentially; trade/policy a swing factor for valuation Assuming US/China tariffs remain at their current levels, we expect CSI 300 A-share EPS to grow 6% YoY in 2025. Given the low base, we expect A-share earnings to rebound modestly each quarter this year, but deflationary pressure may constrain upward revisions to overall earnings estimates. Amid uncer ...