3 December 2025 Source: UBS HOLT. Data as of 12/01/2025. Universe: China A-share companies in the HOLT database, market cap > US$1 bn, analyst coverage ≥3, calculated on a weighted basis. Sorted by CFROI revisions. Figure 2: CFROI revisions and price performance (4wks) CFROI Revisions 4 Wk Price Change 4 Wk CFROI Revisions 4 Wk Price Change 4 Wk 0.4 0.2 0.0 -0.2 -0.4 -0.6 8 4 0 -4 -8 Source: UBS HOLT. Data as of 12/01/2025. HOLT APAC China A-Share - Sentiment Mismatch Opportunities in the Materials sector I ...