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<Research>HSBC Research: A-shrs Unaffected by Mideast Tensions; ChiNext Index Logs 10-Yr New High
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The A-share market has not been affected by tensions in the Middle East, HSBC Global Research published a research report saying.

Supported by strong earnings revision momentum, the ChiNext Index logged a 10-year new high. Materials and information technology stocks led A-shares in 2025 earnings performance. However, earnings performance in 4Q25 slightly deteriorated, with more misses.

Related NewsGDP Growth Rate YoY for Q1 in China is 5.0%, higher than the previous value of 4.5%. The forecast was 4.8%.
Although the ChiNext Index has shown better earnings revision momentum YTD, it only began to lead the market in early March, the report noted. The CSI 800 Index's 2026 market earnings forecast has been slightly cut by 0.2% YTD.

Nevertheless, supported by upward revisions in the materials (17.7%) and energy (8.5%) sectors, consensus still indicates that earnings for 2026 will grow 17.9% YoY, led by information technology (+57.8%) and materials (+57.2%).

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