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In 1899, Jungle Book author Rudyard Kipling penned the poem The White Man&rsquo;s Burden. Widely decried, the work came with a grossly imperialist message that the West had a moral obligation to lead ...

New World Order

For all the technological, legislative, and social advancements that we&rsquo;ve made, the world remains a highly inefficient place.
Facts and evidence are ignored in favour of biases, emotions, and i...

The Nuclear Renaissance

&ldquo;I visited South Africa on a work trip last month, and am planning to tour France with my family later this year.&rdquo; Let us pause and consider how nondescript the above sentence sounds to an...

Space: The Next Frontier

When I visited the Loro Piana boutique at Marina Bay Sands in Singapore, the retail assistant brought over a polo t-shirt made of wool he thought I might fancy. It didn&rsquo;t look like much. It was ...

Luxury, Redefined.

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CIO Industry Guide: November 2025

<div style="text-align: justify;">For now, it seems like the tariff bugbear has made way for a different concern in the markets, i.e. the highly divisive b-word: Bubble. Concerns about overvaluation in AI-related stocks have prompted fears that a highly concentrated US equity market might be the start of a long chain of falling dominoes. Meanwhile, there is the unease incited by circular dealmaking among the largest AI players, although the fundamentals are different when compared to the dotcom bubble in the 90s. Hyperscalers today boast generous free cash flow and robust margins, and monetisation is ramping up. Instead of considering capitulation, position strategically&mdash;&ldquo;adapters&rdquo; like cloud SaaS providers that use AI to improve operational efficiency while being distanced from capex-revenue concerns. That said, the world does not run on chips alone. Understanding the nuances of industry will be more important than ever as AI transforms industries across the value chain. I hope that this issue of the CIO Industry Guide will serve as a useful companion in this new reality. Enjoy the read. 
Positive Surprise
Healthcare, consumer staples, and financials reported the highest positive earnings surprises during the 3Q reporting season. S&amp;P 500 is poised for a robust earnings growth of c.13% in 2026.
Tech Prevails
Technology continues to attract the largest inflows this quarter. Financials and industrials also recorded strong inflows, placing them just behind technology in sector rankings.
Can AI Deliver?
While the expansion of AI remains a major structural trend, the focus for industries such as content platforms, online games, payment platforms, and software will be on whether investments begin to pay off and justify valuations.
Consumption Watch
<div style="text-align: justify;">As global growth slows, sectors including airlines, alcoholic beverages, consumer electronics, food &amp; beverages, home &amp; personal care, restaurants, and online travel are likely to face turbulence as consumers tighten their belts. Download the PDF to read the full report.</div>
</div>

Asia Pacific drives express logistics growth amid global trade slowdown

Global Logistics: Exploring New Fulcrums for Long-term Prospects

Strong growth trajectory with Asia Pacific serving as key engine. The International Monetary Fund (IMF)&rsquo;s latest forecasts (as of Oct 2025), point to global GDP growth decelerating from 3.3% in 2024 to 3.2% and 3.1% in 2025F and 2026F, respectively. Similarly, the IMF has revised down its projected world trade volume growth to 2.9% in 2025-2026F (vs previous projection of 3.3% in Oct 2024), reflecting the impact of persistent trade restrictions.
Despite headwinds in the broader logistics market from the evolving global trade dynamics, the global express market is well-positioned to sustain robust growth. The sector is projected to grow at a 7.9% CAGR in 2025-2029F, following an elevated 8.8% y/y in 2025F. This momentum is primarily driven by the robust B2C segment, which is projected to grow at a substantial 10.8% CAGR (vs. a sluggish 2.5% CAGR for B2B segment). Notably, the Asia Pacific region is expected to serve as a key engine with a strong CAGR of 10.5% in 2025-2029F (vs. 6.0%/5.9% CAGRs from North America and Europe). The region is expected to consolidate its position as the largest contributor at 45% of global market by 2029F (vs. 33%/17% from North America and Europe). Global logistics majors demonstrated divergent performance. UPS posted weaker-than-expected 2QFY25 results as operational challenges weighed on margins, prompting management to withhold guidance for a second straight quarter. In contrast, FedEx reported its strongest revenue growth since the pandemic and reinstated FY26F full-year guidance in Sep 2025, signalling improved visibility despite global trade uncertainty.
In China, competitive intensity remained elevated through 1HFY25 until regulatory intervention in Jul 2025 to curb aggressive price cutting. ZTO Express, which mainly targets the domestic e-commerce parcel market, came under pressure, posting softer 2QFY25 results with sharp gross margin contraction and lowering its FY25F parcel volume outlook. In contrast, SF Holding delivered record 1HFY25 net profit on the back of portfolio diversification and efficiency gains. J&amp;T Global Express also benefited from a broader geographical footprint, gaining market share in 1HFY25 as EBITDA expansion in Southeast Asia and New Markets more than offset contraction in China. Favour Chinese logistics players at this stage. Chinese logistics players appear better positioned to capture upside, while global peers&rsquo; disciplined focus on profitability and shareholder returns should help mitigate downside risk. Global leaders such as UPS and FedEx continue to prioritise revenue quality and cost efficiency, shifting towards higher-margin services and productivity gains. Their strong commitment to shareholder returns provides stability amid softer trade environment, with FedEx planning a 5% dividend increase in FY26, its fifth consecutive hike. UPS is also announcing a USD1.0bn share buyback alongside USD5.5bn in dividends.
In contrast, Chinese peers are benefiting from strong export momentum despite trade frictions, supported by successful trade diversification and robust cross-border e-commerce demand. Regulatory intervention since Jul 2025 is expected to gradually rein in excessive price competition, paving the way for a more rational market structure and a clearer path to margin recovery. 
Figure 1: Global express market size breakdown by region with growth prospects <img src="/iwov-resources/aics/images/AICS/CIOweb/202510/251031CIOP2Fig1.jpg" alt="" width="1643" height="538" /> Source: Transport Intelligence, DBS
 Download the PDF to read the full report.

Favour banks with strong capital and steady dividends

Global Banks: 2026 - Excess Capital, NII and CRE Charges

Expect higher dividends and buybacks to remain a key theme in the coming quarters. Excess capital, buybacks and dividends should continue to be key tailwinds for global banks - particularly for US banks - through 2026. As the US moves towards banking deregulation, we anticipate further acceleration in the return of excess capital via buybacks, dividends, and potentially M&amp;As. Major US banks, such as JP Morgan (JPM), Citibank (Citi), Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs, Morgan Stanley have already increased their 3Q25 dividend payouts by 7-33%, and accelerated share buyback programmes to roughly USD20-50bn through 3Q25. In Asia, major banks including HSBC, Hang Seng Bank, DBS, OCBC, UOB have also announced dividend increases and buyback programmes, supported by strong capital buffers. In contrast, China banks are unlikely to further improve their dividend payout given the need to preserve capital to support the real economy. We expect their dividend yields to normalise to 5-6%, which remain attractive.
A clearer rate-cut trajectory should shift the spotlight to non-interest income amid NII pressures. We believe Singapore and Hong Kong banks will continue to face net interest income (NII) pressures as lower rates filter through their loan books. However, this should be partly offset by better fee income as deal-making, loans, and deposits normalise; as well as growth in wealth management fee income as the latter continues to be in the spotlight for Hong Kong and Singapore banks amid ongoing structural market inflows. For the US, we expect NII to trough in FY2026 before recovering. Investment banking activity should strengthen as borrowing costs fall and market confidence improves. In China, we expect NIM compression to moderate in 2026 as deposit rates settle at lower levels.
Pockets of weakness in asset quality. We stay cautious on Singapore banks&rsquo; exposure to US and Hong Kong CRE for now. Retail loan quality is the key area to watch, even though China CRE stress appears mostly digested. In the US, rising credit card and auto delinquencies may signal areas of emerging weakness into 2026.
Selective on banks with strong capital positions and sustainable dividend yields. We prefer to rotate into US banks with strong capital positions, clear earnings visibility, and robust buyback capacity. We are selective on Asian banks where dividend payments and high dividend yields are sustainable as earnings may be at risk from NII pressure and higher credit charges.
Figure 1: Selected banks&rsquo; dividend yields <img src="/iwov-resources/aics/images/AICS/CIOweb/202512/251210CIOPFig1.jpg" alt="" width="919" height="373" /> Source: Refinitiv, DBS Download the PDF to read the full report.

Advertising, gaming, and e-commerce sectors to benefit from AI adoption

AI Monetisation Amid Declining Free Cash Flow

Rising hyperscalers capex signals success of AI pilots. After years of heavy AI capex, US hyperscalers are delivering robust growth in their cloud revenue, either meeting or exceeding street expectations. However, cloud margins faced pressure due to rising depreciation and amortisation costs, while cash flow concerns deepened as 3Q25 guidance points to higher AI capex for 2025 and 2026. We think the market is overly focused on lower cloud margins and overlooking the benefits of AI adoption in their core businesses, such as advertising, gaming, and e-commerce. For example, Meta, Alibaba, and Tencent benefit from higher click-through rates in their advertising business, while Amazon benefits from more personalised recommendations plus a reduction in fulfilment costs supported by AI-led Robotics.
While AI is less successful in customer-facing tasks as they involve unstructured interactions and human emotions, it is more adept at repetitive, data-intensive back-office tasks. Banks are also likely to benefit from lower costs for compliance and documentation. We expect the free cash flow of hyperscalers to only stabilise in 2027, mainly driven by higher AI revenue. With AI deployment (Inferencing) likely to overtake AI training by the end of 2025, revenue could see a big jump in 2027.&nbsp;&nbsp;
Cloud revenue accelerates, margin trends mixed. Latest results showed that overall operating margins rose for some players despite a decline in cloud margins. Annual cloud revenue growth accelerated across major hyperscalers. Amazon&rsquo;s cloud revenue accelerated from 17.5% in Jun 2025 to 20.2% in Sep 2025, Microsoft from 25.6% to 28.2%, and Alphabet from 31.7% to 33.5%. Alibaba&rsquo;s cloud revenue growth is also expected to accelerate from 25.8% in June quarter to 28.1% in September quarter. Conversely, cloud operating margins softened across most peers, except for Alphabet (17.1% in Sep 2024 to 23.7% in Sep 2025) and Alibaba (guided stable at 8.8%). 
Overall operating margin trend was mixed. Meta&rsquo;s operating margin dropped from 42.7% in Sep 2024 to 40.1% in Sep 2025, while Alibaba&rsquo;s EBITA margin is expected to drop from 17.2% to 5.0% (during the same period), due to intensified quick commerce competition. On the other hand, Microsoft (46.6% to 48.9%) Alphabet (32.3% to 33.9%), Amazon (11.0% to 12.1%) delivered expansion.&nbsp; We also expect Tencent&rsquo;s operating margin expected to expand from 36.6% to 38.1% during the same period.&nbsp; 
AI themes at the forefront. According to Menlo Ventures, Anthropic has emerged as the leading enterprise Large Language Model (LLM) provider with 32% market share in mid-2025. OpenAI&rsquo;s share has dropped to 25%, from 50% in 2023, while Alphabet&rsquo;s Gemini has reached 20% market share after being a late starter. Alphabet is leveraging its decade-old investment in its custom AI chips, Tensor Processing Units (TPUs) to efficiently handle AI Training &amp; inference workloads at a fraction of cost than Nvidia chips. Anthropic is deploying Amazon&rsquo;s Trainium Chips for training its models and is readily accessible to AWS customers via Amazon Bedrock. Alibaba also offers its own innovations: its popular Qwen models in China, and its own Parallel Processing Unit (PPU) for AI inferencing in the long term.
Figure 1: Large Language Model Enterprise Market Share <img src="/iwov-resources/aics/images/AICS/CIOweb/202511/251113CIOPFig1.jpg" alt="" width="919" height="373" /> Source: Menlo Ventures, DBS
 Download the PDF to read the full report.

Sector enthusiasm to improve as interest rates shift from headwinds to tailwinds

Singapore REITs: Declining Benchmark Rates a Tailwind for S-REITs

Valuations of S-REITs remain undemanding despite recent rally. S-REITs have risen c.12.5% YTD, supported by easing cost pressures and improving fundamentals. However, we believe valuations remain reasonable at around 0.9x price-to-book (P/B) and forward FY26 dividend yields of c.5.7%. Many S-REITs saw borrowing costs peak earlier this year and are now starting to realise savings from lower interest rates, though more meaningful cost reductions are expected to materialise from this quarter into FY26. Mixed signals from the recent 25 bps rate cut by the Fed. Fed delivered its second benchmark rate cut of the year on 29 Oct, which is likely to further alleviate borrowing costs for S-REITs. However, the Fed signalled a &ldquo;hawkish&rdquo; stance, noting that a potential third rate cut in December will depend on upcoming labour market and economic data. While the Fed&rsquo;s outlook is largely unchanged, there remains scope for two additional cuts in this cycle, keeping prospects for further easing alive. This policy stance suggests continued support even as inflation moderates, with US Treasury yields recently edging above 4.0%. Despite the near-term volatility in stock prices, we remain buyers on weakness. Interest rate savings to drive DPU growth. With benchmark rates dipping, and especially Singapore&rsquo;s SORA rate declining c.1.15% to almost pre-rate hike levels in 2022, S-REITs will likely enjoy a more meaningful interest rate savings to drive DPU growth higher. Based on current SORA rates, we expect refinancing of loans expiring in 2026-2027, to see up to 200 bps in savings, assuming a 3-year refinancing roll. Overall, we see up to a 40 bps increase in yield for the sector overall in 2026, driving headline yields back towards the c.6.0% level, or a spread of more than 4%, levels that investors were happy to re-enter. Reiterate preference for alpha picks and interest-rate sensitive names. In line with earlier notes (&ldquo;Singapore REITs: REIT rally gather steam as rate cuts sink in&rdquo; and &ldquo;Singapore REITs: Time to go &lsquo;all-in&rsquo;&rdquo;), we expect sector enthusiasm to improve following strong 3Q25 results and lower SORA rates, highlighting a shift from interest rates as headwinds to tailwinds. Investors are increasingly focusing on REITs where DPU growth outpaces NPI, and this momentum is expected to accelerate in the second half of 2025 into 2026. We maintain our alpha picks, and suggest that mid-cap, interest-rate sensitive stocks, which may benefit from a higher proportion of floating rate debt.
Figure 1: Key interest rates (SG, HK, AU, EU) (%) <img src="/iwov-resources/aics/images/AICS/CIOweb/202511/251107CIOPFig1.jpg" alt="" width="1480" height="531" /> Source: Companies, DBS (as at Oct 2025)
 Download the PDF to read the full report.

Defence procurement adds stability despite easing geopolitical tensions

Global Aerospace: Cruising Through Turbulence into 2026

The commercial aerospace sector remains well positioned for growth into 2026 despite tariff noise. The demand backdrop remains constructive: global air traffic is expected to grow at around 4% in 2026, with aircraft utilisation continuing to firm up and supporting higher engine flying hours. Supply-chain conditions are steadily improving, particularly in propulsion, enabling a clearer path for increased aircraft deliveries next year as engine availability normalises. Aftermarket revenues are expected to see solid growth, supported by a larger installed fleet, higher shop visit requirements and rising material throughput across major engine platforms. Tariff impacts are proving manageable, with manufacturers highlighting effective mitigation through pricing mechanisms in long-term agreements, diversified global sourcing and operational workarounds that limit direct exposure. Taken together, these dynamics position the sector for continued top-line and cash-flow growth in 2026, even as residual bottlenecks and macro uncertainty persist.
Commercial aerospace companies mostly delivered strong updates in 3Q25, with engine OEMs clearly outperforming airframe OEMs. For the engine makers, aftermarket strength remains the defining theme, with shop visits, spare parts demand and LTSA-driven revenue running ahead of expectations as material availability improves and the installed base expands. This has driven guidance upgrades across GE Aerospace, Safran, RTX, and Rolls-Royce. Airbus reiterated its 820-aircraft delivery target, supported by a clearer engine outlook which also enables the completion of gliders in 4Q25. Boeing generated positive free cash flow for the first time in years and received Federal Aviation Administration (FAA) approval to lift 737 output to 42 per month, but is not completely out of the woods after taking a USD4.9bn charge and delaying the 777X to 2027. Overall, most companies maintained or upgraded guidance, indicating tariff effects are manageable relative to upbeat demand and improving aftermarket and production cadence.
We remain optimistic about the aerospace sector into 2026 but still prefer the aircraft OEMs. Aftermarket activity is set to remain solid, supported by persistent reliability issues on new-generation narrowbody engines, ongoing GTF fleet management, an ageing fleet and favourable economics for older aircraft in a low jet fuel environment. However, margins for engine makers are likely to moderate as the mix shifts toward higher OE deliveries. In contrast, aircraft OEMs should see growth accelerate from rising build rates and improving engine availability, underpinned by stronger operating leverage as production ramps. Defence procurement is also expected to remain robust despite a de-escalation of geopolitical tensions, adding stability to the sector&rsquo;s earnings base and reinforcing our relative preference for the OEMs.
Figure 1: Historical and projected commercial passenger aircraft deliveries <img src="/iwov-resources/aics/images/AICS/CIOweb/202512/251203CIOPFig1.jpg" alt="" width="919" height="373" /> Source: Airbus, Boeing, DBS Download the PDF to read the full report.

Robust confidence in AI's transformative potential across the online gaming sector

Online Games: Rising Revenues with Collapsing Costs

AI is accelerating growth and expanding margins. AI is reshaping both the revenue engine and cost base of games, compressing build times and lowering unit content costs, while c.87% of video game developers are using AI to streamline and automate tasks. In production, tools like Tencent&rsquo;s Hunyuan3D and VISVISE compress 3D asset creation from five days to two hours with skeletal animations completed in seconds, enabling faster content updates without higher headcount. On gameplay, adaptive AI systems from NVIDIA and Epic Games enable lifelike NPCs with real-time dialogue, lip-sync, and facial animation, deepening engagement and retention. On go-to-market, AI-driven ad stacks optimise creatives and targeting, improving ROAS and lowering user acquisition costs&mdash;Tencent&rsquo;s platform drove a 20% y/y rise in ad revenue and user growth. Cost efficiency is visible at Sea Ltd where 2Q25 R&amp;D spending was flat at USD297mn despite a richer update cadence. Overall, AI enhances growth, efficiency, and margins across the gaming value chain. Online game players generally delivered results beat; Tencent leads peers. Global online game developers broadly delivered earnings beats, supported by strong franchise engagement, sustained live-operations monetisation, and AI-driven marketing gains. Tencent stood out with the fastest games revenue growth (2Q25: +22% y/y) and international games growth (2Q25: +35% y/y) among peers. Delta Force ranked top three in China by DAU in July, highlighting strong engagement, while Peacekeeper Elite&rsquo;s DAU rose 30% y/y. International revenue grew 35% y/y, driven by Supercell titles like Clash Royale and supported by frequent updates and AI-powered marketing tools that enhance user acquisition and cross-title retention. Sea Ltd followed with robust momentum as Garena&rsquo;s 2Q25 gaming bookings reached USD661mn (+23% y/y), underpinned by a larger active user base, deeper paying-user penetration, and strong performance in Free Fire. Its management also raised FY25F gaming bookings growth to &gt;30% with upcoming launches. Electronic Arts (EA) delivered steady single‑digit growth on sports franchises and mobile sports titles, Krafton posted double‑digit gains from PUBG across PC and mobile with record profitability, and Take‑Two saw strong bookings growth driven by recurrent spending, though earnings were pressured by heavier investment. Mobile and AI-driven developers preferred. Chinese developers have greater exposure to mobile games (c.75%) vs US peers like Take-Two (52%). Mobile is outgrowing PC/console as AI-enhanced marketing on super-apps improves targeting, creatives, and conversion, lowering CPI and lifting ROAS for new launches and reactivations. Moreover, AI-driven gameplay and personalisation boost DAU and time spent. Chinese gaming giants with strong AI models should see more tangible benefits. Pipeline visibility is improving with 946 approvals in Jan&ndash;Jul 2025 (+19% y/y) and &gt;1,600 expected for 2025, including 100+ imports like The Finals (Tencent). EA Buyout: Largest-ever gaming LBO positions sector for AI-led transformation. The USD55bn leveraged buyout of EA, the largest in gaming history, signals confidence in AI&rsquo;s transformative potential across the sector. The deal, led by Saudi Arabia&rsquo;s Public Investment Fund, is financed through USD36bn in equity and USD20bn in debt, underscoring long-term strategic commitment to interactive entertainment. Going private gives EA flexibility to invest in AI-driven content creation and automation, compressing development cycles, and lifting margins while positioning the company for long-term, innovation-led growth and deeper AI integration across operations. 
Figure 1: Global games revenue per platform <img src="/iwov-resources/aics/images/AICS/CIOweb/202510/251017CIOPFig1.jpg" alt="" width="1643" height="538" /> Source: Newzoo, DBS
 Download the PDF to read the full report.

US retailers with heavier grocery exposure continue to outperform

Global Hypermarts: Sticky Inflation Reinforces Grocery Outperformance

Inflation remains sticky. US overall inflation edged up to 3.0% y/y in Sep 2025, with urban food and beverage inflation following at similar trend. After tariff escalations in Apr 2025, when US tariffs on China were raised to as high as 125%, a truce followed, leaving only the additional 10% reciprocal tariffs in place until Nov 2026. The US also continues to impose a 10% baseline tariff on all other countries and 25% on selected goods from Canada and Mexico. The market forecasts inflation at 2.8%/2.9% in 2025/26 (Bloomberg), while the Fed projects 3.1%/2.6% for 2025/2026, reflecting wage growth, rent inflation, and tariff pass-through, partly offset by softer oil prices. On 29 Oct 2025, the Fed cut the funds rate by 25 bps to 3.75&ndash;4.00%, but concerns over persistent inflation have since lowered expectations for further easing &ndash; CME-implied probability of a December rate cut has fallen from 90% in late October to 42% currently. The Trump administration&rsquo;s pressure for lower rates could, however, increase the risk of entrenched inflation.
Grocery-focused retailers extend outperformance. US retailers with heavier grocery exposure continued to outperform. Walmart delivered another solid quarter in 2Q FY26, with US comparable sales up 4.6% y/y on strong grocery and health &amp; wellness momentum. E-commerce revenue surged 26% y/y, and adjusted EPS grew 1.5% y/y. Costco reported similarly strong 4Q FY25 results, with comparable sales up 5.7% y/y and resilient spending from middle-income households. E-commerce revenue grew 13.6% y/y; net income rose to USD2.61bn (from USD2.35bn). Target lagged due to its higher discretionary mix: comparable sales fell 1.9% y/y, with weakness in home, apparel, and hardlines. Digital comparable sales rose 4.3% y/y on strong same-day fulfilment, but adjusted EPS declined to USD2.05 (from USD2.57) amid softer demand and elevated promotions. Meanwhile, the market expects Walmart and Costco to extend their outperformance, supported by mid- to high-single-digit topline/EPS growth.
Ongoing value-seeking trends. With inflation showing signs of re-acceleration, consumers are likely to continue shifting spending from discretionary categories towards essentials and groceries, favouring Walmart and Costco. Historically, excluding COVID-driven panic buying, Walmart&rsquo;s and Costco&rsquo;s comparable sales have shown strong positive correlations with US inflation (0.8 and 0.7, respectively), while Target&rsquo;s has been slightly negative. In 9M25, food-at-home prices rose 2.3% y/y, vs. 3.7% for food-away-from-home, reinforcing value-seeking behaviour and supporting grocery volumes. Increased adoption of private-label products also enhances loyalty and typically carries better margins for hypermarkets. Although tariff impacts are gradually filtering through, major retailers have continued to diversify sourcing away from China and selectively adjust prices to mitigate cost pressure. We maintain a preference for retailers with stronger grocery exposure, such as Walmart and Costco.
Figure 1: Quarterly comparable sales growth of selected players vs. US inflation <img src="/iwov-resources/aics/images/AICS/CIOweb/202511/251124CIOPFig1.jpg" alt="" width="919" height="373" /> Source: Company data, Bureau of Labor Statistics, DBS Note: Numbers of Walmart and Costco are comparable sales growth in the US. 
 Download the PDF to read the full report.

Sector

Copper prices are expected to rise in 2026, driven by a widening market deficit. Demand growth should remain resilient, but supply isn&rsquo;t keeping up.

Intensifying deficit to drive higher copper prices

China's push for AI-chip self-sufficiency is accelerating as export uncertainty persists, with domestic 7nm yields set to more than double by 2027.

China AI Infrastructure: Power efficiency in focus 

While leading ad platforms have delivered repeated earnings beats since 2023 by deploying AI at scale, most non-search ad formats still see a long runway for optimisation

China Internet/Software: Ad-tech a proven AI trade

Among APAC REITs, S-REITs led gains on the upcoming EQDP catalyst, C-REITs on consumer-focused policies, while H-REITs continue to benefit from rate tailwinds.

Regional REITs: Fed keeps policy path data-dependent

The popular Jiangsu Football League (&ldquo;Suchao苏超&rdquo;) and other regional football events are expected to boost beer consumption.

China Brewery: Who scores the next round?

Regional Banks have been actively returning excess capital via higher dividends, buybacks, and M&amp;As.

Regional Banks: Big dividends, but for how long?

Demand from local homebuyers and property investors strengthens with potentially lower rates serving as additional catalyst

Recovery momentum building

China's consumer to be defined by a 5E framework: Experiential shifts, Emotional drivers, Exclusive tastes, E-proficient behaviour, and a focus on Excellence

China consumption – the 5E style

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