While financials and real estate have been among the worst-performing sectors in the MSCI China Index this year we think that there may be scope for them, as well as the energy sector, to outperform the materials and health care sectors and “technology” sectors over the next two years. This is because the dismal prospects for earnings in financials, real estate and energy already appear to be reflected in current market prices, whereas expectations for earnings in other sectors still seem too upbeat to us.
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