expect China equities to report improved earnings growth for 1Q16, in line withthe improvement in China’s economic growth. Commodity sectors, consumerand banks have room to surprise on the upside, in our view. New-economysectors, utilities and airlines may disappoint consensus expectations. SOEearnings surprises should outweigh private enterprises. We reiterate our call tooverweight cyclicals and financials and forecast 15-20% further upside for Chinaequities through the rest of 2016.
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