Research @ Citi Episode 63: China & India Equities — Market Drivers and Risks in 2026
Jan 29, 2026
Surendra Goyal, Head of India Research at Citi focused on earnings, macro trends and investor flows. Pierre Lau, China equity strategist at Citi specializing in China/HK policy and sector drivers. They discuss China’s fiscal stance, tech self-reliance, export and investment drivers. They also cover India’s earnings trajectory, macro momentum, domestic flows and key market risks for 2026.
AI Snips
Chapters
Transcript
Episode notes
15th Plan Prioritizes Tech And Opening Up
- China's 15th Five-Year Plan prioritizes scientific and technological self-reliance and tech development.
- The plan also elevates 'high-level opening up' to attract trade, particularly with emerging markets to offset US trade reduction.
Exports And Investment Lead China Upside
- Pierre prefers exports and investment over consumption for 2026, citing market-share gains and strong value chains.
- New-energy sectors (EVs, batteries, solar) and automation gains underpin export competitiveness.
HSI Earnings Expected To Recover
- Hang Seng Index EPS should recover to about 9.1% in 2026 after weak 2025 performance.
- The internet sector is expected to drive that acceleration as competitive pressures ease.