China Consumer: Shanghai Marketing Feedback

Our Shanghai investor meetings suggested sentiment towards China consumer remains cautious, despite growing interest in diversifying away from tech-related sectors. The key debate is whether earnings expectations have sufficiently reset: investors generally see further downside and require evidence of stabilizing estimates or improving operating momentum before adding exposure. Stock selection increasingly favors a combination of earnings resilience and dependable dividends, rather than low valuations alone. The earnings revision cycle is not over;