China Weekly Kickstart Markets rebounded 1 3 supported by National Team buying

Portfolio Strategy Research 24 July 2026 | 11:34PM HKT

Markets rebounded 1-3% supported by National Team buying; HKEx eased listing requirements for WVR companies

MXCN/CSI300 rebounded 0.9%/2.7% this week. Brent crude n A: Materials (3.2%) & Earnings Rev (4.1%) Kinger Lau, CFA | surged above US$100/bbl for the first time since May. The outperformed, Real Estate (-2.3%) & Size (-1.9%) Goldman Sachs (Asia) L.L.C.

Trump administration imposed the new 10%-12.5% tariffs lagged Timothy Moe, CFA | under USTR Section 301 on 60 trading partners as the Goldman Sachs (Singapore) Pte Earnings and valuations (Pages 12-16) Si Fu, Ph.D. temporary 10% global tariff expired on Friday. CSRC Chair | Wu Qing met with market participants on Jul 20 and pledged n MXCN/CSI300 12m forward P/Es are 10.5x/14.8x Goldman Sachs (Asia) L.L.C.

to respond proactively to market concerns and bolster Kevin Wang, CFA n I/B/E/S consensus 2026/27E EPS growth is 17%/17% | market stability. Two major central SOEs, China Reform Goldman Sachs (Asia) L.L.C. and 25%/15% for MXCN and CSI300, respectively Holdings and Chengtong, announced substantial increases in their equity holdings. China’s largest insurers also publicly n Financials/Info Tech were revised up the most committed to increasing their equity allocations. CATL off/onshore announced the largest share repurchase plan (Rmb20-40bn) Flows (Page 17) in A-share history. Our top 10 National Team favorite ETF tracker recorded ~Rmb100bn net inflows over the past two n Southbound: US$49bn ytd weeks, signaling resumed NT buying. HKEx published Key reports Consultation Conclusions, which would lower listing requirements for WVR companies. Fiscal revenue and n China Matters: Time to Ease expenditure growth both improved in June, while land sales revenue contracted further. Southbound Connect had Policies and news US$0.4bn inflows this week. n Former CSRC Vice-chairman Fang Xinghai has been Performance (Pages 7-11) placed under investigation.

n H: Materials (6.7%) & Value (4.7%) outperformed, Comm Key charts: National Team Trackers, Mutual Fund Svcs (-5.6%) & New China (-4.8%) lagged Positioning & Barometers

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Goldman Sachs China Weekly Kickstart

Charts of the Week: National Team Trackers

Exhibit 1: Key constituencies of the Chinese Exhibit 2: We estimate the National Team hold Exhibit 3: The National Team has shifted towards ‘National Team’ around RMB5tn of A shares and ETFs, accounting ETF-led market intervention since 2018 for 5% of total A-share market cap (RMBtn) NSSF holding in A shares (RMBbn) National Team Net Buying 8.0 National team holding in ETFs 10% 600 1196 National team holding in A shares (directly) 9% 400 7.0 As % of A-share listed mkt cap - RHS 8% 200 6.0 7% 0 5.0 6% -200 4.0 5% -400 4% -600 3.0 3% -800 National Team's net buying/ selling of A shares (as of 1Q26) 2.0 2% -1000 SOE insider net (as of 2Q26) 1.0 1% -1200 Central Huijin's buying of banks (as of 1Q26) -1400 Inflows to top 5 National Team favorite ETFs (as of Jul 20) 0.0 0% 3Q15 1Q16 3Q Jun 15 Jun 24 Jun 25 Jun 26 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 3Q25 1Q26 3Q26

Source: Wind, Data compiled by Goldman Sachs Global Investment Source: Wind, Goldman Sachs Global Investment Research Source: Wind, Goldman Sachs Global Investment Research Research

Exhibit 4: The top 10 National Team favorite ETFs Exhibit 5: The National Team support extends Exhibit 6: Amount borrowed under repurchase had around Rmb100bn net inflows over the past beyond large caps to ChiNext and STAR Board re-lending program has picked recently two weeks, signaling resumed National Team small/mid caps buying NT buying signal: Net subscription of top 10 NT holdings ETFs (as % of total) > 2 s.d. (RMBbn) Flows to National Team Favorite ETFs by Index Cumulative flows to top 10 NT holding China A-share ETFs (RMBbn) Amount borrowed under repurchase re-lending program 40 35 (RMB bn) CSI300 index - RHS SSE50 CSI300 CSI500 CSI1000 ChiNext STAR As of July 24…