Broker Name: Maybank

Date of Report: 12 December 2025

Excerpt from Maybank report

Report Summary
• China is focusing on fiscal stimulus to support economic growth in 2026, with export-driven trade surpluses and a capped fiscal deficit, while Hong Kong equities remain rangebound.
• Maybank’s top stock picks include CITIC Securities (benefiting from regulatory tailwinds), Pop Mart (riding the collectibles and IP boom), Midea Group (growing through robotics and industrial automation), and Sands China (well-positioned for Macau’s premium mass recovery).

Above is an excerpt from a report by Maybank. Clients of Maybank can be the first to access the full report from the Maybank website: https://www.maybank.com