China

China’s luxury market is being reshaped: ultra-high-end brands remain resilient, while mid-tier players face pressure from premium and domestic competitors. Consumers are shifting spending toward experiences and local brands, with uneven recovery and opportunities emerging in platforms and adaptable operators.

Equity markets have become concentrated in a handful of mega-cap stocks, leaving many high-quality small- and mid-cap (SMID) companies overlooked. But what does the combination of concentration, valuation, and structural megatrends mean for investors?

Al cerrar el último capítulo del año, la prudencia y la consolidación han sido la tónica dominante en los mercados. ¿Qué factores configuran el escenario de lo que podría esperar a los mercados en 2026? Descúbralo en la última edición de Investors’ Outlook.

Leaders in the video game industry, such as Tencent Holdings, NetEase, and Capcom, offer a distinct blend of predictability and growth through a combination of "Evergreen" titles and new game pipelines. These firms have generated recurring revenues and compounded earnings at approximately 20% annually over the past decade.

Ahora que la Reserva Federal ha anunciado la bajada de tipos que muchos inversores esperaban, ¿qué alimenta la sensación de aceleración? El último Investors’ Outlook examina las tendencias recientes y enciende los faros para poder ver con claridad el camino que tenemos por delante.

With much fanfare, President Trump and Prime Minister Starmer announced a “historic” trade deal between the US and UK on Thursday. The main points for the UK are a reduction in auto tariffs from 27.5% to 10% for the first 100,000 cars that enter the US, and the removal of steel and aluminium tariffs.

Los inversores han afrontado un periodo de renovada inseguridad, con vaivenes en la confianza del mercado ante nuevos aranceles, unas políticas económicas y unas noticias geopolíticas que han ido cambiando con gran rapidez. La última edición de Investors’ Outlook desgrana las tendencias clave.

Zhen Li, Investigative Analyst, acudió a la segunda Conferencia Mundial de Desarrolladores de Shanghái. La investigación de campo que ha llevado a cabo Zhen revela que existe inquietud en torno a la viabilidad y la sostenibilidad del modelo de DeepSeek por la fuerte competencia en el sector de la IA china y la incertidumbre en cuanto a la monetización de los modelos de IA.

El motor de este buen comportamiento es el sector tecnológico chino, alimentado por la esperanza de que una mayor adopción de la IA pueda impulsar los beneficios. Será necesaria una confirmación de la mejora de los beneficios, el resurgimiento de la confianza en el consumo y la estabilización general de la economía para solidificar y ampliar este repunte.

Is the tech market’s bull run, much like a steamroller, starting to reverse course? Efficiency gains recently announced by DeepSeek have raised questionsabout the commoditization of LLMs and the potential overinvestment in data centers, shifts that could significantly impact the industry and investors.

Shares in Nvidia and ASML have plummeted due to concerns that Chinese AI startup DeepSeek's new model could disrupt the current AI business model. DeepSeek's R1 model, released on January 20, exhibits performance similar to top US large language models (LLMs), but at a fraction of the cost.

2025 is poised to be another positive yet complex year for equities. Balancing core positions in industries driven by secular trends – like semiconductors, AI hyperscalers, and the energy transition – with opportunistic exposures that can benefit from cyclical or policy-induced rebounds can help navigate the challenges ahead.