Market strategy – Which sector will benefit from China’s reopening?

• China eased some of its Covid restrictions from the beginning of Dec-22 and we expect China to fully open in 2Q23F.
• Sectors that will benefit from Chinese economic opening include: Aviation, Fisheries, Cement, Rubber, Steel, Textile, Retail, and Rice production.
• On the contrary, the fertilizer sector will be negatively affected.

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