Abstract: We analyzed the consensus earnings revision of MS-China index component stocks for March 2026, estimating the index's 2026E EPS at ¥6.369, a decline of -2.9% month-on-month, with 144 stocks revised up versus 207 revised down. The MS-China index fell -6.0% in March from 81.21 to 76.33, with individual stock EPS revisions contributing -¥0.142 to the index's EPS change. The largest negative contributors to index EPS were Alibaba (ΔIndex EPS=-¥0.064, EPS -16.9%), PDD (ΔIndex EPS=-¥0.031, EPS -6.3%), Xiaomi (ΔIndex EPS=-¥0.025, EPS -20.6%), Meituan (ΔIndex EPS=-¥0.023), and Tencent (ΔIndex EPS=-¥0.019), while PetroChina (+14.4%) and NIO (+38.3% loss narrowing) led on the upside. Among the most notable individual EPS revisions, TCL Zhonghuan saw a +207% upward revision, United Nova Technology +150.0%, and Biwin Storage +102%, while Robotechnik Intelligent Technology (-75.8%), Flat Glass (-52.0%), and Li Auto (-49.0%) experienced the steepest downgrades.
PDD Holdings Inc. American Depositary Shares, UNITED NOVA TECHNOLOGY CO.,LTD. (A #688469), CSPC INNOVATION PHARMACEUTICAL CO.,LTD. (A #300765), LI AUTO INC., MEITUAN -HKD TRADED SHARES, FLAT GLASS GROUP CO.,LTD. (A #601865)
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