Overweight! Top holdings of Goldman Sachs, Morgan Stanley, and JPMorgan revealed for Q3

Recently, international investment banks—including Goldman Sachs Group, Morgan Stanley, JPMorgan Chase, UBS, and Barclays—have all upgraded their ratings for A-shares. Wang Zonghao, Head of China Equity Strategy Research at UBS, stated that UBS has raised its target price for the MSCI China Index and tactically shifted its preference from H-shares to A-shares. Goldman Sachs has gone further, overweighting A-shares and raising its target prices for both the MSCI China Index and the CSI 300 Index. Morgan Stanley noted that the current rally has pushed the forward P/E ratio of the MSCI China Index to 11.3x, and under policy support, this valuation is expected to expand to 12x. BlackRock—the world’s largest asset management company—also announced it would 'moderately increase' its exposure to the Chinese stock market, citing signs that major fiscal stimulus policies are imminent in China. Below, we share the top holdings of these international investment banks, hoping to provide useful reference. Data shows that among the top holdings held by international investment banks, one company operating in the specialty fine chemicals sector has collectively attracted strong interest from Morgan Stanley, Goldman Sachs, and UBS.

How is the specialty chemicals industry doing? What is its current development status?

Shin-Etsu Chemical | PPG Industries | BASF | Huntsman | Covestro | DuPont | Ecolab | JSR Specialty chemical companies primarily produce differentiated, high-value-added chemicals tailored to specific applications. Although production volumes are generally low, selling prices and profit margins tend to be higher. Their product portfolios include: functional additives (e.g., plasticizers, flame retardants), adhesives and sealants, specialty polymers and composites, industrial coatings and inks, electronic chemicals (e.g., photoresists), water treatment chemicals, mining reagents, fragrances and flavorings, personal care ingredients, and pharmaceutical excipients. Specialty chemical firms focus on producing auxiliaries, coatings, and formulated functional products—for example: Tongcheng New Materials (rubber auxiliaries), Shenzhen Capchem Technology (electrolytes and wet electronic chemicals), PPG, and AkzoNobel (coatings).

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