UBS: Maintain an overweight position in China, with the relative risk in the US market trending downward.

UBS maintains an overweight on China, believing the risk of China outperforming is higher than underperforming, and the market should be 15% more expensive than other emerging markets if the relationship between past valuations and ROE still holds, while it is 30% cheaper than the latter. On the other hand, UBS sees a relative risk of the US market going down.