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2026 Investment Outlook Thi doculent provideB s high level overview of the recent economicinvestment research, investment advice nor a recommendation to anyanyironmemtItisformarketngpuirposesanddoesnotconstitutereaderothiscontenttobuyorsellinvestments.thasnotheenpre-pa red in exorclance: ith legal rewquirerierits desigried to pronate the:prohibition on dealing ahead ot its disseninationi. Role Reversal Broadening Out Diversify theDiversifiers Macro scenarios MonetaryPolicy China Hiding in the hedges Private creditas astrongvolatility dampener Global profitsgrowthis comingtogether Past perfarmiance daets tot predir:t future retunis. Valuation gaps remain wide Pastperformance does notpredictfuture retums. ImportantInformation For Professional Clients and intermediaries within countrigs and torritorigs sat out below; and for Institutional Invastors and Financial Advisors in the US. This document should not be distributedto or relied upori bry Retail clients/investors Tha value of inveetmenta and the income from them cen go down a well aa up and inveetors may not get back the amount originelly inveated. The perfomance figures contained in this documentreluitr to aast pcrforrriiance, which should nt hc stcn us an inclicirfirn af future retuns. Furture returns wrill clcprnd, intr allia, an rriarkr;t conlitions, invcstrrnt rnariiger's skill, risk lvr:l iarid fccsWhere overasgs investments are held the rate of currency exchagje may ceuse the value of auch invaatmente to go down ss well a up. lnvaatmente in emerging mgrkets are by their nature higherbeen and may contlnue to be affected sdversely by trade barrlers, exchange controls, managled adjuatments In relstlve curency values and othet protectlonlst measures Imposed or neglotlated bycl Eoteirfially mcI tracie: anrl, .r.crdingly, fvth countries and territories with which thgy trade. Thess economies also have besn and may continue to b affected adverssly by gconomic conditions in the countries and territories in whichthey trsde Tna con.ont: αl .his dccumen. "syeuoa *aug . uc.a. Au? l po'nqi.1g(p .n.1.", Jc. p.*onJe. 2.. 1c.. .- "olo or in " l. lo'an ", rpcs=. AI -on-, lnoris=c reprccuol on c*use of .h s co"...1 931.:.:-+:*-il: ily : I: ..-* +: lli -:1 , ll +:di: I. [:.*:+.. : .: :: :: ++*-t 9x==c:t ns or fo*=as's c f,ture even's. Such fortarc lcc <ing =ats~= *ts are st.I: : i:w.. i.k.u: : i:..l- *l* w :::l t:i :, .: d:.il: ii.:t :l ol * : Iw: : ::- :" .pi - ns #xpesss:J eei- ' thcs sf 2c Assst Mallage en: a: t-s time c' prepara.icn, ane sre s.bjeot t chanc # st an: ti 'e. hee vies a: ct neo#sasrily ndicst: 2.rrant μotfs ies so~oos t sn. Ic.iv Juslwr.s." .. I .. I. *.*+, al .: Ix., s..thl, :-k+ +++ +++ tl '; v++ 1++s+ f.. i+.wh ch = lsc s. sias. to sa.erI+-**+*d$1 +: +* 1++*d- I+ + +** 1+I1+ .+ +ll 1*$+*.s: ... : 1I+ +++l.s I* 1 +sc.+. 1? -+ ++ +: +: w (+ **+: :.o: I-nen. acce c'inderenc#'se cf invest='t rese:rs* anc is nc: sut. =c: c nv F'c-ibiric* on de: ing :'sac c* ts cizs*1 'st on. This document is nct 32ntre=ual y binc ng 'or are *ve reo- red :c prcvide t* s 'c veu 2y = "y lggis et'eI,i; ( Tras $'s ade: t ansl :aka asaecista. wich spaa f : slta'nstve nivast*a 'ts w t-in :he 2orifolic; t*ARa inver'mentt *fy 2s less rea:di y 'na Rsble t'a e:hers $rd t msy :haraf.ar t:e. :Jifin_It ic all n a t mg m "nar a: aIssunullc uticu t tu cts + rcl a: : in ta.ic" :uwu. t: t s ue: t me = st bu rcs cr wu.onti:l ur sirgili"l p* o *urnun.: Tha s. a-fund .an invsat - nc. '- rvest en: grsde :onds. which "ay ored.ce a hig ' sal sfi cc e t'a - invsatmart g ac bc.'c.a, bu. .ary inoraess:l -sk c' :lefs. t on rsosyen. -he slu cf trs unc.'y 'g assa's ::"cY "cle in.oos..o."u.ic"s ur churs ho coi. *- ol c nrir is.". cI"" "c"T*" oeloron: onus, " ": l.-ret ng of :he ssuer. he . nderlying f. nds a- i-ve=: n "o--invstr='t grade oonos. wh ch mev orcc. e hig '='lev= o' -=c "= t' - j*ve=.men: c rrde tc-ds, t.t o*, incre:sed -isk cf def, It c- repd"'t T- s "a:I:l I: ::l l ill! : s k - ::: I :1: 1 : 1: +: I :-+ I*v 11! Ilsl,. al : ne r.l it, lu *"d *, k h; i:l "uurn s "is olI s i: tn; ., wlil n: l I+ in-lirl : ?I i i; Ile I ry vihal Ii" Ita l: I salilit I if: Ag?: Isec gupi. T-: rsuv, van'n'unicel un s is.r ut*+ ty t"* Iollewin *"lI *s: ImportantInformation n Austral . :- = c 2cu*ant = issu=d o: HSEC Ean< 2.Jstral: m tad AEN 13 0Ce 131 192, 4=sL 232c95, tor HSBC Glc al 2ssst v:*a8 mert :Hong (ong: - mit=d4EN "32 3 13 nc HSEC G :Assst Ma 'sgArt :.J<i Lin Ac AFE c3s 32G 7 E. -F doo.m: is for nsti..ticl iveaore c.ly, a-d is "c: avsilole disr out - o tsil clisTs (gs c.afir=d urlar Gorporat ar? Ac.i HSEC g st.-As l Ma. arl :-o: <rtI -ill +-t Hr. Cloh Ase M+se- lkiliirc + xprn fm le ipr.i+urrl le dl n A.sili+ 'r+mia pvicr inee imle I+ Gupual a+ Ac.iTtspcc. u' .rc i"llcic sc'v vss thcv ruuics. I Sr, usal otct vlu" gc"ulll il ley <eyl L "ile-d rtgultsJ L'v thc Suu' .ics ul.t Ccrr sionl u I urs Kurl ur'Jur ."" lollc Kollg s, v hd er tur Aus.r an les. I ISBc Glcoul assst vlu"Egc"urt