HSBC has published a refreshed selection of its top stock ideas across Asia's emerging markets, calling out companies it sees as well positioned for demand tied to artificial intelligence, the energy transition, and an expanding healthcare sector. The bank's list spans several sectors - technology, industrials, materials and consumer-focused businesses - and covers listings in China, South Korea, India, Taiwan and Hong Kong.
HSBC frames the recommendations around three common themes: structural revenue tailwinds, prospects for margin recovery or improvement, and valuations that look constructive as the region moves into the second half of 2026.
1. SK Hynix (000660 KP)
Leading HSBC's roster is SK Hynix, the memory specialist, where the bank points to the ongoing rebound in DRAM and NAND pricing as a core earnings driver. HSBC notes that price increases for HBM3e memory should bolster blended average selling prices. The bank identifies upside from higher DRAM pricing underpinned by strong server and mobile demand, capacity conversion away from PC lines toward server production, and a rebound in HBM3e prices.
HSBC further references company developments: SK Hynix has announced plans to double its wafer capacity over the next five years to address rising AI-related demand. The firm has also entered a partnership with Nvidia aimed at expanding its artificial intelligence business and securing memory chip supplies.
2. CATL A (300750 CH)
For the battery manufacturer, HSBC highlights a capacity ramp that is easing prior bottlenecks and enabling stronger shipments for electric vehicles (EVs) and energy storage systems (ESS). The bank cites CATL's global EV market share of 41% in the first quarter of 2026 and a China EV market share of 48% in the same period.
HSBC expects energy storage systems to be the largest growth driver in 2026, forecasting approximately 86% shipment growth. The bank also notes specific commercial moves: CATL signed a strategic agreement to supply 60 GWh of sodium-ion batteries to HyperStrong over three years for energy storage applications, and it announced a collaboration with Turkish EV maker Togg to co-develop vehicles with initial mass production targeted for 2027.
3. WuXi AppTec (2359 HK)
WuXi AppTec's contract development and manufacturing organization (CDMO) performance is highlighted by strong small-molecule CDMO revenue growth - HSBC reports 80% year-over-year growth in that line for the first quarter of 2026. Adjusted first quarter net profit rose 72% year-over-year, according to the bank, helped by a more favorable commercial-stage mix and operational efficiency gains.
4. Doosan Enerbility (034020 KP)
Doosan Enerbility is cited as a beneficiary of Korea's coal-to-gas transition and stronger U.S. demand for heavy-duty turbines linked to data center growth. HSBC notes a U.S. backlog that has risen to 12 units out of 17 total orders, and that the company is targeting 110 units by 2034. The bank also records Doosan Group's participation among a group of South Korean firms that announced a partnership with Nvidia to expand activity in the artificial intelligence sector.
5. Wiwynn Corp. (6669 TT)
HSBC flags Wiwynn for its concentrated exposure to AI workloads: AI accounted for more than 50% of revenue in 2025, and HSBC expects that share to hold in 2026. ASIC servers drove roughly 90% of Wiwynn's AI-related revenue in 2025, underscoring the company's exposure to specialized hardware demand.
6. China Resources Land (1109 HK)
The property developer is expected to see an earnings recovery beginning in 2027, supported by flagship launches in Shanghai and Shenzhen. HSBC also points to an improvement in investment property gross margin, which the bank cites at 71.8%.
7. Hindalco (HNDL IN)
Hindalco is presented as positioned to benefit from tight global aluminium supply and healthy industry fundamentals. HSBC notes a global capacity cap for aluminium of around 45 million tons as a contextual constraint supporting fundamentals.
8. AMEC (688012 CH)
AMEC is noted for its exposure to domestic leading-edge memory capital expenditure - HSBC estimates roughly 60% of revenues are tied to that segment. The bank states that the company's competitive etch technology should support share gains in the market for semiconductor equipment.
9. Apollo Hospitals (APHS IN)
In healthcare, HSBC highlights Apollo Hospitals as benefiting from structural tailwinds including an aging population and rising insurance penetration. The bank points to roughly 15% capacity expansion as providing a runway for volume growth.
Across the picks, HSBC emphasizes revenue drivers such as aggressive cloud service provider capital expenditure that is expected to remain elevated - particularly where server demand outstrips expectations for hosting agentic AI applications - and industrial shifts like capacity conversions and battery volume ramps that underpin near-term delivery and margin trajectories.
The selections reflect HSBC's focus on companies with clear demand vectors, potential margin recoveries, and valuations the bank deems attractive as the region heads into the remainder of 2026.