SHANGHAI, Feb 26 (Reuters) - China stocks slipped on Monday, after rising for nine consecutive sessions, as investors questioned whether the recent rally could be sustained.

** China's blue-chip CSI300 Index was down 0.7% by the lunch break, while the Shanghai Composite Index lost 0.6%. The Hong Kong benchmark Hang Seng Index fell 0.7%.

** The CSI300 Index has rebounded roughly 12% from its five-year low hit earlier this month but investors are wondering whether the trend could last.

** The rebound has come about from a combination of state-led intervention and regulatory restrictions, so there's certainly a question mark about how sustainable is the rebound, said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.

** China's President Xi Jinping held a meeting of a key economic policy body on Friday, the Central Financial and Economic Affairs Commission, to discuss providing support to manufacturers and lowering logistics costs, state media reported.

** Consumer discretionary and auto shares rose 1.5% and 2.3%, respectively, bucking the trend on Monday.

** Meanwhile, Chinese investors continued pouring money into Japan- and U.S.- focused stock funds as the Nikkei and Nasdaq kept rallying, triggering warnings from fund managers about market risks.

** ICBC Credit Suisse Asset Management flagged risks to investors on Monday for its exchange traded fund (ETF) tracking the Nikkei 225 as the trading price far exceeded the net asset value of the fund.

** In Hong Kong, China's pharmaceutical research outsourcing companies WuXi AppTec Co. and Wuxi Biologics both traded up 3.6%.

** Shares of sports brands Anta and Lining dropped roughly 3% each. (Reporting by Shanghai Newsroom)