精选观点
The COVID-19 pandemic could accelerate new thinking about Emerging Markets in asset allocations.
Sep 23, 2020
China economy recovered faster than the rest of the world from the pandemic as shown by various economic indicators ranging from official PMI, GDP number, steel output, excavator sales, to traffic data. China’s solid macro recovery stands out from the rest of the major economies which either remain in a lock-down mode or simply begin to resume economic activities. That explains Chinese listed companies outperformed in terms of earnings and stock price performance.
Sep 10, 2020
An overdue technical rebound in the US Dollar – which started a week ago – may give investors an opportunity to diversify their currency holdings away from the Greenback. What is emerging could well turn out to be a counter-trend rally in a bigger, multi-year Dollar decline.
Sep 9, 2020
在经历今年首季度的急剧抛售后，全球股市在近几个月表现亮眼。这个反弹看似是典型的非理性“大爆发”，因为全球主要经济体正在或即将进入衰退期，且全球新冠肺炎疫情仍未见缓和之势；然而，从另一方面而言，这具前瞻性的市场走势，可能反映出投资者已走出疫情阴霾，整装以待争相捕捉股市V型反弹所带来的投资机遇。 中国A股市场既拥有稳健的基本面，又具相当吸引人的估值。因应全球股市下跌，投资者可考虑稳步增持中国A股。本篇文章中，我们将简述当前市场动态与如何精准捕捉中国A股反弹的增长机会。
Sep 4, 2020
CSI 300 outperforms S&P 500, Chinese tech outruns Nasdaq 100. How has China’s new economy sectors including its recently launched “Nasdaq” – the STAR board (Shanghai Stock Exchange’s Science and Technology Innovation Board) – outperformed global indices despite being at the center of a trade-tech war with the United States?
Sep 1, 2020
Highest recorded yield spread between the China 10Y Government Bond and the 10Y UST. The yield spread between the China 10-year government bond over the 10-year US Treasury recently hit its widest ever recorded level.
Aug 25, 2020
资讯主题
Premia 图说
朱榮熙投资总监
Many studies have shown that in the U.S. market if investors have missed the best days of the markets, their portfolio could lag behind quite substantially than staying fully invested. Here, we are going to investigate if the same effects happened in the China markets. From July 2013 to Jun 2020, if investors stayed fully invested in any of the three China indexes, their wealth would have more than doubled. Missing 10 best days during the period of more than 1,700 trading days could still have positive growth, but the final wealth would barely be more than half of that staying fully invested. Missing more, investors could end up with a loss in their investments, which may be a surprise to many investors. Delving deeper into the data, we found that the best days used to follow the worst days. That may be explained by the clustering effect of volatility: large changes in prices tend to cluster together. Should investors have a long-term positive view on the markets, they should stay fully invested instead of timing the market, as the turning points may just be around the corner.
Sep 28, 2020