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主题相关资讯: 中国新经济


Q4 2022 China A-shares factor review
Chinese stocks took a rollercoaster ride in Q4, as the immediate lacklustre reaction to October’s National Congress gave way to a rally on the back of policy support in November. Investors finally cheered Beijing’s abrupt dismantling of its restrictive zero-COVID policies, as the year came to a close. By the end of December, the CSI 300 Index was up 2% on the quarter. Below in this article, Dr. Philip Wool, Managing Director and Head of Investment Solutions of Rayliant Global Advisors, would explore critical developments in the macro picture at the turn of the year, discuss fourth-quarter performance and factor rotation pattern through the period, and also provide our thoughts as to what reopening has in store for Chinese stocks in 2023.
2023年2月4日
Chinese stocks took a rollercoaster ride in Q4, as the immediate lacklustre reaction to October’s National Congress gave way to a rally on the back of policy support in November. Investors finally cheered Beijing’s abrupt dismantling of its restrictive zero-COVID policies, as the year came to a close. By the end of December, the CSI 300 Index was up 2% on the quarter. Below in this article, Dr. Philip Wool, Managing Director and Head of Investment Solutions of Rayliant Global Advisors, would explore critical developments in the macro picture at the turn of the year, discuss fourth-quarter performance and factor rotation pattern through the period, and also provide our thoughts as to what reopening has in store for Chinese stocks in 2023.
2023年2月4日

Q3 2022 China A-shares factor review
After finishing Q2 as the only emerging market in positive territory, the effects of zero-COVID policy, a continued slump in the property market, and weakening global demand pushed Chinese stocks to the bottom of the EM index in Q3. The CSI 300 Index dropped by -14.3% over the three months from July to September 2022. Below, we offer deeper insights into third-quarter performance—including some bright spots among state-owned enterprises and technology with a policy tailwind—along with our thinking on October’s National Congress and what the rest of the year might have in store.
2022年10月31日
After finishing Q2 as the only emerging market in positive territory, the effects of zero-COVID policy, a continued slump in the property market, and weakening global demand pushed Chinese stocks to the bottom of the EM index in Q3. The CSI 300 Index dropped by -14.3% over the three months from July to September 2022. Below, we offer deeper insights into third-quarter performance—including some bright spots among state-owned enterprises and technology with a policy tailwind—along with our thinking on October’s National Congress and what the rest of the year might have in store.
2022年10月31日

The rise and rise of the Chinese economy
Notwithstanding the cautious sentiment towards Chinese equities over the past year, the fundamentals suggest that it would be increasingly difficult to ignore Chinese equities as its economic heft and importance continues to grow. In this article, our Senior Advisor Say Boon Lim analyzes the fundamentals of the Chinese economy and why it makes sense for global allocators to deploy Chinese equities for diversification and growth opportunities as the alternative would be a deliberate underweight decision for a large part of the world's GDP and the key driver for global productivity growth.
2022年8月11日
Notwithstanding the cautious sentiment towards Chinese equities over the past year, the fundamentals suggest that it would be increasingly difficult to ignore Chinese equities as its economic heft and importance continues to grow. In this article, our Senior Advisor Say Boon Lim analyzes the fundamentals of the Chinese economy and why it makes sense for global allocators to deploy Chinese equities for diversification and growth opportunities as the alternative would be a deliberate underweight decision for a large part of the world's GDP and the key driver for global productivity growth.
2022年8月11日

Would price intervention for polysilicon upend growth trajectory for the photovoltaic industry in China?
After lithium, coal and pork, polysilicon appears to be the next in line for potential government price interventions. In fact, polysilicon prices which have been on nine consecutive weeks of spiking spree, have reached 10-year high and the high prices have caused severe supply chain disruptions and suppressed domestic demand for solar panels – and in the process slow down the solar infrastructure build out in China. Such price intervention thus is envisaged to be a positive regulating event, that would shift the industry dynamics from upstream biased to more midstream and downstream actors, to rebalance the supply chain economics for long run sustainable growth of the industry ecosystem. In this article, we shall analyze this in greater details, and explain why despite the headline concerns it would be a positive event for the sector leaders including related constituents in the Premia ETFs, while the polysilicon market is expected to remain tight throughout the year due to persistent strong global demand and supply shortages.
2022年8月4日
After lithium, coal and pork, polysilicon appears to be the next in line for potential government price interventions. In fact, polysilicon prices which have been on nine consecutive weeks of spiking spree, have reached 10-year high and the high prices have caused severe supply chain disruptions and suppressed domestic demand for solar panels – and in the process slow down the solar infrastructure build out in China. Such price intervention thus is envisaged to be a positive regulating event, that would shift the industry dynamics from upstream biased to more midstream and downstream actors, to rebalance the supply chain economics for long run sustainable growth of the industry ecosystem. In this article, we shall analyze this in greater details, and explain why despite the headline concerns it would be a positive event for the sector leaders including related constituents in the Premia ETFs, while the polysilicon market is expected to remain tight throughout the year due to persistent strong global demand and supply shortages.
2022年8月4日

Q2 2022 China A-shares factor review
As stocks around the world struggled in Q2 2022, China A shares produced a positive return, with the CSI 300 Index adding +6.2% for the quarter. This muted number nevertheless belies an action-packed three months, as investor sentiment toward mainland shares reached a low in April, with Shanghai and other major cities entering growth-stunting lockdowns amidst a rapid spread of COVID variants, only to recover sharply in May and June, as easing public health restrictions allowed Beijing to start ramping up a massive stimulus program intended to set the nation’s economy up for a strong second half leading into Q4’s National Congress. Here we offer some perspective on factor drivers in China’s market during the second quarter and comment on what might come next for Chinese stocks.
2022年8月1日
As stocks around the world struggled in Q2 2022, China A shares produced a positive return, with the CSI 300 Index adding +6.2% for the quarter. This muted number nevertheless belies an action-packed three months, as investor sentiment toward mainland shares reached a low in April, with Shanghai and other major cities entering growth-stunting lockdowns amidst a rapid spread of COVID variants, only to recover sharply in May and June, as easing public health restrictions allowed Beijing to start ramping up a massive stimulus program intended to set the nation’s economy up for a strong second half leading into Q4’s National Congress. Here we offer some perspective on factor drivers in China’s market during the second quarter and comment on what might come next for Chinese stocks.
2022年8月1日

China New Economy – from manufacturing hub to innovation hub
What will the next era of China’s economy look like? Invest in the leading companies driving China’s New Economy through the Premia CSI Caixin China New Economy ETF.
2022年7月28日
What will the next era of China’s economy look like? Invest in the leading companies driving China’s New Economy through the Premia CSI Caixin China New Economy ETF.
2022年7月28日

Configuring for China opportunities – Premia STAR 50 ETF and China New Economy ETF as building blocks in the new normal?
The recent regulatory crackdowns and power suspension in China have unnerved many international investors. How to configure for opportunities under the lens of common prosperity and China’s commitment for carbon neutrality by 2060? In this article, we compare the Premia China STAR50 ETF (3151.HK) and Premia CSI Caixin China New Economy ETF (3173.HK), and discuss why they are useful implementation tools to capture long term opportunities in hardcore technology and strategic new economy sectors under the 14th Five Year Plan.
2021年10月12日
The recent regulatory crackdowns and power suspension in China have unnerved many international investors. How to configure for opportunities under the lens of common prosperity and China’s commitment for carbon neutrality by 2060? In this article, we compare the Premia China STAR50 ETF (3151.HK) and Premia CSI Caixin China New Economy ETF (3173.HK), and discuss why they are useful implementation tools to capture long term opportunities in hardcore technology and strategic new economy sectors under the 14th Five Year Plan.
2021年10月12日

US equities – the challenge of scaling the “triple peaks”
The upward momentum of US equities has slowed considerably over the past 16 months, from the explosive initial rebound in late March last year. Our sense is that we would either see small gains in coming months or indeed a correction in the face of the likely peaks in economic growth, earnings growth, and policy stimulus. In this article our Senior Advisor Say Boon Lim discusses why investors in US equities may have to lower their returns expectations for 2H21 in the face of what some are calling the “triple peaks”.
2021年8月18日
The upward momentum of US equities has slowed considerably over the past 16 months, from the explosive initial rebound in late March last year. Our sense is that we would either see small gains in coming months or indeed a correction in the face of the likely peaks in economic growth, earnings growth, and policy stimulus. In this article our Senior Advisor Say Boon Lim discusses why investors in US equities may have to lower their returns expectations for 2H21 in the face of what some are calling the “triple peaks”.
2021年8月18日

The stars are aligned – position for policy tailwinds with Premia China STAR50 ETF
China market saw a material correction due to the regulatory crackdown in the offshore tech and education space. The panic sentiment led to indiscriminative unwinding of Chinese stocks by foreign investors, pushing the HK-listed tech names and the US-listed China ADRs into a bear market technically. Although the regulatory risks remain high in near-term, investors seem getting a stronger hint about the policy direction. The glory days when China tech can be simplistically covered by just the offshore tech giants is gone, and there is increasing need for more granular understanding of the related policy headwinds and tailwinds. In this article our Partner & Co-CIO David Lai shares the thesis behind our Premia China STAR50 ETF, and how this timely launch adds value through its diversified exposure of the leading innovative and strategically important hi-tech companies focusing on innovation and hardcore technology.
2021年8月5日
China market saw a material correction due to the regulatory crackdown in the offshore tech and education space. The panic sentiment led to indiscriminative unwinding of Chinese stocks by foreign investors, pushing the HK-listed tech names and the US-listed China ADRs into a bear market technically. Although the regulatory risks remain high in near-term, investors seem getting a stronger hint about the policy direction. The glory days when China tech can be simplistically covered by just the offshore tech giants is gone, and there is increasing need for more granular understanding of the related policy headwinds and tailwinds. In this article our Partner & Co-CIO David Lai shares the thesis behind our Premia China STAR50 ETF, and how this timely launch adds value through its diversified exposure of the leading innovative and strategically important hi-tech companies focusing on innovation and hardcore technology.
2021年8月5日

Updates on the annual rebalancing for the Premia China Bedrock, New Economy, and Asia Innovative Technology strategies
We recently completed the annual rebalancing exercise for the two China A shares and Asia Innovative Technology ETFs. In this article our Portfolio Manager Alex and Partner & Co-CIO David will share more about the changes and portfolio characteristics post-rebalancing, which further align with strategic focuses of China’s 14th Five Year Plan, and recalibrate for opportunities in the new normal as COVID recovery in China and Asia enters the next stage.
2021年6月24日
We recently completed the annual rebalancing exercise for the two China A shares and Asia Innovative Technology ETFs. In this article our Portfolio Manager Alex and Partner & Co-CIO David will share more about the changes and portfolio characteristics post-rebalancing, which further align with strategic focuses of China’s 14th Five Year Plan, and recalibrate for opportunities in the new normal as COVID recovery in China and Asia enters the next stage.
2021年6月24日

How do we decipher “Dual Circulation” for our China strategies
The term "dual circulation” is one of the hot searches in China and receives great attention after President Xi first expressed this idea at a top official meeting held earlier this year. He then elaborated further that China’s economic model will be involving an internal circulation developing a substantial domestic market, and an external circulation deepening the international trade. The latest meeting of Communist Party’s Central Committee reinforced this policy will be the core component of the 14th five-year plan for the development between 2021 and 2025.
2020年11月4日
The term "dual circulation” is one of the hot searches in China and receives great attention after President Xi first expressed this idea at a top official meeting held earlier this year. He then elaborated further that China’s economic model will be involving an internal circulation developing a substantial domestic market, and an external circulation deepening the international trade. The latest meeting of Communist Party’s Central Committee reinforced this policy will be the core component of the 14th five-year plan for the development between 2021 and 2025.
2020年11月4日

中国股市反弹——您的投资回报跟上了吗?
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。
2020年9月4日
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。
2020年9月4日

China New Economy and Tech – thriving amidst trade war
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?
2020年9月1日
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?
2020年9月1日

China and HK equities – in a valuation-quality sweet spot
In the midst of a US tech bubble, Chinese and Hong Kong equities have emerged in the sweet spot between valuations, profitability and balance sheet strength.
2020年8月18日
In the midst of a US tech bubble, Chinese and Hong Kong equities have emerged in the sweet spot between valuations, profitability and balance sheet strength.
2020年8月18日

Five reasons why Chinese stocks have been running hot
The international media reckoned a front-page editorial in the China Securities Journal calling for a “healthy bull market” to create “new opportunities in crisis” was responsible for last week’s red-hot run-up in the Shanghai Composite Index. But perhaps there are less “exciting”, but more enduring, explanations for the surge in Chinese stocks.
2020年7月13日
The international media reckoned a front-page editorial in the China Securities Journal calling for a “healthy bull market” to create “new opportunities in crisis” was responsible for last week’s red-hot run-up in the Shanghai Composite Index. But perhaps there are less “exciting”, but more enduring, explanations for the surge in Chinese stocks.
2020年7月13日

工业互联网:中国的企业数字化转型与工业4.0
随着联网汽车和智能家电等消费领域的应用日益普及,物联网(IoT,Internet of Things)已逐渐为人所熟知。 而在工业领域,正如我们一再强调与关注的话题——企业数字化转型将重写产业游戏规则,而工业互联网(IIoT,Industrial IoT)正是其中的重要环节。 事实上,工业互联网即是中国新基建七大重点投资领域之一,受到中国官方政策的大力支持。 所以,工业互联网是什么? 为何其中的行业领导者在疫情期间更具弹性? 在本篇文章中,我们将分享工业互联网的概念,以及该领域的发展进程和投资机会。
2020年5月26日
随着联网汽车和智能家电等消费领域的应用日益普及,物联网(IoT,Internet of Things)已逐渐为人所熟知。 而在工业领域,正如我们一再强调与关注的话题——企业数字化转型将重写产业游戏规则,而工业互联网(IIoT,Industrial IoT)正是其中的重要环节。 事实上,工业互联网即是中国新基建七大重点投资领域之一,受到中国官方政策的大力支持。 所以,工业互联网是什么? 为何其中的行业领导者在疫情期间更具弹性? 在本篇文章中,我们将分享工业互联网的概念,以及该领域的发展进程和投资机会。
2020年5月26日

Why is China-A New Economy more resilient and captures opportunities better through COVID and beyond?
Premia CSI Caixin China New Economy ETF performed well and went up by 3% in a down market. In this article, we would like to share with you the reasons behind the strong performance and the comparison of this strategy with the other mainstream indexes that investors usually track in respect to performance attribution, sector allocation, niche thematic exposure and top drivers.
2020年4月24日
Premia CSI Caixin China New Economy ETF performed well and went up by 3% in a down market. In this article, we would like to share with you the reasons behind the strong performance and the comparison of this strategy with the other mainstream indexes that investors usually track in respect to performance attribution, sector allocation, niche thematic exposure and top drivers.
2020年4月24日