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中國基石經濟

中國基石經濟

以基本面多元因子策略捕捉推動中國實體經濟改革升級的優質藍籌企業

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中國A股基石經濟

2803 (港元) | 9803 (美元)

# A股# 智能貝塔# 多因子# 價值# 低波動# 規模# 質量
中國A股新經濟

3173 (港元) | 9173 (美元)

# A股# 新經濟# 新基建# 十四五# 高質量增長# 2060碳中和
Premia 中國科創50 ETF

3151 (港元) | 83151 (人民幣) | 9151 (美元)

# A股# 科創板# 半導體# 人工智能# 生物科技# 2060碳中和
亞洲創新科技及元宇宙

3181 (港元) | 9181 (美元)

# 智能電動車# 人工智能# 機器人# 自動化# 5G# 電子競技# 半導體
新興東盟市場

2810 (港元) | 9810 (美元)

# 越南# 泰國# 馬來西亞# 菲律賓# 印尼
MSCI 越南市場

2804 (港元) | 9804 (美元)

# 供應鏈# 中產階級# 消費升級
中國長久期政府債券 (非對沖)

2817 (港元) | 82817 (人民幣) | 9817(美元)

中國政府債券 (美元對沖)

9177 (美元) NEW

# 中國債券# 長期# 政府債券# 人民幣# 指數納入# 美元對沖
中國房地產美元債

3001 (港元) | 83001 (人民幣) | 9001(美元)

# 中國債券# 高息債# 美元# 亞洲信用債
美國國庫浮息票據 (分派)

3077 (港元) | 9077 (美元)

美國國庫浮息票據 (累計)

9078 (美元)

# 國庫券# 一周存續期# 稅務效率
中國A股基石經濟
2803 (港元) | 9803 (美元)
中國A股新經濟
3173 (港元) | 9173 (美元)
Premia 中國科創50 ETF
3151 (港元) | 83151 (人民幣) | 9151 (美元)
亞洲創新科技及元宇宙
3181 (港元) | 9181 (美元)
新興東盟市場
2810 (港元) | 9810 (美元)
MSCI 越南市場
2804 (港元) | 9804 (美元)
中國長久期政府債券 (非對沖)
2817 (港元) | 82817 (人民幣) | 9817(美元)
中國政府債券 (美元對沖)
9177 (美元)
中國房地產美元債
3001 (港元) | 83001 (人民幣) | 9001(美元)
美國國庫浮息票據 (分派)
3077 (港元) | 9077 (美元)
美國國庫浮息票據 (累計)
9078 (美元)

精選觀點 & Webinar
premia headline
Banking failures in the US, the recent epic takeover of Credit Suisse and the wipe out of its AT1, speak volumes about the stage of the cycle in Developed Markets. In particular, they warn against underestimating the risks at this stage of the asset and economic cycles. The Fed now risks a return to 1970-1985 if it loses its nerve on rates, and it is going into battle with very little – rates are lower than at previous cyclical bottoms and inflation is higher. In this article, our Senior Advisor Say Boon Lim shares his reflections on the US cycle, inflations, rates and asset markets, and while US asset market outlook is worrying, why China is increasingly becoming a safe haven trade for investors.
2023年3月20日
Banking failures in the US, the recent epic takeover of Credit Suisse and the wipe out of its AT1, speak volumes about the stage of the cycle in Developed Markets. In particular, they warn against underestimating the risks at this stage of the asset and economic cycles. The Fed now risks a return to 1970-1985 if it loses its nerve on rates, and it is going into battle with very little – rates are lower than at previous cyclical bottoms and inflation is higher. In this article, our Senior Advisor Say Boon Lim shares his reflections on the US cycle, inflations, rates and asset markets, and while US asset market outlook is worrying, why China is increasingly becoming a safe haven trade for investors.
2023年3月20日

10 most frequently asked questions for China investors and allocators
China markets witnessed strong rally since Oct 2022 trough upon China reopening and covid policy pivot, and we start to see investor flows rotating from offshore to A-shares which are expected to outperform with a longer run for rally. Where are we in China’s reopening trajectory? Who are the policy supported sector leaders well placed to outperform? These are the common questions frequently asked by our clients. In this article, we discuss the 10 most frequently asked questions that came up in our recent conversations with investors and allocators, and share more color about pockets of opportunities as China reopening evolves into the second act for economic growth recovery.
2023年3月17日
China markets witnessed strong rally since Oct 2022 trough upon China reopening and covid policy pivot, and we start to see investor flows rotating from offshore to A-shares which are expected to outperform with a longer run for rally. Where are we in China’s reopening trajectory? Who are the policy supported sector leaders well placed to outperform? These are the common questions frequently asked by our clients. In this article, we discuss the 10 most frequently asked questions that came up in our recent conversations with investors and allocators, and share more color about pockets of opportunities as China reopening evolves into the second act for economic growth recovery.
2023年3月17日

Have you switched? Why we believe onshore A shares are picking up the baton for the second act of China’s recovery trajectory
China market has taken a pause after a strong rally in the past few months. The renewed hawkish tone from the US Fed may be the main reason behind the consolidation. Some critics are suggesting that the China reopening trade is done, or has become overcrowded already with not much immediate upside as a tactical trade. In this article, our Partner & Co-CIO David Lai addresses this topic from various aspects ranging from macro economies, investors’ positioning, to policy agenda and market valuation. He would also share why we believe it’s onshore A-shares that are picking up the baton for the second act of the rally - as the China reopening play evolves from short term tactical, to fundamental strategic opportunities driven by positive earnings growth and restoration of business and consumer confidence.
2023年3月2日
China market has taken a pause after a strong rally in the past few months. The renewed hawkish tone from the US Fed may be the main reason behind the consolidation. Some critics are suggesting that the China reopening trade is done, or has become overcrowded already with not much immediate upside as a tactical trade. In this article, our Partner & Co-CIO David Lai addresses this topic from various aspects ranging from macro economies, investors’ positioning, to policy agenda and market valuation. He would also share why we believe it’s onshore A-shares that are picking up the baton for the second act of the rally - as the China reopening play evolves from short term tactical, to fundamental strategic opportunities driven by positive earnings growth and restoration of business and consumer confidence.
2023年3月2日

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

Why Bedrock Outperformed?
In 2022, our Premia CSI Caixin China Bedrock Economy ETF (“the Bedrock ETF”) outperformed most of the market benchmarks, such as FTSE A50, CSI 300, CSI 500 and ChiNext, by around 10-24% points. In a backdrop of weak equity performance, investors favored low beta and volatility stocks with significant economic value and good financial health, which coincided with the Bedrock ETF’s underlying index methodology and broadly explained why the ETF outperformed in 2022. In this article, we would have a more in-depth look at the portfolio holdings’ companies and decipher drivers of the outperformance and whether this multi-factor approach of low volatility, value, quality and size tilts would continue to power outperformance in 2023.
2023年2月3日
In 2022, our Premia CSI Caixin China Bedrock Economy ETF (“the Bedrock ETF”) outperformed most of the market benchmarks, such as FTSE A50, CSI 300, CSI 500 and ChiNext, by around 10-24% points. In a backdrop of weak equity performance, investors favored low beta and volatility stocks with significant economic value and good financial health, which coincided with the Bedrock ETF’s underlying index methodology and broadly explained why the ETF outperformed in 2022. In this article, we would have a more in-depth look at the portfolio holdings’ companies and decipher drivers of the outperformance and whether this multi-factor approach of low volatility, value, quality and size tilts would continue to power outperformance in 2023.
2023年2月3日

End of Negative Yielding Bonds – What Lies Beyond
Big, long-term trends could drive Developed Market bond yields much higher than the cyclical peaks that the market is currently pricing in. There are cycles and there are secular trends. If the super cycle of rates and yields has turned – off deep negative inflation-adjusted levels – then the lesser cycles could mean- revert a lot higher around long-term uptrends. And we are at this juncture at the moment, as the negative yielding bonds have literally disappeared - the global stock of negative yielding bonds had gone from a peak of US$18.4 trillion late in 2020 to zero recently. What are the true implications behind this abrupt turn of tides? In this article, our Senior Advisor Say Boon Lim discusses the big drivers for potentially much higher rates and yields for this year, and areas we are spending a lot more time monitoring, as the longer-term outlook could be far worse than just a mean reversion in nominal rates and yields as we may also be in the midst of a secular mean reversion in real government bond yields and corporate credit yields.
2023年1月17日
Big, long-term trends could drive Developed Market bond yields much higher than the cyclical peaks that the market is currently pricing in. There are cycles and there are secular trends. If the super cycle of rates and yields has turned – off deep negative inflation-adjusted levels – then the lesser cycles could mean- revert a lot higher around long-term uptrends. And we are at this juncture at the moment, as the negative yielding bonds have literally disappeared - the global stock of negative yielding bonds had gone from a peak of US$18.4 trillion late in 2020 to zero recently. What are the true implications behind this abrupt turn of tides? In this article, our Senior Advisor Say Boon Lim discusses the big drivers for potentially much higher rates and yields for this year, and areas we are spending a lot more time monitoring, as the longer-term outlook could be far worse than just a mean reversion in nominal rates and yields as we may also be in the midst of a secular mean reversion in real government bond yields and corporate credit yields.
2023年1月17日
更多觀點
Premia 圖說
  • 賴子健
    賴子健 , CFA

    合夥人兼聯合首席投資官

The State Bank of Vietnam (SBV) unexpectedly cut the discount rate to 3.5% from 4.5%, underlining the need to support economic growth as inflation slows. The country’s CPI increased 4.6% YoY in the first two months of 2023, similar to the level seen in December last year and close to target rate of 4.5% set by the government. The stabilized pricing trend provides the condition for the SBV to be the first to pivot to a dovish policy in Asia. It also reduced the overnight lending rate in the inter-bank market by 100bps to 6% and lowered the cap on the lending interest rates for short-term loans in some sectors to 5% from 5.5%. Market received the news quite positively, while several banks reacted promptly by reducing their deposit rates by 20-30bps. Investors generally expect that the rate cut would help ease the concerns in the property sector and boost the economy ahead.
2023年3月22日
來自合作夥伴
Premia 圖說
  • 賴子健
    賴子健 , CFA

    合夥人兼聯合首席投資官

The State Bank of Vietnam (SBV) unexpectedly cut the discount rate to 3.5% from 4.5%, underlining the need to support economic growth as inflation slows. The country’s CPI increased 4.6% YoY in the first two months of 2023, similar to the level seen in December last year and close to target rate of 4.5% set by the government. The stabilized pricing trend provides the condition for the SBV to be the first to pivot to a dovish policy in Asia. It also reduced the overnight lending rate in the inter-bank market by 100bps to 6% and lowered the cap on the lending interest rates for short-term loans in some sectors to 5% from 5.5%. Market received the news quite positively, while several banks reacted promptly by reducing their deposit rates by 20-30bps. Investors generally expect that the rate cut would help ease the concerns in the property sector and boost the economy ahead.
2023年3月22日
精選觀點 & Webinar
premia headline
Banking failures in the US, the recent epic takeover of Credit Suisse and the wipe out of its AT1, speak volumes about the stage of the cycle in Developed Markets. In particular, they warn against underestimating the risks at this stage of the asset and economic cycles. The Fed now risks a return to 1970-1985 if it loses its nerve on rates, and it is going into battle with very little – rates are lower than at previous cyclical bottoms and inflation is higher. In this article, our Senior Advisor Say Boon Lim shares his reflections on the US cycle, inflations, rates and asset markets, and while US asset market outlook is worrying, why China is increasingly becoming a safe haven trade for investors.
2023年3月20日
Banking failures in the US, the recent epic takeover of Credit Suisse and the wipe out of its AT1, speak volumes about the stage of the cycle in Developed Markets. In particular, they warn against underestimating the risks at this stage of the asset and economic cycles. The Fed now risks a return to 1970-1985 if it loses its nerve on rates, and it is going into battle with very little – rates are lower than at previous cyclical bottoms and inflation is higher. In this article, our Senior Advisor Say Boon Lim shares his reflections on the US cycle, inflations, rates and asset markets, and while US asset market outlook is worrying, why China is increasingly becoming a safe haven trade for investors.
2023年3月20日

10 most frequently asked questions for China investors and allocators
China markets witnessed strong rally since Oct 2022 trough upon China reopening and covid policy pivot, and we start to see investor flows rotating from offshore to A-shares which are expected to outperform with a longer run for rally. Where are we in China’s reopening trajectory? Who are the policy supported sector leaders well placed to outperform? These are the common questions frequently asked by our clients. In this article, we discuss the 10 most frequently asked questions that came up in our recent conversations with investors and allocators, and share more color about pockets of opportunities as China reopening evolves into the second act for economic growth recovery.
2023年3月17日
China markets witnessed strong rally since Oct 2022 trough upon China reopening and covid policy pivot, and we start to see investor flows rotating from offshore to A-shares which are expected to outperform with a longer run for rally. Where are we in China’s reopening trajectory? Who are the policy supported sector leaders well placed to outperform? These are the common questions frequently asked by our clients. In this article, we discuss the 10 most frequently asked questions that came up in our recent conversations with investors and allocators, and share more color about pockets of opportunities as China reopening evolves into the second act for economic growth recovery.
2023年3月17日

Have you switched? Why we believe onshore A shares are picking up the baton for the second act of China’s recovery trajectory
China market has taken a pause after a strong rally in the past few months. The renewed hawkish tone from the US Fed may be the main reason behind the consolidation. Some critics are suggesting that the China reopening trade is done, or has become overcrowded already with not much immediate upside as a tactical trade. In this article, our Partner & Co-CIO David Lai addresses this topic from various aspects ranging from macro economies, investors’ positioning, to policy agenda and market valuation. He would also share why we believe it’s onshore A-shares that are picking up the baton for the second act of the rally - as the China reopening play evolves from short term tactical, to fundamental strategic opportunities driven by positive earnings growth and restoration of business and consumer confidence.
2023年3月2日
China market has taken a pause after a strong rally in the past few months. The renewed hawkish tone from the US Fed may be the main reason behind the consolidation. Some critics are suggesting that the China reopening trade is done, or has become overcrowded already with not much immediate upside as a tactical trade. In this article, our Partner & Co-CIO David Lai addresses this topic from various aspects ranging from macro economies, investors’ positioning, to policy agenda and market valuation. He would also share why we believe it’s onshore A-shares that are picking up the baton for the second act of the rally - as the China reopening play evolves from short term tactical, to fundamental strategic opportunities driven by positive earnings growth and restoration of business and consumer confidence.
2023年3月2日

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

Why Bedrock Outperformed?
In 2022, our Premia CSI Caixin China Bedrock Economy ETF (“the Bedrock ETF”) outperformed most of the market benchmarks, such as FTSE A50, CSI 300, CSI 500 and ChiNext, by around 10-24% points. In a backdrop of weak equity performance, investors favored low beta and volatility stocks with significant economic value and good financial health, which coincided with the Bedrock ETF’s underlying index methodology and broadly explained why the ETF outperformed in 2022. In this article, we would have a more in-depth look at the portfolio holdings’ companies and decipher drivers of the outperformance and whether this multi-factor approach of low volatility, value, quality and size tilts would continue to power outperformance in 2023.
2023年2月3日
In 2022, our Premia CSI Caixin China Bedrock Economy ETF (“the Bedrock ETF”) outperformed most of the market benchmarks, such as FTSE A50, CSI 300, CSI 500 and ChiNext, by around 10-24% points. In a backdrop of weak equity performance, investors favored low beta and volatility stocks with significant economic value and good financial health, which coincided with the Bedrock ETF’s underlying index methodology and broadly explained why the ETF outperformed in 2022. In this article, we would have a more in-depth look at the portfolio holdings’ companies and decipher drivers of the outperformance and whether this multi-factor approach of low volatility, value, quality and size tilts would continue to power outperformance in 2023.
2023年2月3日

End of Negative Yielding Bonds – What Lies Beyond
Big, long-term trends could drive Developed Market bond yields much higher than the cyclical peaks that the market is currently pricing in. There are cycles and there are secular trends. If the super cycle of rates and yields has turned – off deep negative inflation-adjusted levels – then the lesser cycles could mean- revert a lot higher around long-term uptrends. And we are at this juncture at the moment, as the negative yielding bonds have literally disappeared - the global stock of negative yielding bonds had gone from a peak of US$18.4 trillion late in 2020 to zero recently. What are the true implications behind this abrupt turn of tides? In this article, our Senior Advisor Say Boon Lim discusses the big drivers for potentially much higher rates and yields for this year, and areas we are spending a lot more time monitoring, as the longer-term outlook could be far worse than just a mean reversion in nominal rates and yields as we may also be in the midst of a secular mean reversion in real government bond yields and corporate credit yields.
2023年1月17日
Big, long-term trends could drive Developed Market bond yields much higher than the cyclical peaks that the market is currently pricing in. There are cycles and there are secular trends. If the super cycle of rates and yields has turned – off deep negative inflation-adjusted levels – then the lesser cycles could mean- revert a lot higher around long-term uptrends. And we are at this juncture at the moment, as the negative yielding bonds have literally disappeared - the global stock of negative yielding bonds had gone from a peak of US$18.4 trillion late in 2020 to zero recently. What are the true implications behind this abrupt turn of tides? In this article, our Senior Advisor Say Boon Lim discusses the big drivers for potentially much higher rates and yields for this year, and areas we are spending a lot more time monitoring, as the longer-term outlook could be far worse than just a mean reversion in nominal rates and yields as we may also be in the midst of a secular mean reversion in real government bond yields and corporate credit yields.
2023年1月17日
更多觀點
來自合作夥伴