premia-parnters logo
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

更多詳情
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
Premia 越南 ETF

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)

# 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)
Premia 越南 ETF
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)
美國浮息票據 (非上市)

精選觀點 & Webinar
premia headline
While Artificial Intelligence Generated Content (AIGC) has been dominating media and market attention, the “next big thing” has been developing rapidly in the background in China, in the form of super-scale AI infrastructure. It involves, among other things, a national computing power network; data centre clusters from Guangdong to Inner Mongolia and from Gansu in the West to Anhui in the East; centres for the development/training of large language models; and abundant green energy integrated with massive energy storage facilities. What is rapidly emerging is a gigantic national network connecting smart grids, intelligent network routing and energy storage – one that has no parallel anywhere else in the world. The pay off will be lower cost execution of computing processes and high-end manufacturing/AI-based industrial automation. The current media focus has been on the speed of the microchip as the key factor in the AI race. The following insight details the elements of the AI-infrastructure that are likely to prove critical in the next phase of AI development.
2024年6月19日
While Artificial Intelligence Generated Content (AIGC) has been dominating media and market attention, the “next big thing” has been developing rapidly in the background in China, in the form of super-scale AI infrastructure. It involves, among other things, a national computing power network; data centre clusters from Guangdong to Inner Mongolia and from Gansu in the West to Anhui in the East; centres for the development/training of large language models; and abundant green energy integrated with massive energy storage facilities. What is rapidly emerging is a gigantic national network connecting smart grids, intelligent network routing and energy storage – one that has no parallel anywhere else in the world. The pay off will be lower cost execution of computing processes and high-end manufacturing/AI-based industrial automation. The current media focus has been on the speed of the microchip as the key factor in the AI race. The following insight details the elements of the AI-infrastructure that are likely to prove critical in the next phase of AI development.
2024年6月19日

Has the World Underestimated China’s Household Consumption by more than 10% of GDP?
China’s household consumption appears to have been massively underestimated in international comparisons, because of differences in data definitions and valuation methodologies. The two big areas of differences in international comparisons are: 1) Social transfers in kind, which could be worth some 6% of GDP; and 2) The value of housing services provided by owner-occupied homes, which could be worth another 5% of GDP. In this article, our Senior Advisor Say Boon Lim discusses why the criticisms of China’s growth model and "underconsumption" look flawed.
2024年5月9日
China’s household consumption appears to have been massively underestimated in international comparisons, because of differences in data definitions and valuation methodologies. The two big areas of differences in international comparisons are: 1) Social transfers in kind, which could be worth some 6% of GDP; and 2) The value of housing services provided by owner-occupied homes, which could be worth another 5% of GDP. In this article, our Senior Advisor Say Boon Lim discusses why the criticisms of China’s growth model and "underconsumption" look flawed.
2024年5月9日

China A-shares Q1 2024 factor review
Despite mainland stocks putting up a solid Q1—the CSI 300 Index gained 3.1% for the quarter—and although macro fundamentals appeared as if they might be turning a corner at the start of 2024, bullish sentiment toward China equities had yet to materialize, with many questioning whether a first-quarter rebound would sustain. In the commentary below, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, delves into the details of China’s economy and market action during Q1, discussing how Beijing’s plan to nurture high-quality growth might translate to macro conditions and investors’ portfolios.
2024年5月9日
Despite mainland stocks putting up a solid Q1—the CSI 300 Index gained 3.1% for the quarter—and although macro fundamentals appeared as if they might be turning a corner at the start of 2024, bullish sentiment toward China equities had yet to materialize, with many questioning whether a first-quarter rebound would sustain. In the commentary below, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, delves into the details of China’s economy and market action during Q1, discussing how Beijing’s plan to nurture high-quality growth might translate to macro conditions and investors’ portfolios.
2024年5月9日

STEM, cultural and art joints for children – where to go in Guangdong region?
While investors would look at it as a period of crackdown on for profit tutoring businesses, since the “Double Reduction” policy (to reduce the pressures of homework and after-school tutoring) in 2021, young students indeed are able to spend more time on extracurricular activities that they enjoy. Given the size of addressable market, there has been a proliferation of various STEM (Science, Technology, Engineering, and Mathematics) learning, traditional culture and art-jamming activities in China, including many well-equipped new establishments fitted out with the latest digital technologies such as AI, 3D exhibitions and robotic guides, catering to various developmental needs and interests of children who now have more free time at hand they can deploy for more fun activities. Take the Guangdong province for example, there are 150 public libraries, 144 cultural centers, 352 museums, and 141 art museums built as of 2023 – and many of these are free of charge or charge very affordable fees available for both locals and visitors. In this article we share some of the popular ones that you may find of interest for your next trip to the region.
2024年3月26日
While investors would look at it as a period of crackdown on for profit tutoring businesses, since the “Double Reduction” policy (to reduce the pressures of homework and after-school tutoring) in 2021, young students indeed are able to spend more time on extracurricular activities that they enjoy. Given the size of addressable market, there has been a proliferation of various STEM (Science, Technology, Engineering, and Mathematics) learning, traditional culture and art-jamming activities in China, including many well-equipped new establishments fitted out with the latest digital technologies such as AI, 3D exhibitions and robotic guides, catering to various developmental needs and interests of children who now have more free time at hand they can deploy for more fun activities. Take the Guangdong province for example, there are 150 public libraries, 144 cultural centers, 352 museums, and 141 art museums built as of 2023 – and many of these are free of charge or charge very affordable fees available for both locals and visitors. In this article we share some of the popular ones that you may find of interest for your next trip to the region.
2024年3月26日

Evolving Chinese consumer trends: a shift towards quality, experience, and emotional value
Consumer spending in China continues to grow strongly by international standards, even as the pattern of that spending evolves. The image of weak consumerism in China – as portrayed by the media – is misleading in two ways. For starters, the growth in retail sales in China is only “low” relative to the very high (mostly double digit) rates recorded in the 2010s. However, at 7.2% y/y growth in the full year 2023, China’s retail sales growth compares very well internationally. Beyond that, there are also changing social trends which are driving different forms of consumption in China, which then support investments that are more reflective of the transformation in China. In this article, we discuss more about how young Chinese are the main driving force in China’s consumer market and identify the winners of this quiet but significant sea change in consumer behaviour.
2024年3月1日
Consumer spending in China continues to grow strongly by international standards, even as the pattern of that spending evolves. The image of weak consumerism in China – as portrayed by the media – is misleading in two ways. For starters, the growth in retail sales in China is only “low” relative to the very high (mostly double digit) rates recorded in the 2010s. However, at 7.2% y/y growth in the full year 2023, China’s retail sales growth compares very well internationally. Beyond that, there are also changing social trends which are driving different forms of consumption in China, which then support investments that are more reflective of the transformation in China. In this article, we discuss more about how young Chinese are the main driving force in China’s consumer market and identify the winners of this quiet but significant sea change in consumer behaviour.
2024年3月1日

China A-shares Q4 2023 factor review
Extremely negative sentiment culminating Q4 2023 toward Chinese stocks have brought A shares to exceedingly low valuations for an economy with so much inherent growth potential, that it would appear the upside risks far outweigh the downside risks at this point. Meanwhile we see differentiating features of the bedrock and new economy indices including factors tilting toward bargain stocks and high-quality growth at a reasonable price, along with a concentration in strategic sectors that truly drive China’s real economy. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors reviews the factor performance of the onshore A-shares markets in Q4 2023, and reasons why investors may look back at 2024 as a turning point for China’s equity markets, and outstanding entry point for a vintage well positioned for growth recovery in the new normal.
2024年2月23日
Extremely negative sentiment culminating Q4 2023 toward Chinese stocks have brought A shares to exceedingly low valuations for an economy with so much inherent growth potential, that it would appear the upside risks far outweigh the downside risks at this point. Meanwhile we see differentiating features of the bedrock and new economy indices including factors tilting toward bargain stocks and high-quality growth at a reasonable price, along with a concentration in strategic sectors that truly drive China’s real economy. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors reviews the factor performance of the onshore A-shares markets in Q4 2023, and reasons why investors may look back at 2024 as a turning point for China’s equity markets, and outstanding entry point for a vintage well positioned for growth recovery in the new normal.
2024年2月23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

Vietnam equities retested the year-to-date high despite the market saw the highest monthly net foreign outflow of USD 747 million in May. Overseas investors have net sold the market for four consecutive months. The disparity in interest rates, monetary policies, volatile exchange rates and political fluctuations has significantly influenced foreign investors' actions. This has led to global capital flow realignments, with markets experiencing slower growth, currency devaluations or being classified as frontier markets witnessing substantial capital withdrawals lately. That said, domestic demand remained strong and absorbed more than the outflows. Data from the Vietnam Securities Depository reveals that the number of domestic securities accounts increased by over half a million in the first four months of the year. As of April 2024, Vietnam had more than 7.7 million individual securities accounts, equivalent to approximately 7.7 percent of the population. Fundamentally, the country’s economic growth remains intact, supporting the equity market well, especially as the process of upgrading the market is being actively pursued. If measures aimed at upgrading Vietnam’s stock market are implemented more rigorously, it will eventually attract foreign capital inflows to ride the wave.
2024年6月11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

Vietnam equities retested the year-to-date high despite the market saw the highest monthly net foreign outflow of USD 747 million in May. Overseas investors have net sold the market for four consecutive months. The disparity in interest rates, monetary policies, volatile exchange rates and political fluctuations has significantly influenced foreign investors' actions. This has led to global capital flow realignments, with markets experiencing slower growth, currency devaluations or being classified as frontier markets witnessing substantial capital withdrawals lately. That said, domestic demand remained strong and absorbed more than the outflows. Data from the Vietnam Securities Depository reveals that the number of domestic securities accounts increased by over half a million in the first four months of the year. As of April 2024, Vietnam had more than 7.7 million individual securities accounts, equivalent to approximately 7.7 percent of the population. Fundamentally, the country’s economic growth remains intact, supporting the equity market well, especially as the process of upgrading the market is being actively pursued. If measures aimed at upgrading Vietnam’s stock market are implemented more rigorously, it will eventually attract foreign capital inflows to ride the wave.
2024年6月11日
精選觀點 & Webinar
premia headline
While Artificial Intelligence Generated Content (AIGC) has been dominating media and market attention, the “next big thing” has been developing rapidly in the background in China, in the form of super-scale AI infrastructure. It involves, among other things, a national computing power network; data centre clusters from Guangdong to Inner Mongolia and from Gansu in the West to Anhui in the East; centres for the development/training of large language models; and abundant green energy integrated with massive energy storage facilities. What is rapidly emerging is a gigantic national network connecting smart grids, intelligent network routing and energy storage – one that has no parallel anywhere else in the world. The pay off will be lower cost execution of computing processes and high-end manufacturing/AI-based industrial automation. The current media focus has been on the speed of the microchip as the key factor in the AI race. The following insight details the elements of the AI-infrastructure that are likely to prove critical in the next phase of AI development.
2024年6月19日
While Artificial Intelligence Generated Content (AIGC) has been dominating media and market attention, the “next big thing” has been developing rapidly in the background in China, in the form of super-scale AI infrastructure. It involves, among other things, a national computing power network; data centre clusters from Guangdong to Inner Mongolia and from Gansu in the West to Anhui in the East; centres for the development/training of large language models; and abundant green energy integrated with massive energy storage facilities. What is rapidly emerging is a gigantic national network connecting smart grids, intelligent network routing and energy storage – one that has no parallel anywhere else in the world. The pay off will be lower cost execution of computing processes and high-end manufacturing/AI-based industrial automation. The current media focus has been on the speed of the microchip as the key factor in the AI race. The following insight details the elements of the AI-infrastructure that are likely to prove critical in the next phase of AI development.
2024年6月19日

Has the World Underestimated China’s Household Consumption by more than 10% of GDP?
China’s household consumption appears to have been massively underestimated in international comparisons, because of differences in data definitions and valuation methodologies. The two big areas of differences in international comparisons are: 1) Social transfers in kind, which could be worth some 6% of GDP; and 2) The value of housing services provided by owner-occupied homes, which could be worth another 5% of GDP. In this article, our Senior Advisor Say Boon Lim discusses why the criticisms of China’s growth model and "underconsumption" look flawed.
2024年5月9日
China’s household consumption appears to have been massively underestimated in international comparisons, because of differences in data definitions and valuation methodologies. The two big areas of differences in international comparisons are: 1) Social transfers in kind, which could be worth some 6% of GDP; and 2) The value of housing services provided by owner-occupied homes, which could be worth another 5% of GDP. In this article, our Senior Advisor Say Boon Lim discusses why the criticisms of China’s growth model and "underconsumption" look flawed.
2024年5月9日

China A-shares Q1 2024 factor review
Despite mainland stocks putting up a solid Q1—the CSI 300 Index gained 3.1% for the quarter—and although macro fundamentals appeared as if they might be turning a corner at the start of 2024, bullish sentiment toward China equities had yet to materialize, with many questioning whether a first-quarter rebound would sustain. In the commentary below, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, delves into the details of China’s economy and market action during Q1, discussing how Beijing’s plan to nurture high-quality growth might translate to macro conditions and investors’ portfolios.
2024年5月9日
Despite mainland stocks putting up a solid Q1—the CSI 300 Index gained 3.1% for the quarter—and although macro fundamentals appeared as if they might be turning a corner at the start of 2024, bullish sentiment toward China equities had yet to materialize, with many questioning whether a first-quarter rebound would sustain. In the commentary below, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, delves into the details of China’s economy and market action during Q1, discussing how Beijing’s plan to nurture high-quality growth might translate to macro conditions and investors’ portfolios.
2024年5月9日

STEM, cultural and art joints for children – where to go in Guangdong region?
While investors would look at it as a period of crackdown on for profit tutoring businesses, since the “Double Reduction” policy (to reduce the pressures of homework and after-school tutoring) in 2021, young students indeed are able to spend more time on extracurricular activities that they enjoy. Given the size of addressable market, there has been a proliferation of various STEM (Science, Technology, Engineering, and Mathematics) learning, traditional culture and art-jamming activities in China, including many well-equipped new establishments fitted out with the latest digital technologies such as AI, 3D exhibitions and robotic guides, catering to various developmental needs and interests of children who now have more free time at hand they can deploy for more fun activities. Take the Guangdong province for example, there are 150 public libraries, 144 cultural centers, 352 museums, and 141 art museums built as of 2023 – and many of these are free of charge or charge very affordable fees available for both locals and visitors. In this article we share some of the popular ones that you may find of interest for your next trip to the region.
2024年3月26日
While investors would look at it as a period of crackdown on for profit tutoring businesses, since the “Double Reduction” policy (to reduce the pressures of homework and after-school tutoring) in 2021, young students indeed are able to spend more time on extracurricular activities that they enjoy. Given the size of addressable market, there has been a proliferation of various STEM (Science, Technology, Engineering, and Mathematics) learning, traditional culture and art-jamming activities in China, including many well-equipped new establishments fitted out with the latest digital technologies such as AI, 3D exhibitions and robotic guides, catering to various developmental needs and interests of children who now have more free time at hand they can deploy for more fun activities. Take the Guangdong province for example, there are 150 public libraries, 144 cultural centers, 352 museums, and 141 art museums built as of 2023 – and many of these are free of charge or charge very affordable fees available for both locals and visitors. In this article we share some of the popular ones that you may find of interest for your next trip to the region.
2024年3月26日

Evolving Chinese consumer trends: a shift towards quality, experience, and emotional value
Consumer spending in China continues to grow strongly by international standards, even as the pattern of that spending evolves. The image of weak consumerism in China – as portrayed by the media – is misleading in two ways. For starters, the growth in retail sales in China is only “low” relative to the very high (mostly double digit) rates recorded in the 2010s. However, at 7.2% y/y growth in the full year 2023, China’s retail sales growth compares very well internationally. Beyond that, there are also changing social trends which are driving different forms of consumption in China, which then support investments that are more reflective of the transformation in China. In this article, we discuss more about how young Chinese are the main driving force in China’s consumer market and identify the winners of this quiet but significant sea change in consumer behaviour.
2024年3月1日
Consumer spending in China continues to grow strongly by international standards, even as the pattern of that spending evolves. The image of weak consumerism in China – as portrayed by the media – is misleading in two ways. For starters, the growth in retail sales in China is only “low” relative to the very high (mostly double digit) rates recorded in the 2010s. However, at 7.2% y/y growth in the full year 2023, China’s retail sales growth compares very well internationally. Beyond that, there are also changing social trends which are driving different forms of consumption in China, which then support investments that are more reflective of the transformation in China. In this article, we discuss more about how young Chinese are the main driving force in China’s consumer market and identify the winners of this quiet but significant sea change in consumer behaviour.
2024年3月1日

China A-shares Q4 2023 factor review
Extremely negative sentiment culminating Q4 2023 toward Chinese stocks have brought A shares to exceedingly low valuations for an economy with so much inherent growth potential, that it would appear the upside risks far outweigh the downside risks at this point. Meanwhile we see differentiating features of the bedrock and new economy indices including factors tilting toward bargain stocks and high-quality growth at a reasonable price, along with a concentration in strategic sectors that truly drive China’s real economy. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors reviews the factor performance of the onshore A-shares markets in Q4 2023, and reasons why investors may look back at 2024 as a turning point for China’s equity markets, and outstanding entry point for a vintage well positioned for growth recovery in the new normal.
2024年2月23日
Extremely negative sentiment culminating Q4 2023 toward Chinese stocks have brought A shares to exceedingly low valuations for an economy with so much inherent growth potential, that it would appear the upside risks far outweigh the downside risks at this point. Meanwhile we see differentiating features of the bedrock and new economy indices including factors tilting toward bargain stocks and high-quality growth at a reasonable price, along with a concentration in strategic sectors that truly drive China’s real economy. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors reviews the factor performance of the onshore A-shares markets in Q4 2023, and reasons why investors may look back at 2024 as a turning point for China’s equity markets, and outstanding entry point for a vintage well positioned for growth recovery in the new normal.
2024年2月23日
更多觀點
來自合作夥伴