2803 (港元) | 9803 (美元)
3173 (港元) | 9173 (美元)
3181 (港元) | 9181 (美元)
2810 (港元) | 9810 (美元)
2804 (港元) | 9804 (美元)
3077 (港元) | 9077 (美元)
隨著聯網汽車和智能家電等消費領域的應用日益普及，物聯網（IoT，Internet of Things）已逐漸為人所熟知。而在工業領域，正如我們一再強調與關注的話題——企業數位化轉型將重寫產業遊戲規則，而工業互聯網（IIoT，Industrial IoT）正是其中的重要環節。事實上，工業互聯網即是「中國新基建」七大重點投資領域之一，受到中國官方政策的大力支持。所以，工業互聯網是甚麼？為何其中的行業領導者在疫情期間更具彈性？在本篇文章中，我們將分享工業互聯網的概念，以及該領域的發展進程和投資機會。
May 26, 2020
Given the trade tensions and looming risks of de-globalisation, it is likely that China will embark on a different growth path in the aftermath of COVID, and increasingly rely on domestic demand to drive growth. This structural shift holds significant implications for EM Asia. In fact, ASEAN replaced the European Union as China’s biggest trading partner in 1Q20. And as a result of the increased tension and US protectionist measures targeting China, and pressure for MNCs to choose which one they side with under the pretext of protection against production disruptions in China, ASEAN and notably Vietnam are clear winners. But a more nuanced picture is closer to the truth. That is, the shifts in supply chains are more likely to be gradual than dramatic.
May 18, 2020
Yes, possibly. The different approaches taken by the US and China towards managing COVID-19 has likely set the stage for a widening of the growth differential between the two countries. Immediately, the earlier reopening of the Chinese economy means China’s GDP will still show a bit of growth this year. This compares to the controversial, tentative easing of restrictions in the US, only in May. Even if the US gradually normalizes from here, its GDP for will end 2020 with a big hole, which will take three to four years to fill. If China maintains its productivity growth, it should be able to manage a long-term average GDP growth rate of around 5.8% a year. Meanwhile, long-term US GDP growth from 2022 onwards could ease to 1.5% on lower investment/lower productivity growth. Taking into account IMF projected growth rates for 2020 and 2021, China could overtake the US in Dollar terms by 2029.
May 13, 2020
We previously highlighted the gaming industry just after the coronavirus outbreak in Account of an atypical, tech-enabled CNY holiday. With the COVID-19 pandemic raging on globally and people spend more time at home social distancing, the gaming industry has shown greater potential of booming opportunities. The large demographic base of tech-savvy and mobile-first youths born in the digital era provided a strong head start for China, especially in eSports.
May 11, 2020
The COVID-19 pandemic has slowed down productivity and daily lives, stagnated the global supply chain, and affected financial market returns across almost all asset classes. In the first quarter of 2020, all markets around the world reported negative returns with varying degrees. While it seems that all is going the same direction, especially in the equities’ world, the fundamental risk factors were not. Among the fundamental factors we employ for China A shares, some has performed better than others amidst the market drawdown.
Apr 28, 2020
Most Vietnamese listed companies released their quarterly results with an average drop of 23% in net profit amid the COVID-19 impact. Unsurprisingly, the major drags came from oil & gas and transportation on falling oil price and traffic restriction due to the social distancing measures. Non-bank financials were next in line with decline in proprietary trading profit for brokers and higher markup in liabilities reserves for insurers. On the positive side, both real estate and construction materials showed good growth with earnings up by 100% and 38% respectively, indicating the resilient property and infrastructure market.