Premia 觀點洞察
分享投資見解、洞察行業熱點、探討學術研究
精選觀點
In the US the “triple peaks” in economic growth, earnings growth and policy stimulus will likely result in much lower returns for US equities in 2022. The persistently high inflation – which will likely run hotter in the US than Europe and Japan – is already causing greater volatility as US equities are put on tenterhooks over the timing and magnitude of rate hikes. Meanwhile US Dollar could weaken on inflation rather than strengthen on higher Treasury yields. On the other hand, Emerging Markets, usually do better during periods of Dollar weakness but this time we could see a new twist - this favours China, supported by easier financial conditions. On top of all these, how is the Omicron Virus going to impact the global markets and what are the implications for global asset allocations in 2022? Why ASEAN would be a good diversification within Emerging Markets? Further to Part 1 of our 2022 outlook piece earlier, in this Part 2 sequel our Senior Advisor Say Boon Lim laid out the scenarios and discussed how we can reposition for the global shifts accordingly to address the transition to tightening and pivot from US equities.
2021年12月16日
In the US the “triple peaks” in economic growth, earnings growth and policy stimulus will likely result in much lower returns for US equities in 2022. The persistently high inflation – which will likely run hotter in the US than Europe and Japan – is already causing greater volatility as US equities are put on tenterhooks over the timing and magnitude of rate hikes. Meanwhile US Dollar could weaken on inflation rather than strengthen on higher Treasury yields. On the other hand, Emerging Markets, usually do better during periods of Dollar weakness but this time we could see a new twist - this favours China, supported by easier financial conditions. On top of all these, how is the Omicron Virus going to impact the global markets and what are the implications for global asset allocations in 2022? Why ASEAN would be a good diversification within Emerging Markets? Further to Part 1 of our 2022 outlook piece earlier, in this Part 2 sequel our Senior Advisor Say Boon Lim laid out the scenarios and discussed how we can reposition for the global shifts accordingly to address the transition to tightening and pivot from US equities.
2021年12月16日
After the smooth sail in 2020, 2021 has been a challenging year for investors with heightened volatility across global markets. Asia Pacific ex-Japan equities, Emerging Asia and in particular China had a good start until mid-February, but then returned all the gains and stayed largely flat on increasing regulatory headwinds in China, extended COVID-lockdowns in southeast Asia, threats of power crunch and credit defaults among Chinese property developers. On the contrary, benchmarks like S&P500, Nasdaq and Euro Stoxx 50 all reached new highs during the year, and Nikkei 225 hit its highest point in three decades. Meanwhile, the divergence in the fixed income markets went the other way, as global fixed income market suffered a mid-single-digit percentage loss in return, while China sovereign bonds bucked the trend with a high-single-digit percentage gain. Where do we go from here? Is the Omicron virus going to reset the path to 2020? And how do we decipher impacts of the Fed tapering, inflation and interest rate expectations, and economic growth and policy trends in China? In this article, our Partner & Co-CIO David Lai assesses the world economics and markets current standings, focusing on China and Asia, and discusses how to reconfigure for new opportunities that arise into 2022 as a year of the new normal.
2021年12月8日
After the smooth sail in 2020, 2021 has been a challenging year for investors with heightened volatility across global markets. Asia Pacific ex-Japan equities, Emerging Asia and in particular China had a good start until mid-February, but then returned all the gains and stayed largely flat on increasing regulatory headwinds in China, extended COVID-lockdowns in southeast Asia, threats of power crunch and credit defaults among Chinese property developers. On the contrary, benchmarks like S&P500, Nasdaq and Euro Stoxx 50 all reached new highs during the year, and Nikkei 225 hit its highest point in three decades. Meanwhile, the divergence in the fixed income markets went the other way, as global fixed income market suffered a mid-single-digit percentage loss in return, while China sovereign bonds bucked the trend with a high-single-digit percentage gain. Where do we go from here? Is the Omicron virus going to reset the path to 2020? And how do we decipher impacts of the Fed tapering, inflation and interest rate expectations, and economic growth and policy trends in China? In this article, our Partner & Co-CIO David Lai assesses the world economics and markets current standings, focusing on China and Asia, and discusses how to reconfigure for new opportunities that arise into 2022 as a year of the new normal.
2021年12月8日
Premia FactSet Asia Innovative Technology ETF (AIT) since its inception in 2018, was designed to capture the Asia leaders powering the growth of existing and emerging innovative technologies. Without a doubt, the hottest theme trending now is the Metaverse, as Facebook’s CEO Mark Zuckerberg announced earlier that the company name change and sees the Metaverse as the “successor to the mobile internet”. While this is still an emerging but quickly evolving topic, there are already considerable number of Asia leaders active in the space as emerging metaverse natives. How can investors position for opportunities early in this space? In this article, our Director & Portfolio Manager Alex Chu and Partner & Co-CIO David Lai analyse the Asia Innovative Technology strategy, and portrait how the strategy captures investment opportunities emerging from these metaverse natives as the space evolves.
2021年12月7日
Premia FactSet Asia Innovative Technology ETF (AIT) since its inception in 2018, was designed to capture the Asia leaders powering the growth of existing and emerging innovative technologies. Without a doubt, the hottest theme trending now is the Metaverse, as Facebook’s CEO Mark Zuckerberg announced earlier that the company name change and sees the Metaverse as the “successor to the mobile internet”. While this is still an emerging but quickly evolving topic, there are already considerable number of Asia leaders active in the space as emerging metaverse natives. How can investors position for opportunities early in this space? In this article, our Director & Portfolio Manager Alex Chu and Partner & Co-CIO David Lai analyse the Asia Innovative Technology strategy, and portrait how the strategy captures investment opportunities emerging from these metaverse natives as the space evolves.
2021年12月7日
Following China’s economic recovery in 2020 after initial pandemic impact in March, 2021 year to date we have experienced expedited economic growth, transitioning to slowing down regime and staggered with downward pressure. We have seen inflation concerns arose with commodity prices surge, continued monetary policy normalization and regulatory crackdown on some sectors and energy crisis in the midst of economic cycle transitioning.
2021年11月19日
Following China’s economic recovery in 2020 after initial pandemic impact in March, 2021 year to date we have experienced expedited economic growth, transitioning to slowing down regime and staggered with downward pressure. We have seen inflation concerns arose with commodity prices surge, continued monetary policy normalization and regulatory crackdown on some sectors and energy crisis in the midst of economic cycle transitioning.
2021年11月19日
The regulatory crackdowns in China across multiple sectors have unnerved many international investors. Is China still investible for international investors? How should we configure for China opportunities in the new normal? Are megatrends still relevant going forward? In this webinar, Kinger Lau, Chief China Equity Strategist at Goldman Sachs, Xin Li, Managing Editor of Caixin Global joined our Partner & Co-CIO David Lai to share more about the manifestation of ESG and common prosperity from investment perspectives, and sectors that would be under multi-year policy headwinds and tailwinds under the 14th Five Year Plans. Please message us if you would like to watch the replay, and for a similar session on Oct 26 with David. please register HERE.
2021年10月13日
The regulatory crackdowns in China across multiple sectors have unnerved many international investors. Is China still investible for international investors? How should we configure for China opportunities in the new normal? Are megatrends still relevant going forward? In this webinar, Kinger Lau, Chief China Equity Strategist at Goldman Sachs, Xin Li, Managing Editor of Caixin Global joined our Partner & Co-CIO David Lai to share more about the manifestation of ESG and common prosperity from investment perspectives, and sectors that would be under multi-year policy headwinds and tailwinds under the 14th Five Year Plans. Please message us if you would like to watch the replay, and for a similar session on Oct 26 with David. please register HERE.
2021年10月13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
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 US Federal Reserve has signalled the imminent start of the transition from the Great Stimulus of 2020-2021 to a period with new uncertainties. The Fed’s suggested pace of tapering quantitative easing was at the high end of expectations. In this article our Senior Advisor Say Boon Lim discusses his thoughts on what to expect regarding US inflation rate and 10Y UST yield, and why we need to brace for more challenging US equity and bond markets with lower return and higher risk coming up on the horizon.
2021年10月5日
The US Federal Reserve has signalled the imminent start of the transition from the Great Stimulus of 2020-2021 to a period with new uncertainties. The Fed’s suggested pace of tapering quantitative easing was at the high end of expectations. In this article our Senior Advisor Say Boon Lim discusses his thoughts on what to expect regarding US inflation rate and 10Y UST yield, and why we need to brace for more challenging US equity and bond markets with lower return and higher risk coming up on the horizon.
2021年10月5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 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
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
資訊主題
Premia 圖說
賴子健 , CFA合夥人兼聯合首席投資官
China’s real estate market fell into a trough, financing difficulties and a sharp decline in sales caused a number of real estate companies to experience defaults in their debts. Based on the data from CRIC, the latest sales of the top 100 developers rebounded by 32.4% month-on-month in December, but still fell sharply by 35.2% year-on-year. The cumulative annual sales fell by 3.5% year-on-year, marking the first full-year sales drop since 2010. Looking forward to 2022, Beijing-based China Index Academy believes that property market control policies may have peaked in near-term, but market sentiment will remain sluggish whilst sales should take time to improve. On a positive note, Chinese government may introduce more supportive measures in mortgage financing and tax reduction to promote a healthy development of the industry. Besides, the M&As activities encouraged by the authorities may also help the sector speed up the turnaround.
2022年1月11日來自合作夥伴
Premia 圖說
- 賴子健 , CFA
合夥人兼聯合首席投資官
China’s real estate market fell into a trough, financing difficulties and a sharp decline in sales caused a number of real estate companies to experience defaults in their debts. Based on the data from CRIC, the latest sales of the top 100 developers rebounded by 32.4% month-on-month in December, but still fell sharply by 35.2% year-on-year. The cumulative annual sales fell by 3.5% year-on-year, marking the first full-year sales drop since 2010. Looking forward to 2022, Beijing-based China Index Academy believes that property market control policies may have peaked in near-term, but market sentiment will remain sluggish whilst sales should take time to improve. On a positive note, Chinese government may introduce more supportive measures in mortgage financing and tax reduction to promote a healthy development of the industry. Besides, the M&As activities encouraged by the authorities may also help the sector speed up the turnaround.
2022年1月11日精選觀點
In the US the “triple peaks” in economic growth, earnings growth and policy stimulus will likely result in much lower returns for US equities in 2022. The persistently high inflation – which will likely run hotter in the US than Europe and Japan – is already causing greater volatility as US equities are put on tenterhooks over the timing and magnitude of rate hikes. Meanwhile US Dollar could weaken on inflation rather than strengthen on higher Treasury yields. On the other hand, Emerging Markets, usually do better during periods of Dollar weakness but this time we could see a new twist - this favours China, supported by easier financial conditions. On top of all these, how is the Omicron Virus going to impact the global markets and what are the implications for global asset allocations in 2022? Why ASEAN would be a good diversification within Emerging Markets? Further to Part 1 of our 2022 outlook piece earlier, in this Part 2 sequel our Senior Advisor Say Boon Lim laid out the scenarios and discussed how we can reposition for the global shifts accordingly to address the transition to tightening and pivot from US equities.
2021年12月16日
In the US the “triple peaks” in economic growth, earnings growth and policy stimulus will likely result in much lower returns for US equities in 2022. The persistently high inflation – which will likely run hotter in the US than Europe and Japan – is already causing greater volatility as US equities are put on tenterhooks over the timing and magnitude of rate hikes. Meanwhile US Dollar could weaken on inflation rather than strengthen on higher Treasury yields. On the other hand, Emerging Markets, usually do better during periods of Dollar weakness but this time we could see a new twist - this favours China, supported by easier financial conditions. On top of all these, how is the Omicron Virus going to impact the global markets and what are the implications for global asset allocations in 2022? Why ASEAN would be a good diversification within Emerging Markets? Further to Part 1 of our 2022 outlook piece earlier, in this Part 2 sequel our Senior Advisor Say Boon Lim laid out the scenarios and discussed how we can reposition for the global shifts accordingly to address the transition to tightening and pivot from US equities.
2021年12月16日
After the smooth sail in 2020, 2021 has been a challenging year for investors with heightened volatility across global markets. Asia Pacific ex-Japan equities, Emerging Asia and in particular China had a good start until mid-February, but then returned all the gains and stayed largely flat on increasing regulatory headwinds in China, extended COVID-lockdowns in southeast Asia, threats of power crunch and credit defaults among Chinese property developers. On the contrary, benchmarks like S&P500, Nasdaq and Euro Stoxx 50 all reached new highs during the year, and Nikkei 225 hit its highest point in three decades. Meanwhile, the divergence in the fixed income markets went the other way, as global fixed income market suffered a mid-single-digit percentage loss in return, while China sovereign bonds bucked the trend with a high-single-digit percentage gain. Where do we go from here? Is the Omicron virus going to reset the path to 2020? And how do we decipher impacts of the Fed tapering, inflation and interest rate expectations, and economic growth and policy trends in China? In this article, our Partner & Co-CIO David Lai assesses the world economics and markets current standings, focusing on China and Asia, and discusses how to reconfigure for new opportunities that arise into 2022 as a year of the new normal.
2021年12月8日
After the smooth sail in 2020, 2021 has been a challenging year for investors with heightened volatility across global markets. Asia Pacific ex-Japan equities, Emerging Asia and in particular China had a good start until mid-February, but then returned all the gains and stayed largely flat on increasing regulatory headwinds in China, extended COVID-lockdowns in southeast Asia, threats of power crunch and credit defaults among Chinese property developers. On the contrary, benchmarks like S&P500, Nasdaq and Euro Stoxx 50 all reached new highs during the year, and Nikkei 225 hit its highest point in three decades. Meanwhile, the divergence in the fixed income markets went the other way, as global fixed income market suffered a mid-single-digit percentage loss in return, while China sovereign bonds bucked the trend with a high-single-digit percentage gain. Where do we go from here? Is the Omicron virus going to reset the path to 2020? And how do we decipher impacts of the Fed tapering, inflation and interest rate expectations, and economic growth and policy trends in China? In this article, our Partner & Co-CIO David Lai assesses the world economics and markets current standings, focusing on China and Asia, and discusses how to reconfigure for new opportunities that arise into 2022 as a year of the new normal.
2021年12月8日
Premia FactSet Asia Innovative Technology ETF (AIT) since its inception in 2018, was designed to capture the Asia leaders powering the growth of existing and emerging innovative technologies. Without a doubt, the hottest theme trending now is the Metaverse, as Facebook’s CEO Mark Zuckerberg announced earlier that the company name change and sees the Metaverse as the “successor to the mobile internet”. While this is still an emerging but quickly evolving topic, there are already considerable number of Asia leaders active in the space as emerging metaverse natives. How can investors position for opportunities early in this space? In this article, our Director & Portfolio Manager Alex Chu and Partner & Co-CIO David Lai analyse the Asia Innovative Technology strategy, and portrait how the strategy captures investment opportunities emerging from these metaverse natives as the space evolves.
2021年12月7日
Premia FactSet Asia Innovative Technology ETF (AIT) since its inception in 2018, was designed to capture the Asia leaders powering the growth of existing and emerging innovative technologies. Without a doubt, the hottest theme trending now is the Metaverse, as Facebook’s CEO Mark Zuckerberg announced earlier that the company name change and sees the Metaverse as the “successor to the mobile internet”. While this is still an emerging but quickly evolving topic, there are already considerable number of Asia leaders active in the space as emerging metaverse natives. How can investors position for opportunities early in this space? In this article, our Director & Portfolio Manager Alex Chu and Partner & Co-CIO David Lai analyse the Asia Innovative Technology strategy, and portrait how the strategy captures investment opportunities emerging from these metaverse natives as the space evolves.
2021年12月7日
Following China’s economic recovery in 2020 after initial pandemic impact in March, 2021 year to date we have experienced expedited economic growth, transitioning to slowing down regime and staggered with downward pressure. We have seen inflation concerns arose with commodity prices surge, continued monetary policy normalization and regulatory crackdown on some sectors and energy crisis in the midst of economic cycle transitioning.
2021年11月19日
Following China’s economic recovery in 2020 after initial pandemic impact in March, 2021 year to date we have experienced expedited economic growth, transitioning to slowing down regime and staggered with downward pressure. We have seen inflation concerns arose with commodity prices surge, continued monetary policy normalization and regulatory crackdown on some sectors and energy crisis in the midst of economic cycle transitioning.
2021年11月19日
The regulatory crackdowns in China across multiple sectors have unnerved many international investors. Is China still investible for international investors? How should we configure for China opportunities in the new normal? Are megatrends still relevant going forward? In this webinar, Kinger Lau, Chief China Equity Strategist at Goldman Sachs, Xin Li, Managing Editor of Caixin Global joined our Partner & Co-CIO David Lai to share more about the manifestation of ESG and common prosperity from investment perspectives, and sectors that would be under multi-year policy headwinds and tailwinds under the 14th Five Year Plans. Please message us if you would like to watch the replay, and for a similar session on Oct 26 with David. please register HERE.
2021年10月13日
The regulatory crackdowns in China across multiple sectors have unnerved many international investors. Is China still investible for international investors? How should we configure for China opportunities in the new normal? Are megatrends still relevant going forward? In this webinar, Kinger Lau, Chief China Equity Strategist at Goldman Sachs, Xin Li, Managing Editor of Caixin Global joined our Partner & Co-CIO David Lai to share more about the manifestation of ESG and common prosperity from investment perspectives, and sectors that would be under multi-year policy headwinds and tailwinds under the 14th Five Year Plans. Please message us if you would like to watch the replay, and for a similar session on Oct 26 with David. please register HERE.
2021年10月13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
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 US Federal Reserve has signalled the imminent start of the transition from the Great Stimulus of 2020-2021 to a period with new uncertainties. The Fed’s suggested pace of tapering quantitative easing was at the high end of expectations. In this article our Senior Advisor Say Boon Lim discusses his thoughts on what to expect regarding US inflation rate and 10Y UST yield, and why we need to brace for more challenging US equity and bond markets with lower return and higher risk coming up on the horizon.
2021年10月5日
The US Federal Reserve has signalled the imminent start of the transition from the Great Stimulus of 2020-2021 to a period with new uncertainties. The Fed’s suggested pace of tapering quantitative easing was at the high end of expectations. In this article our Senior Advisor Say Boon Lim discusses his thoughts on what to expect regarding US inflation rate and 10Y UST yield, and why we need to brace for more challenging US equity and bond markets with lower return and higher risk coming up on the horizon.
2021年10月5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 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
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