精選觀點
The COVID-19 pandemic could accelerate new thinking about Emerging Markets in asset allocations.
Sep 23, 2020
China economy recovered faster than the rest of the world from the pandemic as shown by various economic indicators ranging from official PMI, GDP number, steel output, excavator sales, to traffic data. China’s solid macro recovery stands out from the rest of the major economies which either remain in a lock-down mode or simply begin to resume economic activities. That explains Chinese listed companies outperformed in terms of earnings and stock price performance.
Sep 10, 2020
An overdue technical rebound in the US Dollar – which started a week ago – may give investors an opportunity to diversify their currency holdings away from the Greenback. What is emerging could well turn out to be a counter-trend rally in a bigger, multi-year Dollar decline.
Sep 9, 2020
在經歷今年首季度的急劇拋售後，全球股市在近幾個月表現亮眼。這個反彈看似是典型的非理性「大爆發」，因為全球主要經濟體正在或即將進入衰退期，且全球新冠肺炎疫情仍未見緩和之勢；然而，從另一方面而言，這具前瞻性的市場走勢，可能反映出投資者已走出疫情陰霾，整裝以待爭相捕捉股市V型反彈所帶來的投資機遇。中國A股市場既擁有穩健的基本面，又具相當吸引人的估值。因應全球股市下跌，投資者可考慮穩步增持中國A股。本篇文章中，我們將簡述當前市場動態與如何精準捕捉中國A股反彈的增長機會。
Sep 2, 2020
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?
Sep 1, 2020
Highest recorded yield spread between the China 10Y Government Bond and the 10Y UST. The yield spread between the China 10-year government bond over the 10-year US Treasury recently hit its widest ever recorded level.
Aug 25, 2020
資訊主題
Premia 圖說
朱荣熙投資總監
Many studies have shown that in the U.S. market if investors have missed the best days of the markets, their portfolio could lag behind quite substantially than staying fully invested. Here, we are going to investigate if the same effects happened in the China markets. From July 2013 to Jun 2020, if investors stayed fully invested in any of the three China indexes, their wealth would have more than doubled. Missing 10 best days during the period of more than 1,700 trading days could still have positive growth, but the final wealth would barely be more than half of that staying fully invested. Missing more, investors could end up with a loss in their investments, which may be a surprise to many investors. Delving deeper into the data, we found that the best days used to follow the worst days. That may be explained by the clustering effect of volatility: large changes in prices tend to cluster together. Should investors have a long-term positive view on the markets, they should stay fully invested instead of timing the market, as the turning points may just be around the corner.
Sep 28, 2020