주요 인사이트 & 웨비나
Since COVID we have observed that many constituents in our Premia ETFs have been silver lining beneficiaries and continue rallying notwithstanding the market volatilities, unfolding COVID situation and US China tension. Here we share the conversation with our Co-CIO David Lai and team, on some frequent topics that come up often in our client conversations, especially around China new economy ETF (3173/ 9173 HK), which registered strong YTD return* of ~40% and have become the 4th largest A shares ETF in Hong Kong as consistent inflows since April tripled its AUM to ~US$285 million.Please click here for transcript to the disscussion.*as of October 12th 2020
Oct 14, 2020
The Chinese economy continues to normalize across the board at an impressive rate, leading to the strong likelihood of it beating the current Bloomberg consensus GDP estimate growth rate of around 2% for 2020.
Oct 06, 2020
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 09, 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 01, 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
In the midst of a US tech bubble, Chinese and Hong Kong equities have emerged in the sweet spot between valuations, profitability and balance sheet strength.
Aug 18, 2020
Are US indices rallying because of COVID-19? The most common narrative is that “US stocks have been rising despite the pandemic.” Perhaps a more accurate explanation is “US stocks have been rising because of the pandemic”.
Aug 12, 2020
토픽별
주간 차트
David Lai , CFA
CFA
An increasing number of analysts are reaffirming a constructive outlook on China’s housing market, as supportive policies help shift the narrative from crisis to structural recovery. According to HSBC, a combination of factors—including supply constraints, credit normalization, and policy convergence—is driving a turnaround in the property sector. The average home mortgage rate has dropped to a record low of 3.1%, down significantly from 5.6% in 2021. In Q1 2025, rental yields exceeded mortgage rates in 42 out of 129 major cities, compared to just 12 cities a year earlier, resulting in a positive cost of carry. Additionally, household mortgage burdens have eased, with the mortgage-to-income ratio falling to 42%—a decade low—from 57% in 2021. For developers, funding costs are also at record lows. State-owned enterprise (SOE) operators now face average borrowing costs of 3.46%, with some construction loans as low as 1.8%. This sharp reduction in interest expenses is helping restore profitability, ensure project completion, and free up capital for land acquisition. On the inventory front, 14 cities saw over a 20% drop in housing stock between April 2024 and March 2025, with Shenzhen’s inventory hitting a three-year low. Meanwhile, the offshore bond market is beginning to reopen for quality issuers facing near-term dollar bond maturities. For instance, Greentown China and Beijing Capital Land successfully returned to the primary market in March, raising a combined US$1.45 billion—breaking a two-year issuance drought. Investors seeking exposure to this segment can consider the Premia China USD Property Bond ETF, which has delivered a solid 8.9% return year-to-date.
Apr 28, 2025
