premia-parnters logo
Premia 观点洞察
Premia 观点洞察
分享投资见解、洞察行业热点、探讨学术研究

精选观点 & Webinar

亚洲首只沙特国债ETF:为投资者提供一键交易工具,便捷捕捉稳定收益及多元化配置风险管理
insight亚洲首只沙特国债ETF:为投资者提供一键交易工具,便捷捕捉稳定收益及多元化配置风险管理

沙特阿拉伯自推出“2030愿景”战略以来,经济转型步伐举世瞩目,其资本市场,特别是固定收益市场,也随之实现了跨越式发展。如今,沙特固定收益市场在政府及投资级债券领域,为投资者提供了极具吸引力的风险调整后回报。本文将深入探讨,我们全新推出的Premia 中银香港沙特伊斯兰国债 ETF,如何在当前市场环境下,为投资者提供一个适时而独特的选择。同时为伊斯兰债券投资者、固定收益及多资产配置者,带来稳定收益、诱人利差及低关联度回报。

Jul 03, 2025

Beyond the noise: China’s innovation-led market opportunities
insightBeyond the noise: China’s innovation-led market opportunities

China is undergoing a profound economic shift anchored in industrial upgrading and technological self-reliance. Amidst global macro uncertainties, the country's relentless focus on innovation across strategic sectors—ranging from semiconductors and artificial intelligence to robotics, green energy, and biotech—is building the foundation for sustained long-term growth. In this article, we discuss how these structural advances, often overlooked amid cyclical challenges, are already yielding tangible outcomes and positioning China at the forefront of the next wave of global industrial transformation. As policymakers are busy drafting the 15th Five Year Plan, and wrapping up the last stretch of the 14th Five Year Plan, it is also important to note how these innovation-led developments would continue to be at the forefront of the policy initiatives, and inform us of market opportunities ahead.

Jun 22, 2025

China A-shares Q1 2025 factor review
insightChina A-shares Q1 2025 factor review

Amidst months of volatile global equity market performance and unprecedented trade policy uncertainty, the first quarter brought one of the most important events on China’s economic calendar: Beijing’s annual “Two Sessions” meeting, which offers a chance for officials to set economic targets and announce policy priorities for the year ahead. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, discusses how China policymakers are responding to Trump 2.0 tariff threats, and what it all means for A shares performance going into Q2.

May 07, 2025

Spending less but getting more: behind the misnomer of consumption downgrade by Chinese consumers
insightSpending less but getting more: behind the misnomer of consumption downgrade by Chinese consumers

The state of China’s consumer spending is better than how it has been portrayed in the media. Further, the latest developments and data suggest that the growth rate will get even better: The Chinese Government is placing more emphasis on domestic consumption as a driver of growth as global trade is disrupted by higher US tariffs. Meanwhile, the latest revenue figure from JD.com suggests a quickening of the pace of retail spending in the final quarter of 2024. The online retailer just reported 13.4% year-on-year growth in sales for the December quarter – the fastest growth rate in almost three years. This compares with its full year revenue growth rate of 6.8%, pointing to the rising growth momentum. In this article, we discuss about the consumption phenomenon in China, driving the decent growth of per-capita consumer spending in China at 5.1% YoY in real terms in 2024 (far higher than that of 1.8% in US).

Mar 20, 2025

Rotation from A to H to A - 10 charts on China
insightRotation from A to H to A - 10 charts on China

It is worth noting that while the significant rally in BATJX – Baidu, Alibaba, Tencent, JD.com, Xiaomi – and the offshore listed tech/internet players have dominated headlines lately, the bottoming out of the overall China market since the policy shift in late September last year started onshore, with A shares experiencing a sharper rebound first and with a more slower but sustained trend, as domestic investors were more sensitive to the reset in policy tones and significant shift in government’s commitment to reviving economic growth and capital market activities. In this article, Partner & Co-CIO David Lai discusses the factors that could drive a more sustained outperformance in onshore equity market, and why it is a good entry point to rotate from offshore to onshore companies in policy supported sectors.

Mar 20, 2025

Reading through China’s Two Sessions – with the US backdrop
insightReading through China’s Two Sessions – with the US backdrop

While the market is focused on the size of the fiscal stimulus emerging from the Two Sessions currently underway in Beijing, there are other important drivers that could shape the outlook for the relative performance of Chinese equities versus US stocks. The first is about relative valuation; the second is cyclical – that is, the turning of the US economic cycle; and the third is secular – that is, the sustainability of the repeated use of the “policy bazooka” in the US. In this article, our Senior Advisor Say Boon Lim discusses what causes the underperformance of US market since the Inauguration of President Trump, and diversification out of the US equities has become more important than ever while the slump in consumer confidence and potential debt crisis continue to add downward pressures on the US economy.

Mar 09, 2025

Reading through China’s Two Sessions – second act of the China equity rally
insightReading through China’s Two Sessions – second act of the China equity rally

The Two Sessions have delivered a strong signal: China’s economy remains focused on steady growth, with robust government support, despite mounting global uncertainties. With an economic target of 5% growth for 2025 and the highest budget deficit in three decades, policymakers are set to implement a more proactive fiscal policy. This will include increasing government financing to drive domestic demand and boost private sector confidence. In this article, our Partner & Co-CIO David Lai highlights growth and policy supported areas to focus, during this ideal window to add exposure for Chinese equities, particularly opportunities from leaders in artificial intelligence (AI), semiconductors, robotics, and biotech that are still trading at attractive valuation via a via global and even offshore listed China peers.

Mar 09, 2025

China A-shares Q4 2024 factor review
insightChina A-shares Q4 2024 factor review

After a stellar third quarter on renewed hopes of powerful fiscal stimulus, Chinese stocks followed shares in other emerging markets down in Q4, giving back some of those gains as the CSI 300 Index slipped 1.7% (CNY). Weighing on mainland stocks were investors’ fears that Trump 2.0 tariffs, along with a lack of follow-through by Chinese policymakers, might hinder the country’s growth revival. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, discusses what will spur Beijing to inject more stimulus, where it might go, and what Trump’s trade war and the DeepSeek saga might tell us about where A shares outperformance could come from in 2025.

Feb 24, 2025

2025 Market Outlook Part 4 - Taiwan Outlook: Capturing uncorrelated alpha amidst strong earnings growth from AI
insight2025 Market Outlook Part 4 - Taiwan Outlook: Capturing uncorrelated alpha amidst strong earnings growth from AI

Robust projected earnings growth for 2025 – part of a multi-year growth story driven by Artificial Intelligence – will give the Taiwan market a helpful buffer amidst geopolitical and trade uncertainties. Also, Taiwan has added protection from being the indispensable total supply chain for the tech industry – with its dominance driven by semiconductor and technology manufacturing leaders like TSMC, Hon Hai, and MediaTek. Economic growth is expected to remain solid at around 3.3% for this year. Beyond the tech sector, the government’s push to upgrade its financial services capabilities, with high domestic penetration and receptiveness of financial products, also provide promising tailwinds. The risks of Trump 2.0 make Taiwan a nuanced opportunity this year. It threatens volatility. But the AI revolution remains a multi-year growth driver, and Taiwan's strategic role, indeed global leadership in semiconductor manufacturing, offers strong long-term potential. Notwithstanding geopolitical considerations and general market risks, the medium to long term growth trajectory remains robust. In this article, our Portfolio Manager Alex Chu suggests that corrections could provide the long term investors attractive entry points into Taiwan’s technology-driven equity market which has a low correlation with global equity market as well as other major asset classes.

Jan 27, 2025

2025 Market Outlook Part 5 – Asia US Dollar IG Bonds’ Continued Resilience
insight2025 Market Outlook Part 5 – Asia US Dollar IG Bonds’ Continued Resilience

Asia ex-Japan investment grade credits should continue to outperform their global peers in 2025, amidst risks in the US of a continued rise in US Treasury yields, at a time when corporate credit spreads in the US are already at cyclical lows. On the other hand, Asia ex-Japan credits will likely be supported by a combination of monetary easing, shorter duration, the offer of significant yield pickups, credit upgrades and likely lower issuance. Further to Part 1 and Part 3 of our 2025 outlook which dealt with the US and ASEAN market outlook, in this article we discuss how Asia ex-Japan US Dollar Investment Grade Credits (using JACI IG as the investment universe) generate allocation alpha in a complex landscape dominated by concerns over economic uncertainties in the U.S – about its fiscal outlook, a resurgence in inflation, rapidly rising government debt and the impact of radical policy plans.

Jan 27, 2025

Premia 图说

Chinese SOEs may be worth revisiting
  • 朱荣熙

    朱荣熙

Chinese state-owned enterprises (SOEs) may gain traction again amid Chinese government’s commitment to stabilize the capital market, market value management implementation, and attractive yield against the government bonds. Central Huijin, often considered to be the national team, is approved by CSRC to be the new controlling shareholders of 8 small to mid-size financial companies, with an aim to stabilize the capital market and mitigate potential risks. Investors are also anticipating further policy support for the financial sector, expected to be announced at the Lujiazui Forum in Shanghai. This led to the strong capital inflow to nonbanking financials and outperformance of the sector. Moreover, a couple of SOEs have revealed their market value management plans or valuation improvement plans. Local brokers believed this trend will continue and gain momentum in the rest of this year, leading to the revaluation of these SOEs. On the short-term yield, China’s one- and three-year bonds fell to a four-month low due to heavy purchases of state banks. Onshore traders speculated that the PBOC was involved in the purchases. The PBOC’s potential purchases is one of the tools to bring liquidity to the market. As the bond yield drops and liquidity increases, the relatively higher SOE’s dividend yield would look appealing to investors, further supporting their share prices. To capitalize the above trend and diversify from growth related stocks, investors may consider our Premia CSI Caixin China Bedrock Economy ETF, which places a significant emphasis on SOEs, accounting for over 70% of its portfolio, benefiting from the government support and the potential high dividend yield.

Jun 16, 2025

See More Premia Charts...