Premia 观点洞察
精选观点 & Webinar
The COVID-19 outbreak has led to a worldwide pandemic, a global slowdown, arguably a recession and hopefully not a depression. Business activities globally have been halted due to the outbreak and demand has been shrinking significantly as well. Apart from some of the Asian countries including China, we have yet seen an inflection point of the case curves in most countries. In this article, we’d like to share some notable leading Chinese players in the space that have been working hard to fight against the virus for the domestic and global community.
Apr 02, 2020
The virous outbreak becomes one of the largest threats to the global economy and financial markets in decades. Will China, the one which has been suffered from the pandemic first, be able to bounce back first and lead the recovery worldwide like the Global Financial Crisis back in 2008? The latest call in new infrastructure investment maybe the key.
Mar 19, 2020
COVID-19 spread accelerating in the US, even as the number of new infections in China eases Impact will be significant on the largely consumer-driven US economy Markets are either in or on the brink of bear territory, and this is an angry bear Recession likely already in progress in Japan; possible recession in Europe; near zero GDP growth likely in the US by 2Q20 Corporate credit protection costs have started rising – more trouble ahead Seek safety in cash and US Treasury-related instruments
Mar 09, 2020
The coronavirus situation in China seems to have improved a lot, and now many are worried about what will happen as the factories get back on their feet. How's the progress so far?
Mar 09, 2020
客户时常和我们反映，他们非常喜欢Premia旗下的亚洲策略，不过由于ETF的流动性不高，因此仅能寻求一些美国或欧洲上市的类似的ETF。不过，其实投资者真正在意的并不是流动性本身，而是流动性成本。流动性和成本息息相关——流动性愈低，交易进出的成本就愈高，特别是在金融危机或市场失衡时期，其流动性可能跌至零。目前仍有许多投资者选择在美国或欧洲交易亚洲资产，认为这样的交易方式较为高效且便宜，不过这可能并不是一个明智的选择。在这次的网路研讨会中，我们将与您分享对于评估ETF流动性的观点，并分别以在纽约、伦敦和香港上市的ETF，比较投资越南市场的优劣。
Mar 09, 2020
Relief rally unlikely to last Beyond COVID-19, economies could flatline or enter recession Corporate earnings could stop growing at a time of heightened valuations There is a tail risk of credit defaults on liquidity and cashflow squeeze
Mar 02, 2020
As we expected, markets did bounce on policy stimulus hopes. While rate cuts and liquidity injections will make markets feel better for a while at least, what is it likely to do for the economy?
Mar 02, 2020
在疫情爆发的艰难时刻下，我们看到了一个不同的社会运作生态。即使隔离在家，我们看到数亿人在通过网络购物、远程办公、云直播学习，人们的日常生活行为在被动或主动地转变到一个不可思议的“新常态”。在本期网络直播中，我们将分享科技所赋予的结构性大趋势、所创造的更联结包容的社会形态、以及投资者可以如何通过我们的亚洲创新科技策略捕捉这些驱动亚洲乃至全球可持续生产力的创新领导企业。
Mar 02, 2020
The sharp pullback in developed markets could see 10% knocked off the S&P 500 The correction was due to a more complex mix of factors than just COVID-19 A rebound could emerge on monetary stimulus hopes But deeper problems of overvaluation and negligible earnings growth will remain to trouble markets later in the year
Feb 24, 2020
Recent market rallies, despite COVID-19, are neither “ill informed” nor “complacent” Markets are looking past the viral outbreak Stocks will likely return to being driven by whatever the trends were before the outbreak Developed markets are at the tail end of bull moves – they could edge a bit higher but the risks are on the downside, and that's got nothing to do with COVID-19 either Chinese equities could ironically outperform developed market stocks this year
Feb 23, 2020
Premia 图说
吴伟锋
Indonesia's fiscal position is stronger than the recent sell-off implies. S&P puts general government debt at 40.9% of GDP in 2025, the third lowest of the 15 markets in the chart, and expects it to hold broadly steady at 40.3% in 2026 and 40.2% in 2027. That compares with a simple Asian average of 52.7% easing to 51.7%, and a major developed-market average of 106.0% rising to 107.6%. Japan, India, Malaysia and China all carry heavier debt loads.What rattled markets was an equity-market issue, not a fiscal one. On 15 October, MSCI proposed moving Indonesia from “Emerging Market“ to “Standalone Market“ status, citing opaque shareholding structures and suspected coordinated trading. Jakarta shares fell 11.6% in a single session, the steepest one-day drop since 1998. Indonesia government international bonds and sukuk, by contrast, barely flinched: five-year CDS widened from roughly 84–88bp in late September to around 100bp by 22 October, with part of that move predating MSCI's announcement and tracking higher US Treasury yields.Nothing has yet changed in Indonesia's index status. MSCI will consult until April 2027 and announce a final decision by 30 June 2027, leaving time for reform. Authorities have already moved, mandating a 15% minimum free float, requiring disclosure of 1% shareholdings and removing highly concentrated stocks from the JCI. Enforcement will decide the outcome, but if these measures stick, the episode could leave Indonesia with a more transparent and investable market than before.The Premia J.P. Morgan Asia Credit Investment Grade USD Bond ETF (3411 / 9411 HK) holds Indonesia as one exposure among many. The ETF spans 124 issuers across Asia ex-Japan, with Indonesia at roughly 15%: about 10% across Indonesian government bonds and sukuk, and 5% across quasi-sovereign and corporate names including Bank Mandiri, Freeport Indonesia, Indofood, Indonesia Asahan Aluminium, Minejesa Power, Pertamina and PT Perusahaan Listrik Negara - high-quality investment-grade issuers.
Oct 28, 2026
