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The third quarter ended with a bang for mainland Chinese stocks, as twin announcements from China’s central bank and top fiscal policymakers gave both foreign and domestic investors plenty to think about over an extended market holiday during China’s October Golden Week. In this insight, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, explores the shift in sentiment that sent the onshore China markets higher for the quarter, breaking down the economic implications of a renewed and forceful stimulus push, the factor drivers of Q3 equity performance, and the data investors should be looking forward to as 2024 draws to a close.
2024年11月14日
The third quarter ended with a bang for mainland Chinese stocks, as twin announcements from China’s central bank and top fiscal policymakers gave both foreign and domestic investors plenty to think about over an extended market holiday during China’s October Golden Week. In this insight, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, explores the shift in sentiment that sent the onshore China markets higher for the quarter, breaking down the economic implications of a renewed and forceful stimulus push, the factor drivers of Q3 equity performance, and the data investors should be looking forward to as 2024 draws to a close.
2024年11月14日
Going into a July meeting of top party officials at China’s Third Plenum, held once every five years, first-quarter hopes of a 2024 recovery in China’s economy had given way to macro uncertainty, as strength in manufacturing and exports served for many to highlight just how weak domestic sentiment and consumption remain. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, digs into such challenges and potential paths forward for Beijing, including our thoughts on a Third Plenum meeting that didn’t yield any policy bombshells, but still offers clues as to where investors might focus as we enter the second half ready for bargain hunting.
2024年7月29日
Going into a July meeting of top party officials at China’s Third Plenum, held once every five years, first-quarter hopes of a 2024 recovery in China’s economy had given way to macro uncertainty, as strength in manufacturing and exports served for many to highlight just how weak domestic sentiment and consumption remain. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, digs into such challenges and potential paths forward for Beijing, including our thoughts on a Third Plenum meeting that didn’t yield any policy bombshells, but still offers clues as to where investors might focus as we enter the second half ready for bargain hunting.
2024年7月29日
Despite mainland stocks putting up a solid Q1—the CSI 300 Index gained 3.1% for the quarter—and although macro fundamentals appeared as if they might be turning a corner at the start of 2024, bullish sentiment toward China equities had yet to materialize, with many questioning whether a first-quarter rebound would sustain. In the commentary below, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, delves into the details of China’s economy and market action during Q1, discussing how Beijing’s plan to nurture high-quality growth might translate to macro conditions and investors’ portfolios.
2024年5月8日
Despite mainland stocks putting up a solid Q1—the CSI 300 Index gained 3.1% for the quarter—and although macro fundamentals appeared as if they might be turning a corner at the start of 2024, bullish sentiment toward China equities had yet to materialize, with many questioning whether a first-quarter rebound would sustain. In the commentary below, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, delves into the details of China’s economy and market action during Q1, discussing how Beijing’s plan to nurture high-quality growth might translate to macro conditions and investors’ portfolios.
2024年5月8日
Extremely negative sentiment culminating Q4 2023 toward Chinese stocks have brought A shares to exceedingly low valuations for an economy with so much inherent growth potential, that it would appear the upside risks far outweigh the downside risks at this point. Meanwhile we see differentiating features of the bedrock and new economy indices including factors tilting toward bargain stocks and high-quality growth at a reasonable price, along with a concentration in strategic sectors that truly drive China’s real economy. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors reviews the factor performance of the onshore A-shares markets in Q4 2023, and reasons why investors may look back at 2024 as a turning point for China’s equity markets, and outstanding entry point for a vintage well positioned for growth recovery in the new normal.
2024年2月22日
Extremely negative sentiment culminating Q4 2023 toward Chinese stocks have brought A shares to exceedingly low valuations for an economy with so much inherent growth potential, that it would appear the upside risks far outweigh the downside risks at this point. Meanwhile we see differentiating features of the bedrock and new economy indices including factors tilting toward bargain stocks and high-quality growth at a reasonable price, along with a concentration in strategic sectors that truly drive China’s real economy. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors reviews the factor performance of the onshore A-shares markets in Q4 2023, and reasons why investors may look back at 2024 as a turning point for China’s equity markets, and outstanding entry point for a vintage well positioned for growth recovery in the new normal.
2024年2月22日
There is a big disconnect between the image of the Chinese economy portrayed by the media and the underlying data. As we start the year, we review key pieces of data from both China and the US. In summary, while the data for China has not been as good as the market may have liked, it was better than what the media would have had us believe. A quick run through the China data for the first nine months of the year, as collated by “China Briefing”: Growth in real GDP 5.2%; industry output 4.0%; services output 6.0%; retail sales 6.8%; fixed asset investment 3.1%. These are very decent growth figures by any international comparison. And China achieved the above figures with a smaller fiscal deficit than the US and while bearing the burden of rebalancing growth away from dependence on the property sector.
2024年1月14日
There is a big disconnect between the image of the Chinese economy portrayed by the media and the underlying data. As we start the year, we review key pieces of data from both China and the US. In summary, while the data for China has not been as good as the market may have liked, it was better than what the media would have had us believe. A quick run through the China data for the first nine months of the year, as collated by “China Briefing”: Growth in real GDP 5.2%; industry output 4.0%; services output 6.0%; retail sales 6.8%; fixed asset investment 3.1%. These are very decent growth figures by any international comparison. And China achieved the above figures with a smaller fiscal deficit than the US and while bearing the burden of rebalancing growth away from dependence on the property sector.
2024年1月14日
Investors should expect a better return in Chinese equities in 2024 after three consecutive negative yearly return. Indeed, it is the first time that China stock market has recorded an annual loss three times in a row. Slowing economy, heighted China-US bilateral relationship, strong dollar and property market slump all contributed to the disappointing performance in the past twelve months. Looking ahead, the market may offer more upside risks because of (1) stronger supportive policies rolling out to help lift economic activities and particularly the property sector, (2) geopolitical tensions tuning down with increasing dialogues between Chinese and US top government officials, (3) domestic long-term investors’ buying and foreign investors’ current significantly underweight position in Chinese equities, and (4) value emerging from the discounted share prices on both absolute and relative basis. Bamboo is a symbol of longevity in China because of its durability, strength, flexibility, and resilience. It survives in the harshest conditions, persevere and still standing tall and staying green year-round. When the storm comes, bamboo bends with the wind. With business and consumer confidence continue to recover amid the much more accommodating, easing environment, Chinese entrepreneurs and the equities market should finally be in for a year of promising growth ahead.
2023年12月17日
Investors should expect a better return in Chinese equities in 2024 after three consecutive negative yearly return. Indeed, it is the first time that China stock market has recorded an annual loss three times in a row. Slowing economy, heighted China-US bilateral relationship, strong dollar and property market slump all contributed to the disappointing performance in the past twelve months. Looking ahead, the market may offer more upside risks because of (1) stronger supportive policies rolling out to help lift economic activities and particularly the property sector, (2) geopolitical tensions tuning down with increasing dialogues between Chinese and US top government officials, (3) domestic long-term investors’ buying and foreign investors’ current significantly underweight position in Chinese equities, and (4) value emerging from the discounted share prices on both absolute and relative basis. Bamboo is a symbol of longevity in China because of its durability, strength, flexibility, and resilience. It survives in the harshest conditions, persevere and still standing tall and staying green year-round. When the storm comes, bamboo bends with the wind. With business and consumer confidence continue to recover amid the much more accommodating, easing environment, Chinese entrepreneurs and the equities market should finally be in for a year of promising growth ahead.
2023年12月17日
Surging Treasury yields and increasing anxiety over the Fed’s ‘higher for longer’ policy led global equities to ‘risk-off’ in the third quarter, though the challenge for Chinese stocks in the CSI 300 Index, down -2.9% for the quarter, remained mostly a function of negative sentiment toward China’s property market and skepticism that policymakers were doing enough to put the nation’s economic recovery back on track. Nevertheless, we saw some very positive signs in Q3, with Beijing beginning to implement targeted stimulus that, by quarter end, already appears to be bearing fruit. From a factor perspective, the new economy portfolio’s quality growth exposure is effectively levered to the upside surprises we see as significantly undervalued at this moment, while the bedrock index should continue to benefit from value and quality exposures, allowing us to identify true bargains poised for revaluation. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, discusses third-quarter performance and outline our expectations for China’s economy and market as 2023 draws to a close.
2023年11月5日
Surging Treasury yields and increasing anxiety over the Fed’s ‘higher for longer’ policy led global equities to ‘risk-off’ in the third quarter, though the challenge for Chinese stocks in the CSI 300 Index, down -2.9% for the quarter, remained mostly a function of negative sentiment toward China’s property market and skepticism that policymakers were doing enough to put the nation’s economic recovery back on track. Nevertheless, we saw some very positive signs in Q3, with Beijing beginning to implement targeted stimulus that, by quarter end, already appears to be bearing fruit. From a factor perspective, the new economy portfolio’s quality growth exposure is effectively levered to the upside surprises we see as significantly undervalued at this moment, while the bedrock index should continue to benefit from value and quality exposures, allowing us to identify true bargains poised for revaluation. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, discusses third-quarter performance and outline our expectations for China’s economy and market as 2023 draws to a close.
2023年11月5日
The “Urban Village Redevelopment” initiatives outlined at the Politburo Meeting in July could potentially create new housing demand which is valued at over RMB 2 trillion per year and property fixed asset investment worth RMB 0.4 trillion per annum. What is urban villages, and why is it a significant development to monitor? In this article, we discuss why urban villages are an integral part of China's new phase of urbanization, and how this links up with China's smart and green city planning, and a holistic set of initiatives that roll up to building China towards its goals of building China into a high tech, modern society under the 14th Five Year Plan.
2023年8月1日
The “Urban Village Redevelopment” initiatives outlined at the Politburo Meeting in July could potentially create new housing demand which is valued at over RMB 2 trillion per year and property fixed asset investment worth RMB 0.4 trillion per annum. What is urban villages, and why is it a significant development to monitor? In this article, we discuss why urban villages are an integral part of China's new phase of urbanization, and how this links up with China's smart and green city planning, and a holistic set of initiatives that roll up to building China towards its goals of building China into a high tech, modern society under the 14th Five Year Plan.
2023年8月1日
While global equities generally performed well in Q2 amidst a frenzy around A.I., sentiment toward Chinese stocks remained lacklustre as investor enthusiasm waned. That said there remained bright spots in the market that quietly outperformed - including our multi-factor China Bedrock Economy ETF which delivered YTD USD return of ~12.6% as of Aug 2nd 2023. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, reviewed the performance of various style factors during the quarter, and discusses why we see China as grossly undervalued going into the second half.
2023年7月31日
While global equities generally performed well in Q2 amidst a frenzy around A.I., sentiment toward Chinese stocks remained lacklustre as investor enthusiasm waned. That said there remained bright spots in the market that quietly outperformed - including our multi-factor China Bedrock Economy ETF which delivered YTD USD return of ~12.6% as of Aug 2nd 2023. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, reviewed the performance of various style factors during the quarter, and discusses why we see China as grossly undervalued going into the second half.
2023年7月31日
Investors used to prefer privately owned enterprises (POEs) over state owned enterprises (SOEs) in owning Chinese equities in the past. This was under the conventional thinking that the former tends to be more efficient, growth and profit-oriented, and innovation driven, while the latter is often constrained by more bureaucracy and non-profit priorities including social responsibility, support employment and social stability, and traditional DNA that are less conducive to changes and innovations. With strong government backing and all the new government policies promoting the SOE reforms and emphasizing SOEs’ value discovery, it may be time to challenge the stereotype as there emerges a new cohort of SOEs that begs to differ and has full backing of policy makers to reinvent themselves and unlock values to commensurate their contributions to the real economy. In this article we discuss the background behind the SOE re-rating/ revaluation trade that has become popular lately, and identify the optimal way of getting the right exposure of Chinese SOEs.
2023年5月25日
Investors used to prefer privately owned enterprises (POEs) over state owned enterprises (SOEs) in owning Chinese equities in the past. This was under the conventional thinking that the former tends to be more efficient, growth and profit-oriented, and innovation driven, while the latter is often constrained by more bureaucracy and non-profit priorities including social responsibility, support employment and social stability, and traditional DNA that are less conducive to changes and innovations. With strong government backing and all the new government policies promoting the SOE reforms and emphasizing SOEs’ value discovery, it may be time to challenge the stereotype as there emerges a new cohort of SOEs that begs to differ and has full backing of policy makers to reinvent themselves and unlock values to commensurate their contributions to the real economy. In this article we discuss the background behind the SOE re-rating/ revaluation trade that has become popular lately, and identify the optimal way of getting the right exposure of Chinese SOEs.
2023年5月25日
China’s stock market rode a wave of positive sentiment on a policy shift that brought the world’s second-largest economy out of lockdown, pushing the CSI 300 Index up 4.7% for the quarter and leading to even stronger performance for strategies applying intelligent factor tilts within the bedrock economy and new economy. Even so, macro data throughout the quarter charting China’s recovery from strict zero-COVID containment measures led some investors to question the strength and sustainability of the nation’s economic rebound. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors discusses first-quarter performance and considers what the next phase of China’s reopening could mean for investors.
2023年5月17日
China’s stock market rode a wave of positive sentiment on a policy shift that brought the world’s second-largest economy out of lockdown, pushing the CSI 300 Index up 4.7% for the quarter and leading to even stronger performance for strategies applying intelligent factor tilts within the bedrock economy and new economy. Even so, macro data throughout the quarter charting China’s recovery from strict zero-COVID containment measures led some investors to question the strength and sustainability of the nation’s economic rebound. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors discusses first-quarter performance and considers what the next phase of China’s reopening could mean for investors.
2023年5月17日
Internet platforms used to be the dominating forces in driving China’s tech cycle in the last decade, but their high-growth phases in e-commerce, gaming, ride-hailing and last-mile delivery are slowing substantially as indicated by the latest result announcement and management guidance. Changes in government policy, antitrust concerns, breach of data security and maturing markets are all pointing to a less promising outlook of their business models. On the contrary, hardcore technology, particularly the semiconductor, is the rising star in the market despite the increasing hostile actions taken by the Biden administration. This article would explain why semiconductor will be one of the key focuses of China’s stock market in the foreseeable future and how Premia China STAR50 ETF is the right tool to capture the industry opportunities as investors reposition for the paradigm shift in the technology space in China.
2023年5月3日
Internet platforms used to be the dominating forces in driving China’s tech cycle in the last decade, but their high-growth phases in e-commerce, gaming, ride-hailing and last-mile delivery are slowing substantially as indicated by the latest result announcement and management guidance. Changes in government policy, antitrust concerns, breach of data security and maturing markets are all pointing to a less promising outlook of their business models. On the contrary, hardcore technology, particularly the semiconductor, is the rising star in the market despite the increasing hostile actions taken by the Biden administration. This article would explain why semiconductor will be one of the key focuses of China’s stock market in the foreseeable future and how Premia China STAR50 ETF is the right tool to capture the industry opportunities as investors reposition for the paradigm shift in the technology space in China.
2023年5月3日
China market has taken a pause after a strong rally in the past few months. The renewed hawkish tone from the US Fed may be the main reason behind the consolidation. Some critics are suggesting that the China reopening trade is done, or has become overcrowded already with not much immediate upside as a tactical trade. In this article, our Partner & Co-CIO David Lai addresses this topic from various aspects ranging from macro economies, investors’ positioning, to policy agenda and market valuation. He would also share why we believe it’s onshore A-shares that are picking up the baton for the second act of the rally - as the China reopening play evolves from short term tactical, to fundamental strategic opportunities driven by positive earnings growth and restoration of business and consumer confidence.
2023年3月1日
China market has taken a pause after a strong rally in the past few months. The renewed hawkish tone from the US Fed may be the main reason behind the consolidation. Some critics are suggesting that the China reopening trade is done, or has become overcrowded already with not much immediate upside as a tactical trade. In this article, our Partner & Co-CIO David Lai addresses this topic from various aspects ranging from macro economies, investors’ positioning, to policy agenda and market valuation. He would also share why we believe it’s onshore A-shares that are picking up the baton for the second act of the rally - as the China reopening play evolves from short term tactical, to fundamental strategic opportunities driven by positive earnings growth and restoration of business and consumer confidence.
2023年3月1日
Chinese stocks took a rollercoaster ride in Q4, as the immediate lacklustre reaction to October’s National Congress gave way to a rally on the back of policy support in November. Investors finally cheered Beijing’s abrupt dismantling of its restrictive zero-COVID policies, as the year came to a close. By the end of December, the CSI 300 Index was up 2% on the quarter. Below in this article, Dr. Philip Wool, Managing Director and Head of Investment Solutions of Rayliant Global Advisors, would explore critical developments in the macro picture at the turn of the year, discuss fourth-quarter performance and factor rotation pattern through the period, and also provide our thoughts as to what reopening has in store for Chinese stocks in 2023.
2023年2月3日
Chinese stocks took a rollercoaster ride in Q4, as the immediate lacklustre reaction to October’s National Congress gave way to a rally on the back of policy support in November. Investors finally cheered Beijing’s abrupt dismantling of its restrictive zero-COVID policies, as the year came to a close. By the end of December, the CSI 300 Index was up 2% on the quarter. Below in this article, Dr. Philip Wool, Managing Director and Head of Investment Solutions of Rayliant Global Advisors, would explore critical developments in the macro picture at the turn of the year, discuss fourth-quarter performance and factor rotation pattern through the period, and also provide our thoughts as to what reopening has in store for Chinese stocks in 2023.
2023年2月3日
In 2022, our Premia CSI Caixin China Bedrock Economy ETF (“the Bedrock ETF”) outperformed most of the market benchmarks, such as FTSE A50, CSI 300, CSI 500 and ChiNext, by around 10-24% points. In a backdrop of weak equity performance, investors favored low beta and volatility stocks with significant economic value and good financial health, which coincided with the Bedrock ETF’s underlying index methodology and broadly explained why the ETF outperformed in 2022. In this article, we would have a more in-depth look at the portfolio holdings’ companies and decipher drivers of the outperformance and whether this multi-factor approach of low volatility, value, quality and size tilts would continue to power outperformance in 2023.
2023年2月2日
In 2022, our Premia CSI Caixin China Bedrock Economy ETF (“the Bedrock ETF”) outperformed most of the market benchmarks, such as FTSE A50, CSI 300, CSI 500 and ChiNext, by around 10-24% points. In a backdrop of weak equity performance, investors favored low beta and volatility stocks with significant economic value and good financial health, which coincided with the Bedrock ETF’s underlying index methodology and broadly explained why the ETF outperformed in 2022. In this article, we would have a more in-depth look at the portfolio holdings’ companies and decipher drivers of the outperformance and whether this multi-factor approach of low volatility, value, quality and size tilts would continue to power outperformance in 2023.
2023年2月2日
If we agree China may offer outperformance in 2023, then the next step is to figure out the right positioning to capture the alphas. Investors are now at a crossroad to decide whether China tech is still investible. On one hand, the Internet platforms, used to be the market leaders, may no longer be the high-growth candidates in future as shown by the recent sluggish financial results. On the other hand, technological advancement remains one of the government’s key agendas that should help support the sector. In this article, we would like to share how to identify the “right” tech exposure to capture the opportunities in China market.
2022年12月12日
If we agree China may offer outperformance in 2023, then the next step is to figure out the right positioning to capture the alphas. Investors are now at a crossroad to decide whether China tech is still investible. On one hand, the Internet platforms, used to be the market leaders, may no longer be the high-growth candidates in future as shown by the recent sluggish financial results. On the other hand, technological advancement remains one of the government’s key agendas that should help support the sector. In this article, we would like to share how to identify the “right” tech exposure to capture the opportunities in China market.
2022年12月12日
It was challenging for global investors to find a market that could offer a positive return in 2022. China market can’t escape from the selloff, with H-shares, A-shares and ADRs down by 20% to 29% in dollar return in the first eleven months of the year. The market turnover was shrinking whilst foreign investors were net selling. Internally, the frequent COVID-lockdowns, a property market slump, an ongoing Internet scrutiny, and the deteriorating bilateral relationship between China and the US all contributed to the bearish sentiment in Chinese equities. Externally, the Ukraine-Russia war, high inflationary pressure, an accelerated rate hike cycle, and strengthening dollar have further weakened investors’ confidence towards risky assets.
2022年12月5日
It was challenging for global investors to find a market that could offer a positive return in 2022. China market can’t escape from the selloff, with H-shares, A-shares and ADRs down by 20% to 29% in dollar return in the first eleven months of the year. The market turnover was shrinking whilst foreign investors were net selling. Internally, the frequent COVID-lockdowns, a property market slump, an ongoing Internet scrutiny, and the deteriorating bilateral relationship between China and the US all contributed to the bearish sentiment in Chinese equities. Externally, the Ukraine-Russia war, high inflationary pressure, an accelerated rate hike cycle, and strengthening dollar have further weakened investors’ confidence towards risky assets.
2022年12月5日
After finishing Q2 as the only emerging market in positive territory, the effects of zero-COVID policy, a continued slump in the property market, and weakening global demand pushed Chinese stocks to the bottom of the EM index in Q3. The CSI 300 Index dropped by -14.3% over the three months from July to September 2022. Below, we offer deeper insights into third-quarter performance—including some bright spots among state-owned enterprises and technology with a policy tailwind—along with our thinking on October’s National Congress and what the rest of the year might have in store.
2022年10月30日
After finishing Q2 as the only emerging market in positive territory, the effects of zero-COVID policy, a continued slump in the property market, and weakening global demand pushed Chinese stocks to the bottom of the EM index in Q3. The CSI 300 Index dropped by -14.3% over the three months from July to September 2022. Below, we offer deeper insights into third-quarter performance—including some bright spots among state-owned enterprises and technology with a policy tailwind—along with our thinking on October’s National Congress and what the rest of the year might have in store.
2022年10月30日
Notwithstanding the cautious sentiment towards Chinese equities over the past year, the fundamentals suggest that it would be increasingly difficult to ignore Chinese equities as its economic heft and importance continues to grow. In this article, our Senior Advisor Say Boon Lim analyzes the fundamentals of the Chinese economy and why it makes sense for global allocators to deploy Chinese equities for diversification and growth opportunities as the alternative would be a deliberate underweight decision for a large part of the world's GDP and the key driver for global productivity growth.
2022年8月10日
Notwithstanding the cautious sentiment towards Chinese equities over the past year, the fundamentals suggest that it would be increasingly difficult to ignore Chinese equities as its economic heft and importance continues to grow. In this article, our Senior Advisor Say Boon Lim analyzes the fundamentals of the Chinese economy and why it makes sense for global allocators to deploy Chinese equities for diversification and growth opportunities as the alternative would be a deliberate underweight decision for a large part of the world's GDP and the key driver for global productivity growth.
2022年8月10日
As stocks around the world struggled in Q2 2022, China A shares produced a positive return, with the CSI 300 Index adding +6.2% for the quarter. This muted number nevertheless belies an action-packed three months, as investor sentiment toward mainland shares reached a low in April, with Shanghai and other major cities entering growth-stunting lockdowns amidst a rapid spread of COVID variants, only to recover sharply in May and June, as easing public health restrictions allowed Beijing to start ramping up a massive stimulus program intended to set the nation’s economy up for a strong second half leading into Q4’s National Congress. Here we offer some perspective on factor drivers in China’s market during the second quarter and comment on what might come next for Chinese stocks.
2022年7月31日
As stocks around the world struggled in Q2 2022, China A shares produced a positive return, with the CSI 300 Index adding +6.2% for the quarter. This muted number nevertheless belies an action-packed three months, as investor sentiment toward mainland shares reached a low in April, with Shanghai and other major cities entering growth-stunting lockdowns amidst a rapid spread of COVID variants, only to recover sharply in May and June, as easing public health restrictions allowed Beijing to start ramping up a massive stimulus program intended to set the nation’s economy up for a strong second half leading into Q4’s National Congress. Here we offer some perspective on factor drivers in China’s market during the second quarter and comment on what might come next for Chinese stocks.
2022年7月31日
The great divergence between economic growth in China versus the rest of the Emerging Markets post-COVID-19 has increased the likelihood of a parting of ways between China and EM in asset allocations.
2021年3月8日
US sanctions on trade, technology, and financial market access have done little to dampen foreign investor enthusiasm for China. There has been a surge in foreign investment flows, both portfolio and direct, into China over the course of 2020: All of which begs the questions “why” and “how sustainable is this”?
2021年2月24日
US sanctions on trade, technology, and financial market access have done little to dampen foreign investor enthusiasm for China. There has been a surge in foreign investment flows, both portfolio and direct, into China over the course of 2020: All of which begs the questions “why” and “how sustainable is this”?
2021年2月24日
As business activities in China mostly resume to a normal level, we also observed some mean-reversion in factor returns, and interesting rotation in sector returns. Still, China A shares continue to outperform the US and global equity markets. With “high-quality” growth emphasized by the 14th Five-Year Plan and “Dual Circulation”, we believe “Quality Growth” will continue to be the main tone of China A equities.
2020年11月10日
As business activities in China mostly resume to a normal level, we also observed some mean-reversion in factor returns, and interesting rotation in sector returns. Still, China A shares continue to outperform the US and global equity markets. With “high-quality” growth emphasized by the 14th Five-Year Plan and “Dual Circulation”, we believe “Quality Growth” will continue to be the main tone of China A equities.
2020年11月10日
The latest economic data confirms the upward trajectory of Chinese growth, putting China on track to be the only major economy to register growth for the full year 2020. And it highlights the attractiveness of China’s asset markets and supports the case for continued outperformance against other major markets.
2020年10月27日
The latest economic data confirms the upward trajectory of Chinese growth, putting China on track to be the only major economy to register growth for the full year 2020. And it highlights the attractiveness of China’s asset markets and supports the case for continued outperformance against other major markets.
2020年10月27日
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.
2020年9月9日
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.
2020年9月9日
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
2020年3月2日