精選觀點 & Webinar
To summarize the year of 2020, the opening lines from Charles Dicken’s A Tale of twin cities sounds like an accurate description. It was certainly the best of times and the worst of times. Global equities have been doing reasonably well with developed market up by 12.0% and emerging market up by 11.7%. Fixed income managed to gain by 7.4% whilst gold price was up by 19.1%. On the other hand, real economy has been suffering from the pandemic with almost all major economies getting into recession. International Monetary Fund sees the world would contract by 4.4% in total output, the worst crisis since the 1930s Great Depression with -5.8% among advanced economies and -3.3% on developing countries.
Dec 02, 2020
From a total portfolio perspective, global asset owners and allocators are increasing wary about the overall portfolio sensitivity to interest rate changes and ultimately risk diversification. The concept of “equity duration” was raised long ago and has been subject to debate for decades. While some absolute calculations fail to work in today’s markets, we believe the economic and financial intuition beneath still hold. In this working paper, we took a renewed approach to analyze the relationships from a relative perspective and with an overarching objective of total portfolio risks in mind.
Nov 26, 2020
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.
Nov 11, 2020
So, it is official: Exit Donald Trump, enter President Joe Biden. And when the cheering and crying is done, we are likely to see that the election meant more emotionally to Americans than it does economically for the nation, or financially for the markets. The big economic and market trends are unlikely to be changed by the election.
Nov 09, 2020
The term "dual circulation” is one of the hot searches in China and receives great attention after President Xi first expressed this idea at a top official meeting held earlier this year. He then elaborated further that China’s economic model will be involving an internal circulation developing a substantial domestic market, and an external circulation deepening the international trade. The latest meeting of Communist Party’s Central Committee reinforced this policy will be the core component of the 14th five-year plan for the development between 2021 and 2025.
Nov 04, 2020
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.
Oct 28, 2020
Two separate news items last week focused our attention on the gap in understanding about the rapidly changing energy landscape in China.
Oct 20, 2020
自新冠疫情爆發以來，我們觀察到許多Premia ETF的成分股為風口下的受益者，儘管面臨市場動盪、新冠疫情和中美關係惡化，這些強勢股仍持續帶領Premia ETF績效蒸蒸日上。在本場研討會中，我們的聯合首席投資官賴子健、呂靄華及銷售副總裁羅寧雨將探討與日常客戶對話中，常見的問題及熱門主題，特別是我們旗下的Premia中國新經濟ETF（3173/9173 HK），此檔ETF年初迄今績效錄得40%*，且自今年四月以來資產管理規模暴漲三倍達2.85億美元，成為香港第四大的中國A股ETF。 請點擊這裡查看討論的紀錄。*截至2020年10月12日
Oct 15, 2020
Premia 圖說
朱榮熙
While Chinese new economy stocks have faced short-term volatility amid the geopolitical tensions, their long-term growth remains anchored by strategic policy and industry breakthroughs. The 15th Five Year Plan underlines that technology and self-sufficiency still come first, backed by a strong push for AI and digital infrastructure. The blueprint mentioned “AI“ more than 50 times and included major action plans to deploy AI agents and increase investment in quantum computing and 6G. On the hardware front, sources indicate SMIC (688981 CH) and other Huawei-linked chipmakers are aiming to ramp up production of 7nm or 5nm semiconductors to 100K wafers in 1-2 years to support domestic developers. This domestic ecosystem is already bearing fruit: Zhipu AI released its GLM-5 model with superior coding capabilities, notably confirming the model was developed using domestic chips from Huawei, Moore Threads, and Cambricon. On the software side, adoption is accelerating. OpenClaw has sparked a new trend pivoting from “Chat AI” to “Execution AI”, reminding investors of the DeepSeek moment in 2022. Chinese AI companies act swiftly to adopt the trend, making China a leader in consumer AI adoption. Multiple developers like Tencent and Xiaomi are linking OpenClaw to their models. Even before this new trend, local media have reported that Chinese AI models’ weekly token usage surpassed US peers, suggesting that monetization may arrive earlier than expected. Investors focused on hardware semiconductors could consider our Premia China STAR50 ETF. For broader exposure, our Premia CSI Caixin China New Economy ETF offers a diversified approach with investments in semiconductors, AI, EV, and Biotech, allowing investors to participate in China’s innovative growth story. For even broader Asia exposure, investors might consider our Premia Asia Innovative Technology and Metaverse Theme ETF, which invests in Asia's 50 largest innovative companies across sectors such as AI, semiconductors, solar energy, and EVs with equal weightings.
Mar 16, 2026
