精選觀點 & Webinar
在經歷今年首季度的急劇拋售後，全球股市在近幾個月表現亮眼。這個反彈看似是典型的非理性「大爆發」，因為全球主要經濟體正在或即將進入衰退期，且全球新冠肺炎疫情仍未見緩和之勢；然而，從另一方面而言，這具前瞻性的市場走勢，可能反映出投資者已走出疫情陰霾，整裝以待爭相捕捉股市V型反彈所帶來的投資機遇。中國A股市場既擁有穩健的基本面，又具相當吸引人的估值。因應全球股市下跌，投資者可考慮穩步增持中國A股。本篇文章中，我們將簡述當前市場動態與如何精準捕捉中國A股反彈的增長機會。
Sep 02, 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
After the fall in Q1, global equities recovered sharply in Q2 as the COVID fear eases and stimulus packages kick in around the world. YTD, China is the best performing emerging market, and the broad CSI 300 index gained 14% in the second quarter. From factor investing perspective, we continue to see the dispersion of a two-speed-economy despite an overall beta pick up. Quality growth new economy stocks continue to be the winner.
Aug 11, 2020
Back to the future. Clues to US policy makers’ long game for the Dollar can be found in the long-term historical relationship between money supply growth, the inflation rate, and nominal GDP growth. Conclusion upfront: We are likely to see a long cycle of aggressive US monetary expansion ahead – to depreciate the Dollar, revive inflation, and boost nominal GDP growth.
Aug 03, 2020
COVID-19 will likely go down in history as – among other things – an accelerant for a range of tendencies are already present prior to the pandemic. AC (after-COVID), these are the four major behavioral changes that are unlikely to revert to life as we knew it BC (before-COVID).
Jul 21, 2020
The international media reckoned a front-page editorial in the China Securities Journal calling for a “healthy bull market” to create “new opportunities in crisis” was responsible for last week’s red-hot run-up in the Shanghai Composite Index. But perhaps there are less “exciting”, but more enduring, explanations for the surge in Chinese stocks.
Jul 13, 2020
Fed bond buying won’t prevent the coming wave of debt defaults. It may have been missed in the midst of the stock market’s bullishness, but debt defaults have already been surging. How does the Fed’s USD 750 billion bond buying programme measure up to the job? And what shall we watch out for?
Jul 08, 2020
Premia 圖說
朱榮熙
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
