精選觀點 & Webinar
彭博目前預估中國2020年平圴國內生產總值（GDP）增長率僅約2%；然而，中國經濟卻正持續全面加速正常化，提高了打破這個預測的可能性。
Oct 06, 2020
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.
Sep 10, 2020
An overdue technical rebound in the US Dollar – which started a week ago – may give investors an opportunity to diversify their currency holdings away from the Greenback. What is emerging could well turn out to be a counter-trend rally in a bigger, multi-year Dollar decline.
Sep 09, 2020
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
Premia 圖說
吳偉鋒
China property USD bonds have extended gains through the third quarter, with the Premia China USD Property Bond ETF (3001/9001 HK) up more than 20% year to date. On 28 August, Beijing announced the most significant overhaul of China's housing sales and financing framework in three decades. It works through four channels:Sales milestones reset. MOHURD, MNR and NFRA now require a building to be structurally topped out before presales can begin, with 100% of purchase funds — down payments and mortgage proceeds — held in supervised escrow until completion and delivery.Lead-bank oversight. Designated banks supervise project financing, escrow and construction progress end to end, and a homebuyer's mortgage is now issued only after the project is completed.Longer mortgage tenors. The PBOC lifted the maximum personal mortgage tenor from 30 to 40 years.Wider capital-market access. The CSRC broadened refinancing and M&A channels, alongside expanded REIT, CMBS and ABS support for income-producing assets.While the near-term read is negative for developers - replacing presale proceeds with borrowing implies higher leverage and more secured debt, which can subordinate existing senior claims - that argues for selection rather than avoidance. The Premia China USD Property Bond ETF (3001 / 9001 HK) holds secured and senior unsecured paper only, and excludes subordinated debt and LGFVs, favouring issuers with recurring rental income and the securitisation access the CSRC has just widened. Over the medium to long term, the reform should reduce the risk of another property-sector shock. Delivery risk moves off household prepayments and into bank-supervised project finance, lowering the odds of a repeat of the unfinished-project stress that drove the last default wave, while tighter new-home supply supports the clearing of existing inventory. Meanwhile, banks are being capitalised to carry that risk: Beijing announced a further RMB360bn (US$54bn) injection into eight state financial institutions on 6 September, of which RMB290bn (US$43.2bn) went to lenders. Brokers expect developer equities to stay soft unless policy surprises or sales data improve. Bonds answer a different question: not whether growth returns, but whether issuers keep paying. The ETF yields around 12.9% (as of Sep 8, 2026), well above the broader Asia high yield market - the extra income investors are paid for the risk that some issuers still restructure or default while the transition plays out.
Sep 10, 2026
