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
賴子健 , CFA
CFA
Taiwan’s economy continues to demonstrate exceptional strength, supported by its increasingly indispensable role in the global AI supply chain. First-quarter GDP expanded 13.69% year-on-year, marking the fastest pace of growth since 1987. The upside surprise was driven primarily by robust external demand, as exports surged on the back of accelerating global investment in AI infrastructure, semiconductors, and high-performance computing. Electronic components and ICT products accounted for nearly 80% of total outbound shipments, reinforcing Taiwan’s position at the center of next-generation technology manufacturing. The strength of the export cycle is also translating into broader domestic economic momentum. Technology companies continue to expand capacity and increase R&D spending to capture long-term AI opportunities, supporting manufacturing activity and capital formation. Meanwhile, buoyant equity market turnover and increased participation in investment products have provided an additional tailwind for Taiwan’s financial sector. With global AI capital expenditure expected to maintain a strong multi-year growth trajectory through the end of the decade, Taiwan remains structurally well-positioned to benefit from rising demand across the semiconductor and advanced electronics ecosystem. Against this backdrop, Taiwan equities should continue to enjoy strong medium-term earnings support and investor interest. For investors seeking efficient exposure to Taiwan’s leading technology champions, including TSMC, MediaTek, Delta Electronics, and ASE Technology, the Premia FTSE TWSE Taiwan 50 ETF offers a focused and liquid vehicle to access Taiwan’s AI-driven growth story.
May 11, 2026
