Premia 觀點洞察

Since peaking at the end of the second quarter, China’s mainland stock market has experienced a meaningful pullback, with the CSI 300 Index declining 11.7% in Q3 while our Premia Bedrock Economy held up well and gained 10.5% during the quarter. By the end of October, onshore equities had officially entered ‘bear market’ territory, as enthusiasm toward technology stocks in the AI theme cooled and concerns emerged over a protracted slump in consumer confidence, as well as intense competition among Chinese producers putting the pinch on profitability. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, discusses the factor performance in the onshore A shares market in Q3 2026, and why the steep valuation reset would open up attractive window for allocators.

Nov 03, 2026

The recent sell-off in China’s new-economy sector exposes a sharp disconnect between market sentiment and robust operational fundamentals. Despite 'de-CATLization' fears drove steep valuation corrections, CATL expanded its market share, anchored by global scale, brand equity, and a high-margin energy storage business. Beyond batteries, global biotech licensing breakthroughs and localized AI hardware demand provide powerful tailwinds across innovative segments in China. Meanwhile with the premium in CATL-H over A-share, CATL-A which Premia China New Economy ETF allocates to, has also become one of the few if not only overweight-rated stock in Chinese battery universe for most analysts and allocators while CATL-H being neutral-rated. In this article, we discuss how, with valuations compressed, current level of Premia China New Economy ETF offers a timely entry point to accumulate market leaders on weakness.

Oct 22, 2026

AI development between the US and China have taken very different paths. While the US has been prioritizing frontier foundational models, and cutting edge computing power funded by massive private sector capital from global investors, China focuses on taking AI as next generation productivity driver, and emphasizes diffusion, industrial automation, robotics as embodied AI and low-cost open-weight models to drive productivity and economic growth with strong policy influence. This distinction is important in understanding the trajectory of China’s development, and why as investors looking to position for global AI opportunities, the leading cohort in China’s STAR Board where the country’s hard tech leaders converge is increasingly more relevant. In this article, we discuss the background of China’s STAR Board, its leading constituents across China’s emerging hard tech sectors, how the policy tailwinds under China’s 15th Five Year Plan have fast tracked their earnings growth, and the dynamics behind the outperformance of Premia China STAR50 ETF which was up +18% year-to-date compared to offshore China tech which have delivered lacklustre performance as Hang Seng Tech, Overseas China Internet and MSCI China were down between 12-30% during the period.

Oct 06, 2026

Taiwan has emerged as a key beneficiary of the global AI investment cycle, delivering exceptional equity returns while remaining under-owned by international investors notwithstanding the fact that it has already become the largest market within MSCI Emerging Markets. Strong GDP growth, exports and earnings, alongside relatively attractive valuations, provide a solid fundamental backdrop. While TSMC remains the cornerstone of Taiwan’s AI ecosystem, the opportunity extends a broad range of companies spanning foundry, advanced packaging, substrates, networking, power and thermal management, and many are in fact the most leading global manufacturers in critical nodes of the AI and advanced technology supply chain. In this article, our Partner & Co-CIO David Lai discusses such dynamics and drivers behind the outperformance of our Premia FTSE TWSE Taiwan 50 ETF as the tool to capture opportunities in the broader AI value chain opportunities far beyond TSMC alone.

Sep 03, 2026

Onshore Chinese stocks rallied in Q2, as geopolitical anxieties gave way to greater optimism—along with falling energy prices—and AI exuberance continued to support stocks in the global hardware supply chain. Beneath the broad market gains, however, it was a ‘tale of two economies’, as optimism toward tech balanced out a less sanguine view of China’s domestic economy. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, discusses the macro and factor-level influences of China A share performance in Q2 2026, and given the diversified nature of China’s broad market, it offers a relatively attractive profile for investors in longer-term growth for not only hard tech but broader new economy growth opportunities.

Aug 06, 2026

The Fed's abrupt turn — from rate cuts at the start of the year to a looming hike — has caught many investors off guard. Longer-duration US Treasury strategies have slipped into the red since the war in Iran erupted, as the economy shifted from a supply-side, oil-driven inflation shock to broadening price pressures compounded by a slew of Trump administration policies since 2025. New Fed Chair Kevin Warsh's FOMC has struck a hawkish tone, stripping the market of any lingering hope for a continued easing path. Yet his task is far from straightforward: unlike 2022, this cycle would begin from an already elevated rate plateau rather than near zero — meaning considerable stress is arguably baked into the system before a single hike lands. In this article, we discuss why Floating Rate Notes (3077 / 9077 / 9078 HK) looks increasingly well-timed for investors seeking to derisk by harvesting an elevated, weekly-resetting coupon with effectively zero duration and collecting front-end carry, while longer-duration fixed-rate Treasuries continue to absorb losses at the long end.

Jun 29, 2026

China’s hard-tech sector is entering a new phase of structural growth, driven by AI adoption, semiconductor localization, and strong policy support. Domestic hard-tech leaders across semiconductors, optical networking, advanced manufacturing, and memory technologies have significantly outperformed broader Chinese and offshore equity markets year-to-date, while a new IPO wave led by ChangXin Memory Technologies (CXMT), Unitree Robotics, and other strategic technology champions are set to further enrich the STAR Market ecosystem. In this article, our Partner & Co-CIO David Lai discusses that our Premia China STAR50 ETF and Premia CSI Caixin China New Economy ETF offer targeted access to companies benefiting from China’s long-term technology and industrial transformation.

Jun 11, 2026

The complex macro picture has played squarely to the strengths of Premia's fixed income range, with every ETF in the lineup outperforming its mainstream investment grade (IG) and high-yield (HY) peers over the past six months. On the IG side, a constrained Fed pushing US long-end yields toward 5% makes a strong case to hold shorter duration bonds —while accommodative China liquidity and firm local demand underpinned Asia credit—drove the relative gains than the broader global IG universe. On the high-yield side, the Premia China USD Property Bond ETF significantly outperform the US and Asia HY peers along with the gradual recovery of China's property market, and has more than 660bps of spread still on offer for further compression toward the regional average. In this article, we explore how as this trend persists, the modular lineup offered by Premia's fixed income ETF range is increasingly turning today's fragmented macro environment into clear relative outperformance across both rating tiers.

Jun 11, 2026

Even if a peace deal is achieved soon, the writing is already on the wall for the US economy. Higher inflation and rates/yields appear inevitable. The double shocks of the Trump tariffs of 2025 and now the Iran War will exacerbate the inflation already working its way through the supply chain. In this article, our Senior Advisor Say Boon Lim discusses why as US equity valuations appear increasingly mispriced, with current multiples severely challenged by a rising discount rate, Asian emerging markets are gaining recognition as a resilient alternative. China's exit from deflation is emerging as a positive signal in particular, as improving earnings growth prospects and technological development could together present a compelling alpha opportunity.

May 20, 2026