8 Insights with Topic: 規模
Despite last year’s pronounced rally in onshore Chinese stocks, the fourth quarter saw strong rotation from growth plays to a value theme, leading to divergence in the Bedrock and New Economy strategies over the final few months of the year. That said, we note all three of the Premia China ETFs showed marked outperformance over broad market, as investors continued to pivot to hardcore technology and strategic new economy sectors notwithstanding profit taking and risk-off sentiments towards the year end. In fact, under strong tailwinds such as domestic substitution policies, China’s economic engine is being reconfigured as many of these emerging leaders started to show fast tracked earnings growth and profitability. With this background, CSI Caixin Rayliant New Economic Engine Index (tracked by Premia China New Economy ETF - 3173 / 9173 HK ETFs) outperformed CSI300 solidly with total gain of 23.9% for full-year 2025, while China STAR50 index (tracked by Premia STAR50 ETF - 3151 / 9151 / 83151 HK ETFs) delivered even stronger full-year return of 36.5% notwithstanding the end of year profit taking. Meanwhile, as Low Risk, Value, Quality factors advanced in Q4, as a defensive strategy in risk off environment CSI Caixin Rayliant Bedrock Economy Index (tracked by Premia China Bedrock Economy ETF - 2803 / 9803 HK ETFs) outperformed the broader market with a gain of 4.9% for the quarter, bringing its full-year return to 12.6%. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, discussed the macro and factor-level influences, and provided a concise summary of contributors to China A share performance in Q4 2025 and possibly into 2026 as we kick start the first year of the 15th Five Year Plan.
Mar 16, 2026
Equities around the world rebounded from early-April “Liberation Day” lows, as markets increasingly reckoned the White House’s tariff bark may be worse than its bite, leading stocks in China—one of America’s biggest trading partners, and an economy viewed to be in the crosshairs of Trump 2.0 trade policy—to rise in Q2. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, discusses the presently muted impact of tariffs on China’s exports and explain what might be needed to ensure a sustained A-share rally.
Jul 31, 2025
Amidst months of volatile global equity market performance and unprecedented trade policy uncertainty, the first quarter brought one of the most important events on China’s economic calendar: Beijing’s annual “Two Sessions” meeting, which offers a chance for officials to set economic targets and announce policy priorities for the year ahead. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, discusses how China policymakers are responding to Trump 2.0 tariff threats, and what it all means for A shares performance going into Q2.
May 07, 2025
After a stellar third quarter on renewed hopes of powerful fiscal stimulus, Chinese stocks followed shares in other emerging markets down in Q4, giving back some of those gains as the CSI 300 Index slipped 1.7% (CNY). Weighing on mainland stocks were investors’ fears that Trump 2.0 tariffs, along with a lack of follow-through by Chinese policymakers, might hinder the country’s growth revival. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, discusses what will spur Beijing to inject more stimulus, where it might go, and what Trump’s trade war and the DeepSeek saga might tell us about where A shares outperformance could come from in 2025.
Feb 24, 2025
The third quarter ended with a bang for mainland Chinese stocks, as twin announcements from China’s central bank and top fiscal policymakers gave both foreign and domestic investors plenty to think about over an extended market holiday during China’s October Golden Week. In this insight, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, explores the shift in sentiment that sent the onshore China markets higher for the quarter, breaking down the economic implications of a renewed and forceful stimulus push, the factor drivers of Q3 equity performance, and the data investors should be looking forward to as 2024 draws to a close.
Nov 15, 2024
Going into a July meeting of top party officials at China’s Third Plenum, held once every five years, first-quarter hopes of a 2024 recovery in China’s economy had given way to macro uncertainty, as strength in manufacturing and exports served for many to highlight just how weak domestic sentiment and consumption remain. In this article, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, digs into such challenges and potential paths forward for Beijing, including our thoughts on a Third Plenum meeting that didn’t yield any policy bombshells, but still offers clues as to where investors might focus as we enter the second half ready for bargain hunting.
Jul 30, 2024
Despite mainland stocks putting up a solid Q1—the CSI 300 Index gained 3.1% for the quarter—and although macro fundamentals appeared as if they might be turning a corner at the start of 2024, bullish sentiment toward China equities had yet to materialize, with many questioning whether a first-quarter rebound would sustain. In the commentary below, Dr. Phillip Wool, Global Head of Research of Rayliant Global Advisors, delves into the details of China’s economy and market action during Q1, discussing how Beijing’s plan to nurture high-quality growth might translate to macro conditions and investors’ portfolios.
May 09, 2024
After finishing Q2 as the only emerging market in positive territory, the effects of zero-COVID policy, a continued slump in the property market, and weakening global demand pushed Chinese stocks to the bottom of the EM index in Q3. The CSI 300 Index dropped by -14.3% over the three months from July to September 2022. Below, we offer deeper insights into third-quarter performance—including some bright spots among state-owned enterprises and technology with a policy tailwind—along with our thinking on October’s National Congress and what the rest of the year might have in store.
Oct 31, 2022