3173 (港元) | 9173 (美元)
以基本面多元因子策略把握新經濟轉型增長驅動力，高效配置消費、科技、醫療健康等新經濟領域
3181 (港元) | 9181 (美元)
以高效便捷的方式投資亞洲互聯網科技、人工智能、機器人自動化、生物醫療科技等創新前沿
2817 (港元) | 82817 (人民幣) | 9817(美元)
9177 (美元)
首檔證監會認可的高收益債券ETF，以一籃子多樣化有抵押及高級優先債權的中國房地產美元債券，獲取可觀的美元收益
3001 (港元) | 83001 (人民幣) | 9001(美元)
透明且低成本的獨特市場投資工具，協助投資者高效便利地投資於長久期中國政府債券
3077 (港元) | 9077 (美元)
9078 (美元)
投資流動性好、國債信用評級、久期短、利率風險極低的美國國庫浮息票據；總費率僅0.15%
3411 (港元) | 9411 (美元)
投資流動性好、國債信用評級、久期短、利率風險極低的美國國庫浮息票據；總費率僅0.15%
3453 (港元)
9159 (美元)
以高效便捷的方式投資亞洲互聯網科技、人工智能、機器人自動化、生物醫療科技等創新前沿
精選觀點 & Webinar
Robust projected earnings growth for 2025 – part of a multi-year growth story driven by Artificial Intelligence – will give the Taiwan market a helpful buffer amidst geopolitical and trade uncertainties. Also, Taiwan has added protection from being the indispensable total supply chain for the tech industry – with its dominance driven by semiconductor and technology manufacturing leaders like TSMC, Hon Hai, and MediaTek. Economic growth is expected to remain solid at around 3.3% for this year. Beyond the tech sector, the government’s push to upgrade its financial services capabilities, with high domestic penetration and receptiveness of financial products, also provide promising tailwinds. The risks of Trump 2.0 make Taiwan a nuanced opportunity this year. It threatens volatility. But the AI revolution remains a multi-year growth driver, and Taiwan's strategic role, indeed global leadership in semiconductor manufacturing, offers strong long-term potential. Notwithstanding geopolitical considerations and general market risks, the medium to long term growth trajectory remains robust. In this article, our Portfolio Manager Alex Chu suggests that corrections could provide the long term investors attractive entry points into Taiwan’s technology-driven equity market which has a low correlation with global equity market as well as other major asset classes.
Jan 27, 2025
Asia ex-Japan investment grade credits should continue to outperform their global peers in 2025, amidst risks in the US of a continued rise in US Treasury yields, at a time when corporate credit spreads in the US are already at cyclical lows. On the other hand, Asia ex-Japan credits will likely be supported by a combination of monetary easing, shorter duration, the offer of significant yield pickups, credit upgrades and likely lower issuance. Further to Part 1 and Part 3 of our 2025 outlook which dealt with the US and ASEAN market outlook, in this article we discuss how Asia ex-Japan US Dollar Investment Grade Credits (using JACI IG as the investment universe) generate allocation alpha in a complex landscape dominated by concerns over economic uncertainties in the U.S – about its fiscal outlook, a resurgence in inflation, rapidly rising government debt and the impact of radical policy plans.
Jan 27, 2025
Emerging ASEAN stock valuation has likely overpriced the trade threat posed by the incoming Trump Administration. This has created a value opportunity that has priced a catastrophe akin to the COVID pandemic which is unlikely to play out. The forward PE ratio for the Dow Jones Emerging ASEAN Titans 100 Index is almost at COVID-19 lows. The valuation of the index also hit a low late in 2016, when Donald Trump was elected to the Presidency the first time. In tis article, our Senior Advisor Say Boon Lim discusses why the region could be a sweet spot for value investing, given the growth trajectory and drivers in Emerging ASEAN, which could be benefited rather than suffered from US tariffs.
Jan 07, 2025
China’s financial markets stand on the cusp of resilience and opportunity, buoyed by proactive government interventions and structural reforms. Beijing’s commitment to fostering innovation in artificial intelligence, semiconductors, and renewable energy highlights its strategic pivot towards self-reliance. Meanwhile, reforms aimed at enhancing corporate governance and shareholder returns signal a shift toward greater efficiency and market appeal. While challenges persist, including heightened US tariffs and soft domestic demand, the leadership’s “all-in” growth strategy and flexible policy framework highlight a clear long-term vision for sustainable development. For investors, China in 2025 presents a wealth of opportunities across a range of sectors—from cutting-edge technology and dividend-focused equities to stable government bonds and a recovering real estate market. In this article, our Partner & Co-CIO David Lai suggests that this year could be one of the strategic investments for China with potential for substantial returns.
Jan 07, 2025
US equities sentiment is now maximum bullish despite great policy uncertainties – altogether posing considerable risk to late-cycle momentum chasers. The US economy had barely cooled down before it was stimulated by 100 basis points in rate cuts in just three months from September 2024. The cuts started just when the US economy was rebounding. More importantly, they came after US inflation started picking up again. In fact, the US stock market is now in the grip of “Trumpian euphoria” because market expects the incoming administration will likely be supportive of even stronger growth, through more debt and deficits and extreme economic nationalism. The imminent risk now is that the US will have to pay more for its borrowings despite its dominance of the global debt market. This is not about other countries bypassing the Dollar in trade. It is about inflation – which will likely be worsened by President-elect Trump’s inflationary policies – and the term premia. In this article, our Senior Advisor Say Boon Lim discusses why US equities are in a bubble, drivers behind the Trumpian Euphoria 2.0, and that the stubborn or even revived inflation are credible risks in 2025.
Dec 24, 2024
The latest developments in the battery industry continue to favour the world’s biggest players. Apart from their gains from the robust growth in EV sales, the latest developments in battery technology also work in their favour, given their significant investments in R&D spending. Over the next five years or so, lithium iron phosphate (LFP) and ternary (NCM) lithium batteries will remain the mainstream products in the mass and high-end segments respectively. These are the products that CATL and BYD lead globally. Beyond that, CATL and BYD are already moving rapidly in the area of solid-state batteries (SSBs), a potentially disruptive technology. In this article, we discuss about why the Chinese battery makers will continue to dominant the global market and benefit from their technological advancements that revolutionize the energy storage landscape.
Nov 15, 2024
Premia 圖說
賴子健 , CFA
CFA
Over the past 12 months, nearly 4,000 listed companies in the onshore Chinese market have announced a record RMB 2.35 trillion in dividends, according to China Securities Journal. Cash dividend payments have steadily increased, with the dividend payout ratio rising by 10 percentage points to 36.7% in 2024. In addition, more than 2,100 companies have revealed share buyback plans, totaling a record RMB 163 billion. Looking ahead, Goldman Sachs forecasts that the combined total of dividend payments and stock repurchases in 2025 will surpass RMB 3 trillion. This trend underscores a growing focus on enhancing investor returns in the Chinese market. The Chinese government has been advocating for higher and more consistent dividend payouts since the release of the “Nine-point guideline“ in April, aimed at bolstering investor confidence in the domestic A-share market. In response, the People's Bank of China (PBOC) introduced a RMB 500 billion swap facility, enabling brokerages, asset managers, and insurers to access funding more easily by exchanging risk assets such as stock ETFs and blue-chip stocks for highly liquid assets like treasury bonds and central bank bills. Additionally, the government launched a RMB 300 billion relending program to encourage share buybacks and increases in corporate ownership. As a result, the consistent outperformance of our Premia CSI Caixin China Bedrock Economy ETF, which focuses on multifactor strategies including value and quality, is likely to continue in the medium term.
Jan 13, 2025
