Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Equity Bottom-Up

<ul>
<li>Basic materials, industrials, technology, consumer and distribution services, retail, healthcare drove China in 2025. China's policy focus and consumer preferences should drive some of them and few others in 2026.</li>
<li>Juxtaposing future earnings growth forecasts, forecast ROE and reasonable valuations, we identify six sectors: Communication Services, Basic Materials, Industrials, Consumer Durables, Retail Trade and Consumer Services in our focus list.</li>
<li>Eight stocks from these sectors are in our Asian Model Portfolio: Xiaomi, China Hongqiao, Zijin Mining, Alibaba, Lonking Holdings, Midea Group, Trip.com and Galaxy Entertainment.</li>
</ul>


Basic materials, industrials, technology, consumer and distribution services, retail, healthcare drove China in 2025. China's policy focus and consumer preferences should drive some of them and few others in 2026.
Juxtaposing future earnings growth forecasts, forecast ROE and reasonable valuations, we identify six sectors: Communication Services, Basic Materials, Industrials, Consumer Durables, Retail Trade and Consumer Services in our focus list.
Eight stocks from these sectors are in our Asian Model Portfolio: Xiaomi, China Hongqiao, Zijin Mining, Alibaba, Lonking Holdings, Midea Group, Trip.com and Galaxy Entertainment.


China up Close: What Worked in 2025 and What's Likely to Work Now

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>LME cash-to-3M copper spread has eased sharply, but tight nearby supply and concentrated positioning keep the market vulnerable to renewed squeezes.</li>
<li>Copper options show a firmer upside tilt as CVOL and skew rise, while call-heavy positioning contrasts with cautious managed-money positioning.</li>
<li>The Government of India’s HCL OFS offers up to 6% stake at INR 514, with non-retail bidding opening Tuesday (25/Aug) and retail bidding Wednesday (26/Aug).</li>
</ul>


LME cash-to-3M copper spread has eased sharply, but tight nearby supply and concentrated positioning keep the market vulnerable to renewed squeezes.
Copper options show a firmer upside tilt as CVOL and skew rise, while call-heavy positioning contrasts with cautious managed-money positioning.
The Government of India’s HCL OFS offers up to 6% stake at INR 514, with non-retail bidding opening Tuesday (25/Aug) and retail bidding Wednesday (26/Aug).


Copper: LME Cash-3M Spread Eases, COPX Sees Outflows and HCL’s 6% OFS Begins

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut — a roundup of standout themes from the 1,900+ insights published on Smartkarma over the past month. </li>
<li>In this cut, we spotlight fresh additions to our 2026 high conviction list, review the strong pipeline of China healthcare IPOs, and assess sentiment after the strong year-end metals rally.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a roundup of standout themes from the 1,900+ insights published on Smartkarma over the past month. 
In this cut, we spotlight fresh additions to our 2026 high conviction list, review the strong pipeline of China healthcare IPOs, and assess sentiment after the strong year-end metals rally.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Expanding 2026 Top Picks, China Healthcare IPO Bonanza & The Metals March

Global Materials | Industrials | Commodities

Rahul Jain

<ul>
<li>Structural copper tightness, strong gold cash flows, and rising silver prices position Zijin for multi-year earnings growth and a valuation re-rating in 2026.</li>
<li>Leadership transition reduces founder dependence, strengthens governance credibility, and enables multiple expansion as Zijin aligns with global copper-scarcity peers.</li>
<li>Base valuation is HK$40–41; spot and peer convergence support HK$48–50, implying 35–40% upside with clear catalysts across copper expansions and gold stability.</li>
</ul>


Structural copper tightness, strong gold cash flows, and rising silver prices position Zijin for multi-year earnings growth and a valuation re-rating in 2026.
Leadership transition reduces founder dependence, strengthens governance credibility, and enables multiple expansion as Zijin aligns with global copper-scarcity peers.
Base valuation is HK$40–41; spot and peer convergence support HK$48–50, implying 35–40% upside with clear catalysts across copper expansions and gold stability.


2026 High Conviction Idea: Zijin Mining – Copper Scarcity Rerating to HK$48

<ul>
<li>LME and SHFE inventories have plunged 42% and 84% from their peaks, respectively, while COMEX stocks hit 653 kt as traders front-load shipments ahead of potential US tariffs.</li>
<li>COPX attracted USD 62 Mn of inflows across two trading sessions following a USD 20.2 Mn outflow, as the Fed’s decision to hold interest rates revived investor confidence.</li>
<li>Glencore’s adjusted copper EBITDA is expected to accelerate by 62% in FY26, while a potential ASX listing could strengthen capital access and unlock fresh M&amp;A opportunities.</li>
</ul>


LME and SHFE inventories have plunged 42% and 84% from their peaks, respectively, while COMEX stocks hit 653 kt as traders front-load shipments ahead of potential US tariffs.
COPX attracted USD 62 Mn of inflows across two trading sessions following a USD 20.2 Mn outflow, as the Fed’s decision to hold interest rates revived investor confidence.
Glencore’s adjusted copper EBITDA is expected to accelerate by 62% in FY26, while a potential ASX listing could strengthen capital access and unlock fresh M&amp;A opportunities.


Falling Exchange Inventories and Potential US Tariffs Lift Copper, Glencore Eyes ASX Listing

China

Zijin Mining Group is a large global mining company primarily engaged in the exploration, extraction, and refining of metallic mineral resources. Its key products include copper, gold, zinc, lithium, silver, and molybdenum. The company was founded in 1986 and is headquartered in Longyan, Fujian, China.

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Zijin Mining (2899 HK)

China up Close: What Worked in 2025 and What's Likely to Work Now

China's RatingDog Services PMI, 52.3 for Jan, surprised positively - in lie with our observation of services growth. Tech stocks are declining due...

Manishi Raychaudhuri

Copper: LME Cash-3M Spread Eases, COPX Sees Outflows and HCL’s 6% OFS Begins

Copper’s physical market remains tight despite easing backwardation, while bullish options positioning contrasts with trimmed managed-money longs...

Mint Finance

Curator's Cut: Expanding 2026 Top Picks, China Healthcare IPO Bonanza & The Metals March

In the first issue of Curator's Cut in 2026, we review more high conviction ideas, the pipeline of China healthcare IPOs, and sentiment around...

Pranav Rao

2026 High Conviction Idea: Zijin Mining – Copper Scarcity Rerating to HK$48

Zijin poised for multi-year earnings growth and valuation re-rating in 2026 with strong copper, gold, and silver positioning, leadership...

Rahul Jain

Falling Exchange Inventories and Potential US Tariffs Lift Copper, Glencore Eyes ASX Listing

Chile’s weakening output and fresh DRC export curbs are deepening concerns over mined copper supply, with China’s softer import demand emerging as...

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China up Close: What Worked in 2025 and What's Likely to Work Now

China's RatingDog Services PMI, 52.3 for Jan, surprised positively - in lie with our observation of services growth. Tech stocks are declining due...

Manishi Raychaudhuri

Copper: LME Cash-3M Spread Eases, COPX Sees Outflows and HCL’s 6% OFS Begins

Copper’s physical market remains tight despite easing backwardation, while bullish options positioning contrasts with trimmed managed-money longs...

Mint Finance

Curator's Cut: Expanding 2026 Top Picks, China Healthcare IPO Bonanza & The Metals March

​In the first issue of Curator's Cut in 2026, we review more high conviction ideas, the pipeline of China healthcare IPOs, and sentiment around...

Pranav Rao

2026 High Conviction Idea: Zijin Mining – Copper Scarcity Rerating to HK$48

​Zijin poised for multi-year earnings growth and valuation re-rating in 2026 with strong copper, gold, and silver positioning, leadership...

Rahul Jain

Falling Exchange Inventories and Potential US Tariffs Lift Copper, Glencore Eyes ASX Listing

Chile’s weakening output and fresh DRC export curbs are deepening concerns over mined copper supply, with China’s softer import demand emerging as...

Mint Finance

In the first issue of Curator's Cut in 2026, we review more high conviction ideas, the pipeline of China healthcare IPOs, and sentiment around...

Zijin poised for multi-year earnings growth and valuation re-rating in 2026 with strong copper, gold, and silver positioning, leadership...