Founder of Antler Capital

Stanley Tsai, CFA

Macroeconomics

<ul>
<li>The recent rollout of a tax-deferred individual pension scheme marks a pivotal moment in the country's preparation for seismic shifts in its demographics.</li>
<li>The transition towards Pillar 3 of the retirement system has important implications for global asset allocators' long-term China investment thesis.</li>
<li>It's still early days, but there are ways to participate in the growth of private pensions. We look at the scale of the opportunities available and the potential beneficiaries.</li>
</ul>


The recent rollout of a tax-deferred individual pension scheme marks a pivotal moment in the country's preparation for seismic shifts in its demographics.
The transition towards Pillar 3 of the retirement system has important implications for global asset allocators' long-term China investment thesis.
It's still early days, but there are ways to participate in the growth of private pensions. We look at the scale of the opportunities available and the potential beneficiaries.


China's Fledgling Pensions Market: Are You Positioned to Cash In?

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-China in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM, JIANGSU ETERN, NCI, CHINA LIFE.</li>
</ul>


We analysed the earning revision of component stocks of MS-China in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM, JIANGSU ETERN, NCI, CHINA LIFE.


MS-China Index Earning Revision (Jul): TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM

<ul>
<li>We analyze the monthly Hong Kong Connect flows with our data engine for the month ended Jul 31st.</li>
<li>We estimate that the net southbound flows in July were $8.1bn Inflows.</li>
<li>We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for Knowledge Atlas, Ntes, Kingboard Laminates, Xiaomi, Alibaba.</li>
</ul>


We analyze the monthly Hong Kong Connect flows with our data engine for the month ended Jul 31st.
We estimate that the net southbound flows in July were $8.1bn Inflows.
We tabulate the top stocks by inflows, outflows, stake changes, and holdings, and highlight flows for Knowledge Atlas, Ntes, Kingboard Laminates, Xiaomi, Alibaba.


HK Connect Monthly (July): $8.1bn Inflows

<ul>
<li>We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 31st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg, CCB, J&amp;T Express, China Hongqiao, China Mobile.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of July 31st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg, CCB, J&amp;T Express, China Hongqiao, China Mobile.


HK Connect Flows Weekly (Jul 31st): Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Major listed insurers reported August premiums data, showing that P&amp;C premium income growth remained strong in August.</li><li>Our channel check suggests that life insurers’ new business momentum diverged in July-August.</li><li>Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August, up from the double-digit decline in 1H22.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div></div>

Major listed insurers reported August premiums data, showing that P&amp;C premium income growth remained strong in August.Our channel check suggests that life insurers’ new business momentum diverged in July-August.Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August, up from the double-digit decline in 1H22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Financials Weekly – CPIC agency FYP growth picked up in Jul-Aug

China

China Life Insurance Co., Limited offers a wide range of life, accident, and health insurance products and services.

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China Life Insurance Co (Adr) (LFC US)

China's Fledgling Pensions Market: Are You Positioned to Cash In?

China's aging population has captured investors' attention of late. What opportunities will shifting demographics bring to the fledgling private...

Stanley Tsai, CFA

MS-China Index Earning Revision (Jul): TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM

We analyzed MS-China's consensus for Jul 2026 and highlighted changes of EPS in TENCENT, MAXSCEND MICROELECTRONICS, MEITUAN, XIAOMI, JD.COM,...

Ke Yan, CFA, FRM

HK Connect Monthly (July): $8.1bn Inflows

We estimate inflows to be $8.1bn from mainland investors to HK stocks in July. We highlight flows for Knowledge Atlas, Ntes, Kingboard Laminates,...

Ke Yan, CFA, FRM

HK Connect Flows Weekly (Jul 31st): Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard Hldg

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for Alibaba, Smic, Xiaomi, Knowledge Atlas, Yofc, Kingboard...

Ke Yan, CFA, FRM

China Financials Weekly – CPIC agency FYP growth picked up in Jul-Aug

Thanks to the turnaround in core agency scale on the back of proactive channel reform, CPIC’s agency FYP YoY growth turned positive in July-August

CMB International

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