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Articles from Caixin Global

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Equity Bottom-Up

Contemporary Amperex Technology (CATL) / Equity Bottom-Up

<ul>
<li>The world’s largest electric-vehicle battery maker Contemporary Amperex Technology Co. Ltd. (CATL) has announced that it’s considering building more factories overseas</li>
<li>The news came as CATL (300750.SZ +0.72%), based in East China’s Fujian province, has been trying to ease investor concerns about the recent sell-off of its stock</li>
<li>The statement also disclosed that the company has been talking with U.S. clients about the possibility of building production lines in the country to bring supplies of CATL products closer to home</li>
</ul>


The world’s largest electric-vehicle battery maker Contemporary Amperex Technology Co. Ltd. (CATL) has announced that it’s considering building more factories overseas
The news came as CATL (300750.SZ +0.72%), based in East China’s Fujian province, has been trying to ease investor concerns about the recent sell-off of its stock
The statement also disclosed that the company has been talking with U.S. clients about the possibility of building production lines in the country to bring supplies of CATL products closer to home


CATL Considers Building More Factories Outside China, Including U.S.

Cross Asset Strategy

<ul>
<li>
In Depth: Provincial plans hint at where China’s economy is going in 2022
</li>
<li>
Giant pandas join the list of China-U.S. flashpoints.
</li>
<li>
Xi orders Hong Kong government to make containing Covid its top priority
</li>
</ul>



In Depth: Provincial plans hint at where China’s economy is going in 2022


Giant pandas join the list of China-U.S. flashpoints.


Xi orders Hong Kong government to make containing Covid its top priority



CX Daily: Provincial Plans Hint at Where China’s Economy Is Going in 2022

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

<ul>
<li>Over the past 2 years, Industrials exposure has almost doubled among China A-Share active investors.  Today's weight of 18.7% and overweight of 1.69% are near peak levels.</li>
<li>The most widely held stocks in the sector are CATL (A), Luxshare Precision Industry (002475 CH), Shenzhen Inovance Technology Co. (300124 CH) and EVE Energy (300014 CH)</li>
<li>Weight increases in the Industrials sector far outweighed decreases over the last half of 2021. Sungrow Power Supply (300274 CH) and NARI Technology Co (600406 CH) were among the beneficiaries.</li>
</ul>


Over the past 2 years, Industrials exposure has almost doubled among China A-Share active investors.  Today's weight of 18.7% and overweight of 1.69% are near peak levels.
The most widely held stocks in the sector are CATL (A), Luxshare Precision Industry (002475 CH), Shenzhen Inovance Technology Co. (300124 CH) and EVE Energy (300014 CH)
Weight increases in the Industrials sector far outweighed decreases over the last half of 2021. Sungrow Power Supply (300274 CH) and NARI Technology Co (600406 CH) were among the beneficiaries.


<ul>
<li>China allocations fall to a 2-year low, driven by widespread closures in <a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a> New Oriental Education (EDU US), China Mobile (941 HK) and CNOOC Ltd.</li>
<li>Active GEM Managers head in to 2022 with Consumer Discretionary and Communication Services the key China sector exposures, though Industrial stocks stand out the main overweight.</li>
<li>On a stock level, the most widely held company is Tencent, held by 81% of the managers in our analysis and taking the crown from Alibaba Group in 2021. </li>
</ul>


China allocations fall to a 2-year low, driven by widespread closures in Alibaba Group (BABA US) New Oriental Education (EDU US), China Mobile (941 HK) and CNOOC Ltd.
Active GEM Managers head in to 2022 with Consumer Discretionary and Communication Services the key China sector exposures, though Industrial stocks stand out the main overweight.
On a stock level, the most widely held company is Tencent, held by 81% of the managers in our analysis and taking the crown from Alibaba Group in 2021. 


China:  EM Active Fund Positioning Update.  BABA Drives Allocations Lower

<ul>
<li>In this analysis, we review allocations in Contemporary Amperex Technology among 3 sets of active China managers.  MSCI China Funds, China A-Share Funds and Greater China Funds. </li>
<li>We find that exposure in Contemporary Amperex Technology has risen to peak levels across all 3 investor sets, making it one of the largest overweight positions in China.</li>
<li>Outside of dedicated China, we also see ownership growth among Global Emerging Market and Asia Ex-Japan active strategies.</li>
</ul>


In this analysis, we review allocations in Contemporary Amperex Technology among 3 sets of active China managers.  MSCI China Funds, China A-Share Funds and Greater China Funds. 
We find that exposure in Contemporary Amperex Technology has risen to peak levels across all 3 investor sets, making it one of the largest overweight positions in China.
Outside of dedicated China, we also see ownership growth among Global Emerging Market and Asia Ex-Japan active strategies.


Contemporary Amperex Technology - King of the Overweights

China

Contemporary Amperex Technology Co., Limited. operates as a battery products manufacturing company. The Company produces and sells power battery materials, energy storage batteries energy storage battery cells, systems, and other products. Contemporary Amperex Technology also provides batteries recycling services.

Contemporary Amperex Technology (CATL) (300750 CH)

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Contemporary Amperex Technology (CATL) (300750 CH)

CATL Considers Building More Factories Outside China, Including U.S.

The world’s largest electric-vehicle battery maker Contemporary Amperex Technology Co. Ltd. (CATL) has announced that it’s considering building...

Caixin Global

CX Daily: Provincial Plans Hint at Where China’s Economy Is Going in 2022

In Depth: Provincial plans hint at where China’s economy is going in 2022 Giant pandas join the list of China-U.S. flashpoints Xi orders Hong...

Caixin Global

China A-Shares: Industrials Revolution

Over the past 2 years, Industrials exposure has almost doubled among China A-Share active investors. Today's weight of 18.7% and overweight of...

Steven Holden

China: EM Active Fund Positioning Update. BABA Drives Allocations Lower

China allocations fall to 2-year low, driven by widespread closures in Alibaba Group, New Oriental Education, China Mobile and CNOOC Ltd.

Steven Holden

Contemporary Amperex Technology - King of the Overweights

Active fund ownership in Contemporary Amperex Technology has risen to peak levels across all 3 investor sets, making it one of the largest...

Steven Holden

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