Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Many has cheered or felt relieved over Xi's weekend meeting with the top Chinese business community. We see a closer relationship between the state apparatus and private enterprises going forward;</li>
<li>January 2025 saw improvement in social financing, with meaningful recovery in corporate financing. Recovery for BOSS might be forthcoming;</li>
<li>BYD dropped the bombshell in populating autonomous driving service (ADS) in sub-Rmb100K vehicles. We view it as another DeepSeek moment. The biggest loser is Tesla. Fast ADS rollout supports AGI.</li>
</ul>


Many has cheered or felt relieved over Xi's weekend meeting with the top Chinese business community. We see a closer relationship between the state apparatus and private enterprises going forward;
January 2025 saw improvement in social financing, with meaningful recovery in corporate financing. Recovery for BOSS might be forthcoming;
BYD dropped the bombshell in populating autonomous driving service (ADS) in sub-Rmb100K vehicles. We view it as another DeepSeek moment. The biggest loser is Tesla. Fast ADS rollout supports AGI.


[Blue Lotus China New Consumer Weekly, 7/52] Xi's Meeting with Ma Closed the Anti-Monopoly Chapter

<ul>
<li>Employment picture worsened in December. We believe Chinese government will erect hiring-related corporate subsidy in 2025;</li>
<li>Early attempts at street drink overseas have failed. But new attempts from Luckin might well work, over time;</li>
<li>Tesla's new Model Y received a raving reception from Chinese consumers. But we doubt it can last.</li>
</ul>


Employment picture worsened in December. We believe Chinese government will erect hiring-related corporate subsidy in 2025;
Early attempts at street drink overseas have failed. But new attempts from Luckin might well work, over time;
Tesla's new Model Y received a raving reception from Chinese consumers. But we doubt it can last.


[Blue Lotus China New Consumer Weekly, 4/52] Luckin Coffee's Overseas Expansion Is Worth Waiting For

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSMC (Taiwan Semiconductor Manufacturing) / Technical Analysis

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>New multi-year highs on the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes -- combined with overwhelmingly healthy market dynamics -- validates our bullish outlook on global equities.</li>
<li>We continue to view the latest 5-6% pullback on $ACWI as healthy and normal within the ongoing bull market, and we expect higher prices ahead.</li>
<li>Global Energy Sector appears to be topping, and Materials could be next. We highlight buys in Technology (quickly becoming leadership again) and Consumer Discretionary/Retail </li>
</ul>


New multi-year highs on the MSCI ACWI, ACWI ex-US, EAFE, and EM indexes -- combined with overwhelmingly healthy market dynamics -- validates our bullish outlook on global equities.
We continue to view the latest 5-6% pullback on $ACWI as healthy and normal within the ongoing bull market, and we expect higher prices ahead.
Global Energy Sector appears to be topping, and Materials could be next. We highlight buys in Technology (quickly becoming leadership again) and Consumer Discretionary/Retail 


Global MSCI Indexes at Multi-Year Highs; Global Energy Sector Deteriorating, Is Materials Next?

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.

Index Rebalance

<ul>
<li>The September 2026 HSCI review adds 53 names to southbound Connect, 49 new and 4 returning, and removes 15, all effective 7 Sep 2026.</li>
<li>The announced list ran wider than our forecast. 33 of our 36 ADD calls and 14 of 25 DELETE calls were announced.</li>
<li>Current ADDs rose into the announcement and DELETEs fell. Historically, ADD-NEWs outperformed ADD-REJOINs over the bridge, while DELETEs fell further after announcement.</li>
</ul>


The September 2026 HSCI review adds 53 names to southbound Connect, 49 new and 4 returning, and removes 15, all effective 7 Sep 2026.
The announced list ran wider than our forecast. 33 of our 36 ADD calls and 14 of 25 DELETE calls were announced.
Current ADDs rose into the announcement and DELETEs fell. Historically, ADD-NEWs outperformed ADD-REJOINs over the bridge, while DELETEs fell further after announcement.


HSCI / HK Connect Sep 2026 Rebalance: Post-Announcement Positioning

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, the market didn't appear to be in a mood to for a customary slowdown at the start of the year.</li>
<li>On the placements front, issuers and shareholders have started the new year with a bang, with deals launched across regions.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, the market didn't appear to be in a mood to for a customary slowdown at the start of the year.
On the placements front, issuers and shareholders have started the new year with a bang, with deals launched across regions.


Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF

China

Kanzhun Ltd. operates BOSS Zhipin, a leading online recruitment platform in China. The platform connects job seekers and enterprise users through its highly interactive mobile app, utilizing proprietary AI algorithms and big data insights for accurate matching and direct communication. Kanzhun was founded in 2014 and is headquartered in Beijing, China.

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Kanzhun (2076 HK)

[Blue Lotus China New Consumer Weekly, 7/52] Xi's Meeting with Ma Closed the Anti-Monopoly Chapter

Xi's meeting with Chinese business leaders signals a closer relationship going forward. Social financing data improved in January 2025. BYD's...

Blue Lotus Research Institute

[Blue Lotus China New Consumer Weekly, 4/52] Luckin Coffee's Overseas Expansion Is Worth Waiting For

Employment deteriorated in December. We believe government will need to introduce hiring-related corporate subsidies in the March Two Session. ...

Blue Lotus Research Institute

Global MSCI Indexes at Multi-Year Highs; Global Energy Sector Deteriorating, Is Materials Next?

There are few things more bullish than Global MSCI Indexes at Multi-Year Highs $ACWI $ACWX $EFA $EEM; Buys in Tech $TSM; Global Energy Sector...

Vermilion Research

HSCI / HK Connect Sep 2026 Rebalance: Post-Announcement Positioning

HSIL announced the September review result on 21 Aug 2026 after market close. We forecast 53 southbound Connect ADDs and 15 DELETEs. We review the...

Ke Yan, CFA, FRM

Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus China New Consumer Weekly, 7/52] Xi's Meeting with Ma Closed the Anti-Monopoly Chapter

​Xi's meeting with Chinese business leaders signals a closer relationship going forward. Social financing data improved in January 2025. BYD's...

Blue Lotus Research Institute

[Blue Lotus China New Consumer Weekly, 4/52] Luckin Coffee's Overseas Expansion Is Worth Waiting For

​Employment deteriorated in December. We believe government will need to introduce hiring-related corporate subsidies in the March Two Session. ...

Blue Lotus Research Institute

Global MSCI Indexes at Multi-Year Highs; Global Energy Sector Deteriorating, Is Materials Next?

There are few things more bullish than Global MSCI Indexes at Multi-Year Highs $ACWI $ACWX $EFA $EEM; Buys in Tech $TSM; Global Energy Sector...

Vermilion Research

HSCI / HK Connect Sep 2026 Rebalance: Post-Announcement Positioning

HSIL announced the September review result on 21 Aug 2026 after market close. We forecast 53 southbound Connect ADDs and 15 DELETEs. We review the...

Ke Yan, CFA, FRM

Aequitas: ECM Weekly (12 January 2026) - Biren, MiniMax, Gigadevice, Omnivision, Busy Ming, HPSP, GF

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Xi's meeting with Chinese business leaders signals a closer relationship going forward. Social financing data improved in January 2025. BYD's...

Employment deteriorated in December. We believe government will need to introduce hiring-related corporate subsidies in the March Two Session. ...