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>Given Trump’s overhaul of US economy and world trade, US interest rate may stay high and Renminbi might depreciate further, both negative for our sectors from a foreign investor perspective;</li>
<li>We expect China to respond strongly to Trump Tariff 2.0, which will necessitate bigger stimulus, leading to a scenario of a policy overdose;</li>
<li>We look for: (1) high dividend yield, (2) US-dollar exposure, (3) policy overdose in stock selection. We add TRIP and ATAT to our DMC and reiterate our MMC  portfolios</li>
</ul>


Given Trump’s overhaul of US economy and world trade, US interest rate may stay high and Renminbi might depreciate further, both negative for our sectors from a foreign investor perspective;
We expect China to respond strongly to Trump Tariff 2.0, which will necessitate bigger stimulus, leading to a scenario of a policy overdose;
We look for: (1) high dividend yield, (2) US-dollar exposure, (3) policy overdose in stock selection. We add TRIP and ATAT to our DMC and reiterate our MMC  portfolios


Invest in China Growth Equity in High-Rate Environment

Andy Fu

<ul>
<li>After 40 months of consecutive MoM decline, China's real estate market is on the brink of a somewhat sustained recovery, with particularly, pricing improvement in November;</li>
<li>Pricing is important because it entices buyers back to the market. Before that, transaction volumes have already seen meaningful rebound and the rebound has spread from existing to new homes;</li>
<li>We maintain our view that China had a moderate property bubble in the tradable housing sector but not the overall housing sector. Long term growth potential is still bright.</li>
</ul>


After 40 months of consecutive MoM decline, China's real estate market is on the brink of a somewhat sustained recovery, with particularly, pricing improvement in November;
Pricing is important because it entices buyers back to the market. Before that, transaction volumes have already seen meaningful rebound and the rebound has spread from existing to new homes;
We maintain our view that China had a moderate property bubble in the tradable housing sector but not the overall housing sector. Long term growth potential is still bright.


China's Real Estate Market Showed Beyond-Record Rebound in Year End...Will It Carry to 2025?

<ul>
<li>BEKE US: NBS November residential new home turn positive YoY, and home price stabilized（+）</li>
<li>300274 CH: Renewable Energy News: U.S. Raises Tariffs on Chinese Photovoltaic Products to 50%（-）</li>
<li>ACMR US: ACMR sees minimal impact on ability to manufacture and sell tools due to U.S. entity list inclusion (+)</li>
</ul>


BEKE US: NBS November residential new home turn positive YoY, and home price stabilized（+）
300274 CH: Renewable Energy News: U.S. Raises Tariffs on Chinese Photovoltaic Products to 50%（-）
ACMR US: ACMR sees minimal impact on ability to manufacture and sell tools due to U.S. entity list inclusion (+)


[Blue Lotus Daily]:BEKE US/300274 CH/ACMR US/NIO US/XPEV US/ Li US/1810HK/ZTO US/Macro News/Consumer

<ul>
<li>LI US/TSLA US/XPEV US/NIO US/1211 HK:In the 49th week of 2024, LI and Tesla hedged against the slowdown in industry sales by increasing subsidies (/////////)</li>
<li>300750 CH: CATL announces a battery Factory plan in Spain, marking its third overseas plant (+)</li>
<li>BEKE US: Second week of December sees abnormal surge in existing home sales, while new home sales maintain steady growth (+)</li>
</ul>


LI US/TSLA US/XPEV US/NIO US/1211 HK:In the 49th week of 2024, LI and Tesla hedged against the slowdown in industry sales by increasing subsidies (/////////)
300750 CH: CATL announces a battery Factory plan in Spain, marking its third overseas plant (+)
BEKE US: Second week of December sees abnormal surge in existing home sales, while new home sales maintain steady growth (+)


[Blue Lotus Daily]:LI US/TSLA US/XPEV US/NIO US/1211 HK/300750 CH/BEKE US/1810 HK/LKNCY US

<ul>
<li>BEKE US: Property Transactions Remained Strong in November, with Accelerated Growth in the Final Week.(+)</li>
<li>BZ US/3690 HK/TCOM US/ATAT US: Manufacturing PMI Slightly Exceeds Consensus in November, While Service PMI Falls Below; Hiring Intentions Remain Low.(-/-/-/-)</li>
<li>ZTO US/ BABA US/VIPS US: China parcel volume delivery grew 40% yoy in the prior week (+/+/+)</li>
</ul>


BEKE US: Property Transactions Remained Strong in November, with Accelerated Growth in the Final Week.(+)
BZ US/3690 HK/TCOM US/ATAT US: Manufacturing PMI Slightly Exceeds Consensus in November, While Service PMI Falls Below; Hiring Intentions Remain Low.(-/-/-/-)
ZTO US/ BABA US/VIPS US: China parcel volume delivery grew 40% yoy in the prior week (+/+/+)


[Blue Lotus Daily]:BEKE US/BZ US/3690 HK/TCOM US/ATAT US/ZTO US/ BABA US/VIPS US

China

KE Holdings Inc. operates as an integrated online and offline platform for housing transactions and services. The Company offers existing and new home sales, home rentals, home renovation, real estate financial solutions, and other services. KE Holdings conducts businesses in China.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

KE Holdings (BEKE US)

Invest in China Growth Equity in High-Rate Environment

Trump's policies may lead to high US interest rates and a depreciating Renminbi. As remedy outside of buying high dividend stocks, we propose a...

Blue Lotus Research Institute

China's Real Estate Market Showed Beyond-Record Rebound in Year End...Will It Carry to 2025?

China's real estate market shows signs of rebound with narrowing decline in home prices, potential stabilization post Chinese New Year 2025. KE...

Blue Lotus Research Institute

[Blue Lotus Daily]:BEKE US/300274 CH/ACMR US/NIO US/XPEV US/ Li US/1810HK/ZTO US/Macro News/Consumer

Positive news for the US housing market as new home sales increase and prices stabilize, while Chinese renewable energy products face higher...

Blue Lotus Research Institute

[Blue Lotus Daily]:LI US/TSLA US/XPEV US/NIO US/1211 HK/300750 CH/BEKE US/1810 HK/LKNCY US

LI and Tesla increase subsidies to hedge against industry sales slowdown. CATL plans third overseas plant in Spain. Abnormal surge in existing...

Blue Lotus Research Institute

[Blue Lotus Daily]:BEKE US/BZ US/3690 HK/TCOM US/ATAT US/ZTO US/ BABA US/VIPS US

Property transactions in the US remained strong in November, with accelerated growth in the final week. Manufacturing PMI slightly exceeds...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Invest in China Growth Equity in High-Rate Environment

​Trump's policies may lead to high US interest rates and a depreciating Renminbi. As remedy outside of buying high dividend stocks, we propose a...

Blue Lotus Research Institute

China's Real Estate Market Showed Beyond-Record Rebound in Year End...Will It Carry to 2025?

​China's real estate market shows signs of rebound with narrowing decline in home prices, potential stabilization post Chinese New Year 2025. KE...

Blue Lotus Research Institute

[Blue Lotus Daily]:BEKE US/300274 CH/ACMR US/NIO US/XPEV US/ Li US/1810HK/ZTO US/Macro News/Consumer

​Positive news for the US housing market as new home sales increase and prices stabilize, while Chinese renewable energy products face higher...

Blue Lotus Research Institute

[Blue Lotus Daily]:LI US/TSLA US/XPEV US/NIO US/1211 HK/300750 CH/BEKE US/1810 HK/LKNCY US

​LI and Tesla increase subsidies to hedge against industry sales slowdown. CATL plans third overseas plant in Spain. Abnormal surge in existing...

Blue Lotus Research Institute

[Blue Lotus Daily]:BEKE US/BZ US/3690 HK/TCOM US/ATAT US/ZTO US/ BABA US/VIPS US

​Property transactions in the US remained strong in November, with accelerated growth in the final week. Manufacturing PMI slightly exceeds...

Blue Lotus Research Institute

Trump's policies may lead to high US interest rates and a depreciating Renminbi. As remedy outside of buying high dividend stocks, we propose a...

China's real estate market shows signs of rebound with narrowing decline in home prices, potential stabilization post Chinese New Year 2025. KE...

Positive news for the US housing market as new home sales increase and prices stabilize, while Chinese renewable energy products face higher...

LI and Tesla increase subsidies to hedge against industry sales slowdown. CATL plans third overseas plant in Spain. Abnormal surge in existing...

Property transactions in the US remained strong in November, with accelerated growth in the final week. Manufacturing PMI slightly exceeds...