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>The just concluded Two Sessions contained little surprises but the market shrugged it off. Have animal spirits offset China's structural economic issues?</li>
<li>China's EV sector grew 38% YoY in the first two months of 2025, above our annual target of 30%. We stick to our bullish view. 2024 grew 41% YoY;</li>
<li>MINISO explored spin off of its toy chain business. We maintain SELL rating on deteriorating China business.</li>
</ul>


The just concluded Two Sessions contained little surprises but the market shrugged it off. Have animal spirits offset China's structural economic issues?
China's EV sector grew 38% YoY in the first two months of 2025, above our annual target of 30%. We stick to our bullish view. 2024 grew 41% YoY;
MINISO explored spin off of its toy chain business. We maintain SELL rating on deteriorating China business.


[Blue Lotus China New Consumer Weekly, 10/52] Smart Trump or Dumb Trump? Part II

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

Korea Stock Exchange KOSPI 200 / Equity Derivatives

<ul>
<li>
US steel and aluminum tariffs (effective 12 March US time) will take effect on March 13 across the Asia-Pacific region. Volatility can be expected in Japan, South Korea, India, China.</li>
<li>Major quarterly derivatives expirations will occur on March 13 in Japan (Nikkei 225, TOPIX, Stocks), South Korea (KOSPI 200, KOSDAQ 150, Stocks), and India (BSE Stock Futures and Options).</li>
<li>Earnings announcements for <a href="https://www.smartkarma.com/entities/aia-group-ltd" target="_blank" data-smartkarma-citation="entities:14895:1" rel="noopener">AIA Group (1299 HK)</a> and <a href="https://www.smartkarma.com/entities/li-auto-inc-3dbe6187-544f-40dd-b9f9-72fba9c0110e" target="_blank" data-smartkarma-citation="entities:33811:1" rel="noopener">Li Auto (2015 HK/LI US)</a> are scheduled for March 14, while India's markets will be closed that day for the Holi holiday.</li>
</ul>



US steel and aluminum tariffs (effective 12 March US time) will take effect on March 13 across the Asia-Pacific region. Volatility can be expected in Japan, South Korea, India, China.
Major quarterly derivatives expirations will occur on March 13 in Japan (Nikkei 225, TOPIX, Stocks), South Korea (KOSPI 200, KOSDAQ 150, Stocks), and India (BSE Stock Futures and Options).
Earnings announcements for AIA Group (1299 HK) and Li Auto (2015 HK/LI US) are scheduled for March 14, while India's markets will be closed that day for the Holi holiday.


Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

<ul><li>A growing number of Chinese manufacturers have set up factories in Southeast Asia, hoping to use the region to bypass U.S. import controls as the Trump administration plans to slap additional tariffs on Chinese goods.</li><li>Whether this approach will work, however, remains to be seen as Washington may tighten its scrutiny over Chinese companies registered overseas.</li><li>In 2024, the industrial parks that Amata Corp. PCL operates in Southeast Asia attracted nearly 90 foreign-funded factories, 75% of which were from China, Amata Chairman Vikrom Kromadit said in a recent interview with Caixin.<div id="ad_1"></div></li></ul>

A growing number of Chinese manufacturers have set up factories in Southeast Asia, hoping to use the region to bypass U.S. import controls as the Trump administration plans to slap additional tariffs on Chinese goods.Whether this approach will work, however, remains to be seen as Washington may tighten its scrutiny over Chinese companies registered overseas.In 2024, the industrial parks that Amata Corp. PCL operates in Southeast Asia attracted nearly 90 foreign-funded factories, 75% of which were from China, Amata Chairman Vikrom Kromadit said in a recent interview with Caixin.

Looking to Dodge U.S. Tariffs, Chinese Manufacturers Set Up Shop in Southeast Asia  

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Equity Bottom-Up

<ul><li>The WTR Sustainable Index was down 0.8% W/W versus the S&amp;P 500 Index (down 1.0%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down 3.4%).</li><li>Energy Technology (12.8% of the index) was down 3.2%, while Industrial Climate and Ag Technology (45.9% of the index) was down 1.6%, ClimateTech Mining was up 0.7%, and Advanced Transportation Solutions (22.1% of the index) was up 0.9%.</li><li>Top 10 Performers: IDEX, NXH, COMM, PGTK, XPEV, NEOV, EXRO, LI, GCEH, BIOF</li></ul>

The WTR Sustainable Index was down 0.8% W/W versus the S&amp;P 500 Index (down 1.0%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down 3.4%).Energy Technology (12.8% of the index) was down 3.2%, while Industrial Climate and Ag Technology (45.9% of the index) was down 1.6%, ClimateTech Mining was up 0.7%, and Advanced Transportation Solutions (22.1% of the index) was up 0.9%.Top 10 Performers: IDEX, NXH, COMM, PGTK, XPEV, NEOV, EXRO, LI, GCEH, BIOF

Sustainable Investing Surveyor - Focus on OPAL Fuels, Inc. (OPAL)

<ul>
<li>Following existing home last week, new home sales also posted positive YoY growth. </li>
<li>LI is getting ready for its major battle of the year with BEV launch. It is focused, but we doubt it is enough;</li>
<li>MNSO guided down its C4Q24 and we believe it will miss 2025 as well. Offline grocery is under constant assault by O2O and online e-commerce. </li>
</ul>


Following existing home last week, new home sales also posted positive YoY growth. 
LI is getting ready for its major battle of the year with BEV launch. It is focused, but we doubt it is enough;
MNSO guided down its C4Q24 and we believe it will miss 2025 as well. Offline grocery is under constant assault by O2O and online e-commerce. 


[Blue Lotus China New Consumer Weekly, 9/52] New Home Sales Also Turned Positive YoY

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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Li Auto (LI US)

[Blue Lotus China New Consumer Weekly, 10/52] Smart Trump or Dumb Trump? Part II

China's market shrugged off Two Sessions as the balance of events with US the main driver. EV sector opened 2025 with a bang while MINISO...

Blue Lotus Research Institute

The Week Ahead in Options - 10 March

US steel and aluminum tariffs to impact Asia-Pacific markets on March 13. Quarterly derivatives expirations in Japan, South Korea, and India....

Gaudenz Schneider

Looking to Dodge U.S. Tariffs, Chinese Manufacturers Set Up Shop in Southeast Asia

A growing number of Chinese manufacturers have set up factories in Southeast Asia, hoping to use the region to bypass U. S. import controls as the...

Caixin Global

Sustainable Investing Surveyor - Focus on OPAL Fuels, Inc. (OPAL)

The WTR Sustainable Index was down 0.8% W/W versus the S&P 500 Index (down 1.0%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down...

Water Tower Research

[Blue Lotus China New Consumer Weekly, 9/52] New Home Sales Also Turned Positive YoY

Latest week saw positive YoY growth in new home sales, LI prepares for major battle with BEV launch, MNSO guidance down for C4Q24 and likely to...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus China New Consumer Weekly, 10/52] Smart Trump or Dumb Trump? Part II

​China's market shrugged off Two Sessions as the balance of events with US the main driver. EV sector opened 2025 with a bang while MINISO...

Blue Lotus Research Institute

The Week Ahead in Options - 10 March

​US steel and aluminum tariffs to impact Asia-Pacific markets on March 13. Quarterly derivatives expirations in Japan, South Korea, and India....

Gaudenz Schneider

Looking to Dodge U.S. Tariffs, Chinese Manufacturers Set Up Shop in Southeast Asia

A growing number of Chinese manufacturers have set up factories in Southeast Asia, hoping to use the region to bypass U. S. import controls as the...

Caixin Global

Sustainable Investing Surveyor - Focus on OPAL Fuels, Inc. (OPAL)

The WTR Sustainable Index was down 0.8% W/W versus the S&P 500 Index (down 1.0%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down...

Water Tower Research

[Blue Lotus China New Consumer Weekly, 9/52] New Home Sales Also Turned Positive YoY

​Latest week saw positive YoY growth in new home sales, LI prepares for major battle with BEV launch, MNSO guidance down for C4Q24 and likely to...

Blue Lotus Research Institute

China's market shrugged off Two Sessions as the balance of events with US the main driver. EV sector opened 2025 with a bang while MINISO...

US steel and aluminum tariffs to impact Asia-Pacific markets on March 13. Quarterly derivatives expirations in Japan, South Korea, and India....

Latest week saw positive YoY growth in new home sales, LI prepares for major battle with BEV launch, MNSO guidance down for C4Q24 and likely to...