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.


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.

Equity Capital Markets

Zhongji Innolight   / Equity Capital Markets

<ul>
<li>Zhongji Innolight, a global optical interconnect player, passed hearing for an A+H listing. GS, CICC, MS, and GF are the joint sponsors.</li>
<li>We look at the company's core segments: high-speed and mid-to-low-speed optical transceivers.</li>
<li>We discussed our preliminary thoughts on the company's valuation based on A-H premium.</li>
</ul>


Zhongji Innolight, a global optical interconnect player, passed hearing for an A+H listing. GS, CICC, MS, and GF are the joint sponsors.
We look at the company's core segments: high-speed and mid-to-low-speed optical transceivers.
We discussed our preliminary thoughts on the company's valuation based on A-H premium.


Zhongji Innolight (中际旭创) A+H Pre-IPO: Early Thoughts

Research on Tech Companies

Evelyn Zhang

<ul>
<li>It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. </li>
<li>The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.</li>
<li>A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  </li>
</ul>


It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. 
The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.
A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  


Virtual Smoke and Mirror—Vision to Reality

USTR requested comments on potential exclusions of products of China subject to tariffs.
The largest exemption categories include Electrical equipment, electronic, mechanical equipment.
The household appliances have over 50% dependence on Chinese imports. 
This article combines the four tariff lists and identifies the goods most reliant on China, and consequently, potential beneficiaries of this Sino-US trade relaxation.

USTR requested comments on potential exclusions of products of China subject to tariffs.
The largest exemption categories include Electrical equipment, electronic, mechanical equipment.
The household appliances have over 50% dependence on Chinese imports. 
This article combines the four tariff lists and identifies the goods most reliant on China, and consequently, potential beneficiaries of this Sino-US trade relaxation.

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.

<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, a lot of the listing last week didn't end up doing much.</li>
<li>There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.</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, a lot of the listing last week didn't end up doing much.
There are quite a few lockup expiries coming up, while there were a number of placements as well over the past week.


Aequitas ECM Weekly (13 July 2026)-SK Hynix, Zhipu, Corex, Biren, Gigadevice, Archion, SBI

China

Luxshare Precision Industry Co., Ltd. researches, manufactures and sells connectors. The Company's products are widely used in computers, communication devices, consumer electronics products and automobiles.

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Luxshare Precision Industry (002475 CH)

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

Zhongji Innolight (中际旭创) A+H Pre-IPO: Early Thoughts

Zhongji Innolight passed hearing for an A+H listing. In this note, we look at the company's business, its industry context and provide our early...

Ke Yan, CFA, FRM

Virtual Smoke and Mirror—Vision to Reality

The recent surge in Metaverse have brought VR & AR back into the focus of the market. So is the Metaverse finally ready for prime time or still a...

Evelyn Zhang

A Truce in Trade War?

USTR requested comments on potential exclusions of products of China subject to tariffs. We analyze the potential beneficiaries of this Sino-US...

Evelyn Zhang

Aequitas ECM Weekly (13 July 2026)-SK Hynix, Zhipu, Corex, Biren, Gigadevice, Archion, SBI

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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)