Asia L/S Equity PM/Macro/Thematic Idea Generation

Rikki Malik

Thematic (Sector/Industry)

<ul>
<li>Continuing review of the sectors we like for the next phase of the HK/China bull market</li>
<li>In financials, insurers are a lower volatility way of playing the equity market revival</li>
<li>Watch for a reversal of bond yields as a signal to buy</li>
</ul>


Continuing review of the sectors we like for the next phase of the HK/China bull market
In financials, insurers are a lower volatility way of playing the equity market revival
Watch for a reversal of bond yields as a signal to buy


Timing the Entry into the Insurance Sector for the Next Phase of the HK/China Bull Market

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet 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

<ul>
<li>Tencent and NetEase games showed strong during CNY, echoing strong box office showing. Express delivery data suggested robust e-commerce performance;</li>
<li>However, as a big ticket item with no subsidies support, housing market petered out quickly after CNY, which suggests recovery is still fragile;</li>
<li>Meituan's milk tea order volume jumped after introducing social gift functions. Meituan and JD.com are two beneficiaries of social gifting from the GMV angle with Tencent from the advertising angle.</li>
</ul>


Tencent and NetEase games showed strong during CNY, echoing strong box office showing. Express delivery data suggested robust e-commerce performance;
However, as a big ticket item with no subsidies support, housing market petered out quickly after CNY, which suggests recovery is still fragile;
Meituan's milk tea order volume jumped after introducing social gift functions. Meituan and JD.com are two beneficiaries of social gifting from the GMV angle with Tencent from the advertising angle.


[Blue Lotus Non-US Internet Weekly, 6/52]: Consumption Warmed Up During CNY Except Housing

Andy Fu

<ul>
<li>2025's Chinese New Year (CNY)  closed with a bang. Home appliances, mobile phones and general merchandises were robust.  Catering saw steady growth and box office hit a record high;</li>
<li>Domestic travel was vibrant. So was inbound overseas travel. But outbound overseas travel was in the doldrums on several unfavorable incidents involving kidnapping in Thailand and flu in Japan; </li>
<li>We predict a 65% chance of a housing resurrection post CNY.  We observe an improvement in consumer sentiment as life gradually returning to normal. </li>
</ul>


2025's Chinese New Year (CNY)  closed with a bang. Home appliances, mobile phones and general merchandises were robust.  Catering saw steady growth and box office hit a record high;
Domestic travel was vibrant. So was inbound overseas travel. But outbound overseas travel was in the doldrums on several unfavorable incidents involving kidnapping in Thailand and flu in Japan; 
We predict a 65% chance of a housing resurrection post CNY.  We observe an improvement in consumer sentiment as life gradually returning to normal. 


2025's Chinese New Year Consumption Tiltering Towards the Positive

<ul>
<li>Following on from our last HK piece, we take a closer look at the tech sector</li>
<li>While the overall HSTECH index provides a good risk-reward, some</li>
<li>Individual E-commerce &amp; software names offer much more upside than  downside</li>
</ul>


Following on from our last HK piece, we take a closer look at the tech sector
While the overall HSTECH index provides a good risk-reward, some
Individual E-commerce &amp; software names offer much more upside than  downside


HSTECH Index. Identifying Individual Names with Greater Potential Upside

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

Cross Asset Strategy

<ul>
<li>India Real Estate, South Korea Financials and Turkey Financials see big increases in ownership in 2024.</li>
<li>South Korea Materials, China Technology and China Health Care saw investment levels decline.</li>
<li>Sk Hynix saw the largest increase in fund ownership, but which stocks saw large decreases, and which look set for a promising 2025?</li>
</ul>


India Real Estate, South Korea Financials and Turkey Financials see big increases in ownership in 2024.
South Korea Materials, China Technology and China Health Care saw investment levels decline.
Sk Hynix saw the largest increase in fund ownership, but which stocks saw large decreases, and which look set for a promising 2025?


GEM Fund Positioning: The Big Rotations in 2024.

China

Meituan is a Chinese technology company that operates a platform for local services, including on-demand food delivery, in-store services, consumer reviews, hotel and travel bookings, and instant retail. The company also offers bike sharing, e-moped sharing, and grocery delivery services. Meituan is headquartered in Beijing, China, and was founded in 2010.

Price Gauge
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Meituan (3690 HK)

Timing the Entry into the Insurance Sector for the Next Phase of the HK/China Bull Market

Analysis of sectors favored for the upcoming phase of the HK/China bull market, with a focus on insurers as a lower volatility option and a tip to...

Rikki Malik

[Blue Lotus Non-US Internet Weekly, 6/52]: Consumption Warmed Up During CNY Except Housing

Tencent and NetEase games shine during CNY, housing market falters post-holiday, Meituan sees boost in milk tea orders with social gifting feature.

Blue Lotus Research Institute

2025's Chinese New Year Consumption Tiltering Towards the Positive

China's spring festival goods consumption sees solid growth and domestic tourism service thrives. Consumer sentiment increases slightly but income...

Blue Lotus Research Institute

HSTECH Index. Identifying Individual Names with Greater Potential Upside

The initial market reaction to the Deepseek news is to bid up Chinese tech names, both platform and semiconductor-related. The tariff newsflow will...

Rikki Malik

GEM Fund Positioning: The Big Rotations in 2024.

India Real Estate, South Korea and Turkey Financials were the winners in 2024, but which sectors led the declines, and which stocks saw the...

Steven Holden

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Timing the Entry into the Insurance Sector for the Next Phase of the HK/China Bull Market

​Analysis of sectors favored for the upcoming phase of the HK/China bull market, with a focus on insurers as a lower volatility option and a tip to...

Rikki Malik

[Blue Lotus Non-US Internet Weekly, 6/52]: Consumption Warmed Up During CNY Except Housing

​Tencent and NetEase games shine during CNY, housing market falters post-holiday, Meituan sees boost in milk tea orders with social gifting feature.

Blue Lotus Research Institute

2025's Chinese New Year Consumption Tiltering Towards the Positive

​China's spring festival goods consumption sees solid growth and domestic tourism service thrives. Consumer sentiment increases slightly but income...

Blue Lotus Research Institute

HSTECH Index. Identifying Individual Names with Greater Potential Upside

The initial market reaction to the Deepseek news is to bid up Chinese tech names, both platform and semiconductor-related. The tariff newsflow will...

Rikki Malik

GEM Fund Positioning: The Big Rotations in 2024.

​India Real Estate, South Korea and Turkey Financials were the winners in 2024, but which sectors led the declines, and which stocks saw the...

Steven Holden

Analysis of sectors favored for the upcoming phase of the HK/China bull market, with a focus on insurers as a lower volatility option and a tip to...

Tencent and NetEase games shine during CNY, housing market falters post-holiday, Meituan sees boost in milk tea orders with social gifting feature.

China's spring festival goods consumption sees solid growth and domestic tourism service thrives. Consumer sentiment increases slightly but income...

India Real Estate, South Korea and Turkey Financials were the winners in 2024, but which sectors led the declines, and which stocks saw the...