Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>Vehicle-To-Grid (V2G) technology is rapidly expanding, and China is at the forefront, with the world's largest EV market.  Utilizing large onboard batteries and AI chips, NEVs could soon generate tokens.</li>
<li> China holds 60% of the global ESS market and targets 180GW of new capacity by 2027. NDRC is mandating V2G integration and targets 10+GW of flexible EV storage by 2030.</li>
<li>CATL Chairman Zeng stated in June 2026 that many EVs could be turned into "token factories" by tapping their batteries and AI chips to handle AI model inference workloads.</li>
</ul>


Vehicle-To-Grid (V2G) technology is rapidly expanding, and China is at the forefront, with the world's largest EV market.  Utilizing large onboard batteries and AI chips, NEVs could soon generate tokens.
 China holds 60% of the global ESS market and targets 180GW of new capacity by 2027. NDRC is mandating V2G integration and targets 10+GW of flexible EV storage by 2030.
CATL Chairman Zeng stated in June 2026 that many EVs could be turned into "token factories" by tapping their batteries and AI chips to handle AI model inference workloads.


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

<ul>
<li>Active conviction rising: China Industrials allocations are nearing all-time highs, with record participation and expanding net overweights despite a declining MSCI EM benchmark weight.</li>
<li>Clear conviction overweight: 76% of GEM funds are overweight China &amp; HK Industrials, making it the strongest country/sector conviction play across the EM universe.</li>
<li>Broadening beyond CATL: While CATL remains dominant, ownership is widening to emerging names, even as second-tier stocks show sharper rotations and selective positioning.</li>
</ul>


Active conviction rising: China Industrials allocations are nearing all-time highs, with record participation and expanding net overweights despite a declining MSCI EM benchmark weight.
Clear conviction overweight: 76% of GEM funds are overweight China &amp; HK Industrials, making it the strongest country/sector conviction play across the EM universe.
Broadening beyond CATL: While CATL remains dominant, ownership is widening to emerging names, even as second-tier stocks show sharper rotations and selective positioning.


China & HK Industrials: EM’s Key Overweight Grows Stronger

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

<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>300750 CH/601012 CH/2208 HK/300274 CH:The growth rate of photovoltaic new installed capacity continued to slow down in the third quarter but rebounded in September.(///////)</li>
<li>300750 CH: CATL's all-solid-state battery enters prototype verification phase, faster than expected.(/)</li>
<li>NIO US/ LI US/1211 HK: NIO is rumoured to launch hybrid vehicles overseas in 2026 and sell them in the Middle East, North Africa and Europe.(/////)</li>
</ul>


300750 CH/601012 CH/2208 HK/300274 CH:The growth rate of photovoltaic new installed capacity continued to slow down in the third quarter but rebounded in September.(///////)
300750 CH: CATL's all-solid-state battery enters prototype verification phase, faster than expected.(/)
NIO US/ LI US/1211 HK: NIO is rumoured to launch hybrid vehicles overseas in 2026 and sell them in the Middle East, North Africa and Europe.(/////)


[Blue Lotus Daily]:300750 CH/601012 CH/2208 HK/300274 CH/NIO US/ LI US/1211 HK

<ul>
<li>LKNCY US:Weak sales of Starbucks China reflects lingering fierce competition (-)</li>
<li>300274 CH/300750 CH/1211 HK: New energy export data in September are generally weak, and the phenomenon of tariff-related advanced exporting has not yet appeared(/////)</li>
<li>AAPL US/JD US/1810 HK: iPhone achieves close to 27% market share in China during prior week (+/+/+)</li>
</ul>


LKNCY US:Weak sales of Starbucks China reflects lingering fierce competition (-)
300274 CH/300750 CH/1211 HK: New energy export data in September are generally weak, and the phenomenon of tariff-related advanced exporting has not yet appeared(/////)
AAPL US/JD US/1810 HK: iPhone achieves close to 27% market share in China during prior week (+/+/+)


[Blue Lotus Daily]:LKNCY/300274 CH/300750 CH/1211 HK/AAPL/JD /1810 HK/QCOM/2454 TT/NIO/LI/XPEV/ATAT

China

Sungrow Power Supply Company Limited develops, produces, sells and provides services for solar PV inverters, wind power converters and other power supply. The Company also provides system solutions to renewable energy industry users.

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Sungrow Power Supply (300274 CH)

EVs: THE NEW AI TOKEN FACTORIES

Guoxia Tech (2655 HK) has surged 53% over 2 days on high volume. The driver is a continuation of the AI-linked energy storage re-rating that began...

David Mudd

China & HK Industrials: EM’s Key Overweight Grows Stronger

China Industrials are back in focus. Active EM managers are increasing exposure, participation is at record highs, and conviction is spreading...

Steven Holden

[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]:300750 CH/601012 CH/2208 HK/300274 CH/NIO US/ LI US/1211 HK

Photovoltaic new installed capacity growth slows in Q3 but rebounds in September; CATL's all-solid-state battery advances quickly; NIO rumored to...

Blue Lotus Research Institute

[Blue Lotus Daily]:LKNCY/300274 CH/300750 CH/1211 HK/AAPL/JD /1810 HK/QCOM/2454 TT/NIO/LI/XPEV/ATAT

Starbucks China sales struggle amid intense competition, new energy export data weak, iPhone gains 27% market share in China.

Blue Lotus Research Institute

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52-week Range

Market Cap (USDm)

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EVs: THE NEW AI TOKEN FACTORIES

Guoxia Tech (2655 HK) has surged 53% over 2 days on high volume. The driver is a continuation of the AI-linked energy storage re-rating that began...

David Mudd

China & HK Industrials: EM’s Key Overweight Grows Stronger

China Industrials are back in focus. Active EM managers are increasing exposure, participation is at record highs, and conviction is spreading...

Steven Holden

[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]:300750 CH/601012 CH/2208 HK/300274 CH/NIO US/ LI US/1211 HK

​Photovoltaic new installed capacity growth slows in Q3 but rebounds in September; CATL's all-solid-state battery advances quickly; NIO rumored to...

Blue Lotus Research Institute

[Blue Lotus Daily]:LKNCY/300274 CH/300750 CH/1211 HK/AAPL/JD /1810 HK/QCOM/2454 TT/NIO/LI/XPEV/ATAT

​Starbucks China sales struggle amid intense competition, new energy export data weak, iPhone gains 27% market share in China.

Blue Lotus Research Institute

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

Photovoltaic new installed capacity growth slows in Q3 but rebounds in September; CATL's all-solid-state battery advances quickly; NIO rumored to...

Starbucks China sales struggle amid intense competition, new energy export data weak, iPhone gains 27% market share in China.