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>300274 SZ: Sungrow preannounced full-year profit to exceed expectations (+)</li>
<li>LI/NIO/XPEV: Li Auto's deliveries rose in the third week of January, ranking first among new forces, but still lower than expected (-)</li>
<li>BEKE: Chongqing raised the levy standard of property tax (+)</li>
</ul>


300274 SZ: Sungrow preannounced full-year profit to exceed expectations (+)
LI/NIO/XPEV: Li Auto's deliveries rose in the third week of January, ranking first among new forces, but still lower than expected (-)
BEKE: Chongqing raised the levy standard of property tax (+)


[Blue Lotus Daily]: ATAT/HTHT/TCOM/300750CH/1211HK/835185CH/ 600516CH/LI/NIO/XPEV/BEKE/ZTO

<ul>
<li>NIO/1211 HK：Germany ended EV subsidy, impacting Chinese makers little for now (-)</li>
<li>LI/NIO/XPEV/300274 CH/300750 CH/601012 CH/JKS: China customs export data for November (-)</li>
<li>LKNCY :  “ Thailand Luckin ” countersues Luckin Coffee  (/)</li>
</ul>


NIO/1211 HK：Germany ended EV subsidy, impacting Chinese makers little for now (-)
LI/NIO/XPEV/300274 CH/300750 CH/601012 CH/JKS: China customs export data for November (-)
LKNCY :  “ Thailand Luckin ” countersues Luckin Coffee  (/)


[Blue Lotus Daily]: NIO/1211 HK/LI/XPEV/300274 CH/300750 CH/601012 CH/JKS/ LKNCY

<ul>
<li>LKNCY: Cotti Coffee pans to expand into tea drinks business(+)</li>
<li>BIDU/DIDI/XPEV: MIIT and 4 other departments to carry out intelligent car access network(+)</li>
<li>LI/NIO/XPEV/300274 CH/300750 CH/601012 CH/JKS: China Export Data in October shows PV and wind power decline accelerating(+/+/+/-/-/-/-)</li>
</ul>


LKNCY: Cotti Coffee pans to expand into tea drinks business(+)
BIDU/DIDI/XPEV: MIIT and 4 other departments to carry out intelligent car access network(+)
LI/NIO/XPEV/300274 CH/300750 CH/601012 CH/JKS: China Export Data in October shows PV and wind power decline accelerating(+/+/+/-/-/-/-)


[Blue Lotus Daily]: LKNCY/Cotti Coffe/XPEV/BIDU/NIO/LI/JKS/DIDI/300274 CH/300750 CH/601012 CH

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>Semiconductors are the 2nd largest industry allocation and the 6th largest overweight among EM active managers. However, the momentum witnessed between 2019 and 2021 has stalled.</li>
<li>EM Growth funds remain overweight, but Value and GARP funds switch from an equal weight to an underweight.</li>
<li>TSMC is the dominant stock holding whilst SK Hynix and Mediatek occupy a 2nd tier. Alchip Technologies has captured inflows, whilst EM funds are closing LONGi Green Energy Technology exposure</li>
</ul>


Semiconductors are the 2nd largest industry allocation and the 6th largest overweight among EM active managers. However, the momentum witnessed between 2019 and 2021 has stalled.
EM Growth funds remain overweight, but Value and GARP funds switch from an equal weight to an underweight.
TSMC is the dominant stock holding whilst SK Hynix and Mediatek occupy a 2nd tier. Alchip Technologies has captured inflows, whilst EM funds are closing LONGi Green Energy Technology exposure


EM Semiconductors:  Positioning Deep Dive

China/Asia TMT

Shawn Yang

<ul>
<li>Contrast to weak EV demand and solar PV inventory correction abroad, domestic renewable capacities have been growing at such a neck-breaking speed that we foresee a utilization drop in 2023;</li>
<li>China’s firm and consistent renewable policy and a unified energy vision have been its strength,</li>
<li>But now have developed a few inconsistencies. Resolution of inconsistency push the sector to higher grounds. </li>
</ul>


Contrast to weak EV demand and solar PV inventory correction abroad, domestic renewable capacities have been growing at such a neck-breaking speed that we foresee a utilization drop in 2023;
China’s firm and consistent renewable policy and a unified energy vision have been its strength,
But now have developed a few inconsistencies. Resolution of inconsistency push the sector to higher grounds. 


[Blue Lotus Sector Update]: Chinese Renewable Energy Comes to Crossroads

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.

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

Sungrow Power Supply (300274 CH)

[Blue Lotus Daily]: ATAT/HTHT/TCOM/300750CH/1211HK/835185CH/ 600516CH/LI/NIO/XPEV/BEKE/ZTO

Sungrow's full-year profit exceeds expectations; Li Auto's deliveries improve but fall short; Chongqing raises property tax levy standard.

Blue Lotus Research Institute

[Blue Lotus Daily]: NIO/1211 HK/LI/XPEV/300274 CH/300750 CH/601012 CH/JKS/ LKNCY

Germany ending EV subsidies has little immediate impact on Chinese makers. China's customs export data for November shows a decline. "Thailand...

Blue Lotus Research Institute

[Blue Lotus Daily]: LKNCY/Cotti Coffe/XPEV/BIDU/NIO/LI/JKS/DIDI/300274 CH/300750 CH/601012 CH

Cotti Coffee plans tea expansion, MIIT to launch intelligent car access network, China's PV and wind power decline worsens in October.

Blue Lotus Research Institute

EM Semiconductors: Positioning Deep Dive

The momentum in Semiconductor positioning witnessed between 2019 and 2021 has stalled. In this report we identifying the funds and the companies...

Steven Holden

[Blue Lotus Sector Update]: Chinese Renewable Energy Comes to Crossroads

China’s firm and consistent renewable policy and a unified energy vision have been its strength, But now have developed a few inconsistencies.

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]: ATAT/HTHT/TCOM/300750CH/1211HK/835185CH/ 600516CH/LI/NIO/XPEV/BEKE/ZTO

​Sungrow's full-year profit exceeds expectations; Li Auto's deliveries improve but fall short; Chongqing raises property tax levy standard.

Blue Lotus Research Institute

[Blue Lotus Daily]: NIO/1211 HK/LI/XPEV/300274 CH/300750 CH/601012 CH/JKS/ LKNCY

​Germany ending EV subsidies has little immediate impact on Chinese makers. China's customs export data for November shows a decline. "Thailand...

Blue Lotus Research Institute

[Blue Lotus Daily]: LKNCY/Cotti Coffe/XPEV/BIDU/NIO/LI/JKS/DIDI/300274 CH/300750 CH/601012 CH

​Cotti Coffee plans tea expansion, MIIT to launch intelligent car access network, China's PV and wind power decline worsens in October.

Blue Lotus Research Institute

EM Semiconductors: Positioning Deep Dive

The momentum in Semiconductor positioning witnessed between 2019 and 2021 has stalled. In this report we identifying the funds and the companies...

Steven Holden

[Blue Lotus Sector Update]: Chinese Renewable Energy Comes to Crossroads

China’s firm and consistent renewable policy and a unified energy vision have been its strength, But now have developed a few inconsistencies.

Blue Lotus Research Institute

Sungrow's full-year profit exceeds expectations; Li Auto's deliveries improve but fall short; Chongqing raises property tax levy standard.

Germany ending EV subsidies has little immediate impact on Chinese makers. China's customs export data for November shows a decline. "Thailand...

Cotti Coffee plans tea expansion, MIIT to launch intelligent car access network, China's PV and wind power decline worsens in October.