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>1519 HK/ZTO US: Weekly parcel volume grew ~28% y-o-y (+)</li>
<li>ATAT US/TCOM US: Hotel industry showcased strong performance in the last week of August due to eased base effect.(+/+)</li>
<li>Macro Update: The mortgage interest rate for existing loans may be further reduced, releasing at least RMB200 billion of residents' funds annually, bodes well for consumption in China(+)</li>
</ul>


1519 HK/ZTO US: Weekly parcel volume grew ~28% y-o-y (+)
ATAT US/TCOM US: Hotel industry showcased strong performance in the last week of August due to eased base effect.(+/+)
Macro Update: The mortgage interest rate for existing loans may be further reduced, releasing at least RMB200 billion of residents' funds annually, bodes well for consumption in China(+)


[Blue Lotus Daily]:1519 HK/ZTO US/ATAT US/TCOM US/9926 HK/Macro Update

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

<ul>
<li>JD US/1810 HK/BABA US: Government insider says home appliance subsidies to be fully disbursed by end of August (+)</li>
<li>JD US/2618 HK/PDD US/BABA US: JD adjusts its algorithm to improve traffic of low price and fast shipping products (+/+/-/-)</li>
<li>BABA US: Alibaba launches demo of LLM support for mathematical reasoning based on sketches (+)</li>
</ul>


JD US/1810 HK/BABA US: Government insider says home appliance subsidies to be fully disbursed by end of August (+)
JD US/2618 HK/PDD US/BABA US: JD adjusts its algorithm to improve traffic of low price and fast shipping products (+/+/-/-)
BABA US: Alibaba launches demo of LLM support for mathematical reasoning based on sketches (+)


[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA US/2618 HK/PDD US/700 HK/NTES US/3690 HK/TCOM US

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>Total US border crossings in July 2026 were up just 0.6% Y/Y (and down 5% vs July 2024)</li>
<li>July 2026 crossings by aircraft were down over 3% Y/Y, and down 2% Y/Y in US West</li>
<li>The figures from peak Summer travel period seem to confirm sluggish US tourism activity</li>
</ul>


Total US border crossings in July 2026 were up just 0.6% Y/Y (and down 5% vs July 2024)
July 2026 crossings by aircraft were down over 3% Y/Y, and down 2% Y/Y in US West
The figures from peak Summer travel period seem to confirm sluggish US tourism activity


Latest US Customs & Border Protection Data Appear to Confirm Sluggish US Tourism Activity

<ul>
<li>ATAT US/TCOM US:Daily Traffic Volume growth on highways is flattish YoY During the Summer Travel Season(-/-)</li>
<li>BEKE US: Decrease in New Short-term Loans to Residents in July, but Increase in New Long-term Loans(+)</li>
<li>BEKE US:House prices continued to decline in July . (-)</li>
</ul>


ATAT US/TCOM US:Daily Traffic Volume growth on highways is flattish YoY During the Summer Travel Season(-/-)
BEKE US: Decrease in New Short-term Loans to Residents in July, but Increase in New Long-term Loans(+)
BEKE US:House prices continued to decline in July . (-)


[Blue Lotus Daily]:ATAT US/TCOM US/BEKE US/NIO US/LI US/1810 HK/1211 HK/XPEV US/LKNCY US

<ul>
<li>700 HK: Based on &lt;DnF Mobile&gt; Developer Nexon's 2Q24 Financial Report, the Game Generated around RMB 7bn in Revenue During the Quarter (+)</li>
<li>700 HK: &lt;League of Legends&gt; to Introduce Another PVE Game Mode (+)</li>
<li>BILI US: Bilibili's &lt;Aether Gazer&gt; to Shut Down on November 12 (/)</li>
</ul>


700 HK: Based on &lt;DnF Mobile&gt; Developer Nexon's 2Q24 Financial Report, the Game Generated around RMB 7bn in Revenue During the Quarter (+)
700 HK: &lt;League of Legends&gt; to Introduce Another PVE Game Mode (+)
BILI US: Bilibili's &lt;Aether Gazer&gt; to Shut Down on November 12 (/)


[Blue Lotus Daily-TMT Update]:700 HK/BILI US/BABA US/PDD US/JD/3690HK/ZTO/1519HK/2352 CH/SHEIN/TCOM

China

Trip.com Group Ltd. provides online travel agency services. The Company offers mobile applications, hotel reservations, flight ticketing, package tours, corporate travel management, and train ticketing services.

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

Trip.com (TCOM US)

[Blue Lotus Daily]:1519 HK/ZTO US/ATAT US/TCOM US/9926 HK/Macro Update

Weekly parcel volume in HK and the US grew by 28%, the hotel industry in the US showed strong performance, and China may see a boost in...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA US/2618 HK/PDD US/700 HK/NTES US/3690 HK/TCOM US

Government insider says home appliance subsidies to be fully disbursed by end of August, JD adjusts algorithm for low price products, Alibaba...

Blue Lotus Research Institute

Latest US Customs & Border Protection Data Appear to Confirm Sluggish US Tourism Activity

The latest figures for US border crossings suggest international travel into and out of the US remains sluggish. The figures show little growth...

Tracking Traffic

[Blue Lotus Daily]:ATAT US/TCOM US/BEKE US/NIO US/LI US/1810 HK/1211 HK/XPEV US/LKNCY US

Summer travel season sees flat growth in highway traffic volume, decrease in short-term loans but increase in long-term loans, and continued...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:700 HK/BILI US/BABA US/PDD US/JD/3690HK/ZTO/1519HK/2352 CH/SHEIN/TCOM

Nexon's <dnf mobile> game generates RMB 7bn, League of Legends adds new PVE mode, Bilibili's <aether gazer> shutting down on November 12.<...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:1519 HK/ZTO US/ATAT US/TCOM US/9926 HK/Macro Update

​Weekly parcel volume in HK and the US grew by 28%, the hotel industry in the US showed strong performance, and China may see a boost in...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:JD US/1810 HK/BABA US/2618 HK/PDD US/700 HK/NTES US/3690 HK/TCOM US

​Government insider says home appliance subsidies to be fully disbursed by end of August, JD adjusts algorithm for low price products, Alibaba...

Blue Lotus Research Institute

Latest US Customs & Border Protection Data Appear to Confirm Sluggish US Tourism Activity

The latest figures for US border crossings suggest international travel into and out of the US remains sluggish. The figures show little growth...

Tracking Traffic

[Blue Lotus Daily]:ATAT US/TCOM US/BEKE US/NIO US/LI US/1810 HK/1211 HK/XPEV US/LKNCY US

​Summer travel season sees flat growth in highway traffic volume, decrease in short-term loans but increase in long-term loans, and continued...

Blue Lotus Research Institute

[Blue Lotus Daily-TMT Update]:700 HK/BILI US/BABA US/PDD US/JD/3690HK/ZTO/1519HK/2352 CH/SHEIN/TCOM

​Nexon's <dnf mobile> game generates RMB 7bn, League of Legends adds new PVE mode, Bilibili's <aether gazer> shutting down on November 12.<...

Blue Lotus Research Institute

Weekly parcel volume in HK and the US grew by 28%, the hotel industry in the US showed strong performance, and China may see a boost in...

Government insider says home appliance subsidies to be fully disbursed by end of August, JD adjusts algorithm for low price products, Alibaba...

Summer travel season sees flat growth in highway traffic volume, decrease in short-term loans but increase in long-term loans, and continued...

Nexon's <dnf mobile> game generates RMB 7bn, League of Legends adds new PVE mode, Bilibili's <aether gazer> shutting down on November 12.<...