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

Thematic (Sector/Industry)

<ul>
<li>Most Western media viewed Xi's weekend handshake with Ma in the meeting with business leaders over the weekend as historical reconciliation. We believe it dangerously missed the mark; </li>
<li>Watch Jiang Fan...His next move to revitalize Taobao/Tmall could mean headwinds to Pinduoduo and JD.com. Taobao/Tmall performed well during CNY;</li>
<li>Alibaba's Apple grab shows its unique ecosystem position in the US-China macrocosm. JD's entry to O2O showed it needed a new growth driver post 2025. </li>
</ul>


Most Western media viewed Xi's weekend handshake with Ma in the meeting with business leaders over the weekend as historical reconciliation. We believe it dangerously missed the mark; 
Watch Jiang Fan...His next move to revitalize Taobao/Tmall could mean headwinds to Pinduoduo and JD.com. Taobao/Tmall performed well during CNY;
Alibaba's Apple grab shows its unique ecosystem position in the US-China macrocosm. JD's entry to O2O showed it needed a new growth driver post 2025. 


[Blue Lotus Non-US Internet Weekly, 7/52]: Xi's Meeting with Ma Went Way Beyond Just Reconciliation

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

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.

<ul>
<li>New smartphone trade-in subsidy received raving response from Chinese consumers;</li>
<li>Tencent and NetEase gained key game title approvals. Entertainment is a good choice in uncertain environment of 2025;</li>
<li>From a slight moderating C4Q24, we expect strong showing in domestic travel demand heading into CNY.</li>
</ul>


New smartphone trade-in subsidy received raving response from Chinese consumers;
Tencent and NetEase gained key game title approvals. Entertainment is a good choice in uncertain environment of 2025;
From a slight moderating C4Q24, we expect strong showing in domestic travel demand heading into CNY.


[Blue Lotus Non-US Internet Weekly, 4/52]: Deepseek's Asked the Right Question on GAI Capex

<ul>
<li>This week, JD.com launched its social gift feature more tightly integrated with Weixin than Alibaba. We believe Tencent's social gift feature will mainly serve as an advertising layer within e-commerce;</li>
<li>Consumption data is so so and heavily reliant on subsidies. More service-subsidies are needed from the government; </li>
<li>Outbound travel likely to cede to domestic during this CNY, benefiting local hotel chains like Atour.</li>
</ul>


This week, JD.com launched its social gift feature more tightly integrated with Weixin than Alibaba. We believe Tencent's social gift feature will mainly serve as an advertising layer within e-commerce;
Consumption data is so so and heavily reliant on subsidies. More service-subsidies are needed from the government; 
Outbound travel likely to cede to domestic during this CNY, benefiting local hotel chains like Atour.


[Blue Lotus Non-US Internet Weekly, 3/52]: RedNote's Popularity Can Lift Other Boats Outside China

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.

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Trip.com (TCOM US)

[Blue Lotus Non-US Internet Weekly, 7/52]: Xi's Meeting with Ma Went Way Beyond Just Reconciliation

Western media praised Xi's handshake with Ma as historic, but missed the mark. Alibaba's moves could impact Pinduoduo and JD.com, highlighting its...

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

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

[Blue Lotus Non-US Internet Weekly, 4/52]: Deepseek's Asked the Right Question on GAI Capex

Chinese consumers are excited about new smartphone trade-in subsidy, Tencent and NetEase secure game title approvals, and strong domestic travel...

Blue Lotus Research Institute

[Blue Lotus Non-US Internet Weekly, 3/52]: RedNote's Popularity Can Lift Other Boats Outside China

Consumption is still fragile with likely headwinds in January. More service subsidies are needed. RedNote's popularity signals more to come. US...

Blue Lotus Research Institute

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Market Cap (USDm)

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[Blue Lotus Non-US Internet Weekly, 7/52]: Xi's Meeting with Ma Went Way Beyond Just Reconciliation

​Western media praised Xi's handshake with Ma as historic, but missed the mark. Alibaba's moves could impact Pinduoduo and JD.com, highlighting its...

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

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

[Blue Lotus Non-US Internet Weekly, 4/52]: Deepseek's Asked the Right Question on GAI Capex

​Chinese consumers are excited about new smartphone trade-in subsidy, Tencent and NetEase secure game title approvals, and strong domestic travel...

Blue Lotus Research Institute

[Blue Lotus Non-US Internet Weekly, 3/52]: RedNote's Popularity Can Lift Other Boats Outside China

Consumption is still fragile with likely headwinds in January. More service subsidies are needed. RedNote's popularity signals more to come. US...

Blue Lotus Research Institute

Western media praised Xi's handshake with Ma as historic, but missed the mark. Alibaba's moves could impact Pinduoduo and JD.com, highlighting its...

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...

Chinese consumers are excited about new smartphone trade-in subsidy, Tencent and NetEase secure game title approvals, and strong domestic travel...