Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>China's disappointing April-June GDP growth underscores domestic consumption weakness. Exports continue to skyrocket. Export resilience in power and automobiles, along with higher overseas margins benefit companies with sustainable foreign revenues.</li>
<li>In 2026, technology, industrials, energy have outperformed. The first two fit the theme of advanced manufacturing and technology-enablers. Combining this with robust overseas revenues, a set of stocks stand out.</li>
<li>Among these stocks, CATL, Geely, Weichai Power and CNOOC figure in our Model Portfolio.</li>
</ul>


China's disappointing April-June GDP growth underscores domestic consumption weakness. Exports continue to skyrocket. Export resilience in power and automobiles, along with higher overseas margins benefit companies with sustainable foreign revenues.
In 2026, technology, industrials, energy have outperformed. The first two fit the theme of advanced manufacturing and technology-enablers. Combining this with robust overseas revenues, a set of stocks stand out.
Among these stocks, CATL, Geely, Weichai Power and CNOOC figure in our Model Portfolio.


Asian Equities: China's Tepid Domestic Growth and Skyrocketing Exports Presents Interesting Options

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Hong Kong market has been under pressure over the past two weeks on concerns over liquidity.</li><li>In order to have a closer look at the fund flows in our coverage universe, we analysed close to 20,000 data points of shareholdings in CCASS (on T+2 basis) between 9 and 23 Jun for five HK-listed names under our coverage, namely Weichai Power-H (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANY International (631 HK, BUY), SANY Heavy-H (6031 HK, BUY) and Sinotruk (3808 HK, BUY).</li><li>Our results show a clear trend: US brokers were the major sellers while the Stock Connect was the main buying force.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hong Kong market has been under pressure over the past two weeks on concerns over liquidity.In order to have a closer look at the fund flows in our coverage universe, we analysed close to 20,000 data points of shareholdings in CCASS (on T+2 basis) between 9 and 23 Jun for five HK-listed names under our coverage, namely Weichai Power-H (2338 HK, BUY), Zoomlion-H (1157 HK, BUY), SANY International (631 HK, BUY), SANY Heavy-H (6031 HK, BUY) and Sinotruk (3808 HK, BUY).Our results show a clear trend: US brokers were the major sellers while the Stock Connect was the main buying force.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Who Are Trading the Sector? Implications from CCASS Data (9-23 Jun)

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec, Wanguo Gold Gp.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 25th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec, Wanguo Gold Gp.


HK Short Interest Weekly: Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec

<ul><li>According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) grew 39% YoY to 100k units in Jan.</li><li>The growth was driven by (1) low-base effect due to early CNY last year (started from 29 Jan); (2) a portion of sales in Dec 2025 was recognized in Jan 2026 as truck manufacturers already reached their sales targets before end-2025.</li><li>We maintain our view that HDT demand in 2026E will likely stay high at &gt;1.1m units, supported by the replacement-driven up-cycle (sales between 2017 and 2021 were a record high) and the extension of government subsidies scheme. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) grew 39% YoY to 100k units in Jan.The growth was driven by (1) low-base effect due to early CNY last year (started from 29 Jan); (2) a portion of sales in Dec 2025 was recognized in Jan 2026 as truck manufacturers already reached their sales targets before end-2025.We maintain our view that HDT demand in 2026E will likely stay high at &gt;1.1m units, supported by the replacement-driven up-cycle (sales between 2017 and 2021 were a record high) and the extension of government subsidies scheme. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - HDT Sales +39% YoY in Jan on Low Base

<ul><li>We believe mining machinery (in particular large-size excavators &amp; trucks) will become a key growth area for Chinese machinery players in 2026E, given (1) the elevated miners’ capex supported by the strong metal prices, declining ore grades and aging machinery fleets; (2) the rising Chinese investment in overseas mines to drive more Chinese machinery demand.</li><li>We believe Zoomlion, SANY Heavy and SANYI are the key beneficiaries. In China, we expect the overall machinery replacement cycle will continue and expect tenders for the Yarlung Zangbo hydropower project will speed up in 2026E, which will serve as a driver for new demand.</li><li>On the power side, we forecast the global backup power engines for data centres to surge 70% between 2025E and 2030E, offering excellent opportunities for Weichai Power to penetrate.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We believe mining machinery (in particular large-size excavators &amp; trucks) will become a key growth area for Chinese machinery players in 2026E, given (1) the elevated miners’ capex supported by the strong metal prices, declining ore grades and aging machinery fleets; (2) the rising Chinese investment in overseas mines to drive more Chinese machinery demand.We believe Zoomlion, SANY Heavy and SANYI are the key beneficiaries. In China, we expect the overall machinery replacement cycle will continue and expect tenders for the Yarlung Zangbo hydropower project will speed up in 2026E, which will serve as a driver for new demand.On the power side, we forecast the global backup power engines for data centres to surge 70% between 2025E and 2030E, offering excellent opportunities for Weichai Power to penetrate.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Capital Goods - Key Themes in 2026: Focus on Mining Equipment...

China

Weichai Power is a Chinese industrial technology company specializing in the research, development, and manufacturing of powertrains, vehicles, and key components such as engines, transmissions, and axles. The company also offers intelligent logistics solutions, including forklifts and warehousing services, and is actively developing new energy technologies like hydrogen fuel cells. Weichai Power was founded in 2002 and is headquartered in Weifang, Shandong, China.

Price Gauge
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Weichai Power (2338 HK)

Asian Equities: China's Tepid Domestic Growth and Skyrocketing Exports Presents Interesting Options

China's weak domestic consumption contrasts with strong export growth, benefiting firms with sustainable foreign revenues. Focus on overseas...

Manishi Raychaudhuri

Capital Goods - Who Are Trading the Sector? Implications from CCASS Data (9-23 Jun)

In order to have a closer look at the fund flows in our coverage universe, we analysed close to 20,000 data points of shareholdings in CCASS (on...

CMB International

HK Short Interest Weekly: Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec

We analyzed the latest HK SFC report for aggregate short position as of Sep 25th and highlight short interest changes in Zijin Gold Intl (2259 HK),...

Ke Yan, CFA, FRM

Capital Goods - HDT Sales +39% YoY in Jan on Low Base

According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) grew 39% YoY to 100k units in Jan.

CMB International

Capital Goods - Key Themes in 2026: Focus on Mining Equipment...

On the power side, we forecast the global backup power engines for data centres to surge 70% between 2025E and 2030E, offering excellent...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: China's Tepid Domestic Growth and Skyrocketing Exports Presents Interesting Options

​China's weak domestic consumption contrasts with strong export growth, benefiting firms with sustainable foreign revenues. Focus on overseas...

Manishi Raychaudhuri

Capital Goods - Who Are Trading the Sector? Implications from CCASS Data (9-23 Jun)

In order to have a closer look at the fund flows in our coverage universe, we analysed close to 20,000 data points of shareholdings in CCASS (on...

CMB International

HK Short Interest Weekly: Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec

We analyzed the latest HK SFC report for aggregate short position as of Sep 25th and highlight short interest changes in Zijin Gold Intl (2259 HK),...

Ke Yan, CFA, FRM

Capital Goods - HDT Sales +39% YoY in Jan on Low Base

According to the preliminary data released by Cvworld, heavy-duty truck (HDT) wholesale volume (domestic + export) grew 39% YoY to 100k units in Jan.

CMB International

Capital Goods - Key Themes in 2026: Focus on Mining Equipment...

On the power side, we forecast the global backup power engines for data centres to surge 70% between 2025E and 2030E, offering excellent...

CMB International

China's weak domestic consumption contrasts with strong export growth, benefiting firms with sustainable foreign revenues. Focus on overseas...