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>300750 CH/1211 HK/ JKS US/601012 CH/688599 CH/002459 CH:China cancels and reduces export tax rebate for certain China's advantageous products, forcing production capacity to be rationalize and export prices to rise.(///////////)</li>
<li>1810 HK/LI US/NIO US/XPEV US: It is said that Geely Group is preparing to merge its hybrid and pure electric brands under Zeekr（///////）</li>
<li>BEKE US:Mid-November Home Transaction Growth Remains Strong in First-Tier Cities, While Growth in Second- and Third-Tier Cities Slows Down (+)</li>
</ul>


300750 CH/1211 HK/ JKS US/601012 CH/688599 CH/002459 CH:China cancels and reduces export tax rebate for certain China's advantageous products, forcing production capacity to be rationalize and export prices to rise.(///////////)
1810 HK/LI US/NIO US/XPEV US: It is said that Geely Group is preparing to merge its hybrid and pure electric brands under Zeekr（///////）
BEKE US:Mid-November Home Transaction Growth Remains Strong in First-Tier Cities, While Growth in Second- and Third-Tier Cities Slows Down (+)


[Blue Lotus Daily]:300750 CH/1211 HK/JKS US/601012 CH/688599 CH/002459CH/1810HK/LI/NIO/XPEV/BEKE/ZTO

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Equity Bottom-Up

Tencent Music Entertainment Group / Equity Bottom-Up

<ul>
<li>Hong Kong market sectors outperforming since the stimulus in September are Consumer Discretionary and Healthcare as Utilities, Telecom and Energy lag.</li>
<li>
<a href="https://www.smartkarma.com/entities/crrc-corp-ltd-461535b2-37ac-4589-b4d9-8b71c06c43b8" target="_blank" data-smartkarma-citation="entities:124:1" rel="noopener">CRRC Corp Ltd H (1766 HK)</a> gets BUY recommendations as its results point to continued strength in the rail equipment sector with passenger volume surging.
</li>
<li>
<a href="https://www.smartkarma.com/entities/tencent-music-entertainment-group" target="_blank" data-smartkarma-citation="entities:36601:1" rel="noopener">Tencent Music Entertainment Group (1698 HK)</a> reported solid results as it shifts to a pay-to-stream subscription model. <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> had a blowout quarter with EV sales surging.
</li>
</ul>


Hong Kong market sectors outperforming since the stimulus in September are Consumer Discretionary and Healthcare as Utilities, Telecom and Energy lag.

CRRC Corp Ltd H (1766 HK) gets BUY recommendations as its results point to continued strength in the rail equipment sector with passenger volume surging.


Tencent Music Entertainment Group (1698 HK) reported solid results as it shifts to a pay-to-stream subscription model. Xiaomi Corp (1810 HK) had a blowout quarter with EV sales surging.



BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 18)

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>China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.</li>
<li>Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.</li>
<li>Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. </li>
</ul>


China, India, Saudi Arabia, and Taiwan remain key underweights.  Recovery in Malaysia, Thailand, Turkey, and South Africa, correction in Indonesia and Mexico. Developed Markets the largest overweight for EM investors.
Discretionary, Staples, and Industrials the key overweights, Materials and Energy the underweights. Rotation out of Tech moves positioning from overweight to underweight for the first time since 2019.
Ownership climbs for Meituan and SK Hynix, Baidu and Yum China see sharp declines. Downtrends persist in Vale, Telkom Indonesia.  Recovery in SK Telekom, Garanti Bank, highs in Emaar Properties. 


Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Nvidia's Blackwell rack design overheating issues causing potential shipment delays</li><li>AMD leading server market in 3Q24, Intel fighting back in PC market </li><li>Trump's tariff changes impacting Chinese EV makers, with 4 strategies to navigate the changes. Huawei and Xiaomi dominate China's AI smartphone market with over 50% market share.</li></ul>

Nvidia's Blackwell rack design overheating issues causing potential shipment delaysAMD leading server market in 3Q24, Intel fighting back in PC market Trump's tariff changes impacting Chinese EV makers, with 4 strategies to navigate the changes. Huawei and Xiaomi dominate China's AI smartphone market with over 50% market share.

Tech Supply Chain Tracker (19-Nov-2024): Nvidia Blackwell rack design overheats, delays shipments.

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Nov 8th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Xpeng, Citic Sec, Anta Sports, HSBC, Mnso.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Nov 8th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Xpeng, Citic Sec, Anta Sports, HSBC, Mnso.


HK Short Interest Weekly: Xpeng, Citic Sec, Anta Sports, HSBC, Mnso

China

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

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Xiaomi (1810 HK)

[Blue Lotus Daily]:300750 CH/1211 HK/JKS US/601012 CH/688599 CH/002459CH/1810HK/LI/NIO/XPEV/BEKE/ZTO

China cancels export tax rebate, Geely Group to merge electric brands, home transaction growth strong in first-tier cities.

Blue Lotus Research Institute

BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 18)

Hong Kong has seen its Consumer Discretionary and Healthcare sectors perform well since the stimulus in September. CRCC has had several buy...

David Mudd

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

Tech Supply Chain Tracker (19-Nov-2024): Nvidia Blackwell rack design overheats, delays shipments.

Nvidia facing delays due to overheating issues, AMD dominates server market, Trump's tariff impact on Chinese EV makers, Huawei and Xiaomi lead...

Tech Supply Chain Tracker

HK Short Interest Weekly: Xpeng, Citic Sec, Anta Sports, HSBC, Mnso

We analyzed the latest HK SFC report for aggregate short position as of Nov 8th and highlight short interest changes in Xpeng, Citic Sec, Anta...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:300750 CH/1211 HK/JKS US/601012 CH/688599 CH/002459CH/1810HK/LI/NIO/XPEV/BEKE/ZTO

​China cancels export tax rebate, Geely Group to merge electric brands, home transaction growth strong in first-tier cities.

Blue Lotus Research Institute

BUY/SELL/HOLD: Hong Kong Stock Updates (NOVEMBER 18)

Hong Kong has seen its Consumer Discretionary and Healthcare sectors perform well since the stimulus in September. CRCC has had several buy...

David Mudd

Active GEM Funds: Positioning Chart Pack

In this chart pack, we highlight the key country, sector and stock exposures among active Emerging Markets equity funds.

Steven Holden

Tech Supply Chain Tracker (19-Nov-2024): Nvidia Blackwell rack design overheats, delays shipments.

Nvidia facing delays due to overheating issues, AMD dominates server market, Trump's tariff impact on Chinese EV makers, Huawei and Xiaomi lead...

Tech Supply Chain Tracker

HK Short Interest Weekly: Xpeng, Citic Sec, Anta Sports, HSBC, Mnso

We analyzed the latest HK SFC report for aggregate short position as of Nov 8th and highlight short interest changes in Xpeng, Citic Sec, Anta...

Ke Yan, CFA, FRM

China cancels export tax rebate, Geely Group to merge electric brands, home transaction growth strong in first-tier cities.