Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Solar / In Depth: Despite market rally, doubts cloud China’s plan to end solar glut</li><li>Rating /In Depth: China’s scandal-hit credit ratings industry seeks a new beginning</li><li>Vanke /State shareholder throws Vanke new lifeline as $2 billion debt payments loom</li></ul>

Solar / In Depth: Despite market rally, doubts cloud China’s plan to end solar glutRating /In Depth: China’s scandal-hit credit ratings industry seeks a new beginningVanke /State shareholder throws Vanke new lifeline as $2 billion debt payments loom

CX Daily: Despite Market Rally, Doubts Cloud China’s Plan to End Solar Glut 

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.

<ul>
<li>July’s $17.28 bn inflow through Southbound was almost triple of that of the May low ($5.85bn). The flows are now on track to recovering to the March-April peak of $20-22bn.</li>
<li>Investors continue buying dividend plays (CCB), sharp decliners (Meituan), policy beneficiaries (SMIC). Kuaishou and Alibaba were bought after being sold recently. Biotechnology (Innovent, Akeso) and insurance (ChinaLife) are new favorites.</li>
<li>Expensive consumers and consumer proxies (Pop Mart, Tencent, Xiaomi) continue to be sold. Last three months selling in Xiaomi and Tencent have almost wiped out their cumulative 12 month's buying.</li>
</ul>


July’s $17.28 bn inflow through Southbound was almost triple of that of the May low ($5.85bn). The flows are now on track to recovering to the March-April peak of $20-22bn.
Investors continue buying dividend plays (CCB), sharp decliners (Meituan), policy beneficiaries (SMIC). Kuaishou and Alibaba were bought after being sold recently. Biotechnology (Innovent, Akeso) and insurance (ChinaLife) are new favorites.
Expensive consumers and consumer proxies (Pop Mart, Tencent, Xiaomi) continue to be sold. Last three months selling in Xiaomi and Tencent have almost wiped out their cumulative 12 month's buying.


Asian Equity: Southbound Monthly- July Boom; New Darlings: Insurance, Biotech; Pricey Consumers Sold

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>2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish mainstream demand post order pull-in and China subsidies in 1H25.</li><li>Qualcomm (QCOM US, NR) guided 15% YoY growth in non-Apple QCT revenue in FY25, while MediaTek (2454 TT, NR) expected 40% YoY growth in flagship revenue in FY25.</li><li>New form factors (XR, Trifold, AI glasses) have become emerging growth drivers. </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.

2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish mainstream demand post order pull-in and China subsidies in 1H25.Qualcomm (QCOM US, NR) guided 15% YoY growth in non-Apple QCT revenue in FY25, while MediaTek (2454 TT, NR) expected 40% YoY growth in flagship revenue in FY25.New form factors (XR, Trifold, AI glasses) have become emerging growth drivers. 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.

Technology - Smartphone: Samsung/MTK/QCOM Results Takeaways

<ul><li>We reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI glasses’ bullish shipment target of 500k, strong product pipeline (Meta/Xiaomi/Rokid/ RayNeo/Quark) and improving ecosystem with more AI features/use cases will continue to pave wave for the AI glasses supply chain into 2H25E.</li><li>Looking ahead, global/China smart glasses market is set to continue robust growth of 43%/121% YoY in 2025, based on IDC.</li><li>As more tech players are entering the AI smart glass market, we expect cost optimization and more gen-AI use cases will continue to drive demand in the next few years. </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 reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI glasses’ bullish shipment target of 500k, strong product pipeline (Meta/Xiaomi/Rokid/ RayNeo/Quark) and improving ecosystem with more AI features/use cases will continue to pave wave for the AI glasses supply chain into 2H25E.Looking ahead, global/China smart glasses market is set to continue robust growth of 43%/121% YoY in 2025, based on IDC.As more tech players are entering the AI smart glass market, we expect cost optimization and more gen-AI use cases will continue to drive demand in the next few years. 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.

Technology -  Ray-Ban Meta Upbeat in 1H25, Xiaomi 500k Target and Quark Glasses Launch

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>The Hong Kong Alpha portfolio has significantly outperformed the Hong Kong indexes in June and since inception. Outperformance range is 17% to 23% since inception.</li>
<li>At the end of June, we sold positions in the tech sector after substantial gains. The portfolio's exposure to the consumption sector was also trimmed, both discretionary and staples.</li>
<li>The portfolio added exposure to the metals refining sector and initiated positions in conglomerates <a href="https://www.smartkarma.com/entities/shanghai-industrial-holdings-limited" target="_blank" data-smartkarma-citation="entities:1447:1" rel="noopener">Shanghai Industrial Holdings (363 HK)</a> and <a href="https://www.smartkarma.com/entities/citic-ltd" target="_blank" data-smartkarma-citation="entities:20590:1" rel="noopener">Citic Ltd (267 HK)</a> .</li>
</ul>


The Hong Kong Alpha portfolio has significantly outperformed the Hong Kong indexes in June and since inception. Outperformance range is 17% to 23% since inception.
At the end of June, we sold positions in the tech sector after substantial gains. The portfolio's exposure to the consumption sector was also trimmed, both discretionary and staples.
The portfolio added exposure to the metals refining sector and initiated positions in conglomerates Shanghai Industrial Holdings (363 HK) and Citic Ltd (267 HK) .


China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

CX Daily: Despite Market Rally, Doubts Cloud China’s Plan to End Solar Glut

Solar / In Depth: Despite market rally, doubts cloud China’s plan to end solar glut Rating /In Depth: China’s scandal-hit credit ratings industry...

Caixin Global

Asian Equity: Southbound Monthly- July Boom; New Darlings: Insurance, Biotech; Pricey Consumers Sold

July Southbound flow nearly tripled from May's low, on track to reach Mar-Apr peak. Investors like dividend plays, policy beneficiaries & recently...

Manishi Raychaudhuri

Technology - Smartphone: Samsung/MTK/QCOM Results Takeaways

2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish...

CMB International

Technology - Ray-Ban Meta Upbeat in 1H25, Xiaomi 500k Target and Quark Glasses Launch

We reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI...

CMB International

Hong Kong Alpha Portfolio (June 2025)

The Hong Kong Alpha portfolio has significantly outperformed the Hong Kong indexes in June and since inception. Outperformance range is 17% to 23%...

David Mudd

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CX Daily: Despite Market Rally, Doubts Cloud China’s Plan to End Solar Glut

Solar / In Depth: Despite market rally, doubts cloud China’s plan to end solar glut Rating /In Depth: China’s scandal-hit credit ratings industry...

Caixin Global

Asian Equity: Southbound Monthly- July Boom; New Darlings: Insurance, Biotech; Pricey Consumers Sold

July ​Southbound flow nearly tripled from May's low, on track to reach Mar-Apr peak. Investors like dividend plays, policy beneficiaries & recently...

Manishi Raychaudhuri

Technology - Smartphone: Samsung/MTK/QCOM Results Takeaways

2Q25 results were largely in-line with market expectations, but 3Q25E guidance is mixed with strength in premium smartphones and sluggish...

CMB International

Technology - Ray-Ban Meta Upbeat in 1H25, Xiaomi 500k Target and Quark Glasses Launch

We reiterate our positive view on the booming AI glasses cycle, and we believe ongoing strength of Ray-Ban Meta glasses (+200% in 1H25), Xiaomi AI...

CMB International

Hong Kong Alpha Portfolio (June 2025)

The Hong Kong Alpha portfolio has significantly outperformed the Hong Kong indexes in June and since inception. Outperformance range is 17% to 23%...

David Mudd

July Southbound flow nearly tripled from May's low, on track to reach Mar-Apr peak. Investors like dividend plays, policy beneficiaries & recently...