Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>The Mobile World Congress had a record attendance of 110,000 people this year, but some are questioning its relevance in the semiconductor industry</li><li>Major chip companies had reduced presence at the event, signaling a shift away from semiconductor topics towards other emerging technologies like AI and data centers</li><li>The telecom industry, which the event primarily caters to, is facing challenges with stagnant growth and operators are hesitant to upgrade to 6G, leading to a downbeat atmosphere for equipment suppliers at the event.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The Mobile World Congress had a record attendance of 110,000 people this year, but some are questioning its relevance in the semiconductor industryMajor chip companies had reduced presence at the event, signaling a shift away from semiconductor topics towards other emerging technologies like AI and data centersThe telecom industry, which the event primarily caters to, is facing challenges with stagnant growth and operators are hesitant to upgrade to 6G, leading to a downbeat atmosphere for equipment suppliers at the event.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Episode 108: MWC Observations, MRVL and AVGO Earnings, Apple's new Devices

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Ne Zha 2 / In Depth: ‘Ne Zha 2’ heralds new era for Chinese animation</li><li>Xiaomi /: Xiaomi aims to take its EV sales overseas by 2027</li><li>Tariff counter: China hit back at the U.S.' 10% tariff hike that took effect Tuesday with a package of countermeasures.</li></ul>

Ne Zha 2 / In Depth: ‘Ne Zha 2’ heralds new era for Chinese animationXiaomi /: Xiaomi aims to take its EV sales overseas by 2027Tariff counter: China hit back at the U.S.' 10% tariff hike that took effect Tuesday with a package of countermeasures.

CX Daily: ‘Ne Zha 2’ Heralds New Era for Chinese Animation 

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>HK Alpha Portfolio returned 13.58% in February and outperformed the benchmark by 7.68%. The portfolio has outperformed Hong Kong indexes by 5.16% to 11.48% since its inception on 10/01/24.</li>
<li>About 50% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy, or Utilities.</li>
<li>At month-end we sold <a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a> , <a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a> , <a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO Group Holding (9896 HK)</a> , and trimmed <a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a> .</li>
</ul>


HK Alpha Portfolio returned 13.58% in February and outperformed the benchmark by 7.68%. The portfolio has outperformed Hong Kong indexes by 5.16% to 11.48% since its inception on 10/01/24.
About 50% of the portfolio's excess returns have been from alpha generation. The portfolio had no exposure to Real Estate, Energy, or Utilities.
At month-end we sold AAC Technologies Holdings (2018 HK) , Trip.com Group (9961 HK) , MINISO Group Holding (9896 HK) , and trimmed Xiaomi Corp (1810 HK) .


HONG KONG ALPHA PORTFOLIO (February 2025)

HK/China Equity Long-Short

Osbert Tang, CFA

<ul>
<li>Our "Buy the Worst" strategy has outperformed the HSI by 1.7pp in the first two months. Meanwhile, the basket of best-performing constituents have underperformed 1.9pp. </li>
<li>More news on stimulating consumptions should be positive to <a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a>, <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a>, and even <a href="https://www.smartkarma.com/entities/hang-lung-properties-ltd" target="_blank" data-smartkarma-citation="entities:49:1" rel="noopener">Hang Lung Properties (101 HK)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/trip-com-group-ltd-23a341d0-4f63-4175-a8c5-ee990906cacd" target="_blank" data-smartkarma-citation="entities:36424:1" rel="noopener">Trip.com Group (9961 HK)</a> has been weighed down by weaker profitability on higher costs. Earnings risks may negatively affect <a href="https://www.smartkarma.com/entities/meituan" target="_blank" data-smartkarma-citation="entities:26970:1" rel="noopener">Meituan (3690 HK)</a> and <a href="https://www.smartkarma.com/entities/china-hongqiao-group-ltd" target="_blank" data-smartkarma-citation="entities:1909:1" rel="noopener">China Hongqiao (1378 HK)</a>. </li>
</ul>


Our "Buy the Worst" strategy has outperformed the HSI by 1.7pp in the first two months. Meanwhile, the basket of best-performing constituents have underperformed 1.9pp. 
More news on stimulating consumptions should be positive to Budweiser Brewing APAC (1876 HK), Chow Tai Fook Jewellery (1929 HK), and even Hang Lung Properties (101 HK). 

Trip.com Group (9961 HK) has been weighed down by weaker profitability on higher costs. Earnings risks may negatively affect Meituan (3690 HK) and China Hongqiao (1378 HK). 


"Buy the Worst" HSI Strategy: Initial Win Against HSI This Year

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

<ul>
<li>A translated article shows why Chinese are refrained from buying new homes but not so on buying existing homes. The Chinese <a href="https://docs.google.com/document/d/1pMRYOjIIzxxU1G_J90dNvf_zUKNuU_LYOhnWrtM5O5I/edit?tab=t.0" target="_blank" rel="noopener">link</a> is here. <a href="https://docs.google.com/document/d/13W_8_9qyOHx2RIOYF2rGKEyHmPDO9eO5-nE8Pa5IADk/edit?tab=t.0" target="_blank" rel="noopener">English</a> here by Qwen;</li>
<li>XPeng, Xiaomi, Zeekr and BYD recovered above the line post CNY in EV delivery, LI, Tesla, LEAP and Luxeed in line, AITO, Deepal and NIO are below the line;</li>
<li>CATL's JV with Didi is a serious threat to NIO.</li>
</ul>


A translated article shows why Chinese are refrained from buying new homes but not so on buying existing homes. The Chinese link is here. English here by Qwen;
XPeng, Xiaomi, Zeekr and BYD recovered above the line post CNY in EV delivery, LI, Tesla, LEAP and Luxeed in line, AITO, Deepal and NIO are below the line;
CATL's JV with Didi is a serious threat to NIO.


[Blue Lotus China New Consumer Weekly, 8/52] Existing Home Recovers First Post CNY

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)

Episode 108: MWC Observations, MRVL and AVGO Earnings, Apple's new Devices

Overall, the speaker reflects on the changing landscape of Mobile World Congress, with a decreased emphasis on semiconductors and a growing focus...

The Circuit

CX Daily: ‘Ne Zha 2’ Heralds New Era for Chinese Animation

TOP STORY Ne Zha 2 / In Depth: ‘Ne Zha 2’ heralds new era for Chinese animation “Ne Zha 2” became the highest-grossing animated film of all time...

Caixin Global

HONG KONG ALPHA PORTFOLIO (February 2025)

HK Alpha portfolio returned 13.6% in February outperforming its benchmark and all HK indexes. Since inception HK Alpha has returned 13.1% with...

David Mudd

"Buy the Worst" HSI Strategy: Initial Win Against HSI This Year

"Buy the worst" strategy outperforms HSI by 1.7pp, while best-performing stocks lag by 1.9pp. Stimulating consumption news could benefit...

Osbert Tang, CFA

[Blue Lotus China New Consumer Weekly, 8/52] Existing Home Recovers First Post CNY

Chinese prefer buying existing homes over new ones, XPeng, Xiaomi, Zeekr, and BYD lead in EV delivery post CNY, CATL's JV with Didi poses a threat...

Blue Lotus Research Institute

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Episode 108: MWC Observations, MRVL and AVGO Earnings, Apple's new Devices

Overall, the speaker reflects on the changing landscape of Mobile World Congress, with a decreased emphasis on semiconductors and a growing focus...

The Circuit

CX Daily: ‘Ne Zha 2’ Heralds New Era for Chinese Animation

TOP STORY Ne Zha 2 / In Depth: ‘Ne Zha 2’ heralds new era for Chinese animation “Ne Zha 2” became the highest-grossing animated film of all time...

Caixin Global

HONG KONG ALPHA PORTFOLIO (February 2025)

HK Alpha portfolio returned 13.6% in February outperforming its benchmark and all HK indexes. Since inception HK Alpha has returned 13.1% with...

David Mudd

"Buy the Worst" HSI Strategy: Initial Win Against HSI This Year

​"Buy the worst" strategy outperforms HSI by 1.7pp, while best-performing stocks lag by 1.9pp. Stimulating consumption news could benefit...

Osbert Tang, CFA

[Blue Lotus China New Consumer Weekly, 8/52] Existing Home Recovers First Post CNY

​Chinese prefer buying existing homes over new ones, XPeng, Xiaomi, Zeekr, and BYD lead in EV delivery post CNY, CATL's JV with Didi poses a threat...

Blue Lotus Research Institute

"Buy the worst" strategy outperforms HSI by 1.7pp, while best-performing stocks lag by 1.9pp. Stimulating consumption news could benefit...

Chinese prefer buying existing homes over new ones, XPeng, Xiaomi, Zeekr, and BYD lead in EV delivery post CNY, CATL's JV with Didi poses a threat...