Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>In Depth: China’s Transport Price War Shows What Happens When Trains Catch Up to Planes When confronted with the choice of flying or taking the train across China, a growing chorus of travelers is defaulting to a single answer: “whichever is cheaper.”</li><li>This encapsulates a profound shift underway in China’s transportation market.</li><li>Analysis: Why China Is Rewriting Its Stock Market Refinancing Rules</li></ul>

In Depth: China’s Transport Price War Shows What Happens When Trains Catch Up to Planes When confronted with the choice of flying or taking the train across China, a growing chorus of travelers is defaulting to a single answer: “whichever is cheaper.”This encapsulates a profound shift underway in China’s transportation market.Analysis: Why China Is Rewriting Its Stock Market Refinancing Rules

CX Daily: China’s Transport Price War Shows What Happens When Trains Catch Up to Planes 

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.

Index Rebalance

Zijin Gold International / Index Rebalance

<ul>
<li>We screen for HSI ADD candidates ahead of the review result, due on 20 Nov 2026 after market close.</li>
<li>Four stocks are screened as mid-conviction ADD candidates this cycle.</li>
<li>Three of the four are in the most underweight industry group, and the fourth is in Healthcare.</li>
</ul>


We screen for HSI ADD candidates ahead of the review result, due on 20 Nov 2026 after market close.
Four stocks are screened as mid-conviction ADD candidates this cycle.
Three of the four are in the most underweight industry group, and the fourth is in Healthcare.


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>Record high US yields could impact Asia through rising cost of capital dampening growth and valuations. Besides, foreign money could continue to move towards safe haven US treasuries.</li>
<li>The Asian markets where central banks are forced to hike policy rates, and the markets that are steeply valued relative to earnings growth or ROEs could be particularly vulnerable.</li>
<li>Korea, Indonesia and Philippines are hiking rates. Judging by inflation trajectories and real rates, India and Thailand could join later this year. India and Taiwan appear overvalued relative to ROEs.</li>
</ul>


Record high US yields could impact Asia through rising cost of capital dampening growth and valuations. Besides, foreign money could continue to move towards safe haven US treasuries.
The Asian markets where central banks are forced to hike policy rates, and the markets that are steeply valued relative to earnings growth or ROEs could be particularly vulnerable.
Korea, Indonesia and Philippines are hiking rates. Judging by inflation trajectories and real rates, India and Thailand could join later this year. India and Taiwan appear overvalued relative to ROEs.


Asian Equities: Watch Interest Rates, Inflation Trajectories and Valuations

Equity Bottom-Up

<ul>
<li>Basic materials, industrials, technology, consumer and distribution services, retail, healthcare drove China in 2025. China's policy focus and consumer preferences should drive some of them and few others in 2026.</li>
<li>Juxtaposing future earnings growth forecasts, forecast ROE and reasonable valuations, we identify six sectors: Communication Services, Basic Materials, Industrials, Consumer Durables, Retail Trade and Consumer Services in our focus list.</li>
<li>Eight stocks from these sectors are in our Asian Model Portfolio: Xiaomi, China Hongqiao, Zijin Mining, Alibaba, Lonking Holdings, Midea Group, Trip.com and Galaxy Entertainment.</li>
</ul>


Basic materials, industrials, technology, consumer and distribution services, retail, healthcare drove China in 2025. China's policy focus and consumer preferences should drive some of them and few others in 2026.
Juxtaposing future earnings growth forecasts, forecast ROE and reasonable valuations, we identify six sectors: Communication Services, Basic Materials, Industrials, Consumer Durables, Retail Trade and Consumer Services in our focus list.
Eight stocks from these sectors are in our Asian Model Portfolio: Xiaomi, China Hongqiao, Zijin Mining, Alibaba, Lonking Holdings, Midea Group, Trip.com and Galaxy Entertainment.


China up Close: What Worked in 2025 and What's Likely to Work Now

Iron Ore, Copper, Equities, Mint Finance

Umang Agrawal

Iron Ore, Copper, Equities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Commodities

<ul>
<li>LME cash-to-3M copper spread has eased sharply, but tight nearby supply and concentrated positioning keep the market vulnerable to renewed squeezes.</li>
<li>Copper options show a firmer upside tilt as CVOL and skew rise, while call-heavy positioning contrasts with cautious managed-money positioning.</li>
<li>The Government of India’s HCL OFS offers up to 6% stake at INR 514, with non-retail bidding opening Tuesday (25/Aug) and retail bidding Wednesday (26/Aug).</li>
</ul>


LME cash-to-3M copper spread has eased sharply, but tight nearby supply and concentrated positioning keep the market vulnerable to renewed squeezes.
Copper options show a firmer upside tilt as CVOL and skew rise, while call-heavy positioning contrasts with cautious managed-money positioning.
The Government of India’s HCL OFS offers up to 6% stake at INR 514, with non-retail bidding opening Tuesday (25/Aug) and retail bidding Wednesday (26/Aug).


Copper: LME Cash-3M Spread Eases, COPX Sees Outflows and HCL’s 6% OFS Begins

China

Zijin Mining Group Company Limited operates metal mineral resources exploration and mining businesses. The Company produces gold, copper, zinc, iron, and other base metals. Zijin Mining Group also conducts metal trade and investment businesses domestically and internationally.

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Zijin Mining Group (601899 CH)

CX Daily: China’s Transport Price War Shows What Happens When Trains Catch Up to Planes

In Depth: China’s Transport Price War Shows What Happens When Trains Catch Up to Planes When confronted with the choice of flying or...

Caixin Global

HSI Dec 2026 Index Rebalance Forecast

We expect 4 mid-conviction ADDs with no DELETE, and Energy, Materials, Industrials, Conglomerates remains the most underweight industry group in...

Ke Yan, CFA, FRM

Asian Equities: Watch Interest Rates, Inflation Trajectories and Valuations

Record high US yields could depress Asian growth & valuations. Besides KR, ID & PH who are hiking rates, India & TH could join later. India & TW...

Manishi Raychaudhuri

China up Close: What Worked in 2025 and What's Likely to Work Now

China's RatingDog Services PMI, 52.3 for Jan, surprised positively - in lie with our observation of services growth. Tech stocks are declining due...

Manishi Raychaudhuri

Copper: LME Cash-3M Spread Eases, COPX Sees Outflows and HCL’s 6% OFS Begins

Copper’s physical market remains tight despite easing backwardation, while bullish options positioning contrasts with trimmed managed-money longs...

Mint Finance

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