In today’s briefing:
- GEM Weekly (9 Sep 2022): China Macro Activity Data; Tencent, NetEase, TSMC, Tencent Music
- China Healthcare Weekly (Sep.16) – Industry Clearing, Bottom of Healthcare Sector, Endogenous Growth
GEM Weekly (9 Sep 2022): China Macro Activity Data; Tencent, NetEase, TSMC, Tencent Music
- The Global Emerging Markets weekly provides a summary of the key news and related developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.
- Macro data points: Chinese industrial production, retail sales, and fixed asset investment
- Companies mentioned:Tencent (700 HK), NetEase (9999 HK), Taiwan Semiconductor (TSMC) (2330 TT), Tencent Music (TME US)
China Healthcare Weekly (Sep.16) – Industry Clearing, Bottom of Healthcare Sector, Endogenous Growth
- We still haven’t seen the “industry clearing”. When an industry no longer has entry barriers/first mover advantage, it will inevitably bring about the collapse of expectations for the future.
- If the total retail sales of consumer goods do not maintain well, the probability of endogenous growth problems is high, which will be reflected in the decline of companies’ valuation.
- It’s more reasonable for the share prices of those companies that have entered VBP to rise. For those that haven’t been included in VBP, the risk is much higher.
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