M Update China/Hong Kong Consumer | Asia Pacific October 10, 2024 06:35 PM GMT 3Q24 Preview Summary: Onestop Shop for Forecasts We summarize our 3Q24 forecasts. Following the reductions after 2Q24 results, the magnitude of revisions into the 3Q results season was less. We do not expect major shifts in momentum in 3Q24 vs. 2Q24. Key Takeaways We highlight key trends for 3Q24 results vs. current consensus. Going into results, most stocks did not have further revisions. Those which did showed a mix of raises a ...

M Update China Healthcare | Asia Pacific October 10, 2024 09:51 AM GMT Source: CEIC, Morgan Stanley Research. Chart of the Week – Hong Kong Retail and TCM Sales In August, Hong Kong retailers grossed HK$29.2bn of overall sales and HK$386mn of traditional Chinese medicine sales, down 10% and 12% YoY, respectively. This has relevance for the performance of the Tongrentang group of companies. Key Takeaways From January to August, Hong Kong retail sales declined 8% YoY, in which TCM sales declined 17% YoY. Thro ...

Investment Rating - The report indicates a positive outlook for China equity, with significant inflows from foreign funds, particularly passive funds, suggesting a favorable investment environment [1]. Core Insights - China equity saw a substantial inflow of US$6.3 billion from foreign domiciled funds between September 25 and October 2, 2024, primarily driven by passive funds [1] - Cumulative foreign passive flows have surpassed peak levels in 2024, returning to levels seen in October 2023, while active fund flows remain at historical lows since late 2022 [1] - Domestic China passive products received inflows of US$18 billion in September, mainly targeting China A-shares [1] Fund Flow Analysis - Foreign domiciled funds experienced strong inflows of US$6.3 billion, with passive funds contributing US$6 billion and active funds only US$0.3 billion during the specified period [1] - In September, foreign equity inflows from passive funds totaled US$3.8 billion, while active funds recorded outflows of US$1.1 billion [1] - Global funds are underweight in China by 1.1%, with AxJ funds underweight by 1.7% and EM funds by 2.3% [1] Sector and Company Positioning - Active fund managers increased their positions in Media & Entertainment and Real Estate sectors, while reducing exposure in banks, utilities, and energy sectors [1] - Notable companies added to portfolios include Tencent, Meituan, PDD, and CCB, while Trip.com and NetEase saw reductions in their positions [1] Short Interest Trends - A total of US$2.0 billion in short interest was added in China offshore/HK equities, with significant increases in Consumer Discretionary, Financials, and Real Estate sectors [1]

M Idea Hong Kong/China Insurance | Asia Pacific October 7, 2024 10:25 AM GMT How could market rally impact insurers' financial results? We see insurers' financial results as much more sensitive to the equity market under new IFRS9. If there's 10%+ equity return in insurance funds in 2H, we estimate most insurers could achieve triple-digit earnings growth in FY24, resulting in 15-25% FY24E ROE and higher growth in BV and EV. Despite some accelerated transition into FVOCI stock investment in 1H24, most insure ...

Investment Rating - The investment rating for Hirose Electric has been raised to Overweight (OW) as of July 9, 2024, while Ibiden's investment rating has been lowered to Underweight (UW) as of January 17, 2024 [2][6]. Core Insights - There is a shift in investor preference from themes linked to AI to a focus on earnings, with significant interest in the earnings outlook of specific companies such as TDK, Hirose Electric, and Murata Manufacturing [2][3]. - TDK is expected to report upbeat earnings for July-September 2024, driven by increased sales to North American high-end smartphone firms and a decline in cobalt prices for rechargeable batteries [3][5]. - Investors are skeptical about the earnings potential of BEV batteries, with concerns about the peak level of TDK's earnings due to anticipated shipment peaks and currency fluctuations [3][5]. - Hirose Electric has faced multiple downward revisions in its operating profit guidance, but there are expectations for a rebound in sales due to increased demand for connectors in North American smartphones [6][7]. - Murata Manufacturing is expected to maintain its earnings growth despite the inventory cycle, while Taiyo Yuden may struggle to meet its guidance due to market conditions [7][8]. - Ibiden is seen as an AI-related stock but is projected to experience profit declines due to rising depreciation costs and high market expectations that may not be met [10][14]. Summary by Sections Investor Meetings - 32 individual meetings were held with institutional investors in Singapore and Hong Kong, focusing on stock selection and earnings outlooks for July-September 2024 and the medium term from fiscal year 2025 [1]. Earnings Outlook - TDK's earnings are expected to peak in July-September 2024, with strong growth anticipated from rechargeable batteries and MEMS sensors, despite concerns about currency impacts [3][16]. - Hirose Electric's operating profit guidance has been revised downwards, but there are expectations for an upward revision in future guidance due to improved sales prospects [6][7]. - Murata Manufacturing is expected to sustain earnings growth, while Taiyo Yuden may face challenges in meeting its guidance [7][8]. Company-Specific Insights - TDK's capital investment for an EV battery plant in North America is estimated at $1.5-2.5 billion, with concerns about valuation and geopolitical risks [5]. - Ibiden is expected to face profit declines due to increased depreciation costs and a gap between market expectations and achievable earnings [10][14].

Investment Rating - The report does not explicitly state an investment rating for the Hong Kong property sector, but it indicates a cautious outlook on residential and office segments due to ongoing price corrections and lack of recovery [5]. Core Insights - The Hong Kong property market is experiencing the longest home price correction since 2003, with secondary home prices down 29% over 165 weeks [7]. - Despite recent rate cuts, the report suggests that these measures may not effectively address the ongoing challenges in the housing market [20]. - The rental market is showing signs of recovery, with rental levels increasing, particularly in the luxury segment [12][42]. - There is a significant oversupply of residential units, with unsold units expected to remain high in the near term [25][28]. Summary by Sections Residential - Home prices in Hong Kong have corrected significantly, with a 29% decline in secondary home prices since 2021 [7]. - The report highlights that the current home price correction is the longest since 2003, indicating persistent downward pressure on prices [6]. - Rental levels are on the rise, suggesting a potential shift in demand dynamics [12]. Retail - The retail sector is witnessing a divergence, with staple goods outperforming discretionary items, reflecting changing consumer behavior [5]. Office - The office market is still struggling, with recovery not yet in sight, indicating ongoing challenges in this segment [5]. Mainland China Retail - Luxury sales in Mainland China are expected to slow down, which may impact related sectors in Hong Kong [5]. Share Price Review - The report includes a review of share prices related to the Hong Kong property sector, although specific details are not provided in the summary [5]. Results Review - The report does not provide specific results but indicates a general trend of declining prices and increasing rental yields [5].

4 October 2024 | 11:09PM BST | --- | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report emphasizes the potential for Hong Kong to become a regional hub for impact investing, highlighting its strategic advantages and the growing interest in sustainable finance [6][10]. Core Insights - The impact investing market has reached a size of approximately $1.2 trillion, reflecting increasing investor interest in addressing climate change, poverty, and inequality through capital allocation [6][19]. - Asia's impact investing capital flow is significantly increasing, with East Asia experiencing a 15% growth since 2017, indicating a burgeoning interest in the region [6][21]. - Hong Kong is positioned to bridge the funding gap needed for China's carbon neutrality goals, with annual investment needs estimated between RMB 2.6 trillion to 4.2 trillion, primarily from social capital [6][10]. Summary by Sections Overview of Impact Investing - Impact investing is defined as a sustainable investment approach that aims to generate positive social and environmental outcomes alongside financial returns, distinguishing it from traditional investments and philanthropy [12][14]. - The market value of impact investing was nearly $1.16 trillion in 2022, showcasing rapid growth and increasing recognition among investors [12][19]. Current State of Impact Investing in Asia and Globally - The global impact investing market is projected to continue growing, with an annual growth rate of approximately 18% from 2017 to 2022, and is expected to reach $6 trillion by 2031 [19][20]. - In Asia, the allocation of impact investing assets has increased significantly, with East Asia's asset management scale rising from $680 billion in 2017 to $1.79 trillion in 2022, reflecting a compound annual growth rate of 21% [21][27]. Challenges and Opportunities in Hong Kong - The report identifies several challenges faced by impact investors in Hong Kong, including limited awareness and education about impact investing, as well as a lack of projects with performance records [6][10]. - Recommendations include enhancing investor education, promoting government participation as a role model, and creating a supportive ecosystem for impact investing [6][10]. Policy Recommendations - The report suggests a multi-faceted approach to enhance impact investing in Hong Kong, including raising awareness, building capacity through education, and creating incentives for impact investments [6][10]. - Specific policy measures proposed include encouraging early adoption of impact frameworks aligned with sustainable development goals and relaxing establishment conditions for impact investment initiatives [6][10].

大家好欢迎来到中国基金报打造的对话栏目我是中国基金报记者郭文君今天我们邀请到香港特区政府创新科技及工业局副局长张曼丽女士和我们分享香港创新科技领域的发展以及未来的机遇 張局長您好 非常感謝您參加我們《中國精英報》的對話欄目先跟我們《中國精英報》的粉絲打個招呼吧好 大家好 我是香港創新科技及工業局副局長詹曼麗今天很榮幸能夠參與這個對談欄目然後跟我們《中國精英報》的我們廣大的讀者還有就是我們的觀眾朋友見面 希望大家多多指導 好的 那我们就直接进入主题就是2022年特区政府公布了这个香港创新科技发展蓝图那时隔两年香港这边取得了哪些进展能跟我们分享一下吗 香港创科肯定是香港未来高级量发展的一个非常关键的主轴也是我们现在要迈向下一个新的全新突破以经济生产力为主导的新的经济形态的一个主要的核心点 在过去几年特区政府的努力之上呢我们也见到挺好的成效包括现在呢香港创科发展正是处于王金时代基于初初目前是投资香港创科发展的最佳时间我举一些例子比如讲我们现在香港创科的科技产业新体系呢已经初建初营 包括我们的现在我们2020年我们的香港竞争力排名是上升至全球第五位尤其在科技基建在营商环境它是有非常好的表现另外我们的初创企业2023年 ...

大家好 欢迎来到中国基金报打造的对话栏目我是主持人郭文君今天我们来到香港特区政府投资推广署邀请金融服务及科技可持续发展环球总裁梁瀚敬先生和我们分享他的经历和思考Key 你好你好非常感谢您参加我们的这个节目那先跟我们中国基金报的粉丝打声招呼吧大家好 一年之前我们也采访过您然后经过了一年您应该有很多的新的成果和一些思考可以跟我们分享 首先我发现之前您的职务是金融科技主管然后你现在的title特别的长我念一下是金融服务及科技可持续发展环球总裁那新的职务肯定就是有赋予你更多的责任能不能够介绍一下您现在的具体的工作 因为是在香港的经济体金融方面这个行业也是一个主要的经济的基础同时间如果我们看一看过去十年时间金融科技这个领域也是富能一个传统金融去转型去服务更大的一个市场经济同时间我们也发现全球也有压力 怎么去能够从摊牌棒这方面的一些努力我们国家也是一个全球领先的经济体对于那个绿色方面的一些拥抱这也是一个非常主要的赛道所以我们的领导也想到怎么能够 让三个领域有更好的协同效应这也是给我一个很好的一个机会有个信任让我就是能够帮助到三个团队的同事更融合能够产出更多的协同效应服务三个赛道的一些机构其实就是包括金融科技金融服务还有这 ...