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

Thematic (Sector/Industry)

<ul>
<li>BEKE US: NBS November residential new home turn positive YoY, and home price stabilized（+）</li>
<li>300274 CH: Renewable Energy News: U.S. Raises Tariffs on Chinese Photovoltaic Products to 50%（-）</li>
<li>ACMR US: ACMR sees minimal impact on ability to manufacture and sell tools due to U.S. entity list inclusion (+)</li>
</ul>


BEKE US: NBS November residential new home turn positive YoY, and home price stabilized（+）
300274 CH: Renewable Energy News: U.S. Raises Tariffs on Chinese Photovoltaic Products to 50%（-）
ACMR US: ACMR sees minimal impact on ability to manufacture and sell tools due to U.S. entity list inclusion (+)


[Blue Lotus Daily]:BEKE US/300274 CH/ACMR US/NIO US/XPEV US/ Li US/1810HK/ZTO US/Macro News/Consumer

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.

Equity Bottom-Up

<ul>
<li>Consistent compounders, stocks with steady earnings growth and excess returns over a long period of time, are difficult to find. It's even more difficult to find reasonably valued compounders.</li>
<li>From the universe of large Asian companies, we screen those with steady profit growth (&gt;10%) and excess returns in each of last 10 years and over next three forecast years.</li>
<li>Our list of 20 inexpensive compounders comprises 10 from onshore China, 5 from HK, 3 from India and 1 each from Japan and the Philippines.</li>
</ul>


Consistent compounders, stocks with steady earnings growth and excess returns over a long period of time, are difficult to find. It's even more difficult to find reasonably valued compounders.
From the universe of large Asian companies, we screen those with steady profit growth (&gt;10%) and excess returns in each of last 10 years and over next three forecast years.
Our list of 20 inexpensive compounders comprises 10 from onshore China, 5 from HK, 3 from India and 1 each from Japan and the Philippines.


Asian Equities: Twenty Inexpensive Consistent Compounders

<ul>
<li>300750 CH/601012 CH/2208 HK/300274 CH:The growth rate of photovoltaic new installed capacity continued to slow down in the third quarter but rebounded in September.(///////)</li>
<li>300750 CH: CATL's all-solid-state battery enters prototype verification phase, faster than expected.(/)</li>
<li>NIO US/ LI US/1211 HK: NIO is rumoured to launch hybrid vehicles overseas in 2026 and sell them in the Middle East, North Africa and Europe.(/////)</li>
</ul>


300750 CH/601012 CH/2208 HK/300274 CH:The growth rate of photovoltaic new installed capacity continued to slow down in the third quarter but rebounded in September.(///////)
300750 CH: CATL's all-solid-state battery enters prototype verification phase, faster than expected.(/)
NIO US/ LI US/1211 HK: NIO is rumoured to launch hybrid vehicles overseas in 2026 and sell them in the Middle East, North Africa and Europe.(/////)


[Blue Lotus Daily]:300750 CH/601012 CH/2208 HK/300274 CH/NIO US/ LI US/1211 HK

<ul>
<li>LKNCY US:Weak sales of Starbucks China reflects lingering fierce competition (-)</li>
<li>300274 CH/300750 CH/1211 HK: New energy export data in September are generally weak, and the phenomenon of tariff-related advanced exporting has not yet appeared(/////)</li>
<li>AAPL US/JD US/1810 HK: iPhone achieves close to 27% market share in China during prior week (+/+/+)</li>
</ul>


LKNCY US:Weak sales of Starbucks China reflects lingering fierce competition (-)
300274 CH/300750 CH/1211 HK: New energy export data in September are generally weak, and the phenomenon of tariff-related advanced exporting has not yet appeared(/////)
AAPL US/JD US/1810 HK: iPhone achieves close to 27% market share in China during prior week (+/+/+)


[Blue Lotus Daily]:LKNCY/300274 CH/300750 CH/1211 HK/AAPL/JD /1810 HK/QCOM/2454 TT/NIO/LI/XPEV/ATAT

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

Beijing-Shanghai High Speed Ra / Event-Driven

<ul>
<li>SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.</li>
<li>In this insight, we take a look at the names leading the race to become ADDs and DELs during the December 2024 index rebal event.</li>
<li>There have been some changes to the SSE 180 expected ADDs/DELs lists since our last insight.</li>
</ul>


SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.
In this insight, we take a look at the names leading the race to become ADDs and DELs during the December 2024 index rebal event.
There have been some changes to the SSE 180 expected ADDs/DELs lists since our last insight.


Quiddity Leaderboard SSE50/180 Dec 24: US$1.6bn+ One-Way; Some Changes to Expectations.

China

Sungrow Power Supply Company Limited develops, produces, sells and provides services for solar PV inverters, wind power converters and other power supply. The Company also provides system solutions to renewable energy industry users.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Sungrow Power Supply (300274 CH)

[Blue Lotus Daily]:BEKE US/300274 CH/ACMR US/NIO US/XPEV US/ Li US/1810HK/ZTO US/Macro News/Consumer

Positive news for the US housing market as new home sales increase and prices stabilize, while Chinese renewable energy products face higher...

Blue Lotus Research Institute

Asian Equities: Twenty Inexpensive Consistent Compounders

Finding consistent compounders with steady earnings growth and excess returns is challenging, especially those that are reasonably valued. We...

Manishi Raychaudhuri

[Blue Lotus Daily]:300750 CH/601012 CH/2208 HK/300274 CH/NIO US/ LI US/1211 HK

Photovoltaic new installed capacity growth slows in Q3 but rebounds in September; CATL's all-solid-state battery advances quickly; NIO rumored to...

Blue Lotus Research Institute

[Blue Lotus Daily]:LKNCY/300274 CH/300750 CH/1211 HK/AAPL/JD /1810 HK/QCOM/2454 TT/NIO/LI/XPEV/ATAT

Starbucks China sales struggle amid intense competition, new energy export data weak, iPhone gains 27% market share in China.

Blue Lotus Research Institute

Quiddity Leaderboard SSE50/180 Dec 24: US$1.6bn+ One-Way; Some Changes to Expectations.

There could be US$1.4bn and US$240mn one-way flows, respectively, for the SSE 50 and SSE 180 December 2024 rebalances. Around 70% of the reference...

Janaghan Jeyakumar, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Blue Lotus Daily]:BEKE US/300274 CH/ACMR US/NIO US/XPEV US/ Li US/1810HK/ZTO US/Macro News/Consumer

​Positive news for the US housing market as new home sales increase and prices stabilize, while Chinese renewable energy products face higher...

Blue Lotus Research Institute

Asian Equities: Twenty Inexpensive Consistent Compounders

​Finding consistent compounders with steady earnings growth and excess returns is challenging, especially those that are reasonably valued. We...

Manishi Raychaudhuri

[Blue Lotus Daily]:300750 CH/601012 CH/2208 HK/300274 CH/NIO US/ LI US/1211 HK

​Photovoltaic new installed capacity growth slows in Q3 but rebounds in September; CATL's all-solid-state battery advances quickly; NIO rumored to...

Blue Lotus Research Institute

[Blue Lotus Daily]:LKNCY/300274 CH/300750 CH/1211 HK/AAPL/JD /1810 HK/QCOM/2454 TT/NIO/LI/XPEV/ATAT

​Starbucks China sales struggle amid intense competition, new energy export data weak, iPhone gains 27% market share in China.

Blue Lotus Research Institute

Quiddity Leaderboard SSE50/180 Dec 24: US$1.6bn+ One-Way; Some Changes to Expectations.

There could be US$1.4bn and US$240mn one-way flows, respectively, for the SSE 50 and SSE 180 December 2024 rebalances. Around 70% of the reference...

Janaghan Jeyakumar, CFA

Positive news for the US housing market as new home sales increase and prices stabilize, while Chinese renewable energy products face higher...

Finding consistent compounders with steady earnings growth and excess returns is challenging, especially those that are reasonably valued. We...

Photovoltaic new installed capacity growth slows in Q3 but rebounds in September; CATL's all-solid-state battery advances quickly; NIO rumored to...

Starbucks China sales struggle amid intense competition, new energy export data weak, iPhone gains 27% market share in China.