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

Shanghai Rural Commercial Bank / Event-Driven

<ul>
<li>CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500.</li>
<li>In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2024.</li>
<li>Currently, we see 16 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.</li>
</ul>


CSI 300 represents the 300 largest stocks by market cap and liquidity from the Shanghai and Shenzhen Exchanges. CSI 500 is the next 500.
In this insight, we take a look at the potential ADDs and DELs leading the race for the semiannual index rebal event in December 2024.
Currently, we see 16 ADDs/DELs for the CSI 300 index and 50 ADDs/DELs for the CSI 500 index.


Quiddity Leaderboard CSI 300/​​500 Dec 24:  A Long-Short Basket Trade Idea with High Momentum

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>According to 100NJZ’s channel check among 12220 projects, the work resumption rate was only 11% on the 10th day of CNY vs. 17% in 2022.</li><li>It is mainly dragged by property constructions (infra relatively better), in line with weak sales in Jan by major developers (-22% YoY).</li><li>By regions, South China saw most drop in constructions, due to tight cash flow by developers and governments while Southwest is better off on active fund inflow. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

According to 100NJZ’s channel check among 12220 projects, the work resumption rate was only 11% on the 10th day of CNY vs. 17% in 2022.It is mainly dragged by property constructions (infra relatively better), in line with weak sales in Jan by major developers (-22% YoY).By regions, South China saw most drop in constructions, due to tight cash flow by developers and governments while Southwest is better off on active fund inflow. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Property+ Weekly: Weak Construction Resumption Rate Dragged by Property

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, and are now bumping up against overhead resistance.  Supportive of a bottoming global market, cyclical Sectors are emerging as leadership. We examine the technical state of major developed and EM markets and highlight in today’s report and highlight attractive and actionable stocks within the Materials, Manufacturing, and Technology sectors.</p>

The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, and are now bumping up against overhead resistance.  Supportive of a bottoming global market, cyclical Sectors are emerging as leadership. We examine the technical state of major developed and EM markets and highlight in today’s report and highlight attractive and actionable stocks within the Materials, Manufacturing, and Technology sectors.

Global Bottoming Process Continues; Remain Overweight China

MSCI Emerging Markets Index / Technical Analysis

<p>Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness.  Although the MSCI EM's price index remains in a downtrend, we are seeing signs of outperformance ona a relative strength basis and would add incremental exposure. In this report we highlight attractive and actionable themes within EM.</p>

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness.  Although the MSCI EM's price index remains in a downtrend, we are seeing signs of outperformance ona a relative strength basis and would add incremental exposure. In this report we highlight attractive and actionable themes within EM.

EM Relative Strength Is Bottoming: Overweight

CHINA - Healthcare, Steel, Autos, Education, Research From Beijing

Scott Laprise/ 乐天虎

CHINA - Healthcare, Steel, Autos, Education

<p>This is a big topic that I find myself addressing to investors each quarter for the past 10 years as a steel analyst from where I live in Beijing, China. No steel production cuts have been made by the government and none are expected in the near term. </p><p>The evidence for this view is clear looking at crude steel production data, we see record high levels of production out of China in September.</p><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/016/382/original/crude%20steel.png?1479190556" class="editor-image img-responsive" data-smartkarma-image-id="16382"></figure><div class="content-caption">Figure 1: World Crude Steel Production - 139m tonnes in September up 2% YoY</div><div class="content-remarks"><p>Source: <a href="http://www.worldsteel.org/media-centre/press-releases/2016/September-2016-crude-steel-production.html" target="_blank">http://www.worldsteel.o</a>…</p></div>

This is a big topic that I find myself addressing to investors each quarter for the past 10 years as a steel analyst from where I live in Beijing, China. No steel production cuts have been made by the government and none are expected in the near term. The evidence for this view is clear looking at crude steel production data, we see record high levels of production out of China in September.Figure 1: World Crude Steel Production - 139m tonnes in September up 2% YoYSource: http://www.worldsteel.o…

Steel in China- No Government Capacity Shutdown

China

Tangshan Jidong Cement Co., Ltd. manufactures and markets portland cement and cement clinker.  The company also provides cement machine installation services.

Tangshan Jidong Cement Co, Ltd. (000401 CH)

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

Tangshan Jidong Cement Co, Ltd. (000401 CH)

Quiddity Leaderboard CSI 300/500 Dec 24: A Long-Short Basket Trade Idea with High Momentum

The CSI 300 and CSI 500 index rebal events could see one-way flows of US$2bn and US$2.5bn respectively. Since roughly a third of the reference...

Janaghan Jeyakumar, CFA

Property+ Weekly: Weak Construction Resumption Rate Dragged by Property

According to 100NJZ’s channel check among 12220 projects, the work resumption rate was only 11% on the 10th day of CNY vs. 17% in 2022.

CMB International

Global Bottoming Process Continues; Remain Overweight China

The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, and are now bumping up against overhead...

Vermilion Research

EM Relative Strength Is Bottoming: Overweight

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness. Although the MSCI EM's price index...

Vermilion Research

Steel in China- No Government Capacity Shutdown

This is a big topic that I find myself addressing to investors each quarter for the past 10 years as a steel analyst from where I live in Beijing,...

Scott Laprise/ 乐天虎

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Quiddity Leaderboard CSI 300/​​500 Dec 24: A Long-Short Basket Trade Idea with High Momentum

The CSI 300 and CSI 500 index rebal events could see one-way flows of US$2bn and US$2.5bn respectively. Since roughly a third of the reference...

Janaghan Jeyakumar, CFA

Property+ Weekly: Weak Construction Resumption Rate Dragged by Property

According to 100NJZ’s channel check among 12220 projects, the work resumption rate was only 11% on the 10th day of CNY vs. 17% in 2022.

CMB International

Global Bottoming Process Continues; Remain Overweight China

The MSCI ACWI and ACWI ex-US have managed to break above their respective 200-day moving averages, and are now bumping up against overhead...

Vermilion Research

EM Relative Strength Is Bottoming: Overweight

Relative strength for MSCI EM is bottoming vs. MSCI EAFE despite continued global equity market weakness. Although the MSCI EM's price index...

Vermilion Research

Steel in China- No Government Capacity Shutdown

This is a big topic that I find myself addressing to investors each quarter for the past 10 years as a steel analyst from where I live in Beijing,...

Scott Laprise/ 乐天虎

Quiddity Leaderboard CSI 300/500 Dec 24: A Long-Short Basket Trade Idea with High Momentum