Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Research from Quam Securities

Active China Funds:  Top-Down Positioning Update, 2023

Research from Quam Securities, Quam Securities

Quam Securities Research

Macroeconomics

<ul><li>China reported a set of better-than-expected economic indicators for Dec / 4Q. 4Q GDP growth came in at 2.9% y/y, which was 1.3 ppt above expectations, although it decelerated 1 ppt sequentially.</li><li>For 2022, GDP grew 3.0% y/y vs expectations of 2.7% and 2021 growth of 8.1%, which was inflated by the low base in 2020.</li><li>The biggest surprise was from retail sales, which fell merely 1.8% y/y for Dec, which was smaller than consensus expectations of 9% decline and 5.9% decline for Nov.</li></ul>

China reported a set of better-than-expected economic indicators for Dec / 4Q. 4Q GDP growth came in at 2.9% y/y, which was 1.3 ppt above expectations, although it decelerated 1 ppt sequentially.For 2022, GDP grew 3.0% y/y vs expectations of 2.7% and 2021 growth of 8.1%, which was inflated by the low base in 2020.The biggest surprise was from retail sales, which fell merely 1.8% y/y for Dec, which was smaller than consensus expectations of 9% decline and 5.9% decline for Nov.

China Macro - China Ended the Year with Better than Expected Results in Dec