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

China: Cautious Optimism for 2023 Growth Prospects

Active China Funds:  Top-Down Positioning Update, 2023

Research from Quam Securities, Quam Securities

Quam Securities Research

Macroeconomics

<ul><li>China’s export in Nov came in worse than expected with y/y decline of 8.7% vs consensus expectation of 3.9% decline.</li><li>The decline last month was the second worst since Sept 2016 (-10.5%) with the worst was 2M2020 (-17.4%), when the pandemic first hit the country.</li><li>With auto exports’ growing importance, total exports would be even worse with 10.2% y/y decline if we excl. auto, which accounted for 2.6% of total export in Nov.</li></ul>

China’s export in Nov came in worse than expected with y/y decline of 8.7% vs consensus expectation of 3.9% decline.The decline last month was the second worst since Sept 2016 (-10.5%) with the worst was 2M2020 (-17.4%), when the pandemic first hit the country.With auto exports’ growing importance, total exports would be even worse with 10.2% y/y decline if we excl. auto, which accounted for 2.6% of total export in Nov.

China Macro -Strong External Headwind Needs Even Stronger Policy Support