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

[Blue Lotus Macro]: Economic Stimulus Shouldn’t Be Pain Killers

[Blue Lotus Macro]: A Job-Creating Stimulus that Also Saves the Real Estate

[Blue Lotus Macro]: Underestimating the Pain but Unable to Turn Back

[Li Auto Inc. (LI US) Earnings Review]: Intact Model Cycle Drives Growth in 2023

[Miniso Group (MNSO US) Target Price Change]: 2023 Catalyst Is Store Expansion, Raise TP to US$24

Atour(ATAT.US) Initiation: Buy for First-Stage Single-Brand Network Expansion

[Miniso(MNSO US, BUY, TP US$22) Earnings Preview]: Bring Made-In-China to the World’s Mall Economies

China/Asia TMT

Shawn Yang

Thematic (Sector/Industry)

China Consumer discretionary / Thematic (Sector/Industry)

<ul>
<li>Even though we are long-term optimistic on the rise of Chinese consumer brands, we believe short-term optimism is misplaced. </li>
<li>Two themes: (1) structural changes led by China’s transition to an older and more affluent society, (2) substitution and globalization that can break the ceiling for valuation;</li>
<li>Our TOP PICKS are Li Auto, Atour, Luckin, FUTU, BEKE and Miniso</li>
</ul>


Even though we are long-term optimistic on the rise of Chinese consumer brands, we believe short-term optimism is misplaced. 
Two themes: (1) structural changes led by China’s transition to an older and more affluent society, (2) substitution and globalization that can break the ceiling for valuation;
Our TOP PICKS are Li Auto, Atour, Luckin, FUTU, BEKE and Miniso


[Consumer Brands Deep Dive]:Structural and Substitution Drive Chinese Consumer