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Monthly Commentary on Key Themes – November 2024
China Electric Vehicle and Battery
Industry Update
- Strong October EV Sales; NEV penetration reached 54%: According to CPCA estimates, October NEV wholesale volume reached 1.4mn, +58% YoY1, as driven by supportive trade-in policies. Major EV Brands delivered solid October sales. BYD reported record-high monthly NEV PV sales of 500.5k units, +66% YoY, with PHEV continuing to record strong growth. Overseas sales grew by 2% MoM to 31k. 2 Li Auto delivered 51k units in October, +27% YoY. Nio (+30% YoY) and Xpeng (+16% YoY) also recorded steady sales momentum in October. Xiaomi SU7 delivery exceeded 20k units in October. Xiaomi also launched SU7 Ultra, priced at Rmb814.9k (~US$114k), with over new order of 3,680 units within the first 10 mins of launch. Based on insurance registration, new energy vehicle (NEV) penetration was 54% in the last week of October.3
- Over 1.5mn applications for Auto trade-in program: The trade-in stimulus has been doubled to Rmb20k (from Rmb10k) per NEV, and Rmb15k (from Rmb7k) per eligible ICEV, 4 following central government’s indication that long-term government bonds could be used to fund consumer goods trade-in.5 As of 24 October, the Ministry of Commerce trade-in information platform has received 1.57mn applications for the auto trade-in subsidy program.
- Tariff: In October, European Commission announced a new draft decision on final countervailing duties on BEV imports from China, which are marginally lower than those disclosed in early July. Notably, tariff on China-made Tesla would be cut to 9% from previously planned 20.8% (on top of the 10% existing tariff). In addition, Canada says it will impose a 100% tariff on imports of China-made EVs.6
- Battery material costs stabilized after substantial decline: China’s Battery grade lithium carbonate price was Rmb74.4k/ton as of end-October, +0.7% wow, -49%/-28%/-31%/-9% vs. average of 4Q23/1Q24/2Q24/3Q24 7. Battery materials prices have decreased by over 80% from its peak in 2022, supporting the continued cost optimization for battery makers and EV manufacturers.
Stock Comments
Following a 23% gain in September, BYD recorded -4.6% loss in October. BYD reported solid 3Q24 results on 30 October. 3Q24 revenue was Rmb201.1bn, +24.0% YoY and +14.2% QoQ. Notably, BYD’s quarterly revenue tops Tesla for the first time and becomes the largest EV company globally (in terms of quarterly sales). Group GPM was 21.9%, +3.2ppts QoQ, and GP per vehicle increased by 16.7% QoQ to Rmb35.6k. The strong profitability is bolstered by expanding unit sales and margin-enhancing DM-i 5.0 deliveries. BYD will continue to benefit from the solid PHEV opportunity both domestically and overseas. The solid new launch pipeline in 2025E should help BYD to maintain its dominant position in PHEV market.
Following a 37% gain in September, CATL recorded -2.3% loss in October. CATL reported solid 3Q24 results on 18 Oct. Net profit of Rmb13bn was +26% YoY. Excluding the one-off asset impairment of Rmb4.7bn, CATL’s 3Q24 core earnings implied c.30% beat vs consensus. 3Q24 revenue of Rmb92bn declined by 12% YoY mainly due to the c.30% YoY decrease in battery prices. EV Battery Unit GP of c.Rmb200/kWh was higher than consensus estimates, driven by product mix premiumization and cost savings from manufacturing advantages. Management is seeing even better 4Q order momentum as compared to 3Q, which should support CATL to regain revenue growth in 4Q on the back of stabilizing battery prices.
Preview
We remain positive on the long term growth potential for EV and battery value chain, along with the upward EV penetration trajectory. Domestic old car replacement demand, as stimulated by scaled-up auto trade-in program, together with export sales, should support China’s resilient auto momentum and benefit leading domestic brands. We expect the China auto market to stay competitive in 2024 with strong new product line-up and technology innovations from leading EV and battery brands, and new entrants such as Xiaomi. Geopolitical tensions remain the key risks, but China EV models will still remain competitive under new tariff landscape thanks to its cost advantages. Localized production will be the longer term solution for Chinese brands.
China Consumer Brand
Industry Update
With ongoing policy support in consumer over the past few months, consumer sentiment in China has shown improvement. Sep 24 total retail sales growth was up 3.2% YoY (vs +2.1% YoY in Aug 24), beat BBG consensus of 2.5% YoY. Retail and consumer sector data during the National Day holiday also suggest mild growth. During the National Holiday, tourist visitation and sales grew by 5.9% and 6.3%, respectively, reaching 110% and 108% of 2019 level. Per capita consumption saw a 2% YoY growth, at around 98% of the 2019 level — an improvement from 89%/91% level in 2024 Labor Day holiday/2024 CNY Holiday. Therefore, we expect continued policy support, along with improving fundamentals and sentiment, to further bolster sector growth moving forward..
Domestic tourism trips/revenue trends vs 2019
Source: Ministry of Culture and Tourism, Goldman Sachs Global Investment Research, October 2024
Stock Comments
- Trip.com Group (TCOM US): Trip.com achieved a 10% return in October. The recovery in Chinese outbound travel trend accelerated during the Golden Week. According to the National Immigration Administration, the avg daily cross-border volume reached 1.87m person times during the holiday, +25.8% YoY and 8% above pre-covid level. TCOM is well-positioned to provide better certainty with its dominant position in the Chinese outbound travel market and increasing exposure to the overseas OTA sector through its Trip.com platform.
- Pop Mart (9992 HK): Pop Mart achieved a 35% return in October backed by strong beat 3Q earnings. Pop Mart reported 120-125% YoY sales growth for 3Q24. By market, overseas market delivered 440-445% sales growth and China reported 55-60% sales growth, indicating robust QoQ acceleration for both regions (vs. overseas/China +260%/32% in 1H24). Going forward, we expect continued overseas expansion, particularly the ramping up in US market, strong product pipeline and potential improvement in Chinese consumer sentiment could further bolster sales growth.
- Moutai (600519 CH): Moutai experienced 12% loss in October due to Baijiu sector’s correction. Despite that, Moutai reported solid 3Q24 results on Oct 25, with sales up 15.6% YoY to Rmb39.7bn and net profit increasing 13.2% YoY to Rmb19.1bn. 9M24 sales growth of 17.0% (with earnings growth at 15.0%) is on track with company’s full-year sales growth target of 15%. Post National Day holiday, the wholesale price of a Feitian single bottle declined to Rmb2,250 from approximately Rmb2,300 during the holidays, which is within a reasonable range given seasonality. Additionally, Moutai has been managing its shipment pace to support pricing levels.
Preview
We believe policy stimulus could enhance consumer sentiment and bolster stock performance in the near term. As a late cycle play, consumer sector valuation has been compressed over the past year under an uncertain macroeconomic environment. Despite a recent rebound, the sector is currently trading at 16x PE as of September end, which remains well below the long-term average.
In our view, a fundamental turnaround and sustained improvement will take time. Large-cap sectors such as liquor, dining, and home appliances exhibit higher beta characteristics in a bullish macro scenario. Notably, home appliances and dining are also direct beneficiaries of consumer stimulus policies, including trade-in programs and consumption vouchers. For many consumer companies, especially staple names, we expect stabilization and recovery of earnings entering 4Q24 given easing comps.
The market is expecting additional stimulus measures in the near future. To track sector sentiment and performance, we recommend to follow forthcoming policy announcements, the impact of key initiatives such as trade-in program progress, and data points relating to consumer income outlook, including property price trends.
China / Asia Semiconductor
Industry Update
- TSMC posted strong 3Q result and 4Q guidance
3Q strong beat on GPM: 3Q24 GM exceeded its high-end guidance of 55.5%, to 57.8% (vs cons. Of 54.8%), with 4Q24 GM guidance coming in at 58% (at the midpoint; vs cons. of 54.7%) We believe this is driven by higher UTR (Utilisation Rate) in N5/N3, and slower than expected depreciation growth potentially due to slower ramp of oversea fabs. We think the N5 UTR likely exceed 100% in 3Q and will continue to stay at this level in 4Q.
4Q guidance beat: For 4Q24E, management guided revenue to be in the range of US$26.1-26.9bn. GM in the range of 57.0-59.0%, and OpM in the range of 46.5-48.5%. The margin guidance was well above street expectations due to higher utilisation rate. 8
- Memory makers ramp up HBM production
SK Hynix expect HBM3e 12H begin shipment in 4Q24. HBM 3e12H as % of total HBM3e will exceed 50% in 1H25. The volume and price of HBM products are largely locked in long-term contracts and HBM ASP in 2025E is expected to increase YoY along with the increasing share of the HBM3e products.
Samsung 3Q24 HBM revenue grew >70% QoQ. HBM3E mix was “low to mid -10s%” of the total HBM and is expected to be 50% in 4Q24. Samsung continue to make progress in Nvidia Blackwell HBM qualification, management commented an important HBM3E qualification phase with the “major account” has been completed and expect to start expanding sales in 4Q24. 9
Stock Comments
- SMIC +44.91%
Domestic foundry utilization continues to recover on restocking orders. Market turn more positive on China semiconductor demand after the government announced stimulus package. SMIC has projected a 13-15% Q/Q revenue growth for 3Q24. 3Q gross margin guidance of 18-20% exceeds expectations, due to rising ASP, given a higher 12-inch wafer shipment mix.
- AMEC +17.34%
3Q result was a miss but management provided positive outlook for 2025. 3Q24 revenue reached Rmb2,059mn, up 12% Q/Q and up 36% Y/Y. Backlog in 2024 will be Rmb11-13bn. 2025 backlog is expected to grow further as the management team expects 2025 foundry capex to enjoy 10%+ growth, along with market share gain in China.
Preview
Increasing AI adoption in the data centre and increasing penetration of AI at the edge and on-device will be the key enabler of next upcycle semiconductor as AI-enabled devices have much higher semi-content. Currently we are still in the process of cycle recovery as both stocks and earnings are below previous peak. We expect volume growth in end devices to drive broad-based semiconductor cycle recovery in 2024.
China Cloud Computing
Industry Update
- China software industry growth in September was weak at 8.2% YoY (vs. August at +9.4% YoY), down from last month, leading aggregate 9M24 revenues +10.8% YoY (vs. 8M24 at 11.2% YoY), due to delays of large-scale SOE projects, and slow improvement in client IT budgets. By segment, embedded system software and IT services outpaced software products and security software.
- In September, aggregate net income of software companies registered in China was Rmb140bn (US$20bn), implying net margin of 10.9% (vs. 12.2% in August). 9M24 net margin was 11.8%, lower than 8M24 net margin of 12.0%.
Software companies registered in China: aggregate revenues and YoY
Source: MIIT, as of November 2024
Software companies registered in China: aggregate NI YoY growth and net margin
Source: MIIT, as of November 2024
- iSoftStone Information Technology: iSoftStone is a leading domestic IT services supplier serving large-scale enterprises, including Huawei, internet companies, financial institutions and manufacturers. Overall market sentiment on Huawei related IT services stock during the month was positive, mainly driven by potentially increasing orders attributable to strong auto and mobile phone businesses of Huawei. iSoftStone's business migration toward standard services and software products will result in a better margin in the medium-term.
- Tsinghua Tongfang: The company’s 3Q24 result was in-line with expectation. There have been expectations on potential M&A deals related to the name which led to stock price rally.
- Netease: NetEase underperformed both the internet and software peers, due to lack of meaningful new game contribution, and limited positive surprise in grossing from legacy games.
- Shanghai Baosight Software: Baosight reported 3Q24 revenue decline of 4.1% YoY to Rmb3,014mn, 10% lower than consensus. Normalized net profit declined 16.3% YoY, 20% below market expectation. However, recent order win signals positive. On Sept 22, Baosight announced that its IDC arm Bao Cloud has won the tender for a major internet hyperscaler's new IDC with 60MW capacity contracted and another 60MW reserved. This is Bao Cloud's first sizable order after being very muted for ~4 years and also the business' first sizable order outside of Shanghai.
Preview:
Overall the avg. revenue growth of local software names remained weak in 3Q24, due to the challenging environment and budget constraints. Into 4Q24E, major software companies’ revenue growth should accelerate because of low-base effect. Leading software companies’ managements still view employee efficiency improvement as one of the key priorities into rest of the year. Therefore, margin is set to improve mainly driven by cost control and efficiency improvement.
In 3Q24, the majority of the software names started to see increased holdings from local funds, likely happened since PBOC's policy pivot at the end of Sept, while foreign funds remained on the sidelines, cutting more positions. Near-term share price might be overshooting but companies with improved revenue and earnings growth outlook should enjoy valuation premium.
China Clean Energy
Industry Update
- China solar installation picked up to +32%yoy in September, adding 20.9GW vs 16.5GW in August. In 9M24, the total solar installation in China is 161GW, +24.8%yoy. Global solar demand outlook in 2025 remains resilient from channel feedback. New policies have been drafted by China Ministry of Industry and Information Technology to force the inefficient electricity-consumption capacities exit and push the consolidation/production cut from a top-down perspective. The latest quarterly results of the major solar companies also showed the loss narrowed down or even slightly positive earnings, which implies the worst time is behind although the oversupply and excessive competition issues would last for a while. Should global demand increase by extra 20~30%, we may see substantial fundamental changes in solar value chain.
China wind installation ended at 5.5GW in September vs 3.7GW in August, sending 9M24 accumulated wind installation to 39GW, +16.8%yoy. China’s grid infrastructure investment in September was slightly decelerating to Rmb65bn, +12%yoy. Power grid capex is strong as expected to better utilize the renewables generation in the near future.
China solar polysilicon capacities by major players
Source: Mirae Asset, November 2024; assuming 2.3g/2.5g polysilicon used per watt in and outside China, respectively
Stock Comments
Key Contributors:
- LONGi Green Energy Technology: The leading solar wafer makers slightly increased wafer selling prices recently, implying positive signals on wafer S/D balance. Additionally, China’s recent stimulus policies and solar manufacturing production cut plan also helps with high beta play like Longi.
- TCL Technology Group: Similarly as Longi, TCL benefits from marginally wafer prices hike, as well as China’s stimulus policies and solar manufacturing production cut plan.
- Sungrow Power Supply: The company has relatively larger ESS exposure to the US market which is beneath the overhang of Trump tariff on China imported products. In fact, company delivered solid 3Q24 earning results.
Preview
We were happy to see marginal fundamental improvements in renewables sector in the 3Q24 results, who have been suffering from over capacities for a long time. For example, the renewables sectors have made great efforts in cost cutting to make renewable power more and more cost competitive globally, exporting to every corner in the earth and digesting the huge amount of capacities.
We have been constructive on the global clean energy growth and the trend of energy transition, just worried about the near-term broad mismatch between supply and demand. We believe, it still needs time to get out of the woods, but winter is behind.
China Robotics and AI
Industry Update
- China industrial automation (IA) demand decline narrowed to 1.3%yoy as of 3Q24 from -2.8%yoy in 1H24. Demand from the OEM segment fell by 4.3%yoy, while demand from the end user segment turned around to +0.1%yoy growth with solid demand from chemicals, electricity and petrochemicals industries. MIR retains its mild recovery forecast in 2025 and 2026. By segment, servo demand was down by 3.6%yoy as of 3Q24, vs -5.8%yoy in 1H24. Inovance and Siemens maintained their top positions in servo systems but both saw market share lose due to sluggish demand in EV and lithium battery. Inverter demand fell by 7.7%yoy as of 3Q24. Inovance lost its top position to ABB (market share of 19.1% as of 3Q24), with market share declining to 18.6% during the same reporting period, owing to more exposure to construction machinery sector. Large/small PLC market continued declining by 35.8%yoy and 7.6%yoy as of 3Q24, respectively. Packaging, machinery, textile and F&B were the bright spot. Siemens remains the leader in PLC market, notwithstanding the trend of localization. Inovance’s market share in small PLC was 13.9% as of 3Q24, slightly improving vs 13.7% in 1H24.
China industrial automation market size forecast
Source: MIR, November 2024
Stock Comments
- Suzhou TFC Optical Communication: Company delivered strong Q3 results with gross margin improved significantly. Company is one of the key beneficiaries from AI computational demand growth in the long run.
- IEIT Systems: Company delivered strong Q3 results with revenue/net profits up by 76%yoy and 51%yoy, +68%qoq and +140%qoq, respectively. We have seen strong downstream capex that will boost demand for the server industry.
- Shenzhen Inovance Technology: New order inflow for Inovance remains soft in October despite low base for renewables segment in 4Q23. Valuation is relatively higher within the sector.
Preview
The Chinese government's stimulus measures launched in late September, along with the “large-sized replacement program”, are starting to translate into improved enterprise confidence and the initiation of new projects. We have seen some early signs of stabilizing pricing trend and demand bottom-out. We remain positive on the long-term trend of China industrial automation market growth. Domestic manufacturers continue gaining market share on the back of customized products across emerging industries, fast delivery and advanced post-sale services, while foreign brands keep losing market share in China.
Global AI & Innovative Technology
Industry Update
- OpenAI launched search function in ChatGPT
OpenAI released its highly anticipated search product, ChatGPT Search, to take on Google. The company is enabling real-time information in conversations for paid subscribers (along with SearchGPT waitlist users). Rather than launching as a separate product, web search will be integrated into ChatGPT’s existing interface. The feature determines when to tap into web results based on queries, though users can also manually trigger web searches. ChatGPT’s web search integration finally closes a key competitive gap with rivals like Microsoft Copilot and Google Gemini, which have long offered real-time internet access in their AI conversations. (OpenAI, Verge)
- Anthropic Unveils New AI Model with Computer Use Capability]
Anthropic recently announced a significant upgrade to its Claude 3.5 Sonnet model and introduced a new Claude 3.5 Haiku model. One key update is a new "computer use" capability, currently in public beta, which allows Claude to interact with computer interfaces as a human would—moving cursors, clicking buttons, and typing text. This feature can automate multi-step processes, such as form-filling and spreadsheet management, marking a significant step toward more advanced workflow automation. (Telecom Talk)
Stock Comments
- Nvidia+ 9.32%
Supply chain indicate on track ramp for Nvidia’s Blackwell platform in 2025. Initial production issues are behind the company and there is high conviction in prior guidance that they will have several billion in Blackwell revenue in the January quarter. Any new Blackwell orders now that aren't already in queue will be shipped late next year, as they are booked out 12 months or so, which continues to drive strong short term demand for Hopper which will still be a major factor though the year.
- TSMC +9.71%
3Q strong beat on GPM: 3Q24 GM exceeded its high-end guidance of 55.5%, to 57.8% (vs cons. Of 54.8%), with 4Q24 GM guidance coming in at 58% (at the midpoint; vs cons. of 54.7%) We believe this is driven by higher UTR (Utilisation Rate) in N5/N3, and slower than expected depreciation growth potentially due to slower ramp of oversea fabs. We think the N5 UTR likely exceed 100% in 3Q and will continue to stay at this level in 4Q.
4Q guidance beat: For 4Q24E, management guided revenue to be in the range of US$26.1-26.9bn. GM in the range of 57.0-59.0%, and OpM in the range of 46.5-48.5%. The margin guidance was well above street expectations due to higher utilisation rate. 10
Global Electric Vehicle and Battery
Industry Update
- China’s policymakers announced a series of stimulus policies since late September which boosted equity market as well as people’s confidence on big ticket-size consumption. Thus, we witnessed strong auto sales in October in China. CPCA announced China’s September xEV wholesales of 1.23mn units, +48%yoy and +17%mom, sending 9M24 wholesales to 7.91mn units, +33.7%yoy. The preliminary October xEV sales number would be further accelerating to 1.4mn units, +58%yoy and +14%mom, driven by China’s recent economy stimulus policies. September BEV sales is 723k units and PHEV 508k units. During 9M24, BEV sales reached 4.6mn units, +11.3%yoy, while PHEV 3.3mn units, +86.5%yoy. xEV penetration rate stayed above 50%.
In the US side, as we get closer to Presidential election, there are arising concerns on removal of IRA consumer tax credit (up to US$7,500/vehicle) and more tariff on all imported EV and battery goods from Asian manufacturers. US September and October auto sales were mild recovery, while BEV penetration stayed around 8~9% thanks to affordability, limited product offerings and consumers’ reticence to change their behavior. HEV penetration should continue to outgrow BEV going forward.
Global battery market continues to see robust growth YTD, in which energy storage battery installation and shipment maintain 50%+yoy growth, much faster than EV battery, driven by strong renewables demand in the major economies like the US and Europe. Chinese battery makers have been dominant in ESS battery market, on account of the cost competitiveness of LFP batteries. CATL is ranked top 1, followed by EVE energy and BYD.
Global ESS battery market share by key players as of September 2024
Source: JPM, October 2024
Stock Comments
Key Contributors:
- Contemporary Amperex Technology: Company delivered solid Q3 results with gross margin improved. CATL has been continuously gaining market share globally despite global EV demand headwinds.
- BYD: The company delivered strong Q3 results with 2024 and 2025 sales volume revised up. BYD is gaining market share in and outside China, with price-competitive xEV models.
Preview
We didn’t change our long-term view that global EV transition is a visible decade growth story in most of the major economies such as Europe, China, ASEAN, South America and the Middle East regions. Some of Chinese leading EV makers have shown the early signs of competitiveness in global competition and continuously gained market share from legacy automakers in China and outside China. As one of the key beneficiaries, the worst time is behind for battery sector. We expect more M&As and capacities exit in battery and battery materials industries. China’s recent stimulus policies are definitely positive to the whole value chain globally. We will be selective on the most innovative players in each segment along the value chain who have partnership with the most successful EV models.
India Market
Market Update
- The MSCI India Index fell 7.7% (in USD terms) over the October reporting period amid global equities correction with MSCI World declining 2.3% during the same period. India small-caps, mid-caps, and large-caps declined by 3.8%, 8.0% and 7.3% respectively during the month. Growth indicators weakened on a sequential basis largely due to seasonal factors and festival related calendar changes. Thus far 60% of MSCI India companies have reported of which 30% has been a beat while 41% has been a miss. In terms of sectors, IT and Financials particularly Private Sector Banks delivered decent earnings growth, while Commodities like Oil and Gas, Cement and other Materials sectors have been a drag on earnings. Headline CPI rose to 5.5%yoy in September while core inflation remained range bound at low levels of 3.6%. Food inflation picked up and October CPI is expected to come higher than that of September as usual, but the strong monsoon is likely to help prevent unprecedented increase in food prices after peaking in October. Indian equity flows from foreign investors ended with a net selling of USD 10.4 billion (vs. USD +5.9 billion in September) marking the highest monthly outflow, while domestic institutional investors maintained their buying trend by net buying USD 12.8 billion (vs. USD +3.8 billion in September).
Cumulative Fund Flows in India Equities (USD bn)
Source: Bloomberg, Goldman Sachs, October 2024
Stock Comments
- ICICI Bank (ICICIBC IN) was the major contributor in October thanks to its strong 2QFY25 earnings results. The company reported a beat led by strong loan growth, modest opex growth and benign credit cost. The company managed delinquency in unsecured loans better than its peers. The bank’s loan book grew healthily at 4.4%qoq or 15%yoy driven by strong momentum across retail business and SME. Deposit book grew 5%qoq and 15.7%yoy with CASA growing at 4.3% as the company focused on acquiring quality customers and try to become their primary bank. The management des not expect cost of funding to increase much from here. PAT grew 15%yoy in 2QFY25 and the street revised up its earnings forecast post the result.
- Hindustan Unilever (HUVR IN) was the major detractor in October due to below expectation 2QFY25 results. Volume grew +3% which came in below the street expectations. Revenue, EBITDA, and Adjusted PAT grew 3%, 3%, and 2% respectively during the quarter. While rural consumption is keep improving gradually, it was not enough to offset slowdown in urban mass consumption. This has seen across staples sectors and led to overall underperformance of staples sector during the month. In addition, a robust growth of quick commerce channel increased competition for traditional FMCG companies as this reduced big FMCG companies’ distribution moat in traditional channel.
Preview
- This confluence of strong GDP growth, moderate inflation, and recovery in consumption suggests a buoyant outlook for the Indian equity markets, and we believe these conditions will be conducive to capitalizing on potential growth opportunities during this fiscal year in India. We remain constructive on India market.
1 CPCA, November 2024
2 Morgan Stanley, October 2024
3 Goldman Sachs, October 2024
4 NDRC, July 2024
5 Morgan Stanley, July 2024
6 BBC, August 2024
7 Goldman Sachs, November 2024
8 Mirae Asset, Company data, November 2024
9 Mirae Asset, Company data, November 2024
10 Mirae Asset, company data, November 2024
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Authors: Ahn Sol, Chan Tsz Wang Edward, (Licensed by the Securities and Futures Commission for Types 4 and 9 regulated activities under the Securities and Futures Ordinance). And Zijun Liu (Licensed by the Securities and Futures Commission for Types 1 and 4 regulated activities under the Securities and Futures Ordinance) The authors and their associate(s) do not hold the securities/fund mentioned in the article.