Ian Li Qingcao,CFA

Manager, Research

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China's 2Q GDP slowed, but AI and Semiconductors are driving the next growth cycle Macro Research

China's 2Q GDP slowed, but AI and Semiconductors are driving the next growth cycle

China's real GDP grew 4.3% year-on-year in the second quarter, but the headline slowdown masks a structural shift. While real estate investment fell 18.0%, exports surged 18.4%, driven by compute hardware and integrated circuits. AI is increasingly replacing property as China's new growth engine, supported by both economic data and national policy. This report examines the investment case for China's AI and semiconductor sector and highlights our preferred investment opportunities.

By  Ian Li Qingcao,CFA | 23 Jul 2026 |295 Views
AI中国市场中国Asia Semiconductors
China’s AI hardware opportunity: Global compute boom meets accelerating domestic substitutionETFs

China’s AI hardware opportunity: Global compute boom meets accelerating domestic substitution

China's semiconductor rally is now driven by two structural forces: the global AI compute boom and accelerating domestic substitution. While global AI capex fuels demand, China's push for semiconductor self-sufficiency—supported by systems innovation, policy and energy advantages—creates a differentiated opportunity that complements US AI exposure.

By  Ian Li Qingcao,CFA | 17 Jul 2026 |408 Views
TechnologyChina2026Chinese semiconductors
China's Monetary Policy Outlook: Will easing return in 2H2026?Macro Research

China's Monetary Policy Outlook: Will easing return in 2H2026?

In 1H 2026, China’s monetary policy shifted from active easing toward a more cautious, data-dependent stance. The PBoC removed explicit references to RRR and rate cuts, increased its focus on overseas policy and imported inflation, and entered a period of policy observation rather than immediate stimulus.

By  Ian Li Qingcao,CFA | 09 Jun 2026 |1226 Views
China20262H26
China’s energy transition playbook: Capturing structural opportunities across the new energy sectorETFs

China’s energy transition playbook: Capturing structural opportunities across the new energy sector

China’s target to double non-fossil energy supply by 2035 underpins long-term growth in solar, wind, storage, and NEV sectors, while strong global demand and China’s supply chain dominance support exports. The China Southern CSI New Energy ETF (516160.SH) provides diversified exposure across the clean energy value chain.

By  Ian Li Qingcao,CFA | 04 Jun 2026 |405 Views
China516160New Energy
Policy support and valuation re-rating signal it is time to revisit China’s CSI300ETFs

Policy support and valuation re-rating signal it is time to revisit China’s CSI300

The 2026 National Two Sessions signalled a structural policy shift supportive of A-shares, driven by fiscal expansion, “AI+” industrial policies, and accelerated capital market reforms at the start of the 15th Five-Year Plan. Meanwhile, CSI 300 valuations remain historically low, while earnings are entering an early-cycle recovery phase, creating conditions for both earnings growth and valuation re-rating.

By  Ian Li Qingcao,CFA | 21 May 2026 |739 Views
CSI 300沪深300中国股市
Market Update: Q1 GDP at 5.0%, Confirming China’s Structural ResilienceMacro Research

Market Update: Q1 GDP at 5.0%, Confirming China’s Structural Resilience

At the start of the war, we argued that China’s structural ability to withstand this energy shock was stronger than market consensus expected. China’s GDP grew 5.0% year on year in the first quarter of 2026, above the widely expected 4.8%, delivering upside surprise growth even during the most severe global energy supply disruption in modern history.

By  Ian Li Qingcao,CFA | 17 Apr 2026 |2584 Views
A股中国市场超预期中国GDP
AI inflection point meets policy tailwinds: Capturing Chinese technology betaETFs

AI inflection point meets policy tailwinds: Capturing Chinese technology beta

The strong launch of Seedance 2.0 and the broad rollout of the OpenClaw agent ecosystem suggest that Chinese AI applications have moved beyond technical demos and into industrial use. At the same time, global AI capex is still growing in 2026, while the domestic application-layer story is starting to play out. This creates the conditions for a second leg of gains in the technology sector.

By  Ian Li Qingcao,CFA | 10 Apr 2026 |1709 Views
A股中国市场中国科技大模型
China 2026 Two Sessions: Unlocking policy signals and investment goldminesETFs

China 2026 Two Sessions: Unlocking policy signals and investment goldmines

The 2026 Two Sessions has ended. This year’s focus include a 4.5%–5% GDP target, a 4% fiscal deficit, the launch of “AI+” across industries, a focus on boosting domestic demand, and a shift toward proactive monetary easing.

By  Ian Li Qingcao,CFA | 24 Mar 2026 |3192 Views
全国两会政治信号A股中国市场中国科技
Seedance 2.0: AI video is becoming usable at scale — implications for China’s tech value chainETFs

Seedance 2.0: AI video is becoming usable at scale — implications for China’s tech value chain

Seedance 2.0 suggests AI video is moving from demo to a tool that can be used at scale. If that shift holds, it can lift demand across China’s tech value chain, from applications to inference-driven computing.

By  Ian Li Qingcao,CFA | 26 Feb 2026 |2747 Views
A股中国市场中国科技抖音大模型
When Chinese tech stocks fall into a “Technical Bear Market,” smart money buys the dip Stocks

When Chinese tech stocks fall into a “Technical Bear Market,” smart money buys the dip

Following a systemic correction of approximately 20%, the Hang Seng Tech Index is currently at a critical juncture, balancing the release of liquidity pressure against a bottoming out of market sentiment. Despite rising risk aversion driven by global market volatility, sustained net inflows of Southbound capital and substantial contributions from AI businesses provide solid fundamental support. Below is our core rationale for maintaining conviction at this "valuation trough."

By  Ian Li Qingcao,CFA | 09 Feb 2026 |2846 Views
港股恒生科技中港股市