Big data changes life

  The report estimates and describes the distribution and development of  human capital in China. We use a large amount of data and a variety of  methods to measure human capital comprehensively and systematically at  national and provincial levels in China, and construct a number of human  capital indexes. In addition to traditional measures based on education level, we adopt  the widely used Jorgenson-Fraumeni income calculation method (hereinafter  referred to as “J-F method”) to estimate the stock of human capital in China.  Compared with traditional measurement methods (such as education level),  J-F method can reflect the situation of human capital in a more comprehensive  way. Due to lack of relevant data, J-F method cannot be directly applied to  China. Based on human capital theory, we combine micro-survey data,  provincial-level data and Mincer equation to improve J-F method, which  greatly increases the feasibility and rationality of applying the method to  Chinese data.

  With a solid track record in Southeast Asia’s express delivery sector, we believe  J&T Global Express (“J&T Global”) is set to replicate its success story in Latin  America and the Middle East market. Meanwhile, we expect J&T Global to  narrow the loss significantly in China market, which will serve as a risk reduction  driver. We forecast J&T Global to achieve net profit in 2024E. We initiate  coverage on J&T Global with a HOLD rating and SOTP-based TP of HK$14.2. We believe the high valuation premium over peers has largely reflected J&T  Global’s promising outlook in overseas markets.

  Hong Kong’s economic success owes much to its comprehensive financial services industry,  which has long been recognised as one of the world’s foremost financial hubs. Over the years,  the industry has constantly evolved to meet the demands of a changing global market, driven by  the emergence of new technologies, evolving customer expectations, and changing geopolitical  conditions. Following these changes, the talent market of the financial sector has also undergone  significant changes in tandem with the overall landscape. 

  Pentamaster ( 01665.HK ) primarily provides automation technologies and solutions for  multinational manufacturers, mainly in the automotive, semiconductor, telecommunications,  consumer electronics and medical sectors. Pentamaster ( 01665.HK ) achieved MYR 522.8mn  total revenue for the first 9 months ended Sep 2023, of which 68.5% and 31.5% were  contributed by the Automated Test Equipment (ATE) business segment and Factory  Automation Solutions (FAS) business segment respectively

  This report, the second in the “Report on Shaping the Low-carbon Leadership of Chinese Enterprises by GoldenKey”  series by China Sustainability Tribune, analyzes and provides insights into the low-carbon practices of enterprises in  China that participated in the GoldenKey-SDG Solutions Campaign from 2020 to 2023. The report features case studies  and recommendations for accelerating low-carbon transitions in the future. The “Spotlight” section illustrates the  contributions of Chinese enterprises overseas to addressing the climate crisis. This report aims to showcase and analyze the progress and distinctive actions of enterprises in China since China  put forward the 30·60 Decarbonization Goal (to peak carbon dioxide emission by 2030 and achieve carbon neutrality by  2060). It focuses on sharing corporate practices and experience of low-carbon transitions and aims to enhance global  understanding of the commitment of China’s business community to low-carbon development

  China has fully embraced quality and sustainable development as the core national strategy and  the way forward in the coming decades. Clean, green, and lower carbon are some of the most  representative features of the current stage of transition. 

  China now dominates the strategically important industries in ITIF’s Hamilton Index, producing  more than any other nation in absolute terms and more than all but a few others in relative  terms. Its gains are coming at the expense of the United States and other G7 and OECD  economies, and time is running short for policymakers to mount an industrial comeback.

  In the two years following the release of the 2021 OM Survey Report, Hong Kong has  achieved a pace in developments that is both blisteringly fast and concurrently measured,  carefully planned and sensibly thought out.  

  We initiate with a "Buy" rating and a TP of HK$40.77. We adopt relative  valuation based on PE ratio. We primarily referenced two peer groups, HK listed companies that provide internet content and information services, and US  listed companies related to music streaming. Currently, we value Tencent Music  (“TME”, or the “Company”) at 24.0x PE for 2024, and estimate a market  capitalization of around HK$139.9 bn. Based on the latest number of issued  shares, we calculate the corresponding target price to be HK$40.77/share. 

  Power electronic devices, also known as power semiconductor devices, are electronic components used in circuits for power conversion and control, specifically for high-power applications (typically referring to current in the range of tens to thousands of amperes and voltages of several hundred volts or higher). Power devices are capable of handling and controlling large currents and voltages, and they offer advantages such as high efficiency, high reliability, and high-speed operation. They play a critical role in various application scenarios. The main types of power semiconductor devices include diodes, thyristors, and transistors. Among them, diodes and thyristors have relatively mature and simple manufacturing processes, while transistors, particularly insulated-gate bipolar transistors (IGBTs), metal-oxidesemiconductor field-effect transistors (MOSFETs), and bipolar junction transistors (BJTs), have the largest market share.