Panda Perspecticast

Good evening, not too bee to cavalier about it, but $NVDA has opened up a can of worms by being “really overvalued” and then goin on to 10x from there in fairly short order. This sort of things ruins people and their investing approachers. As a certified Vaule Respector, I do feel somewhat like a fish out of water, but investing in AI and anything to do with it demands a growth mindset. So here it...

Good Evening, Wanted to address the East vs West and some other narratives that seem obvious but maybe aren’t in the semiconductor space. This discussion builds on the 3 articles published in this review so far: * East vs West, where the key battle lines are drawn * China’s Policy review: what the government is doing to spur domestic semiconductor sector growth. (Free Article) * The Equipment Revo...

Good evening, here’s the rough breakdown of whats to come: Total Companies in Coverage: 90 Pure Semiconductor Companies: 68 (75.5%) Coverage by Article: Article 1 & 2: Macro overview of the space and policy Article 3 (Equipment): 6 companies in focus Article 4 (Foundries): 6 companies Article 5 (Memory): 8 companies Article 6 (AI): 4 companies Article 7 (Power/Auto): 7 companies Article 8 (Mobile)...

Good Morning, Please do check out our note on EVs available here: I make reference to this data on the costs of EVs vs ICE (imperfect, but it gives a ballpark). New Li i8: have a good one, Leonid Get full access to Panda Perspectives at pandaperspectives.substack.com/subscribe

Good Evening, I was on the ground at the SMM Asia Metals Seminar in Hong Kong today. Excellent content: deep dives, hard data, and no tourist-level macro. In this short episode, I run through key takeaways from the industrial and new energy metals sessions metal by metal, but first, do consider subscribing to the substack for much more of this. Copper * Global supply growth is flat: top producers...

Date: Thursday, 15 May 2025 Episode Summary: This week’s episode comes to you fresh from a packed week of company meetings, investor discussions, and on-site visits across Asia, capped off by an excellent Macquarie-hosted conference. Leonid reflects on what he saw and heard, and how it informs the evolving Panda Portfolio positioning. Key Takeaways: * 🏢 On the Ground in Asia: A long but rewarding...

Good Evening, As mentioned on the pod, please sign up to get the full piece on China property coming out tomorrow. Also do check out the China Daily Opinion Piece we published this Morning. Click here . This week we’re focusing on theProperty space, while next week we’re following up with a review of Property Management sector and HK Conglomerates and Developers review. Have a great Week, Leonid G...

Good Evening, Do check out the macro notes form last week: China Macro Snapshot after 1Q25 : The difficult transition, the reasons for hope. China Property: From Collapse to Calm? : A deep look at how the sector is stabilizing — and what it still lacks. Chinese Consumption 2025 : Cooling spending, persistent strength, and where the real opportunities may lie. AS announced on the pod we’re moving i...

Good Evening, The Macro Week kicks off with this Podcast. As discussed on it - do expect the first article to hit your inbox shortly after this. As ever happy to hear any and all feedback! Have a great day, Leonid Get full access to Panda Perspectives at pandaperspectives.substack.com/subscribe

Good Afternoon, to freshen things up we’re coming to you form the Peace Hall in Halifax, West Yorkshire. Hope you enjoy the change of Scenery! 🐣 Easter Special! 🐣 Now’s the time to go full Panda —get 20% off ALL Panda Perspectives subscription levels, forever. No code needed. No gimmicks. Just lasting insight at a lower price. Offer ends April 21 , so hop to it: 👉 https://leonidmironov.substack...

Good Afternoon, an extra long pod today talking about the trade war, tariffs and outcomes thereof. The chart for manufacturing share of employment that gets a mention: have a great week ahead, Leonid Get full access to Panda Perspectives at pandaperspectives.substack.com/subscribe

Good evening, A new episode focusing on what worked and what didn’t work in the first quarter of 2025. We talked about the index performances as well as what to expect in 2Q25. This is the list we used. And here’s the link to the Battery piece: Have a great week, Leonid Get full access to Panda Perspectives at pandaperspectives.substack.com/subscribe

Good Evening, It seemed appropriate to address some of the themes we discussed in the Weekend notes. Next big theme is Robotics - very excited for that, do join in if you share our excitement. Serious about Asia investing? Your process needs more Panda. We full appreciate that for some this is not enough and you’d like a more personalised service that will help get results in China and Asia. Fret...

Good Evening, This week’s episode is short, but to the point. We’re addressing the issues that have been raised about the Consumption Action Plan. Please read the main post on the subject. Have a great one, Leonid Get full access to Panda Perspectives at pandaperspectives.substack.com/subscribe

Good Evening, As is customary a Monday evening musing on the events that are moving the China markets. The full preview can be found here . Check out the China Internet Write ups here: * Alibaba * Baidu * Tencent Do join us for more! Also, here is the Xi, the champion of businesses article: http://www.xinhuanet.com/mrdx/20250303/0b05c2ae25754afb99f905dbe948f88b/c.html (do use the translation butto...

Good Evening, This is the final piece of content (sorry) to do with $BABA for the foreseeable future, and it felt important to get out a final verdict on it, especially in the context of today’s negative move in the price. Here’s the original piece if you’ve missed it: As usual I encourage everyone to subscribe to the full version of the blog. To be clear the presentation is made available for the...

Good evening, here are the pictures mentioned: (a) the one on Short interest courtesy of SubuTrade (b) the seating plan courtesy of Hutong Research As usual, if the topics discussed are of interest to you, do consider subscribing. Have a great week ahead, Leonid Get full access to Panda Perspectives at pandaperspectives.substack.com/subscribe

Good Evening, the BYD video I referenced is available at It is available in three levels: • Level C for BYD cars (simpler) • Level B for Denza, Leopard, and BYD flagship cars (medium) • Level A for Yangwang (top level) The level is not assigned based on rank; more expensive cars have more advanced autopilot equipment. In the video, the U9 demonstrates Level A. The BYD Chairman stated that they hav...

Good Evening, The pieces mentioned: Have a Great Week ahead, Leonid Get full access to Panda Perspectives at pandaperspectives.substack.com/subscribe

We are talking about DeepSeek and fallout from it, not a lot of structure other than that. The coal piece is here . And once again - happy Chinese New Year to those celebrating! The related promotion of -28.8% for life Is not up and running - no need to do anything it will be applied automatically. Have a goo week and we will return with the Solar/Wind piece later in the week, Leonid Get full acce...

Trump 2.0: The Two Whatevers * Whatever the US does is constrained by debt interest payments. * The growing burden of servicing national debt limits fiscal flexibility. This means any policy decisions will be heavily influenced by financial constraints, including rising interest rates and ballooning liabilities. * Whatever the US does must weaken the USD and lead to higher inflation amid lower rat...

Unfortunately the live form NY episode was lost to history due to poor audio, so I re-recorded some of it, as well as provided and update on the Substack plans for the foreseeable future. Some Shots from the trip, to make up for the loss. Do use the comments to leave preferences for the industry focus pre-NPC, and dont forget to subscribe to do so. Regards, Leonid Get full access to Panda Perspect...

Addressing the development that sent TCEHY US down 10% at one point. The oil and Gas episode to be recorded in the US on Friday. Have a good day, Leonid Get full access to Panda Perspectives at pandaperspectives.substack.com/subscribe

This is an episode addressing some of the questions on the 2025 outlook, see the links below. Do subscribe to the full version of the blog for all the posts and ideas. Get full access to Panda Perspectives at pandaperspectives.substack.com/subscribe