Thesis: “China tech self-sufficiency under geopolitical constraint.”

Semiconductors & Compute Core

• Cambricon

• Changsha Jingjia Microelectronics

• SMIC

• Nexchip

• Biren Technology

• Moore Threads

• Metax

This cluster is the sovereignty stack. Domestic GPU/AI accelerators + foundry + mature-node capacity. High volatility. Policy-sensitive. Massive upside narratives. Also massive execution risk. Perfect premium material.

Infrastructure & Telecom

• ZTE

• China Mobile

This is the bandwidth layer. Stable cash flows. Dividend stories. 5G monetization vs capital intensity debates.

Consumer Tech & Cloud Platforms

• Xiaomi

• Alibaba

• Tencent

• Meituan

• Baidu

• NetEase

• Kingsoft

This is your monetization layer. Advertising cycles, cloud margins, gaming approvals, AI integration narratives. Less existential risk than the chip stack, but politically sensitive in different ways.

EV & Industrial Policy Layer

• BYD

• Great Wall Motors

• Zeekr

This is where hardware meets scale. Export growth, pricing wars, battery cost curves, European tariffs. Tremendous data story potential: deliveries, ASP trends, margin compression vs scale efficiency.

Energy & Industrial Feedstock

• Sinopec

• Hengli Petrochemical

You’re quietly hedging here. Petrochem feeds semiconductors and industrial manufacturing. That’s not random. That’s systems thinking.

Defense-Adjacent

• Norinco

This adds geopolitical risk exposure. High opacity. High state linkage. Not for timid analysts.