Key ideas from Brendan Ahern

• K-Web ETF hit new all-time high assets despite share price falling from $103 peak to $35 today - 'unique across US-listed China ETFs' - Brendan
• China's AI approach is 'all open source' versus US moat-building business models, focusing on implementation across businesses rather than monetizing LLMs
• Half of China ETFs in the US 'no longer exist' due to poor performance, with many funds closing down entirely
• Chinese consumer has money but is 'being very conservative because real estate accounted for two-thirds of their portfolio' and prices declined significantly
• European investors putting '4x the money into China' compared to US investors due to dollar headwinds affecting their US equity returns
• Trump meeting with Xi in China scheduled for April could reduce geopolitical headwinds and allow 'investment professionals to come back'
• Online retail sales in China up 9% year-over-year through November versus 4% for total retail, with 25% of all retail sales now online
• China's 15th five-year plan focuses on 'domestic consumption and technology self-reliance' with policy tailwinds for semiconductors and AI