Panda Perspectives is an independent research platform focused on China’s equity markets, macroeconomic trends, and strategic industries.

We deliver institutional-grade analysis of listed companies (e.g. CATL, Li Auto, Tencent), sector deep dives (EVs, automation, industrial tech), and long-view macro thinking on China’s evolving growth model.

Trusted by hedge funds, family offices, and global investors looking for signal—not noise—in the world’s most important emerging market.

Leonid is the Research Lead at PACAT Capital Management in Hong Kong where he helps oversee a China Long only and Asia-Pacific Long/Short vehicles since 2010.

This substack is the best place to find the public versions of Leonid’s views. The focus of it will be on Asian Macro and Commodities, with an occasional stock highlight.

These views are published for informational and educational purposes only. Nothing contained within the reports constitutes an offer or a recommendation to buy or sell securities or commodities. Please consult a financial advisor before putting any money to work in financial markets!

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