I think the time has come for a little reflection on Asia investments and China stocks, and how they relate to the broader stock market. At the beginning of the summer I thought the stock market would be confined to a trading range of about 10% until September. U.S. stocks certainly saw their share of flux during the period.

Now, I also thought global stocks would break out to the upside around October, and then continue on into a powerful year-end rally. That proved to definitely be the case in Asia in general and in China stocks in particular. Sure enough, since the beginning of September and through mid-October, stocks in the U.S. and the emerging markets have been absolutely on fire.

To help you continue to profit from this momentum, here are my top five Asia investments to buy now:

Ping An Insurance  reported a 71% growth in small and medium-enterprise (SME) loans through the end of August to 18.2 billion yuan. Ping An Bank’s new SME loans recorded a yield of 6% in 2010. Ping An Insurance currently holds a 90.75% position in the bank, which will be eventually transferred to Shenzhen Development Bank, according to the company’s restructuring plan. Good numbers and good news for Ping An here.

Currently Asian insurance companies are receiving tremendous attention as a result of the successful IPO of AIG’s Asia unit AIA. I think Ping An will continue to be a leader in the year-end stock market rally with more upside to come, so I’m raising my target price to HK $99. Buy Ping An below $88.

Home Inns & Hotels Management (NASDAQ: HMIN) has been one of the leading economy hotel chains in China. And the company has experienced exponential growth since its humble beginnings. In 2003, Home Inn operated just 10 hotels in four cities — and as of March, 2010, the company now operates 638 hotels in 121 cities in China and continues to grow quickly.

In 1999, the total number of domestic tourists was 719 million. By 2009, that number had more than doubled to 1.61 billion domestic tourists. It’s this domestic travel that’s the bread and butter of today’s new recommendation, and with the growth of domestic tourism on this scale, it’s no surprise we’ve seen the company experience a massive amount of growth.

In my opinion, this growth is likely to continue, especially given the continued increase in domestic consumption, and the trend toward higher wages for China’s middle class — and that makes right now a great time to initiate a position in Home Inns & Hotels Management.

Home Inns will report financial results for the third quarter of 2010 after the market close on Wednesday, Nov. 10. Buy HMIN under $50.

New Energy Systems (AMEX: NEWN) reaffirmed its revenue guidance of at least $88 million and adjusted net income guidance of at least $15.6 million, or $1.23 per share, for 2010. In the statement reaffirming the guidance, Nian Chen, New Energy’s CEO, said that the company continues to generate strong organic growth within all four of its businesses and he remains extremely confident in achieving or exceeding the previously issued guidance for 2010. He also said that he anticipates very strong top-line and bottom-line growth in 2011.

All I can say is “bravo” to New Energy here on the reaffirmation of its upbeat guidance — as well as the timeliness of it. The company’s reaffirmation of its guidance arrested a decline in the stock — and since the company’s announcement, shares have traded up almost 30%. Earlier this month, the stock got hit — along with small-cap Chinese stocks in general — and I think this represents an end to that decline. Buy NEWN shares under $8.

Wimm-Bill-Dann Foods (NYSE: WBD) was founded in 1992, and is Russia’s largest food and beverage company with nearly 40 production sites. In total, WBD operates in 10 countries and serves approximately 280 million customers.

Currently, Russia is responsible for more than 90% of WBD sales. There, with a market share of nearly 28%, WBD has nearly twice the total market share of its next largest competitor and the company holds a leading market position in most dairy food products there.

WBD recently hit a new 52-week high on higher-than-average volume. Although WBD is a large, established company, lately their stock price has risen quite explosively — as if it were a small-cap growth stock. Although since hitting new highs the stock has pulled back slightly, I think we’re going to see shares break out in the near term towards my $29 target. Buy WBD on dips under $24.

PowerShares India ETF (NYSE: PIN) is the best way to get Indian exposure and cash in on the Asia boom. Given the tremendous recent surge and buying momentum we’ve seen in the Indian stock market over the past several months, I think the best way to play this growth trend is with an ETF that’s pegged to the wider Indian market — rather than choosing just one of the very few Indian ADRs.

PowerShares India ETF seeks to replicate the performance of the Indus India index. Essentially, PIN is designed to replicate the Indian equity markets as a whole, through a group of 50 prominent Indian stocks selected from a universe of the largest companies listed on Indian stock exchanges.

The companies in PIN are spread among the following sectors: oil and gas (26.1%), technology (15.5%), financials (14.7%), basic materials (9.4%), utilities (9.3%), industrials (8.0%), consumer goods (5.5%), telecommunications (4.9%) and health care (3.8%).

I recommend you buy PIN under $28. My price target is for this fund is $33 within the next two to three months — for gains of about 25% from current prices.

As of this writing, Robert Hsu was recommending all of these stocks and funds in his Asia Edge newsletter.