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Research Reinvented

Equity Bottom-Up

Tianshui Huatian Technology Co, Ltd. / Equity Bottom-Up

Tianshui Huatian Technology Co, Ltd. (002185 CH)

<ul>
  <li>Tianshui Huatian Technology is a leading Outsourced Semiconductor Assembly and Test (OSAT) provider in China, well-positioned to capitalize on domestic semiconductor growth, particularly in advanced packaging for AI, automotive, and 5G applications.</li>
  <li>Financial performance shows strong top-line growth, with a 13.09% 3-year revenue CAGR, but profitability and cash flow are under pressure due to significant capital expenditures for capacity expansion and R&amp;D in a competitive, cyclical industry.</li>
  <li>Strategic acquisitions of Unisem and Flipchip have expanded its global footprint and technological capabilities, reducing geopolitical risks and providing access to international markets, though integration and margin pressures remain key challenges.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Tianshui Huatian Technology is a leading Outsourced Semiconductor Assembly and Test (OSAT) provider in China, well-positioned to capitalize on domestic semiconductor growth, particularly in advanced packaging for AI, automotive, and 5G applications.
  Financial performance shows strong top-line growth, with a 13.09% 3-year revenue CAGR, but profitability and cash flow are under pressure due to significant capital expenditures for capacity expansion and R&amp;D in a competitive, cyclical industry.
  Strategic acquisitions of Unisem and Flipchip have expanded its global footprint and technological capabilities, reducing geopolitical risks and providing access to international markets, though integration and margin pressures remain key challenges.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Tianshui Huatian Technology Co, Ltd. (002185 CH) - May 2026

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.</li>
<li>As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.</li>
<li>Following the election, we see a high probability of significant upside going into year-end.</li>
</ul>


Our outlook remains bullish on global equities (MSCI ACWI) with ACWI-US and the S&amp;P 500 holding above their respective bases at $117 and 5650-5670.
As long as these base supports hold, we would use any election-related pullback as an opportunity to add exposure.
Following the election, we see a high probability of significant upside going into year-end.


Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Sino Biopharmaceutical / Equity Bottom-Up

<ul><li>This licensing agreement demonstrates the company's R&D capabilities.</li><li>TQC3721 has the potential to become the first domestically developed inhaled dual PDE3/4 inhibitor approved in China.</li><li>We expect Sino Biopharma to achieve higher revenue from the innovative drug business.</li></ul>

This licensing agreement demonstrates the company's R&D capabilities.TQC3721 has the potential to become the first domestically developed inhaled dual PDE3/4 inhibitor approved in China.We expect Sino Biopharma to achieve higher revenue from the innovative drug business.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Verisilicon Microelectronics S / Index Rebalance

Verisilicon Microelectronics S (688521 CH)

<ul>
<li>There could be one change for the CNI Semiconductor Chips Index with <a href="https://www.smartkarma.com/entities/verisilicon-microelectronics-s" target="_blank" data-smartkarma-citation="entities:32183:1" rel="noopener">Verisilicon Microelectronics S (688521 CH)</a> replacing <a href="https://www.smartkarma.com/entities/tianshui-huatian-technolog-a" target="_blank" data-smartkarma-citation="entities:20708:1" rel="noopener">Tianshui Huatian Technology Co, Ltd. (002185 CH)</a>. </li>
<li>Passive trackers will need to buy 0.5x ADV in <a href="https://www.smartkarma.com/entities/verisilicon-microelectronics-s" target="_blank" data-smartkarma-citation="entities:32183:1" rel="noopener">Verisilicon Microelectronics S (688521 CH)</a> and sell 0.4x ADV in <a href="https://www.smartkarma.com/entities/tianshui-huatian-technolog-a" target="_blank" data-smartkarma-citation="entities:20708:1" rel="noopener">Tianshui Huatian Technology Co, Ltd. (002185 CH)</a>. </li>
<li>There will be large selling in <a href="https://www.smartkarma.com/entities/cambricon-technologies-corp-lt" target="_blank" data-smartkarma-citation="entities:31068:1" rel="noopener">Cambricon Technologies Lt (688256 CH)</a> due to capping while there will be smaller inflows for the other index constituents.</li>
</ul>


There could be one change for the CNI Semiconductor Chips Index with Verisilicon Microelectronics S (688521 CH) replacing Tianshui Huatian Technology Co, Ltd. (002185 CH). 
Passive trackers will need to buy 0.5x ADV in Verisilicon Microelectronics S (688521 CH) and sell 0.4x ADV in Tianshui Huatian Technology Co, Ltd. (002185 CH). 
There will be large selling in Cambricon Technologies Lt (688256 CH) due to capping while there will be smaller inflows for the other index constituents.


CNI Semiconductor Chips Index Rebalance Preview: One Set of Changes in December

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 500 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Henan Shenhuo Coal &amp; Power, Guangxi Liugong Machinery, Inner Mongolia Dian Tou Energy, Suzhou Dongshan Precision Manufacturing, Shenergy, Maanshan Iron &amp; Steel, Yonghui Superstores.</li>
</ul>


We analysed the earning revision of component stocks of CSI 500 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Henan Shenhuo Coal &amp; Power, Guangxi Liugong Machinery, Inner Mongolia Dian Tou Energy, Suzhou Dongshan Precision Manufacturing, Shenergy, Maanshan Iron &amp; Steel, Yonghui Superstores.


CSI 500 Index Earning Revision (Jun): Henan Shenhuo Coal & Power, Guangxi Liugong Machinery

China

Tianshui Huatian Technology Co.,Ltd. specializes in IC testing and packaging for the semiconductor ICs, devices and components.

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Tianshui Huatian Technology Co, Ltd. (002185 CH)

Primer: Tianshui Huatian Technology Co, Ltd. (002185 CH) - May 2026

Tianshui Huatian Technology is a leading Outsourced Semiconductor Assembly and Test (OSAT) provider in China, well-positioned to capitalize on...

αSK Primers

Bullish Outlook Intact on MSCI ACWI & SPX; Buys in Services, Technology, Discretionary, Gold Miners

Bullish Outlook Intact on MSCI $ACWI and $SPX as they hold above their respective bases at $117 and 5650-5670; Buys in Services, Technology,...

Vermilion Research

Quam Morning Note 8 Jul - Sino Biopharma

This licensing agreement demonstrates the company's R&D capabilities. TQC3721 has the potential to become the first domestically developed...

Quam Securities

CNI Semiconductor Chips Index Rebalance Preview: One Set of Changes in December

Verisilicon could replace Tianshui Huatian in the index in Dec. Verisilicon is an expected add to a few other indices at the same time and flow...

Brian Freitas

CSI 500 Index Earning Revision (Jun): Henan Shenhuo Coal & Power, Guangxi Liugong Machinery

We analyzed CSI 500's consensus for Jun 2025 and highlighted changes of EPS in Henan Shenhuo Coal & Power (000933 CH), Guangxi Liugong Machinery...

Ke Yan, CFA, FRM

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52-week Range

Market Cap (USDm)

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