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 bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..</li>
<li>... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.</li>
<li>Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond</li>
</ul>


Our bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..
... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.
Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond


Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

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

Shenton Research

Shenton 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.

Index Rebalance

Chery Automobile Co. Ltd. / Index Rebalance

<ul>
<li>We screen China stocks ahead of a global index's August 2026 quarterly review, with 16 ADD and 22 DELETE candidates.</li>
<li>Nine of 16 ADD candidates are Information Technology names, and six cleared the May cutoffs without being added.</li>
<li>The DELETE list splits into 12 names below the retention lines across the full cutoff range and 10 borderline names.</li>
</ul>


We screen China stocks ahead of a global index's August 2026 quarterly review, with 16 ADD and 22 DELETE candidates.
Nine of 16 ADD candidates are Information Technology names, and six cleared the May cutoffs without being added.
The DELETE list splits into 12 names below the retention lines across the full cutoff range and 10 borderline names.


MS-China Sep 2026 Index Rebalance Forecast

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of STAR50 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 Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY, SUPCON TECHNOLOGY, SHANGHAI ALLIST PHARMACEUTICALS, TRANSSION, Kingsoft Office Software, MONTAGE.</li>
</ul>


We analysed the earning revision of component stocks of STAR50 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 Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY, SUPCON TECHNOLOGY, SHANGHAI ALLIST PHARMACEUTICALS, TRANSSION, Kingsoft Office Software, MONTAGE.


STAR50 Index Earning Revision (Jul): Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 31st. The aggregated net margin trading position is USD350,312m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY, CHINA MINSHENG BANKING, Mindray, GUOTAI HAITONG SECURITIES.


A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Growing macro concerns related to stagflation, US rate hike, geopolitical tensions <span style="font-size: var(--content-font-size);">and RMB depreciation continue to weigh on growth stocks, especially to software </span><span style="font-size: var(--content-font-size);">tech. </span></li><li><span style="font-size: var(--content-font-size);">We use five criteria including 1) valuation, 2) profitability, 3) cash level, 4) </span><span style="font-size: var(--content-font-size);">short ratio and 5) RMB/USD depreciation to determine companies that are less </span><span style="font-size: var(--content-font-size);">vulnerable to market fluctuations. We find Hikvision (BUY), Glodon (BUY) and </span><span style="font-size: var(--content-font-size);">AsiaInfo (NR) in the best positions under these five criteria.</span></li><li><div><div><div><p>Heightened macro uncertainties unfavorable to software tech stocks. </p></div></div></div></li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Growing macro concerns related to stagflation, US rate hike, geopolitical tensions and RMB depreciation continue to weigh on growth stocks, especially to software tech. We use five criteria including 1) valuation, 2) profitability, 3) cash level, 4) short ratio and 5) RMB/USD depreciation to determine companies that are less vulnerable to market fluctuations. We find Hikvision (BUY), Glodon (BUY) and AsiaInfo (NR) in the best positions under these five criteria.Heightened macro uncertainties unfavorable to software tech stocks. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Software & IT Services - Which Stocks Are Less Vulnerable to Market Volatility?

China

Beijing Kingsoft Office Software, Inc. develops and distributes software products. The Company develops anti virus software, office software, and other products. Beijing Kingsoft Office Software also provides cloud computing, system integration, and other services.

Beijing Kingsoft Office Softwa (688111 CH)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Beijing Kingsoft Office Softwa (688111 CH)

Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

Ride the Trend Higher in MSCI $ACWI and $SPX; We are still bullish as Risk-On Signals Dominate. Ideas to buy/stay long in global Discretionary,...

Vermilion Research

MS-China Sep 2026 Index Rebalance Forecast

We forecast 16 ADD candidates and 22 DELETE candidates for the MS-China August 2026 Quarterly Index Review, with the announcement expected after US...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Jul): Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY

We analyzed STAR50's consensus for Jul 2026 and highlighted changes of EPS in Ninebot (689009 CH), METAX INTEGRATED CIRCUITS (688802 CH), BEIJING...

Ke Yan, CFA, FRM

China Software & IT Services - Which Stocks Are Less Vulnerable to Market Volatility?

Growing macro concerns related to stagflation, US rate hike, geopolitical tensions and RMB depreciation continue to weigh on growth stocks,...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

Ride the Trend Higher in MSCI $ACWI and $SPX; We are still bullish as Risk-On Signals Dominate. Ideas to buy/stay long in global Discretionary,...

Vermilion Research

MS-China Sep 2026 Index Rebalance Forecast

We forecast 16 ADD candidates and 22 DELETE candidates for the MS-China August 2026 Quarterly Index Review, with the announcement expected after US...

Ke Yan, CFA, FRM

STAR50 Index Earning Revision (Jul): Ninebot, METAX INTEGRATED CIRCUITS, BEIJING ROBOROCK TECHNOLOGY

We analyzed STAR50's consensus for Jul 2026 and highlighted changes of EPS in Ninebot (689009 CH), METAX INTEGRATED CIRCUITS (688802 CH), BEIJING...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Jul 31st): ANHUI JIANGHUAI AUTOMOBILE, BLUEPARK NEW ENERGY TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), BLUEPARK NEW ENERGY...

Ke Yan, CFA, FRM

China Software & IT Services - Which Stocks Are Less Vulnerable to Market Volatility?

Growing macro concerns related to stagflation, US rate hike, geopolitical tensions and RMB depreciation continue to weigh on growth stocks,...

CMB International