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 analyzed the changes in margin trading positions of A-share stocks as of Jul 10th. The aggregated net margin trading position is USD397,076m.</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 GUOTAI HAITONG SECURITIES, ZTE, DAWNING INFORMATION INDUSTRY, SMIC, CAMBRICON.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 10th. The aggregated net margin trading position is USD397,076m.
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 GUOTAI HAITONG SECURITIES, ZTE, DAWNING INFORMATION INDUSTRY, SMIC, CAMBRICON.


A-Share Margin Trading Weekly (Jul 10th): GUOTAI HAITONG SECURITIES, ZTE, SMIC, CAMBRICON

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

Industry viewpoints:<ul>
<li>Recently, the CDE issued a new document about the guidelines for clinical R&amp;D of anti-tumor drugs based on clinical value, which is expected to bring changes to the industry.</li>
<li>The NDRC issued the implementation plan for the construction of a high-quality and efficient medical and healthcare service system during the 14th Five-Year Plan period.</li>
<li>There is a high possibility that the PD-1 price reduction in 2021 negotiation could be larger than that in the negotiations of the previous two years.</li>
</ul>Company news: News about the updated progress on drugs of <a href="https://www.smartkarma.com/entities/akeso-biopharma-inc" target="_blank" data-smartkarma-citation="entities:28830:1" rel="noopener">Akeso Biopharma Inc (9926 HK)</a>, <a href="https://www.smartkarma.com/entities/cstone-pharmaceuticals" target="_blank" data-smartkarma-citation="entities:27882:1" rel="noopener">CStone Pharmaceuticals (2616 HK)</a>, <a href="https://www.smartkarma.com/entities/innovent-biologics-inc" target="_blank" data-smartkarma-citation="entities:27452:1" rel="noopener">Innovent Biologics Inc (1801 HK)</a>, and <a href="https://www.smartkarma.com/entities/beigene-ltd" target="_blank" data-smartkarma-citation="entities:27352:1" rel="noopener">BeiGene Ltd (6160 HK)</a>.Market review:Last week, stock price for healthcare sector in A share decreased 4.05%, while CSI 300 decreased 0.23% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

Industry viewpoints:
Recently, the CDE issued a new document about the guidelines for clinical R&amp;D of anti-tumor drugs based on clinical value, which is expected to bring changes to the industry.
The NDRC issued the implementation plan for the construction of a high-quality and efficient medical and healthcare service system during the 14th Five-Year Plan period.
There is a high possibility that the PD-1 price reduction in 2021 negotiation could be larger than that in the negotiations of the previous two years.
Company news: News about the updated progress on drugs of Akeso Biopharma Inc (9926 HK), CStone Pharmaceuticals (2616 HK), Innovent Biologics Inc (1801 HK), and BeiGene Ltd (6160 HK).Market review:Last week, stock price for healthcare sector in A share decreased 4.05%, while CSI 300 decreased 0.23% over the same period of time.Risk disclosure:Policy risk, R&amp;D risk, Company risk and COVID-19 risk.

<ul>
<li>We analyze the 2Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.</li>
<li>We estimate that the inflows in 2Q2026 were US$20,544 million and holdings were US$462 billion.</li>
<li>We highlight flows for CATL, WEICHAI POWER, SUZHOU TFC OPTICAL COMMUNICATION, Luxshare Precision, CHAOZHOU THREE-CIRCLE, WUXI APPTEC, CAMBRICON, YUANJIE SEMI, Moutai, MIDEA.</li>
</ul>


We analyze the 2Q2026 Shanghai/Shenzhen northbound Connect flows with our data engine as the exchange changed the rule to only disclose north bound position once a quarter.
We estimate that the inflows in 2Q2026 were US$20,544 million and holdings were US$462 billion.
We highlight flows for CATL, WEICHAI POWER, SUZHOU TFC OPTICAL COMMUNICATION, Luxshare Precision, CHAOZHOU THREE-CIRCLE, WUXI APPTEC, CAMBRICON, YUANJIE SEMI, Moutai, MIDEA.


<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jul 3rd. The aggregated net margin trading position is USD406,502m.</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 TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY, ZHEJIANG XINAN CHEMICAL INDUSTRIAL, GUOTAI HAITONG SECURITIES, OMNIVISOIN INTEGRATED CIRCUITS, BOE.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jul 3rd. The aggregated net margin trading position is USD406,502m.
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 TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY, ZHEJIANG XINAN CHEMICAL INDUSTRIAL, GUOTAI HAITONG SECURITIES, OMNIVISOIN INTEGRATED CIRCUITS, BOE.


A-Share Margin Trading Weekly (Jul 3rd): TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY, BOE

<ul>
<li>We analyzed the changes in margin trading positions of A-share stocks as of Jun 5th. The aggregated net margin trading position is USD397,280m.</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 GUOTAI HAITONG SECURITIES, Zoomlion, BOE, SHENZHEN ENVICOOL TECHNOLOGY, HUAQIN TECHNOLOGY.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Jun 5th. The aggregated net margin trading position is USD397,280m.
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 GUOTAI HAITONG SECURITIES, Zoomlion, BOE, SHENZHEN ENVICOOL TECHNOLOGY, HUAQIN TECHNOLOGY.


A-Share Margin Trading Weekly (Jun 5th): GUOTAI HAITONG SECURITIES, Zoomlion, BOE, HUAQIN TECHNOLOGY

China

Bio-Thera Solutions, Ltd. researches and develops innovative and biosimilar therapeutics. The Company produces innovative monoclonal antibodies, adalimumab biosimilars, innovative drugs, and other related products. Bio-Thera Solutions markets its products throughout China.

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Bio-Thera Solutions Ltd (688177 CH)

China Healthcare Weekly (July.9)

The article analyzed the new policy about R&D of anti-tumor drugs based on clinical value, construction of high-quality medical service system, and...

Xinyao (Criss) Wang

Northbound Flows (2Q2026): $20bn Inflows

We analyzed Northbound connect data for 2Q2026 and highlight flows for CATL, WEICHAI POWER, SUZHOU TFC OPTICAL COMMUNICATION, Luxshare Precision,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (Jul 10th): GUOTAI HAITONG SECURITIES, ZTE, SMIC, CAMBRICON

We analyzed A-share margin trading positions report for the past week and highlighted GUOTAI HAITONG SECURITIES, ZTE, DAWNING INFORMATION INDUSTRY,...

Ke Yan, CFA, FRM

China Healthcare Weekly (July.9)

The article analyzed the new policy about R&D of anti-tumor drugs based on clinical value, construction of high-quality medical service system, and...

Xinyao (Criss) Wang

Northbound Flows (2Q2026): $20bn Inflows

We analyzed Northbound connect data for 2Q2026 and highlight flows for CATL, WEICHAI POWER, SUZHOU TFC OPTICAL COMMUNICATION, Luxshare Precision,...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Jul 3rd): TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY, BOE

We analyzed A-share margin trading positions report for the past week and highlighted TONGHUA GOLDEN-HORSE PHARMACEUTICAL INDUSTRY (000766 CH),...

Ke Yan, CFA, FRM

A-Share Margin Trading Weekly (Jun 5th): GUOTAI HAITONG SECURITIES, Zoomlion, BOE, HUAQIN TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted GUOTAI HAITONG SECURITIES, Zoomlion, BOE, SHENZHEN ENVICOOL...

Ke Yan, CFA, FRM