HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Changzhou Xingyu Automotive / Equity Capital Markets

<ul>
<li>Automotive lighting industry is currently in a period of product iteration driven by "electricization" and "intelligence".Value of individual vehicle lamps is on the rise, but price competition is equally intense.</li>
<li>As growth of the automotive lighting business approaches its ceiling, Xingyu is striving to create a new development narrative.But the overall embodied intelligence field is in early stage of industrialization</li>
<li>The valuations of the top-notch companies in the Hong Kong stock market's automotive parts sector are generally between 10x and 20x P/E. We think Xingyu’s A/H discount would be 15%-30%.   </li>
</ul>


Automotive lighting industry is currently in a period of product iteration driven by "electricization" and "intelligence".Value of individual vehicle lamps is on the rise, but price competition is equally intense.
As growth of the automotive lighting business approaches its ceiling, Xingyu is striving to create a new development narrative.But the overall embodied intelligence field is in early stage of industrialization
The valuations of the top-notch companies in the Hong Kong stock market's automotive parts sector are generally between 10x and 20x P/E. We think Xingyu’s A/H discount would be 15%-30%.   


Pre-IPO Changzhou Xingyu Automotive Lighting Systems (A/H Listing) - The Business and the Outlook

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.

Quantitative Analysis

<ul>
<li>We analyze the 3Q2026 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 outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.</li>
<li>We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.</li>
</ul>


We analyze the 3Q2026 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 outflows in 3Q2026 were US$12,576 million and holdings were US$386 billion.
We highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING, ZHONGJI INNOLIGHT, CMB, WUXI APPTEC, PING AN INSURANCE, MIDEA.


Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

Index Rebalance

Han'S Laser Technology In A / Index Rebalance

<ul>
<li>MS-China rebalance involved 33 ADDs and 32 DELETEs on 1 Sep 2026. We review the bridge to 31 Aug against the first implementation week record of nine prior cycles.</li>
<li>ADDs gave back part of their pre-announcement run over the bridge, down 1.8% on average with 20 of 33 lower. DELETEs fell 5.9%, lower in 25 of 32.</li>
<li>Historically, the first implementation week after a negative bridge has been small and mixed on both sides. We map each velocity group to its matching historical record below.</li>
</ul>


MS-China rebalance involved 33 ADDs and 32 DELETEs on 1 Sep 2026. We review the bridge to 31 Aug against the first implementation week record of nine prior cycles.
ADDs gave back part of their pre-announcement run over the bridge, down 1.8% on average with 20 of 33 lower. DELETEs fell 5.9%, lower in 25 of 32.
Historically, the first implementation week after a negative bridge has been small and mixed on both sides. We map each velocity group to its matching historical record below.


MS-China Sep 2026 Index Rebalance: Pre-Implementation Update

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

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

MSCI Emerging Markets Index / Technical Analysis

Emerging markets (EEM-US) are breaking above major $46.30 resistance to hit highs not seen since June 2018. Additionally, RS on EEM-US is near 1-year highs -- a positive risk-on signal. Stocks doing business in China, India, Taiwan, and South Korea continue to be a major focus when it comes to individual stock recommendations.

Emerging markets (EEM-US) are breaking above major $46.30 resistance to hit highs not seen since June 2018. Additionally, RS on EEM-US is near 1-year highs -- a positive risk-on signal. Stocks doing business in China, India, Taiwan, and South Korea continue to be a major focus when it comes to individual stock recommendations.

China

Changzhou Xingyu Automotive Lighting Systems Company Limited develops, produces and sells automotive lightings. The Company produces headlamps, rear combination lamps, fog lights, warning triangle and other automotive lamps.

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

Changzhou Xingyu Automotive (601799 CH)

Pre-IPO Changzhou Xingyu Automotive Lighting Systems (A/H Listing) - The Business and the Outlook

Automotive lighting industry is now in a period of product iteration/price competition; Xingyu face challenges in early stage of embodied...

Xinyao (Criss) Wang

Northbound Flows (3Q2026): CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING

We analyzed Northbound connect data for 3Q2026 and highlight flows for CATL, EOPTOLINK TECHNOLOGY, NAURA TECHNOLOGY, WEICHAI POWER, ZIJIN MINING,...

Ke Yan, CFA, FRM

MS-China Sep 2026 Index Rebalance: Pre-Implementation Update

MS-China enters implementation on 1 Sep with 33 ADDs and 32 DELETEs. We update post-announcement stock performance and discuss implementation trades.

Ke Yan, CFA, FRM

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

Emerging Markets Breaking Out

Emerging markets (EEM-US) are breaking above major $46.30 resistance to hit highs not seen since June 2018. Additionally, RS on EEM-US is near 1...

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)