HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>As investors may not really realize the significance and historical opportunities represented by the 20th National Congress, we analyzed the potential future directions of A-share and related investment opportunities.</li>
<li>The real battlefield isn’t in Taiwan Strait but in capital market.In the final analysis,it is to achieve the subjectivity of RMB rather than an extension of the credit of dollar. </li>
<li>Only by making full preparations can China open to the outside world with higher quality. We advise investors to change thinking mode so as not to miss China's next boom. </li>
</ul>


As investors may not really realize the significance and historical opportunities represented by the 20th National Congress, we analyzed the potential future directions of A-share and related investment opportunities.
The real battlefield isn’t in Taiwan Strait but in capital market.In the final analysis,it is to achieve the subjectivity of RMB rather than an extension of the credit of dollar. 
Only by making full preparations can China open to the outside world with higher quality. We advise investors to change thinking mode so as not to miss China's next boom. 


The Future Directions of A-Share After the 20th National Congress of the CPC

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 analysed the earning revision of component stocks of CSI 300 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 ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 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 ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.


CSI 300 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK

<ul>
<li>We analysed the earning revision of component stocks of CSI 100 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 ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analysed the earning revision of component stocks of CSI 100 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 ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green, SERES, ZIJIN MINING, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR.


CSI 100 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green

<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

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The growth in China A-Share exposure has slowed as we approach full ownership across the EM active fund universe.</li>
<li>China A-Share allocations have remained solid throughout this year’s volatility and heavy country rotation.</li>
<li>Midea Group, Kweichow Moutai and Contemporary Amperex Technology remain the most widely held stocks, but others are starting to make their mark.</li>
</ul>


The growth in China A-Share exposure has slowed as we approach full ownership across the EM active fund universe.
China A-Share allocations have remained solid throughout this year’s volatility and heavy country rotation.
Midea Group, Kweichow Moutai and Contemporary Amperex Technology remain the most widely held stocks, but others are starting to make their mark.


China A-Share Deep Dive:  Growth Slows, but EM Funds Remain Well Invested

China

Kweichow Moutai Co., Ltd. manufactures spirits.  The Company's spirit products are distilled from sorghum and wheat.  Kweichow Moutai markets its products worldwide.

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

Kweichow Moutai (600519 CH)

CSI 300 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK

We analyzed CSI 300's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), GUANGZHOU AUTOMOBILE (601238 CH),...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green

We analyzed CSI 100's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), EOPTOLINK TECHNOLOGY (300502 CH),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

The Future Directions of A-Share After the 20th National Congress of the CPC

China will have big changes after the 20th National Congress. If you see the essence of things, you'll know the significance/opportunities.We...

Xinyao (Criss) Wang

CSI 300 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, GUANGZHOU AUTOMOBILE, INDUSTRIAL BANK

We analyzed CSI 300's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), GUANGZHOU AUTOMOBILE (601238 CH),...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Jul): ZHONGJI INNOLIGHT, EOPTOLINK TECHNOLOGY, TONGWEI, Longi Green

We analyzed CSI 100's consensus for Jul 2026 and highlighted changes of EPS in ZHONGJI INNOLIGHT (300308 CH), EOPTOLINK TECHNOLOGY (300502 CH),...

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 A-Share Deep Dive: Growth Slows, but EM Funds Remain Well Invested

China A-Share exposure has seen tremendous growth over the last decade, yet the rate of ownership growth has slowed this year. In this piece we...

Steven Holden