Equity Analyst, LightStream Research

Aqila Ali

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<div class="content-highlight">
<h2>What's Original?</h2>
This insight is an in-depth research on the Asian solar energy industry, covering the value chain and related companies in each key stage of the value chain. Our research includes the following:
<ul>
<li>
Industry Background: This includes an in-depth analysis on the solar energy sector, which includes an overview on the key types of solar technologies (Photovoltaic-PV, Concentrated Solar Power-CSP and Solar Heating and Cooling- SHC), and the leading Asian countries (India, Japan and China) in the sector. We provide our thoughts on which solar technology looks promising and compare the technology used across the leading Asian countries. </li>
<li>
Value Chain Analysis: We detail the value chain for PV, highlighting the critical stages of the value chain (system integration assembly and installation, and manufacturing of cells, modules, polysilicon ingot, and wafer) and the leading players in those stages (includes listed and unlisted companies).</li>
<li>
Background Analysis on Key Players- This includes researching the key Asian listed/unlisted solar energy companies and analysing the key contributing factor/product to each of them in the sector. </li>
<li>
Investment opportunities and risk – We compare and contrast the investment opportunities for each of the key players in the sector, to understand if the companies follow a similar strategy or otherwise. </li>
<li>
Analysis on the key revenue and margin drivers– We compare and contrast the key revenue growth and profitability drivers for the listed companies. We have also provided a short investment thesis on the key listed players and looked at their valuation.</li>
</ul>
</div><div></div>The Insight is structured as follows:A. Solar Energy Industry Background B. A Deep Dive into the Three Key Solar TechnologiesC. A Look at the Leading Asian Countries in the Solar Market: China, Japan, and IndiaD. Value Chain AnalysisE. A Look at the Key Asian Solar Players


What's Original?
This insight is an in-depth research on the Asian solar energy industry, covering the value chain and related companies in each key stage of the value chain. Our research includes the following:


Industry Background: This includes an in-depth analysis on the solar energy sector, which includes an overview on the key types of solar technologies (Photovoltaic-PV, Concentrated Solar Power-CSP and Solar Heating and Cooling- SHC), and the leading Asian countries (India, Japan and China) in the sector. We provide our thoughts on which solar technology looks promising and compare the technology used across the leading Asian countries. 

Value Chain Analysis: We detail the value chain for PV, highlighting the critical stages of the value chain (system integration assembly and installation, and manufacturing of cells, modules, polysilicon ingot, and wafer) and the leading players in those stages (includes listed and unlisted companies).

Background Analysis on Key Players- This includes researching the key Asian listed/unlisted solar energy companies and analysing the key contributing factor/product to each of them in the sector. 

Investment opportunities and risk – We compare and contrast the investment opportunities for each of the key players in the sector, to understand if the companies follow a similar strategy or otherwise. 

Analysis on the key revenue and margin drivers– We compare and contrast the key revenue growth and profitability drivers for the listed companies. We have also provided a short investment thesis on the key listed players and looked at their valuation.

The Insight is structured as follows:A. Solar Energy Industry Background B. A Deep Dive into the Three Key Solar TechnologiesC. A Look at the Leading Asian Countries in the Solar Market: China, Japan, and IndiaD. Value Chain AnalysisE. A Look at the Key Asian Solar Players

Asian Solar Energy Sector: Powered by Subsidies and Moving Downstream

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>China A-Share allocations have hit new highs every month so far this year, overtaking Russia as the 6th largest 'country' holding.</li>
<li>Sector allocations are led by Consumers, however Health Care/Industrials/Tech are seeing inflows.</li>
<li>Stock ownership is broadening out, with confidence growing outside of the well-known large cap stocks. </li>
<li>
<a href="https://www.smartkarma.com/entities/shenzhen-mindray-bio-medic-a" target="_blank" data-smartkarma-citation="entities:28017:1" rel="noopener">Shenzhen Mindray Bio-Medical Electronics (300760 CH)</a> ,  <a href="https://www.smartkarma.com/entities/xian-longi-silicon-materials-co-ltd" target="_blank" data-smartkarma-citation="entities:12703:1" rel="noopener">Xian Longi Silicon Materials (601012 CH)</a>  and <a href="https://www.smartkarma.com/entities/lepu-medical-technology-a" target="_blank" data-smartkarma-citation="entities:16654:1" rel="noopener">Lepu Medical Technology A (300003 CH)</a> are seeing investment levels rise among EM investors.</li>
</ul>


China A-Share allocations have hit new highs every month so far this year, overtaking Russia as the 6th largest 'country' holding.
Sector allocations are led by Consumers, however Health Care/Industrials/Tech are seeing inflows.
Stock ownership is broadening out, with confidence growing outside of the well-known large cap stocks. 

Shenzhen Mindray Bio-Medical Electronics (300760 CH) ,  Xian Longi Silicon Materials (601012 CH)  and Lepu Medical Technology A (300003 CH) are seeing investment levels rise among EM investors.


China A-Share Boom. Overtakes Russia in GEM Portfolios. Health/Tech/Industrials Lead.

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

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications. Materials remains an attractive cyclical value Sector as both price and RS show signs of bottoming -- add exposure. In this report we offer a number of attractive set ups with the EM universe across sectors.

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications. Materials remains an attractive cyclical value Sector as both price and RS show signs of bottoming -- add exposure. In this report we offer a number of attractive set ups with the EM universe across sectors.  

Global Equity Chart Book: Stick With EM Over EAFE

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 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 CHINA STATE CONSTRUCTION ENGINEERING, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, TONGWEI, SERES, CHINA VANKE, POLY DEVELOPMENTS AND, CSSC.</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 CHINA STATE CONSTRUCTION ENGINEERING, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, TONGWEI, SERES, CHINA VANKE, POLY DEVELOPMENTS AND, CSSC.


CSI 100 Index Earning Revision (May): CHINA STATE CONSTRUCTION ENGINEERING, TONGWEI, SERES, CSSC

Incremental technical developments continue to be of the bullish variety as more and more countries/regions begin to participate in the rally. These ongoing improvements further cement our positive overall outlook, and we continue to believe that global equities (MSCI ACWI) are poised for additional strength moving forward. In our April International Strategy, we highlight various themes which lead to our overall positive outlook, along with areas within the world's markets where we see immediate opportunity.

Incremental technical developments continue to be of the bullish variety as more and more countries/regions begin to participate in the rally. These ongoing improvements further cement our positive overall outlook, and we continue to believe that global equities (MSCI ACWI) are poised for additional strength moving forward. In our April International Strategy, we highlight various themes which lead to our overall positive outlook, along with areas within the world's markets where we see immediate opportunity.

Global Ex-U.S. Equity Strategy: Positive Outlook Intact; Remain Overweight China

China

LONGi Green Energy Technology Co., Ltd. develops, manufactures and sells silicon rods and silicon wafers. The Company's main products include 6 inch, 6.5 inch and 8 inch monocrystalline silicon rods and wafers.

LONGi Green Energy Technology (601012 CH)

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LONGi Green Energy Technology (601012 CH)

Asian Solar Energy Sector: Powered by Subsidies and Moving Downstream

The Insight is structured as follows: A. Solar Energy Industry Background – Introduction to the Solar energy Industry B. A Deep Dive into the Three...

Aqila Ali

Global Equity Chart Book: Stick With EM Over EAFE

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications....

Vermilion Research

CSI 100 Index Earning Revision (May): CHINA STATE CONSTRUCTION ENGINEERING, TONGWEI, SERES, CSSC

We analyzed CSI 100's consensus for May 2026 and highlighted changes of EPS in CHINA STATE CONSTRUCTION ENGINEERING (601668 CH), CHONGQING ZHIFEI...

Ke Yan, CFA, FRM

Global Ex-U.S. Equity Strategy: Positive Outlook Intact; Remain Overweight China

Incremental technical developments continue to be of the bullish variety as more and more countries/regions begin to participate in the rally....

Vermilion Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Solar Energy Sector: Powered by Subsidies and Moving Downstream

The Insight is structured as follows: A. Solar Energy Industry Background – Introduction to the Solar energy Industry B. A Deep Dive into the Three...

Aqila Ali

China A-Share Boom. Overtakes Russia in GEM Portfolios. Health/Tech/Industrials Lead.

China A-Share allocations have hit new highs every month so far this year, overtaking Russia as the 6th largest 'country' holding. Sector...

Steven Holden

Global Equity Chart Book: Stick With EM Over EAFE

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications....

Vermilion Research

CSI 100 Index Earning Revision (May): CHINA STATE CONSTRUCTION ENGINEERING, TONGWEI, SERES, CSSC

We analyzed CSI 100's consensus for May 2026 and highlighted changes of EPS in CHINA STATE CONSTRUCTION ENGINEERING (601668 CH), CHONGQING ZHIFEI...

Ke Yan, CFA, FRM

Global Ex-U.S. Equity Strategy: Positive Outlook Intact; Remain Overweight China

Incremental technical developments continue to be of the bullish variety as more and more countries/regions begin to participate in the rally....

Vermilion Research