Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Fuyao Glass Industry Group / Event-Driven

<ul>
<li>AH premia up, erasing the previous week's gains for Hs. "Beautiful Skew" continues in negative overall performance. </li>
<li>Last week I said "This is the most significant 60-day AH pair average H outperformance in five years, maybe ever. Remarkable." This week it unwound some.</li>
<li>The data tables below update on a daily basis in the <a href="https://www.smartkarma.com/tools" target="_blank" rel="noopener">Tools</a> section of Smartkarma. The <a href="https://www.smartkarma.com/tools/quiddity/south-flow-monitor" target="_blank" rel="noopener">SOUTHBOUND Flow Monitor</a> and <a href="https://www.smartkarma.com/tools/quiddity/ah-shares-monitor" target="_blank" rel="noopener">AH Monitor</a> are both there free for SK readers.</li>
</ul>


AH premia up, erasing the previous week's gains for Hs. "Beautiful Skew" continues in negative overall performance. 
Last week I said "This is the most significant 60-day AH pair average H outperformance in five years, maybe ever. Remarkable." This week it unwound some.
The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers.


A/H Premium Tracker (To 1 Aug 2025):  HUGE SOUTHBOUND Buying Helps Beautiful Skew but Premia Up

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 analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 1st.</li>
<li>The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.</li>
<li>We highlight flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.</li>
</ul>


We analyze the weekly Hong Kong Connect flows with our data engine for holding position as of August 1st.
The top stocks by inflows and outflows were tabulated for all market, HSCEI, mid cap and s/mid cap groups.
We highlight flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi, Pop Mart Intl, BYD, Anta, ABC.


HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Jul 11th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Henderson Land, Giant Biogene, Innovent Bio, Xpeng.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Jul 11th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Henderson Land, Giant Biogene, Innovent Bio, Xpeng.


HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Consistent operating and financial performance over the past five years, supported by rising gold prices and disciplined cost control.</li>
<li>Recent H1 FY25 guidance signals over 50% profit growth, backed by expanding output, stable AISC, and targeted capex across key mines and refining assets.</li>
<li>Valuations remain undemanding at &lt;10× FY27E P/E despite high earnings sensitivity to gold prices and improving margins, indicating re-rating potential.</li>
</ul>


Consistent operating and financial performance over the past five years, supported by rising gold prices and disciplined cost control.
Recent H1 FY25 guidance signals over 50% profit growth, backed by expanding output, stable AISC, and targeted capex across key mines and refining assets.
Valuations remain undemanding at &lt;10× FY27E P/E despite high earnings sensitivity to gold prices and improving margins, indicating re-rating potential.


Zhongjin Gold (SHA: 600489): Stable Growth, Strong Upside Potential

<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 Industrial Bank, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.</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 Industrial Bank, Satellite Chemical, Zhejiang Nhu, Zhongjin Gold, Wus Printed Circuit (Kunshan), Longi Green, Tcl Zhonghuan, Cambricon Technologies.


CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

China

Shandong Gold Mining is a Chinese company primarily engaged in the exploration, mining, processing, and sale of gold and gold products. It also deals with non-ferrous metals like silver, copper, lead, and zinc, and manufactures specialized equipment for gold mines. The company was incorporated in 2000 and is headquartered in Jinan, People's Republic of China.

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

Shandong Gold Mining (1787 HK)

A/H Premium Tracker (To 1 Aug 2025): HUGE SOUTHBOUND Buying Helps Beautiful Skew but Premia Up

AH Premia rose on the week after the strongest 60-day average H outperformance seen in many years. SOUTHBOUND buying was huge, but H...

Travis Lundy

HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

We analyzed the latest HK SFC report for aggregate short position as of Jul 11th and highlight short interest changes in Henderson Land, Giant...

Ke Yan, CFA, FRM

Zhongjin Gold (SHA: 600489): Stable Growth, Strong Upside Potential

Stable financial performance driven by rising gold prices and cost control, with potential for over 50% profit growth and undemanding valuations...

Rahul Jain

CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

We analyzed CSI 100's consensus for Jun 2025 and highlighted changes of EPS in Industrial Bank (601166 CH), Satellite Chemical (002648 CH),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A/H Premium Tracker (To 1 Aug 2025): HUGE SOUTHBOUND Buying Helps Beautiful Skew but Premia Up

AH Premia rose on the week after the strongest 60-day average H outperformance seen in many years. SOUTHBOUND buying was huge, but H...

Travis Lundy

HK Connect Flows Weekly (Aug 1st): CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi

We analyzed southbound Hong Kong connect flows in the past week and highlighted flows for CCB, China Life, Tencent, Li Auto, China Mobile, Xiaomi,...

Ke Yan, CFA, FRM

HK Short Interest Weekly: Henderson Land, Giant Biogene, Innovent Bio, Xpeng

We analyzed the latest HK SFC report for aggregate short position as of Jul 11th and highlight short interest changes in Henderson Land, Giant...

Ke Yan, CFA, FRM

Zhongjin Gold (SHA: 600489): Stable Growth, Strong Upside Potential

​Stable financial performance driven by rising gold prices and cost control, with potential for over 50% profit growth and undemanding valuations...

Rahul Jain

CSI 100 Index Earning Revision (Jun): Industrial Bank, Satellite Chemical, Zhejiang Nhu

We analyzed CSI 100's consensus for Jun 2025 and highlighted changes of EPS in Industrial Bank (601166 CH), Satellite Chemical (002648 CH),...

Ke Yan, CFA, FRM

Stable financial performance driven by rising gold prices and cost control, with potential for over 50% profit growth and undemanding valuations...