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 HSCEI 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 ICBC, PING AN, BIDU, NTES, CCB, LI AUTO, HORIZONROBOT, MEITUAN.</li>
</ul>


We analysed the earning revision of component stocks of HSCEI 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 ICBC, PING AN, BIDU, NTES, CCB, LI AUTO, HORIZONROBOT, MEITUAN.


HSCEI Index Earning Revision (Sep): ICBC, PING AN, BIDU, NTES, CCB, LI AUTO, HORIZONROBOT, MEITUAN

<ul>
<li>We analysed the earning revision of component stocks of HSI 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 AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), LONGFOR, WEICHAI POWER, BIDU.</li>
</ul>


We analysed the earning revision of component stocks of HSI 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 AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), LONGFOR, WEICHAI POWER, BIDU.


HSI Index Earning Revision (Sep): AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), BIDU

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Where China Stands in the Nuclear Medicine Gold Rush </li><li>China Approves New Asset Investment Arms for CITIC Bank, China Merchants Bank </li><li>Top Sovereign Lending Official at Exim Bank Under Investigation</li></ul>

In Depth: Where China Stands in the Nuclear Medicine Gold Rush China Approves New Asset Investment Arms for CITIC Bank, China Merchants Bank Top Sovereign Lending Official at Exim Bank Under Investigation

CX Daily: Where China Stands in the Nuclear Medicine Gold Rush 

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.</li><li>According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.</li><li>Cumulatively, local manufacturing/assembly reached 25.11mn units in 10M2025, down 4% YoY.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn units during Oct 2025, down 34% YoY compared to 3.53mn units in Oct 2024, due to a production slowdown amid inventory build-up in the industry.According to our channel checks, the decline in mobile phone production is primarily driven by elevated inventory levels across the market. With distributors and retailers sitting on excess inventory, manufacturers have reduced production volumes to avoid further stock accumulation.Cumulatively, local manufacturing/assembly reached 25.11mn units in 10M2025, down 4% YoY.

Topline Flash Note: Local Manufacturing/Assembly Of Mobile Phones Down 23% MoM In Oct-25

<ul><li>Cover Story: The AI Boom’s Unsettling Paradox</li><li>In Depth: How China’s Unified QR Code System Is Redefining Cross-Border Payments</li><li>China’s Online Exporters Face Tax Scrutiny as Platforms Share Data</li><li>Saudi Central Bank Chief Sets Out Vision for the Kingdom’s Fintech Future</li></ul>

Cover Story: The AI Boom’s Unsettling ParadoxIn Depth: How China’s Unified QR Code System Is Redefining Cross-Border PaymentsChina’s Online Exporters Face Tax Scrutiny as Platforms Share DataSaudi Central Bank Chief Sets Out Vision for the Kingdom’s Fintech Future

CX Daily: The AI Boom’s Unsettling Paradox 

China

Xiaomi is a Chinese multinational corporation specializing in consumer electronics and technology, primarily known for its smartphones (Mi, Redmi, POCO series) and a wide range of AIoT (Artificial Intelligence of Things) devices, including smart home products, wearables, and laptops. The company also provides internet services, including its MIUI operating system. Xiaomi was founded in 2010 and is headquartered in Beijing, China.

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Xiaomi (1810 HK)

HSCEI Index Earning Revision (Sep): ICBC, PING AN, BIDU, NTES, CCB, LI AUTO, HORIZONROBOT, MEITUAN

We analyzed HSCEI's consensus for Sep 2026 and highlighted changes of EPS in ICBC, PING AN, BIDU, NTES, CCB, LI AUTO, HORIZONROBOT, MEITUAN.

Ke Yan, CFA, FRM

HSI Index Earning Revision (Sep): AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), BIDU

We analyzed HSI's consensus for Sep 2026 and highlighted changes of EPS in AIA, LI AUTO, PING AN, ICBC, ORIENT OVERSEAS (INTERNATIONAL), LONGFOR,...

Ke Yan, CFA, FRM

CX Daily: Where China Stands in the Nuclear Medicine Gold Rush

TOP STORIES In Depth: Where China Stands in the Nuclear Medicine Gold Rush Often tucked in out-of-the way corners of Chinese hospitals, nuclear...

Caixin Global

Topline Flash Note: Local Manufacturing/Assembly Of Mobile Phones Down 23% MoM In Oct-25

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 2.33mn...

Topline Securities

CX Daily: The AI Boom’s Unsettling Paradox

TOP STORIES Cover Story: The AI Boom’s Unsettling Paradox A surge in generative AI has supercharged the technology sector in the United States,...

Caixin Global

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