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 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 ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE, Xinjiang Daqo, TONGWEI, PETROCHINA, ZHONGJI INNOLIGHT.</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 ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE, Xinjiang Daqo, TONGWEI, PETROCHINA, ZHONGJI INNOLIGHT.


CSI 300 Index Earning Revision (Mar): ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE

<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 ZIJIN MINING, PING AN INSURANCE, CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE, TONGWEI, PETROCHINA, CHINA SHENHUA ENERGY, ZHONGJI INNOLIGHT.</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 ZIJIN MINING, PING AN INSURANCE, CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE, TONGWEI, PETROCHINA, CHINA SHENHUA ENERGY, ZHONGJI INNOLIGHT.


CSI 100 Index Earning Revision (Mar): ZIJIN MINING, PING AN INSURANCE

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The essence of FS's business model is controversial. Although it is located in the popular optical module sector, its light-asset OEM/ODM model is fundamentally different from that of its peers.</li>
<li>FS is a network solution provider driven by online DTC model, which is more like cross-border e-commerce company.This prevents FS from enjoying high valuation typically associated with pure technology stocks.</li>
<li>Internal control and corporate governance risks are the most sensitive issues.If FS grows steadily and has strong brand effects, the market may offer 15-20x P/E based on its business model.</li>
</ul>


The essence of FS's business model is controversial. Although it is located in the popular optical module sector, its light-asset OEM/ODM model is fundamentally different from that of its peers.
FS is a network solution provider driven by online DTC model, which is more like cross-border e-commerce company.This prevents FS from enjoying high valuation typically associated with pure technology stocks.
Internal control and corporate governance risks are the most sensitive issues.If FS grows steadily and has strong brand effects, the market may offer 15-20x P/E based on its business model.


Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

<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 CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR, CATL, GANFENG LITHIUM.</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 CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE SEMICONDUCTOR, CATL, GANFENG LITHIUM.


CSI 100 Index Earning Revision (Feb): CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE

<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 CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, CATL, KUNLUN TECH, GANFENG LITHIUM.</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 CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, CATL, KUNLUN TECH, GANFENG LITHIUM.


CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

China

Zhongji Innolight Co., Ltd. manufactures and distributes industrial machines and machine parts. The Company produces motor stator windings, insulating machines, coil winding equipment, automatic production lines, and more. Zhongji Innolight mainly conducts businesses domestically.

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

Zhongji Innolight (300308 CH)

CSI 300 Index Earning Revision (Mar): ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE

We analyzed CSI 300's consensus for Mar 2026 and highlighted changes of EPS in ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE, Xinjiang Daqo,...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Mar): ZIJIN MINING, PING AN INSURANCE

We analyzed CSI 100's consensus for Mar 2026 and highlighted changes of EPS in ZIJIN MINING (601899 CH), PING AN INSURANCE (601318 CH), CHINA...

Ke Yan, CFA, FRM

Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

FS's light-asset OEM/ODM model raises questions about its positioning in popular optical module sector. As a network solution provider driven by...

Xinyao (Criss) Wang

CSI 100 Index Earning Revision (Feb): CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE

We analyzed CSI 100's consensus for Feb 2026 and highlighted changes of EPS in CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

We analyzed CSI 300's consensus for Feb 2026 and highlighted changes of EPS in CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CSI 300 Index Earning Revision (Mar): ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE

We analyzed CSI 300's consensus for Mar 2026 and highlighted changes of EPS in ZIJIN MINING, YUNNAN ALUMINIUM, PING AN INSURANCE, Xinjiang Daqo,...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Mar): ZIJIN MINING, PING AN INSURANCE

We analyzed CSI 100's consensus for Mar 2026 and highlighted changes of EPS in ZIJIN MINING (601899 CH), PING AN INSURANCE (601318 CH), CHINA...

Ke Yan, CFA, FRM

Pre-IPO FS.COM (PHIP Updates) - Some Points Worth the Attention

​FS's light-asset OEM/ODM model raises questions about its positioning in popular optical module sector. As a network solution provider driven by...

Xinyao (Criss) Wang

CSI 100 Index Earning Revision (Feb): CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE

We analyzed CSI 100's consensus for Feb 2026 and highlighted changes of EPS in CMB, ZIJIN MINING, ZHONGJI INNOLIGHT, PING AN INSURANCE, GIGADEVICE...

Ke Yan, CFA, FRM

CSI 300 Index Earning Revision (Feb): CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING

We analyzed CSI 300's consensus for Feb 2026 and highlighted changes of EPS in CMB, JIANGSU EASTERN SHENGHONG, ZIJIN MINING, ZHONGJI INNOLIGHT,...

Ke Yan, CFA, FRM

FS's light-asset OEM/ODM model raises questions about its positioning in popular optical module sector. As a network solution provider driven by...