Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Verisilicon Microelectronics S / Index Rebalance

<ul>
<li>There could be up to 4 constituent changes for the STAR&amp;CHINEXT 50 Index in December. The announcement of the changes will be made after market close on 28 November.</li>
<li>There will be between 0.1-0.35x ADV to trade in the changes but some of the forecast adds will have same-way flow from passive trackers of other indices.</li>
<li>The forecast adds outperformed the forecast deletes in July and August before giving up all the gains (and more) in a near one-way move over the last month.</li>
</ul>


There could be up to 4 constituent changes for the STAR&amp;CHINEXT 50 Index in December. The announcement of the changes will be made after market close on 28 November.
There will be between 0.1-0.35x ADV to trade in the changes but some of the forecast adds will have same-way flow from passive trackers of other indices.
The forecast adds outperformed the forecast deletes in July and August before giving up all the gains (and more) in a near one-way move over the last month.


STAR&CHINEXT 50 Index Rebalance Preview: Potential Changes in December

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

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 GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, PING AN INSURANCE, GREE ELECTRIC APPLIANCES, Moutai, CAMBRICON TECHNOLOGIES, BYD, CSSC, Ping An Insurance, BYD, Cssc, Moutai.</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 GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, PING AN INSURANCE, GREE ELECTRIC APPLIANCES, Moutai, CAMBRICON TECHNOLOGIES, BYD, CSSC, Ping An Insurance, BYD, Cssc, Moutai.


CSI 100 Index Earning Revision (Oct): GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS

<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 CAMBRICON TECHNOLOGIES, CHINA VANKE, ZIJIN MINING, TONGWEI, CSCE, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, TCL TECHNOLOGY, Zijin Mining, Tcl Technology, China Vanke.</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 CAMBRICON TECHNOLOGIES, CHINA VANKE, ZIJIN MINING, TONGWEI, CSCE, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS, TCL TECHNOLOGY, Zijin Mining, Tcl Technology, China Vanke.


CSI 100 Index Earning Revision (Aug): CAMBRICON, CHINA VANKE, ZIJIN MINING, TONGWEI

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>Nvidia (NVDA US, NR) reported robust F2Q26 results, with revenue reaching US$46.7bn, up 56%/6% YoY/QoQ, exceeding BBG consensus/company guidance by 1%/3%.</li><li>Non-GAAP GPM came in at 72.7%, up 1.4ppt from 1Q, on track to achieve its target of mid-70s by year-end.</li><li>2Q net profit was US$25.8bn, up 52%/30% YoY/QoQ. Mgmt. guided 3Q revenue to be US$54bn (no H20 contribution), up 16% QoQ, slightly beating BBG consensus by 1%. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Nvidia (NVDA US, NR) reported robust F2Q26 results, with revenue reaching US$46.7bn, up 56%/6% YoY/QoQ, exceeding BBG consensus/company guidance by 1%/3%.Non-GAAP GPM came in at 72.7%, up 1.4ppt from 1Q, on track to achieve its target of mid-70s by year-end.2Q net profit was US$25.8bn, up 52%/30% YoY/QoQ. Mgmt. guided 3Q revenue to be US$54bn (no H20 contribution), up 16% QoQ, slightly beating BBG consensus by 1%. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Semiconductors - AI infra. spending continues to rise; Nvidia’s outlook points to robust demand

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

Foxconn Industrial Internet / Technical Analysis

<ul>
<li>We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.</li>
<li>We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.</li>
<li>Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next</li>
</ul>


We remain near-term bullish SPX and ACWI since 4/22/25, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
We discussed in our July 31, 2025 Int'l Compass how $128, $125-$126, and $123-$123.50 were short-term supports to watch on ACWI-US, and ACWI-US found support at $128 the next day.
Europe (EURO STOXX 50) is the last of the major countries (from a global market cap perspective) to break out; we expect it to be next


Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

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.

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Zhongji Innolight (300308 CH)

STAR&CHINEXT 50 Index Rebalance Preview: Potential Changes in December

There could be up to 4 changes in Dec. The forecast adds will have same-way flow from passive trackers of other indices. There is between 0.1-0.35x...

Brian Freitas

CSI 100 Index Earning Revision (Oct): GANFENG LITHIUM, CHONGQING ZHIFEI BIOLOGICAL PRODUCTS

We analyzed CSI 100's consensus for Oct 2025 and highlighted changes of EPS in GANFENG LITHIUM (002460 CH), CHONGQING ZHIFEI BIOLOGICAL PRODUCTS...

Ke Yan, CFA, FRM

CSI 100 Index Earning Revision (Aug): CAMBRICON, CHINA VANKE, ZIJIN MINING, TONGWEI

We analyzed CSI 100's consensus for Aug 2025 and highlighted changes of EPS in CAMBRICON TECHNOLOGIES (688256 CH), CHINA VANKE (000002 CH), ZIJIN...

Ke Yan, CFA, FRM

Semiconductors - AI infra. spending continues to rise; Nvidia’s outlook points to robust demand

Nvidia (NVDA US, NR) reported robust F2Q26 results, with revenue reaching US$46.7bn, up 56%/6% YoY/QoQ, exceeding BBG consensus/company guidance by...

CMB International

Europe Next to Break Out?; Bullish Outlook Intact; Remain Overweight Korea, Greece, and the U.S.

Europe Next to Break Out?; China and Japan Remain Attractive and a big focus since our July 3rd report titled "China and Japan Breaking Out;"...

Vermilion Research

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