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 analyzed the changes in margin trading positions of A-share stocks as of Oct 9th. The aggregated net margin trading position is USD341,906m.</li>
<li>We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.</li>
<li>We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY, YUANJIE SEMI, SUZHOU EVERBRIGHT PHOTONICS, GIGADEVICE SEMICONDUCTOR.</li>
</ul>


We analyzed the changes in margin trading positions of A-share stocks as of Oct 9th. The aggregated net margin trading position is USD341,906m.
We tabulate league tables for top/bottom net long/short of margin trading by value, net margin buy as multiple of ADT.
We highlight net margin buy/sell changes in ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY, YUANJIE SEMI, SUZHOU EVERBRIGHT PHOTONICS, GIGADEVICE SEMICONDUCTOR.


A-Share Margin Trading Weekly (Oct 9th): ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY

<ul>
<li>We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.</li>
<li>The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.</li>
<li>We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.</li>
</ul>


We analyse the changes of A-H premium on 200 stocks over the last week. The average A-H premium was 92.3% as of Oct 9th.
The average A-H premium changed by 3.7ppt week-on-week, led by materials, industrials, utilities.
We highlight weekly changes in A-H premium for Innocare, Ganfenglithium, China East Air, Yofc.


A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

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>TOP STORIES Cover Story: Europe Fortifies Against China’s New Export Juggernaut A blistering summer heatwave has emptied European store shelves of Chinese portable air conditioners.</li><li>While the trade of these home appliances flows unimpeded, a contentious battle is sweeping the continent over the aggressive expansion of Chinese advanced manufacturing and e-commerce into the European Union (EU).</li><li>FINANCE &amp; ECONOMY China Deploys ‘National Team’ in Multi-Pronged Stock Market Rescue China is orchestrating a coordinated rescue of its plunging stock market, mobilizing state-backed entities to inject billions of dollars to shore up investor confidence.</li></ul>

TOP STORIES Cover Story: Europe Fortifies Against China’s New Export Juggernaut A blistering summer heatwave has emptied European store shelves of Chinese portable air conditioners.While the trade of these home appliances flows unimpeded, a contentious battle is sweeping the continent over the aggressive expansion of Chinese advanced manufacturing and e-commerce into the European Union (EU).FINANCE &amp; ECONOMY China Deploys ‘National Team’ in Multi-Pronged Stock Market Rescue China is orchestrating a coordinated rescue of its plunging stock market, mobilizing state-backed entities to inject billions of dollars to shore up investor confidence.

CX Daily: Europe Fortifies Against China’s New Export Juggernaut 

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Macroeconomics

<ul><li>The HSI settled at 23,924, down 387 pts or 1.59%, extending losses for a third consecutive session and the lowest since July 2025, as investors shunned risk after the Federal Reserve struck a more hawkish tone, signaling that further policy tightening may still be needed to contain inflation.</li><li>Beijing stepped up efforts to channel funding toward emerging technologies amid intensifying competition with the US.</li><li>The semiconductor sector fluctuated and strengthened, with Crystal Growth & Energy Equipment (688478 CH) hitting the daily limit; the CPO concept rose, with Zhongji Innolight (300308 CH) rising more than 7%; the rare earth and new metal materials sectors rose, with Shenghe Resources (600392 CH) and others hitting the daily limit.</li></ul>

The HSI settled at 23,924, down 387 pts or 1.59%, extending losses for a third consecutive session and the lowest since July 2025, as investors shunned risk after the Federal Reserve struck a more hawkish tone, signaling that further policy tightening may still be needed to contain inflation.Beijing stepped up efforts to channel funding toward emerging technologies amid intensifying competition with the US.The semiconductor sector fluctuated and strengthened, with Crystal Growth & Energy Equipment (688478 CH) hitting the daily limit; the CPO concept rose, with Zhongji Innolight (300308 CH) rising more than 7%; the rare earth and new metal materials sectors rose, with Shenghe Resources (600392 CH) and others hitting the daily limit.

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>We noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1) co-packaged optics (CPO) and 2) Nvidia’s native single-ended 800VDC architecture, which has triggered market debate and put pressure on AI infrastructure-related names, particularly optical, power semiconductor and datacom interconnect suppliers.</li><li>We think the note is better interpreted as a timing reset rather than a demand reset.</li><li>On optics, its conclusion is broadly consistent with our prior view that mass CPO adoption is unlikely before late-2027 at the earliest (see our prev. note), while pluggable optical modules and NPO should remain key deployment paths for the foreseeable future, supporting leading domestic optical module suppliers including Innolight (300308 CH, BUY) and Eoptolink (300502 CH, NR).</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>

We noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1) co-packaged optics (CPO) and 2) Nvidia’s native single-ended 800VDC architecture, which has triggered market debate and put pressure on AI infrastructure-related names, particularly optical, power semiconductor and datacom interconnect suppliers.We think the note is better interpreted as a timing reset rather than a demand reset.On optics, its conclusion is broadly consistent with our prior view that mass CPO adoption is unlikely before late-2027 at the earliest (see our prev. note), while pluggable optical modules and NPO should remain key deployment paths for the foreseeable future, supporting leading domestic optical module suppliers including Innolight (300308 CH, BUY) and Eoptolink (300502 CH, NR).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 - A quick read on recently reported CPO and 800VDC deployment delay

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)

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

CX Daily: Europe Fortifies Against China’s New Export Juggernaut

TOP STORIES Cover Story: Europe Fortifies Against China’s New Export Juggernaut A blistering summer heatwave has emptied European store shelves of...

Caixin Global

Quam Morning Note (22 Jun)

The HSI settled at 23,924, down 387 pts or 1.59%, extending losses for a third consecutive session and the lowest since July 2025, as investors...

Quam Securities

Semiconductors - A quick read on recently reported CPO and 800VDC deployment delay

We noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1) co-packaged optics (CPO) and 2) Nvidia’s native...

CMB International

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

A-Share Margin Trading Weekly (Oct 9th): ANHUI JIANGHUAI AUTOMOBILE, SHARETRONIC DATA TECHNOLOGY

We analyzed A-share margin trading positions report for the past week and highlighted ANHUI JIANGHUAI AUTOMOBILE (600418 CH), SHARETRONIC DATA...

Ke Yan, CFA, FRM

A-H Premium Weekly (Oct 9th): Innocare, Ganfenglithium, China East Air, Yofc

We analyzed A-H premium changes in the past week and highlight A-H premium changes for Innocare, Ganfenglithium, China East Air, Yofc.

Ke Yan, CFA, FRM

CX Daily: Europe Fortifies Against China’s New Export Juggernaut

TOP STORIES Cover Story: Europe Fortifies Against China’s New Export Juggernaut A blistering summer heatwave has emptied European store shelves of...

Caixin Global

Quam Morning Note (22 Jun)

The HSI settled at 23,924, down 387 pts or 1.59%, extending losses for a third consecutive session and the lowest since July 2025, as investors...

Quam Securities

Semiconductors - A quick read on recently reported CPO and 800VDC deployment delay

We noticed SemiAnalysis published an article on Jun 9 discussing potential deployment delays in 1) co-packaged optics (CPO) and 2) Nvidia’s native...

CMB International