CCBI's Top Ten Focus Stocks for 2026: CCBI has identified ten key stocks for 2026, including BABA-W, TENCENT, and INNOVENT BIO, with varying short selling ratios indicating market sentiment.

SPDBI's 2026 Outlook Report: SPDBI also released a report highlighting a stock portfolio to monitor, featuring TENCENT and BABA-W, alongside other stocks like HENGRUI PHARMA and POP MART, with significant short selling activity.

Market Trends: Both reports reflect a cautious market environment, with notable short selling ratios for several stocks, suggesting investor skepticism about their performance.

Stock Performance Overview: The reports detail stock price changes and short selling data, indicating a mix of declines and slight gains among the highlighted companies, with some stocks experiencing high short selling ratios.

Company Performance: TOPSPORTS (06110.HK) reported results for 3FQ26 that met expectations, but the outlook remains cautious due to weak demand and ongoing brand adjustments.

Earnings Forecast Adjustment: CICC has reduced its FY2026/2027 EPS forecasts for TOPSPORTS by 4% and 13%, respectively, to RMB0.2 and RMB0.23.

Target Price Revision: CICC maintained an Outperform rating for TOPSPORTS while lowering its target price by 7% to $3.88, reflecting projected PE ratios of 17x/15x for FY2026/2027.

Market Activity: The current share price indicates a forecasted PE ratio of 14x/12x for FY2026/2027, with short selling activity reported at $34.05M and a ratio of 20.931%.

Sales Performance: TOPSPORTS experienced a sales decline in 3FQ26 that aligned with management expectations and mirrored the performance from 2Q25, with weak demand persisting into December.

Nike Partnership: Despite challenges in the Chinese market, TOPSPORTS continues to collaborate closely with Nike, which is expected to provide ongoing support through better wholesale discounts and inventory buybacks.

Profit Forecast Adjustments: Macquarie has reduced its FY2026 and FY2027 net profit forecasts by 4.2% and 3.9% respectively, citing lower revenue expectations and rising expenses due to weaker demand.

Target Price Revision: The brokerage has lowered its target price for TOPSPORTS by 5% to HKD3.90 while maintaining an Outperform rating.

Sales Performance: TOPSPORTS experienced a high single-digit decline in total sales for its retail and wholesale businesses in the third fiscal quarter, which was worse than expected according to UBS.

Business Segments: The retail segment outperformed the wholesale segment, and the online business continued to grow faster than the offline business, although the gap between them narrowed compared to the first half of the fiscal year.

Target Price Adjustment: UBS has lowered its target price for TOPSPORTS from HKD4.06 to HKD3.85 while maintaining a Buy rating.

Market Activity: The stock saw a short selling of $2.49 million with a ratio of 7.117%, indicating some bearish sentiment in the market.

Sales Performance: TOPSPORTS reported a high-single-digit decline in total sales for retail and wholesale operations year-over-year for Q3 FY2025/26.

Store Area Decline: As of November 30, 2025, the gross selling area of directly-operated stores decreased by 1.3% from the previous quarter and by 13.4% year-over-year.