来源：智通财经 智通财经11月18日讯（编辑 胡家荣）近日港股市场持续震荡，同时市场卖空动作同样活跃。根据相关 数据统计，恒生指数的卖空比率从10月28日的14.78%升至11月17日的22.41%。 卖空活跃度显著上升 科技股成为重灾区 这一现象不仅体现在大盘指数上，更在个别明星股上表现得尤为突出。 腾讯的卖空比例从10月28日的11.49%上升至11月17日的13.98%，其卖空股数在11月14日更是达到362.84 万股，创下10月30日以来新高。 | 日期： | 周末总服本(万服) | 区间货空中显 | | 未零仓卖空调末值 | | | | 区间空层 | | 歷史版 酸/成交 :: | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 类空酸酸(万酸): | 含额(万元) : | 酸酸(万般): | 含额(万元): | 胶盘价(元): | 改良幅 : | 成交量(万服): | 雕交搬(万元): | | | 2025-11-17 | 914,477,00 | 192.85 | 122,847.79 | יי ...

Core Viewpoint - Palantir's stock has seen a significant decline of over 11% this week despite a better-than-expected earnings report, leading CEO Alex Karp to criticize short sellers for market manipulation [1][2]. Company Performance - Palantir's stock is up 135% in 2025 and has increased 25-fold over the past three years, raising the company's market cap to over $420 billion [4]. - The stock currently trades at approximately 220 times forward earnings, a valuation that is significantly higher than competitors like Nvidia and Meta, which have forward price-to-earnings ratios of about 33 and 22, respectively [4]. Market Sentiment - Karp has publicly targeted short sellers, particularly after investor Michael Burry's bets against Palantir and Nvidia, accusing them of harming the economy and misrepresenting the company's financial health [2][3]. - Citron Research's Andrew Left has described Palantir as "detached from fundamentals," suggesting a target price of $40, while the stock closed at $177.93 [5].

Core Viewpoint - Hims & Hers Health Inc. is experiencing significant interest in the medical sector due to its attractive growth fundamentals, despite recent stock price declines creating potential buying opportunities for investors [1][3]. Company Overview - Hims & Hers has a market capitalization of $10 billion, indicating it is still a relatively small company in the market [2]. - The stock has seen a decline of approximately 11.4% over the last month, which has led to increased short interest, now nearing record levels [3][6]. Stock Performance - The stock currently trades at 65% of its 52-week high, suggesting a potential rebound opportunity for contrarian investors [3]. - A scheduled stock sale by CEO Andrew Dudum for about $11 million has raised concerns among some investors, although it was pre-planned and not unexpected [4][5]. Analyst Insights - Wall Street analysts have set a 12-month price target for Hims & Hers at $38.92, indicating a potential downside of 20.34% from the current price of $48.86 [8]. - The highest forecast from analysts is $68.00, suggesting a possible upside of approximately 43% [12]. Financial Performance - Hims & Hers reported a remarkable revenue growth of 73% year-over-year, with a gross profit margin of 76.2% over the past 12 months [9]. - The net earnings per share (EPS) increased to 17 cents, up from 6 cents a year prior, reflecting strong financial performance [11]. Market Sentiment - Institutional buying amounted to $19 million in the past quarter, indicating that some investors are taking advantage of the current pricing situation [13]. - Despite the recent sell-off, the company maintains a premium valuation compared to its peers, with a P/E ratio of 61.07 compared to the medical sector's average of 29.6 [8][9].

Core Viewpoint - Beyond Meat's stock price surged over 1300% in four days, reaching a 14-month high, leading to significant losses for short sellers [1][3] Group 1: Stock Performance - The stock experienced a rapid increase from historical lows, with a peak rise of 112% during trading, followed by a 1.1% drop on Wednesday and a post-market decline of over 10% to $3.20 [3] - Short sellers faced a loss exceeding $12 million since last week's closing low, with cumulative losses for the year surpassing $45 million [1][3] Group 2: Market Dynamics - The current short selling environment is characterized by dual operations: some short sellers are forced to cover their positions due to being squeezed, while others are increasing their short positions, anticipating a correction [3] - Despite a recent decrease in the proportion of short interest relative to float, over 5 million shares have been added to short positions in the past 30 days, indicating increasing market divergence [3] Group 3: Influencing Factors - The stock's surge began last Friday and continued into Monday, driven by social media promotion from trader Demitri Semenikhin, reminiscent of the GameStop phenomenon during the pandemic [3] - Walmart's announcement to expand Beyond Meat product availability to over 2,000 stores further fueled the stock price increase [3] Group 4: Market Sentiment - The situation is compared to the GameStop event, highlighting the extreme volatility of stocks in distress when speculative funds enter the market [3] - The divergence in short seller strategies underscores the growing market divide regarding high-valuation stocks [3]

#A股 彭博：知情人士称，中国金融监管机构正在考虑采取包括取消部分卖空限制在内的一系列措施来冷却股市，因为他们越来越担心近期的反弹速度。监管层还在考虑控制投机交易的方案，因为担心大幅逆转可能给散户投资者造成巨额损失。 https://t.co/X09Lt0YQeY ...

Group 1 - The global fundamental long/short hedge funds experienced a loss of 50 basis points last week, but gained 103 basis points in June and are up 425 basis points year-to-date [1] - The total leverage ratio for fundamental long/short strategies decreased by 0.3 percentage points to 206.2%, which is in the 94th percentile for the past year, while the net leverage ratio fell by 1.7 percentage points to 50.2%, placing it in the 14th percentile for the same period [1] - Asian emerging markets faced significant net selling, primarily driven by the Chinese market, with hedge funds net selling Chinese stocks for the fourth consecutive week at the fastest pace in two and a half months, entirely driven by short selling [1] Group 2 - Macro products and individual stocks were both net sold, with a roughly equal share in the nominal net selling total; the sectors with the highest net selling were non-essential consumer, essential consumer, healthcare, and financials [2] - H-shares experienced net selling throughout the week, while A-shares and American Depositary Receipts (ADRs) saw relatively smaller net selling [2] - The total holdings/net holdings of Chinese stocks, as a percentage of the total risk exposure of major brokerage accounts, are currently at 4.8% and 6.8%, respectively, which are in the 52nd and 26th percentiles compared to the past year, and in the 11th and 7th percentiles compared to the past five years [2]

Core Viewpoint - The significant increase in short-selling data for Pop Mart and Blok is contrasted with their high market valuations and strong performance, indicating potential concerns about future growth and sustainability in the new consumption sector [1][3][9]. Group 1: Short-Selling Trends - Pop Mart's short-selling shares rose from 563,600 in early May to 1,707,000 by June 11, an increase of over 200% [1]. - Blok's short-selling shares increased from 71,400 on May 16 to 256,800 on June 11, marking a 260% rise [3]. - In contrast, other companies in the new consumption sector, such as Guming and Maogeping, experienced a decline in short-selling volumes [5]. Group 2: Performance and Valuation Concerns - Despite strong performance, the stock price increases for Pop Mart and Blok have potentially overstretched future growth expectations [9]. - The Labubu series from Pop Mart has a secondary market premium exceeding 10 times, raising concerns about valuation fragility [9]. Group 3: IP Dependency Risks - Blok relies on the Ultraman IP for 48.9% of its revenue, with the copyright expiring in 2027, leading to uncertainties regarding renewal costs and alternative IPs [9]. - Pop Mart's Labubu series contributes 23.3% of its revenue, with projected income of 3.04 billion in 2024, but faces challenges in managing the IP lifecycle [9]. Group 4: Market Sentiment and Consumer Behavior - On June 9, the day Blok was included in the Hong Kong Stock Connect, short-selling volume surged by 459%, indicating potential short-term arbitrage opportunities [9]. - Research shows that about 30% of blind box consumers are reducing purchases due to waning novelty, raising concerns about the sustainability of emotional consumption among Generation Z [9].

Group 1 - GameStop Corp is set to announce its first-quarter results on June 10, with a focus on its strategy to invest in Bitcoin [1] - The stock has shown a generally positive trend post-earnings, with five out of the last eight earnings reports resulting in gains, including an 11.7% increase in March [2] - The average next-day price swing for GameStop stock over the last two years has been 13.8%, with current options pricing in a slightly larger move of 14.4% [2] Group 2 - GameStop's stock was trading at $30.44, reflecting a 1.6% increase, while it has gained over 36% in the last nine months [3] - The stock has recently pulled back from its year-to-date peak of $35.81, with support at the 20-day moving average [3] - Short sellers hold 49.52 million shares sold short, representing 12.1% of the stock's available float, indicating a significant bearish sentiment [7] Group 3 - It would take short sellers nearly five days to cover their positions based on GameStop's average trading pace [7] - The Schaeffer's Volatility Index (SVI) for GameStop is at 86%, ranking in the 11th percentile of its annual range, suggesting that options premiums are currently affordable [7]

Core Insights - From April 2 to the previous Monday, short sellers targeting U.S. companies made a profit of $127 billion [1] - Since the beginning of 2025 until the previous Monday, short selling profits for U.S. companies with a market capitalization of $1 billion or more reached $189 billion [1]