<p>欢迎回到空头卖家系列——回顾在 ASX 上被重度做空的股票以及过去一周空头头寸发生显著变化的股票。</p>
<p>空头卖出数据比今天的日期滞后四天，因为报告在交易后的三个工作日内并不是强制性的。以下表格将进行比较：</p>
<p>-2025 年 2 月 3 日至 10 日的周变化</p>
<p>-2025 年 1 月 13 日至 2 月 10 日的月变化</p>
<p>最被做空的股票</p>
<table>
<thead>
<tr>
<th>股票代码</th>
<th>公司</th>
<th>空头比例</th>
<th>周变化</th>
<th>月变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>BOE</td>
<td>Boss Energy</td>
<td>18.21%</td>
<td>-0.94%</td>
<td>-0.12%</td>
</tr>
<tr>
<td>PDN</td>
<td>Paladin Energy</td>
<td>15.85%</td>
<td>-0.15%</td>
<td>-0.07%</td>
</tr>
<tr>
<td>IEL</td>
<td>Idp Education</td>
<td>12.24%</td>
<td>-0.44%</td>
<td>-0.21%</td>
</tr>
<tr>
<td>MIN</td>
<td>Mineral Resources</td>
<td>11.61%</td>
<td>-0.90%</td>
<td>-1.06%</td>
</tr>
<tr>
<td>SYR</td>
<td>Syrah Resources</td>
<td>11.11%</td>
<td>-2.08%</td>
<td>-2.05%</td>
</tr>
<tr>
<td>DMP</td>
<td>Domino's Pizza</td>
<td>10.93%</td>
<td>-1.88%</td>
<td>-2.29%</td>
</tr>
<tr>
<td>PLS</td>
<td>Pilbara Minerals</td>
<td>10.38%</td>
<td>-2.46%</td>
<td>-3.55%</td>
</tr>
<tr>
<td>DYL</td>
<td>Deep Yellow</td>
<td>10.12%</td>
<td>-0.64%</td>
<td>-0.44%</td>
</tr>
<tr>
<td>MP1</td>
<td>Megaport</td>
<td>9.72%</td>
<td>-0.38%</td>
<td>-0.92%</td>
</tr>
<tr>
<td>ADT</td>
<td>Adriatic Metals</td>
<td>9.72%</td>
<td>0.67%</td>
<td>0.72%</td>
</tr>
</tbody>
</table>
<p>关键要点</p>
<ul>
<li>Boss Energy 和 Paladin Energy：尽管空头头寸略有下降，但这两只股票仍然是市场上最被做空的股票。</li>
</ul>
<ul>
<li>Syrah Resources：空头头寸显著回落，达到自 2024 年 7 月以来的最低水平。然而，瑞银分析师警告称，Syrah 在公司和行业层面面临重大挑战。其主要资产，位于莫桑比克的巴拉马石墨矿，因社会动荡而处于不可抗力状态，触发了与债权人的违约事件。瑞银还指出，尽管石墨价格可能已触底，但由于中国合成产能的持续过剩，近期没有恢复的催化剂。在 2 月 14 日的报告中，瑞银将 Syrah 的评级下调至中性（从买入下调），并将目标价削减至 30 美分（从 80 美分）。</li>
</ul>
<ul>
<li>Domino's Pizza：在公司宣布计划关闭 172 家表现不佳的日本门店，并通过集团范围内的审查节省 1860 万美元成本后，空头卖家在 2 月 7 日感到意外。该股票在当日飙升 21.3%。尽管出现了急剧反弹，但空头头寸仍然较高，仍远高于一年前的 4.6% 水平。</li>
</ul>
<ul>
<li>Pilbara Minerals：空头头寸降至自 2024 年 11 月 27 日以来的最低水平。然而，这一下降并不是由于股价上涨，因为 Pilbara 的股价仍徘徊在最近的低点 2.20 美元附近。</li>
</ul>
<p>空头增加</p>
<table>
<thead>
<tr>
<th>股票代码</th>
<th>公司</th>
<th>空头比例</th>
<th>周变化</th>
<th>月变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>SIG</td>
<td>Sigma Healthcare</td>
<td>5.87%</td>
<td>1.45%</td>
<td>2.08%</td>
</tr>
<tr>
<td>MYS</td>
<td>Mystate</td>
<td>2.17%</td>
<td>1.15%</td>
<td>1.59%</td>
</tr>
<tr>
<td>MMS</td>
<td>Mcmillan Shakespeare</td>
<td>3.49%</td>
<td>1.12%</td>
<td>1.23%</td>
</tr>
<tr>
<td>CKF</td>
<td>Collins Foods</td>
<td>3.53%</td>
<td>1.12%</td>
<td>1.52%</td>
</tr>
<tr>
<td>WGX</td>
<td>Westgold Resources</td>
<td>4.38%</td>
<td>0.71%</td>
<td>1.27%</td>
</tr>
<tr>
<td>ADT</td>
<td>Adriatic Metals Plc</td>
<td>9.72%</td>
<td>0.67%</td>
<td>0.72%</td>
</tr>
<tr>
<td>NWS</td>
<td>News Corporation</td>
<td>1.05%</td>
<td>0.61%</td>
<td>0.66%</td>
</tr>
<tr>
<td>SEK</td>
<td>Seek</td>
<td>7.89%</td>
<td>0.61%</td>
<td>0.95%</td>
</tr>
<tr>
<td>APA</td>
<td>APA Group</td>
<td>4.29%</td>
<td>0.56%</td>
<td>1.16%</td>
</tr>
<tr>
<td>XYZ</td>
<td>Block, Inc</td>
<td>2.28%</td>
<td>0.55%</td>
<td>#N/A</td>
</tr>
<tr>
<td>TER</td>
<td>Terracom</td>
<td>1.24%</td>
<td>0.54%</td>
<td>0.51%</td>
</tr>
</tbody>
</table>
<p>关键要点</p>
<ul>
<li>Sigma Healthcare：该公司于 2 月 12 日完成了与 Chemist Warehouse 的合并，合并后的实体由 85.75% 的 CW 股东和 14.25% 的 Sigma 股东组成。花旗分析师认为，在当前估值下，潜在上涨空间有限（中性，目标价 2.90 美元）。Sigma 的 FY26 企业价值/息税前利润比率为 33.6 倍，远高于 Wesfarmers 的 19.5 倍，尽管其三年息税前利润年复合增长率约为 24%，与 Wesfarmers 的约 6% 相比表现良好。然而，花旗指出，在采取更积极的看法之前，需要对长期盈利增长故事，特别是国际扩张潜力有更多信心。</li>
</ul>
<ul>
<li>Mcmillan Shakespeare：该车队管理和员工福利公司的股票在 2 月 7 日下跌 10.5%，此前 Bell Potter 将该股票评级下调至持有（从买入下调），并将目标价削减至 15.80 美元（从 21 美元）。该公司因私营部门竞争加剧而面临订单增长风险，销售已达到低点，同时电动车渗透率停滞。分析师还指出，该公司正在经历去年的艰难比较，来自延续收入的支持正在减弱。</li>
</ul>
<p>最受关注的股票</p>
<table>
<thead>
<tr>
<th>股票代码</th>
<th>公司</th>
<th>空头比例</th>
<th>周变化</th>
<th>月变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>PLS</td>
<td>Pilbara Minerals</td>
<td>10.38%</td>
<td>-2.46%</td>
<td>-3.55%</td>
</tr>
<tr>
<td>SGR</td>
<td>The Star</td>
<td>9.02%</td>
<td>-2.08%</td>
<td>0.25%</td>
</tr>
<tr>
<td>SYR</td>
<td>Syrah Resources</td>
<td>11.11%</td>
<td>-2.08%</td>
<td>-2.05%</td>
</tr>
<tr>
<td>DMP</td>
<td>Domino's Pizza</td>
<td>10.93%</td>
<td>-1.88%</td>
<td>-2.29%</td>
</tr>
<tr>
<td>LTR</td>
<td>Liontown Resources</td>
<td>8.82%</td>
<td>-1.67%</td>
<td>-1.28%</td>
</tr>
<tr>
<td>AGL</td>
<td>AGL Energy</td>
<td>1.22%</td>
<td>-1.35%</td>
<td>-1.34%</td>
</tr>
<tr>
<td>LIC</td>
<td>Lifestyle Communities</td>
<td>8.54%</td>
<td>-1.12%</td>
<td>-0.59%</td>
</tr>
<tr>
<td>SRL</td>
<td>Sunrise Energy Metals</td>
<td>0.27%</td>
<td>-1.00%</td>
<td>-1.01%</td>
</tr>
<tr>
<td>BBN</td>
<td>Baby Bunting Group</td>
<td>0.46%</td>
<td>-0.99%</td>
<td>-1.02%</td>
</tr>
<tr>
<td>A2M</td>
<td>The a2 Milk Company</td>
<td>2.59%</td>
<td>-0.99%</td>
<td>-1.13%</td>
</tr>
<tr>
<td>BOE</td>
<td>Boss Energy</td>
<td>18.21%</td>
<td>-0.94%</td>
<td>-0.12%</td>
</tr>
<tr>
<td>WEB</td>
<td>WEB Travel Group</td>
<td>3.66%</td>
<td>-0.90%</td>
<td>0.08%</td>
</tr>
<tr>
<td>MIN</td>
<td>Mineral Resources</td>
<td>11.61%</td>
<td>-0.90%</td>
<td>-1.06%</td>
</tr>
<tr>
<td>RIO</td>
<td>Rio Tinto</td>
<td>6.73%</td>
<td>-0.85%</td>
<td>-0.51%</td>
</tr>
<tr>
<td>SVL</td>
<td>Silver Mines</td>
<td>0.21%</td>
<td>-0.84%</td>
<td>-0.65%</td>
</tr>
<tr>
<td>WC8</td>
<td>Wildcat Resources</td>
<td>3.64%</td>
<td>-0.83%</td>
<td>-0.72%</td>
</tr>
<tr>
<td>MFG</td>
<td>Magellan Financial Group</td>
<td>2.05%</td>
<td>-0.81%</td>
<td>-0.82%</td>
</tr>
<tr>
<td>A1N</td>
<td>Arn Media</td>
<td>0.17%</td>
<td>-0.76%</td>
<td>-0.77%</td>
</tr>
<tr>
<td>NVX</td>
<td>Novonix</td>
<td>3.32%</td>
<td>-0.74%</td>
<td>0.40%</td>
</tr>
<tr>
<td>PNV</td>
<td>Polynovo</td>
<td>1.98%</td>
<td>-0.74%</td>
<td>0.49%</td>
</tr>
<tr>
<td>LOT</td>
<td>Lotus Resources</td>
<td>4.36%</td>
<td>-0.65%</td>
<td>0.84%</td>
</tr>
<tr>
<td>DYL</td>
<td>Deep Yellow</td>
<td>10.12%</td>
<td>-0.64%</td>
<td>-0.44%</td>
</tr>
<tr>
<td>SLX</td>
<td>SILEX Systems</td>
<td>6.04%</td>
<td>-0.64%</td>
<td>-0.71%</td>
</tr>
<tr>
<td>OBL</td>
<td>Omni Bridgeway</td>
<td>3.48%</td>
<td>-0.62%</td>
<td>-0.54%</td>
</tr>
<tr>
<td>KAR</td>
<td>Karoon Energy</td>
<td>9.04%</td>
<td>-0.60%</td>
<td>-1.04%</td>
</tr>
</tbody>
</table>
<p>关键要点</p>
<p>在报告结果的股票中，以及在商品相关股票和表现疲软的股票中，出现了显著的空头回补活动。</p>
<ul>
<li>The Star：这家陷入困境的赌场运营商面临多重风险，可能使空头卖家面临风险，包括自愿管理的可能性以及积极的债务再融资提案或进一步的资产出售。</li>
</ul>
<ul>
<li>AGL：在公司发布 2025 财年上半年业绩之前，空头头寸有所减轻。AGL 于 2 月 12 日发布了强于预期的 2025 财年上半年业绩，得益于稳定的电力交易和来源收益，尽管煤电厂仍在停产。然而，管理层采取了谨慎的态度，仅略微收窄了 2025 财年的指引，理由是下半年的不确定性。分析师认为这是明智的，指出尽管电价仍然支持，但零售能源的竞争压力和成本上升可能会影响未来的收益。</li>
</ul>
<ul>
<li>A2 Milk：在发布 2025 财年上半年业绩之前，股票的空头头寸略有回落。周一，该公司发布的 EBITDA 和股息高于预期，股价上涨超过 15%，同时将 2025 财年的收入展望上调至低至中双位数增长（之前为中至高单位数）。</li>
</ul>

达美乐比萨

<p>最新的空头卖家系列突出了 ASX 上最被做空的股票，包括 Boss Energy 和 Paladin Energy，尽管空头头寸略有下降，但仍然受到严重做空。Syrah Resources 由于民事动荡影响其主要资产面临挑战，导致瑞银下调其评级。达美乐比萨在宣布关闭门店后，股价大幅上涨，而 Pilbara Minerals 的空头头寸有所下降。Sigma Healthcare 与 Chemist Warehouse 的合并限制了上涨空间，Mcmillan Shakespeare 的股票在评级下调后下跌。总体而言，各种股票的空头回补活动显著增加</p>

<p>Welcome back to the Short Seller Series – A recap of the most heavily shorted stocks on the ASX and those experiencing significant changes to short interest over the past week.</p>
<div class="lb-trans"><p>欢迎回到空头卖家系列——回顾在 ASX 上被重度做空的股票以及过去一周空头头寸发生显著变化的股票。</p>
</div><p>Short selling data is four days behind today's date because reporting is not mandatory until three business days after the trade. The tables below will compare:</p>
<div class="lb-trans"><p>空头卖出数据比今天的日期滞后四天，因为报告在交易后的三个工作日内并不是强制性的。以下表格将进行比较：</p>
</div><ul>
<li>Week-on-week changes between 3 and 10 February 2025</li>
</ul>
<div class="lb-trans"><p>-2025 年 2 月 3 日至 10 日的周变化</p>
</div><ul>
<li>Month-on-month changes between 13 January and 10 February 2025</li>
</ul>
<div class="lb-trans"><p>-2025 年 1 月 13 日至 2 月 10 日的月变化</p>
</div><p>Most Shorted</p>
<div class="lb-trans"><p>最被做空的股票</p>
</div><table>
<thead>
<tr>
<th>Ticker</th>
<th>Company</th>
<th>Short %</th>
<th>Week-on-Week</th>
<th>Month-on-Month</th>
</tr>
</thead>
<tbody>
<tr>
<td>BOE</td>
<td>Boss Energy</td>
<td>18.21%</td>
<td>-0.94%</td>
<td>-0.12%</td>
</tr>
<tr>
<td>PDN</td>
<td>Paladin Energy</td>
<td>15.85%</td>
<td>-0.15%</td>
<td>-0.07%</td>
</tr>
<tr>
<td>IEL</td>
<td>Idp Education</td>
<td>12.24%</td>
<td>-0.44%</td>
<td>-0.21%</td>
</tr>
<tr>
<td>MIN</td>
<td>Mineral Resources</td>
<td>11.61%</td>
<td>-0.90%</td>
<td>-1.06%</td>
</tr>
<tr>
<td>SYR</td>
<td>Syrah Resources</td>
<td>11.11%</td>
<td>-2.08%</td>
<td>-2.05%</td>
</tr>
<tr>
<td>DMP</td>
<td>Domino's Pizza</td>
<td>10.93%</td>
<td>-1.88%</td>
<td>-2.29%</td>
</tr>
<tr>
<td>PLS</td>
<td>Pilbara Minerals</td>
<td>10.38%</td>
<td>-2.46%</td>
<td>-3.55%</td>
</tr>
<tr>
<td>DYL</td>
<td>Deep Yellow</td>
<td>10.12%</td>
<td>-0.64%</td>
<td>-0.44%</td>
</tr>
<tr>
<td>MP1</td>
<td>Megaport</td>
<td>9.72%</td>
<td>-0.38%</td>
<td>-0.92%</td>
</tr>
<tr>
<td>ADT</td>
<td>Adriatic Metals</td>
<td>9.72%</td>
<td>0.67%</td>
<td>0.72%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>股票代码</th>
<th>公司</th>
<th>空头比例</th>
<th>周变化</th>
<th>月变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>BOE</td>
<td>Boss Energy</td>
<td>18.21%</td>
<td>-0.94%</td>
<td>-0.12%</td>
</tr>
<tr>
<td>PDN</td>
<td>Paladin Energy</td>
<td>15.85%</td>
<td>-0.15%</td>
<td>-0.07%</td>
</tr>
<tr>
<td>IEL</td>
<td>Idp Education</td>
<td>12.24%</td>
<td>-0.44%</td>
<td>-0.21%</td>
</tr>
<tr>
<td>MIN</td>
<td>Mineral Resources</td>
<td>11.61%</td>
<td>-0.90%</td>
<td>-1.06%</td>
</tr>
<tr>
<td>SYR</td>
<td>Syrah Resources</td>
<td>11.11%</td>
<td>-2.08%</td>
<td>-2.05%</td>
</tr>
<tr>
<td>DMP</td>
<td>Domino's Pizza</td>
<td>10.93%</td>
<td>-1.88%</td>
<td>-2.29%</td>
</tr>
<tr>
<td>PLS</td>
<td>Pilbara Minerals</td>
<td>10.38%</td>
<td>-2.46%</td>
<td>-3.55%</td>
</tr>
<tr>
<td>DYL</td>
<td>Deep Yellow</td>
<td>10.12%</td>
<td>-0.64%</td>
<td>-0.44%</td>
</tr>
<tr>
<td>MP1</td>
<td>Megaport</td>
<td>9.72%</td>
<td>-0.38%</td>
<td>-0.92%</td>
</tr>
<tr>
<td>ADT</td>
<td>Adriatic Metals</td>
<td>9.72%</td>
<td>0.67%</td>
<td>0.72%</td>
</tr>
</tbody>
</table>
</div><p>Key takeaways</p>
<div class="lb-trans"><p>关键要点</p>
</div><ul>
<li>Boss Energy and Paladin Energy:Despite a slight decline in short interest, both stocks remain the most shorted on the market.</li>
</ul>
<div class="lb-trans"><ul>
<li>Boss Energy 和 Paladin Energy：尽管空头头寸略有下降，但这两只股票仍然是市场上最被做空的股票。</li>
</ul>
</div><ul>
<li>Syrah Resources: Short interest has pulled back significantly, reaching its lowest level since July 2024. However, UBS analysts warn that Syrah faces major challenges at both a company and industry level. Its primary asset, the Balama Graphite Mine in Mozambique, remains under Force Majeure due to civil unrest, triggering default events with creditors. UBS also noted that while graphite prices may have bottomed, there are no near-term catalysts for a recovery due to ongoing oversupply from Chinese synthetic capacity. In a 14 February note, UBS downgraded Syrah to Neutral (from Buy) and slashed its target price to 30 cents (from 80 cents).</li>
</ul>
<div class="lb-trans"><ul>
<li>Syrah Resources：空头头寸显著回落，达到自 2024 年 7 月以来的最低水平。然而，瑞银分析师警告称，Syrah 在公司和行业层面面临重大挑战。其主要资产，位于莫桑比克的巴拉马石墨矿，因社会动荡而处于不可抗力状态，触发了与债权人的违约事件。瑞银还指出，尽管石墨价格可能已触底，但由于中国合成产能的持续过剩，近期没有恢复的催化剂。在 2 月 14 日的报告中，瑞银将 Syrah 的评级下调至中性（从买入下调），并将目标价削减至 30 美分（从 80 美分）。</li>
</ul>
</div><ul>
<li>Domino's Pizza: Short sellers were caught off guard on 7 February after the company announced plans to close 172 underperforming stores in Japan, alongside $18.6 million in cost savings from a group-wide review. The stock surged 21.3% that session. Despite the sharp rally, short interest remains elevated and is still well above the 4.6% level recorded a year ago.</li>
</ul>
<div class="lb-trans"><ul>
<li>Domino's Pizza：在公司宣布计划关闭 172 家表现不佳的日本门店，并通过集团范围内的审查节省 1860 万美元成本后，空头卖家在 2 月 7 日感到意外。该股票在当日飙升 21.3%。尽管出现了急剧反弹，但空头头寸仍然较高，仍远高于一年前的 4.6% 水平。</li>
</ul>
</div><ul>
<li>Pilbara Minerals: Short interest has dropped to its lowest level since 27 November 2024. However, the decline is not being driven by a rising share price, as Pilbara continues to hover near recent lows of $2.20.</li>
</ul>
<div class="lb-trans"><ul>
<li>Pilbara Minerals：空头头寸降至自 2024 年 11 月 27 日以来的最低水平。然而，这一下降并不是由于股价上涨，因为 Pilbara 的股价仍徘徊在最近的低点 2.20 美元附近。</li>
</ul>
</div><p>Rising Shorts</p>
<div class="lb-trans"><p>空头增加</p>
</div><table>
<thead>
<tr>
<th>Ticker</th>
<th>Company</th>
<th>Short %</th>
<th>Week-on-Week</th>
<th>Month-on-Month</th>
</tr>
</thead>
<tbody>
<tr>
<td>SIG</td>
<td>Sigma Healthcare</td>
<td>5.87%</td>
<td>1.45%</td>
<td>2.08%</td>
</tr>
<tr>
<td>MYS</td>
<td>Mystate</td>
<td>2.17%</td>
<td>1.15%</td>
<td>1.59%</td>
</tr>
<tr>
<td>MMS</td>
<td>Mcmillan Shakespeare</td>
<td>3.49%</td>
<td>1.12%</td>
<td>1.23%</td>
</tr>
<tr>
<td>CKF</td>
<td>Collins Foods</td>
<td>3.53%</td>
<td>1.12%</td>
<td>1.52%</td>
</tr>
<tr>
<td>WGX</td>
<td>Westgold Resources</td>
<td>4.38%</td>
<td>0.71%</td>
<td>1.27%</td>
</tr>
<tr>
<td>ADT</td>
<td>Adriatic Metals Plc</td>
<td>9.72%</td>
<td>0.67%</td>
<td>0.72%</td>
</tr>
<tr>
<td>NWS</td>
<td>News Corporation</td>
<td>1.05%</td>
<td>0.61%</td>
<td>0.66%</td>
</tr>
<tr>
<td>SEK</td>
<td>Seek</td>
<td>7.89%</td>
<td>0.61%</td>
<td>0.95%</td>
</tr>
<tr>
<td>APA</td>
<td>APA Group</td>
<td>4.29%</td>
<td>0.56%</td>
<td>1.16%</td>
</tr>
<tr>
<td>XYZ</td>
<td>Block, Inc</td>
<td>2.28%</td>
<td>0.55%</td>
<td>#N/A</td>
</tr>
<tr>
<td>TER</td>
<td>Terracom</td>
<td>1.24%</td>
<td>0.54%</td>
<td>0.51%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>股票代码</th>
<th>公司</th>
<th>空头比例</th>
<th>周变化</th>
<th>月变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>SIG</td>
<td>Sigma Healthcare</td>
<td>5.87%</td>
<td>1.45%</td>
<td>2.08%</td>
</tr>
<tr>
<td>MYS</td>
<td>Mystate</td>
<td>2.17%</td>
<td>1.15%</td>
<td>1.59%</td>
</tr>
<tr>
<td>MMS</td>
<td>Mcmillan Shakespeare</td>
<td>3.49%</td>
<td>1.12%</td>
<td>1.23%</td>
</tr>
<tr>
<td>CKF</td>
<td>Collins Foods</td>
<td>3.53%</td>
<td>1.12%</td>
<td>1.52%</td>
</tr>
<tr>
<td>WGX</td>
<td>Westgold Resources</td>
<td>4.38%</td>
<td>0.71%</td>
<td>1.27%</td>
</tr>
<tr>
<td>ADT</td>
<td>Adriatic Metals Plc</td>
<td>9.72%</td>
<td>0.67%</td>
<td>0.72%</td>
</tr>
<tr>
<td>NWS</td>
<td>News Corporation</td>
<td>1.05%</td>
<td>0.61%</td>
<td>0.66%</td>
</tr>
<tr>
<td>SEK</td>
<td>Seek</td>
<td>7.89%</td>
<td>0.61%</td>
<td>0.95%</td>
</tr>
<tr>
<td>APA</td>
<td>APA Group</td>
<td>4.29%</td>
<td>0.56%</td>
<td>1.16%</td>
</tr>
<tr>
<td>XYZ</td>
<td>Block, Inc</td>
<td>2.28%</td>
<td>0.55%</td>
<td>#N/A</td>
</tr>
<tr>
<td>TER</td>
<td>Terracom</td>
<td>1.24%</td>
<td>0.54%</td>
<td>0.51%</td>
</tr>
</tbody>
</table>
</div><p>Key takeaways</p>
<div class="lb-trans"><p>关键要点</p>
</div><ul>
<li>Sigma Healthcare: The company completed its merger with Chemist Warehouse on 12 February, with the combined entity comprising 85.75% CW shareholders and 14.25% Sigma shareholders. Citi analysts see limited upside at current valuations (Neutral, $2.90 target price). Sigma trades at an FY26 EV/EBIT of 33.6x — well above Wesfarmers at 19.5x — though its three-year EBIT growth CAGR of ~24% compares favorably to Wesfarmers' ~6%. However, Citi noted that more conviction in the long-term earnings growth story, particularly international expansion potential, is needed before taking a more constructive view.</li>
</ul>
<div class="lb-trans"><ul>
<li>Sigma Healthcare：该公司于 2 月 12 日完成了与 Chemist Warehouse 的合并，合并后的实体由 85.75% 的 CW 股东和 14.25% 的 Sigma 股东组成。花旗分析师认为，在当前估值下，潜在上涨空间有限（中性，目标价 2.90 美元）。Sigma 的 FY26 企业价值/息税前利润比率为 33.6 倍，远高于 Wesfarmers 的 19.5 倍，尽管其三年息税前利润年复合增长率约为 24%，与 Wesfarmers 的约 6% 相比表现良好。然而，花旗指出，在采取更积极的看法之前，需要对长期盈利增长故事，特别是国际扩张潜力有更多信心。</li>
</ul>
</div><ul>
<li>Mcmillan Shakespeare: Shares in the fleet management and employee benefits company fell 10.5% on 7 February after Bell Potter downgraded the stock to Hold (from Buy) and cut its target price to $15.80 (from $21). The firm cited risks around order growth due to rising competition in the private segment, where sales have hit a low, alongside static EV penetration. Analysts also noted the company is cycling tough comparables from last year, with fading support from carryover revenue.</li>
</ul>
<div class="lb-trans"><ul>
<li>Mcmillan Shakespeare：该车队管理和员工福利公司的股票在 2 月 7 日下跌 10.5%，此前 Bell Potter 将该股票评级下调至持有（从买入下调），并将目标价削减至 15.80 美元（从 21 美元）。该公司因私营部门竞争加剧而面临订单增长风险，销售已达到低点，同时电动车渗透率停滞。分析师还指出，该公司正在经历去年的艰难比较，来自延续收入的支持正在减弱。</li>
</ul>
</div><p>Most covered</p>
<div class="lb-trans"><p>最受关注的股票</p>
</div><table>
<thead>
<tr>
<th>Ticker</th>
<th>Company</th>
<th>Short %</th>
<th>Week-on-Week</th>
<th>Month-on-Month</th>
</tr>
</thead>
<tbody>
<tr>
<td>PLS</td>
<td>Pilbara Minerals</td>
<td>10.38%</td>
<td>-2.46%</td>
<td>-3.55%</td>
</tr>
<tr>
<td>SGR</td>
<td>The Star</td>
<td>9.02%</td>
<td>-2.08%</td>
<td>0.25%</td>
</tr>
<tr>
<td>SYR</td>
<td>Syrah Resources</td>
<td>11.11%</td>
<td>-2.08%</td>
<td>-2.05%</td>
</tr>
<tr>
<td>DMP</td>
<td>Domino's Pizza</td>
<td>10.93%</td>
<td>-1.88%</td>
<td>-2.29%</td>
</tr>
<tr>
<td>LTR</td>
<td>Liontown Resources</td>
<td>8.82%</td>
<td>-1.67%</td>
<td>-1.28%</td>
</tr>
<tr>
<td>AGL</td>
<td>AGL Energy</td>
<td>1.22%</td>
<td>-1.35%</td>
<td>-1.34%</td>
</tr>
<tr>
<td>LIC</td>
<td>Lifestyle Communities</td>
<td>8.54%</td>
<td>-1.12%</td>
<td>-0.59%</td>
</tr>
<tr>
<td>SRL</td>
<td>Sunrise Energy Metals</td>
<td>0.27%</td>
<td>-1.00%</td>
<td>-1.01%</td>
</tr>
<tr>
<td>BBN</td>
<td>Baby Bunting Group</td>
<td>0.46%</td>
<td>-0.99%</td>
<td>-1.02%</td>
</tr>
<tr>
<td>A2M</td>
<td>The a2 Milk Company</td>
<td>2.59%</td>
<td>-0.99%</td>
<td>-1.13%</td>
</tr>
<tr>
<td>BOE</td>
<td>Boss Energy</td>
<td>18.21%</td>
<td>-0.94%</td>
<td>-0.12%</td>
</tr>
<tr>
<td>WEB</td>
<td>WEB Travel Group</td>
<td>3.66%</td>
<td>-0.90%</td>
<td>0.08%</td>
</tr>
<tr>
<td>MIN</td>
<td>Mineral Resources</td>
<td>11.61%</td>
<td>-0.90%</td>
<td>-1.06%</td>
</tr>
<tr>
<td>RIO</td>
<td>Rio Tinto</td>
<td>6.73%</td>
<td>-0.85%</td>
<td>-0.51%</td>
</tr>
<tr>
<td>SVL</td>
<td>Silver Mines</td>
<td>0.21%</td>
<td>-0.84%</td>
<td>-0.65%</td>
</tr>
<tr>
<td>WC8</td>
<td>Wildcat Resources</td>
<td>3.64%</td>
<td>-0.83%</td>
<td>-0.72%</td>
</tr>
<tr>
<td>MFG</td>
<td>Magellan Financial Group</td>
<td>2.05%</td>
<td>-0.81%</td>
<td>-0.82%</td>
</tr>
<tr>
<td>A1N</td>
<td>Arn Media</td>
<td>0.17%</td>
<td>-0.76%</td>
<td>-0.77%</td>
</tr>
<tr>
<td>NVX</td>
<td>Novonix</td>
<td>3.32%</td>
<td>-0.74%</td>
<td>0.40%</td>
</tr>
<tr>
<td>PNV</td>
<td>Polynovo</td>
<td>1.98%</td>
<td>-0.74%</td>
<td>0.49%</td>
</tr>
<tr>
<td>LOT</td>
<td>Lotus Resources</td>
<td>4.36%</td>
<td>-0.65%</td>
<td>0.84%</td>
</tr>
<tr>
<td>DYL</td>
<td>Deep Yellow</td>
<td>10.12%</td>
<td>-0.64%</td>
<td>-0.44%</td>
</tr>
<tr>
<td>SLX</td>
<td>SILEX Systems</td>
<td>6.04%</td>
<td>-0.64%</td>
<td>-0.71%</td>
</tr>
<tr>
<td>OBL</td>
<td>Omni Bridgeway</td>
<td>3.48%</td>
<td>-0.62%</td>
<td>-0.54%</td>
</tr>
<tr>
<td>KAR</td>
<td>Karoon Energy</td>
<td>9.04%</td>
<td>-0.60%</td>
<td>-1.04%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>股票代码</th>
<th>公司</th>
<th>空头比例</th>
<th>周变化</th>
<th>月变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>PLS</td>
<td>Pilbara Minerals</td>
<td>10.38%</td>
<td>-2.46%</td>
<td>-3.55%</td>
</tr>
<tr>
<td>SGR</td>
<td>The Star</td>
<td>9.02%</td>
<td>-2.08%</td>
<td>0.25%</td>
</tr>
<tr>
<td>SYR</td>
<td>Syrah Resources</td>
<td>11.11%</td>
<td>-2.08%</td>
<td>-2.05%</td>
</tr>
<tr>
<td>DMP</td>
<td>Domino's Pizza</td>
<td>10.93%</td>
<td>-1.88%</td>
<td>-2.29%</td>
</tr>
<tr>
<td>LTR</td>
<td>Liontown Resources</td>
<td>8.82%</td>
<td>-1.67%</td>
<td>-1.28%</td>
</tr>
<tr>
<td>AGL</td>
<td>AGL Energy</td>
<td>1.22%</td>
<td>-1.35%</td>
<td>-1.34%</td>
</tr>
<tr>
<td>LIC</td>
<td>Lifestyle Communities</td>
<td>8.54%</td>
<td>-1.12%</td>
<td>-0.59%</td>
</tr>
<tr>
<td>SRL</td>
<td>Sunrise Energy Metals</td>
<td>0.27%</td>
<td>-1.00%</td>
<td>-1.01%</td>
</tr>
<tr>
<td>BBN</td>
<td>Baby Bunting Group</td>
<td>0.46%</td>
<td>-0.99%</td>
<td>-1.02%</td>
</tr>
<tr>
<td>A2M</td>
<td>The a2 Milk Company</td>
<td>2.59%</td>
<td>-0.99%</td>
<td>-1.13%</td>
</tr>
<tr>
<td>BOE</td>
<td>Boss Energy</td>
<td>18.21%</td>
<td>-0.94%</td>
<td>-0.12%</td>
</tr>
<tr>
<td>WEB</td>
<td>WEB Travel Group</td>
<td>3.66%</td>
<td>-0.90%</td>
<td>0.08%</td>
</tr>
<tr>
<td>MIN</td>
<td>Mineral Resources</td>
<td>11.61%</td>
<td>-0.90%</td>
<td>-1.06%</td>
</tr>
<tr>
<td>RIO</td>
<td>Rio Tinto</td>
<td>6.73%</td>
<td>-0.85%</td>
<td>-0.51%</td>
</tr>
<tr>
<td>SVL</td>
<td>Silver Mines</td>
<td>0.21%</td>
<td>-0.84%</td>
<td>-0.65%</td>
</tr>
<tr>
<td>WC8</td>
<td>Wildcat Resources</td>
<td>3.64%</td>
<td>-0.83%</td>
<td>-0.72%</td>
</tr>
<tr>
<td>MFG</td>
<td>Magellan Financial Group</td>
<td>2.05%</td>
<td>-0.81%</td>
<td>-0.82%</td>
</tr>
<tr>
<td>A1N</td>
<td>Arn Media</td>
<td>0.17%</td>
<td>-0.76%</td>
<td>-0.77%</td>
</tr>
<tr>
<td>NVX</td>
<td>Novonix</td>
<td>3.32%</td>
<td>-0.74%</td>
<td>0.40%</td>
</tr>
<tr>
<td>PNV</td>
<td>Polynovo</td>
<td>1.98%</td>
<td>-0.74%</td>
<td>0.49%</td>
</tr>
<tr>
<td>LOT</td>
<td>Lotus Resources</td>
<td>4.36%</td>
<td>-0.65%</td>
<td>0.84%</td>
</tr>
<tr>
<td>DYL</td>
<td>Deep Yellow</td>
<td>10.12%</td>
<td>-0.64%</td>
<td>-0.44%</td>
</tr>
<tr>
<td>SLX</td>
<td>SILEX Systems</td>
<td>6.04%</td>
<td>-0.64%</td>
<td>-0.71%</td>
</tr>
<tr>
<td>OBL</td>
<td>Omni Bridgeway</td>
<td>3.48%</td>
<td>-0.62%</td>
<td>-0.54%</td>
</tr>
<tr>
<td>KAR</td>
<td>Karoon Energy</td>
<td>9.04%</td>
<td>-0.60%</td>
<td>-1.04%</td>
</tr>
</tbody>
</table>
</div><p>Key takeaways</p>
<div class="lb-trans"><p>关键要点</p>
</div><p>There has been significant short covering activity across stocks reporting results, as well as in commodity-related stocks and shares experiencing weakness.</p>
<div class="lb-trans"><p>在报告结果的股票中，以及在商品相关股票和表现疲软的股票中，出现了显著的空头回补活动。</p>
</div><ul>
<li>The Star: The embattled casino operator faces multiple risks that could put short sellers at risk, including the possibility of voluntary administration and a positive debt refinancing proposal or further asset sales.</li>
</ul>
<div class="lb-trans"><ul>
<li>The Star：这家陷入困境的赌场运营商面临多重风险，可能使空头卖家面临风险，包括自愿管理的可能性以及积极的债务再融资提案或进一步的资产出售。</li>
</ul>
</div><ul>
<li>AGL: Short interest eased ahead of the company’s half-year FY25 results. AGL delivered a stronger-than-expected 1H25 result on 12 February, driven by solid electricity trading and origination earnings despite ongoing coal plant downtime. However, management took a cautious approach, only slightly narrowing FY25 guidance, citing uncertainty in the second half. Analysts viewed this as prudent, noting that while power prices remain supportive, competitive pressures in retail energy and rising costs could impact future earnings.</li>
</ul>
<div class="lb-trans"><ul>
<li>AGL：在公司发布 2025 财年上半年业绩之前，空头头寸有所减轻。AGL 于 2 月 12 日发布了强于预期的 2025 财年上半年业绩，得益于稳定的电力交易和来源收益，尽管煤电厂仍在停产。然而，管理层采取了谨慎的态度，仅略微收窄了 2025 财年的指引，理由是下半年的不确定性。分析师认为这是明智的，指出尽管电价仍然支持，但零售能源的竞争压力和成本上升可能会影响未来的收益。</li>
</ul>
</div><ul>
<li>A2 Milk: The stock saw a slight pullback in short interest ahead of its half-year FY25 results. Shares surged more than 15% on Monday after the company posted higher-than-expected EBITDA and dividends, along with an upgraded FY25 revenue outlook to low-to-mid double-digit growth (previously mid-to-high single digits).</li>
</ul>
<div class="lb-trans"><ul>
<li>A2 Milk：在发布 2025 财年上半年业绩之前，股票的空头头寸略有回落。周一，该公司发布的 EBITDA 和股息高于预期，股价上涨超过 15%，同时将 2025 财年的收入展望上调至低至中双位数增长（之前为中至高单位数）。</li>
</ul>
</div>

第 8 周最被做空的 10 只澳大利亚证券交易所股票以及涨幅和跌幅最大的股票