$XTALPI(02228.HK)

Short interest remains heavy. 8.74% of the shares are shorted, which is already a high level for a single-name Hong Kong stock.

Recent daily short selling hasn't worsened. Over the past 3-5 trading days with data, the short selling ratio has mostly been in the 7%-21% range, lower than the extreme pressure in early June.

But the accumulated position hasn't been truly unwound. The latest open short position only dropped from 381.7 million shares to 376.2 million shares, a very small decrease, indicating shorts have only slightly covered, not systematically retreated.

If the stock price continues to hold above 7.8-8.0, and the daily short selling ratio doesn't increase again, shorts will be in a more passive position.

Conversely, if the short ratio rises back to 25%-35% during a rebound, it means shorts are still actively suppressing, and it's not advisable to judge a squeeze too early.

In a nutshell: Daily short selling pressure has eased recently, but the cumulative short position remains high; this is not a stage where shorts have completed their retreat, but rather a phase of "high inventory + declining marginal pressure."

— 🍎 Jason 

I just want to say: Let's stay patient. Physical AI will be a core hot topic next. I hope its light can shine on Jingtai.