Core Viewpoint - Morgan Stanley has initiated coverage on Dechang Motor Holdings with a target price of HKD 67 and a "Buy" rating, and on Wolong Electric Drive with a target price of CNY 43 and a "Neutral" rating, highlighting AI data centers, humanoid robots, and electric vertical takeoff and landing (eVTOL) aircraft as long-term growth engines that will reshape industry profitability [1] Group 1: AI Data Centers - Wolong Electric Drive has supplied EC fans and cold plates to domestic ultra-large enterprises for AI data center cooling solutions, while Dechang Motor provides integrated cooling pumps to top global hyperscale companies [1] Group 2: Humanoid Robots - In the humanoid robot actuator segment, Dechang Motor supplies linear/rotary actuators and integrated dexterous hands, whereas Wolong Electric Drive offers rotary actuators and dexterous hands [1] Group 3: Market Potential - The long-term market size for these technologies is projected to reach 5 billion units, indicating significant potential for growth [1] Group 4: eVTOL Aircraft - The domestic market for eVTOL aircraft motors is expected to reach an annual production of 5,000 units by 2035; Wolong Electric Drive collaborates with Geely's VoFly, while Dechang Motor benefits from its automotive-grade technology accumulation, providing a competitive advantage upon market entry [1]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are Green Power Environmental (70.05%), China Telecom (69.96%), and COSCO Shipping Energy (68.73%) [1][2] - The companies with the largest increase in holding amounts over the last five trading days are Zijin Mining (+1 billion), Kuaishou (+0.981 billion), and Pop Mart (+0.624 billion) [1][2] - The companies with the largest decrease in holding amounts over the last five trading days are SMIC (-2.258 billion), Hua Hong Semiconductor (-1.222 billion), and Alibaba (-0.714 billion) [1][4] Hong Kong Stock Connect Holding Ratios - Green Power Environmental (01330) has a holding of 283 million shares, representing 70.05% [2] - China Telecom (00728) has a holding of 9.711 billion shares, representing 69.96% [2] - COSCO Shipping Energy (01138) has a holding of 891 million shares, representing 68.73% [2] - Other notable companies include Changfei Optical Fiber (06869) at 68.48% and China Shenhua (01088) at 67.25% [2] Recent Increases in Holdings - Zijin Mining (02899) saw an increase of 1 billion in holding amount, with a change of 29.19 million shares [2][4] - Kuaishou (01024) experienced an increase of 0.981 billion, with a change of 12.19 million shares [2][4] - Pop Mart (09992) had an increase of 0.624 billion, with a change of 2.39 million shares [2][4] Recent Decreases in Holdings - SMIC (00981) had a decrease of 2.258 billion in holding amount, with a change of 28.18 million shares [4] - Hua Hong Semiconductor (01347) saw a decrease of 1.222 billion, with a change of 13.86 million shares [4] - Alibaba (09988) experienced a decrease of 0.714 billion, with a change of 4.39 million shares [4]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Johnson Electric Holdings Limited 德昌電機控股有限公司* FF301 II. 已發行股份及/或庫存股份變動 呈交日期: 2025年10月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00179 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,760,000,000 | HKD | | 0.05 HKD | | 88,000,000 | | 增加 / 減少 (-) | | | | | | HKD | | | | 本月底結存 | | | 1,760,000,000 | H ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry, indicating a positive outlook for investment opportunities [10]. Core Insights - The emergence of humanoid robots is leading a new wave of transformation in the automotive industry, with major automakers competing in this space [4]. - The report highlights the successful demonstration of multi-modal embodied robots at the recent Industrial Expo, showcasing advancements in robotics technology and its applications in various industrial settings [5][8]. - New vehicle launches are intensifying competition among mainstream automakers, with notable models introduced at the expo, including the SAIC Group's high-end and budget-friendly offerings, as well as Tesla's Model Y L [9]. Summary by Sections Investment Highlights - The humanoid robot sector presents new opportunities, with specific recommendations for companies involved in linear joint assemblies, screw rods, dexterous hands, reducers, sensors, and injection molded parts [10]. - Recommended companies include Rongtai Co., Shuanglin Co., and others, focusing on various components essential for humanoid robots [10]. Industry Performance - The automotive sector has shown strong relative performance over the past year, with a 32.8% increase compared to the Shanghai and Shenzhen 300 index [1][2]. Technological Innovations - The report emphasizes the advancements in robotics, such as the DOBOT ATOM humanoid robot, which utilizes reinforcement learning for efficient task execution in industrial environments [4]. - Innovations in multi-modal perception systems were showcased, demonstrating the capabilities of robots in real-time data processing and interaction [5]. Competitive Landscape - The report notes the competitive landscape with multiple new vehicle models launched, highlighting their specifications and market positioning [9].

Group 1: Hong Kong Stocks - China Metallurgical Group (01618) rose nearly 7%, with institutions stating that the value of this resource-rich construction company needs urgent reassessment [1] - Rongchang Bio (09995) increased over 5%, as its innovative ophthalmic drug RC28 has been submitted for listing, following a partnership with Santen China [1] - Laikang Pharmaceutical-B (02105) surged nearly 6%, with a cumulative increase of 36% over the last three trading days, driven by positive preliminary results from the Phase I clinical MAD study of LAE102 [1] - UBTECH Robotics (09880) rose over 5%, with a report from CMB International recommending UBTECH as the top pick in the humanoid robot sector and raising its target price [1] - Innovent Biologics (09969) increased over 6%, as the company announced the first prescriptions for Tanshitumomab in several provinces [1] - BrainCo-B (06681) surged over 16%, benefiting from policy catalysts in the brain-computer interface industry, with its cognitive impairment digital therapy product having a first-mover advantage [1] - Yaoshi Bang (09885) rose over 10%, with high-margin business accelerating growth and POCT devices expected to see increased deployment in the second half of the year [1] - DCH Holdings (00179) fell over 7%, as Citigroup downgraded its investment rating from "Buy" to "Neutral," citing limited upside potential for the stock [1] - Minmetals Resources (01208) rose over 2%, planning to issue $500 million zero-coupon convertible bonds maturing in 2030 for overseas debt refinancing [1][2] Group 2: US Stocks - Alibaba (BABA.US) rose 4.65%, with Morgan Stanley reiterating an "Overweight" rating and raising the ADR target price from $165 to $200 [3] - Li Auto (LI.US) increased 3.57%, as the Li One officially commenced delivery at the Changzhou smart manufacturing base, with a report indicating that the i6 model's sales performance is expected to outperform the i8 [3] - JD.com (JD.US) rose 0.15%, announcing that the 2025 Double 11 shopping festival will start on October 9 at 8 PM, two days earlier than last year [3] - Xpeng Motors (XPEV.US) increased 1.76%, with the company announcing that the Xpeng MONA M03 has delivered a total of 180,000 units [3] - New Oriental (EDU.US) rose 4.38%, with a report indicating that the overall business development of the group is stabilizing [3] - Merus (MRUS.US) surged 35.97%, following an agreement with Danish biotech company Genmab for a cash acquisition at $97 per share [3] - Novo Nordisk (NVO.US) fell 0.20%, as Morgan Stanley downgraded its rating to "Sell" and reduced the target price from $99 to $47 [4] - MoonLake (MLTX.US) plummeted 89.93%, with trial results for its therapeutic drug falling far below expectations, leading to a significant target price cut by RBC [4] - TSMC (TSM.US) fell 0.05%, reaffirming that it has not engaged in discussions regarding potential investments or collaborations with any companies [4] - Micron Technology (MU.US) rose 4.22%, with Morgan Stanley predicting that the storage industry price increase cycle may continue into next year [4]

Core Viewpoint - Citigroup has raised its earnings forecast for the company from 5% to 16% for the years 2024 to 2028, based on the development of liquid cooling pumps and humanoid robot joints by the company [1] Summary by Category - Earnings Forecast - Citigroup increased the earnings forecast for the company by 5% to 16% for the period from 2024 to 2028 [1] - Target Price Adjustment - The target price for the company has been raised from HKD 29 to HKD 45, reflecting a price-to-earnings ratio of 19 times for next year's projections, which is 2 standard deviations above the average and the highest multiple since 2017 [1] - Rating Change - The rating for the company has been downgraded from "Buy" to "Neutral" [1]

Core Viewpoint - Citi has raised its earnings forecast for DCH Holdings from 5% to 16% for the years 2024 to 2028, citing the development of liquid cooling pumps and humanoid robot joints as key drivers [1] Group 1: Stock Performance - DCH Holdings' stock price initially dropped over 6%, currently down 4.98% at HKD 41.6, with a trading volume of HKD 193 million [1] - The stock has appreciated 2.8 times this year and approximately 55% this month [1] Group 2: Earnings Forecast and Valuation - The target price for DCH Holdings has been increased from HKD 29 to HKD 45, reflecting a forecasted P/E ratio of 19 times for next year, which is 2 standard deviations above the average and the highest since 2017 [1] - The target P/E for the ordinary automotive and industrial product segments is set at 11 times, while the new business segments are projected at a P/E of 300 times [1] Group 3: Investment Rating - The investment rating has been downgraded from "Buy" to "Neutral" due to limited upside potential in the stock price [1] - The upcoming interim results are expected to show a moderate profit growth of about 10%, largely benefiting from foreign exchange factors [1]

Group 1 - The core viewpoint of the article indicates that Citigroup has raised its profit forecast for 德昌电机控股 (Dachang Electric) by 5% to 16% for the years 2024 to 2028, based on the development of liquid cooling pumps and humanoid robot joints [1] - The target price for the company has been increased from 29 HKD to 45 HKD, reflecting a forecasted price-to-earnings ratio of 19 times for next year, which is 2 standard deviations above the average and the highest since 2017 [1] - The stock price of 德昌电机 has increased by 2.8 times this year and approximately 55% this month, indicating strong market performance [1] Group 2 - The target price for the ordinary automotive product group and industrial product group is set at a price-to-earnings ratio of 11 times, while the two new business segments are projected to have a price-to-earnings ratio of 300 times next year [1] - The company is expected to report a moderate profit growth of about 10% for the current fiscal year's interim results, largely benefiting from foreign exchange factors [1] - The investment rating has been downgraded from "Buy" to "Neutral," suggesting limited upside potential for the stock price [1]

Market Performance - The Hong Kong stock market experienced a significant rise, with the Hang Seng Index closing up 1.89% at 26,622.88 points and a total trading volume of HKD 309.1 billion [1] - The Hang Seng Tech Index increased by 2.08%, closing at 6,324.25 points, while the Hang Seng China Enterprises Index rose by 1.62% to 9,454.12 points [1] Blue-Chip Stocks - Alibaba (09988) saw a notable increase of 4.14%, closing at HKD 173.4, contributing 104.49 points to the Hang Seng Index [2] - Morgan Stanley raised its forecast for Alibaba's capital expenditure for FY2026-2028 from RMB 100-108 billion to RMB 130-135 billion, citing growth in Alibaba Cloud [2] - Other blue-chip stocks like New Oriental (09901) and Zijin Mining (02899) also performed well, with increases of 7.86% and 5.86% respectively [2] Sector Performance - Large technology stocks generally rose, with Kuaishou and Alibaba both up over 4%, while Xiaomi saw a decline of 2.01% [3] - The financial sector showed strong performance, with Huatai Securities (06886) up 12.55% and other major brokerages also experiencing significant gains [3] - The metals sector performed well, with stocks like Zhaojin Mining (01818) and Ganfeng Lithium (01772) rising by 6.68% and 6.55% respectively [4][5] Policy and Economic Outlook - The central bank emphasized the need for a moderately loose monetary policy to boost credit and investment in the financial sector [4] - The A-share margin trading balance reached a historical high, indicating increased trading activity and potential for growth in brokerage earnings [4] Emerging Trends - The demand for energy storage is strong, with leading battery companies operating at full capacity and orders extending into next year [7] - The new energy storage installation target for 2027 is set at 180 million kilowatts, which is expected to drive an investment of approximately RMB 250 billion [7] - The gaming and tourism sectors are anticipated to benefit from the upcoming National Day holiday, with hotel occupancy rates nearing 90% [8] Notable Stock Movements - Ubiquitous Robotics (09880) reported a significant contract worth RMB 30 million for its humanoid robots, indicating strong demand in the robotics sector [6] - Lai Kai Pharmaceutical (02105) saw an increase of 11.16% after positive results from its obesity treatment trials [10] - Xiaomi (01810) faced a decline of 2.01% due to a downward revision in expected shipments for its 17 series smartphones [11]

Group 1 - The top three companies with the highest short positions as of September 19 are ZTE Corporation (00763) at 15.35%, COSCO Shipping Holdings (01919) at 14.10%, and CATL (03750) at 13.44% [1][2] - The companies with the largest absolute increase in short positions are China Education Holdings (00839) with an increase of 2.61%, Dongfang Electric (01072) with an increase of 2.06%, and Xiexin Technology (03800) also with an increase of 2.06% [1][2] - The companies with the largest absolute decrease in short positions are Hua Hong Semiconductor (01347) with a decrease of -2.52%, Chifeng Jilong Gold Mining (06693) with a decrease of -1.77%, and Laikai Pharmaceutical-B (02105) with a decrease of -1.72% [1][2] Group 2 - The latest short position data shows that ZTE Corporation maintained 116 million shares, COSCO Shipping Holdings had 406 million shares, and CATL had 20.95 million shares [2] - The companies with the largest increase in short positions include China Education Holdings, which rose from 3.73% to 6.33%, and Dongfang Electric, which rose from 7.34% to 9.40% [2] - The companies with the largest decrease in short positions include Hua Hong Semiconductor, which fell from 9.00% to 6.48%, and Chifeng Jilong Gold Mining, which fell from 3.30% to 1.53% [2][3]