大和表示，根据Global Market Insights的数据，全球数据中心液冷系统市场规模在今年可能达到60亿美 元，并在2030年增长至120亿美元;预计在2026至2030年间，敏实有望在价值链中获得3%至5%的市场份 额。 大和发布研报称，重申敏实集团(00425)"买入"评级;基于分类加总估值法，将目标价从40港元上调至52 港元;又将今明年净利润预测上调4%至5%，以反映其业务的增量变化。 该行审视了敏实集团的盈利预测，并纳入了一些正面的业务更新。其中，去年欧洲新能源汽车销售量年 增约30%，达到300万辆。自今年初起，德国恢复了针对中低收入家庭的国家新能源汽车购买补贴，认 为这将为欧洲在今年实现中十位数的新能源汽车销售增长提供强劲动力。目前，集团70%的电池外壳订 单来自欧洲客户。 ...

该行审视了敏实集团的盈利预测，并纳入了一些正面的业务更新。其中，去年欧洲新能源汽车销售量年 增约30%，达到300万辆。自今年初起，德国恢复了针对中低收入家庭的国家新能源汽车购买补贴，认 为这将为欧洲在今年实现中十位数的新能源汽车销售增长提供强劲动力。目前，集团70%的电池外壳订 单来自欧洲客户。 大和表示，根据Global Market Insights的数据，全球数据中心液冷系统市场规模在今年可能达到60亿美 元，并在2030年增长至120亿美元; 预计在2026至2030年间，敏实有望在价值链中获得3%至5%的市场份 额。 智通财经APP获悉，大和发布研报称，重申敏实集团(00425)"买入"评级; 基于分类加总估值法，将目标 价从40港元上调至52港元; 又将今明年净利润预测上调4%至5%，以反映其业务的增量变化。 ...

相关事件 大行评级｜里昂：上调敏实集团目标价至43港元，或受惠于德国电动车补贴 大行评级｜大和：上调敏 实集团目标价至52港元，上调今明年净利润预测 里昂发表报告指，德国近期推出电动车补贴，极可能成为欧洲领先电池外壳供应商敏实集团的业务催化 剂。该行亦对铝价上涨担忧较低，预期铝制品毛利率将因新增订单及杠杆效应获更大缓冲空间。该行预 测敏实三大核心市场今年全面增长：欧洲电动车销量持续扩张、中国合资企业竞争力提升，以及北美因 关税政策带动产能增加。该行将其目标价由36港元上调至43港元，维持"跑赢大市"评级。 ...

大和重申集团"买入"评级，基于分类加总估值法，将目标价从40港元上调至52港元；将今明年净利润预 测上调4%至5%，以反映其业务的增量变化。 大和发表研报指，审视了敏实集团的盈利预测，并纳入了一些正面的业务更新。自今年初起，德国恢复 了针对中低收入家庭的国家新能源汽车购买补贴，认为这将为欧洲在今年实现中十位数的新能源汽车销 售增长提供强劲动力。集团70%的电池外壳订单来自欧洲客户。 此外，根据Global Market Insights的数据，全球资料中心液冷系统市场规模在今年可能达到60亿美元， 并在2030年增长至120亿美元；预计在2026至2030年间，敏实有望在价值链中获得3%至5%的市场份 额。 ...

Group 1 - Morgan Stanley increased its stake in Minth Group (00425) by acquiring 4.106395 million shares at a price of HKD 39.4901 per share, totaling approximately HKD 162 million [1][3] - Following the acquisition, Morgan Stanley's total shareholding in Minth Group reached approximately 71.9977 million shares, representing a holding percentage of 6.09% [1][3]

| 原格廠 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股每股的平均價 | | | | 持有權益的股份數目 | 佔已發行的 有關事件的日 | | --- | --- | --- | --- | --- | --- | --- | | | 元堂(三 | | | | (請參閱上述*註解)有投票權股(日/月/年) | | | | | | | | | 份高分比 | | . CS20260128E00205 | JPMorgan Chase & Co. | 1101(L) | 4,106,395(L | HKD 39.4901 | 71,997,687(L) | 6.09(L)23/01/2026 | | | | | | | 6,643,739(S) | 0.56(S) | | | | | | | 17,245,373(P) | 1.45(P) | 格隆汇1月28日丨根据联交所最新权益披露资料显示，2026年1月23日，敏实集团(00425.HK)获JPMorgan Chase & Co.以每股均价39.4901港元增持好仓410.64 万股，涉资约1.62亿港元。 增持后，JPMorgan ...

香港联交所最新数据显示，1月23日，摩根大通增持敏实集团(00425)410.6395万股，每股作价39.4901港 元，总金额约为1.62亿港元。增持后最新持股数目约为7199.77万股，持股比例为6.09%。 ...

智通财经APP获悉，香港联交所最新数据显示，1月23日，摩根大通增持敏实集团(00425)410.6395万 股，每股作价39.4901港元，总金额约为1.62亿港元。增持后最新持股数目约为7199.77万股，持股比例 为6.09%。 ...

Investment Rating - The investment rating for the automotive and automotive parts industry is "Positive" and maintained [6]. Core Insights - The German government plans to restart the electric vehicle (EV) subsidy policy that was suspended in 2023, with a total budget of €3 billion (approximately ¥24 billion), aimed at boosting the domestic automotive industry and accelerating the green transition [2][4][18]. - The subsidy will provide between €1,500 and €6,000 for eligible low- to middle-income families purchasing new energy vehicles priced below €45,000, effective from January 1, 2026, until 2029 or until funds are exhausted [18]. - The expected impact of the subsidy is to significantly increase the penetration rate of new energy vehicles in Germany, with projections indicating that at least 500,000 vehicles will be subsidized, accounting for approximately 29.5% of the expected new energy vehicle sales in 2025 [18][21]. Summary by Sections Event Description - On January 19, the German government announced the restart of the EV subsidy policy, with a total budget of €3 billion, to enhance the penetration of new energy vehicles in the market [4][18]. Market Performance - The report indicates that the penetration rate of new energy vehicles in Germany is expected to rise significantly due to the subsidy, with a projected 84,700 new energy vehicles sold in 2025, representing a year-on-year growth of 48.3% [13][18]. - The overall new energy vehicle sales in Europe are projected to reach 3.9 million units in 2025, with a year-on-year increase of 32.7% [13][18]. Implications for Domestic Companies - The subsidy is expected to benefit domestic companies such as BYD, Leapmotor, and SAIC, as many of their models are priced below €45,000 [30]. - The increase in new energy vehicle penetration in Europe is anticipated to positively impact the performance of domestic component manufacturers and vehicle producers operating in the European market [30].

Investment Rating - The industry investment rating is "Buy" [2] Core Insights - The report indicates a transition from "stable volume and slow price" to "price increase and stable volume" for the automotive industry in 2026 [6][16] - The domestic demand for passenger vehicles is expected to show positive growth in 2026, supported by policies such as scrapping and replacement subsidies [27][28] - The report highlights that the average selling price (ASP) of passenger vehicles is projected to increase, with a notable rise in ASP observed in December 2025 [16][20] Summary by Sections 1. Passenger Vehicle Sales and Market Dynamics - In December 2025, domestic passenger vehicle sales reached 2.278 million units, a year-on-year decrease of 16.4% but a month-on-month increase of 13.6% [16] - The total sales for 2025 were 23.052 million units, reflecting a slight year-on-year increase of 0.6% [16] - The report notes that December's performance was significantly below seasonal norms, attributed to the suspension of scrapping subsidies in some regions [16] 2. ASP Trends and Market Expectations - The ASP for passenger vehicles in 2025 showed a year-on-year decline of 2.1%, with December 2025 ASP increasing by 13.7% compared to the previous year [16][20] - The report anticipates that the continuation of scrapping policies will enhance the sales of mid-to-high-end vehicles, contributing to price increases [27] 3. Inventory and Supply Chain Considerations - As of December 2025, the inventory of passenger vehicles stood at 4.708 million units, with a dynamic inventory-to-sales ratio of 2.48 [40] - The report suggests that short-term inventory risks are manageable, as leading domestic manufacturers may adjust production based on current demand [40] 4. Investment Recommendations - The report recommends focusing on various companies within the passenger vehicle supply chain, including Geely, BYD, and Xpeng Motors for growth potential [6][27] - It also highlights companies like Great Wall Motors and SAIC Group as having potential turning points in their performance [6][27]