Core Viewpoint - The report from Daiwa highlights significant market volatility due to the Middle East conflict and frequent policy changes by related leaders, suggesting investors avoid stocks affected by this tension and instead focus on undervalued stocks [1] Group 1: Market Conditions - The overall market has experienced severe fluctuations recently due to the ongoing Middle East war [1] - Investors are advised to steer clear of stocks impacted by the Middle East tensions, particularly in the shipping and airline sectors [1] Group 2: Investment Recommendations - Daiwa recommends taking advantage of the current situation to buy undervalued stocks [1] - Specific stock recommendations include BYD, Weichai Power, Minth Group, JD Logistics, and Zoomlion [1]

Group 1 - The company, Minth Group (00425.HK), has announced a board meeting scheduled for March 23, 2026, to review and approve the annual performance for the year ending December 31, 2025, and to discuss the proposed final dividend payment, if any, along with other matters [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何 部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 敏實集團有限公司（「本公司」）董事（「董事」）會（「董事會」）玆通告謹定 於二零二六年三月二十三日（星期一）舉行董事會會議，以（其中包括）審議批准 本公司及其附屬公司截至二零二五年十二月三十一日止之全年業績、建議末期股息 支付（如有）及其他任何事務。 承董事會命 敏實集團有限公司 魏清蓮 MINTH GROUP LIMITED 敏 實 集 團 有 限 公 司 （於開曼群島註冊成立的有限公司） （股份代號：425） 董事會會議通知 本公告乃依據《香港聯合交易所有限公司證券上市規則》第13.43條的披露義務而作 出。 主席 香港，二零二六年三月十一日 截至本公告日期，董事會成員包括：執行董事魏清蓮女士、葉國強先生、張玉霞女 士及 William Chin 先生，非執行董事秦千雅女士，獨立非執行董事莫貴標先生、佐古 達信先生、孟立秋教授、陳栢鴻先生及胡定吾先生。 – 1 – ...

Investment Rating - The report maintains a "Recommendation" rating for the automotive industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [37]. Core Insights - The report highlights the upcoming launch of seven significant new models in March 2026, including the Chery iCAR V27, Zhijie V9, and Zeekr 8X, which are expected to have a substantial impact on the market and related stock prices [6][8]. - The focus for March is on the Chery Zhijie V9 and Zeekr 8X, both of which are anticipated to achieve monthly sales of 5,000 to 8,000 units [10][19]. - Investment opportunities are identified in the automotive sector, particularly in companies like Geely, JAC Motors, and Leap Motor, which are expected to exceed market expectations in terms of sales and profitability [6][8]. Summary by Sections Industry Basic Data - The automotive industry comprises 225 listed companies with a total market capitalization of approximately 30,810.37 billion yuan and a circulating market capitalization of about 23,623.17 billion yuan [3]. Relative Index Performance - The absolute performance of the automotive sector has seen declines of -3.5% over the past month, -4.3% over six months, and -9.1% over the past year, while relative performance shows a slight outperformance of 1.3% over six months and 3.2% over twelve months [4]. Upcoming New Models - The report outlines seven key new models expected to launch in March 2026, including: 1. Chery iCAR V27: C-class hard-core extended-range SUV 2. Zhijie V9: C-class extended-range MPV 3. Zeekr 8X: C-class high-performance plug-in hybrid SUV 4. Other models from various manufacturers [8][9]. Investment Recommendations - The report suggests focusing on the new product launches in March as potential catalysts for investment in the automotive sector, particularly recommending Geely (Zeekr 8X) and Chery (Zhijie V9) [6][8]. - Specific recommendations include: 1. Geely: Positioned as a top choice for rebound due to low valuation 2. JAC Motors: Expected to benefit from a favorable competitive landscape 3. Leap Motor: Potential investment opportunity if sales expectations improve [6][8].

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: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 敏實集團有限公司 呈交日期: 2026年3月4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) | 00425 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | | 增加 / 減少 (-) | | | | | | | HKD | | | | 本月底結存 | | | 5,000,000,000 | HKD | | 0.1 | HKD | | 500,000,000 | 本月底法定/註冊股本總額 ...

Investment Rating - The report initiates coverage on the company with a "Buy" rating [6][20]. Core Insights - The company is expected to achieve revenues of 261, 301, and 348 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth of +13%, +15%, and +16% respectively. The net profit attributable to shareholders is projected to be 27.2, 32.3, and 37.3 billion yuan for the same years, with year-on-year growth of +17%, +19%, and +16% respectively, corresponding to current P/E ratios of 16.7, 14.0, and 12.1 [2][6][18]. Summary by Sections 1. Company Overview - The company is the world's largest battery box supplier, deeply rooted in the European market, and is expected to benefit significantly from the acceleration of electrification in the European automotive market [3][25]. - The company has established strategic partnerships in emerging fields such as robotics, liquid cooling, and low-altitude economy, aiming to create a second growth curve [4][25]. 2. Battery Box Business - The battery box business is projected to contribute significantly to revenue growth, with expected revenues of 75, 105, and 141 billion yuan from 2025 to 2027, reflecting year-on-year growth of +40% for 2025 and 2026, and +35% for 2027 [3][14]. - The European market's clear carbon emission targets and the resumption of electric vehicle subsidies are driving the growth of the battery box segment, with expected sales of 3.86 million new energy vehicles in Europe by 2025, a year-on-year increase of +31% [3][66]. 3. Emerging Business Areas - The company is expanding into robotics, liquid cooling, and low-altitude operations, which are expected to contribute to revenue and profit growth. Strategic collaborations with leading companies in these fields have been established [4][14]. - The robotics segment is anticipated to see significant developments, with a focus on smart exterior parts and flexible manufacturing solutions [4][25]. 4. Financial Projections - The company’s revenue is expected to grow from 20,523.67 million yuan in 2023 to 34,839.70 million yuan in 2027, with a compound annual growth rate (CAGR) of 15.71% [5][18]. - The net profit is projected to increase from 1,903.23 million yuan in 2023 to 3,731.72 million yuan in 2027, with a CAGR of 15.62% [5][18]. 5. Market Position and Strategy - The company has a clear and concentrated ownership structure, ensuring stable strategic decision-making and operational management [31][39]. - The company has diversified its customer base, collaborating with over 80 global automotive brands, including major players in the electric vehicle sector [39][40].

Core Viewpoint - Citigroup has slightly raised its revenue and net profit forecasts for Minth Group (00425) by 1% to 2% for 2026 and 2027, citing steady progress in robotics, AI liquid cooling, and overseas electric vehicle components [1] Group 1: Financial Projections - Citigroup has adjusted the target price for Minth Group from HKD 46 to HKD 56, maintaining a "Buy" rating [1] - The new net profit forecasts for 2026 and 2027 are RMB 3.331 billion and RMB 3.776 billion, respectively [1] - The forecasted price-to-earnings ratio for Minth Group is 13 times, which is lower than the approximately 30 times for Sanhua Intelligent Control (02050) [1] Group 2: Market Insights - Strong sales of new energy vehicles in Europe in January have bolstered confidence in Minth Group's revenue growth [1] - The update of national standards for electric vehicle batteries, effective from June this year, is expected to benefit quality manufacturers like Minth Group [1]

Core Viewpoint - Citi has slightly raised its revenue and net profit forecasts for Minth Group (00425) for 2026 and 2027 by 1% to 2% due to the company's steady progress in robotics, AI liquid cooling, and overseas electric vehicle components [1] Group 1: Financial Projections - The target price for Minth Group has been increased from HKD 46 to HKD 56, maintaining a "Buy" rating [1] - The new net profit forecasts for 2026 and 2027 are RMB 3.331 billion and RMB 3.776 billion, respectively [1] - The company is trading at a forecasted price-to-earnings ratio of 13 times, which is lower than the approximately 30 times for Sanhua Intelligent Control (002050) [1] Group 2: Market Conditions - Strong sales of new energy vehicles in Europe in January have bolstered confidence in Minth Group's revenue growth [1] - The update of national standards for electric vehicle batteries, effective from June this year, is expected to benefit quality manufacturers like Minth Group [1]

Investment Rating - The report maintains a recommendation for the automotive sector, indicating a gradual recovery in retail sales expected in March 2026 [1]. Core Insights - The automotive sector continues to face challenges from weak retail sales and rising material costs. However, March is anticipated to see improvements due to several factors, including the reduction of deferred consumers from last year, new car launches, and the opening of subsidy programs [1]. - The report highlights that the cost of lithium carbonate for PHEVs has increased by approximately 1,000-2,000 CNY year-on-year, while for BEVs, the increase is about 2,000-4,000 CNY. The cost for economic storage has risen by several hundred CNY, and for high-end models, it has increased by 1,000-3,000 CNY [1]. - The report emphasizes that automakers often find ways to mitigate the impact of rising material costs, such as cost reduction in the supply chain, adjustments in product configurations, and price increases. The acceptance of reasonable price hikes by consumers will be crucial for new car launches and annual model updates [1]. Data Tracking - The discount rate in early February decreased to 9.3%, with a year-on-year increase of 0.3 percentage points and a month-on-month decrease of 0.2 percentage points. The average discount amount was 20,714 CNY, showing a year-on-year increase of 307 CNY but a month-on-month decrease of 828 CNY [3]. - In December, wholesale and retail sales of passenger vehicles saw a year-on-year decline, with wholesale sales at 2.85 million units (down 8.7% year-on-year) and retail sales at 2.28 million units (down 16.8% year-on-year) [3]. Market Performance - The automotive sector index increased by 0.59%, ranking 22 out of 29 sectors. The overall market indices showed positive growth, with the Shanghai Composite Index up by 1.98% [7][8]. - Key material prices have shown significant fluctuations, with lithium carbonate averaging 152,881 CNY per ton in Q1 2026, a year-on-year increase of 102% [7].

Summary of Conference Call Notes Industry Overview - The focus is on the AI-related sectors, particularly liquid cooling and power generation, which are experiencing significant growth and interest in the current market environment [1][2]. Key Points and Arguments - The second half of the bull market is expected to see more frequent rotations, with AI liquid cooling and power generation being areas with relatively fewer discrepancies and strong catalysts from orders, performance, and industry developments [2][3]. - Notable company NV has reported impressive financial results, and the upcoming GTC conference in March is anticipated to clarify the Rubin liquid cooling solution, with potential for technology advancements to exceed expectations [2][3]. - Key changes in NV's product offerings include cold plates (related to microchannels) and CDU (components like pumps and valves), with a focus on domestic suppliers such as YWK and SQ gaining market share [3]. - Domestic companies are also expected to benefit, with the upcoming release of DS V4 being favorable for domestic computing power, particularly Huawei's Ascend (950 utilizing liquid cooling solutions). There is optimism regarding major AI capital expenditures in 2026, indicating significant long-term growth potential for liquid cooling penetration [3]. Recommended Stocks - **Feilong Co.**: A core stock in NV, domestic, and ASIC sectors, with a main profit value of 80 million, projected AI liquid cooling profits of 2-5 million in 2026-2027, and a target of 300 million [4]. - **Xingrui Technology**: Another core stock in NV and domestic sectors, with a main profit value of 40 million, projected AI liquid cooling profits of 1-2 million in 2026-2027, starting from a valuation of 10 billion [4]. - **Yinlun Co.**: Offers the greatest elasticity in liquid cooling options, with a main profit value of 250 million, and projected AI business profits (liquid cooling and power generation) of 3-8 million in 2026-2027, with a target of 600 million [4]. - **Minshi Group**: A quality company with a Taiwanese background, engaging with the top five Taiwanese liquid cooling ODMs, and has new joint ventures in robotics. It is expected to leverage time for space in the long term [4]. Additional Important Content - The emphasis on domestic suppliers and the potential for increased market share highlights a shift in the supply chain dynamics within the liquid cooling industry [3]. - The projected profits for the recommended stocks indicate a strong growth outlook for the AI liquid cooling sector, suggesting a robust investment opportunity [4].