Accessible version 更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Minth Investor Day takeaways: RMB72bn sales by 2030; raise PO to HKD50, reiterate Buy Reiterate Rating: BUY | PO: 50.00 HKD | Price: 33.66 HKD Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions. BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may ...

Core Viewpoint - The report from China Merchants Securities International indicates a weakening in wholesale numbers for some domestic car manufacturers in November, with a forecasted year-on-year decline of 8.7% in retail sales of passenger vehicles due to high base effects and reduced subsidies impacting the industry in Q4 [1] Automotive Sector Summary - The overall retail sales of passenger vehicles in November are expected to remain flat month-on-month but show a significant year-on-year decline [1] - China Merchants Securities International suggests that market sentiment is currently very pessimistic, indicating a potential opportunity for forward-looking investments [1] Stock Recommendations - The firm recommends Geely Automobile as the top pick due to high earnings certainty and undervaluation, with a target price of HKD 32 [1] - BYD and Xpeng Motors are also recommended with target prices of HKD 130 and HKD 115 respectively [1] - In the automotive parts sector, Minth Group and Fuyao Glass are recommended with target prices of HKD 42 and HKD 86 respectively [1] - All five stocks are rated as "Buy" [1] Long-term Outlook - The company maintains a positive long-term outlook on the "AI + Automotive" and "AI + Robotics" sectors, highlighting potential catalysts in Q1 of the following year, including the IPO of Yushutech and the release of Tesla's third-generation robot [1] - Recommended stocks in the AI sector include Youbixuan, Horizon Robotics, and Hesai Technology, with target prices of HKD 172, HKD 13.8, and USD 28 respectively, all rated as "Buy" [1] - The report also includes a recommendation for Extreme Wisdom [1]

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11月30日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 1,165,909,599 | | 11,130,000 | | 1,177,039,599 | | 增加 / 減少 (-) | | | 995,200 | | 0 | | | | 本月底結存 | | | 1,166,904,799 | | 11,130,000 | | 1,178,034,799 | 公司名稱: 敏實集團有限公司 呈交日期: 2025年12月4日 I. 法定/註冊股本變動 | ...

Core Viewpoint - The report from China Merchants Securities International indicates that the decline in sales for some Chinese automakers in November was expected, and it suggests forward-looking investments in quality stocks [1] Group 1: Automotive Manufacturers - Recommended stock: Geely Automobile (00175), expected to launch around 10 new models next year, driving domestic sales while maintaining high export growth [1] - Other recommended stocks include BYD Company (01211) and Xpeng Motors-W (09868) [1] Group 2: Auto Parts Manufacturers - Recommended stock: Mindray Group (00425), due to its entry into humanoid robots and low-altitude economy sectors, opening new market opportunities [1] - Another recommended stock is Fuyao Glass (03606), noted for its strong position in the industry chain and steady growth [1] Group 3: Robotics and Autonomous Driving - The report highlights a general decline in stock prices for companies in the robotics and autonomous driving sectors, influenced by the broader AI industry [1] - Long-term outlook remains positive for AI combined with automotive and robotics sectors, with recommendations for companies such as UBTECH Robotics (09880), Horizon Robotics-W (09660), Hesai Technology-W (02525), and DeepGlint-W (02590) [1]

Core Viewpoint - The report from China Merchants Securities International indicates that the decline in sales for some Chinese automakers in November was expected, and it suggests forward-looking investments in quality stocks, particularly recommending Geely Automobile as a top pick for its anticipated new models and strong export growth [1] Group 1: Automotive Manufacturers - Geely Automobile (00175) is highlighted as a primary recommendation, with expectations of around 10 new models driving domestic sales and maintaining high export growth next year [1] - Other recommended stocks include BYD (002594) and Xpeng Motors-W (09868) [1] Group 2: Auto Parts and Components - The report recommends Minth Group (00425) for its entry into humanoid robots and low-altitude economy sectors, indicating new market opportunities [1] - Fuyao Glass (600660) (03606) is also recommended due to its strong positioning within the industry chain and stable growth prospects [1] Group 3: Robotics and Autonomous Driving - The report notes a general decline in stock prices for companies in the robotics and autonomous driving sectors, attributed to the broader AI industry trends [1] - Long-term prospects remain positive for AI applications in automotive and robotics, with recommendations for companies such as UBTECH Robotics (09880), Horizon Robotics-W (09660), Hesai Technology-W (02525), and DeepRobotics-W (02590) [1]

香港联交所最新资料显示，11月26日，摩根大通减持敏实集团(00425)86.4995万股，每股作价34.2891港 元，总金额约为2965.99万港元。减持后最新持股数目约为6985.28万股，最新持股比例为5.93%。 ...

智通财经APP获悉，香港联交所最新资料显示，11月26日，摩根大通减持敏实集团(00425)86.4995万 股，每股作价34.2891港元，总金额约为2965.99万港元。减持后最新持股数目约为6985.28万股，最新持 股比例为5.93%。 ...

格隆汇12月2日丨根据联交所最新权益披露资料显示，2025年11月25日，敏实集团(00425.HK)获JPMorgan Chase & Co.以每股均价34.1968港元增持好仓100.21 万股，涉资约3426.7万港元。 | FREE FREE | 大股東/董事/最高行政人員名稱作出披露的 買入 / 曹出或涉及的 | | | 每股的平均價 | 四角分会见你赞母姓 | 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | | 版 演歌日 | | | 【 暗号码 370 1 | | | | | | | | | 分目分明 | | CS20251128E00330 | JPMorgan Chase & Co. 1101(L) | | 1,002,053(L) | HKD 34. 1968 | 70.717.768(L | 6.00(L)25/11/2025 | | | | | | | 6.997.995(S) | 0.59(S) | | | | | | | 16,638,408(P) | 1.41(P) | 增持后，JPMorgan Ch ...

Global Research Solid outlook for auto parts business Management believes that Minth's auto parts business possesses solid growth momentum, primarily driven by: 1) a comprehensive global capacity layout, which could mitigate potential impacts from trade friction risks and meets OEMs' requirements of localised supply, thereby supporting the overseas business expansion; 2) rising content value per vehicle through product integration and systematization; 3) active expansion in low-penetrated new regions, such ...

Group 1 - The overall demand for passenger vehicles is expected to remain stable, with incremental growth driven by high-end market expansion and exports [3][6][35] - The penetration rate of new energy vehicles (NEVs) is stabilizing, with domestic market competition gradually reaching a steady state [23][35] - The average price of passenger vehicles is anticipated to increase, particularly in the mid-to-high-end market, as domestic brands continue to replace foreign brands [6][35] Group 2 - The heavy truck market faces pressure domestically, but exports are expected to recover as the pressure on sales to Russia eases [46][50] - The export of medium and large buses is projected to maintain rapid growth, with profitability largely dependent on the European market [55] - The rapid growth of AI data centers is expected to create additional demand in the diesel engine sector [3][46] Group 3 - The smart driving sector is entering a new phase of resonance between China and the US, with advancements in L2 and L3 driving standards expected [58][63] - The Robotaxi market in the US is anticipated to experience explosive growth, driven by companies like Tesla and Waymo [72][75] - The integration of robotics into the automotive supply chain is becoming increasingly significant, with automotive suppliers likely to extend their capabilities into the robotics sector [87][90] Group 4 - Recommended stocks in the passenger vehicle sector include Jianghuai Automobile, BYD, and BAIC Blue Valley, with a focus on high-end vehicles and exports [4][94] - In the robotics sector, recommended stocks include Top Group, Yinlun, and BlueDye Technology, with a focus on companies capable of transitioning into robotics [4][94] - For smart driving, recommended stocks include Bertel, Horizon, and Pony.ai, focusing on the growth of L2 driving technology and Robotaxi commercialization [4][94]