小摩预期新关税对敏实影响有限，因其墨西哥业务营运超过15年，已实现本地化物料采购以符合美墨加 协议规则，管理层亦预期本地化生产下成本压力有限，可缓解关税上调的风险。该行又指，潜在的美国 对墨西哥进口加征5%关税影响同样较小，因敏实所有墨西哥生产均符合美墨加协议，指出集团在北 美、欧盟及亚洲15个国家拥有超过50个生产基地，并拥有超过16年的海外工厂管理经验，实际上是处于 去全球化的有利位置。 智通财经APP获悉，摩根大通发布研报称，敏实集团(00425)昨日(11日)股价下挫约6%，相信是由于市场 对墨西哥参议院批准对汽车零部件、钢铁等多类中国进口商品加征新关税的担忧，税率最高达50%，新 规将于2026年生效。该行给予"增持"评级，目标价70港元。 ...

Group 1 - The core viewpoint is that the US economy is expected to maintain moderate growth next year, supported by factors such as Federal Reserve interest rate cuts and AI investments, while remaining strategically bullish on US stocks but cautious of structural differentiation and short-term risks in Q1 [1] - For the Hong Kong stock market outlook, it is anticipated that the market will shift from valuation-driven to profit growth-driven, with valuation expansion likely to weaken but liquidity remaining supportive [1] - The combination of profit-driven growth and liquidity support is expected to emerge by 2026, with new supply creating new demand as a new driving force for the Hong Kong stock market [1] Group 2 - The technology sector in the US stock market is expected to become more rational, with AI remaining a key driver, and the regulatory environment being favorable for mergers and acquisitions [1] - The AI advancements are projected to continue driving revenue and valuation recovery in the Chinese internet sector's cloud business [1] - The domestic pharmaceutical and innovative drug sectors are likely to benefit from a resurgence in mergers and acquisitions by large multinational pharmaceutical companies, as well as an increase in BD transactions [1] Group 3 - The automotive industry is expected to see flat or slightly declining sales next year, with current market sentiment being sufficiently pessimistic, presenting an opportunity to gradually accumulate stocks of companies with high earnings growth certainty [2] - The consumption sector's recovery remains uneven, suggesting a strategy of "anchoring on earnings while leveraging growth" for investment [2] - The education sector is viewed positively for its resilient growth and expansion opportunities [2] Group 4 - Recommended stocks for Q1 next year include: Alphabet (GOOGL.US), Meta (META.US), Netflix (NFLX.US), Tencent Holdings (00700), Alibaba (BABA.US), Bilibili (BILI.US), Hansoh Pharmaceutical (03692), CanSino Biologics-B (02162), Innovent Biologics (01801), and others [2]

Group 1: Economic Outlook - The U.S. economy is expected to maintain moderate growth in the coming year, supported by factors such as Federal Reserve interest rate cuts and AI investments [1] - The Hong Kong stock market is anticipated to shift from valuation-driven to profit growth-driven, with a projected earnings growth rate of 6% to 10% for the Hang Seng Index [1] Group 2: Market Dynamics - The valuation expansion in the Hong Kong market may weaken, but liquidity will remain supportive, leading to a new supply creating new demand [1] - The dual liquidity easing in both China and the U.S. is expected to increase foreign and southbound capital supply, translating into new demand for Hong Kong stocks [1] Group 3: Sector Analysis - The U.S. tech sector is expected to become more rational, with AI continuing to be a key driver, while the regulatory environment will favor mergers and acquisitions [2] - The domestic pharmaceutical and innovative drug sectors are likely to benefit from a resurgence in M&A activity from large multinational companies [2] - The automotive sector is projected to see flat or slightly declining sales, presenting opportunities to gradually accumulate stocks of companies with high earnings growth certainty [2] Group 4: Recommended Stocks - Top stock picks for the first quarter of next year include Alphabet (GOOGL.US), Meta (META.US), Netflix (NFLX.US), Tencent Holdings (00700), Alibaba (BABA.US), and others [3]

中新网嘉兴12月10日电(黄彦君 周丽丽)新项目接连落地、新工厂陆续投产……据浙江省嘉兴市商务局统 计，2025年前三季度，该市新招引超亿美元项目41个，实际使用外资24.97亿美元，同比增长6.7%。 在国际投资环境日趋复杂的背景下，外资为何持续看好嘉兴？ "嘉兴的营商环境让项目推进效率远超预期，创造了我们集团项目推进史上的'奇迹'。"韩国三养食品集 团中国区CFO权赫豪说。前不久，该集团首个海外生产基地在嘉兴动工，预计2026年底投产，届时每年 将有8亿至10亿份火鸡面从嘉兴销往全国。 这是嘉兴吸引优质外资项目加速落地的一个缩影。近年来，该市逆势实现外资规模与质量双提升，推动 更多外资业态从传统制造向研发创新转型，逐步蜕变为外资企业"创新策源地"。 从"平妈妈"式的贴心服务，到外商投资企业服务专窗，一张张外资服务的"金名片"，让"选择嘉兴，就 是选择效率与信心"成为众多外资企业的心声。 嘉兴平湖 独山港化工新材料产业园。嘉兴市新闻传媒中心供图 463封邮件 24小时内必回 连日来，在平湖独山港化工新材料产业园，美凯威奇(浙江)新材料科技有限公司(以下简称"美凯威奇") 的生产线正全速运转。新工厂一投产便接 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The humanoid robot sector continues to rebound, entering an upward channel, with the core company index rising by 5.54%, outperforming the broader market [12][11] - Multiple factors contributed to the unexpected strength of the rebound, including prior adjustments in the sector, advancements in Tesla's Optimus robot, and anticipated supportive policies from the U.S. government [4][12] - The year 2026 is projected to be a milestone for humanoid robot mass production, with significant catalysts expected [4][40] Summary by Sections Humanoid Robot Sector Performance - The humanoid robot sector index and leading stocks have shown a continued rebound, with the core company index increasing by 5.54% during the week of December 1 to December 5, 2025 [12][11] - The top five performers included Hengli Hydraulic (+11.53%), Siling Co. (+10.07%), and Wuzhou Xinchun (+9.24%) [12][14] Optimus Robot Development - Tesla's Optimus robot is progressing towards mass production, with recent demonstrations showcasing its running capabilities, achieving speeds of 2.5-3 m/s [5][16] - The U.S. government is expected to introduce supportive policies for the robot industry, which may accelerate development and enhance market confidence [31][33] - The domestic industrialization process is also speeding up, with leading companies preparing for capital market entry [34][38] Investment Opportunities - Key investment opportunities are identified in the supply chain, including components such as head assemblies, bearings, and structural parts [27][30] - Specific companies recommended for investment include Lens Technology, Minth Group, and Wuzhou Xinchun, among others [6][30] - The report emphasizes the importance of technological upgrades and supply chain integration to support mass production [27][30]

Summary of Minth Investor Day Conference Call Company Overview - **Company**: Minth - **Industry**: Auto Parts Manufacturing - **Established**: 1992 - **Key Products**: Design, manufacturing, and sales of auto trims, decorative parts, body structural parts, and other auto parts - **Production Facilities**: Over 40 in China and overseas Key Business Targets - **Sales Target**: RMB72 billion for auto-parts business by 2030, representing a 22% CAGR from 2025 to 2030 [2] - Breakdown of sales targets: - RMB30 billion for battery housing (31% CAGR) - RMB20 billion for plastic parts (27% CAGR) - RMB11.5 billion for aluminum parts (17% CAGR) - RMB10.5 billion for trims and metal parts (13% CAGR) - **Emerging Sectors Revenue Target**: RMB10 billion by 2030, including: - RMB5 billion for humanoid robot components - RMB4 billion for liquid cooling products - RMB1 billion for eVTOL components [3] Growth Drivers - **Global Trends**: Accelerating vehicle electrification and intelligence [2] - **Market Expansion**: Growth in Europe for plastic business and sealing systems [2] - **Revenue Distribution**: By 2030, expected revenue distribution is 30% from China, 30% from Europe, and 30% from North America [2] Financial Projections - **Earnings Growth**: Targeting 20% CAGR from 2025 to 2030 and 15% ROE by 2030 [2] - **Revised EPS Estimates**: Increased by 0.4% for 2025, 0.6% for 2026, and 1.8% for 2027 [4] - **New Price Objective**: Raised to HKD50 from HKD43, maintaining a Buy rating [4] Revenue and Profitability Insights - **2025 Revenue Estimates**: - Total: RMB26.3 billion - Battery housing: RMB9.7 billion - Legacy business: RMB20.4 billion [20] - **Profit Margins**: Expected improvement in gross margin and operating expenses discipline [16] Market Position and Competitive Landscape - **Aluminum Parts Market**: Anticipated market share gain due to competitor exits [17] - **Plastic Parts Growth**: Expected 10% revenue growth in 2025, driven by contributions from Chinese and European OEMs [17] Technology and Innovation - **Emerging Sectors**: Highlighted technology advantages in liquid cooling and humanoid robot components [19] - **Partnerships**: Established partnerships with top AI server ODMs in Taiwan for liquid cooling products [19] Risks and Challenges - **Downside Risks**: Increasing trade tariffs, volatile margins in overseas plants, lower margins in battery housing, and foreign exchange volatility [24] Conclusion - **Investment Rationale**: Positive outlook on Minth's revenue growth from both traditional and new businesses, with a focus on vehicle electrification and intelligence [14]

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]