Group 1 - The core viewpoint of the news is that Hong Kong automotive stocks have collectively risen, with significant gains observed in companies like BYD, Chery, and others, following a meeting held by the Ministry of Commerce regarding automotive consumption policies for 2026 [1] - The Ministry of Commerce plans to implement a series of measures to boost automotive consumption, including optimizing the vehicle trade-in program and conducting pilot reforms in automotive circulation [1] - Analysts interpret the signals from the Ministry's meeting as positive, viewing it as a "starting gun" for supportive automotive consumption policies in 2026, which provides a clear expectation for industry support and structural growth direction [1] Group 2 - BYD shares rose approximately 4% to a latest price of 96.950, while Chery Automotive increased by over 2% to 28.620 [2] - Other automotive companies also saw gains, with Li Auto up 1.39%, Leap Motor up 1.41%, NIO up 1.29%, and Geely up 1.15% [2] - The overall positive sentiment in the automotive sector is reflected in the stock performance of various companies, indicating investor confidence in future growth driven by government policies [1][2]

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 FF301 第 1 頁 共 10 頁 v 1.2.0 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Brilliance China Automotive Holdings Limited (於百慕達註冊成立之有限公司) 呈交日期: 2026年2月3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) | 01114 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | USD | 0.01 USD | | | 80,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 8 ...

Group 1 - The Hong Kong stock market saw a collective decline in automotive stocks, with Xpeng Motors dropping over 8%, NIO down over 6%, and Li Auto, Great Wall Motors, and others also experiencing declines [1] - Major Chinese automakers reported January vehicle delivery data, with BYD's January new energy vehicle sales at 210,051 units, a year-on-year decrease of 30.11%, while Li Auto delivered 27,668 units, down 7.55%, and Xpeng delivered 20,011 units, a decline of 34.07% [1] Group 2 - Specific stock performance included Xpeng Motors at -8.58% with a latest price of 65.500 and a market cap of 125.09 billion, NIO at -6.53% with a price of 36.100 and a market cap of 88.96 billion, and BYD at -4.60% with a price of 93.250 and a market cap of 850.18 billion [2] - Other notable declines included Li Auto at -3.03%, Great Wall Motors at -3.09%, and Geely Auto at -2.11%, with respective market caps of 129.09 billion, 109.88 billion, and 171.66 billion [2]

Group 1 - First Beijing Investment Limited reduced its stake in Huachen Automotive Group Holdings Company Limited by selling 5.706 million shares at a price of HKD 4.3219 per share, totaling approximately HKD 24.66 million [1] - After the reduction, First Beijing Investment Limited holds approximately 247 million shares, representing a new ownership percentage of 4.90% [1]

Core Viewpoint - First Beijing Investment Limited has reduced its stake in Huachen Automotive Group Holdings Company Limited, indicating a potential shift in investment strategy or market sentiment towards the automotive sector [1] Group 1 - On January 14, First Beijing Investment Limited sold 5.706 million shares of Huachen Automotive at a price of HKD 4.3219 per share, totaling approximately HKD 24.6608 million [1] - After the reduction, First Beijing Investment Limited's remaining shareholding is approximately 247 million shares, representing a stake of 4.90% in Huachen Automotive [1]

Core Insights - The article highlights the net inflow and outflow of funds in the Hong Kong stock market, with Xiaomi Group, Tencent Holdings, and China Construction Bank leading in net inflows, while the Yingfu Fund, Hang Seng China Enterprises, and Southern Hang Seng Technology experienced the highest net outflows [1] Group 1: Net Inflows - Xiaomi Group-W (01810) recorded a net inflow of 1.07 billion, representing a 16.36% increase in its closing price [2] - Tencent Holdings (00700) saw a net inflow of 863 million, with a 7.49% increase in its closing price [2] - China Construction Bank (00939) had a net inflow of 699 million, with a significant 41.06% increase in its closing price [2] Group 2: Net Outflows - Yingfu Fund (02800) experienced the largest net outflow of 6.289 billion, reflecting a -31.44% change in its closing price [2] - Hang Seng China Enterprises (02828) had a net outflow of 2.880 billion, with a -17.89% change in its closing price [2] - Southern Hang Seng Technology (03033) faced a net outflow of 1.289 billion, showing a -11.37% change in its closing price [2] Group 3: Net Inflow Ratios - 361 Degrees (01361) led with a net inflow ratio of 74.40%, with a net inflow of 8.9117 million [3] - BRILLIANCE CHI (01114) followed with a net inflow ratio of 64.04%, amounting to a net inflow of 36.4910 million [3] - Qin Port Co. (03369) had a net inflow ratio of 61.05%, with a net inflow of 846,600 [3] Group 4: Net Outflow Ratios - Wisdom Hong Kong 100 (02825) had a net outflow ratio of -100.00%, with a net outflow of -18,200 [3] - Stone Pharmaceutical Group (02005) recorded a net outflow ratio of -68.86%, with a net outflow of -14.1501 million [3] - Dexion Shipping (02510) experienced a net outflow ratio of -53.53%, with a net outflow of -10.0204 million [3]

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12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: Brilliance China Automotive Holdings Limited (於百慕達註冊成立之有限公司) 呈交日期: 2026年1月5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) | 01114 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,000,000,000 | USD | | 0.01 USD | | 80,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 8,000,000,000 | USD | | 0.0 ...

Group 1 - Morgan Stanley has downgraded the profit forecasts for Brilliance China (01114) for 2025 and 2026 by 11% and 4% respectively, and reduced the target price from HKD 4.7 to HKD 4.1, advising investors to lock in profits and changing the rating from "Overweight" to "Neutral" [1] - The estimated cash balance on Brilliance China's balance sheet by the end of this year is approximately HKD 1 to 1.5 per share, along with an expected earnings forecast of RMB 0.64 per share and a dividend payout ratio of 50%, suggesting that the dividend for the first half of 2026 could range from HKD 0.35 to 0.9 (including special dividends), indicating a dividend yield of about 8% to 21% [1] - Despite the attractive dividend level, it is believed that the subsequent dividend amounts may decline rapidly due to the company's cash levels being less abundant than before, and the profitability of the Brilliance BMW joint venture in the Chinese market may continue to face challenges [1]

Group 1 - The stock of Brilliance China (01114.HK) has declined over 3%, specifically down 3.35% to HKD 4.04 [1] - The trading volume reached HKD 41.95 million [1]

Core Viewpoint - Morgan Stanley's research report predicts that Brilliance China Automotive's dividend for the first half of 2026 will range from HKD 0.35 to HKD 0.9, implying a dividend yield of approximately 8% to 21% [1] Group 1 - The attractive dividend level may not be sustainable, as the company's cash levels are no longer as abundant as before [1] - The profitability of the Brilliance BMW joint venture in the Chinese market is expected to continue facing challenges [1] - Earnings forecasts for Brilliance China Automotive have been revised downwards by 11% and 4% for 2025 and 2026, respectively [1] Group 2 - The target price for Brilliance China Automotive has been reduced from HKD 4.7 to HKD 4.1 [1] - The investment recommendation has been downgraded from "Overweight" to "Neutral" [1]