Core Conclusions - The market is expected to refocus on investment opportunities in smart vehicles in Q4, driven by the ongoing AI trend and the advancement of L4 capabilities in autonomous vehicles like Robotaxi [2][3] - Key catalysts for smart vehicle development in Q4 include Tesla's V14 release, XPeng's 2026 Robotaxi production plan, and the introduction of new autonomous vehicles by various companies [2] - The report anticipates a significant acceleration in the entry of core players into the L4 market by 2026, marking a pivotal year for Robotaxi [2] Comparison with Last Year - Similarities with last year's Q4 include the spread of AI applications, but this year emphasizes the evolution of AI logic rather than a resonance with automotive logic [3] - The focus has shifted from hardware opportunities and consumer sales to software opportunities and breakthroughs in B2B applications [3] Investment Recommendations - The report suggests a preference for Hong Kong stocks over A-shares, with a focus on software over hardware and B2B over B2C [6] - Recommended investment combinations include XPeng Motors, Horizon Robotics, and Cao Cao Mobility [6] - Key targets from the perspective of Robotaxi include integrated models (Tesla, XPeng, Qianli Technology) and technology providers (Horizon Robotics, Baidu, Pony.ai) [6] Smart Vehicle Market Overview - The report highlights the improvement in autonomous driving capabilities among various automakers, with XPeng, Huawei, and Li Auto leading the first tier [7] - The penetration rate of smart driving in urban areas reached 23.0% in August, with XPeng's smart driving penetration hitting 76.1% [7] - The report notes a significant increase in the sales of smart vehicles, with a projected growth in the Robotaxi market from 0-30% penetration by 2030 [15] Future Outlook - The core task for automotive intelligence from 2025 to 2027 is to achieve a penetration rate of 50%-80% for new energy vehicles [15] - By 2028-2030, Robotaxi is expected to achieve large-scale commercialization, marking a significant breakthrough in the automotive industry [15] Smart Vehicle Supply Chain Tracking - The report provides a detailed analysis of the smart vehicle supply chain, including hardware components (sensors, chips) and software solutions [10] - Key companies in the hardware segment include Sunny Optical, Nvidia, and Desay SV [10] - In the software segment, notable companies include WeRide, Momenta, and Pony.ai [10] Consumer Willingness to Pay - The report discusses consumer willingness to pay for smart features, indicating a growing acceptance of smart driving technologies [13] - The analysis includes projections for the domestic market size of Robotaxi, estimating significant growth in sales and market penetration [14]

Investment Rating - The report suggests a focus on cloud vendors and companies with exceeding expectations in the current market environment [3]. Core Insights - The report highlights a divergence in market performance, with consumer companies facing pressure while AI technology companies continue to show mixed results. Concerns about AI valuation bubbles persist, but leading tech companies like Microsoft, Google, and Meta maintain strong cash flows, suggesting a stable outlook for cloud vendors [3]. - The gaming demand remains robust, although there is a short-term lack of new game releases. Attention is drawn to the progress of key game tests and launches, which could drive revenue growth for related companies [3]. - The report emphasizes the importance of monitoring quarterly reports from major Chinese companies like Tencent, JD, Baidu, and Alibaba, as well as the ongoing value in sectors like PDD and the gaming industry [3]. Summary by Sections 1.1 Consumer & Internet - **Education**: The education index fell by 3.59%, with notable performance differences among companies. The implementation of a spring and autumn break system in Sichuan is expected to impact the sector positively [11][18]. - **Luxury & Gaming**: The luxury goods and gaming sectors are closely tied to macroeconomic conditions. Recent Q3 earnings from major gaming companies exceeded expectations, benefiting from a longer holiday schedule in 2026 [19][24]. - **Coffee & Tea**: The coffee sector remains vibrant, while the tea sector faces challenges due to reduced delivery platform subsidies and seasonal competition [3][27]. - **E-commerce**: The e-commerce sector is under pressure, with a lackluster performance during the Double Eleven shopping festival [3][35]. 1.2 Platform & Technology - **Streaming Platforms**: The streaming sector is driven by domestic demand, with platforms like Spotify reporting better-than-expected earnings [3][42]. - **Virtual Assets & Internet Brokers**: The cryptocurrency market is experiencing volatility, with a significant drop in global market value. However, there are potential buying opportunities following recent corrections [3][43]. - **Automotive Services**: The automotive aftermarket is projected to decline, with a year-over-year decrease of 4% expected by October 2025 [3][61]. 1.3 Media - The media sector is experiencing mixed performance, with streaming services facing challenges but also opportunities for growth through strategic partnerships and content offerings [3][41].

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10月31日 狀態: 新提交 本月底法定/註冊股本總額： HKD 2,000,000,000 第 1 頁 共 10 頁 v 1.1.1 致：香港交易及結算所有限公司 公司名稱: 中國美東汽車控股有限公司 呈交日期: 2025年11月6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) | 01268 | 說明 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | 0 | | HKD | | 0 | | 本月底結存 | | 20,000,000,000 | HKD | | 0.1 HKD ...

Core Viewpoint - East Motor (01268.HK) announced a cornerstone investment agreement with Seres and CICC, committing to a total investment of 20 million USD for shares at the issue price [1] Group 1 - The cornerstone investment agreement was signed on October 23, 2025 [1] - The total investment amount by the company is 20 million USD [1]

Core Viewpoint - The announcement highlights a cornerstone investment agreement between Meidong Automotive and Seres, along with CICC, indicating a strategic move to diversify revenue sources and provide sustainable returns to shareholders [1] Group 1: Investment Details - Meidong Automotive has agreed to invest a total of 20 million USD in Seres through the cornerstone investment agreement [1] - The investment will be made at the issue price for the shares being subscribed [1] Group 2: Strategic Significance - The board believes that the transaction under the cornerstone investment agreement is strategically significant for the company [1] - The investment is expected to diversify the company's revenue sources [1] - It aims to provide continuous investment returns to shareholders [1]

Core Viewpoint - The company has entered into a cornerstone investment agreement with Seres and CICC, committing to invest a total of 20 million USD in investor shares, which is seen as strategically significant for diversifying revenue sources and providing sustainable returns to shareholders [1] Group 1 - The cornerstone investment agreement is set to be executed on October 23, 2025 [1] - The total investment amount for the investor shares is 20 million USD [1] - The board believes that the transaction will enhance the company's business outlook and prospects [1]

本公告僅供參考之用，並不構成收購、購買或認購證券之邀約或要約。 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 何部分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。 China MeiDong Auto Holdings Limited 中 國 美 東 汽 車 控 股 有 限 公 司 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） （股 份 代 號：1268） 須予披露交易 於 賽力斯 之基石投資 基石投資 基石投資協議的主要條款概述如下： 日 期： 二零二五年十月 二十三 日 訂約方： (3) 中金公司 中 金 公 司 為 全 球 發 售 的 聯 席 保 薦 人 及 整 體 協 調 人 之 一。根 據 公 開 資 料，中 金 公 司 為證監會發牌的註冊機構，可根據證券及期貨條例進行第1類（證券交易）、第2類（期 貨 合 約 交 易）、第4類（就 證 券 提 供 意 見）、第5類（就 期 貨 合 約 提 供 意 見）及 第6類（就 ...

Core Insights - As of October 9, 178 stocks reached their 52-week highs, indicating a strong market performance [1] Group 1: Top Performers - The top three stocks with the highest increase rates are: - Xin Mining Resources (01231) with a high rate of 53.85%, closing at 0.530 and peaking at 0.600 [1] - Hang Seng Bank (00011) with a high rate of 35.70%, closing at 149.800 and peaking at 168.000 [1] - Hang Seng Bank - R (80011) with a high rate of 25.15%, closing at 137.000 and peaking at 141.800 [1] Group 2: Notable Stocks - Other notable stocks that reached new highs include: - DeLi Machinery (02102) with a high rate of 19.61% [1] - OuHua (01711) with a high rate of 18.72% [1] - Ai Century Group (08507) with a high rate of 17.19% [1] Group 3: Market Trends - The data reflects a positive trend in the market, with a significant number of stocks achieving new highs, suggesting investor confidence and potential growth opportunities [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 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國美東汽車控股有限公司 呈交日期: 2025年10月8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) | 01268 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | | 增加 / 減少 (-) | | | 0 | | | HKD | | 0 | | 本月底結存 | | | 20,000,000,000 | HKD | | 0.1 HKD | | 2,000,000,000 | 本月底法定/註冊股本總額： H ...

China MeiDong Auto Holdings Limited 中 國 美 東 汽 車 控 股 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock code 股 份 代 號：1268) （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司 ） NOTIFICATION LETTER 通知信函 30 September 2025 Dear Non-registered Shareholder(s) (Note 1) , China MeiDong Auto Holdings Limited (the "Company") – Notification of publication of 2025 Interim Report (the "Current Corporate Communication") The English and Chinese versions of the Company's Current Corporate Communications are available on t ...