Core Viewpoint - The report from CMB International indicates that the Hang Seng Index rose by 1.9% during the week of September 9-16, 2025, while the Hang Seng Healthcare Index fell by 3.0%, ranking 12th among industry indices and underperforming the market [1] Group 1: Market Performance - The Hang Seng Index increased by 1.9% during the specified week [1] - The Hang Seng Healthcare Index decreased by 3.0%, underperforming the overall market [1] Group 2: Investment Trends - Domestic investors maintained a stable holding ratio through the Hong Kong Stock Connect, while foreign investors slightly reduced their holdings in Hong Kong pharmaceuticals since mid-year [1] - Domestic investors increased their positions in leading and innovative pharmaceutical companies, while foreign investors favored cost-effective CXO companies [1] - There was a reduction in positions for innovative drug targets favored by domestic investors [1] Group 3: Regulatory Concerns - Recent statements by Trump regarding increased restrictions on the import of Chinese pharmaceuticals have raised market concerns about the overseas prospects of domestic innovative drugs [1] - The actual impact of these statements is considered limited due to the low participation of multinational corporations (MNCs) and the increasing reliance of MNCs on Chinese pharmaceutical innovation [1] - The report emphasizes the importance of timing and stock selection in the innovative drug sector after a broad market rally, recommending gradual positioning during market corrections [1]

交银国际发表报告，首予禾赛科技(2525.HK)"买入"评级，目标价269.66港元，认为其Robotaxi业务订单 持续落地，基本面维持稳健，基于DCF模型上调美股目标价，由27.52美元上调至34.66美元。该行并调 高禾赛科技2026至2027年收入预测约2%，至44.34亿及57.75亿元；净利润预测调高约6%，至4.41亿元及 6.24亿元。根据数据显示，今年上半年在前装量产领域，禾赛装机量市占率约33%，居行业第一。 ...

报告表示，近日内地工业和信息化部、公安部等八部门联合印发《汽车行业稳增长工作方案(2025-2026 年)》，内容包括今年全年力争实现汽车销量约3230万辆，及有条件批准L3级车型的生产准入等。 交银国际发布研报称，因2026年起新能源汽车购置税将恢复至车价的5%，因此今年第四季或将出现一 波集中的购车需求。该行认为，今年全年3230万辆的销量大概率能实现。展望2026年，交银国际指，需 关注新一轮促销政策的推出节奏。同时，L3级自动驾驶法规的正式落地将成为2026年行业发展的催化 剂，值得重点跟踪。 ...

Group 1 - The core viewpoint of the report indicates that a surge in vehicle purchases is expected in the fourth quarter of this year due to the restoration of the new energy vehicle purchase tax to 5% of the vehicle price starting in 2026 [1] - The company anticipates that the annual sales target of 32.3 million units is likely to be achieved this year [1] - Looking ahead to 2026, the company highlights the importance of monitoring the pace of new promotional policies and notes that the formal implementation of L3-level autonomous driving regulations will act as a catalyst for industry development [1]

Core Insights - The National Development and Reform Commission and the National Energy Administration have issued a new action plan for large-scale construction of new energy storage from 2025 to 2027, aiming for an installed capacity of over 180 GW by 2027, with expectations that actual installations may exceed this lower limit [1] Group 1: Policy and Market Dynamics - The plan encourages new energy storage to fully participate in the electricity market and accelerate the development of pricing mechanisms [1] - Following the end of the new energy rush in May, domestic energy storage demand remains strong, with a record high of 25.8 GW/69.4 GWh tendered in August [1] Group 2: Economic Implications - Future revenue sources for energy storage will include the electricity market, ancillary services market, and capacity pricing/compensation, which are expected to enhance storage profitability [1] - The company anticipates rapid growth in new energy storage installations driven by economic factors [1]

Core Insights - The report from CMB International indicates that the domestic power battery installation volume in August continued to grow, with a total of 62.5 GWh, representing a year-on-year increase of 32.4% and a month-on-month increase of 11.9% [1] - China's battery exports remained stable, totaling 22.6 GWh in August, which is a year-on-year increase of 23.9% but a month-on-month decrease of 2.6%. Exports accounted for 16.8% of the total sales for the month [1] - Solid-state batteries are gradually moving from laboratory testing to mass production verification, with emerging applications in low-altitude flight, robotics, and AI opening new market opportunities, accelerating industrialization [1] Summary by Category Domestic Battery Installation - In August, the domestic power battery installation volume reached 62.5 GWh, marking a year-on-year growth of 32.4% and a month-on-month growth of 11.9% [1] Export Performance - Battery exports in August totaled 22.6 GWh, reflecting a year-on-year increase of 23.9% but a month-on-month decline of 2.6%. Exports constituted 16.8% of the total sales for the month [1] Industry Trends - Solid-state batteries are transitioning towards mass production, with new market opportunities emerging from low-altitude flight, robotics, and AI, which are expected to accelerate the industrialization process [1]

Group 1 - The core viewpoint of the report is that the market's visibility regarding short to medium-term investments in artificial intelligence infrastructure has improved compared to the end of last year [1][2] - The company remains optimistic about leading global semiconductor firms focused on AI computing power, storage, and communication, but notes that current valuations of leading tech stocks are relatively high [1][2] - Regarding China's semiconductor industry chain, the company believes that fluctuating tariff policies may accelerate domestic substitution, benefiting upstream equipment suppliers [1][2] Group 2 - The company suggests appropriate diversification in investments considering the valuation situation of certain stocks [1][2]

Group 1 - The market visibility for short to medium-term investments in AI infrastructure has improved compared to the end of last year, with a positive outlook on leading global semiconductor companies focused on AI computing power, storage, and communication [1] - The valuation levels of leading tech stocks are currently considered high, prompting a recommendation for diversified investments [1] - The MSCI Information Technology Index increased by 1.9%, underperforming the MSCI Global Index which rose by 2.8%, marking the first month of underperformance since the global market adjustment in April [1] Group 2 - The average spot price of DDR5 (16GB) has stabilized with a slight decline since July, while the contract average price of DDR4 (8GB) has surged from $2.6 to $3.9, exceeding the spot price of DDR5 [2] - The semiconductor equipment import value in July grew rapidly, with a year-on-year increase of 14%, indicating sustained high levels of domestic semiconductor manufacturing investment [2] - The forecast for China's semiconductor equipment sales in 2025 has been raised to $52 billion, reflecting a 5% year-on-year growth, which is above market consensus expectations [2]

Dear Non-registered Shareholders(Note 1) BOCOM International Holdings Company Limited (the "Company") – Publication of the 2025 Interim Report (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the Company's website at www.bocomgroup.com and the HKEXnews's website at www.hkexnews.hk. If you have any difficulty in receiving or gaining access to the Current Corporate Communications posted on the ...

N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Registered Shareholders, BOCOM International Holdings Company Limited (the "Company") – Publication of the 2025 Interim Report (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the Company's website at www.bocomgroup.com and the HKEXnews's website at www.hkexnews.hk. For new registered shareholders (i.e. if you previously have not received the C ...