Group 1: Macro Insights - The report discusses how AI deflation and balance sheet reduction could reshape asset pricing logic, emphasizing the uncertainty surrounding the Federal Reserve's future policy direction [1][6][7] - It highlights the potential impact of reducing the Fed's balance sheet on dollar asset prices and the importance of maintaining central bank independence [1][6][7] Group 2: Company Analysis - Huahong Semiconductor (688347.SH) - Huahong is projected to achieve revenues of 183.83 billion, 246.57 billion, and 284.07 billion CNY for 2025-2027, with net profits of 6.74 billion, 7.78 billion, and 11.29 billion CNY respectively [2][12] - The company is positioned as a leader in mature process semiconductor manufacturing, benefiting from the global semiconductor industry's recovery [12][13] - Huahong's expansion plans include the ramp-up of FAB9 and the integration of FAB5, which is expected to enhance future growth potential [12][14] Group 3: Company Analysis - Valiant Bio (9887.HK) - Valiant Bio focuses on three core technology platforms targeting oncology and autoimmune diseases, with significant clinical trials underway [3][16] - Revenue forecasts for 2025-2027 are 175.0 million, 196.0 million, and 200.8 million HKD, with a projected increase in profitability as clinical data catalysts emerge [3][16][17] Group 4: Company Analysis - Ningbo Huaxiang (002048.SZ) - Ningbo Huaxiang is expected to see net profits of 5.19 billion, 16.10 billion, and 17.56 billion CNY from 2025 to 2027, with a target market value of 402.39 billion CNY by 2026 [4][18] - The company is expanding into the humanoid robot sector and is anticipated to improve profitability following the divestment of European assets [18][19] Group 5: Industry Insights - Hotel and Catering - The report indicates a significant increase in travel and service consumption during the 2026 Spring Festival, with domestic tourism expected to reach 520 million trips, a 3.8% increase year-on-year [25][26] - The catering sector is benefiting from increased customer flow, particularly in first-tier cities, with notable growth in restaurant bookings and sales during the holiday period [26][27] Group 6: Industry Insights - Gas Turbine - The gas turbine industry is experiencing robust demand, with Siemens Energy reporting record order volumes and plans to increase production capacity significantly by 2027 [29][30][31] - Major companies like GE and Mitsubishi Heavy Industries are also reporting substantial order growth, indicating a strong market outlook for gas turbines [30][31][32] Group 7: Industry Insights - Tooling Industry - The report highlights a rapid increase in tungsten carbide prices, benefiting leading domestic tooling companies amid supply constraints and rising demand in high-value sectors [35][36][37] - The Chinese government's export controls on tungsten resources are expected to further enhance the competitive position of domestic tooling manufacturers [35][37]

Group 1 - The Hang Seng Index Company announced the quarterly review results for the Hang Seng Index series as of December 31, 2025, with HiDiDri (03881) being included in the Hang Seng Composite Index [1] - The changes will be implemented after market close on March 6, 2026, and will take effect on March 9, 2026, leading to adjustments in the eligible stocks for the Hong Kong Stock Connect [1] - According to CICC's research report, HiDiDri is likely to be included in the Hong Kong Stock Connect due to meeting various criteria, including market capitalization, liquidity, and listing time [1] Group 2 - Everbright Securities released a report forecasting HiDiDri's Non-IFRS net loss for 2025E to be 76 million yuan, representing a year-on-year reduction in loss of 39.8% [1] - The forecast for 2026E and 2027E indicates Non-IFRS net profits of 75 million yuan and 357 million yuan, respectively [1] - The firm is optimistic about HiDiDri's core business of autonomous mining trucks accelerating its growth and maintaining industry leadership through technological, scenario, and commercialization advantages, initiating coverage with a "Buy" rating [1]

Core Viewpoint - The company, Xidi Zhijia, is positioned as a leading provider of autonomous driving technology and solutions for commercial vehicles, particularly in the mining and logistics sectors, and is expected to benefit from the expanding market for autonomous mining trucks and related technologies [1][2]. Group 1: Company Overview - Xidi Zhijia was established in 2017 and is one of the first companies in China to achieve "no safety operator normal operation" for autonomous commercial vehicles such as mining trucks and logistics vehicles [1]. - The company focuses on the intelligent implementation of autonomous driving solutions in specific scenarios, including mining and logistics [1]. Group 2: Market Potential - According to Xidi Zhijia's prospectus, the market size for autonomous mining truck solutions in China is projected to reach 1.9 billion yuan in 2024, with a total potential market size of 550 billion yuan, and is expected to grow to 39.6 billion yuan by 2030, representing a CAGR of 65.3% from 2024 to 2030 [2]. - The penetration rate of autonomous mining trucks in mining transportation scenarios is expected to continue increasing as the demand for intelligent mining solutions and technological maturity grows [2]. Group 3: Competitive Advantages - Xidi Zhijia possesses core advantages in technology, scenario adaptation, and commercialization: - Technological differentiation allows for large-scale mixed fleet operations with superior obstacle perception and positioning accuracy compared to competitors [2]. - Strong integrated adaptation capabilities across six core functions covering the entire process [2]. - Rapid commercialization through a pure product sales model, enabling quick conversion of technology into commercial results [2]. Group 4: Financial Forecast - The company is projected to reduce its Non-IFRS net loss to 76 million yuan in 2025, a year-on-year decrease of 39.8%, with expected Non-IFRS net profits of 75 million yuan and 357 million yuan in 2026 and 2027, respectively [3]. - The company is anticipated to accelerate the rollout of its autonomous mining truck business and maintain its leading position in the industry due to its technological, scenario, and commercialization advantages [3].

Group 1 - The core point of the article is that Hedi Intelligent Driving (03881) has been included in the Hang Seng Composite Index, with changes effective from March 9, 2026, following the quarterly review by the Hang Seng Index Company [1] - The inclusion in the index may lead to Hedi Intelligent Driving being added to the Hong Kong Stock Connect, as it meets various criteria including market capitalization, liquidity, and listing duration [1] - According to Everbright Securities, Hedi Intelligent Driving is expected to reduce its Non-IFRS net loss to 76 million yuan in 2025, a year-on-year decrease of 39.8%, and forecasted to achieve Non-IFRS net profits of 75 million yuan and 357 million yuan in 2026 and 2027 respectively [1] Group 2 - The company is anticipated to accelerate the deployment of its autonomous mining vehicles, leveraging its technological, scenario, and commercialization advantages to maintain a leading position in the industry [1] - Everbright Securities has initiated coverage on Hedi Intelligent Driving with a "Buy" rating, reflecting confidence in the company's growth prospects [1]

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 就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。 CiDi Inc. 希迪智駕科技股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份代號：3881） 公 告 於 二 零 二 六 年 二 月 十 三 日（星 期 五）舉 行 的 臨時股東會之投票表決結果 茲提述(i)希 迪 智 駕 科 技 股 份 有 限 公 司（「本公司」）日 期 為 二 零 二 六 年 一 月 二 十 七 日 之 臨 時 股 東 會 通 告（「通 告」）；及(ii)本公司日期為二零二六年一 月 二 十 七 日 之 通 函（「通 函」）。除 非 文 義 另 有 所 指，本 公 告 所 用 詞 彙 與 通 函 所 界 定 者 具 有 相 同 涵 義。 臨時股東會之投票表決結果 董 事 會 謹 此 宣 佈，臨 時 股 東 會 已 於 二 零 二 六 年 二 月 十 三 日（星 期 五）上 午 十時正假座中國湖南 ...

Core Viewpoint - The report from Everbright Securities predicts that Xidi Intelligent Driving (03881) will reduce its Non-IFRS net loss to 76 million yuan in 2025, a year-on-year decrease of 39.8%, with expected Non-IFRS net profits of 75 million yuan and 357 million yuan in 2026 and 2027 respectively, highlighting the company's strong position in the autonomous mining truck sector and its technological advantages [1] Group 1: Company Overview - Xidi Intelligent Driving, established in 2017, focuses on providing autonomous driving technology and solutions for commercial vehicles, particularly in mining trucks and logistics vehicles, and is one of the first companies in China to achieve "no safety driver normal operation" for autonomous commercial vehicles [1] - The company is expected to see revenue and profit growth as the commercialization of autonomous mining trucks expands, with additional revenue potential from V2X and intelligent perception businesses as market demand increases [2] Group 2: Market Potential - According to Xidi Intelligent Driving's prospectus, the market size for autonomous mining truck solutions in China is projected to reach 1.9 billion yuan in 2024, with a total potential market size of 550 billion yuan, and is expected to grow to 39.6 billion yuan by 2030, representing a CAGR of 65.3% from 2024 to 2030 [2] - The penetration rate of autonomous mining trucks in mining transportation is expected to increase as the demand for intelligent mining solutions grows and technology matures, leading to an upgrade in market size and commercialization levels [2] Group 3: Competitive Advantages - Xidi Intelligent Driving possesses core advantages in technology, scene adaptation, and commercialization: 1. Technological differentiation with superior obstacle perception and positioning accuracy compared to competitors [3] 2. Strong scene integration capabilities with six core functions covering the entire process [3] 3. Rapid commercialization through a pure product sales model, allowing for quick conversion of technology into commercial success, which is expected to further solidify the company's competitive edge [3]

Core Viewpoint - The report from Everbright Securities predicts that Xidi Intelligent Driving (03881) will reduce its Non-IFRS net loss to 76 million yuan in 2025, a 39.8% year-on-year improvement, and expects Non-IFRS net profits of 75 million yuan and 357 million yuan for 2026 and 2027 respectively, highlighting the company's strong position in the autonomous mining truck sector and its technological advantages [1] Group 1: Company Overview - Xidi Intelligent Driving, established in 2017, focuses on providing autonomous driving technology and solutions for commercial vehicles, particularly in mining trucks and logistics, and is one of the first companies in China to achieve "no safety driver normal operation" for autonomous commercial vehicles [1] - The company is expected to see increased revenue and profits as the commercialization of autonomous mining trucks expands, with additional revenue growth anticipated from V2X and intelligent perception businesses as market demand increases [2] Group 2: Market Potential - According to Xidi Intelligent Driving's prospectus, the market size for autonomous mining truck solutions in China is projected to reach 1.9 billion yuan in 2024, with a total potential market size of 550 billion yuan, and is expected to grow to 39.6 billion yuan by 2030, representing a CAGR of 65.3% from 2024 to 2030 [2] - The penetration rate of autonomous mining trucks in mining transportation is expected to increase as the demand for intelligent mining solutions grows and technology matures, leading to further market expansion and commercialization [2] Group 3: Competitive Advantages - Xidi Intelligent Driving possesses core advantages in technology, scene adaptation, and commercialization: 1. Technological differentiation with superior obstacle perception and positioning accuracy compared to competitors [3] 2. Strong scene integration capabilities with six core functions covering the entire process [3] 3. Rapid commercialization through a pure product sales model, enabling quick conversion of technology into commercial success, which is expected to further solidify the company's competitive edge and expand its market presence [3]

Investment Rating - The report initiates coverage on Xidi Zhijia (3881.HK) with a "Buy" rating [3][13]. Core Insights - Xidi Zhijia is positioned as a leading provider of autonomous driving technology and solutions for commercial vehicles, focusing on mining trucks and logistics vehicles. The company is one of the first in China to achieve "no safety personnel normal operation" for autonomous mining trucks and logistics vehicles [1][20]. - The market for autonomous mining truck solutions in China is projected to reach CNY 1.9 billion by 2024, with a total potential market size of CNY 550 billion. The market is expected to grow to CNY 39.6 billion by 2030, with a CAGR of 65.3% from 2024 to 2030 [2][39]. - Xidi Zhijia has three core advantages: technological differentiation, strong scene integration capabilities, and rapid commercialization, which are expected to solidify its leading position in the industry [3][34]. Summary by Sections Company Overview - Established in 2017, Xidi Zhijia focuses on autonomous driving technology for commercial vehicles, particularly in mining and logistics. The company has developed the world's largest mixed fleet of autonomous mining trucks without safety personnel [1][20]. Market Potential - The autonomous mining truck market is anticipated to expand significantly, driven by increasing demand for intelligent mining solutions and the maturity of technology. The penetration rate of autonomous mining trucks in mining transportation is expected to rise, enhancing market size and commercialization [2][39]. Business Model and Revenue - Xidi Zhijia's core business includes three segments: autonomous driving, V2X solutions, and intelligent perception. The autonomous driving segment accounted for 92.7% of revenue in the first half of 2025, primarily due to the commercialization of mining trucks [33][34]. Financial Projections - Revenue forecasts indicate a significant increase, with expected revenues of CNY 978 million in 2025, CNY 1.98 billion in 2026, and CNY 3.46 billion in 2027. The company is projected to achieve Non-IFRS net profits of CNY 0.75 million in 2026 and CNY 3.57 million in 2027 [4][13]. Competitive Landscape - Xidi Zhijia is distinguished from competitors by its product-driven model, which mitigates operational risks and enhances product development efficiency. The company is expected to maintain a competitive edge through superior technology and integration capabilities [10][11]. Catalysts for Growth - Short-term catalysts include the company's inclusion in the Hong Kong Stock Connect, acquisition of new orders for autonomous mining trucks, and progress in partnerships with OEMs. Long-term catalysts involve increased penetration of autonomous mining trucks and expansion into overseas markets [12][13].

Group 1 - The company, Xidi Zhijia, announced a delay in the effective date for its share split due to the holiday arrangements in mainland China, moving the date from February 20, 2026, to March 2, 2026 [1] - The related timelines for matters following the share split will also be adjusted accordingly [1]

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 就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。 CiDi Inc. 希迪智駕科技股份有限公司 （於中華人民共和國註冊成立之股份有限公司） （股份代號：3881） 經 修 訂 的 實 施 股 份 拆 細 及 更 改 每 手 買 賣 單 位 之 預 期 時 間 表 載 列 如 下： | | | | | | | | | | | | | | | | | 修訂前 | | | 修訂後 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...