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Investment Ratings - Alibaba: Buy with a 12-month target price (TP) raised to US$160/HK$156 from US$117/HK$114 [1] - Xiaomi: Buy with a 12-month TP increased to HK58 [2] - Humanoid Robots: Buy-rated companies include Harmonic Drive, Sanhua & Tuopu [6] - Rio Tinto: Buy with a 12-month TP of A143.70 [10] - NetEase: Buy with a 12-month TP of US$116/HK$181 [11] - Bilibili: Buy with a 12-month TP raised to US$23.7/HK$185 [11] - Laopu Gold: Buy with a new 12-month TP of HKD553 [11] - Mengniu Dairy: Buy with a 12-month TP raised to HK$23.60 from HK$21.80 [13] - Tokyo Electron: Buy with a 12-month TP of ¥35,000 [14] - Foxconn Industrial: Buy with a 12-month TP of Rmb25.84 [15] - BYDE: Buy with a 12-month TP of HK$67.05 [15] Core Insights - Alibaba's eCommerce profits are stabilizing, with a significant upside from AI and cloud services, leading to an increase in revenue growth forecasts for Alibaba Cloud [1] - Xiaomi is enhancing its AI capabilities and expanding its ecosystem, resulting in increased revenue forecasts for 2025-26E by 4$38 billion to US$205 billion by 2035E [6] - China's "Two Sessions" are expected to maintain a GDP growth target of "around 5%" and increase the fiscal deficit target to 4.0% of GDP, indicating a focus on fiscal expansion [8] - The Chinese property market shows signs of bottoming, with better policy execution needed to support recovery and increase household confidence [8] Summary by Company Alibaba - 3QFY25 results exceeded expectations, leading to a TP increase and a Buy rating [1] - Cloud revenue growth forecast raised to +23%/+25% for FY26/27E [1] Xiaomi - Positioned to leverage AI for expanding its ecosystem, with revenue forecasts raised by 4%-7% [2] - EPS forecasts lifted by 17-20% due to improved profitability in IoT and EV sectors [2] Humanoid Robots - Industry entering volume production phase with significant demand growth anticipated [6] - Preferred stocks include Harmonic Drive, Sanhua & Tuopu [6] Rio Tinto - 2024 results in line with estimates, maintaining a Buy rating with a strong cash flow outlook [10] NetEase - Strong performance in PC games offsetting mobile slowdown, leading to a Buy rating [11] Bilibili - First positive GAAP profit quarter, positioned to benefit from AI and advertising growth [11] Laopu Gold - Profit warning indicates higher productivity, leading to a TP increase [11] Mengniu Dairy - Strong core profit delivery amid low cycle, with earnings estimates revised up [13] Tokyo Electron - Expected growth driven by advanced memory investments, maintaining a Buy rating [14] Foxconn Industrial - Positive outlook on cloud computing business and AI server shipments [15] BYDE - Anticipated growth in automotive electronics supported by smart driving adoption [15]