Zhao Yin Guo Ji·2025-10-10 05:50Market Overview - The Hang Seng Index closed at 26,753, down 0.29% for the day but up 33.36% year-to-date [1] - The Shanghai Composite Index rose by 1.32% to 3,934, with a year-to-date increase of 17.37% [1] - Southbound capital net bought Hong Kong stocks worth HKD 3.04 billion, with Kuaishou, ZTE, and Xiaomi being the top net buyers [3] Industry Insights - The heavy truck industry in China saw a significant increase in sales, with September wholesale sales growing 82% year-on-year to 105,000 units, driven by truck replacement subsidies [5] - The forecast for total heavy truck sales in 2023 is expected to reach 1.1 million units, a 22% increase year-on-year [5] Company Analysis - Weichai Power (2338 HK) is viewed positively despite concerns over the rapid growth of new energy heavy truck penetration, with a projected P/E ratio of 8 times for 2026 and a dividend yield exceeding 6% [6] - China National Heavy Duty Truck Group (3808 HK) faces technology risks due to the transition to new energy but maintains a "Hold" rating due to strong sales across all heavy truck types [6] - Alibaba (BABA US) is expected to see a 2% year-on-year revenue growth in Q2 FY26, with significant contributions from customer management and cloud services [6]