Core Viewpoint - Sany International (00631) has seen a significant stock price increase of over 60% in the past month, with a current rise of 3.54% to HKD 15.52, supported by a trading volume of HKD 73.91 million [1] Industry Insights - According to a report from Credit Lyonnais, three key drivers are emerging in the Chinese industrial sector amid ongoing anti-involution policies: increased demand for mining equipment, maturity of humanoid robot supply chains, and consolidation in the express delivery industry [1] - The report anticipates a continued equipment replacement cycle, alongside record investments in power grids and renewable energy, which are expected to drive excavator sales growth by approximately 10% [1] Company Performance - CMB International believes that Sany International's mining truck business will continue to progress, contributing 15% to 16% of total revenue between 2026 and 2027, with high growth expected for large mining trucks that have higher value and profit margins [1] - The firm also notes that due to an order backlog exceeding 12 months, revenue growth and profit margin improvement in the large port machinery business are highly certain [1]

Group 1 - The core viewpoint of the report is that the Chinese industrial sector is experiencing three key driving forces due to the ongoing anti-involution policies, including rising demand for mining equipment, maturity of humanoid robot supply chains, and consolidation in the express delivery industry [1] - The report anticipates that the equipment replacement cycle will continue, along with record investments in power grids and renewable energy, which will drive excavator sales growth by approximately 10% [1] - The first-tier suppliers' overseas factories are ready to commence mass production of humanoid robots in the second half of the year; additionally, strong performance and price increases in the lithium-related sector are expected to lead to a year-on-year recovery in automation demand of about 5% [1] Group 2 - The company prefers firms with stable core businesses or those in recovery that can benefit from emerging driving forces; top stock picks include Hengli Hydraulic (601100), Sany Heavy Industry (600031), Sany International (00631), and Jitu Express-W (01519) [1] - Among these, Hengli Hydraulic is rated as "highly confident to outperform the market," while the other stocks are rated as "outperform the market" [1]

Core Viewpoint - Morgan Stanley maintains an "Overweight" rating and a target price of HKD 59 for Delta Electronics Holdings (00179), despite a mixed performance in recent operational data [1] Financial Performance - Delta's revenue for the first three fiscal quarters ending December remained flat year-on-year, but the third fiscal quarter saw a 2% increase to USD 893 million, indicating a gradual recovery [1] - The revenue growth in the third quarter was slightly below Morgan Stanley's expectations, primarily due to the slower-than-expected project initiation by Chinese automotive companies [1] Business Segments - The industrial products segment continues to outperform due to structural market share growth [1] - Limited data disclosure regarding humanoid robots and AI data center cooling businesses adds uncertainty to short-term visibility [1] - The recovery speed of the automotive products business remains uncertain, impacting short-term outlook [1]

另外，工业产品业务继续因结构性市场份额增长而表现领先，但有关人形机械人及AI数据中心冷却业 务的数据披露有限，加上汽车产品业务复苏速度存在不确定性，令短期能见度受限。 智通财经APP获悉，摩根大通发布研报称，维持德昌电机控股(00179)"增持"评级及目标价59港元不变。 德昌日前更新营运数据，虽然截至去年12月底止首三财季收入同比持平，但第三财季收入同比增长2% 至8.93亿美元，反映逐步复苏，但仍稍逊于该行预期，主要由于中资车企的项目启动进度较预期缓慢。 ...

智通财经APP获悉，大和发布研报称，首予越疆(02432)"买入"评级及目标价65.5港元，相信公司将成为 具竞争力的人形机械人企业，利用其在协作机械人(cobot)市场的领导地位，在同行中取得竞争优势，从 而带来长期的收入上升。报告指出，根据越疆管理层指引，一旦公司收入增至1亿美元，便可实现盈亏 平衡。该行预计，公司受惠于协作机械人销售量上升和稳定的毛利率，在2026年的净亏损将收窄至约 1,000万元人民币，料公司届时将接近盈亏平衡。 ...