港股晨报 2025 年 10 月 10 日 国证国际证券（香港）有限公司 • 研究部 1. 国证视点：国际金价突破 4000 美元大关 北向资金方面，10 月 9 日北向资金共成交 3097.72 亿元，占两市总成交额的 12.78%。紫金矿业 601899.SH、寒武纪-U 688256.SH、海光信息 688041.SH 位 列沪股通成交前三，成交额分别为 45.60 亿、27.08 亿、27.01 亿；宁德时代 300750.SZ、中际旭创 300308.SZ、汇川技术 300124.SZ 位列深股通成交前三， 成交额分别为 63.18 亿、33.80 亿、33.58 亿。 板块方面，中国在联合国气象大会宣布到 2035 年，中国非化石能源消费占能 源消费总量的比重达到 30%以上，风电和太阳能发电总装机容量达到 2020 年 的 6 倍以上、力争达到 36 亿千瓦。受消息带动，电力相关板块纷纷走强，其 中，上海电气 2727.HK 涨 17.4%，金风科技 2208.HK 涨 8.43%，福莱特玻璃 6865.HK 涨 5.73%，东方电气 1072.HK 涨 5.34%，天能动力 0819.HK 涨 ...

Core Viewpoint - Hualing Cable plans to acquire control of Anhui SanZhu Intelligent Technology Co., Ltd. to enhance its strategic layout towards smart connections and create a second growth curve, with the total transaction value not exceeding 270 million RMB [1] Group 1: Company Overview - Anhui SanZhu Intelligent was established in 2017 and is recognized as a national high-tech enterprise and a specialized and innovative small and medium-sized enterprise in Anhui Province [2] - The company focuses on the research, production, and sales of connectors and wiring harnesses, serving applications in servo drive systems, robotics, and industrial manipulators [2] - SanZhu Intelligent has developed into a leading provider of industrial connection product solutions, with major clients including Panasonic, Inovance Technology, and Midea Industrial [2] Group 2: Strategic Implications - The acquisition is expected to accelerate Hualing Cable's entry into the robotics and high-frequency transmission sectors, thereby enhancing its value center [2] - The deal aligns with national policies for high-quality development and aims to deepen the company's business in industrial connectors and wiring harness components [1]

Group 1 - The market experienced a rebound with the ChiNext Index leading the gains, closing up 2.61% [6] - The total trading volume in the Shanghai and Shenzhen markets was 2.24 trillion, a decrease of 34.6 billion from the previous trading day [6] - Over 4,600 stocks in the market saw an increase, indicating a broad-based rally [6] Group 2 - The liquid cooling server concept stocks have surged, with Tianfeng Securities estimating the value of the NVL72 single cabinet liquid cooling system at approximately $100,000 [8] - The penetration rate of liquid cooling in AI data centers is expected to rise from 10% to 90% as high-density power cabinets are shipped [8][9] - The year 2025 is anticipated to be a pivotal year for liquid cooling, with steep growth expected in 2026 [8] Group 3 - The humanoid robot sector is transitioning from "performance" to "work," with significant orders being placed in factories [23] - A project collaboration worth several million yuan was established between Zhiyuan Innovation and Fulian Precision, involving nearly 100 units of the Expedition A2-W robot [23] - The demand for robots is expected to increase as they become integral to various industrial applications [23] Group 4 - The domestic copper-clad laminate leader, Nanya New Materials, reported a 213% quarter-on-quarter increase in net profit due to high-end product demand [19] - The company is expected to reach a production capacity of nearly 4 million sheets per month by the end of 2025, with a global expansion strategy [19] - Nanya New Materials' stock saw a significant rise, reflecting positive market sentiment [19] Group 5 - The first domestically produced commercial electron beam lithography machine has entered application testing, marking a significant milestone for quantum chip development in China [29] - The global lithography equipment market is projected to reach $29.57 billion in 2024, with a compound annual growth rate of 5% from 2024 to 2034 [30] - Companies like Longtu Photomask and Luwei Optoelectronics have shown notable stock performance, with increases of 14.59% and 11.79% respectively [30]

Group 1 - The State Council issued opinions on gradually promoting free preschool education, starting from the fall semester of 2025, exempting public kindergarten tuition fees for children in their last year of preschool [2] - The People's Bank of China and seven departments jointly released guidelines to support new industrialization, emphasizing the enhancement of technology finance and support for emerging industries [3] - The National Health Commission and 16 departments launched the "Healthy China Action - Healthy Environment Promotion Action Implementation Plan (2025-2030)" to promote a healthy environment [3] Group 2 - The China Logistics and Purchasing Federation reported that the logistics industry prosperity index for July was 50.5%, indicating continued expansion but a slight slowdown in growth [4] - The China Electromechanical Products Import and Export Chamber issued an initiative against unfair competition in the photovoltaic industry [4] - The Shanghai Development and Reform Commission announced that all new energy power generation will participate in market trading by the end of 2025 [4] Group 3 - The Shanghai Stock Exchange reported significant abnormal fluctuations in the stock price of Aowei New Materials, leading to regulatory measures against certain investors [5] - The sales revenue of Muyuan Foods for July was 11.639 billion yuan, a year-on-year decrease of 10.41% [8] - Vanke A received a loan of up to 1.681 billion yuan from Shenzhen Metro Group [9] - Ruifeng Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange [10] - Anker Detection's controlling shareholder changed to Xirui Technology, and the stock resumed trading [11] - Daodaoquan's controlling shareholder plans to increase its stake by 50 million to 100 million yuan [12] - Sanjiang Shopping will not renew its cooperation agreement with Hema after it expires [13] - Yinglian Co., Ltd. signed a strategic cooperation agreement with a well-known cylindrical battery company [14] - Lianhuan Pharmaceutical's LH-1801 project is not expected to significantly impact revenue and operating performance in the near term [15] - Dongjie Intelligent reported no significant changes in its production and operations [16] Group 4 - Wanlian Securities noted that the media industry is seeing a recovery in fund allocation, with a focus on leading companies in gaming and digital marketing [18] - Guotai Junan Securities highlighted the upcoming World Robot Conference, emphasizing the importance of fine operation capabilities in humanoid robots [19]

Market Overview - A-shares maintained a narrow fluctuation in the morning and surged in the afternoon, with small-cap stocks being more active; Hong Kong stocks rose strongly, with the Hang Seng Index up nearly 1% and the Hang Seng Tech Index up over 1.5% [1][2] A-share Performance - The Shanghai Composite Index rose 0.66% to 3583.31 points, the Shenzhen Component Index increased by 0.46% to 11041.56 points, and the ChiNext Index gained 0.5% to 2334.32 points; the STAR 50 Index rose 1.22% [2] - The total trading volume in the Shanghai and Shenzhen markets was 15,184 billion yuan, a decrease of over 1,000 billion yuan compared to the previous day [2] - Nearly 3,900 stocks in the market were in the green, with the military industry sector experiencing a surge, including stocks like Beifang Changlong and Changcheng Military Industry hitting the daily limit [2][5] Military Industry Sector - The military sector saw a significant rally, with multiple stocks hitting the daily limit; notable performers included Beifang Changlong, Aileda, and Hengyu Xintong [5][7] - The current "14th Five-Year Plan" is nearing its conclusion, and events like the August 1st Army Day and the September 3rd military parade are expected to catalyze the military sector [7] - The military sector is viewed as a suitable investment area due to its moderate crowding and potential benefits from national strategic deployments [7] Humanoid Robot Sector - The humanoid robot concept saw renewed activity, with stocks like Xingyun Co. and Riyong Electronics hitting the daily limit; other stocks such as Xiashan Precision and Wuzhou Xinchun also performed well [9][11] - Tesla's CEO Elon Musk announced that the design of the third version of the Optimus robot is ready for mass production, which is expected to drive interest in the sector [11] Semiconductor Sector - The semiconductor sector experienced a rally, with Dongxin Co. hitting the daily limit and stocks like Xindao Technology and Xinyuan Technology rising over 10% [13] - The demand for high-performance semiconductor hardware is expected to grow due to the rise of AI applications and the ongoing trend of domestic substitution in the semiconductor industry [15]

Group 1 - Zhongding Company is a global leader in automotive parts supply, established in 1980, primarily producing sealing products and has acquired several overseas companies to enhance its market position [1][2] - The company aims to enter the robotics sector by establishing a wholly-owned subsidiary with an investment of 50 million yuan and plans to invest 1 billion yuan in a smart robotics project headquarters and core component R&D center in Hefei [1][3] - The company has a diversified business model with significant orders in various sectors, including 11.7 billion yuan in thermal management systems, 14.2 billion yuan in lightweight chassis systems, and 15.2 billion yuan in air suspension systems [2][3] Group 2 - The robotics business is progressing well, leveraging existing automotive component expertise and strategic partnerships, including a collaboration with Chery for the development of core components for humanoid robots [3] - The company is expected to achieve net profits of 1.54 billion yuan, 1.81 billion yuan, and 2.06 billion yuan from 2025 to 2027, with growth rates of 23%, 18%, and 14% respectively, indicating a strong growth outlook [3] - The company is rated as a "buy" by multiple institutions, with a target price reflecting a favorable valuation and growth potential [4][6]

Core Viewpoint - The ongoing conflict between hotels and food delivery services highlights the growing demand for food delivery options among hotel guests, driven by the expanding food delivery market in China [9][10][12]. Group 1: Industry Growth and Trends - The food delivery market in China is projected to reach 1.5 trillion RMB by 2024, a 129% increase from 653.5 billion RMB in 2019, with a daily order volume of approximately 46 million [9]. - The penetration rate of food delivery in the overall restaurant industry has risen to 26%, with food delivery users reaching 592 million, accounting for 53% of internet users in China [9]. - The hotel industry is adapting to this trend, with an increasing number of guests expecting the freedom to order food delivery [10][12]. Group 2: Hotel Industry Dynamics - By the end of 2024, the number of hotel establishments in China is expected to reach 348,700, with a total of 17.64 million rooms, surpassing the peak levels of 2018-2019 [17]. - The number of mid-range hotels has increased from 31,000 in 2019 to 51,000 in 2024, a growth of approximately 64%, capturing nearly 15% of the national hotel market share [18]. - The competitive landscape for mid-range hotels has intensified, with the RevPAR (Revenue per Available Room) for mid-range hotels in 2024 declining by about 10% compared to 2019 [19]. Group 3: Delivery Methods and Challenges - Various delivery methods are employed in hotels, including delivery by external couriers, hotel staff, robots, or storage in delivery cabinets for guests to pick up [26]. - The increasing volume of food deliveries can lead to delays, prompting hotels to develop contingency plans to manage guest expectations [28]. - The integration of robots for food delivery in hotels is becoming common, with companies like Yunji Technology reporting that hotel scenarios contributed 70.1% to 83% of their revenue from 2022 to 2024 [25]. Group 4: Guest Expectations and Service Quality - Guests increasingly view food delivery as a standard service in hotels, leading to dissatisfaction when delivery is not facilitated by the hotel [31]. - The perception of service quality varies, with some guests expecting high-end hotels to provide seamless food delivery, while others express frustration over the lack of such services [38]. - The hotel industry is urged to understand their target customer profiles and adapt their services, including food delivery, to enhance guest experiences [39].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [33]. Core Insights - The manufacturing PMI for May 2025 improved to 49.5%, up by 0.5 percentage points from the previous month, with large enterprises showing better performance [9][10]. - The equipment manufacturing, high-tech manufacturing, and consumer goods manufacturing PMIs were all in the expansion zone, indicating positive growth trends in these sectors [9][11]. - The robot industry is seeing strategic collaborations, such as the partnership between Yujian Technology and Yaoshi Bang to develop intelligent robots for the pharmaceutical sector [13][18]. - Dazhu CNC has submitted an application for H-share listing in Hong Kong, focusing on PCB production equipment, with a global market share of 6.5% as of 2024 [18][19]. Summary by Sections 1. Macro Data Tracking - The manufacturing PMI for May 2025 is 49.5%, with large enterprises above the critical point and small enterprises showing a slight improvement [9]. - The production index and new orders index increased by 0.9 percentage points and 0.6 percentage points, respectively, with the production index at 50.7% [9][10]. - Equipment manufacturing PMI was 51.2%, high-tech manufacturing PMI was 50.9%, and consumer goods manufacturing PMI was 50.2%, all indicating expansion [9][11]. 2. Robot Industry Dynamics - Yujian Technology and Yaoshi Bang signed a strategic cooperation agreement to develop intelligent robots for various pharmaceutical applications [13]. - Galaxy General has opened seven unmanned pharmacies in Beijing, utilizing humanoid robots for 24-hour service [13][18]. 3. Hong Kong Listing Application - Dazhu CNC submitted an application for H-share listing on May 30, 2025, focusing on PCB production equipment with a significant market presence [18][19]. 4. Focus on Export Chain Enterprises - Companies with proactive overseas capacity layouts may gain market share amid changing competition dynamics due to tariffs [21]. - Jiechang Drive has established subsidiaries in multiple countries and is expanding its overseas production capabilities [22][24]. 5. Market Review - The CSI 300 index increased by 0.88%, while the machinery equipment sector rose by 0.93%, outperforming the CSI 300 by 0.05 percentage points [30].

Market Overview - The recent US-China talks exceeded market expectations, leading to a significant surge in the Hang Seng Index by 2.98% with trading volume reaching 322.4 billion [1] - The ceasefire agreement between India and Pakistan has positively impacted both countries' stock markets, with Pakistan's KSE-30 index soaring by 9.2%, marking its largest increase since 2008 [1] US-China Trade Relations - The US announced a suspension of a 24% tariff set to take effect on April 2, 2025, while maintaining a 10% tariff, effectively reducing the overall tariff on Chinese goods from 145% to 30% [2] - This significant concession from the US is attributed to several factors, including the need to replenish dwindling inventories and the urgency to achieve results ahead of the upcoming elections [3] Sector Performance - The consumer electronics sector, particularly companies within Apple's supply chain, benefited the most from the tariff reductions, with stocks like Highway Electronics and AAC Technologies rising over 13% [4] - Automotive parts suppliers with significant North American business exposure, such as Minth Group and Quanfeng Holdings, saw stock increases of nearly 10% [4] Financial Sector Response - Major financial institutions, including Hongye Futures and CITIC Securities, experienced stock price increases of over 6%, reflecting positive market sentiment following the trade talks [5] Individual Company Highlights - Midea Group reported a record revenue of 128.4 billion yuan in Q1 2025, a 20.61% year-on-year increase, and plans to enhance its overseas presence through strategic partnerships [10] - The company is also making strides in the commercial air conditioning sector and aims to expand its robotics division with new product testing scheduled for May [11] International Relations and Infrastructure - Brazilian President Lula's visit to China aims to strengthen bilateral relations and discuss infrastructure projects, including a railway connecting Brazil to China, which could reshape international trade logistics [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company's automotive business shows strong growth sustainability, with emerging opportunities in energy storage and robotics expected to become new growth drivers [1][11] - The company reported a revenue of 826 million yuan for 2024, representing a year-on-year growth of 26.5%, and a net profit of 138 million yuan, up 21.2% year-on-year [8][9] - The company has a solid order backlog, ensuring strong performance sustainability, with a focus on the automotive thermal management sector [10] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 2023: 653 million yuan, 2024: 826 million yuan, 2025E: 1,078 million yuan, 2026E: 1,432 million yuan, 2027E: 1,757 million yuan, with respective year-on-year growth rates of 26.9%, 26.5%, 30.4%, 32.8%, and 22.7% [7][14] - The projected net profit for 2025 is 180 million yuan, with a corresponding PE ratio of 23 [11][14] - The company’s gross margin is expected to stabilize around 32% in the coming years, with a return on equity (ROE) projected to reach 27.1% by 2027 [7][11]