Ac t i o n | 18 Dec 2025 11:38:03 ET │ 15 pages Hengli Hydraulic (601100.SS) Raise TP to Rmb135 on Stronger Core Business Guidance and Humanoid Robot Rerating CITI'S TAKE We increase our 2025/26/27E earnings forecasts by 2%/7%/11% as mgmt. turned more bullish than before on 2026 outlook due to recent strong order wins on components for both excavator and non-excavator such as agricultural machinery. For excavator components, the orders are mainly from Chinese OEM's overseas sales and the leading US excavato ...

Accessible version JCET Group Co Ltd (A) Benefiting from HPC boom in China, overseas risks easing, Upgrade to Buy Rating Change: BUY | PO: 55.00 CNY | Price: 35.93 CNY Domestic HPC demand + stable overseas: Upgrade to Buy We upgrade JCET Group Co Ltd (JCET) to Buy from Neutral, due to 1) the company's on- track progress in expanding advanced packaging to fulfill the rising high-performance computing (HPC) demand in China; and 2) easing concerns related to US-China and semis tariffs. We view the normalized b ...

19 December 2025 | 12:01AM HKT Equity Research CHINA BANKS 2026 Outlook: Re-evaluating property impact on banks We re-evaluate China Banks' exposure to property, both mortgage and non-mortgage, in light of our China Property team's updated forecast of a 15% property price decline over two years, alongside their stress test of an incremental 30% price decline. We incorporate the new forecast into our bank earnings forecasts. Our conclusions are: Assessed impact reflects healthy starting point for mortgage LT ...

KINGMED (603882.SS) China ICL leader emerges stronger as competition intensity eases; Upgrade to Buy, raise TP to Rmb37 Despite investor concerns around intense competition in the post-Covid era and policy headwinds from anti-corruption and DRG/DIP reforms, we upgrade Kingmed from Neutral to Buy, as: 1) Independent clinical laboratories (ICL) penetration is benefiting from accelerating DRG/DIP reforms which have pushed hospitals to optimize costs and shift a wider scope of assays to ICLs. We expect the pene ...

18 December 2025 | 2:14AM HKT Equity Research China Semis: MetaX (688802.SS) mgmt. call takeaways: Leading local GPU, featuring in-house IP and full-stack solution for efficient We talked to MetaX's (688802.SS, Not Covered) management recently. MetaX is the local supplier of GPU for AI inferencing and training. Key discussions were around MetaX's in-house developed GPU IPs, full-stack solutions, and industry-specific AI scenarios. Overall, management sees the rising computing power demand in the China marke ...

17 December 2025 | 11:12AM HKT Equity Research Weichai Power (000338.SZ): Key takeaways from the investor call with PSIX On Dec 16, we attended an investor call hosted by Power Solution International (PSIX, Not Covered) - Weichai Power's 46%-owned subsidiary in the US (PSIX contributed ~5% net profit to Weichai in 1H25). PSIX's senior management team including CEO and CFO discussed the latest trends for their power system business with a key focus on AI data center (AIDC) as well as the market dynamics arou ...

Vi e w p o i n t | 17 Dec 2025 08:44:52 ET │ 13 pages Han's CNC Technology (301200.SZ) Strong Demand Remains Intact with Upside Likely from Ultrafast Laser Drilling; Reiterate Buy/HR CITI'S TAKE We reiterate our Buy/HR rating on Han's CNC (HC) given the intact AI PCB drilling equipment upcycle. We estimate HC to deliver 64%YoY revenue growth in 4Q25E despite 4Q24 high base, which we believe is achievable as 1) its Taiwanese peer Ta Liang (3167.TW, Non-rated) registered 54% YoY revenue growth in Oct-25 and N ...

December 17, 2025 03:01 PM GMT Robotics | North America The Rowdy Robot: China's Next 5-Year Plan… a Potential Gift to Thematic Investors The People's Republic of China will unveil its 15th Five-Year Plan covering the 2026- 2030 period later in March 2026. A preliminary glimpse from October at official recommendations from China's Central Committee helps show investors the key technological domains that define the geopolitical line of scrimmage. The 15th Five-Year Plan is intended to further the country's t ...

17 December 2025 | 7:45PM HKT Equity Research TFC Optical (300394.SZ) +852-2978-2930 | allen.k.chang@gs.com Goldman Sachs (Asia) L.L.C. Verena Jeng 1.6T Optical engines ramping up; CPO to drive dollar content; Up to Buy 300394.SZ 12m Price Target: Rmb271.00 Price: Rmb199.30 Upside: 36.0% We expect TFC Optical to benefit from the 1.6T optical engines scale ramp-up in 2026E and growing demand from scale-out CPO (Co-Packaged Switch) switches, as well as long-term opportunities in scale-up architecture. We rais ...

17 December 2025 | 5:55PM EST Equity Research AMERICAS CLEAN TECHNOLOGY: SOLAR 2026 Outlook: Potential re-rating on back of US power trends favors utility-scale fundamentals; ENPH up to Neutral as resi resets While solar/storage equities were plagued by policy uncertainty through the beginning of 2025, fundamentals appear to be back on a more stable growth trajectory heading into 2026 on the back of strong large-scale power demand trends in the US and one of the cleaner policy backdrops in some time. To tha ...