reports
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PV Sales Basically Remained Flat YOY In Octob...
China’s PV retail sales basically remained flat yoy in Oct 25, while PEV retail sales grew 7% yoy. PV retail sales fell 19% yoy and 4% mom in 1-9 Nov 25, mainly due to the high base. China has launched a three-month crackdown on exaggerated auto ads to curb false claims, restore market order, and strengthen consumer trust. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 JOYSON ELECTRONICS CORP
002050 CH CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Review Of 3Q25 Results And 4Q25 Outlook.
The anti-involution policy boosted OEMs’ 3Q25 earnings by ending the price war. However, the industry disruptor BYD saw worsened liquidity due to sales slowdown and inventory pile-up. Auto part companies saw margin erosion in 3Q25 due to delayed impacts from the OEMs’ price war, but 4Q25 margin will stabilise. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Cut target price for Li Auto to HK$60.0. Raise target price for Weichai to HK$24.50.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 JOYSON ELECTRONICS CORP
002050 CH CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Bella Lu Yifei
- Ken Lee
Ganfeng Lithium (1772 HK): 3Q25: Earnings Beat On Both Revenue And Mar...
Ganfeng Lithium’s 3Q25 results beat our expectation, with net profit making a turnaround to Rmb557m (+364.0% yoy). This brings 9M25 net profit to Rmb26m. We change our 2025 net loss forecast of Rmb149m to a net profit of Rmb407m. We also raise our 2026-27 earnings forecasts by 42%/21% to Rmb1,925m/Rmb3,309m respectively, based on higher sales volume and gross margin. Upgrade from HOLD to BUY and increase the target price from HK$40.00 to HK$78.00 for Hshare. Our rating and target price for A-sha...
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Colin Lee
- Ejann Hiew
- Johnny Yum Chung Man
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Kong Ho Meng
- Ming San Soong
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, October 30, 2025
Greater China Company Results | Foxconn Industrial Internet (601138 CH/BUY/Rmb80.80/Target: Rmb89.50) FII registered a stellar quarter, with net profit beating our and consensus estimates on stronger-than-expected margins. Top-line lagged our expectations, likely due to differences in product mix, and also the reason behind margins remaining elevated despite the product ramp-up of the lower-margin GB200 NVL72 racks. With the recent checks continuing to point towards a much stronger-than-expected...
N1U NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC. SPONSORED ADR
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
600519 KWEICHOW MOUTAI CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
MINT MINOR INTERNATIONAL PUBLIC CO. LTD.
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
5243 VELESTO ENERGY
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
0763 ZTE CORPORATION CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
HMN ASCOTT RESIDENCE TRUST
BMRI BANK MANDIRI
600699 JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Colin Lee
- Greater China Research Team
- Johnny Yum Chung Man
- Julia Pan Mengyao
- Ken Lee
- Kenny Yong Hui Lim
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, October 30, 2025
Top Stories Company Results | Foxconn Industrial Internet (601138 CH/BUY/Rmb80.80/Target: Rmb89.50) FII registered a stellar quarter, with net profit beating our and consensus estimates on stronger-than-expected margins. Top-line lagged our expectations, likely due to differences in product mix, and also the reason behind margins remaining elevated despite the product ramp-up of the lower-margin GB200 NVL72 racks. With the recent checks continuing to point towards a much stronger-than-expected ...
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
002472 ZHEJIANG SHUANGHUAN DRIVELINE (A)
000333 MIDEA GROUP CO. LTD. CLASS A
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
0763 ZTE CORPORATION CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
601138 FOXCONN INDUSTRIAL INTERNET CO. LTD. CLASS A
600699 NINGBO JOYSON ELECTRONIC CORP
JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: The Nexperia Crisis Could Cause Another Round...
The escalating China-US trade tensions have triggered a dual crisis in chips and rare earth, potentially disrupting the global auto supply chain like that seen in 2021-22. China's auto sector sees short-term gains from domestic prioritisation but longterm risks. Chinese auto part companies may see a revenue loss in 4Q25 if the issue is not resolved in a month. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Adrian Loh Tzum Yung
- Andrew Agita Buntoro
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Damon Shen
- Desmond Chong Chee Wai
- Gigi Cheuk
- Jieqi Liu
- Jo Yee Ng
- Jonathan Koh
- Joyce Chu
- Kate Luang
- Ken Lee
- Malaysia Research Team
- Sunny Chen
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Thanawat Thangchadakorn
- Vincent Khoo Boo Aik
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, October 24, 2025
Greater China Sector Update | Automobile The escalating China-US trade tensions have triggered a dual crisis in chips and rare earth, potentially disrupting the global auto supply chain like that seen in 2021-22. China's auto sector sees short-term gains from domestic prioritisation but long-term risks. Chinese auto part companies may see a revenue loss in 4Q25 if the issue is not resolved in a month. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Sector Upda...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
KKP KIATNAKIN BANK
00683 KERRY PROPERTIES LIMITED
00016 SUN HUNG KAI PROPERTIES LIMITED
FCT FRASERS CENTREPOINT TRUST
00823 LINK REAL ESTATE INVESTMENT TRUST
BBL BANGKOK BANK PUBLIC COMPANY LIMITED
KTB KRUNG THAI BANK PUBLIC CO. LTD.
TOP THAI OIL PUBLIC CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
TISCO TISCO FINANCIAL GROUP
GFPT GFPT
00014 HYSAN DEVELOPMENT CO. LTD.
TMB TMB BANK PUBLIC COMPANY LIMITED
KBANK KASIKORNBANK PUBLIC CO. LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
01997 WHARF REAL ESTATE INVESTMENT CO. LTD.
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
T TELEKOM MALAYSIA BHD
ECW ECO WORLD DEVELOPMENT GROUP
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
02232 CRYSTAL INTERNATIONAL GROUP
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
00017 NEW WORLD DEVELOPMENT CO. LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
SCB SCB X PUBLIC COMPANY LIMITED
Z29 029 GROUP SE
02015 LI AUTO INC
300244 DIAN DIAGNOSTICS GROUP CO
600699 JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: China Auto Sector Faces Geopolitical Bind.
China’s auto sector faces a geopolitical bind: Europe demands tech transfers for new investments, while China restricts such transfers. We see no earnings impact from the EU’s tech transfer requirement, but that allows first movers like CATL to enjoy unrivalled advantages. China raises market access requirements for automakers, targeting inexperienced players. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2050 ZHEJIANG SANHUA INTELLIGENT CONTROLS
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Alden Gabriel Lam
- Audrey Celia
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Gigi Cheuk
- Joyce Chu
- Kate Luang
- Keith Wee Teck Keong
- Ken Lee
- Lester Siew
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, October 17, 2025
Greater China Sector Update | Automobile China’s auto sector faces a geopolitical bind: Europe demands tech transfers for new investments, while China restricts such transfers. We see no earnings impact from the EU’s tech transfer requirement, but that allows first movers like CATL to enjoy unrivalled advantages. China raises market access requirements for automakers, targeting inexperienced players. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto. Small/Mid Ca...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
ENRG ENERGI MEGA PERSADA
KLBF PT KALBE FARMA TBK
JPFA JAPFA COMFEED INDONESIA
AMRT SUMBER ALFARIA TRIJAYA TBK PT
MYOR MAYORA INDAH
C6L SINGAPORE AIRLINES LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ERAA ERAJAYA SWASEMBADA
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
AOT AIRPORTS OF THAILAND PUBLIC CO. LTD.
BAL BUMITAMA AGRI LTD
BURSA BURSA MALAYSIA BHD
ICBP INDOFOOD CBP SUKSES MAKMUR T
2633 JACOBSON PHARMA CORP LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
CMRY PT CISARUA MOUNTAIN DAIRY TBK
02161 JBM (HEALTHCARE) LTD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Takeaways From Conference Call With Overseas ...
This week we focus on China's automobile sector under the "anti-involution" policy, which is slowing auto sales and stabilising car prices, but pressuring margins. While domestic sales slow, exports remain strong. We maintain MARKET WEIGHT on China’s automobile sector, with CATL and Geely as our top BUYs for innovation, while advising investors to SELL BYD and Li Auto due to margin and sales pressures. Key focuses include policy execution, inventory and overseas expansion challenges.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: EV Sales Up 25% WOW Last Week, But YOY Growth...
China’s EV sales surged 25% wow in the 39th week of 2025 but slowed to 10.5% yoy amid a high base and anti-involution efforts. Geely and XPeng outperformed, while BYD and Li Auto saw yoy sales declines. Maintain MARKET WEIGHT on the sector, with top BUYs on CATL and Geely; we downgrade Ganfeng Lithium from BUY to HOLD with an unchanged target price of HK$40.00, as the stock price has hit our target.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2050 ZHEJIANG SANHUA INTELLIGENT CONTROLS
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 JOYSON ELECTRONICS CORP
002050 CH CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: PEV Market Recovery On Local Subsidies And Ne...
China’s PV sales rebounded last week, with PEV growth surging from below 5% to over 30% due to subsidies and new models. Geely and XPeng led while BYD and Li Auto lagged. Vehicle exports rose 26% yoy in August, driven by gains in the EU, Africa and the Middle East. Maintain MARKET WEIGHT. Top BUYs: CATL (target price raised to Rmb520) and Geely. Top SELLs: BYD and Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Carol Dou Xiao Qin
- Jo Yee Ng
- Ken Lee
- Kong Ho Meng
- Sunny Chen
- Suryaputra Wijaksana
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, September 26, 2025
Greater China Sector Update | Automobile China’s PV sales rebounded last week, with PEV growth surging from below 5% to over 30% due to subsidies and new models. Geely and XPeng led, while BYD and Li Auto lagged. Vehicle exports rose 26% yoy in August, driven by gains in the EU, Africa, and Middle East. Maintain MARKET WEIGHT. Top BUYs: CATL (target price raised to Rmb520) and Geely. Top SELLs: BYD and Li Auto. Sector Update | Healthcare Falling interest rates are expected to significant...
300014 EVE ENERGY CO. LTD. CLASS A
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
01093 CSPC PHARMACEUTICAL GROUP LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
300015 AIER EYE HOSPITAL GROUP CO. LTD. CLASS A
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
01177 SINO BIOPHARMACEUTICAL LIMITED
BH BUMRUNGRAD HOSPITAL PUBLIC CO. LTD.
M3I MINTH GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
BCH BANGKOK CHAIN HOSPITAL PCL
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 HUTCHISON CHINA MEDITECH LTD SPONSORED ADR
02238 WEICHAI POWER CO. LTD. CLASS H
YNS GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MSGB YINSON HOLDINGS BHD
ECW MAH SING GROUP BHD
SPSB ECO WORLD DEVELOPMENT GROUP
SWB SP SETIA BHD
HCM SUNWAY BHD
01801 HUTCHISON CHINA MEDITECH LIMITED
1833 INNOVENT BIOLOGICS INC.
300760 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
UEMS SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
603882 UEM SUNRISE BHD
1772 GUANGZHOU KINGMED DIAGNOSTICS GROUP CO. LTD. CLASS A
1093 GANFENG LITHIUM CO. LTD. CLASS H
603259 CSPC PHARMACEUTICAL GROUP LTD
300750 WUXI APPTEC CO. LTD. CLASS A
3606 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
MPM FUYAO GLASS INDUSTRY GROUP CO LTD-H
2269 MARCO POLO MARINE LTD
3692 WUXI BIOLOGICS (CAYMAN) INC.
MCH HANSOH PHARMACEUTICAL GROUP
06160 MATRIX CONCEPTS HOLDINGS BHD
002920 BEIGENE LTD.
300765 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
STM WUXI APPTEC CO. LTD. CLASS H
IOIPG CSPC INNOVATION PHARMACEUTICAL CO L
02015 SEATRIUM LTD
09868 IOI PROPERTIES GROUP BHD
300244 LI AUTO INC
LAGENDA XPENG INC
600699 DIAN DIAGNOSTICS GROUP CO
002050 CH LAGENDA PROPERTIES BHD
ONC@US@ JOYSON ELECTRONICS CORP
TUL ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
BEONE MEDICINE INC
TULLA RESOURCES PL
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Navigating Involution Through Tech Leap, Poli...
This week's key highlights include insights from a China Automobile Dealer Association forum and a visit to Lynk & Co's Chengdu plant, China's historic L3 ADAS policy approval, and weekly sales updates. The market responded positively to these developments, prompting target price upgrades for Tuopu, Sanhua, Joyson Electronics and Fuyao Glass. Maintain MARKET WEIGHT for China's auto sector, with Geely and CATL as top BUYs, and BYD and Li Auto as top SELLs.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2050 ZHEJIANG SANHUA INTELLIGENT CONTROLS
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 JOYSON ELECTRONICS CORP
002050 CH CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Bella Lu Yifei
- Jo Yee Ng
- Jonathan Koh
- Ken Lee
- Malaysia Research Team
- Tanapon Cholkadidamrongkul
- Willinoy Sitorus
Regional Morning Meeting Notes: Friday, September 12, 2025
Greater China Sector Update | Automobile China has launched a three-month MIIT-led campaign to curb online misconduct in the auto industry, using selfinspections and penalties to reduce misinformation and promote competition on product quality. China’s PV insurance registrations fell 30% wow due to seasonality and consumers’ wait-and-see sentiment. Lithium carbonate prices correct on the production resumption of CATL’s Jianxiawo lithium mine. We maintain MARKET WEIGHT on China’s auto sector; top...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
UNTR PT UNITED TRACTORS TBK
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
MSGB MAH SING GROUP BHD
BAUTO BERMAZ AUTO BHD
ECW ECO WORLD DEVELOPMENT GROUP
SPSB SP SETIA BHD
SWB SUNWAY BHD
UEMS UEM SUNRISE BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
OXMU PRIME US REIT
KORE KEPPEL PACIFIC OAK US REIT
MCH MATRIX CONCEPTS HOLDINGS BHD
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
Z29 029 GROUP SE
IOIPG IOI PROPERTIES GROUP BHD
02015 LI AUTO INC
LAGENDA LAGENDA PROPERTIES BHD
600699 JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: The price war took its toll in 2Q25, and it i...
The price war took its toll on Chinese auto companies in 2Q25, causing a margin squeeze along the supply chain. Price wars are inevitable, despite the state’s antiinvolution campaign. Large OEMs like Geely, BYD and GWM will survive the industry consolidation. For young companies, we expect XPeng, Leapmotor and Aito to thrive. Maintain MARKET WEIGHT. Top BUYs: CATL and Geely. Top SELLs: BYD and Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
2050 HK ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (2050 HK)
- Bella Lu Yifei
- Ken Lee
Ganfeng Lithium (1772 HK): 2Q25: Net loss in line; 3Q25 turnaround on ...
GFL’s 2Q25 core net loss rose 177% qoq to Rmb671m, the high end of the guided range, due to a drop in lithium carbonate prices. We expect GFL to turn around from 3Q25 on the back of a rebound in lithium carbonate prices and cost reduction. We keep our 2025 net loss estimate at Rmb149m, and 2026-27 net profit forecasts at Rmb1.36b/Rmb2.73b respectively. Maintain BUY. Target price: HK$40.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ejann Hiew
- Greater China Research Team
- Ken Lee
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Monday, August 25, 2025
KEY HIGHLIGHTS Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$10.51/Target: HK$12.00) CSPC’s 1H25 revenue declined 18.5% yoy and adjusted net earnings fell 27.9% yoy due to VBP price pressure on major products. Management expects revenue to grow 5% hoh and the company to secure two more major BD deals in 2H25. We believe the negatives have been largely priced in, and its persistent R&D efforts and growing BD deals will drive a brighter growth outlook in the long term. Maintain BUY with a hi...
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Bella Lu Yifei
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jonathan Koh
- Ken Lee
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, August 25, 2025
GREATER CHINA Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$10.51/Target: HK$12.00) 1H25: Results miss; expects hoh sales recovery and two more BD deals in 2H25. Ganfeng Lithium (1772 HK/BUY/HK$30.80/Target: HK$40.00) 2Q25: Net loss in line; 3Q25 turnaround on the back of lithium carbonate price recovery. Maintain BUY, target price: HK$40.00. Li Ning (2331 HK/HOLD/HK$19.70/Target: HK$18.90) 1H25: Results beat but challenges remain in 2H25; fa...
ANTM PT ANEKA TAMBANG TBK
01093 CSPC PHARMACEUTICAL GROUP LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
02331 LI NING COMPANY LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
7153 KOSSAN RUBBER INDUSTRIES BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
1772 GANFENG LITHIUM CO. LTD. CLASS H
1093 CSPC PHARMACEUTICAL GROUP LTD
UHU UNITED HAMPSHIRE US REIT
GREATEC GREATECH TECHNOLOGY BHD
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
PEKAT PEKAT GROUP BHD
BRMS IJ BUMI RESOURCES MINERALS
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: YOY PV sales growth turns positive on price c...
China’s yoy PV and PEV sales growth returned to positive territory (at +6.2%/+13.5%) in the 33rd week of 2025, as OEMs cut prices again. Geely’s insurance registrations spiked 21% wow during the week, beating our expectation, driven by the blockbuster new model Galaxy A7. However, BYD, Tesla China and Li Auto still posted a yoy sales decline during the week, albeit a wow rebound. Maintain MARKET WEIGHT. Top BUYs: CATL, Geely and Tuopu.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
2050 ZHEJIANG SANHUA INTELLIGENT CONTROLS
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
3750 JOYSON ELECTRONICS CORP
002050 CH CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.