reports
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: 2026 Marks The First Year Of Sodium Batteries
CATL, BYD, and Changan are deploying SIBs in EVs due to longer cycle lives, strong cold-weather performance and better fire safety. SIB-equipped EV sales are projected to make up 4-9% of global EV sales. LIBs remain dominant, but CATL benefits from diversification. The lithium market is expected to stay resilient through 2030. The hike in lithium carbonate costs will mostly be borne by auto OEMs. Maintain MARKET WEIGHT; BUY CATL, Ganfeng Lithium, Minth, Geely; SELL Li Auto.
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
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
2338 WEICHAI POWER 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
PONY JOYSON ELECTRONICS CORP
3750 PONY AI INC
002050 CH CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
2026 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: January EV Sales Weakness Offset By ICE Sales...
CPCA estimates January China passenger NEV wholesale sales at 900,000 units (+1% yoy/-42% mom), with front-loaded purchases ahead of the reduced purchase tax and delayed local subsidies weighing on volumes. Automakers with ICE-car exposure, such as Geely Auto and Great Wall Motor, saw relatively resilient January sales. We expect China’s auto sales to recover after Chinese New Year, with local subsidies in place. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SELL:...
002594 BYD COMPANY LIMITED CLASS A
M3I MINTH GROUP LIMITED
002460 GANFENG LITHIUM CO. LTD. CLASS A
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
2338 WEICHAI POWER 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
PONY JOYSON ELECTRONICS CORP
3750 PONY AI INC
002050 CH CONTEMPORARY AMPEREX TECHNOLOGY (3750 HK)
2026 ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
- Adrian Loh Tzum Yung
- Bella Lu Yifei
- Benjaphol Suthwanish
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Heidi Mo Jinghui
- HIFZHAN RAZIQ BIN HARIS FADZLAN
- Ken Lee
- Roy Chen Chengzhi
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Friday, February 06, 2026
Greater China Sector Update | Automobile CPCA estimates January China passenger NEV wholesale sales at 900,000 units (+1% yoy/-42% mom), with front-loaded purchases ahead of the reduced purchase tax and delayed local subsidies weighing on volumes. Automakers with ICE-car exposure, such as Geely Auto and Great Wall Motor, saw relatively resilient January sales. We expect China’s auto sales to recover after Chinese New Year, with the local subsidies in place. Maintain MARKET WEIGHT. Top BUYs: ...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
PTT PTT PUBLIC COMPANY LIMITED
S68 SINGAPORE EXCHANGE LTD.
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
CENTEL CENTRAL PLAZA HOTEL
BN4 KEPPEL CORPORATION 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
01801 INNOVENT BIOLOGICS INC.
AWC ASSET WORLD CORP PUBLIC COMPANY 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
MDKA MERDEKA COPPER GOLD TBK PT
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
PEKAT PEKAT GROUP BHD
- Julia Pan Mengyao
China Internet: Deeper dive into agentic AI and the rise of AI super a...
Highlights To-C applications growth is accelerating among mega-cap players with super apps, while emerging unicorns focus on To-B and To-prosumers in specific AI scenarios/verticals and on physical AI in verticals such as mobility and smartphone. For the next 6-12 months, we are eyeing key AI narratives: a) roll-out of super apps leveraging on agentic AI, b) leading LLMs in specific verticals unlocking monetisation potential, and c) key drivers of cloud revenue growth. Over time, we expect fur...
- Alden Gabriel Lam
- Arsit Pamaranont
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, February 02, 2026
Greater China Economics | PMI January PMI was below Bloomberg’s consensus, as the manufacturing PMI dipped to 49.2 (-0.9pt mom). The manufacturing output sub-index stayed marginally expansionary, while the new orders and new export orders sub-indices weakened. The purchase prices sub-index surged, pointing to higher cost pressure for manufacturers. The non-manufacturing PMI also fell to 49.4 (-0.8pt mom), mainly driven by a sharp contraction in the construction industry index. Large enterpri...
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
IRPC IRPC PUBLIC CO. LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
BN2 VALUETRONICS HOLDINGS
002230 IFLYTEK CO. LTD. CLASS A
N2IU MAPLETREE COMMERCIAL TRUST
AMRT SUMBER ALFARIA TRIJAYA TBK PT
AJBU KEPPEL DC REIT
00027 GALAXY ENTERTAINMENT GROUP LIMITED
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
599A SANDS CHINA LTD.
ASII PT ASTRA INTERNATIONAL TBK
SPRC STAR PETROLEUM REFINING
TLKM PT TELKOM INDONESIA (PERSERO) TBK CLASS B
00700 TENCENT HOLDINGS LTD.
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
ICBP INDOFOOD CBP SUKSES MAKMUR T
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
PROP PROPNEX LTD
FEH FOOD EMPIRE HOLDINGS LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
09988 ALIBABA GROUP HOLDING LTD.
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HLA HONG LEONG ASIA LTD
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
BBNI BANK NEGARA INDONESIA PERSER
GOTO GOJEK TOKOPEDIA TBK PT
DEWA IJ DARMA HENWA (DEWA IJ)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
RGL RECLAIMS GLOBAL
- Bella Lu Yifei
- Ken Lee
Automobile - Weekly: Chinese Auto OEMs’ Strategic Pivot To Internation...
Chinese EVs are gaining share in the global auto market, due to China’s integrated supply chain dominance and favourable trade policies. Established incumbents like BYD are facing increasing competition from fellow Chinese auto OEMs and some western brands like VW. Lower-export OEMs (Geely, XPeng) hold greater upside than high-export leaders (BYD, GWM). China’s EV export hub status benefits suppliers as foreign OEMs leverage local production. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithi...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
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
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
PONY PONY AI INC
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: Exports And EVs To Drive Growth Despite Weak ...
12 Chinese automakers set ambitious targets for 2026. Despite weak sales from 1-18 January, we maintain our PV sales forecast of 30.4m units (+3% yoy), driven by exports and EVs. Policy shifts in the EU and Canada are creating a more favourable environment for Chinese EV exports, supporting overseas growth. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SELL: Li Auto.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
M3I MINTH GROUP LIMITED
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
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
PONY PONY AI INC
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)
- Julia Pan Mengyao
- Ming San Soong
Tencent Holdings (700 HK): 4Q25 Results Preview: Intact Online Games A...
We expect Tencent’s revenue growth to remain solid at 13% yoy in 4Q25 despite macro headwinds and the ad-spend tax, continuing to benefit from inventory release and AI empowerment. We opine that near- to mid-term catalysts would include: a) multiple flagship new game launches in 2026, b) continued improvement in ad placement efficiency driven by AI, and c) the launch of AI-powered Mini Program code development tools on WeChat. Maintain BUY with an unchanged target price of HK$800.00.
- Bella Lu Yifei
- Carol Dou Xiao Qin
- Ejann Hiew
- Greater China Research Team
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
Greater China Daily: Thursday, January 22, 2026
Top Stories Sector Update | Healthcare At the recent investor conference, global investors viewed Chinese healthcare companies with increasing interest and optimism. Impressed by their advanced R&D pipelines and swift R&D-to-market execution capabilities, investors recognised Chinese companies’ potential for innovation and growth, particularly as they presented an array of cutting-edge products ready for global markets. This positive perception reflects a growing confidence in China's healthcar...
- Bella Lu Yifei
- Benyamin Mikael
- Carol Dou Xiao Qin
- Ejann Hiew
- Jack Goh Tooan Orng
- Jonathan Koh
- Julia Pan Mengyao
- Ken Lee
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Thursday, January 22, 2026
Greater China Sector Update | Healthcare At the recent investor conference, global investors viewed Chinese healthcare companies with increasing interest and optimism. Impressed by their advanced R&D pipelines and swift R&D-to-market execution capabilities, investors recognised Chinese companies’ potential for innovation and growth, particularly as they presented an array of cutting-edge products ready for global markets. This positive perception reflects a growing confidence in China's healthca...
601888 CHINA TOURISM GROUP DUTY FREE CORPORATION LIMITED CLASS A
00700 TENCENT HOLDINGS LTD.
KTB-R KRUNG THAI BANK PCL NVDR
1772 GANFENG LITHIUM CO. LTD. CLASS H
06160 BEIGENE LTD.
SCB SCB X PUBLIC COMPANY LIMITED
BTG BETAGRO PUBLIC COMPANY LIMITED
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: China’s Scrapping Of VAT Rebate For ESS Batte...
China is cancelling VAT rebates for ESS battery exports, pulling forward demand for batteries and lithium carbonate to 2026, thus benefitting CATL and Ganfeng Lithium. The EU has set minimum prices for Chinese EVs as an alternative to the extra tariff, boding well for profitability of Chinese OEMs like Geely, BYD and XPeng. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SELL: 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
PONY PONY AI INC
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
- Carol Dou Xiao Qin
- Claire Wang Kelai
- Damon Shen
- Ejann Hiew
- Heidi Mo Jinghui
- Jieqi Liu
- John Cheong Ming Chern
- Kai Jie Tang
- Ken Lee
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Lester Siew
- Shirley Wang Xueyi
- Stella Guo Yuting
- Sunny Chen
- Tanapon Cholkadidamrongkul
- Tham Mun Hon
Regional Morning Meeting Notes: Friday, January 16, 2026
Greater China Economics | Money Supply December’s monetary data was mixed. M1 growth slowed further to 3.8% yoy, slightly below expectations, while M2 growth improved to 8.5% yoy on stronger time deposits growth. On a positive note, new bank loans rebounded to Rmb0.91t, mainly driven by corporate and government borrowing, and new TSF also beat forecasts. However, outstanding bank loan growth stayed at a year-low of 6.4% yoy and TSF growth eased to 8.3% yoy, underscoring still-fragile credit ...
FR FIRST INDUSTRIAL REALTY TRUST INC.
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
544 CSE GLOBAL LTD.
01093 CSPC PHARMACEUTICAL GROUP LIMITED
02331 LI NING COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
00241 ALIBABA HEALTH INFORMATION TECHNOLOGY LTD.
3816 MISC BHD
01177 SINO BIOPHARMACEUTICAL LIMITED
EGH EUREKA GROUP HOLDINGS
M3I MINTH GROUP LIMITED
X2S SINOPHARM GROUP CO. LTD. CLASS H
HANA HANA MICROELECTRONICS PCL
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
BAL BUMITAMA AGRI LTD
3933 THE UNITED LABORATORIES INTE
KCE KCE ELECTRONICS PUBLIC CO. LTD.
CPALL TB CP ALL
CAO CHINA AVIATION OIL SINGAPORE CORP LTD
2877 CHINA SHINEWAY PHARMACEUTICA
HCM HUTCHISON CHINA MEDITECH LIMITED
01801 INNOVENT BIOLOGICS INC.
1833 PING AN HEALTHCARE AND TECHNOLOGY COMPANY LIMITED
300760 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO. LTD. CLASS A
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
1093 CSPC PHARMACEUTICAL GROUP LTD
603259 WUXI APPTEC CO. LTD. CLASS A
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
2269 WUXI BIOLOGICS (CAYMAN) INC.
01209 CHINA RESOURCES MIXC LIFESTYLE SERVICES (RED CHIP)
3692 HANSOH PHARMACEUTICAL GROUP
06160 BEIGENE LTD.
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
300765 WUXI APPTEC CO. LTD. CLASS H
DELTA CSPC INNOVATION PHARMACEUTICAL CO L
Z29 DELTA ELECTRONICS
02015 029 GROUP SE
600699 LI AUTO INC
CPAXT JOYSON ELECTRONICS CORP
ONC@US@ CP AXTRA PUBLIC COMPANY LIMITED
ASL SP BEONE MEDICINE INC
UGAI ASL MARINE (ASL SP)
ULTRAGREEN.AI LIMITED
- Julia Pan Mengyao
- Ming San Soong
China Internet: Strong AI-driven IPO Wave Set To Unfold In 2026.
We reckon that the AI wave is driven by key themes including: a) recurring AI LLM/applications and cloud revenue growth, and b) a wider deployment of proprietary and data driven AI agents by vertical players to strengthen competitive moats. Amid an uncertain competitive backdrop, we opine that cloud hyper-scalers are key beneficiaries underpinned by their ecosystem scale and technological capabilities, underscoring growing investor confidence in the AI-driven sector’s re-rating. Maintain OVERWEI...
- Audrey Celia
- Benjaphol Suthwanish
- Claire Wang Kelai
- Ejann Hiew
- Heidi Mo Jinghui
- Julia Pan Mengyao
- Kai Jie Tang
- Lester Siew
- Ming San Soong
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tham Mun Hon
- Thanawat Thangchadakorn
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Monday, January 12, 2026
Greater China Economics | Inflation December CPI inflation rose to 0.8% yoy (+0.1ppt mom), the strongest reading ytd, with a sharp rebound in food prices. Core CPI remained at 1.2% yoy, the highest level for 2025, with goods inflation strengthening further while services inflation continued to ease slightly. PPI deflation moderated to 1.9% yoy (+0.3ppt mom), supported by improvements in mining and consumer goods pricing. Overall, the data suggests tentative price stabilisation, although defl...
002230 IFLYTEK CO. LTD. CLASS A
SCC SIAM CEMENT PUBLIC CO. LTD.
00700 TENCENT HOLDINGS LTD.
SOP SARAWAK OIL PALMS BERHAD
KIML KIM LOONG RESOURCES BHD
IOI IOI CORP BHD
KLK KUALA LUMPUR KEPONG BHD
GENP GENTING PLANTATIONS BHD
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
01876 BUDWEISER BREWING CO. APAC LTD.
09988 ALIBABA GROUP HOLDING LTD.
01024 KUAISHOU TECHNOLOGY CLASS B
09888 BAIDU INC
HUME HUME CEMENT INDUSTRIES BHD
SDG SD GUTHRIE BHD
TIDLOR TIDLOR HOLDINGS PCL
RGL RECLAIMS GLOBAL
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Trim China’s 2026 PV Sales Growth To 3% On Bi...
We trim China’s 2026 PV sales growth to 3% yoy, based on a 2% yoy drop in domestic sales and 20% export growth, as the bigger-than-expected stimulus rollback weighs on demand. Based on lower 2026 sales, we cut 2026 net profit forecasts for OEMs by 3-10%, and cut target prices for Geely, BYD, GWM, XPeng and Li Auto to HK$36.00/HK$81.00/HK$18.50/HK$145.00/HK$50.00 respectively. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SELL: 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
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
PONY PONY AI INC
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
- Benyamin Mikael
- Jonathan Koh
- Kasemsun Koonnara
- Ken Lee
- Kong Ho Meng
- Tanapon Cholkadidamrongkul
- Thanawat Thangchadakorn
Regional Morning Meeting Notes: Friday, January 09, 2026
Indonesia Company Update | Darma Henwa (DEWA IJ/BUY/Rp800/Target: Rp1,500) DEWA is entering a structural earnings upcycle driven by full in-house fleet utilisation, sharply higher operating capacity, and tighter cost control. Funding is secured to support expansion, while balance sheet optimisation could unlock dividends. With execution risk materially reduced and copper upside unpriced, we see scope for a valuation re-rating and maintain BUY with a DCF-based target price of Rp1,500. Malay...
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
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
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
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Policy Support Strengthens Market Confidence
The extension of vehicle trade-in subsidies into 2026 enhances policy continuity and consumer confidence, together forming a clear policy tailwind for a more sustainable sector outlook. Supply-side measures aimed at curbing cut-throat competition under the 15th Five-Year Plan are expected to ease price wars and stabilise industry margins and earnings expectations. Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SELLs: 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)
- Bella Lu Yifei
- Claire Wang Kelai
- Ejann Hiew
- Greater China Research Team
- Ken Lee
- Shirley Wang Xueyi
- Stella Guo Yuting
- Tham Mun Hon
Greater China Daily: Frdiay, January 2, 2026
Top Stories Economics | PMI December Manufacturing PMI rose to 50.1, back in the expansionary zone for the first time since March. Non-manufacturing PMI also improved at 50.2 (+0.7pt mom), driven by a rebound in construction activity, while services PMI remained slightly contractionary, pointing to weak domestic demand. Enterprise PMI showed divergent trends, with large firms leading the improvement. Overall, the December data points to an uneven recovery despite the positive headline numbers. ...
- Andrew Agita Buntoro
- Bella Lu Yifei
- Benyamin Mikael
- Claire Wang Kelai
- Ejann Hiew
- Jonathan Koh
- Keith Wee Teck Keong
- Ken Lee
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Tham Mun Hon
UOBKH: Regional Morning Meeting Notes: Friday, January 02, 2026
Greater China Economics | PMI December Manufacturing PMI rose to 50.1, back in the expansionary zone for the first time since March. Non-manufacturing PMI also improved at 50.2 (+0.7pt mom), driven by a rebound in construction activity, while services PMI remained slightly contractionary pointing to weak domestic demand. Enterprise PMI showed divergent trends, with large firms leading the improvement. Overall, the December data points to uneven recovery despite the positive headline numbers....
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
FCT FRASERS CENTREPOINT TRUST
1023 CIMB GROUP HOLDINGS BHD
544 CSE GLOBAL LTD.
C09 CITY DEVELOPMENTS LIMITED
2488 ALLIANCE BANK MALAYSIA BHD.
1295 PUBLIC BANK BHD
BN2 VALUETRONICS HOLDINGS
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
00027 GALAXY ENTERTAINMENT GROUP LIMITED
1155 MALAYAN BANKING BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
M3I MINTH GROUP LIMITED
BN4 KEPPEL CORPORATION LIMITED
599A SANDS CHINA LTD.
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
Q5T FAR EAST HOSPITALITY TRUST
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
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
CDREIT CDL HOSPITALITY TRUSTS
RHBBANK RHB BANK BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
HLFG HONG LEONG FINANCIAL GROUP
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
AMM AMMB HOLDINGS BHD
HLBK HONG LEONG BANK BERHAD
ABANK AFFIN BANK BHD
RSTON RIVERSTONE HOLDINGS LTD
FEH FOOD EMPIRE HOLDINGS LTD
1772 GANFENG LITHIUM CO. LTD. CLASS H
UHU UNITED HAMPSHIRE US REIT
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
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
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
GTSI GTS INTERNASIONAL TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
BIMB BANK ISLAM MALAYSIA BHD
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
02015 LI AUTO INC
09868 XPENG INC
600699 JOYSON ELECTRONICS CORP
PONY PONY AI INC
002050 CH ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD (002050 CH)
ASL SP ASL MARINE (ASL SP)
UGAI ULTRAGREEN.AI LIMITED
- Bella Lu Yifei
- Ken Lee
China Automobile Weekly: Phasing Out Of Local Subsidies Dampens Decemb...
The phasing out of local car trade-in subsidies has hammered auto sales. PEV sales fell 17% yoy during the first week of December. Subsidies will resume in early-26 and trigger a sales rebound. We expect PV sales and EV sales to grow 4.9% and over 20.0% in 2026 respectively, driven by exports. Geely is catching up with BYD in terms of market share (12.1% vs 13.8%). Maintain MARKET WEIGHT. Top BUYs: CATL, Ganfeng Lithium, Minth and Geely. Top SELL: 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
02015 LI AUTO INC
09868 XPENG INC
600699 NINGBO JOYSON ELECTRONIC CORP
PONY PONY AI INC
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)
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