MBSNTRK@EC2606A

JPMorgan Downgrades Li Auto's Rating and Target Price, Predicts Chinese Auto Market Trends

Jefferies Maintains Buy Rating for China National Heavy Duty Truck Hong Kong, With a Target Price of HKD 44.90

UBS Raises China National Heavy Duty Truck Target Price to 28 RMB

Citi Raises China National Heavy Duty Truck Dividend Forecast and Target to HKD 39.4

China National Heavy Duty Truck's Shareholders Deposit Shares into Goldman Sachs, Annual Sales Target Progressing Smoothly

Multi Ways Holdings orders China National Heavy Duty Vehicles and signs distribution agreement

Sinotruk (Hong Kong) Limited Special Shareholders' Meeting Proposal Approved

Plus AI Deepens Strategic Cooperation with Sinotruck in Smart Logistics

China Heavy Duty Trucks' Liu Wei Predicts Market Size of New Energy Trucks by 2030

U.S. Bank Securities Maintains Hold Rating on China National Heavy Duty Truck H.K., Target Price at HKD 29.00

BOA Securities Raises Target Price and Adjusts Profit Forecast for China National Heavy Duty Truck Group

Sinotruk (Hong Kong) to Hold Extraordinary General Meeting to Approve Weichai Parts Purchase Agreement Renewal

Jinan Commercial Vehicle Co., Ltd. of China National Heavy Duty Truck Group Increases Registered Capital to About 2.08 Billion RMB

Sinotruk's Secretary Confirms Order Abundance and Orderly Production

Morgan Stanley Maintains Hold Rating on China National Heavy Duty Truck Group

Sinotruk Announces Approval for Dissolution of Sinotruck Finance Company

China National Heavy Duty Truck's stock up 28%, P/E ratio slightly below HK market median

Daiwa Raises China National Heavy Duty Truck Target Price to 29.4 HKD

Sinotruk Q3 Revenue and Profit Grow Significantly, Export Advantages Continue to Solidify

China National Heavy Duty Truck Hong Kong Renewed Associated Transactions with China National Heavy Duty Truck Group and Weichai Holding

GUANZE MEDICAL

PCPD

STARCOIN GROUP

HUILI RES

TIMES UNI GP

MANY IDEA CLOUD

WALNUT CAP

SILKWAVE INC

HUA LIEN INT'L

WAI CHUN GROUP

03808

Jefferies has maintained a Buy rating on Sinotruk Hong Kong (3808) with a price target of HK$44.90. Additionally, TipRanks also issued a Buy rating for the company, while another report from TipRanks – DeepSeek reiterated a Hold rating on the same day.

Tip Ranks

SINOTRUK

Jefferies Remains a Buy on Sinotruk Hong Kong (3808)

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UBS maintains a "Buy" rating on SINOTRUK and raises the target price from 25 yuan to 28 yuan. The report points out that the company's export business is strong and is expected to drive profit growth in 2026. Management revealed that sales in the fourth quarter of 2025 will achieve double-digit growth, with exports accounting for more than 50%. The gross margin of exported fuel heavy trucks is higher than that of domestic sales. Based on the export momentum, UBS raised its revenue forecasts for 2026 and 2027 by 7% and 8%, respectively, and net profit forecasts by 6% and 15%

AASTOCKS

CNHTC-JNTC

UBS gives CNHTC-JNTC a "Buy" rating, optimistic about export prospects

00175

301039

515030

516380

In 2025, China saw a remarkable surge in hybrid and electric semi truck sales, with over 231,000 units produced, marking a 182% increase from 2024. December alone accounted for approximately 45,300 new heavy-duty NEVs, capturing 54% of the market and reflecting a 198% year-over-year growth. This growth is attributed to government policies, including the phase-out of a national trade-in subsidy and anticipated new NEV purchase tax costs in 2026, prompting companies to accelerate their replacement schedules.

- In 2025, China witnessed a surge in New Energy Vehicle (NEV) truck sales, with over 231,100 units registered, marking a 182% increase from 2024.  
- December alone accounted for approximately 45,300 new HD NEVs registered, capturing 54% of the heavy-duty truck market and reflecting a 198% year-over-year increase.  
- Government policies, including the phase-out of a trade-in subsidy and anticipated new tax costs in 2026, may have prompted companies to accelerate their replacement schedules.

Electrek

GEELY AUTO

CIMC VEHICLES

FOTON

DFAC

Guotai CSI Mainland transport theme ETF

Hua Xia CSI New Energy Vehicles ETF

Ping An CSI New Energy Vehicles Industry ETF

HANMA TECHNOLOGY

Hwabao WP CSI Intelligent Electric Vehicle ETF

中集车辆

SAIC Motor

ChinaAMC CSI All Share Transportation ETF

BYD Company Limited

BYD COMPANY

Hybrid and electric semi truck sales topped 231,000 units 2025 –in China alone

STECH

00HSI

01810

00992

03396

09988

09618

09896

The three major indices of the Hong Kong stock market showed mixed trends during the trading session, with the Hang Seng Index down 0.17% and the Hang Seng TECH Index up slightly by 0.23%. The hardware, storage, and peripherals sectors faced overall pressure, with Xiaomi Group down 1.01% and Lenovo Group declining by 3.50%. The internet content and information sector experienced fluctuations, with Baidu up 3.23% and Kuaishou rising 1.84%. The retail sector showed mixed performance, with Alibaba up 1.13%. Some consumer electronics and home appliance stocks experienced significant volatility, market sentiment turned cautious, highlighting structural opportunities, and investors focused on macroeconomic indicators and policy direction

- The Hong Kong stock market showed mixed performance, with the Hang Seng Index down 0.17% and the Hang Seng Tech Index up 0.23%.  
- Hardware, storage, and peripherals sectors struggled, while internet content and retail showed varied movements, reflecting cautious market sentiment.  
- Notable stock movements included Skyworth Group rising 42.86% following a planned spin-off, and TCL Electronics up 15.06% after a partnership announcement with Sony.

Market Heartbeat

Hang Seng TECH Index

Hang Seng Index

XIAOMI-W

LENOVO GROUP

LEGENDHOLDING

TENCENT

BIDU-SW

KUAISHOU-W

BABA-W

JD-SW

MNSO

SKYWORTH GROUP

TCL ELECTRONICS

ALLEGRO CULTURE

SF INTRA-CITY

FULLSHARE

SMIC

Hong Kong Stock Market Update | Hang Seng Index down 0.17%, technology sector stabilizes, Baidu leads in gains

On January 21st, during the midday session of the Hong Kong stock market, the three major indices showed mixed performance. The Hang Seng Index fell slightly by 0.15%, the Hang Seng Tech Index rose modestly by 0.14%, and the China Enterprises Index declined by 0.26%. The hardware, storage, and peripherals sectors overall dropped, with Xiaomi Group -W down 2.31% and Lenovo Group down 3.27%. The retail sector saw significant capital inflow, with Alibaba -W up 1.06% and JD.com -SW rising slightly. The internet content and information sector had mixed results, with Baidu -SW up 3.29%. Stocks such as SKYWORTH GROUP, TCL Electronics, and Fufeng Holdings showed notable gains, attracting market attention. Investors need to closely monitor the performance of core assets driven by sector rotation and earnings

- The Hong Kong stock market showed mixed performance on January 21, with the Hang Seng Index closing at 26,447.78 points, down 0.15%.  
- The hardware sector faced declines, while the retail sector remained strong due to consumer demand, with notable gains from Alibaba and JD.com.  
- Key stocks like Skyworth Group and TCL Electronics saw significant increases, reflecting positive market sentiment and robust earnings forecasts.

Hong Kong Stock Midday Review | Hang Seng Index fluctuates slightly down, technology and hardware diverge, SKYWORTH GROUP surges 37.64%

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The three major indices of the Hong Kong stock market strengthened collectively during the session, with the Hang Seng Index and Hang Seng TECH Index continuing to rise but not reaching new highs. Market funds flowed into the engineering machinery and internet content and information sectors, while the retail sector showed divergence. SKYWORTH GROUP surged by 32.82%, and TCL ELECTRONICS rose by 13.96%, leading the popular stocks. On the macro front, attention is focused on fluctuations in economic data, with funds favoring growth and defensive allocations. Market sentiment is warming up but still remains cautious

- As of January 21, 2026, Hong Kong stocks showed narrow fluctuations with the Hang Seng Index at 26,526.35 points, reflecting slight gains across indices.  
- Retail and internet content sectors exhibited mixed results, with notable performances from Alibaba and Tencent, while growth in heavy machinery stocks was driven by positive infrastructure demand.  
- Skynor Group surged 32.82% following privatization and business restructuring news, significantly boosting market confidence and leading to strong capital inflows in several technology shares.

SANY INT'L

WEICHAI POWER

GIGADEVICE

MircroPort Medbot-B

ISHARESHSI

HSTECH ETF

Hang Seng TECH ETF I

ChinaAMC Hang Seng Technology ETF(QDII)

Dacheng Hang Seng Technology ETF(QDII)

Tianhong Hang Seng TECH ETF(QDII)

CSOP HS TECH

Hong Kong stocks during the day | The three major indices fluctuated narrowly, SKYWORTH GROUP rose by 32.82%, and TCL ELECTRONICS and the engineering machinery sector attracted capital favor

The Hang Seng Index opened down 90 points at 26,397 points, and the National Index opened down 27 points at 9,067 points. Technology stocks generally opened lower, with Tencent down 0.5%, Meituan, JD.com, and NetEase each down 0.4%. In the automotive sector, BYD opened down 0.2%, while Geely and Xiaomi opened down 0.9% to 1.2%. SINOTRUK recorded a large order before the market opened, starting at HKD 28.3, down 5.7%. Financial stocks saw HSBC open down 0.2%. The market is paying attention to the US-Europe Greenland dispute

"Hong Kong Stocks" Hang Seng Index opened 90 points lower, SINOTRUK recorded a large order and opened down over 5%, while the gold stocks rose against the trend

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HSBC's research report predicts that the mainland heavy truck sector will perform strongly in the first half of this year, with catalysts expected to emerge in the second half of 2026. Although the forecast for heavy truck sales in 2026 has been raised to 1.05 million units, it is still expected to decline by 8% year-on-year. The bank is optimistic about Weichai Power and SINOTRUK, raising their target prices to HKD 25.8 and HKD 34, respectively, while maintaining a "Buy" rating. In the first half of the year, Weichai Power is preferred, while a constructive view is held for both in the second half

Weichai Power

HSBC Research expects the heavy truck sector in mainland China to thrive in the first half of this year, optimistic about Weichai Power and SINOTRUK

SINOTRUK (3808.HK) experienced unusual fluctuations during trading yesterday, forming a golden cross on the daily chart, with the MACD indicator crossing above the zero line, indicating a strong short-term recovery. The K-line closed with a large bullish candle, and trading volume increased, showing significant signs of capital inflow from the bulls and clear control by the main players. The overall sentiment in the heavy truck sector has improved, with favorable policies resonating with infrastructure demand, leading to sustained capital inflow. Technical structures indicate that the 5-day and 10-day moving averages are diverging upwards, forming a bullish arrangement. The intraday chart shows both volume and price rising, with follow-up funds flocking in, suggesting a potential strong continuation in the short term. However, some funds within the sector still exhibit a quick in-and-out sentiment, necessitating caution against the risk of short-term pullbacks. 

On the macro level, improved downstream investment demand and policy support are rapidly restoring industry valuations, attracting mainstream capital to accelerate positioning. The industry's prosperity is stabilizing and recovering, which is expected to support SINOTRUK in maintaining a bullish structure, but attention must be paid to the risk of differentiation and the sustainability of leading companies. 

Operational advice: It is advisable to appropriately look for opportunities to buy on dips after pullbacks, primarily focusing on short-term low-cost acquisitions, combined with dynamic profit-taking and stop-loss strategies to guard against fluctuations caused by internal capital differentiation within the sector. Pay attention to intraday fluctuations and industry policy dynamics to flexibly grasp trading rhythms. 

Risk warning: Be vigilant about potential negative impacts from macroeconomic fluctuations and changes in industry policies. Also, note the pressure for short-term capital realization and guard against the risk of pullbacks due to high-level volatility. The mid-term trend is centered on volume follow-up and policy support as core signals

Technical Forecast

Morning Trend | SINOTRUK experiences a surge, heavy truck sector sentiment warms up

Multi Ways Holdings Ltd. has ordered 62 Sinotruk vehicles worth approximately S$8.24 million (US$6.4 million), including 40 cement mixers and 22 tipper trucks. The vehicles will be delivered in about three months and come with a one-year warranty. Additionally, the company has signed a one-year non-exclusive dealership agreement with Cycle & Carriage Ventures Pte Ltd to sell Sinotruk products in Singapore.

Reuters

Multi Ways

Multi Ways Holdings Orders 62 Sinotruk Vehicles and Secures Dealership Agreement

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The Chongqing Municipal Government announced that the Qiji battery swap station on the Hu-Rong Expressway section in Sichuan, Chongqing, and Hubei has been opened, with the first batch of 12 dual-direction battery swap stations officially put into operation. CATL stated that the opening of this section will significantly enhance the transportation efficiency and environmental benefits of electric heavy trucks, reducing the logistics time from Chengdu to Wuhan to within 18 hours. It is expected that the daily battery swap volume will reach 360,000 kWh, resulting in an annual reduction of over 40,000 tons of emissions. The Hu-Rong Expressway is expected to be fully connected to Shanghai by 2026 and cover 80% of the national trunk line capacity by 2030. SINOTRUK has reached a strategic agreement with Bashu Logistics for the exchange of 1,000 chassis battery swap heavy trucks and completed the first batch of deliveries

CATL

CATL's Qiji battery swap station on the Hu-Rong Expressway in the Sichuan-Chongqing-Hubei section is now open

Sinotruk (Hong Kong) Limited held an extraordinary general meeting on December 22, 2025, where the proposal in the meeting notice was approved by shareholders.

Sinotruk (Hong Kong) Limited Held Extraordinary General Meeting

MBSNTRK@EC2606A(19945.HK)

Jefferies Remains a Buy on Sinotruk Hong Kong (3808)

UBS gives CNHTC-JNTC a "Buy" rating, optimistic about export prospects

Hybrid and electric semi truck sales topped 231,000 units 2025 –in China alone

Hong Kong Stock Market Update | Hang Seng Index down 0.17%, technology sector stabilizes, Baidu leads in gains

Hong Kong Stock Midday Review | Hang Seng Index fluctuates slightly down, technology and hardware diverge, SKYWORTH GROUP surges 37.64%