MBFUYAO@EC2606A

JPMorgan Downgrades Fuyao Glass Rating and Sees Potential in Mindray and Battery Supply Chain

Fosun Securities Recommends Fuyao Glass, Expected to Maintain Steady Performance in 2026

Mitsubishi UFJ Increases Stake in Fuyao Glass to 6%

Morgan Stanley Lowers Forecast for Fuyao Glass Profit

Mayor of Ningbo Meets Fuyao Group Founder to Promise Support

Fuyao Glass Receives a New Utility Patent Authorization

Fuyao Glass Acquires New Patent for High-Transparency Glass

Fuyao Glass Announces Q3 2025 Results, Showing Robust Main Business Growth with Short-Term Profit Pressure

Fuyao Glass Receives New Patent Authorization

UBS Raises Forecast and Target Price for Fuyao Glass

Jilin Provincial Party Secretary Meets Fuyao Group Chairman to Discuss Cooperation

Fuyao Glass H Shares Receive Strong Buy Rating

Nomura Raises Fuyao Glass Target Price to HKD 80

Fuyao Glass H Shares Strongly Recommended by Analysts

CMBI Maintains Overweight Rating and Target Price for Fuyao Glass

Mitsubishi UFJ Reduces Holding in Fuyao Glass by 577,200 Shares

Fuyao Glass Chairman Cao Dewang Steps Down, Son Cao Hui Takes Over

FUYAO GLASS released FY2025 Q3 earnings on October 16 After-Market (BJT), actual revenue HKD 12.96 B (forecast HKD 13.05 B), actual EPS HKD 0.9508 (forecast HKD 1.0558)

FUYAO GLASS released FY2025 9 Months earnings on October 16 After-Market BJT, actual revenue HKD 36.2 B, actual EPS HKD 2.9453

Fuyao Glass reports 68.02% year-on-year decline in attributable profit for first nine months

AE LOGISTICS

STARCOIN GROUP

XL2CSOPCOIN-U

XL2CSOPCOIN

WATER INDUSTRY

MANY IDEA CLOUD

SAU SAN TONG

KANGQIAO SER

HAIZHI TECH GP

WAI CHUN GROUP

516110

561320

BYDDY

159565

03606

562260

159306

02015

600660

Goldman Sachs released a research report listing investment ratings and target prices for mainland automotive OEMs and suppliers. Companies such as BYD, Li Auto, XPeng, and FUYAO GLASS were all given a "Buy" rating, but target prices were adjusted downward. Specifically, BYD's target price was lowered from RMB 144 to RMB 137, Li Auto's target price was reduced from USD 27 to USD 24, XPeng's target price was decreased from USD 25 to USD 22, and FUYAO GLASS's target price was cut from RMB 77 to RMB 73

AASTOCKS

Guotai CSI 800 Automobile and Parts ETF

Guotai CSI Mainland transport theme ETF

BYD Company

E Fund CSI Auto Components Thematic ETF

Hua Xia CSI New Energy Vehicles ETF

XPENG-W

FUYAO GLASS

Li Auto

HFT CSI Auto Components Thematic ETF

Ping An CSI Auto Components Thematic ETF

LI AUTO-W

FYG;FUYAO GLASS

ChinaAMC CSI All Share Transportation ETF

XPeng

Hwabao WP CSI Intelligent Electric Vehicle ETF

BYD COMPANY

BYD Company Limited

ChinaAMC CSI Hong Kong Connect Automobile Industry Thematic ETF

Goldman Sachs' Investment Ratings and Target Prices for Mainland Automobile OEMs and Suppliers (Table)

00425

562700

JP Morgan downgraded FUYAO GLASS to "Neutral," lowering the target price from 80 yuan to 70 yuan due to increased market competition. MINTH GROUP is viewed as the preferred choice, maintaining an "Overweight" rating with a target price of 70 yuan, due to its strong positioning and attractive valuation in the electric vehicle market. The bank is optimistic about the battery supply chain, expecting a growth rate of over 40%

MINTH GROUP

ChinaAMC CSI Auto Components Thematic ETF

JP Morgan downgraded FUYAO GLASS to "Neutral," with MINTH GROUP as the industry favorite

01179

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06818

00857

01299

00100

02378

01208

HWORLD-S(01179) rose 4.31%, with a trading turnover 127.0 Million HKD, and a year-to-date rose 8.8%. LI AUTO-W(02015) rose 3.61%, with a trading turnover 2.1 Billion HKD, and a year-to-date rose 10.6%. AIA(01299) fell 5.54%, with a trading turnover 4.8 Billion HKD, and a year-to-date rose 4.5%. MINIMAX-WP(00100) fell 5.14%, with a trading turnover 398.3 Million HKD, and a year-to-date rose 179.4%.

- The Hang Seng Index fell 1.21% but has accumulated a 3.6% increase this year.  
- The Hang Seng Tech Index decreased by 1.11%, totaling a 3.1% decline year-to-date.  
- Key stocks include Huazhu Group, which rose 4.31%, and AIA, which dropped 5.54%, with MINIMAX-WP experiencing a significant decrease of 5.14%.

Top Gainers & Losers

HWORLD-S

GANFENGLITHIUM

CEB BANK

PETROCHINA

MINIMAX-WP

Top 5 HK Stock Gainers/Losers (>100B) (2.6)

600346

601857

000001

600028

600703

600688

The Shangai Composite Index fell -8 points or 0.20 percent on Friday to close at 4068 points.Leading the losses are Sanan Optoelectron (-5.97%), Fuyao Glass Indu (-3.22%) and Avic Aviation Engine (-2.56%).Top gainers were Hengli Petrochemical (2.62%), Petrochina (2.28%) and Shanghai Petrochemical (2.27%).

Trading Economics

HLSH

SSE Index

Sinopec Corp.

SANAN

The Shangai Composite Index Closes 0.20% Lower

00868

06865

On January 21, XINYI GLASS (868.HK) maintained a low-level oscillation throughout the day, frequently testing the lower Bollinger Band during the session, with weak buying interest and continuous net capital outflow. Technically, the MACD death cross and the bearish arrangement of moving averages jointly reinforced the downward pressure, with 8.22 yuan becoming a phase support level, but the actual buying power was weak. In terms of the industry, the slow recovery of the real estate chain has dragged down the popularity of related building materials, coupled with the recent high prices of glass raw materials, putting pressure on corporate profit expectations. The overall performance of cyclical stocks in the Hong Kong stock market has been sluggish, with institutions and quantitative funds actively choosing to reduce their holdings, further weakening the market's bullish foundation. From the market feedback, if the phase support is breached, it could easily trigger concentrated selling pressure, and weak rebounds may be suppressed by bearish sentiment. The sector's news is difficult to boost, and there is insufficient momentum for short-term action. Generally speaking, such a downward trend, once accompanied by increased volume, often indicates the opening of a new round of downward space. In terms of operational strategy, right-side users are advised to focus on defending short-term risks, continuously tracking trading volume and policy-driven events. In the current situation, bulls need to wait for a recovery in the industrial sector or for companies to secure new large orders for favorable outcomes to stabilize the downtrend. If the short-term rebound cannot be sustained with volume, participation will be challenging, and a relatively prudent strategy is to remain on the sidelines, waiting for clearer event-driven signals before making decisions

Technical Forecast

XINYI GLASS

FLAT GLASS

Morning Trend | Xinyi Glass tests support, is the downside space gradually opening up?

Fuyao Glass (3606.HK) continued to show weakness throughout the day on the 14th, with multiple attempts to test the lower Bollinger Band during the session. Recent industry news has been lackluster, and there are no significant catalysts for new energy vehicles and overseas demand, leading to a strong atmosphere of capital hesitation. The trading volume shows that selling pressure is clearly greater than active buying, with short-term speculative funds primarily focusing on quick buys and sells, without forming a sustained scale of collective action. On the technical side, MACD and short-term moving averages are under pressure, while KDJ and RSI both indicate weakness, with occasional attempts by funds to gamble on rebounds in the lower band area. HKD 64.10 has become a key observation point in the recent phase, where the divergence between bulls and bears intensifies; any unusual capital movement here could trigger emotional fluctuations. If trading volume synchronizes with short-term rallies to achieve effective volume-price resonance, caution should be exercised regarding profit-taking at high points, as short-term volatility risks remain high. In terms of operational strategy, it is recommended to lean towards defense and observation. If a rebound occurs during the session, attention can be paid to left-side buying opportunities, but the overall weakness remains unchanged, and risk control should still be the top priority

Early Morning Trend | FUYAO GLASS Short-term Approaches Lower Bound, Elastic Opportunity Approaches?

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01024

00020

03690

09660

00300

02333

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MINIMAX-WP(00100) rose 15.36%, with a trading turnover 2.7 Billion HKD, and a year-to-date rose 141.2%. ALI HEALTH(00241) rose 10.23%, with a trading turnover 2.2 Billion HKD, and a year-to-date rose 25.9%. HORIZONROBOT-W(09660) fell 4.19%, with a trading turnover 3.1 Billion HKD, and a year-to-date rose 5.7%. FUYAO GLASS(03606) fell 3.39%, with a trading turnover 202.9 Million HKD, and a year-to-date fell 2.5%.

- The Hang Seng Index increased by 1.44%, bringing its year-to-date gain to 3.8%, while the Hang Seng Tech Index rose by 3.1%, with a cumulative increase of 6.3% for the year.  
- MINIMAX-WP (00100) surged by 15.36% with a trading volume of HK$ 2.75 billion, marking a year-to-date rise of 141.2%.  
- In contrast, Horizon Robotics-W (09660) dropped by 4.19% with a trading volume of HK$ 3.14 billion, and Fuyao Glass (03606) declined by 3.39%, accumulating a year-to-date decline of 2.5%.

ALI HEALTH

KUAISHOU-W

SENSETIME-W

MEITUAN

HORIZONROBOT-W

MIDEA GROUP

GWMOTOR

CATL

Top 5 HK Stock Gainers/Losers (>100B) (1.12)

06162

01057

02431

TR INTERIORS fell 16.44%; ZHEJIANG SHIBAO rose 1.70%, with a transaction amount of HKD 301 million; MINIEYE fell 4.16%, with a transaction amount of HKD 215 million; Minth Group fell 2.27%, with a transaction amount of HKD 172 million; FUYAO GLASS fell 1.76%, with a market value of HKD 174.6 billion

HK Stock Movers Tracker

TR INTERIORS

ZHEJIANG SHIBAO

MINIEYE

Hong Kong Stock Movement: TR INTERIORS plummets 16.44%, active capital flow attracts market attention

601688

06886

01818

UBS released a report listing its favorite stocks in Hong Kong and Chinese stocks, including Horizon Robotics, FUYAO GLASS, Tencent Holdings, ZHAOJIN MINING, Sungrow Power Supply, Tongwei Co., Ltd., CATL, HTSC, NetEase, Northern Huachuang, Yutong Bus, Alibaba, and GDS Holdings, along with their respective target prices

HTSC

ZHAOJIN MINING

UBS lists favorite Chinese stocks (Table)

600219

600900

600066

603508

As of the end of November 2025, the overall dividend yield of companies listed on the Shanghai Stock Exchange is 2.25%; 28 companies have a dividend yield exceeding 2.5%, and 11 companies, including HENAN THINKER AUTOMATIC EQUIPMENT and NANSHAN ALUMINIUM, have a dividend yield exceeding 4%. A large number of companies on the Shanghai Stock Exchange have formed a stable high-dividend group. Based on data from the past three years, 342 companies on the Shanghai Stock Exchange have maintained a dividend payout ratio (cash dividends as a percentage of the company's net profit attributable to shareholders) of over 40% for three consecutive years, with 199 companies, including CYPC, FUYAO GLASS, and YTCO, having a dividend payout ratio exceeding 50% for three consecutive years. (Yicai)

36Kr

NANSHAN ALUMINIUM

CYPC

YTCO

HENAN THINKER AUTOMATIC EQUIPMENT

The overall dividend yield of companies in the Shanghai Stock Exchange is 2.25%

Fuyao Glass (3606.HK) has recently faced significant pressure at the HKD 20.00 level, with the stock price's central tendency continuously declining. The technical indicators in the early session continued to show a death cross pattern, with clear divergence between bulls and bears. Market data indicates that the 5-day and 10-day moving averages exert significant pressure on the stock price, and the MACD death cross has not shown significant convergence during the period, with momentum still leaning bearish. In the past few days, the inflow of main funds has been weak, with bottom-fishing mainly characterized by short-term quick entries and exits, showing insufficient rebound willingness. From the market environment perspective, the automotive and manufacturing sectors are experiencing fluctuations, dragging down overall risk appetite. Some funds are attempting to buy low near the key support of HKD 20.00, but if this level is breached, it could trigger further declines. 

Short-term analysis suggests that if the HKD 20.00 support holds today and the trading volume shows a moderate recovery, a structural rebound may occur. However, the rebound window depends on whether the pressure zone at HKD 23.00 can be broken. If the pressure zone continues to be blocked, the existing game of stock will persist with back-and-forth struggles between bulls and bears. Caution is advised for "false breakouts" in the early stages of the rebound and unusual movements of short-term funds. Investors should pay attention to intraday volume, holding confidence, and industry news. If new negative catalysts arise, quick avoidance is necessary. Overall, Fuyao Glass's current technical chart appears weak, making rebounds challenging. It is recommended to be cautious in positioning, closely monitor key volume levels and K-line performance, and reasonably control positions and risk exposure. Only structural positives or sustained fund inflows will truly open the rebound window, with operations primarily defensive, balancing offense and defense, and adjusting flexibly

Morning Trend | FUYAO GLASS Key Level Under Pressure, Can the Short-Term Rebound Window Open?

Huang Qiang, Secretary of the Jilin Provincial Committee, met with Cao Hui, Chairman of Fuyao Group, in Changchun, emphasizing the hope that Fuyao will focus on development over the next five years, advance core technology breakthroughs, solidify the foundation for cooperation in the automotive parts industry, and establish a high-level talent training system. Huang Qiang stated that he will implement policies to benefit enterprises, creating favorable conditions for Fuyao's development in Jilin. Cao Hui expressed that Fuyao will continue to pursue innovation, strengthen cooperation with Jilin, and contribute to high-quality development in Jilin

Zhitong

Jilin Provincial Party Secretary Huang Qiang meets with Fuyao Group Chairman Cao Hui

MBFUYAO@EC2606A(20679.HK)

Goldman Sachs' Investment Ratings and Target Prices for Mainland Automobile OEMs and Suppliers (Table)

JP Morgan downgraded FUYAO GLASS to "Neutral," with MINTH GROUP as the industry favorite

Top 5 HK Stock Gainers/Losers (>100B) (2.6)

The Shangai Composite Index Closes 0.20% Lower

Morning Trend | Xinyi Glass tests support, is the downside space gradually opening up?