Daily Investment Strategy
Daily focus：Fuyao Glass (3606)
Fuyao Glass achieved steady growth in the third quarter of 2025, with operating revenue reaching RMB 11.85 billion, an 18.86% year-on-year increase. Net profit attributable to shareholders of the listed company during the period was RMB 2.26 billion, a 14.09% increase compared to the same period last year. Cumulative net profit for the first three quarters of this year reached RMB 7.06 billion, a 28.93% year-on-year increase. This performance growth was primarily due to the company's increased marketing efforts, the increased sales share of high-value-added products, effective cost control, and increased foreign exchange gains. In terms of product strategy, the revenue contribution of high-value-added products continued to expand, accounting for 52.2% of total revenue in the first nine months of 2025. At the same time, the average selling price (ASP) of automotive glass increased by 6.9% year-on-year.
China and the United States agree to hold face-to-face meeting next week
U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held a video call on October 18th, agreeing to hold a new round of face-to-face economic and trade consultations in Malaysia next week. This move will help ease trade tensions and pave the way for a meeting between the two presidents during the APEC summit. The market expects that if substantial progress is made in the negotiations, it could ease pressure on the supply chain and manufacturing industry and boost the confidence of multinational companies. Conversely, if the negotiations are ineffective, it could increase foreign trade costs and increase the volatility of the RMB exchange rate and A-shares. Therefore, market participants are closely monitoring the policy wording and specific arrangements during the negotiations to determine the direction of subsequent macro liquidity and trade policies.
Hong Kong Stock Connect recorded a net inflow of HK$6.3 billion on Friday, with Meituan (3690) receiving the largest net inflow of HK$1.15 billion, followed by Tracker Fund of Investments (2800). Alibaba (9988) saw the largest net outflow of HK$2.15 billion, followed by SMIC (981).
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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