Building Permits MoM Prel for Aug in United States is -2.7%, lower than the previous value of 4.3%.~



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Continuing Jobless Claims for Sep/05 in United States is 1730.0K, lower than the previous value of 1769.0K. The forecast was 1780K.~



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Initial Jobless Claims for Sep/12 in United States is 196K, lower than the previous value of 206K. The forecast was 208K.~



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Building Permits Prel for Aug in United States is 1.394M, lower than the previous value of 1.433M. The forecast was 1.41M.~



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TENCENT (00700.HK) announced that it repurchased 235,000 shares of the company on September 17 at prices ranging from HKD425.2 to HKD431 per share, involving approximately HKD100 million.
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China's second World Humanoid Robot Games demonstrated significant progress in humanoid robots in mobility, speed and power, dexterous movements and autonomy, while raising the question of whether China's lead over the US in embodied AI is widening and when the US will host its first robot games, Morgan Stanley said in a report.

The broker noted that Tiangong Ultra won the large-category 100-meter final in 8.64 seconds, faster than Jamaican sprinter Usain Bolt's world record of 9.58 seconds and far ahead of its winning time of 21.5 seconds last year. The improvement came from reducing torso and waist mass, as well as upgrading motors and control systems. Humans took about a century to shorten the 100-meter record by around 10%, while robots cut the humanoid robot record by about 60% within 12 months.

Chinese suppliers accounted for more than 97% of global humanoid robot shipments in 1H26, with the related market spiking 272% YoY and Chinese customers accounting for more than 85% of demand. Morgan Stanley's China industrial team recently raised its 2026 China shipment forecast to 50,000 units from 28,000 units and expected shipments to reach 446,000 units by 2030. YUSHU TECHNOLOGY (688836.SH), the first humanoid robot manufacturer listed in Mainland China, surged about 460% on its Shanghai debut, with valuation nearing USD50 billion, before later retreating about 45% to a market cap of around RMB190 billion, or about USD28 billion.

The broker believed shipment share is not the correct scoreboard, as the real gap lies in humanoid robot capabilities. The US still leads in frontier models, VLA development and simulation, while China controls scalable physical inputs and supply chains. The key question is whether the US software lead can be maintained long enough, as every fleet deployed in China is collecting real-world data that may narrow the software gap. YUSHU TECHNOLOGY allocated 48% of IPO proceeds to model R&D, indicating where integrators see the bottleneck.

Beijing used the five-day event to portray humanoid robots more as athletes than job replacers. State media described robots, AI and innovative drugs as the "new new trio" following EVs, batteries and solar energy, and the games themselves also served a promotional role. The broker believed gaining social acceptance for deploying humanoid robots may be as important as technological progress.

The report's China humanoid robot value chain covers brain systems, actuators, motors, reducers, bearings, structural components, sensors, batteries and integrators, involving companies including Huawei, MIDEA GROUP (00300.HK), XIAOMI-W (01810.HK), BYD COMPANY (01211.HK), GAC GROUP (02238.HK), BABA-W (09988.HK), XPENG-W (09868.HK), JOYSON ELEC (00699.HK), ROBOSENSE (02498.HK), LENS (06613.HK), SANHUA (02050.HK), IFLYTEK (002230.SZ), HORIZONROBOT-W (09660.HK), HESAI-W (02525.HK), BIDU-W (09888.HK), TENCENT (00700.HK), UBTECH ROBOTICS (09880.HK), CATL (03750.HK) and Hon Hai (2317.TW).
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Spot USD/CNY faded 21 bps to close at 6.7085 today (17th). As of 4:51 pm, USD/CNY in the night session lost 20 bps. USD/CNH added 30 bps to 6.7082, 3 bps above USD/CNY.
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Citi cited Reuters report that SK hynix Inc. (SKHY.US) is engaged in exploratory talks with Intel Corporation (INTC.US) to study manufacturing memory chips in the US for the first time. Potential options include leasing capacity at Intel's Ohio fab, or forming a JV between Intel and major cloud service providers.

SK hynix clarified that no concrete plans or arrangements have been finalized at this stage, the broker noted, saying the news is consistent with recent remarks by Intel CEO Lip-Bu Tan that Intel will not build all capabilities on its own and intends to seek partnerships in areas where other parties have stronger technologies, while focusing on areas where it can lead, such as advanced packaging.

The broker believed the discussions may represent a further expansion of Intel's cooperation with SpaceX. SK hynix and Intel may provide localized US memory manufacturing capabilities to complement Intel's 14A and advanced packaging solutions.

The broker maintained its Buy rating on Intel, with a TP of USD130.
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QwenWork announced that Ant Group has officially integrated QwenWork as the intelligent office Agent foundation for company-wide use, aiming to establish a benchmark for large enterprise office operations.

In this collaboration, QwenWork adopted a K8S (Kubernetes) private deployment solution operating entirely within Ant Group's internal network, supporting integration of enterprises' proprietary models to ensure data remains within the domain, logs are auditable and conclusions are verifiable.

The move establishes an implementation pathway balancing full availability of AI capabilities with complete in-domain data retention, validating a replicable enterprise-controlled solution.
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Hong Kong bourse snapped the previous day's upswing. The HSI opened down 233 pts this morning (17th), with losses once widening to more than 300 pts. The index closed at 24,604, down 109 pts or 0.44%, with turnover of HKD185.586 billion. The HSTECH ended at 4,310, down 14 pts or 0.34%. The HSCEI concluded at 8,175, down 31 pts or 0.38%.

Dotcom bellwethers came under pressure broadly. MEITUAN-W (03690.HK) fell off 2.09%; TENCENT (00700.HK), BABA-W (09988.HK), JD-SW (09618.HK), BIDU-W (09888.HK), XIAOMI-W (01810.HK) and NTES (09999.HK) slipped by less than 1%; and KUAISHOU-W (01024.HK) inched up 0.94% against the market trend.

Goldman Sachs forecast the Federal Reserve to raise rates again next month, sending gold miners broadly lower. SD GOLD (01787.HK) shed 5.21%; ZIJIN GOLD INTL (02259.HK) slumped 4.08%; ZIJIN MINING (02899.HK) dropped 1.63%; ZHAOJIN MINING (01818.HK) tumbled 3.67%; and LINGBAO GOLD (03330.HK) dived 3%. Gold jewelry stocks also collapsed, with LAOPU GOLD (06181.HK) down 3.04% and CHOW TAI FOOK (01929.HK) down 2.3%.

Major banks kept the prime rates unchanged, and property stocks narrowed losses in the afternoon session. HANG LUNG PPT (00101.HK) crashed 2%; NEW WORLD DEV (00017.HK), SHK PPT (00016.HK) and CHINA RES LAND (01109.HK) shrank more than 1%; SINO LAND (00083.HK) lowered 1%. CK ASSET (01113.HK) and HENDERSON LAND (00012.HK) faded less than 1%.

AI concept stocks advanced strongly. Z.AI (02513.HK) jumped up 2.78% after the company raised its year-end ARR guidance by 25%; MINIMAX-W (00100.HK) shot up 7.06% after its products were included in Singapore's government AI education program; and XUNCE (03317.HK) added 1.13%.
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CMSI released a research report stating that China's NDRC has, for the first time, incorporated mergers and reorganizations and strict capacity control into its five-year plan. GAC GROUP (02238.HK) and FAW have launched asset restructuring, marking the start of supply-side reform in the auto industry, which was expected to address the root causes of excessive competition and drive earnings and valuation recovery in the sector.

The broker believed that asset consolidation led by state-owned automakers will help reduce excess capacity and homogeneous competition. If implemented comprehensively, it will improve the overall margin of the industry and support sector valuation recovery. The broker maintained its outlook for next year's auto market of "stable domestic demand and stronger overseas expansion".

For automakers, it favored the overseas expansion leaders GEELY AUTO (00175.HK), BYD COMPANY (01211.HK) and CHERY AUTO (09973.HK). For auto parts makers, it favored FUYAO GLASS (03606.HK), WEICHAI POWER (02338.HK) and MINTH GROUP (00425.HK). For the consolidation theme, it suggested watching potential trading opportunities in GAC GROUP (02238.HK) and BAIC MOTOR (01958.HK).

Stock | Investment Rating | TP

GEELY AUTO (00175.HK) | Overweight | HKD34.2
BYD COMPANY (01211.HK) | Overweight | HKD130
XPENG-W (09868.HK) | Overweight | HKD92
UBTECH ROBOTICS (09880.HK) | Overweight | HKD172
HORIZONROBOT-W (09660.HK) | Overweight | HKD9
Hesai Group (HSAI.US) | Overweight | USD32
FUYAO GLASS (03606.HK) | Overweight | HKD83
GWMOTOR (02333.HK) | Overweight | HKD13
MINTH GROUP (00425.HK) | Overweight | HKD56
LI AUTO-W (02015.HK) | Neutral | Under Review
Tesla, Inc. (TSLA.US) | Neutral | Under Review
CHERY AUTO (09973.HK) | Not Rated | -
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Statistics New Zealand announced that New Zealand's gross domestic product (GDP) growth slowed to 0.2% QoQ in 2Q26, still beating market expectations of a 0.1% increase and the central bank's forecast for no change. The previous reading was revised upward to a 0.9% increase. On a YoY basis, GDP rose 2.6%, above market expectations for a 2.2% increase. NZD/ USD rose nearly 0.3% during Asian trading hours at 0.5728.
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LEAPMOTOR (09863.HK) founder, chairman and CEO Zhu Jiangming said broadband wireless communications were not invented by Apple Inc. (AAPL.US), nor were computers, touchscreens, digital cameras or MP3 players. However, Steve Jobs achieved excellent innovation through functional integration, ecosystem development and ultimate product innovation, creating today's Apple. LEAPMOTOR also hopes to achieve similar innovation and strives to become the Apple of the automotive industry.

He believes that robots that can truly create greater value will still be non-humanoid robots in the future, possibly wheeled or transformable robots capable of movement and operation, without necessarily taking a humanoid form. LEAPMOTOR will not focus on humanoid robots in the near term, and will instead pay greater attention to automation scenarios. By leveraging AI technology and LEAPMOTOR's existing technologies, the company aims to develop better innovative products and create a second growth curve.
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Hong Kong bourse arrested the previous day's gains. After opening down 233 points this morning (17th), the HSI once deepened its downfall to more than 300 points. At midday, the index closed at 24,533, down 180 points or 0.73%, with main board turnover at HKD99.146 billion. The HSCEI closed at 8,158, down 47 points or 0.58%, while the HSTECH closed at 4,292, down 32 points or 0.76%.

Major techs were broadly squeezed. MEITUAN-W (03690.HK) tumbled 2.35%; TENCENT (00700.HK), BABA-W (09988.HK), BIDU-W (09888.HK) and JD-SW (09618.HK) dropped more than 1%; XIAOMI-W (01810.HK) dipped 0.84%; KUAISHOU-W (01024.HK) rebounded 0.94% against the market trend. TRIP.COM-S (09961.HK) lost 2.3%.

Goldman Sachs expected the Federal Reserve to raise interest rates again next month, leading to broad declines in gold miners. ZIJIN MINING (02899.HK) crashed 3.02%; ZIJIN GOLD INTL (02259.HK), ZHAOJIN MINING (01818.HK) and LINGBAO GOLD (03330.HK) each plunged more than 6%; SD GOLD (01787.HK) stumbled 7.2%; WANGUO GOLD GP (03939.HK) cratered 9%. Gold jewelry stocks also moved sharply lower, with LAOPU GOLD (06181.HK) down 3.7%, and CHOW TAI FOOK (01929.HK) and CHOW SANG SANG (00116.HK) each down more than 2%.

Property developers were under pressure, with NEW WORLD DEV (00017.HK), SWIREPROPERTIES (01972.HK), SHK PPT (00016.HK), HENDERSON LAND (00012.HK), HANG LUNG PPT (00101.HK) and CHINA RES LAND (01109.HK) down more than 2%; SINO LAND (00083.HK) down nearly 2%; CK ASSET (01113.HK) down 1.7%; LINK REIT (00823.HK) and MTR CORPORATION (00066.HK) down 1-1.2%.

Z.AI (02513.HK) spiked more than 5% against the market trend after the company raised its year-end ARR guidance by 25%. MINIMAX-W (00100.HK) shot up 6.64%, while XUNCE (03317.HK) edged down 0.97%.
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The US raised interest rates by 25 bps as expected. The HKD moved sideways this morning (17th), with a peak/trough of 7.8436/7.8450. The spot USD T/T rate last reported at 7.8445.

The aggregate balance of the banking system on next Monday (21st) is expected to be HKD53.975 billion.
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Shen Dou, Executive Vice President of BIDU-W (09888.HK) and President of Baidu AI Cloud Group, propounded the concept of an "Industrial Agent Operating System" at the 2026 Smart Economy Forum held in Beijing yesterday (16th).

He said industrial agents could help narrow the gap between model capabilities and economic growth, transforming advances in model capabilities into corporate operating results and turning large models from a technology into a genuine economic force.

Since the beginning of the year, competition surrounding agent applications in the office sector has become increasingly intense. However, "office" capabilities are visibly only a general-purpose atomic-level capability. Agents supporting industrial intelligence should include three categories: general-purpose agents, professional agents and customized agents.
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Goldman Sachs issued a research report updating its preferences for China's internet and AI sub-sectors through year-end. The broker upgraded gaming and entertainment as its top defensive growth pick, followed by cloud and data centers, as well as verticals/education, as weak macro trends continue to weigh on e-commerce.

TENCENT (00700.HK), NetEase, Inc. (NTES.US), BABA-W (09988.HK), VNET Group, Inc. (VNET.US), New Oriental Education & Technology (EDU.US), KE Holdings Inc (BEKE.US), JD.com, Inc. (JD.US) and MINIMAX-W (00100.HK) were rated Buy, given resilient AI cloud momentum, cost efficiency and attractive valuations.

Taking into account elevated AI investments and recent equity financing, the broker lowered TENCENT (00700.HK)'s 12-month TP to HKD650 and cut its 2H26 EPS forecast by as much as 5%. It also lowered BABA-W (09988.HK)'s 12-month TP to HKD172 and reduced the US stock TP for Alibaba (BABA.US) to USD177 to reflect dilution. However, based on strong computing power demand, it raised its September-quarter cloud growth estimate to 53%.
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Agentic AI startup Manus is close to completing a USD500 million funding round, with the company's valuation set to double to USD4 billion, Bloomberg, citing sources, reported. This would make the company one of the most valuable startups in China's industry.

Previously, after Meta Platforms, Inc. (META.US)'s acquisition deal for Manus collapsed, the company resumed independent operations. Reports also said that TENCENT (00700.HK) is in talks to become the company's largest shareholder.
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BYD COMPANY (01211.HK) Executive Vice President Stella Li visited the Menarini bus factory in Flumeri near Avellino in southern Italy, possibly to consider a location for a new production plant in Europe, reports citing sources said.

BYD COMPANY is reportedly in talks with the Italian government, while Spain and Germany are also being considered as potential locations. ~

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Oil prices descended after US Energy Secretary Chris Wright said the damage to Saudi Arabia's East-West oil pipeline was temporary and operations would resume within days.

New York oil futures for October delivery eroded 3.2% on Wednesday (16), closing at USD102.43 per barrel, while Brent oil futures for November delivery lost 2.7% to close at USD105.83 per barrel. During early Asian trading on Thursday (17th), oil futures prices also edged lower.

However, independent analysts warned that based on satellite images showing severe damage to pumping stations, the pipeline may need to suspend operations for several weeks.
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