UBS upgraded Leapmotor (09863) to Buy from Neutral and kept its target price at HK$50, according to ETNet. The broker said Leapmotor shares fell 15% in the six trading days after its interim results, leaving the market already pricing in concerns over lower 2026 earnings expectations and industry-wide margin pressure. UBS said the selloff has made the risk-reward profile more attractive, with downside largely reflected and several potential catalysts ahead, including faster sales momentum, a new technology launch in September, and greater visibility on a second brand and strategic partnerships. UBS noted that management cut its 2026 full-year profit guidance to RMB3 billion from RMB5 billion at the interim results briefing because of rising raw material costs, which triggered the sharp share-price decline. The company expects raw material costs to stabilise gradually in the second half and gross margin to recover to 13% to 14% in later quarters. UBS lowered its 2026 vehicle gross margin forecast by 1.1 percentage points to 10.9% and cut its 2026 net profit estimate by 14% to RMB3 billion, while expecting scale benefits, steadier lithium prices and ongoing cost optimisation to support a margin rebound from the second half. UBS raised its 2026 sales forecast to 1 million vehicles from 900,000 and lifted its 2027 to 2028 sales forecasts by 22% to 25%. It said Leapmotor's August sales rose above 100,000 units for a second straight month, driven mainly by the A-series models and faster overseas deliveries. The company also raised its 2026 export target to 200,000 vehicles from 150,000 and set a 2027 export target of 350,000 to 400,000 vehicles. UBS said Leapmotor's monthly sales are more than twice those of Xpeng (09868), while quarterly revenue is about 40% higher and vehicle gross margin is 10% to 12%, similar to peers. Even so, its market value is only about 60% of Xpeng's, despite already being profitable.

CICC maintained NIO's Outperform rating and HK$55 target price, according to ETNet. The broker said NIO remained profitable for a third straight quarter in the second quarter of 2026 despite headwinds, but its net loss on paper and loss per vehicle widened quarter on quarter. It valued the stock using a price-to-sales approach, linking its 2027 forecast revenue per share to a 0.8 times average forward price-to-sales multiple for peers over the next three years. CICC said the valuation is 50% below NIO's average price-to-sales ratio since 2023, reflecting expectations for slower growth in China's domestic auto market and intensifying competition in the premium segment.

The rupee’s rally is being supported by bullish technical charts and the Reserve Bank of India’s reserve buffer, according to Bloomberg. However, continued gains in oil prices may curb optimism around the currency.

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According to Wallstreetcn, Alibaba updated its flagship Qwen3.8-Max model on September 2, with performance significantly improved over the previous version after post-training focused on coding and professional office tasks. In the CodeArena benchmark for front-end coding, Qwen3.8-Max rose 22 points to 1,691, ranking first overall ahead of Claude Opus5 and Kimi K3, while the updated model's average cost was $5 per million tokens on CodeArena's value-for-money list.

Unitree Technology (688836) fell below RMB 550 in early trading and was last at RMB 548.98, down 3.9%, leaving the stock about half below its intraday peak of RMB 1,100 on its debut day, according to ETNet. The company said many of the online claims were untrue after topics including employee reimbursement approvals and its reward-and-punishment system trended on Sept. 1. Media reports said founder Wang Xingxing is seen by employees as direct and strict, keeps product details closely discussed with frontline staff, and is highly focused on cost control. Unitree Technology has been volatile since listing on the STAR Market on Aug. 19. Its market value once reached RMB 444.9 billion on the first day, but has since fallen by more than RMB 220 billion, making it one of the weakest-performing new listings.

CLSA cut its target price on Sino Land (00083) to HK$11.3 from HK$12.1 and kept an Outperform rating, saying the developer's 2026 fiscal-year underlying profit met its forecast and operating performance remained resilient, according to ETNet. The broker said Sino Land's growing net cash position gives it a more distinctive value proposition versus peers, with enough flexibility to pursue investment opportunities and cushion potential interest-rate headwinds. It lowered its 2027/28 comparable earnings forecasts by 3.0% and 8.2% to reflect changes in project completion timing. CLSA said Sino Land's attributable contracted sales in Hong Kong topped HK$12.1 billion in fiscal 2026, driven by strong sell-outs at Grand Mayfair III, One Park Place and La Mirabelle I. Retail rents remained resilient on an improved retail environment, with portfolio occupancy rising to 90%. Office leasing showed stable signs, while residential leasing benefited from talent inflows and student demand. Hotel profit also continued to improve on a stronger tourism recovery in Hong Kong. The broker added that after three land acquisitions completed in fiscal 2026, Sino Land's net cash rose to HK$55.1 billion, the highest among Hong Kong developers.

Singularity Future Technology Group (01280) rose 20% to HK$1.95, a one-month high, with turnover of 24.3 million shares worth HK$34.41 million, according to ETNet. The stock traded between HK$1.62 and HK$1.95. Active buying accounted for 74% of volume versus 26% on the sell side, with net active buying of HK$770,400. IMC Asia Pacific was the largest net passive buyer at HK$152,300, while Bright Smart Securities was the largest net passive seller at HK$94,700.

Morgan Stanley kept Sino Land (00083) at Equal-Weight with a HK$12 target price, according to ETNet. The broker said Sino Land's rental EBIT should be broadly flat in the second half of fiscal 2025-26, supported by strong residential demand, stable office performance and improving retail conditions. Overall occupancy rose 0.5 percentage point to 90% as of June 2026. Morgan Stanley also said the company may allocate more capital expenditure to asset enhancement projects in the coming years. It expects negative returns from the office and retail segments to narrow in fiscal 2027. Sino Land's Hong Kong hotels posted higher revenue per available room and improved margins on rising visitor arrivals, while its Singapore hotels faced headwinds from a strong Singapore dollar and geopolitical uncertainty. Sydney continued to see strong local demand and ongoing renovation work.

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