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09 July 2026 What’s Hot Today: ►Momenta (6880 HK, HKD 295.6, HKD 69.6bn): A Physical AILeader at the Inflection Point Momenta’ssharesdebutedontheHongKongStockExchangeonJuly8asthe"firstphysicalAIstock."Thispure-playintelligentdrivingsoftwarecompanyhasgainedbroad recognition from global automakers and secured a dominantmarketshareinthehigh-levelautonomousdrivingsegment.ItsIPOattractedtop-tierinstitutionsandmajorautomakerstobecomecornerstoneinvestors,subscribingalmosthalfoftheoffering,underscoringstrongconfidenceinitscorecompetitiveness.Webelievethattherobustdemandforautonomousdrivingwillsustainasolidrevenuegrowthwhileeconomiesofscaleswilldrivethecompanytowardprofitabilityinthenearterm. Momentahas cementedits leadershipin the industry:Thecompany hasestablishedpartnerships with 24 leading global OEMs,coveringnineof theworld'sTop10automotivegroupsandallofChina'sTop10.IntheurbanNavigateonAutopilot(NOA)segment,asofFebruary28,2026,Momentahadsecured163urbanNOAawardsandmassproductionprojects,representingmorethanhalfoftheglobalurbanNOAawards.AccordingtoCICdata,asofFebruary 2026,MomentarankedfirstamongglobalindependenturbanNOAsolutionproviderswithamarketshareofapproximately64.5%bysalesvolume,roughlythreetimesthatofthesecond-largestplayer.Thecompany'sglobalmarketshareforvehiclesequippedwithurbanNOAandhighwayNOAstoodat27.4%,andcumulativemileagereached1.6bnkilometers,bothrankingfirstglobally.Byanymeasure,Momentahasemergedastheundisputedleaderinthehigh-levelautonomousdrivingspace. Highmarginsoftwarelicensing:In2023,thecompanygeneratedtotalrevenueofRMB743mn,ofwhichtechnologydevelopmentservicesaccountedfor97%.Theseservicesweredeliveredunderaproject-basedmodel,requiringcustomengineeringfor each vehicle model.Cost of revenue stood at RMB613mn,resultinginaGPMofonly17.5%. By2025,thenumberofawardedvehiclemodelshadgrownfrom31to170,mass-producedmodelsfrom8to68,andcumulativeinstallationssurgedfrom52kunitsto680kunits.Asaresult,pervehiclelicensingservicesexpandedfromRMB23mn(3%ofrevenue)toRMB968mn(40%ofrevenue),whiletotalrevenuerosetoRMB2.41bn(CAGRof80%). Giventhe near-zero marginal cost of licensing,COGS remained within theRMB600to700mnrangeoverthethree-yearperiodandstoodatRMB686mnin2025.Consequently,GPMclimbedfrom17.5%in2023to71.6%in2025.Thishighlevel GPM is expected to be sustainable,owing to the company’stechnologicalleadership. MorningSnapshot HongKong&ChinaMarketDaily 09 July 2026 Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research Source: Company Data, Sunwah Kingsway Research MorningSnapshot HongKong&ChinaMarketDaily Source: Company Data, Sunwah Kingsway Research Thebalancesheetisstrongerthanitappears:Asofend2025,thecompanyreportedRMB30.8bninliabilitiesagainstRMB12.9bninassets,resultinginanetliabilityofRMB17.9bn.However,RMB29.8bnoftheseliabilitieswerepreferredshareswhichwillbeconvertedintoordinarysharesuponlisting.Excludingthese,totalliabilitieswereonlyRMB1bn,implyingnetassetsofRMB11.9bnandadebttoassetratioofjust7.6%. ThecompanyalsoheldoverRMB10bnincashandwealthmanagementproducts,withzerobankborrowings.AddingtotheRMB4.9bninnetIPOproceeds,totaldeployablefundsexceedRMB15bn.Accordingtotheprospectus,theIPOproceedsareintendedforRobotaxicommercializationandmassproductionsolutions. MorningSnapshot HongKong&ChinaMarketDaily 09 July 2026 Ourviews:Intelligentdrivingisoneofthemostpromisingandfastest-growingsegmentsintheautomotivesector.AccordingtoCIC,theglobalandChinasmartdrivingmarketsareexpectedtoreachapproximatelyUS$306bn and US$167bn by 2030,respectively,implying CAGRs of over 65%.Within this,urban NOApenetrationinChinaisprojectedtorisefrom11%in2025to62%by2030,makingitthefastest-growingsub-segment.WebelieveMomentaiswellpositionedtocapturethisrapidadoption. ThelargeropportunityliesinthescalingofL4RobotaxiandRobovan.TheglobalRobotaximarketisexpectedtoexpandfromUS$100mnin2025toUS$81.8bnby2030.Leveragingover1.6bnkilometersofreal-worlddrivingdatafrom more than 100 mass-production models,Momenta has built a proprietary data asset thatcontinuouslyrefinesitsalgorithmsandsupportsL4commercialization.ThecompanytargetsanL4fleetof5kunitsbyend-2027,withfurthermulti-foldexpansionby2030,andmorethan50%ofthefleetdeployedoverseas.IthasalreadysecuredcommercialoperationapprovalsinSuzhouandShanghai,apilotpermitinWuxi,andestablishedpartnershipswithUber,Grab,XiangdaoChuxing,andMercedes-Benz,acceleratingitsexpansionintotheMiddleEast,Europe,andSoutheastAsia. WebelievethecurrentvaluationlargelyreflectsMomenta’sleadershipinmass-productionADASandthesector’shigh-growthtrajectory.ThekeyupsidedrivergoingforwardisthecommercializationofL4RobotaxiandRobovan.Inaddition,thecompanyistransitioningfromaone-timelicensingmodeltoarecurringsubscriptionmodelforL4autonomousdriving,whichshouldgeneratemorepredictablecashflows,enhancepricingpoweranduserstickiness,andbuildadefensibleecosystemmoat.Leveragingitsproprietarydataassetsfrommillionsofproductionvehicles,Momentaiswellpositionedtoevolvefromasoftwaresupplierintoa