CH Auto: EU Policy Move; Hitachi; Toyota; US EE/MI Coverage Resumption; GEV at OW; Yaskawa 2Q First Glance; Songfa -7% Feedback

This is a multi-topic compilation from J.P. Morgan's APAC Specialist Sales team. On China autos, Reuters reported that the EU and China reached a preliminary understanding under which China would aim to halve HEV/PHEV exports to the EU over the next four years, to be finalized at the Oct 15-16 European Council summit; J.P. Morgan estimates a ~10% 2027E earnings impact assuming a ~1mn export limit, with a potential export VAT rebate cut posing additional downside. Investors see the EU policy risk as largely in the price but show little appetite to add China OEMs on the long side; preferences are HDT over PV (Sinotruk OW), cheaply valued Chery Auto, and longer-dated consolidation beneficiary GAC. Hitachi's data center business was framed as a "One Hitachi" growth vector, maintaining OW and PT ¥6,500;