Manually copied stocks from a master list of stock in a folder into different folders. Is there a auto way to update the stocks in the folders from the updated master folder. Must always copied from the updated master folder into different folders manually is very consuming.

Where is the favorite folder located? Seems not possible to locate the folder using explorer.

Not directly, no. If the stocks were added to Favorites from a Local Data source, you can run an exploration (i.e. Equis - Performance, Daily which does not reject any symbols) and from the Report, you can right-click on the securities in the Report and choose "Copy Security", which allows you to copy the data from one local folder to another.

If the symbols were added to Favorites via DataOnDemand, it is a bit more complicated. You would basically have to run the same exploration, but you would have to create a SYM file from the report (which involves copy/pasting the exploration results into Excel and removing the unnecessary columns of information). You can then use this SYM file to create local securities.

Favorites.dta is a file, yes. The methods described above were methods to take the items out of Favorites and get them into a local folder. Unfortunately there is no way to move items directly out of Favorites. Favorites is not really storing the actual securities. Favorites just maintains a link to the original security. Think of Favorites as a collection of shortcuts to your securities.