Core Viewpoint - The insurance sector is expected to regain momentum as the earnings announcement period approaches, driven by five key catalysts [1] Group 1: Key Catalysts - Discussion on enhancing total shareholder returns [1] - Management's optimistic guidance on life insurance sales prospects for fiscal year 2026 [1] - Robust solvency capital position anticipated for Q4 2025 [1] - Decrease in cost of capital [1] - Increased confidence in the recovery of the Contractual Service Margin (CSM) for life insurance reserves [1] Group 2: Company Preferences - Preference for China Ping An due to its recovery in life insurance sales and attractive valuation [1] - Favorable outlook for China Life, which not only shows strong life insurance sales growth but also engages in discussions to enhance shareholder returns [1] - "Overweight" ratings assigned to China Ping An and China Life H-shares, with target prices set at HKD 100 and HKD 40 respectively [1]

Core Viewpoint - Citigroup's report indicates that Jiangnan Buyi's performance for the first half of the fiscal year ending December 2026 met expectations, with revenue and net profit growing by 7% and 12% year-on-year, reaching 3.38 billion and 674 million respectively [1] Financial Performance - For the fiscal year 2026, the company aims for a total gross merchandise value (GMV) of 10 billion, revenue of 6 billion, and gross and net profit margins exceeding 65% and 15% respectively, with a dividend payout ratio exceeding 75% [1] - Despite challenges from the macro environment and a warm winter, same-store sales growth has turned positive for the fiscal year 2026 to date (from July last year to February this year) [1] Membership and Digital Strategy - The company continues to enhance membership operations, brand value, and digitalization to drive growth [1] - Active membership numbers for 2025 and per capita annual spending of members exceeding 5,000 yuan have both reached record highs [1] Investment Outlook - Citigroup maintains its earnings forecast for Jiangnan Buyi and raises the target price from 20.8 HKD to 22.5 HKD, considering the company's valuation attractive with a dividend yield of approximately 8%, which is viewed as an ideal level, and rates the stock as "buy" [1]

Core Viewpoint - The A-share market for coal stocks continues to strengthen, driven by geopolitical tensions in the Middle East and potential increases in coal prices due to disruptions in coal trade logistics and reduced coal exports from Indonesia [1] Group 1: Market Performance - Coal stocks such as China Coal Energy approached the daily limit, while Huaneng Power surged over 5%, and other companies like Yanzhou Coal Mining, Shaanxi Black Cat, Yongtai Energy, China Shenhua, and Shaanxi Coal & Chemical all saw increases exceeding 4% [1] - Specific stock performance includes: - China Coal Energy: 9.16% increase, market cap of 219.6 billion, year-to-date increase of 33.12% [2] - Huaneng Power: 5.76% increase, market cap of 9.252 billion, year-to-date increase of 23.56% [2] - Yanzhou Coal Mining: 4.91% increase, market cap of 186.6 billion, year-to-date increase of 41.37% [2] - Shaanxi Black Cat: 4.43% increase, market cap of 10.6 billion, year-to-date increase of 43.37% [2] - China Shenhua: 4.33% increase, market cap of 876 billion, year-to-date increase of 8.86% [2] Group 2: Industry Insights - CITIC Securities suggests that escalating geopolitical conflicts in the Middle East could lead to rising oil prices, which may positively impact coal prices [1] - The potential impact on methanol and chemical trade logistics could increase domestic coal consumption in coal chemical industries, further supporting coal price expectations [1] - The combination of reduced coal exports from Indonesia is expected to create a favorable outlook for domestic coal prices [1]

瑞银发表研报指，预期华润万象生活2025年业绩符合市场预期，预期公司将提供乐观指引，包括十五五 规划下购物中心扩张计划以及2026年同店销售增长预测。该行将2026年同店零售销售增长预测由7%上 调至10%，因此将2026至2027年盈利预测上调2%；目标价由48港元上调至55港元，维持"买入"评级， 并列为中国房地产板块首选。 ...

Group 1 - The core viewpoint of the article highlights the strong performance of coal stocks in the A-share market, with companies like China Coal Energy nearing the daily limit increase and others like Hengyuan Coal Power and Yanzhou Coal Mining also showing significant gains [1] - CITIC Securities suggests that escalating geopolitical conflicts in the Middle East could lead to rising oil prices, which may positively impact coal prices [1] - The article notes that disruptions in the export of Indonesian coal, combined with increased domestic demand for coal in chemical production due to potential impacts on methanol and other chemical logistics, are expected to support a favorable outlook for domestic coal prices [1]

格隆汇3月2日丨恒安国际(01044.HK)宣布，公司将于2026年3月17日(星期二)举行董事会会议，藉以批 准之事项包括(但不限于)公司及其附属公司截至2025年12月31日止的年度业绩及考虑派发末期股息。 ...

Core Viewpoint - The company has achieved high-quality growth in FY26H1, with strong performance from multiple brands and online channels, leading to an upward revision of the full-year earnings forecast [1] Financial Performance - FY26H1 revenue reached 3.376 billion yuan, a year-on-year increase of 7.0% - Net profit for FY26H1 was 676 million yuan, up 11.9% year-on-year - Gross margin and net margin improved to 66.52% and 20.02%, respectively, with increases of 1.4 percentage points and 0.9 percentage points year-on-year [1] Brand Performance - Mature brand JNBY generated revenue of 1.860 billion yuan in FY26H1, growing 5.67% year-on-year - Growth brands LESS, jnby by JNBY, and速写 reported revenues of 389 million, 495 million, and 394 million yuan, with year-on-year growth rates of 0.35%, 4.12%, and 16.33% respectively - Emerging brands achieved revenue of 237 million yuan, reflecting a robust year-on-year growth of 22.42% [2] Channel Performance - Revenue from direct sales, distribution, and online channels in FY26H1 was 1.181 billion, 1.442 billion, and 753 million yuan, with year-on-year growth of 5.72%, 0.31%, and 25.10% respectively - Online and offline collaboration has enhanced overall profitability, with gross margins improving across all channels [3] Store and Membership Expansion - As of December 31, 2025, the company had 2,163 independent retail stores globally, an increase of 46 stores from the beginning of the period - Active membership accounts reached 590,000, with a year-on-year increase of 50,000 accounts, contributing to over 60% of offline retail revenue [3]

里昂发表研报指，江南布衣去年12月底止2026财年上半年净利润胜于预期，稳健迈向2026财年销售及净 利润目标(分别60亿及9亿元)。毛利率扩大1.4个百分点，受惠折扣控制得当，以及利好品牌和渠道组 合。 该行预料，集团2026财年销售和净利润按年升9%和13%，同时将2026年至2027年销售及净利润预测分 别上调0%及2%至3%；上调估值基础，对未来12个月市盈率目标由8倍上调至10倍，目标价由17港元上 调至25港元，评级为"跑赢大市"。 ...

Core Viewpoint - Fitch Ratings has confirmed Lenovo Group Limited's long-term foreign and local currency issuer default ratings at 'BBB' with a stable outlook, reflecting expectations of maintaining a robust credit profile due to its leadership in the global PC market and progress in service-oriented transformation [1] Group 1: Business Performance - Lenovo maintains a strong market position in the global PC sector, with PC shipments remaining the highest globally and market share expected to increase to 25% by Q4 2025 from 24% in Q4 2024 [2] - The company achieved record profit levels in the first nine months of the fiscal year ending March 2026, driven by stable market share growth and enhanced profitability in the Solutions and Services Group (SSG), with IDG revenue growing by 15% and SSG revenue by 18% year-on-year [2] - The Infrastructure Solutions Group (ISG) experienced an expanded loss, but EBITDA increased by 27% year-on-year to $3.7 billion in the same period [2] Group 2: Dependency on PC Business - Lenovo's profitability and cash generation remain highly dependent on its PC business compared to peers like Dell and HP, with only about 35% of its segment profit coming from non-PC businesses, while Dell and HP contribute approximately 69% and 60% respectively [2] - The company's mixed manufacturing model requires higher working capital and capital expenditures, leading to volatility in free cash flow before dividends, reflecting PC cycle fluctuations and higher capital expenditures related to manufacturing migration [2] Group 3: Growth Projections - SSG revenue is projected to grow at a mid-teens CAGR from FY2026 to FY2029, primarily driven by managed services and project solutions, which together account for about 60% of SSG's total revenue in Q3 FY2026 [3] - The company anticipates further growth in "as-a-service" and digital workplace solutions, with integrated solutions penetrating various verticals, maintaining SSG profit margins between 20% and 22% [3] - ISG is expected to reach breakeven in Q4 FY2026 after restructuring and cost-cutting measures, although higher inventory costs may impact profit margins [3] Group 4: Financial Leverage - Fitch expects Lenovo's total EBITDA leverage ratio to remain at a moderate level of 1.0x to 1.3x over the next three years, with sufficient liquidity and free cash flow to cover dividends, acquisitions, and capital expenditures while gradually reducing total leverage [4] - The company's conservative leverage level is a credit strength that helps mitigate business risks associated with lower diversification and thinner overall profit margins compared to peers [4]

公司认为，当前公司股价水准未能充分反映公司长期价值，基于对公司长期发展前景的判断以及对股东 利益的审慎考量，公司将于符合法律法规及监管要求的前提下，于授权范围内审慎及有序推进股份回购 安排。 根据公司股东于2025年6月5日举行的股东周年大会上授出的购回授权，公司计划于2025年度业绩公告发 布后至该购回授权届满即2026年股东周年大会日，于公开市场购回股份，回购总金额不超过10亿港元。 上述回购将按照相关法律法规进行，并以公司内部资源拨付。具体回购时间、价格区间及执行节奏，将 由董事会根据市场状况及公司资本结构管理需要审慎决定。 格隆汇3月2日丨复星国际(00656.HK)发布公告，自2022年1月1日起至本公告日期，公司已持续于公开市 场进行股份回购。截至本公告日期：(一)累计回购股份总数约为2.59亿股股份；(二)累计回购总金额约 为11.9亿港元；(三)累计回购股份约占本公告日期已发行股份总数的3.17%；上述股份回购均根据当时有 效的股东授出一般授权进行，并以公司内部资源拨付。 ...