高盛发表内银股报告，对该行研究覆盖内银股2025年至2027年净息差预测平均上调1个基点；手续费收 入预测上调1%；贷款增长预测下调0.2个百分点，信用成本基本预测维持不变。相关调整导致拨备前利 润及税后净利润预测分别为下调0.3%及上调0.5%。该行维持对覆盖股份目标估值倍数不变，目标价平 均下调0.3%，意味在港上市内银股仍有2%上行空间。 个股方面，该行建议招商银行，因最受益消费金融复苏，且资产质素较佳、资本与拨备充足，预期盈利 增长将快于大型银行，并具股息提升空间。该行亦建议宁波银行，因其房地产风险敞口极低、不良贷款 生成率持续改善且风险吸收能力充足，可在审慎增提拨备的同时实现优质盈利增长。在大型银行中，该 行更青睐已完成资本补充的建设银行及中国银行。 ...

Group 1 - The company, YouSheng Co., Ltd. (603418.SH), is providing subframe products for certain projects of BYD [1]

高盛发表研报指，招商银行已公布去年初步业绩，收入及纯利分别为3380亿元及1500亿元，意味着2025 年第四季收入及纯利分别为860亿元及360亿元。该行对招商银行2026年的收入及纯利预测分别为3550亿 元及1630亿元，较彭博市场共识高出3%及5%，相当于按年增长7%及8%，对比四大行平均增长5%及 3%。该行预期2026年将是招商银行相对四大行的纯利增长轨迹出现分歧的时刻，主要由于预期招商银 行不大可能大幅增加拨备，从而在强劲收入势头下带动盈利增长加速。高盛维持对其"买入"评级，并将 H股目标价由53.41港元微升至53.44港元，A股目标价由54.68元微升至54.71元。 ...

Group 1 - Goldman Sachs reports that Kanglong Chemical has reached a cooperation agreement with Eli Lilly to support the local supply of Orforglipron in China [1] - Eli Lilly is expected to invest $200 million in Kanglong Chemical to enhance its technical capabilities, with potential for further expansion of the partnership as the project progresses [1] - The impact on Kanglong Chemical's fundamentals, including profit contribution and strategic significance, will depend on further disclosures expected during the upcoming earnings call [1] Group 2 - The report anticipates that Kanglong Chemical will receive a positive market response due to the partnership highlighting Eli Lilly's recognition of Kanglong Chemical as a qualified local GLP-1 supply chain partner [1] - Goldman Sachs assigns a "Buy" rating for Kanglong Chemical's Hong Kong stock with a target price of HKD 30.7, and a "Neutral" rating for its A-shares with a target price of CNY 38 [1]

Core Viewpoint - Daiwa's report indicates that China Resources Beer forecasts a net profit of 2.92 billion to 3.35 billion yuan for 2025, representing a year-on-year decline of 30% to 39% [1] Group 1: Financial Projections - Excluding the impairment of the liquor business, the estimated net profit for the year is between 5.89 billion to 6.14 billion yuan, with the median being 5% higher than Daiwa's expectation of 5.74 billion yuan [1] Group 2: Market Trends - The service-oriented consumption, primarily in dining, performed better than market expectations in February, potentially boosting the recovery of beer consumption in on-premise channels [1] - The industry is expected to benefit from a low base effect due to the "anti-waste" initiative starting in May, paving the way for potentially better-than-expected performance during the summer beer consumption peak [1] Group 3: Investment Recommendation - Daiwa maintains China Resources Beer as its top pick in the industry due to high visibility in product mix and average price upgrades, primarily benefiting from the strong growth momentum of the premium brand Heineken and a higher-than-industry share of home channel sales [1] - The "buy" rating is reiterated with a target price of 36 HKD [1]

Core Viewpoint - Morgan Stanley's report indicates that Hang Lung Properties may see a significant increase in tenant sales in mainland China during the first two months of 2026, potentially accelerating from an 18% year-on-year growth in Q4 of last year to over 20% in the first two months of this year, driven by the luxury fashion sector and a substantial increase in gold and jewelry sales [1] Group 1 - The luxury fashion industry is expected to show mid to high single-digit growth, contributing to the overall increase in tenant sales [1] - Sales in the gold and jewelry category are projected to grow between 50% to 100%, further boosting overall performance [1] - The forecast for the annual increase in tenant sales has been revised upward to between 10% and 15%, compared to the previous estimate of 5% to 10% [1] Group 2 - The target price for Hang Lung Properties has been set at HKD 12, and it is reiterated as a preferred stock with a rating of "Overweight" [1]

Core Insights - NIO's revenue in Q4 last year saw a significant quarter-on-quarter increase of 59%, with a gross margin improvement of 3.7 percentage points to 17.5%, marking a new high since 2022 [1] - The company achieved its first-ever quarterly profit with a non-GAAP net profit of 728 million yuan, supported by strong operating cash flow that increased net cash by 9.9 billion yuan quarter-on-quarter, bringing year-end cash reserves close to 46 billion yuan [1] - For Q1 guidance, NIO expects March delivery volumes to rebound to 32,000–35,000 units, with revenue per vehicle increasing to 303,000–306,000 yuan, exceeding market expectations [1] Financial Performance - The management maintains a positive outlook on Q1 vehicle gross margin, expecting it to stabilize at 18% by Q4 2025 [1] - The company plans to optimize its supply chain and upgrade its product structure to higher-margin large vehicles to address rising cost pressures, aiming for operational profitability throughout the year [1] Sales Forecast - The sales forecast for NIO from 2026 to 2027 has been slightly raised to 450,000–540,000 units, supported by a dense product matrix that is expected to drive high growth in sales and improved performance [1] - The target price for NIO has been raised to $11, with a "Buy" rating assigned [1]

Group 1 - The core profit of Cathay Pacific for the second half of the year was HKD 6.1 billion, representing a year-on-year increase of 7% [1] - Cathay Pacific reported a surge in short-term demand for long-haul flights to Europe and Australasia, which account for approximately 29% of its capacity [1] - There was also a notable increase in transit passenger demand from South Asia (4%) and North America (26%) [1] Group 2 - Cathay Pacific has hedged 30% of its expected fuel consumption for 2026 at a price of USD 70 per barrel, exposing the company to risks from widening aviation fuel crack spreads [1] - Citigroup maintains a "sell" rating on Cathay Pacific, primarily due to weak growth in outbound tourism from China, setting a target price of HKD 11.2 [1]

Core Viewpoint - Bank of America Securities reports that Cathay Pacific's net profit for 2025 exceeds market consensus, primarily due to a one-time settlement gain from Hong Kong Aircraft Engineering Company (HAECO) and a decrease in interest costs from last year's rate cuts [1] Group 1: Financial Performance - The unit revenue and unit cost are generally in line with Bank of America's expectations [1] - The target is to achieve a 10% growth in passenger capacity by 2026 [1] Group 2: Business Outlook - The cargo business has had a good start in the first two months of 2026 [1] - Rising fuel costs present risks, with approximately 30% of Brent crude oil usage for Q1 2026 already hedged [1] Group 3: Investment Rating - Bank of America maintains a "underperform" rating for Cathay Pacific, believing that the spread risks in passenger and fuel aspects have not yet been reflected in the stock price [1] - The target price is set at HKD 10.9 [1]

Core Viewpoint - The rise in oil prices has led to a significant increase in coal stocks within the A-share market, with several companies experiencing notable gains [1] Group 1: Company Performance - Jineng Technology saw a rise of 7.29%, with a total market capitalization of 6.992 billion [2] - Yanzhou Coal Mining increased by 5.86%, with a market value of 214.1 billion [2] - Yongtai Energy and Zhongmei Energy both rose over 4%, with market capitalizations of 44.7 billion and 247.9 billion respectively [2] - Other companies such as Shanxi Coking Coal, Zhengzhou Coal Electricity, and Shaanxi Black Cat also reported gains exceeding 3% [1][2] Group 2: Year-to-Date Performance - Jineng Technology has a year-to-date increase of 34.86% [2] - Yanzhou Coal Mining has shown a year-to-date growth of 62.21% [2] - Zhongmei Energy and Electric Power Investment have year-to-date increases of 50.32% and 23.25% respectively [2] - Overall, the coal sector has demonstrated strong performance in the year-to-date metrics, indicating robust investor interest [1][2]