Core Viewpoint - ASMPT's 4Q25 performance exceeded expectations, driven primarily by TCB, with revenue reaching HKD 39.59 billion (USD 5.09 billion) [1] Financial Performance - 4Q25 order volume was USD 500 million, supported by TCB and SMT's mainstream business; gross margin was 35.8%; net profit was HKD 11.1 billion, with adjusted profit at HKD 1.2 billion [1] - For 2025, revenue is projected at HKD 137.36 billion (USD 17.6 billion) with a net profit of HKD 9.02 billion; orders are expected to reach USD 1.86 billion, with a shipment ratio of 1.05 [1] - The company anticipates 1Q26 revenue between USD 470 million and USD 530 million [1] Business Development Trends - The growth in orders for 2025 is primarily attributed to TCB, with a projected market size of USD 1.6 billion by 2028, aiming for a market share of 35-40%, equating to USD 560-640 million [1] - TCB equipment is expected to remain the fastest-growing segment for the company, considering applications in logic chips and ongoing validation of HBM technologies [1] Market Analysis - In 2025, advanced packaging (AP) is expected to contribute 30% to the company's revenue, up from 26% in 2024; the computer (including HPC) segment will account for 22% of revenue, while automotive revenue share is projected to decrease from 21% in 2024 to 16% [2] Asset Changes - The company plans to divest the ASMPTNEXX business, which focuses on middle-end packaging equipment, with expected revenue of HKD 785 million in 2025; the sale is anticipated to be completed by 2026 [2] Profit Forecast and Valuation - The profit forecast for 2026 remains largely unchanged, with the introduction of a 2027 forecast of HKD 168.30 billion in revenue and HKD 17.07 billion in profit; the current stock price corresponds to a 29.7x 2026E PE [2] - The target price has been raised by 50% to HKD 135, reflecting a 36x 2026E PE, indicating a 22% upside potential [2]

Core Viewpoint - China International Airlines has received approval from the China Securities Regulatory Commission for a stock issuance to specific investors, which is valid for twelve months from the date of approval [1] Group 1 - The company has been granted a registration approval for issuing stocks to specific objects as per the regulatory document [1] - The issuance must be conducted strictly according to the application documents submitted to the Shanghai Stock Exchange and the issuance plan [1] - The approval document is valid for twelve months from the date of consent [1]

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件。 | | | --- | --- | --- | --- | --- | --- | --- | | | 份或目 | 泉内 | | | ( 請參閱上述 * 註解) 有投票權股 (日 / 月 / | | | | | | | | 份高分比 | | | and and and any and a commend and a commend and any and on the many of the many of CS20260306E00413 | BlackRock, Inc. | 1201(L) | 4,563,000(L) | HKD 12.7743 | 181.866.718(L) | 7.84(L)03/03/202 | | | | | | | 175,500(S) | 0.01(S) | 格隆汇3月9日丨根据联交所最新权益披露资料显示，2026年3月3日，长城汽车(02333.HK)遭BlackRock, Inc.在场内以每股均价12.774 ...

Group 1 - BlackRock, Inc. reduced its stake in Haier Smart Home (06690.HK) by selling 3.606 million shares at an average price of HKD 26.6114 per share, amounting to approximately HKD 95.96 million [1] - Following the sale, BlackRock's total holdings in Haier Smart Home decreased to 226,113,267 shares, representing a reduction in ownership from 8.05% to 7.92% [1]

格隆汇3月9日丨根据联交所最新权益披露资料显示，2026年3月3日，中国银行(03988.HK)遭BlackRock, Inc.在场内以每股均价4.6352港元减持好仓4460.9万 股，涉资约2.07亿港元。 | 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件 | | --- | --- | --- | --- | --- | --- | | | 份數目 | 原因 | | | (請參閱上述*註解)有投票權股 (日/月/ | | | | | | | 份自分比 | | | | | | | ( % ) | | CS20260306E00407 | BlackRock, Inc. | 1201(L) | 44,609,000(L) | HKD 4.6352 | 4,992,175,189(L) 5.97(L)03/03/202 | | | | | | | 15,058,000(S) 0.02(S) | 减持后，BlackRock, Inc.最新持好仓数目为4,992,175,189股，持好仓比例由6.02%下 ...

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 賣出或涉及的股 每股的平均價 | | | 持有權益的股份數目 佔已發行的 有關事件的 | | --- | --- | --- | --- | --- | | | 份數目 | 原因 | | ( 請參閱上述 * 註解 ) 有投票權股 (日 / 月 / | | | | | | 份自分比 | | | | | | 96 ) | | CS20260306E00410 | BlackRock, Inc. 10,308,193(L) | 1201(L) | HKD 4.0415 | 496,925,461(L) 5.97(L)03/03/202 | | | | | | 0.32(S) 26,893,500(S) | 格隆汇3月9日丨根据联交所最新权益披露资料显示，2026年3月3日，民生银行(01988.HK)遭BlackRock, Inc.在场内以每股均价4.0415港元减持好仓1030.82万 股，涉资约4166.1万港元。 减持后，BlackRock, Inc.最新持好仓数目为496,925,461股，持好仓比例由6.10%下降至5.97%。 | ...

Group 1 - BlackRock, Inc. reduced its stake in China Communication Services (00552.HK) by selling 60.523 million shares at an average price of HKD 4.4445 per share, totaling approximately HKD 269 million [1] - Following the sale, BlackRock's total holdings decreased to 65.897 million shares, representing a reduction in ownership from 5.29% to 2.76% of the total shares outstanding [1]

Group 1 - FMR LLC reduced its stake in Kintor Pharmaceutical (00148.HK) by selling 1,173,500 shares at an average price of HKD 40.5345 per share, amounting to approximately HKD 47.57 million [1] - Following the sale, FMR LLC's total shareholding decreased to 66,298,144 shares, representing a reduction in ownership from 6.09% to 5.98% of the total issued shares [1][3]

Core Viewpoint - Jiutai Bonda Energy (02798.HK) is expected to report a net loss of approximately RMB 178 million to RMB 218 million for the fiscal year ending December 31, 2025, primarily due to a significant decline in coal prices affecting profit margins and leading to impairment losses on mining rights and assets [1] Financial Performance - The company anticipates a net profit of approximately RMB 440 million for the fiscal year ending December 31, 2024, contrasting with the expected net loss in 2025 [1] - The expected transition from profit to loss is attributed to a sharp decline in global coal market prices, which has significantly reduced coal selling prices and directly compressed gross margins [1] Impairment and Accounting Considerations - The recent decline in coal market prices has led the company to adopt a conservative forecast for future coal product sales, resulting in anticipated impairment losses on mining rights and property, plant, and equipment [1] - These expected losses are characterized as non-cash and non-recurring, indicating that they will not have a direct impact on the company's cash flow [1]

Group 1 - The core point of the article is that China Jinmao (00817.HK) reported a signed sales amount of RMB 5.327 billion in February 2026, with a total signed sales area of 224,459.51 square meters [1] - As of February 28, 2026, the group achieved a cumulative signed sales amount of RMB 12.93 billion over two months, including various projects such as Changsha Meixi Lake International New City and Nanjing Qinglongshan International Ecological New City [1] - The cumulative signed sales area reached 561,087.51 square meters by the end of February 2026 [1] Group 2 - As of February 28, 2026, the group recorded a subscribed (but not signed) property sales amount of RMB 693 million [1]