Report Summary 1. Report Industry Investment Rating No information provided. 2. Core View of the Report The report provides a comprehensive update on the fixed - income market, including bond price movements, macro - news, and company - specific financial and operational information. It also highlights potential investment opportunities, such as the recommendation to buy INCLEN 4.5 04/18/27 in the RNW complex [15]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new DBS 3.989 28 was 3bps tighter from RO at par. In Asia IG, HYUELE 2.375 31s was 1bp tighter. SK Hynix repaid KRW3.4tn (cUSD2.5bn) [2]. - In financials, there was selling in STANLNs due to USD9.6bn unlawful transactions allegations. STANLN Perps were down 0.1pt. Yankee AT1s were weaker [2]. - In lifers, JP DAIL 6.2 Perps/MYLIFE 5.8 54s/NIPLIF 6.5 55s were down 0.4pt. KR TYANLI 35 was 1bp tighter. Tongyang Life announced the redemption of USD300mn TYANLI 5.25 Perp on 22 Sep'25 [2]. - In Chinese AMCs, CFAMCI 25/29s were 0.1 - 0.2pt higher. China CITIC FAMC expects its 1H25 net profit to increase 12.5 - 16.3% yoy to RMB6 - 6.2bn [2]. - In HK Corp, there was selling in HYSAN/CPREIT/CKHH/MTRC for profit - taking. HYSAN 4.85/7.2 Perps was 0.4 - 1.1pts lower. MTRC 55 was 1bp wider and MTRC Perps were 0.1 - 0.2pt lower [2]. - In Chinese HY, HONGQI 28s were 1bp tighter. China Hongqiao announced the buy - back of 10.2mn shares for cHKD234mn. GWFOOD 30 was 1.1pts lower. WESCHI 26 was 0.1pt higher [2]. - In Chinese properties, FTLNHD 25 - 26 were 0.2pt higher, FUTLAN 28 was unchanged. Seazen obtained approval for up to RMB1.1bn (cUSD147.5mn) onshore ABS offering and announced a profit warning for 1H25 results [2]. - In SEA, PTTGCs were 0.2 - 1.4pts higher (1 - 4bps tighter). PTT Global Chemical eyes THB30bn (cUSD923mn) from non - core assets monetization. PERTIJs were 1 - 2bps tighter. VLLPM 27 - 29 were down 0.1 - 1.5pts [2]. - This morning, the new ALVGR 6.55 Perp was up 0.5pt from RO at par. China and KR IGs were 1 - 3bps wider. There was profit - taking from BNKEAs/NANYANs. BBLTB subs were 2bps wider. SHIKON 35 was 1bp tighter [3]. - INCLEN 27s/INGPHL 27s/RPVIN27 - 28s were 0.1 - 0.4pt higher after results announcement. CTFSHK 29 was 0.4pt lower this morning [3]. - In the LGFV space, flows were mixed. Higher - yielding (8%+) papers were sought after by HF and RM, while there was profit - taking on 5% - 7% yielding papers. TSIVMG 1.55 29 was up 0.7pt [4]. Macro News Recap On Tuesday, S&P was down 0.59%, Dow was up 0.02%, and Nasdaq was down 1.46%. UST yield was lower, with 2/5/10/30 yields at 3.75%/3.82%/4.30%/4.90% [7]. Desk Analyst Comments - INCLEN's module and cell manufacturing drove 1QFY26 revenue and adj. EBITDA growth [8]. - ReNew Energy (RNW) reported a 71% yoy increase in 1QFY26 revenue to INR39.0bn, with adj. EBITDA rising 43% yoy to INR27.2bn. The manufacturing segment contributed significantly [8]. - In May'25, RNW secured INR8.7bn (cUSD100mn) from Marquee Investment for a 10% stake in its solar manufacturing subsidiary. The investment will expand manufacturing capacity [9]. - RNW's total operational capacity reached 11.1GW in 1QFY26, up 16% yoy. The PLF for wind assets improved to 32.8%, while solar PLF declined to 24.6% [10]. - RNW reiterates its FY26 guidance for adj. EBITDA at INR87 - 93bn and maintains CFe guidance at INR14 - 17bn. 1QFY26 adj. EBITDA represents 29 - 31% of the full - year target [11]. - As of Jun'25, cash and bank balance was INR76.1bn, 6% lower than in Mar'25. 1QFY26 capex was INR5.1bn, down 86% yoy [12]. - RNW's net debt/LTM adj. EBITDA was down to 7.5x in Jun'25 from 8.3x in Dec'24 [13]. - On 2 Jul'25, RNW received a final non - binding offer to be taken private at USD8 per share, a 13.2% increase from the previous proposal [14]. - The analyst maintains a buy on INCLEN 4.5 04/18/27 in the RNW complex [15]. Offshore Asia New Issues - Priced: Ganzhou Urban Investment Holding issued USD250mn, 3 - year bonds at a 4.8% coupon. Tongling State - owned Capital Operation Holding Group issued USD200mn, 3 - year bonds at a 4.65% coupon [20]. - Pipeline: No new issues pipeline today [20]. News and Market Color - Yesterday, 118 credit bonds were issued onshore with an amount of RMB114bn. Month - to - date, 1,319 credit bonds were issued, raising RMB1,183bn, a 3.7% yoy increase [22]. - The US government is exploring ways to get stakes in companies like Taiwan Semiconductor Manufacturing, Micron, and Samsung [22]. - BHP plans to cut annual capex to USD10bn in FY28 - 30 from USD11bn in FY26 - 27 and will sell Carajas copper assets in Brazil for up to USD465mn [22]. - Media reported CK Asset was approached for short - term financing or equity investment opportunities [22]. - Seazen expects 1H25 profit to fall by up to 48% yoy to RMB500 - 700mn (cUSD69.6 - 97.5mn) [22]. - HPCL - Mittal Energy will purchase USD56.39mn of HMELIN 5.45 10/22/26 and USD85.55mn of HMELIN 5.25 04/28/27 in tender offers [22]. - LG Electronics aims to expand in the Indian home electronics market [22]. - Powerlong 1H25 loss will widen to up to RMB2.9bn (cUSD403mn) [22]. - West China Cement will hold fixed income investor meetings from 26 Aug'25 [22]. - Xiaomi 1H25 revenue rose 38.2% yoy to RMB227.3bn (cUSD31.6bn) and plans to enter the European EV market by 2027 [22].

Market Overview - Global markets showed mixed performance, with the Hang Seng Index down 0.58% and the Shanghai Composite Index up 0.83% [1][3] - The US markets experienced declines, particularly in technology and consumer discretionary sectors, while defensive sectors like consumer staples and utilities saw gains [3] Hong Kong Stock Performance - The Hang Seng Financial Index fell by 1.08%, while the Hang Seng Real Estate Index dropped by 1.99% [2] - Despite the overall decline, selected sectors such as essential and discretionary consumer goods showed positive performance [3] Company Insights: China Biologic Products - China Biologic Products reported a 10.7% year-on-year revenue increase to 17.57 billion yuan in 1H25, with adjusted net profit rising 101.1% to 3.09 billion yuan [4][5] - The company’s innovative product revenue grew by 27.2%, accounting for 44.4% of total revenue, indicating strong market demand [5][6] - The firm is expected to maintain double-digit growth guidance for the year, driven by its robust pipeline and market expansion [6][7] Company Insights: Hansoh Pharmaceutical - Hansoh Pharmaceutical achieved a 14.3% year-on-year revenue increase to 7.43 billion yuan in 1H25, with net profit rising 33.4% to 3.14 billion yuan [8][9] - The company confirmed strong business development (BD) income, primarily from collaborations with MSD and GSK [9][10] - Hansoh's innovative drug sales are projected to exceed 10 billion yuan in 2025, supported by a strong pipeline and ongoing clinical trials [10][11] Company Insights: Xiaomi Group - Xiaomi reported a 31% year-on-year revenue increase and a 75% rise in net profit for Q2 2025, driven by strong performance in electric vehicles and IoT [12][13] - The company is adjusting its smartphone shipment guidance downward due to rising BOM costs, but remains optimistic about long-term growth strategies [12][13] - The new target price for Xiaomi is set at 62.96 HKD, reflecting a valuation based on segment performance [12] Company Insights: XPeng Motors - XPeng Motors reported a 14.3% gross margin in Q2 2025, exceeding expectations, while net losses narrowed compared to previous quarters [13][14] - The company is focusing on cost reduction and scale effects to improve profitability, with expectations for breakeven in Q3 2025 [14][15] - XPeng's sales forecast for 2025 has been adjusted to 450,000 units, with a target price of 28 USD [14][15] Company Insights: Palo Alto Networks - Palo Alto Networks reported a 15.8% year-on-year revenue increase to 2.5 billion USD in Q4 FY25, with non-GAAP net profit rising 28.9% [15] - The company is positioned as a key beneficiary in the generative AI era, with expectations for continued revenue and profit growth [15]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 9.40, representing a potential upside of 27.2% from the current price of HKD 7.39 [3][6]. Core Insights - The company reported a revenue growth of 10.7% year-on-year to RMB 17.57 billion in 1H25, with adjusted net profit increasing by 101.1% to RMB 3.09 billion. The revenue and adjusted net profit for 1H25 accounted for 54.6% and 79.6% of the full-year forecasts, respectively [1][6]. - The revenue from innovative products grew strongly by 27.2% year-on-year to RMB 7.80 billion, representing 44.4% of total revenue, indicating sustained rapid growth in innovative products [1][6]. - The management maintains a full-year guidance for double-digit organic growth based on the rapid growth of innovative products and stable expectations for generic drug business [1][6]. Financial Summary - For FY25E, the company is projected to achieve sales revenue of RMB 34.38 billion, reflecting a year-on-year growth of 19.1% [2][7]. - Adjusted net profit for FY25E is expected to reach RMB 6.27 billion, with a significant growth rate of 81.3% compared to the previous year [2][7]. - The adjusted earnings per share (EPS) for FY25E is forecasted at RMB 0.33, with an adjusted price-to-earnings (P/E) ratio of 20.5 times [2][7]. Pipeline and Market Potential - The company has a rich and differentiated pipeline, with several products showing potential for global top-tier status. The acquisition of Lixin Pharmaceutical has further strengthened its R&D capabilities [6][9]. - Key products such as TQB2868 (PD-1/TGF-β dual antibody) have shown impressive efficacy in clinical trials, with an overall response rate (ORR) of 63.9% in Phase II trials for pancreatic cancer, significantly higher than traditional chemotherapy [6][9]. - The company is expected to announce multiple important clinical data releases in 2H25, which could further enhance its market position [6][9].

Report Industry Investment Rating - Not provided Core Viewpoints - CFAMCI's 1H25 net profit is expected to increase up to 16.3% yoy to RMB6.2bn, with growth mainly due to core business revenue increase, financing cost reduction, and despite asset impairment charges. The higher net profit is expected to boost capital adequacy and lower the leverage ratio. CFAMCIs remain top picks in the Chinese AMC space [7][8][9] - Hongqiao announced a buy - back of 10.2mn shares, which is positive for its CBs and largely neutral for straight bonds. The company maintains a neutral stance on HONGQIs based on valuation [12] Summary by Directory Trading Desk Comments - Asia IG space was unchanged to 3bps tighter yesterday. In Chinese IG, WB 30s tightened by 2bps, TENCNT 38 - 51s/HAOHUA 30/49 were 1bp tighter. Korea IG HYNMTR/LGENSO belly was 1 - 3bps tighter. In financials, HK CHIYBK 32 was 0.4pt higher, JP MUFG 44s were 0.6pt lower. TH banks were unchanged to 2bps tighter. There were small selling on BBLTB 34/40s T2 and better buying on BBLTB senior. STANLN 36s were 2bps wider. In lifers, SHIKON 35 was 1 - 2bp tighter, TYANLI 35 was 0.1pt lower. In HK, CTFSHK 29 was 1.6pt higher, NWDEVL 5.25 Perp/6.25 Perp were 0.3 - 0.4pt higher, HYSAN 4.85 Perp up 0.7pt. In Chinese HY, BTSDF 28 down 0.4pt, WESCHI 26 was 0.1pt lower. In Chinese properties, CHJMAO 29 and CHJMAO Perp were 0.1 - 0.6pt higher, LNGFOR 28/32 were 0.1 - 0.2pt lower, ROADKG 29 - 30 and ROADKG Perps down 0.2pt. In SEA, VLLPM 27 - 29s were 0.2 - 0.9pt higher, VEDLN 29 - 33s were 0.1 - 0.2pt higher, GLPSP Perps down 0.3 - 0.6pt [2] - This morning, the belly of HYNMTR were 2 - 3bps tighter. There were selling in STANLNs, JP lifers/HYSAN/CPREIT. HYSAN 4.85 Perp down 0.7pt, CDBFLC 30 was 1 - 2bps wider, NWDEVL 30 was 0.3pt higher. CFAMCI: 1H25 net profit to increase up to 16.3% yoy to RMB6.2bn, CFAMCI 5.5 47 down 0.5pt this morning while the rest were unchanged. HONGQI: Buy - back of 10.2mn shares, HONGQI 7.05 28 down 0.1pt this morning [3] Top Performers and Underperformers - Top Performers: CTFSHK 4 1/4 06/27/29 up 1.6, TENCNT 3.68 04/22/41 up 1.0, VLLPM 9 3/8 07/29/29 up 0.9, HYSAN 4.85 PERP up 0.7, CHJMAO 4 1/4 07/23/29 up 0.6 [4] - Top Underperformers: GARUDA 6 1/2 12/28/31 down 1.4, TSIVMG 1.55 12/17/29 down 1.0, TAISEM 3 1/8 10/25/41 down 0.6, GLPSP 4.6 PERP down 0.6, MUFG 4.7 03/10/44 down 0.6 [4] Macro News Recap - Macro: S&P (-0.01%), Dow (-0.08%), and Nasdaq (+0.03%) were mixed on Monday. UST yield was higher, with 2/5/10/30 yield at 3.77%/3.86%/4.34%/4.94% [6] Desk Analyst Comments - CFAMCI's 1H25 net profit growth is due to core business revenue increase, financing cost reduction, and despite asset impairment charges. The company's focus on high - quality investments and diverse funding channels support profit growth, and the higher net profit is expected to boost capital adequacy and lower the leverage ratio [7][8] - The company maintains a buy on CCAMCL 4.4 Perp and a neutral stance on GRWALL 7.15 Perp. It prefers CFAMCI 3.875 11/13/29, CFAMCI 3.375 02/24/30, and CFAMCI 3.625 09/30/30 within the CFAMCI curve [9] Hongqiao Analysis - Hongqiao announced a buy - back of 10.2mn shares for cHKD234mn, with a latest mandate of no less than HKD3bn. The buy - back aims to minimize dilution as its o/s USD300mn CB due Jan'26 will be converted into shares. It is positive for CBs and largely neutral for straight bonds. The company maintains a neutral stance on HONGQIs [12] Offshore Asia New Issues - Priced: DBS Bank issued USD2000mn with a 3 - year tenor at 3.989%, Zhangzhou Yuanshan Development issued USD22mn with a 3 - year tenor at 7.0% [13] - Pipeline: Ganzhou Urban Investment Holding plans a 3 - year issue at 5.4%, Tongling State - owned Capital Operation Holding Group plans a 3 - year issue at 5.1% [14] News and Market Color - Onshore primary issuances: 97 credit bonds were issued yesterday with an amount of RMB69bn. Month - to - date, 1,208 credit bonds were issued with a total amount of RMB1,081bn, a 0.2% yoy decrease - Other news: COGARD extended RSA fee deadlines, FUTLAN/FTLNHD obtained bourse approval for onshore ABS offering, HYSAN completed the redemption of USD850mn HYSAN 4.1 Perp, HYUELE repaid KRW3.4tn loans, LGELEC started a voluntary retirement program [15] - Other corporate news: NIO to expand into Singapore, Uzbekistan, and Costa Rica; PTTGC eyes THB30bn from non - core assets monetization; Rakuten to start satellite - based services; Road King's loss to widen; SoftBank to acquire a stake in Intel; Tongyang Life to redeem USD300mn TYANLI 5.25 Perp; Vedanta Ltd to consider second interim dividend; Hindustan Zinc to set up a tailings reprocessing plant [21]

Global Market Overview - The Hang Seng Index closed at 25,177, down 0.37% for the day but up 25.51% year-to-date [1] - The S&P 500 closed at 6,449, down 0.01% for the day and up 9.65% year-to-date [1] - The Shanghai Composite Index rose by 0.85% to 3,728, with a year-to-date increase of 11.23% [1] Industry Insights - The healthcare sector showed resilience, with major life sciences companies reporting better-than-expected performance in 2Q25, leading to upward revisions in annual guidance [5][6] - The pharmaceutical industry is facing pressure on profit margins due to external factors, but major pharmaceutical companies continue to invest in R&D, indicating a stable outlook for innovation [8] - The retail sector in the U.S. demonstrated resilience with a monthly growth rate increase from 0% in the first half of the year to 0.7% in July, indicating strong consumer spending [4] Company Analysis - Tongcheng Travel reported a total revenue of RMB 4.7 billion in 2Q25, a 10% year-on-year increase, with adjusted net profit rising by 18% to RMB 775 million, exceeding expectations [8] - Xtep's sales for the first half of 2025 grew by 7% to RMB 6.8 billion, with net profit increasing by 21% to RMB 913 million, surpassing forecasts [13] - Leap Motor achieved a revenue of RMB 14.2 billion in 2Q25, a 42% quarter-on-quarter increase, marking its first positive operating profit [14] Investment Ratings - Leap Motor is rated as a "Buy" with a target price of HKD 80, reflecting a strong growth outlook driven by new model launches and expanding sales [14] - Xtep maintains a "Buy" rating with a target price of HKD 7.39, supported by robust sales performance and operational efficiency [12] - Tongcheng Travel is also rated as a "Buy," with a target price of HKD 24.00, based on its strong core business performance [8]

Group 1: Stock Recommendations - Geely Automobile is rated as a "Buy" with a target price of HKD 25.00, representing a potential upside of 25%[5] - Li Auto is rated as a "Buy" with a target price of HKD 72.00, indicating a potential upside of 7%[5] - Sany International is rated as a "Buy" with a target price of HKD 8.70, suggesting a potential upside of 22%[5] - Luckin Coffee is rated as a "Buy" with a target price of USD 44.95, indicating a potential upside of 17%[5] - Tencent is rated as a "Buy" with a target price of HKD 705.00, representing a potential upside of 19%[5] Group 2: Performance Overview - The basket of 26 long positions had an average return of 4.7%, compared to the MSCI China Index return of 5.2%[10] - Out of the 26 stocks, 11 stocks outperformed the benchmark[10] - The report includes a total of 26 stocks with varying sectors such as automotive, technology, and healthcare[5]

Investment Rating - The report assigns a "Buy" rating to Thermo Fisher, while other companies such as Danaher, Samsung Bio, and Lonza remain unrated [2]. Core Insights - The report highlights that the impact of tariffs on the life sciences upstream sector is less than expected, leading to an overall upward revision of performance guidance for 2025 by most companies [4][29]. - Clinical CRO orders have unexpectedly increased, driven by strong biotech client demand, although the sustainability of this trend remains uncertain [4][31]. - The revenue recovery is outpacing profit recovery, with cost control pressures increasing due to external macroeconomic challenges [6][14]. Summary by Sections Performance Analysis - In 1H25, the performance of overseas CXO and life sciences upstream companies remained under pressure, but a sequential improvement was observed in 2Q25, with 7 out of 10 tracked companies showing revenue growth compared to 1Q25 [6][31]. - The median and average revenue growth rates for 2Q25 were +4.3% and +7.1%, respectively, compared to +0.2% and +6.0% in 1Q25, primarily driven by clinical CRO companies [6][8]. Tariff Impact - The impact of tariffs on sales of instruments and equipment for drug development and production was reported to be less than anticipated, with management from major life sciences companies indicating a more favorable outlook [29][30]. - Companies like Thermo Fisher and Danaher have adjusted their performance guidance upwards, reflecting a more optimistic view on tariff impacts [29][30]. Demand Trends - The C(D)MO sector continues to see strong commercial production demand, while life sciences upstream companies benefit from a recovery in consumable demand as clients complete inventory destocking [31][32]. - Clinical CRO demand has been bolstered by unexpected growth from biotech clients, although the sustainability of this demand is still in question [33][34]. Financial Metrics - The average gross margin for heavy asset companies decreased from 50.2% in 2021 to 45.7% in 2024, but showed signs of recovery in 2Q25 [15]. - The report notes that capital expenditures are expected to reverse the declining trend observed in 2023-24, potentially increasing future depreciation pressures [17]. Market Reactions - Following the release of 2Q25 results, stock prices for most overseas CXO and life sciences companies reacted positively, particularly for clinical CROs, which saw significant price increases due to better-than-expected performance [24][25].

Market Overview - Global markets showed mixed performance, with the Hang Seng Index declining by 0.98% while the Shanghai Composite Index increased by 0.83% [1][3] - Southbound capital inflow reached a record high of HKD 35.876 billion, indicating strong interest in Hong Kong stocks [3] Sector Performance - The Hong Kong stock market experienced a pullback, particularly in consumer discretionary, essential consumer goods, and real estate sectors, while materials, healthcare, and industrial sectors saw gains [3] - The Hang Seng Financial Index fell by 1.25%, and the Hang Seng Real Estate Index dropped by 1.83% [2] Company Insights - NetEase Cloud Music reported a 6% decline in total revenue to RMB 3.83 billion for 1H25, but adjusted operating profit increased by 35% to RMB 905 million, driven by improved commercialization and cost control [4] - Weibo's 2Q25 revenue grew by 2% to USD 444.8 million, exceeding expectations, but the outlook for 2H25 remains uncertain due to challenges in the advertising business [5] - China Hongqiao's net profit for 1H25 was RMB 12.3 billion, a 35% increase, and the company announced a new share buyback plan to enhance market confidence [5] - China Lilang's sales for 1H25 increased by 8% to RMB 1.73 billion, but net profit fell by 14% to RMB 181 million, attributed to rising operational costs [9] Investment Ratings - NetEase Cloud Music maintained a "Buy" rating with a target price of HKD 330, reflecting an upward revision based on operational efficiency improvements [4] - Weibo also holds a "Buy" rating with a target price of USD 14.5, despite a slight downward adjustment in revenue forecasts [5] - China Hongqiao is rated "Buy" with a target price raised to HKD 27, supported by strong profit growth and a favorable industry outlook [5] - China Lilang's target price was lowered to HKD 4.42, but it retains a "Buy" rating due to attractive dividend yields [8]

Retail Performance - In July, U.S. retail and food service sales increased by 0.5% month-on-month, slightly below the market expectation of 0.6%[5] - The average monthly growth rate of retail sales rose from 0% in January-May to 0.7% in June-July, indicating a recovery in consumer demand[2] - Automotive sales rebounded, with a month-on-month growth rate increasing from 1.4% in June to 1.6% in July after a cumulative decline of 4.6% in the first five months of 2023[5] Industrial Output - Industrial production fell by 0.1% month-on-month in July, primarily due to declines in mining and utilities, which dropped to -0.4% and -0.2% respectively[5] - Manufacturing output remained flat at 0% month-on-month, with significant increases in medical equipment (2.6%) and semiconductors (2.9%), while apparel and automotive sectors saw declines[5] Economic Outlook - Federal Reserve Chair Jerome Powell's upcoming speech at Jackson Hole is expected to defend the independence of the central bank and reduce market expectations for significant interest rate cuts[2] - With inflation expected to rebound and unemployment rates remaining low, the Federal Reserve is anticipated to keep interest rates unchanged in September, followed by rate cuts in October and December[2]

Group 1: Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 25,519, down 0.37% for the day but up 27.22% year-to-date [1] - European markets continued to rise for the third consecutive day, with the UK stock market reaching a historical high [3] - US markets exhibited mixed results, with financials, healthcare, and consumer discretionary sectors leading gains, while industrials and materials lagged [3] Group 2: Company Analysis - JD.com - JD.com reported Q2 2025 revenue of 356.7 billion RMB, a 22.4% year-on-year increase, exceeding market expectations by 6% [4] - Non-GAAP net profit fell 49% year-on-year to 7.4 billion RMB due to increased investment in the food delivery business, but was 38% higher than market expectations [4] - The management emphasized strong early synergies between the e-commerce and food delivery businesses, with active user growth exceeding 40% year-on-year [4] Group 3: Company Analysis - NetEase - NetEase's Q2 2025 revenue grew 9% year-on-year to 27.9 billion RMB, slightly below market expectations [4] - Non-GAAP net profit increased by 22% to 9.5 billion RMB, aligning with market expectations [4] - The company anticipates resilient growth in gaming revenue for the second half of 2025, driven by strong performance in evergreen games [4] Group 4: Company Analysis - Geely Automobile - Geely's Q2 2025 revenue met expectations, with a gross margin improvement of 1.3 percentage points to 17.1%, exceeding market forecasts [5][6] - The company plans to launch five new electric vehicle models in the second half of the year, targeting competitive pricing in underrepresented market segments [6] - Adjusted profit forecasts for 2025 have been slightly increased to 17.7 billion RMB, reflecting improved synergy from brand integration [6] Group 5: Company Analysis - Jizhi Technology - Jizhi Technology is positioned as a new star in the global warehouse automation market, with over 800 end customers across 40 countries [7] - The company is expected to achieve a compound annual growth rate of 34% in revenue from 2024 to 2027, with meaningful profitability anticipated starting in 2026 [7] - As the first AMR company listed in Hong Kong, Jizhi Technology holds a unique market position [7] Group 6: Investment Ratings - Geely Automobile is rated "Buy" with a target price of 25 HKD, reflecting a 27% upside potential [8] - JD.com is rated "Buy" with a target price of 49.4 USD, indicating a strong outlook despite short-term profit pressures [4][8] - NetEase is rated "Buy" with a target price of 160.0 USD, supported by positive gaming revenue forecasts [4][8]