海通国际发表研报，预期老铺黄金去年收入按年增长217%至269.6亿元，对应去年下半年收入约146亿 元，按年增长193%，线上增速快于线下，海外业务增速快于国内。该行预计公司2025至2027年收入分 别为269.6亿、360.3亿、437.8亿元，按年增长217%、33.6%、21.5%；归母净利润分别为46.3亿、65.1 亿、81.9亿元，按年增长214.3%、40.6%、25.8%。该行维持老铺黄金"优于大市"评级，给予2026年23倍 市盈率估值，对应目标价为948.4元港元。 ...

Economic Indicators - The November PCE price index showed a year-on-year increase of 2.8%, matching expectations, and a month-on-month rise of 0.2%, also in line with forecasts[6] - The core PCE price index increased by 2.8% year-on-year, consistent with expectations, and rose by 0.2% month-on-month, again aligning with forecasts[16] - The final reading for Q3 real GDP growth was revised upward to 4.4%, the highest in two years, indicating strong economic momentum[17] Consumer Behavior - In November, personal consumption expenditures (PCE) increased by 0.5% month-on-month, meeting expectations, while personal income rose by 0.3%, slightly below the expected 0.4%[18] - The personal savings rate declined to 3.5%, suggesting households are reducing savings to maintain consumption levels[18] - Consumer confidence index reached its highest level in five months, indicating strong consumer sentiment[18] Employment Data - Initial jobless claims were at 200,000, lower than the expected 209,000, indicating a healthy labor market[19] - Continuing jobless claims decreased to 2.015 million from 2.05 million, further reflecting a robust employment situation[19] Market Impact - Overall positive economic data supports the narrative of low inflation, high growth, and low unemployment, with limited marginal impact on the market[20] - Market fluctuations were primarily influenced by geopolitical factors and anomalies in the Japanese bond market[20]

Group 1 - The core viewpoint of the report is that Haitong International maintains a "buy" rating on Tencent Holdings (00700) with a target price of HKD 700, expecting stable performance in Q4 2025 and high-quality growth to continue into FY 2026 [1][2] - The forecast for Tencent's Q4 performance includes total revenue of RMB 195 billion, representing a year-on-year growth of 13%, and an operating profit (non-IFRS) of RMB 68 billion, with a year-on-year increase of 15% [1] - For FY 2026, Tencent's gaming product line is expected to be robust, with key overseas titles and a variety of mid-sized games, predicting Q4 2025, full-year 2025, and full-year 2026 gaming revenues of RMB 58 billion, RMB 241 billion, and RMB 264 billion respectively, with year-on-year growth rates of 18%, 22%, and 10% [1] Group 2 - The advertising business is driven by three main growth engines: video accounts, search, and mini-programs, with AI technology continuing to empower growth; mini-programs are enhancing advertising revenue through e-commerce and content distribution [1] - The forecast for advertising revenue in Q4 2025, full-year 2025, and full-year 2026 is expected to reach RMB 42 billion, RMB 145 billion, and RMB 172 billion respectively, with year-on-year growth of 19%, 20%, and 18% [1] - Despite potential pressure on profit margins from increased capital expenditures in 2026, the company anticipates slight profit margin expansion driven by high-margin new business lines, with adjusted operating profits projected at RMB 68 billion, RMB 280 billion, and RMB 312 billion for Q4 2025, full-year 2025, and full-year 2026 respectively, reflecting year-on-year growth of 15%, 18%, and 12% [2]

Core Viewpoint - Haitong International maintains a "Outperform" rating for Tencent Holdings (00700) with a target price of HKD 700, expecting steady performance in Q4 2025 and high-quality growth to continue into FY 2026 [1][2] Group 1: Financial Performance Forecast - Tencent's total revenue for Q4 2025 is projected to reach RMB 195 billion, representing a year-on-year growth of 13% [1] - Non-IFRS operating profit is expected to be RMB 68 billion in Q4 2025, with a year-on-year increase of 15% [1] - For FY 2025 and FY 2026, the forecasted total revenues are RMB 2.41 trillion and RMB 2.64 trillion, respectively, with year-on-year growth rates of 22% and 10% [1] Group 2: Gaming and Advertising Business - The gaming product line is expected to remain robust, with key overseas titles like "Honor of Kings World" and "Valorant," alongside several mid-sized games [1] - Advertising revenue is anticipated to grow significantly, with Q4 2025 expected to reach RMB 42 billion, and full-year revenues for 2025 and 2026 projected at RMB 145 billion and RMB 172 billion, respectively [1] - The growth engines for advertising include video accounts, search, and mini-programs, with AI technology continuing to enhance these areas [1] Group 3: Profitability Outlook - Despite potential pressure on profit margins from increased capital expenditures in 2026, a slight profit margin expansion is still expected due to high-margin new business lines [2] - Adjusted operating profit forecasts for Q4 2025, FY 2025, and FY 2026 are RMB 68 billion, RMB 280 billion, and RMB 312 billion, respectively, with year-on-year growth rates of 15%, 18%, and 12% [2]

Core Viewpoint - Haitong International maintains a "Outperform" rating on Tencent Holdings with a target price of HKD 700, projecting a stable performance for the company in the upcoming quarter [1] Financial Performance - For Q4, total revenue is expected to reach CNY 195 billion, representing a year-on-year growth of 13% [1] - Non-IFRS operating profit is projected at CNY 68 billion, showing a year-on-year increase of 15% [1] Future Outlook - For the fiscal year 2026, Tencent's game product line is expected to be diverse, featuring key overseas titles such as "Honor of Kings World" and "Valorant Mobile," along with several mid-sized games like "Under the Red Sky," "RUST," "Monster Hunter: Traveler," and "Rainbow Six" [1] - In the advertising sector, the growth engines will continue to be Video Accounts, Search, and Mini Programs, with AI technology playing a significant role [1] - High-quality growth is anticipated to persist into the fiscal year 2026, despite potential pressure on profit margins from increased capital expenditures [1] - Driven by high-margin new business lines, a slight expansion in profit margins is still expected [1]

Core Viewpoint - Haitong International maintains a "Outperform" rating for Tencent Holdings with a target price of HKD 700 [1] Financial Performance - The estimated total revenue for Tencent in Q4 is expected to reach HKD 195 billion, representing a year-on-year growth of 13% [1] - Non-IFRS operating profit is projected to be HKD 68 billion, reflecting a year-on-year increase of 15% [1] Future Outlook - For the fiscal year 2026, Tencent's game product line is expected to be diverse, including key overseas titles such as "Honor of Kings World" and "Valorant" mobile, along with several mid-sized games like "Under the Red Sky," "RUST," "Monster Hunter: Traveler," and "Rainbow Six" [1] - The advertising business is anticipated to continue growing, driven by video accounts, search, and mini-programs, with AI technology playing a significant role [1] - High-quality growth is expected to persist into the fiscal year 2026, despite potential acceleration in capital expenditures that may pressure profit margins [1] - New high-margin business lines are expected to drive a slight expansion in profit margins [1]

Group 1 - The core viewpoint of the report is that TCL Electronics maintains an "outperform" rating with a target price of HKD 15.60, supported by a well-structured global organization and a clear growth target through its equity incentive plan [1] - The company is focusing on high-end display technology, achieving quality expansion in the global market, with Mini LED products enhancing its product structure and overall profitability [1] - TCL Electronics expects adjusted net profit for 2025 to reach HKD 2.33 billion to HKD 2.57 billion, representing a year-on-year growth of 45% to 60% compared to 2024 [2] Group 2 - TCL Electronics has entered into a strategic cooperation with Sony in the home entertainment sector, planning to establish a joint venture with a 51% stake for TCL and 49% for Sony [3] - The joint venture aims to leverage TCL's advanced display technology and global scale, enhancing business operations in television and home audio products [3] - In 2025, global TV shipments are projected to reach 220 million units, with TCL's shipments expected to grow by 5.4% to 30.4 million units, increasing its market share to 13.8% [3]

Group 1 - The core viewpoint of the report is that TCL Electronics maintains an "outperform" rating with a target price of HKD 15.60, supported by a well-structured global operation and a clear growth target through its stock incentive plan [1] - The company expects adjusted net profit for 2025 to reach HKD 2.33 billion to HKD 2.57 billion, representing a year-on-year growth of 45% to 60% compared to 2024, driven by a strong global business growth and enhanced profitability [1] - TCL's focus on high-end display technology and Mini LED products is contributing to its revenue and profit growth, optimizing its product structure and overall profitability [1] Group 2 - TCL has entered into a strategic cooperation with Sony in the home entertainment sector, planning to establish a joint venture with TCL holding 51% and Sony 49%, aimed at expanding their business operations globally [2] - In 2025, global TV shipments are projected to reach 220 million units, with TCL's shipments expected to be 30.4 million units, a 5.4% increase, capturing a market share of 13.8%, up 0.8 percentage points, ranking second globally [2] - The report anticipates that global TV shipments may stabilize or grow in 2026, driven by major sporting events and increasing penetration of large-size and Mini LED products, with TCL and other leading brands expected to expand their market share [2]

Group 1 - The core viewpoint of the article highlights TCL Electronics' continuous improvement in its global operational structure and the clarity of its equity incentive plan aimed at growth targets, alongside collaboration with Sony to advance its globalization strategy [1] - TCL Electronics is maintaining high-quality expansion in global markets, supported by its Mini LED products, which not only drive overall scale expansion but also effectively optimize product structure and enhance overall profitability [1] - The earnings per share forecast for TCL Electronics has been raised for the years 2025 to 2027 to HKD 0.98, HKD 1.20, and HKD 1.43, respectively, from previous estimates of HKD 0.90, HKD 1.13, and HKD 1.34, while maintaining an "outperform the market" rating with a target price of HKD 15.6 [1]

Group 1 - Company Guoyi Technology has submitted a listing application to the Hong Kong Stock Exchange, with Haitong International as the sole sponsor [1] - According to a Frost & Sullivan report, Guoyi Technology is the largest third-party SPD solution provider in China, holding a market share of 29.2% based on projected 2024 revenue [1] - The SPD (Supply, Processing, and Distribution) solution aims to optimize hospitals' procurement, handling, circulation, and distribution management of medical supplies, addressing issues in traditional supply chain models [1] Group 2 - Guoyi Technology's SPD solution consists of three core components: SPD software system, intelligent hardware, and professional services, which help hospitals reduce operational costs and improve supply management efficiency [1] - As of September 30, 2025, Guoyi Technology's SPD solutions have been deployed in 116 hospitals across 13 provinces in China, including 3 out of 8 A++ hospitals and 61 out of 91 tertiary hospitals [1] - The company launched an in-hospital IDS (Intelligent Distribution System) solution in 2024, centered around AMR (Autonomous Mobile Robots), utilizing IoT and AI technologies for logistics in critical hospital areas [2] Group 3 - The total transaction value of the SPD solution market in China grew from 18.4 billion yuan in 2019 to 181.5 billion yuan in 2024, with projections to reach 1,057.4 billion yuan by 2029 [2] - The third-party SPD solution market, in terms of revenue, increased from 0.1 billion yuan in 2019 to 1.1 billion yuan in 2024, and is expected to grow to 9.6 billion yuan by 2029 [2] - As of January 15, 2026, Guoyi Technology's product portfolio includes seven AMR models tailored to specific clinical and operational needs within hospital environments [2]