Core Viewpoint - Haitong International reported that AIA's new business value grew by 25% in the third quarter on a constant currency basis, exceeding market expectations with a value of USD 1.476 billion [1] Group 1: Financial Performance - The new business value profit margin increased by 5.7 percentage points year-on-year to 58.2% [1] - First-year standard premium grew by 14% [1] Group 2: Forecast and Valuation - Haitong International raised its forecast for AIA's new business value for 2025 to 2027 by 1.8% to 2.5% [1] - The target price for AIA was adjusted from HKD 97.8 to HKD 99.5 [1] Group 3: Growth Drivers - AIA's long-term growth outlook is supported by factors such as an elite agent team, rapidly growing partnership channels, cross-regional expansion, a high-quality customer base, a diversified product portfolio, and strong profitability [1] - Haitong International reiterated its "outperform" rating for AIA [1]

Summary of the Conference Call for SITC International Holdings Industry Overview - The shipping industry in the Asia-Pacific region is experiencing strong demand, particularly in Chinese exports and Southeast Asia, with robust performance in the East India route and double-digit growth in Japanese imports. However, Chinese imports are relatively weak, linked to domestic economic conditions [2][3][4]. Key Points and Arguments - **Quarterly Performance**: In Q3 2025, SITC reported a 7.8% year-on-year increase in cargo volume, despite the traditional seasonal slowdown. The demand surge began in late August, indicating strong regional demand [3][4]. - **Future Outlook**: Cargo volume and freight rates are expected to rise in Q4, aligning with the traditional peak season. However, price trends for next year face uncertainties due to supply-demand dynamics [4][11]. - **Cost Structure**: The increase in the proportion of chartered vessels has led to a rise in per-container costs, although falling oil prices have partially offset this impact. Overall, cost changes remain manageable, maintaining a competitive cost advantage [7][8]. - **Fleet Strategy**: SITC operates nearly 120 vessels, with a growing proportion of chartered ships. The average remaining lease term is 6 months, reflecting a conservative approach. The company has sold three owned vessels and plans to sell more older ships while cautiously expanding new routes, particularly in Southeast Asia [6][13]. - **Market Dynamics**: The potential resumption of operations in the Red Sea due to peace talks could alter supply-demand dynamics, potentially leading to a situation where demand exceeds supply, impacting freight rates [10][12]. - **Strategic Partnerships**: SITC has formed a joint venture with Hisense in Thailand to enhance supply chain management and logistics services, aiming to provide tailored solutions for third parties [20][21]. Additional Important Insights - **Differentiated Operations**: The company is adopting a differentiated operational strategy for the Indian route, focusing on efficiency and service quality while gradually establishing self-operated routes [8][9][17]. - **Cash Reserves**: SITC has accumulated significant cash reserves, allowing for strategic flexibility amid changing industry alliances and uncertainties [12][13]. - **Regional Growth**: The company is focusing on expanding its presence in the Indian market, which has substantial import demand due to its consumption-driven economy [16][17]. - **Logistics Development**: SITC emphasizes the importance of land logistics, planning to invest more resources in this area to complement its maritime operations [21]. Conclusion SITC International Holdings is navigating a complex shipping landscape characterized by strong regional demand, strategic fleet management, and a focus on differentiated services. The company is poised for growth while maintaining a cautious approach to future uncertainties in the market.

Core Viewpoint - Company maintains an "outperform" rating for Ausnutria (01717), projecting steady revenue growth and significant profit increases from 2025 to 2027 [1][2] Financial Projections - Expected revenue for Ausnutria in 2025, 2026, and 2027 is 7.67 billion, 7.88 billion, and 8.04 billion CNY, reflecting year-on-year growth of 3.6%, 2.8%, and 2.1% respectively [1] - Projected net profit attributable to shareholders for the same years is 310 million, 340 million, and 390 million CNY, with growth rates of 21.0%, 8.0%, and 15.0% [1] - Earnings per share (EPS) are forecasted to be 0.18, 0.19, and 0.22 CNY [1] Market Performance - The overseas market has become the second growth engine for Ausnutria, with revenue growth of 54.2% in the Middle East and 138.7% in North America during the first half of 2025 [1][2] - The company has initiated an internal code system upgrade and inventory adjustments, which, while reducing short-term shipments, are expected to enhance product freshness and channel transparency [2] Strategic Focus - Ausnutria is advancing its internationalization strategy, particularly in the sheep milk powder segment, which is gaining traction in overseas markets [2] - The company has launched brands like Nutrition Care and 爱益森 in the nutrition segment, leveraging scientific strength for category breakthroughs [2] - The dual focus on cow and sheep milk products, along with a comprehensive nutrition strategy, positions Ausnutria for resilient growth in a complex market environment [2]

Core Viewpoint - Haitong International maintains an "outperform" rating for Ausnutria (01717), projecting revenue growth and significant profit increases from 2025 to 2027 [1][2] Financial Projections - Expected revenue for Ausnutria in 2025, 2026, and 2027 is 7.67 billion, 7.88 billion, and 8.04 billion CNY, reflecting year-on-year growth of 3.6%, 2.8%, and 2.1% respectively [1] - Projected net profit attributable to shareholders for the same years is 310 million, 340 million, and 390 million CNY, with growth rates of 21.0%, 8.0%, and 15.0% respectively [1] - Earnings per share (EPS) are forecasted to be 0.18, 0.19, and 0.22 CNY [1] Market Performance - The overseas market has become the second growth engine for Ausnutria, with revenue growth of 54.2% in the Middle East and 138.7% in North America during the first half of 2025 [1][2] Strategic Initiatives - The company initiated an internal code system upgrade and inventory adjustment in the first half of 2025, which, while reducing short-term shipments, improved product freshness and channel transparency [2] - Ausnutria is focusing on deepening its international strategy, leveraging its dual focus on cow and goat milk products to drive growth [2] - The goat milk powder business is making significant strides in overseas markets, with the brand Kabrita being the first goat milk infant formula approved by the US FDA, now available in Walmart and other channels in North America [2] Product Innovation - The company is enhancing its "milk powder + nutrition products" strategy, improving global supply chain management for efficiency and product innovation [2] - New nutrition products like Nutrition Care and Ai Yisen are being introduced, supported by strong research capabilities, contributing to category breakthroughs and injecting new momentum into the company [2] Resilience and Growth Outlook - Ausnutria demonstrates strong corporate resilience, with expectations to maintain steady growth in a complex and changing market environment, driven by rapid overseas market growth, synergies between cow and goat milk products, and a robust nutrition product segment [2]

Group 1 - Hong Kong Stock Exchange data shows that on October 23, shareholders of Haotian International Construction Investment (01341) deposited stocks into Haitong International Securities, with a market value of HKD 171 million, accounting for 7.38% [1] - Haotian International Construction Investment announced that as of the date of the announcement, the company has purchased a total of 646 units of Ethereum through open market transactions, with a total price of approximately USD 2.71 million (excluding transaction costs) [1]

Core Insights - On October 23, Haotian International Construction Investment (01341) shareholders deposited stocks into Haitong International Securities, with a market value of HKD 171 million, accounting for 7.38% of the total [1] Company Activities - Haotian International Construction Investment announced that as of the date of the announcement, the company has purchased a total of 646 units of Ethereum through open market transactions, with a total cost of approximately USD 2.71 million (excluding transaction costs) [1]

Core Insights - Sinda Biopharma (01801) has entered a global strategic collaboration with Takeda Pharmaceutical, involving two late-stage therapies IBI363 (PD-1/IL-2α-bias) and IBI343 (CLDN18.2 ADC), as well as an early-stage project IBI3001 (EGFR/B7H3 ADC) [1] - The collaboration includes an upfront payment of $1.2 billion, which consists of a $100 million strategic equity investment, with potential milestone payments reaching up to $10.2 billion and potential sales sharing [1] - IBI363 is viewed as a next-generation cornerstone therapy for tumors, with a significant market potential, targeting a global immune-oncology (IO) responder population of approximately 1.5 million, corresponding to a $50 billion hot tumor market [1] Group 1 - IBI363 has accumulated over 1,200 patient clinical data, with plans to advance its global development in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC), including first-line indications [2] - The first global Phase 3 clinical study (MarsLight-11) for IBI363 has received FDA approval, focusing on IO-resistant squamous NSCLC patients, comparing IBI363 at a 3 mg/kg dose to docetaxel [2] - The collaboration model is expected to enhance Sinda Biopharma's experience in building global clinical and commercialization teams, leveraging Sinda's domestic development efficiency and Takeda's international capabilities [2] Group 2 - Takeda invests approximately $5 billion annually in R&D and has a clinical team of 4,500, possessing extensive experience in oncology and immunotherapy [2] - This partnership is anticipated to help Sinda Biopharma expand its global footprint and gradually establish R&D and commercialization capabilities in key international markets, maximizing long-term sustainable value [2]

Core Insights - Sinda Biopharma (01801) has entered into a global strategic collaboration with Takeda Pharmaceutical, which includes two late-stage therapies IBI363 (PD-1/IL-2α-bias) and IBI343 (CLDN18.2 ADC), as well as an early-stage project IBI3001 (EGFR/B7H3 ADC) [1][2] - The collaboration will provide Sinda Biopharma with an upfront payment of $1.2 billion, including a strategic equity investment of $100 million, with potential milestone payments reaching up to $10.2 billion and potential sales sharing [1][2] - IBI363 is viewed as a next-generation cornerstone therapy for tumors, with a significant market potential, targeting a global immune-oncology (IO) responder population of approximately 1.5 million, corresponding to a $50 billion hot tumor market [1] Group 1 - IBI363 has accumulated clinical data from over 1,200 patients, with plans to advance its global development in non-small cell lung cancer (NSCLC) and colorectal cancer (CRC), including first-line indications [2] - The first global Phase 3 clinical study (MarsLight-11) for IBI363 has received FDA approval, focusing on IO-resistant squamous NSCLC patients, comparing the efficacy and safety of IBI363 at a 3 mg/kg dose against docetaxel [2] - The collaboration model will help Sinda Biopharma build experience in global clinical and commercialization teams, leveraging its development efficiency in China and Takeda's international capabilities [2] Group 2 - Takeda invests approximately $5 billion annually in R&D and has a clinical team of 4,500, possessing extensive experience in oncology and immunotherapy [2] - This partnership is expected to enhance Sinda Biopharma's global footprint, gradually establishing R&D and commercialization capabilities in key international markets, maximizing long-term sustainable value [2]

Core Viewpoint - Haitong International predicts Tencent's third-quarter revenue will increase by 14% year-on-year to 190 billion yuan, with non-IFRS operating profit expected to rise by 19% to 73 billion yuan [1] Revenue and Profit Forecast - The company has adjusted its forecast for Tencent's third-quarter gross margins in gaming and fintech & enterprise services to remain flat quarter-on-quarter [1] - The lower gross margin in gaming is attributed to copyright sharing related to the game "Delta Action," while improvements in gross margins for non-payment fintech and e-commerce are offset by a shift in revenue mix towards cloud services [1] Expense Predictions - The company has slightly increased its forecast for Tencent's quarterly sales and marketing expenses due to significant innovations in gaming promotion activities [1] Rating and Target Price - Haitong International maintains an "Outperform" rating for Tencent with a target price of 700 HKD [1]

Group 1 - The core viewpoint of the article highlights the licensing agreement between Hansoh Pharmaceutical (03692) and Roche for HS-20110 (CDH17ADC), which includes an upfront payment of $80 million and potential milestone payments of up to $1.45 billion, along with product sales sharing [1] - HS-20110 is a potential first-in-class (FIC) product currently undergoing global Phase I clinical trials for the treatment of colorectal cancer and other solid tumors in China and the United States [1] - The report indicates optimism regarding Hansoh Pharmaceutical's milestone revenue normalization and external licensing opportunities, with management raising the annual revenue guidance to a mid-to-high double-digit growth [1] Group 2 - The company is expected to achieve over 10 billion in innovative drug revenue by 2025, with the innovative drug revenue proportion likely to exceed 80% [1] - Milestone and upfront payment revenue is anticipated to exceed 2.2 billion [1] - The early pipeline includes several innovative molecules such as EGFR/cMET ADC and CDH6ADC, which have external licensing opportunities [1] Group 3 - The company is also optimistic about the continued growth of its core product, Amivantamab, in the domestic market, with four approved indications and projected sales exceeding 6 billion by 2025, with a peak single-drug sales potential of 8 billion [2] - Amivantamab in combination with chemotherapy for first-line treatment of NSCLC is expected to receive approval in the second half of the year [2] - The research pipeline includes combinations of Amivantamab with c-Met TKI and EGFR/c-Met bispecific antibodies/ADCs, which are expected to further strengthen the company's leading position in the lung cancer market [2]