Core Viewpoint - Haitong International's report indicates that China Literature Group (00772) achieved a revenue of 3.2 billion RMB in the first half of the year, exceeding market expectations by 1.5% [1] Financial Performance - Online reading and IP business revenues reached 2 billion RMB and 1.2 billion RMB respectively, both slightly above expectations [1] - Adjusted net profit margin stood at 15.9%, surpassing market expectations by 5 percentage points [1] Growth Prospects - The company is well-positioned to capitalize on the rise of the IP industry, with expectations for steady growth in TV drama IP, IP derivative products, and short drama businesses [1] - New Classics Media is anticipated to contribute more in the second half of the year [1] Revenue Forecast - The forecast for total revenue in the second half and for the full year is set at 4 billion RMB and 7.2 billion RMB respectively [1] - The rating is maintained at "outperform" with a target price raised to 38 HKD [1]

Core Viewpoint - Haitong International's report indicates that China Literature Group (00772) achieved a revenue of 3.2 billion RMB in the first half of the year, exceeding market expectations by 1.5% [1] Group 1: Financial Performance - Online reading and IP business revenues reached 2 billion RMB and 1.2 billion RMB respectively, both slightly above expectations [1] - Adjusted net profit margin stood at 15.9%, surpassing market expectations by 5 percentage points [1] Group 2: Future Outlook - The company is well-positioned to capitalize on the rise of the IP industry, with expectations for steady growth in TV drama IP, IP derivative products, and short drama businesses [1] - New Classics Media is anticipated to contribute more in the second half of the year, with stable performance in online reading [1] - Forecasts for total revenue in the second half and for the full year are set at 4 billion RMB and 7.2 billion RMB respectively [1] - The rating is maintained at "outperform" with a target price raised to 38 HKD [1]

Core Viewpoint - Different groups have submitted listing applications to the Hong Kong Stock Exchange, with Haitong International and CITIC Securities acting as joint sponsors [1] Group 1: Listing Applications - Multiple groups are actively seeking to list on the Hong Kong Stock Exchange, indicating a robust interest in capital markets [1] - The involvement of prominent sponsors such as Haitong International and CITIC Securities suggests a strong backing for these applications [1]

Core Viewpoint - The privatization of Haitong International Securities Group Limited by its parent company Haitong Securities is a strategic move in response to significant financial losses and market pressures, with a proposed buyout price reflecting a substantial premium over its recent trading price [1][2][3]. Group 1: Privatization Details - Haitong International's privatization offer is set at HKD 1.52 per share, representing a premium of approximately 114% over its last closing price of HKD 0.71 before suspension [2][3]. - The total cash consideration for the privatization is estimated to be around HKD 34.70 billion, covering approximately 2.283 billion shares [2][3]. - The privatization plan will result in Haitong International being delisted from the Hong Kong Stock Exchange [2][3]. Group 2: Financial Performance - Haitong International has faced significant financial challenges, with projected net losses of approximately HKD 64 billion to HKD 66 billion for 2022, attributed to market volatility and declining commission revenues [3][4]. - The company's net profit has declined sharply from HKD 30.29 billion in 2017 to a loss of HKD 65.41 billion in 2022, indicating a downward trend in profitability since 2021 [3][4]. - The financial difficulties have impacted the company's ability to raise funds, leading to increased scrutiny from the market regarding its financial health [4]. Group 3: Parent Company Stability - Haitong Securities, the parent company, reported a robust financial position with a revenue of HKD 169.68 billion and a net profit of HKD 38.3 billion for the first half of 2023 [5][6]. - The company's total assets were reported at HKD 762.39 billion, with a net asset value of HKD 167.02 billion as of June 30, 2023 [6]. - Haitong Securities' liquidity ratios are well above regulatory requirements, indicating a strong capacity to manage financial risks associated with the privatization [6]. Group 4: Market Context - The trend of privatization in the Hong Kong market has been notable, with over five companies successfully completing privatization this year, including notable names like Dali Foods and Yashili [6]. - Industry analysts suggest that privatization decisions are often driven by strategic considerations, including cost savings, competition avoidance, and addressing low stock liquidity and valuation issues [6].

2023年6月，中国证券业协会印发《证券公司网络和信息安全三年提升计划(2023-2025)》，鼓励经营机 构信息技术平均投入金额不少于2023年至2025年平均净利润的10%或平均营业收入的7%。根据统计， 2024年信息技术投入金额排名前十的证券公司，其信息技术投入金额占净利润比例均超过了10%，其中 比例排名前三的分别为国投证券、海通国际公司和华泰证券；占营业收入比例方面，投入前十的证券公 司中，除银河证券和申万宏源的信息技术投入占营业收入比例低于7%外，其余证券公司该比例均在7% 以上。 《证券公司网络和信息安全三年提升计划(2023-2025)》鼓励有条件的证券公司结合自身实际情况逐步提 升信息科技专业人员比例至企业员工总数的 7%。据统计，2024年信息技术投入前十的的证券公司中， 有七家披露了信息技术人员数量，其中四家信息技术人员占员工总数比例超过了7%，依次为招商证券 (16.3%)、申万宏源(8.6%)、海通国际公司(7.4%)、广发证券(7.1%)；三家证券公司信息技术人员占比未 达7%，分别为中信建投(6.8%)、国信证券(5.9%)、银河证券(5.5%)。 风险提示：证券公司信息技术投 ...

智通财经APP获悉，海通国际发布研报称，近期，外卖及即时零售市场的激烈竞争，其核心是各大平台 围绕"即时零售"这一关键增长赛道展开的战略卡位。各方投入巨额补贴，其根本目的并不仅限于争夺外 卖订单，而是出于更深远的战略考量：抢占新流量入口，提升用户粘性与平台渗透率。而此次竞争的更 深层逻辑，在于将即时购物延伸为覆盖本地生活全场景的服务平台。预计到2025年末，美团/淘宝闪购 &饿了么/京东外卖的市场份额将呈现6∶3∶1的分布格局。 外卖单量&市占率展望 美团保持最大份额，而淘宝闪购&饿了么日订单量增幅最大。在补贴大战高峰之际，美团外卖日订单量 由突破1.5万亿，市场份额~60%；淘宝闪购&；饿了么日单量突破9,000万单，市场份额~30%；京东外 卖日单量突破2,500万单，市场份额~10%在三家平台补贴与竞争升级带动下，整个外卖+即时零售市场 日单量已由5月约1亿单飙升至当前的约2.5亿单，标志着"场景黏性"与"生态协同"将成为下半场竞争的 真正核心。 外卖及即时零售市场规模将继续快速增长。根据艾瑞咨询统计，截至2024年底，中国餐饮外卖市场规模 已由2015年的1,250亿元跃升至约1.5万亿元，年复合增长 ...

Core Viewpoint - The report from Haitong International emphasizes the structural opportunities arising from policy catalysts, highlighting the need to focus on industries benefiting from government policies while adhering to the principle of "high dividends + fundamental improvement" [1] Demand - In July, among the eight essential consumer sectors tracked, six maintained positive growth, while two experienced negative growth. The sectors with single-digit growth included dining (+4.4%), soft drinks (+2.7%), frozen foods (+1.7%), condiments (+1.1%), dairy products (+1.1%), and beer (+0.6%). The sectors with declines were high-end and above liquor (-4.0%) and mass-market liquor (-3.9%). Compared to the previous month, five sectors saw a deterioration in growth rates, while three improved [2] Pricing - In July, most liquor prices stabilized. The prices for Feitian (whole box, loose bottle, and Moutai 1935) were 1915, 1880, and 655 yuan, respectively, showing changes of -35, flat, and -20 yuan compared to the previous month, and -665, -500, and -155 yuan year-on-year. The price for Pu'er liquor was 930 yuan, up by 10 yuan from the previous month, remaining flat year-on-year. After significant adjustments in June, most liquor prices saw slight increases or remained stable in July, with only a few continuing to decline. The discounts for liquid milk and beer products decreased, while soft drink discounts increased, with prices for infant formula, convenience foods, and condiments remaining stable [3] Costs - In July, the spot cost index generally declined, while the futures cost index primarily increased. The spot cost indices for dairy products, soft drinks, frozen foods, beer, instant noodles, and condiments changed by -2.92%, -2.46%, -1.88%, -1.78%, -1.58%, and -1.29%, respectively. The futures cost indices changed by -1.52%, +1.64%, -1.77%, +3.57%, +0.84%, and +2.89%. In terms of packaging materials, the prices for aluminum cans, glass, plastic, and paper changed by +3.67%, -0.08%, -0.82%, and -1.20% month-on-month, and year-on-year changes were +6.78%, -21.18%, -15.60%, and -4.11%. The prices for direct raw materials, such as palm oil, increased by +5.33% month-on-month and +13.13% year-on-year, while fresh milk prices slightly dropped to 3.03 yuan/kg [4] Funds - By the end of July, net inflows from Hong Kong Stock Connect amounted to 124.1 billion yuan (up from 73.45 billion yuan the previous month), with the essential consumer sector's market capitalization accounting for 5.05%, an increase of 0.17 percentage points from the previous month. The market share of the food additives sector in Hong Kong Stock Connect was 12.7%, down by 0.52 percentage points, while dairy products saw an increase of 0.6% to 11.6%. In terms of holding ratios, Qingdao Beer (600600) had the highest at 40.0%, followed by Huabao International at 19.8%. As of the end of June, the market capitalization share of food and beverage in the A-share market was 4.56%, down by 0.22 percentage points from Q1 2025, with Yili (600887) having the highest holding ratio at 10.7%, followed by Dongpeng Beverage (605499) at 9.9% [5] Valuation - At the end of July, the historical PE ratio for the food and beverage sector was at the 16th percentile (20.2x), unchanged from the end of the previous month. The sub-sectors with lower percentiles included beer (3%, 23.8x) and liquor (11%, 17.9x). The median valuation for leading A-share companies was 20x, down by 1x from the previous month. The historical PE ratio for the essential consumer sector in H-shares was at the 54th percentile (20.0x), an increase of 10 percentage points from the previous month (44%, 19.4x). The sub-sectors with lower percentiles included packaged foods (6%, 10.7x) and alcoholic beverages (7%, 17.6x). The median valuation for leading food and beverage companies in H-shares was 21x, up by 1x from the previous month [6]

Core Viewpoint - Wenzhi Traditional Chinese Medicine has submitted its listing application to the Hong Kong Stock Exchange, with Haitong International as its sole sponsor [1] Group 1: Market Position - Wenzhi Traditional Chinese Medicine is projected to be the largest AI-assisted traditional Chinese medicine service provider in mainland China in 2023 and 2024, with market shares of 1.5% and 1.3% respectively [1] Group 2: Product and Service Offerings - The company has developed "Traditional Chinese Medicine Brain," which is the first and only AI-assisted diagnostic system for traditional Chinese medicine in mainland China, validated through clinical consistency studies and expert reviews from top-tier hospitals [1] - Wenzhi generates revenue through traditional Chinese medicine services, wellness and knowledge products, and subscription services for the TCM Brain [1] Group 3: Community Engagement - The establishment of "Jingyi Academy" has resulted in the largest registered TCM community in mainland China, promoting TCM culture and knowledge sharing, while also accumulating potential customers for the company's business [1]

智通财经APP获悉，海通国际发布研报称，2025至2027年小菜园(00999)营收各65.4亿、79.3亿及94.3亿 元人民币，同比各增25%、21%及19%，经调净利润各7.4亿、9.2亿及11亿元人民币，同比各增27%、 24%及19%。基于小菜园处于品牌上升期且门店拓展提速，给予2025年20倍市盈率，对应合理市值159 亿港元，目标价13.5港元，首次覆盖给予"优于大市"评级。 该行称，小菜园是大众便民中式餐饮领导 者。2024年截至8月，公司的门店层面经营利润率为17.8%。该行预计，得益于门店面积优化缩减固定 成本、炒菜机器人投入提升人效、规模效应显现推动原材料端成本进一步摊薄，以及品牌力增强带来的 租金议价权提升，2025年门店经营利润率有望回升至20%以上。开店空间方面，经测算小菜园开店空间 广阔，预计门店数量可超2500家。 该信息由智通财经网提供 ...

展望2025财年全年，该行预计快手总收入为1,415亿元，同比增长12%，非通用会计准则(non-GAAP)净 利润为200亿元，同比增长14%，对应净利润率为14%。其中，直播、在线广告和电商收入分别预计为 380亿、825亿及210亿元。 智通财经APP获悉，海通国际发布研报称，在快手-W(01024)稳健的传统业务和可灵AI快速崛起的背景 下，对其2025年non-GAAP净利润200亿元应用18倍市盈率(此前为12倍)，目标价相应由原先62港元大幅 上调47%至91港元。考虑到可灵AI的领先地位和主营业务的健康增长，维持"优于大市"评级。 海通国际料快手次季总收入为346亿元人民币(下同)，同比增长12%。其中，直播收入预计同比增长 5%，线上广告收入同比增长13%，电商GMV同比增长15%，对应收入为34亿元。盈利能力方面，次季 调整后净利润预计为50亿元，对应净利润率为15%。 该行表示，快手主营业务收入保持稳健，盈利能力持续改善。线上广告、直播和电商增长速度仍快于行 业平均水平，同时费用得到严格控制。海外业务在2025年第一季已实现盈利，预计第二季亦将如此。人 工智能投资对利润率的影响为1至2个 ...