Group 1 - The core point of the article highlights the recent stock transfer of Mingfa Group (00846) from Haitong International Securities to DBS Bank, with a market value of HKD 164 million, representing 16.41% of the total shares [1] - Mingfa Group reported a revenue of HKD 2.726 billion for the six months ending June 30, 2025, reflecting a year-on-year decrease of 28.6% [1] - The company recorded a loss attributable to equity holders of HKD 273 million, compared to a profit of HKD 6.7 million in the same period last year, resulting in a loss per share of HKD 0.045 [1]

Core Viewpoint - Mingfa Group (00846) has experienced a significant decline in revenue and has reported a loss for the first half of the fiscal year ending June 30, 2025, indicating potential challenges in its financial performance [1] Group 1: Shareholder Activity - On October 10, shareholders of Mingfa Group transferred shares from Haitong International Securities to DBS Bank, with a total market value of HKD 164 million, representing 16.41% of the company's shares [1] Group 2: Financial Performance - For the six months ending June 30, 2025, Mingfa Group reported revenue of HKD 2.726 billion, a decrease of 28.6% year-on-year [1] - The company recorded a loss attributable to equity holders of HKD 273 million, compared to a profit of HKD 6.7 million in the same period last year [1] - The loss per share was reported at HKD 0.045 [1]

Core Insights - The sales performance of gold and jewelry stores during the 2025 Golden Week exceeded expectations, primarily driven by strong consumer spending in economically developed regions such as the Yangtze River Delta and parts of Anhui and Shandong [1][3] - Among the major brands, Chao Hong Ji showed the most significant growth at approximately 30%, while Lao Feng Xiang and China Gold maintained steady growth at around 15%, and Chow Tai Fook experienced moderate growth of about 5% [1][3] Group 1 - The 2025 Golden Week sales were primarily concentrated in economically developed areas, leading to higher consumer spending and acceptance of fixed-price gold jewelry [1][3] - Chao Hong Ji's innovative design and flexible marketing strategies contributed to its leading growth among the four major brands [3][4] - The overall sales during the Golden Week saw a positive year-on-year growth, with an increase in average transaction value being the main driver [1][3] Group 2 - The proportion of fixed-price products is increasing across brands to balance profit pressures and optimize profit structures, with Chao Hong Ji having about 60-70% of its products at fixed prices [4] - Chow Tai Fook is transitioning from a weight-based product strategy to a profit-oriented approach, planning to close around 10 underperforming stores while enhancing its fixed-price product offerings [4][5] - Chao Hong Ji plans to continue its expansion with an expected addition of 10-20 new stores, focusing on shopping centers and younger consumers [4][5] Group 3 - There are significant differences in single-store sales volumes among brands, with Lao Feng Xiang leading at approximately 18 million, followed by Chow Tai Fook at over 15 million [5] - Chao Hong Ji employs a refined replenishment mechanism based on sales data from its top 50 franchisees, resulting in higher inventory turnover efficiency [5] - The inventory management strategies vary, with Chow Tai Fook primarily using a consignment model, while Lao Feng Xiang and China Gold follow more traditional models [5] Group 4 - The sales performance in the first three quarters of 2025 showed a fluctuation of approximately 10%/-5%/15%, indicating a structural divergence in brand performance [6] - The industry is expected to continue experiencing structural differentiation, with Chao Hong Ji accelerating its expansion and Chow Tai Fook focusing on profit recovery and structural optimization [6] - Future competition in the industry will likely center on product innovation, brand rejuvenation, and improving channel efficiency [6]

智通财经APP获悉，海通国际发布研报称，据预测，25年9月重点跟踪的8个必选消费行业中5个保持正 增长，3个负增长。个位数增长的行业包括速冻食品、软饮料、调味品、啤酒和餐饮；下降的行业包括 次高端及以上白酒、大众及以下白酒和乳制品。与上月相比，5个行业增速改善，3个变差。双节前消费 和备货意愿不强，节后统计数据也显示商品消费弱于服务消费(国家税务总局数据显示增速分别为3.9% 和7.6%，整体增速4.5%)。 乳制品：9月国内乳制品行业收入为455亿元，同比下滑4.6%。1-9月累计收入为3531亿元，同比下滑 1.2%。乳制品需求仍然承压，礼赠市场表现不佳，经销商中秋国庆双节备货意愿谨慎。同时我们在九 月价格月报中也观察到乳制品线上零售价折扣率再次加大，价格竞争现象仍然较多。 速冻食品：9月国内速冻行业收入为78亿元，同比增长4.0%，1-9月累计收入805亿元，同比增长1.7%。 3Q25速冻食品需求整体表现平稳，9月为迎接双节，餐饮渠道纷纷备货，从而拉动对速冻食品的需求增 长，环比需求出现改善。进入下半年高基数影响逐渐消化。龙头企业各自调整策略争取全年增长。 软饮料：9月国内软饮料行业收入为663亿元， ...

Core Viewpoint - Haitong International initiated coverage on Sands China Ltd. with an "Outperform" rating, highlighting the company's position as a leader in the Macau gaming industry amid a recovery phase, indicating a positive cycle of improving profitability, cash flow quality, and stable dividends [1] Group 1: Company Overview - Sands China is recognized as a leading player in the Macau gaming sector [1] - The company is currently experiencing a recovery in the industry, which is expected to enhance its financial performance [1] Group 2: Financial Outlook - The report suggests that Sands China is entering a positive cycle characterized by improved profitability, better cash flow quality, and stable dividends [1] - The current valuation of Sands China remains below pre-pandemic levels, indicating potential for growth [1] Group 3: Investment Recommendation - Haitong International has set a target price of HKD 25.6 for Sands China, reflecting an optimistic outlook for the company's stock performance [1]

Core Viewpoint - Haitong International's report indicates that Sands China, as a leading player in the Macau gaming industry, is entering a positive cycle of "profitability enhancement - cash flow quality improvement - stable dividends" amid industry recovery, with current valuations still below pre-pandemic levels [1] Group 1 - Sands China is recognized as the leader in the Macau gaming sector [1] - The company is experiencing a recovery in profitability and cash flow quality [1] - Current valuations of Sands China are lower than those before the pandemic [1] Group 2 - Haitong International has initiated coverage on Sands China with an "outperform" rating [1] - The target price set for Sands China is HKD 25.6 [1]

Core Viewpoint - Haitong International initiates coverage on Sands China (01928) with an "Outperform" rating and a target price of HKD 25.6, highlighting the company's potential for profitability improvement and cash flow quality enhancement in the context of industry recovery [1] Group 1: Company Overview - Sands China operates approximately 1,680 gaming tables and around 3,700 slot machines, making it the largest among the six listed gaming companies in Macau [1] - The company benefits from its substantial mass market business, positioning it to be one of the first to gain from industry recovery and tourist influx [1] Group 2: Financial Projections - Revenue projections for Sands China from 2025 to 2027 are estimated at USD 7.395 billion, USD 7.907 billion, and USD 8.325 billion, reflecting year-on-year growth rates of 4.4%, 6.9%, and 5.3% respectively [2] - The projected gross gaming revenue for the same years is USD 7.034 billion, USD 7.471 billion, and USD 7.864 billion, with growth rates of 4.3%, 6.2%, and 5.3% [2] - Adjusted property EBITDA is forecasted to be USD 2.417 billion, USD 2.652 billion, and USD 2.841 billion, with adjusted property EBITDA margins of 32.7%, 33.5%, and 34.1% [2] Group 3: Market Position and Strategy - Sands China focuses on the mass market segment, targeting mid-to-high-end customers, which contributes to higher profit margins due to a favorable win rate [1] - The company has maintained the largest market share in Macau for several years, supported by its extensive gaming table and slot machine offerings [1] - The completion of renovations at The Londoner Macao in the second quarter has led to an adjusted EBITDA margin recovery to 31.9%, with expectations for continued improvement in overall profitability [1]

Group 1 - The core viewpoint of the report is that Sands China (01928) is rated "Outperform" with a target price of HKD 25.6, benefiting from the recovery of the Macau gaming industry and its strong market position [1] - Sands China operates approximately 1,680 gaming tables and around 3,700 slot machines, making it the largest among the six listed gaming companies in Macau [1] - The company focuses on the mass market segment, targeting mid-to-high-end customers, which contributes to higher profitability due to a high win rate in the mass market [1] Group 2 - Sands China's adjusted EBITDA margin has rebounded to 31.9% following the completion of renovations at The Londoner Macao in the second quarter, with expectations for continued improvement [1] - Revenue projections for Sands China from 2025 to 2027 are estimated at USD 7.395 billion, USD 7.907 billion, and USD 8.325 billion, reflecting year-on-year growth rates of 4.4%, 6.9%, and 5.3% respectively [2] - The forecasted gross gaming revenue for the same period is USD 7.034 billion, USD 7.471 billion, and USD 7.864 billion, with growth rates of 4.3%, 6.2%, and 5.3% [2]

Core Viewpoint - Jingyin Pharmaceutical is a global clinical-stage biotechnology company focused on developing siRNA therapies and has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs, Haitong International, and HSBC as joint sponsors [1] Industry Summary - The siRNA therapy market is projected to grow from $2.4 billion in 2024 to $50.3 billion by 2040, representing a compound annual growth rate (CAGR) of 20.9% [1] - siRNA therapies address disease mechanisms at the nucleic acid level and can target "undruggable" proteins that traditional technologies struggle to reach, offering a paradigm shift in chronic disease management with advantages such as longer durability, higher compliance, good safety profile, and lower drug interactions [1] Company Summary - The company has three core product pipelines focusing on coagulation disorders, cardiovascular metabolic diseases, and obesity [1] - SRSD107 is a potential first-in-class siRNA drug targeting coagulation factor XI, currently undergoing Phase II clinical trials in Europe [1] - SRSD216 is a potential best-in-class siRNA targeting Lp(a), with ongoing Phase IIa trials in China and the United States [1] - SRSD384 is an INHBE-targeting candidate drug for obesity, supported by compelling preclinical data, and is actively pursuing IND application [1] - The company’s proprietary PEPR platform includes chemical modifications, target and sequence optimization, and delivery technologies, and is researching extrahepatic delivery systems to expand the range of siRNA effects [1]

Group 1 - Baidu's stock in Hong Kong rose over 3%, leading to a pre-market increase of over 3% for its US shares [1] - Haitong International upgraded Baidu's valuation method from Price-to-Earnings (PE) to Sum-of-the-Parts (SoTP) due to the new CFO's strategy to "unlock hidden assets" [1] - Baidu is reshaping its traditional business in the wake of the large language model (LLM) trend and aims to surpass competitors in the cloud market through various measures [1] Group 2 - Specific measures include adjusting traditional search operations, enriching AI SaaS products, providing cost-effective and reliable cloud infrastructure, and building an open foundational model ecosystem [1] - The valuation adjustment considers a 45% discount, resulting in a total market value of $64 billion, or a target price of $188 per ADR, corresponding to a projected 22x PE for fiscal year 2025 [1]