Core Viewpoint - The report from交银国际 indicates that Xinyi Energy (03868) has experienced an unexpected decline in electricity prices, increasing short-term power restriction risks. Following a recent surge in stock price, the company is now close to its target price, leading to a downgrade to a "neutral" rating due to limited valuation attractiveness amid uncertainties [1]. Financial Performance - For the first half of the year, the company reported a revenue and profit increase of 7.7% and 23.4% year-on-year, respectively [1]. - Electricity sales volume grew by 22.7%, driven by strong sunlight, with utilization hours increasing by over 3% [1]. - The restriction rate rose by approximately 10 percentage points to 14%-15% [1]. Price and Valuation Adjustments - The average tax-inclusive electricity price decreased by 12% to 0.55 yuan per kilowatt-hour, which is below the bank's expectations [1]. - The earnings forecasts for 2025-2027 have been revised down by 6%, 7%, and 9% respectively [1]. - The valuation benchmark has been raised from 9.5 times to 10 times the price-to-earnings ratio, with the target price adjusted from 1.17 HKD to 1.28 HKD [1]. Market Trends and Risks - The national photovoltaic power generation utilization rate fell by 3 percentage points year-on-year to 94% [1]. - Due to the implementation of Document No. 136 and new policies for distributed photovoltaic systems, the new installed capacity in mainland China reached 212 GW, a significant increase of 107% year-on-year [1]. - Although the rush for installations is expected to slow down, the anticipated surge in grid-connected capacity is likely to increase short-term photovoltaic power restriction risks [1].

Core Viewpoint - The report from CMB International indicates that Xinyi Energy (03868) has experienced a greater-than-expected decline in electricity prices, increasing short-term electricity supply risks. Following a recent surge in stock price, it is now close to the target price, leading to a downgrade to a "Neutral" rating due to limited valuation attractiveness amid uncertainties [1]. Financial Performance - For the first half of the year, the company reported a revenue and profit increase of 7.7% and 23.4% year-on-year, respectively [1]. - Electricity sales volume grew by 22.7%, driven by strong sunlight, with utilization hours increasing by over 3% [1]. - The average electricity price, including tax, fell by 12% to 0.55 yuan per kilowatt-hour, which was below the firm's expectations [1]. Market Dynamics - The report highlights that the national photovoltaic power generation utilization rate decreased by 3 percentage points year-on-year to 94% [1]. - Due to the implementation of Document No. 136 and new policies for distributed photovoltaic systems, the mainland saw a significant increase in new photovoltaic installations, reaching 212 GW, a year-on-year increase of 107% [1]. - Despite the expected slowdown in installations after the rush, the surge in grid-connected capacity is anticipated to increase short-term photovoltaic supply risks [1]. Valuation Adjustments - The company has adjusted its earnings forecasts for 2025-2027 down by 6%, 7%, and 9% respectively [1]. - The valuation benchmark has been raised from 9.5 times to 10 times the price-to-earnings ratio, with the target price increased from 1.17 HKD to 1.28 HKD [1].

交银国际发表报告指，信义能源上半年收入/盈利按年增7.7%/23.4%。售电量增长22.7% ，由于光照较 强，利用小时增长超3%，限电率则提高约10个百分点至14%-15%。由于新收购项目电价较低和市场交 易电价下降，含税平均电价下降12%至0.55元/千瓦时，低于该行预期。该行预计由于电价全面市场化将 压缩新建项目收益率，公司未来收购速度将明显放缓。 该行指，公司股价近期大涨后已接近目标价，认为在不确定性较多的情况下估值吸引力有限，下调 至"中性"评级；将2025-2027年盈利预测下调6%、7%及9%，由于市场整体估值提升，将估值基准由9.5 倍市盈率提高至10倍，并由2025年切换至2026年，目标价由1.17港元上调至1.28港元。 ...

该行认为，蔚来旗下乐道L90定价积极，整车起售价为26.58万元人民币，即使是顶配的Ultra版亦未突破 30万元人民币。综合定价策略及渠道反馈，该行预计集团每月稳定销量将超市场预期的5000台。该行认 为，L90的成功为后续发布的L80车型铺平道路，助力蔚来在销量上实现逆转。 交银国际发布研报称，蔚来-SW(09866)的边际改善及降本效果将为市场焦点。虽股价已较低位反弹 50%，但集团2025年市销率仅为0.85倍，边际改善股价或迎来持续反弹机会，维持"买入"评级。 ...

Group 1 - The core viewpoint of the report is that NIO-SW (09866) is expected to see marginal improvements and cost reduction effects, which will become a market focus [1] - Despite a 50% rebound from its low price, the group's price-to-sales ratio for 2025 is only 0.85 times, indicating potential for continued price rebound [1] - The pricing strategy for NIO's L90 model is aggressive, with a starting price of 265,800 RMB, and even the top-spec Ultra version does not exceed 300,000 RMB [1] Group 2 - The report anticipates that the group will achieve stable monthly sales exceeding the market expectation of 5,000 units [1] - The success of the L90 model is seen as paving the way for the upcoming L80 model, which will help NIO reverse its sales trend [1]

交银国际发报告指，蔚来汽车(09866.HK)旗下乐道L90定价积极，整车起售价为26.58万元人民币，即使 是顶配的Ultra版亦未突破30万元人民币。综合定价策略及渠道反馈，该行预计集团每月稳定销量将超 市场预期的5000台。同时认为，蔚来的边际改善及降本效果将为市场焦点。虽股价已较低位反弹50%， 但集团2025年市销率仅为0.85倍，边际改善股价或迎来持续反弹机会。维持"买入"评级。 交银国际：蔚来L90定价积极 料每月稳定销量将超5000台 ...

智通财经APP获悉，交银国际发布研报称，维持蔚来-SW(09866)"买入"评级，边际改善股价迎来短期反 弹机会。该行认为未来市场焦点或在于蔚来的边际改善(特别是销量回升)的可持续性，同时降本效果能 否达到市场的预期。虽然股价已较低位反弹50%，但目前蔚来2025年市销率仅为0.85倍，依然较新势力 同行估值的1-2倍为低，边际改善股价或迎来持续反弹机会。 报告中称，乐道L90正式登陆市场，整车起售价为26.58万元(Pro版;人民币，下同)，而Max与Ultra版则 分别为27.98万元与29.98万元;七座车型在此基础上加价6000元(即27.18万元起)。BaaS(电池租赁)方案的 起步价为17.98万元(Pro版)，Max与Ultra版分别是19.38万元及21.38万元，七座版BaaS方案则从18.58万 元起售。相较于7月10日公布的预售价(整车购买27.99万元起，BaaS方案19.39万元起)，正式售价降低了 约1.41万元。在权益方面，新车全系标配85kWh电池、L2级别智能驾驶辅助系统以及Orin-X芯片等高端 配置，并推出2000元预订金抵扣5000元购车款及5000元选装基金的优惠，复 ...

Group 1 - The report from CMB International maintains a "Buy" rating for NIO-SW (09866), indicating a potential short-term rebound in stock price due to marginal improvements, particularly in sales recovery [1] - Despite a 50% rebound from lower levels, NIO's price-to-sales ratio for 2025 is only 0.85 times, which is still lower than the 1-2 times valuation of its peers in the new energy vehicle sector, suggesting further upside potential for the stock [1] Group 2 - The launch of the Lido L90 model has a starting price of 265,800 RMB for the Pro version, with the Max and Ultra versions priced at 279,800 RMB and 299,800 RMB respectively; the seven-seat model starts at 271,800 RMB [2] - The official pricing is approximately 14,100 RMB lower than the pre-sale price announced on July 10, indicating a strategic pricing adjustment [2] - The L90 model includes high-end features such as an 85kWh battery, L2-level intelligent driving assistance system, and Orin-X chip, with promotional offers to encourage purchases [2] - The management's pricing strategy reflects a strong commitment to achieving sales targets, with expectations of monthly sales exceeding the market forecast of 5,000 units [2] - The success of the L90 model is anticipated to pave the way for the upcoming L80 model, contributing to a turnaround in NIO's sales performance [2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 交銀國際控股有限公司 | | | 呈交日期: | 2025年8月1日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 第 2 頁 共 10 頁 v 1.1.1 FF301 III.已發行股份及/或庫存股份變動詳情 (A). 股份期權（根據發行人的股份期權計劃） 不適用 第 3 頁 共 10 頁 v 1.1.1 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 03329 | 說明 | 不適用 | | | | | | | | 已發行股份（不包括庫存股份）數目 | | ...

Core Viewpoint - The Federal Reserve decided to maintain the federal funds rate target range at 4.25% to 4.5% during the July FOMC meeting, marking the fifth consecutive meeting without a rate cut, aligning with market expectations [1] Group 1: Federal Reserve Decisions - The Fed's decision to pause rate cuts reflects a cautious approach, as the impact of tariffs has a lagging effect that has not yet fully manifested [1] - The probability of a rate cut in September decreased from approximately 65% before the meeting to around 45% afterward, indicating a shift in market sentiment [1] - The Fed is expected to wait for two complete rounds of employment and inflation data before making further decisions, particularly regarding the transmission of commodity price pressures [1] Group 2: Market Implications - The outlook for rate cuts in 2023 has moderated, with expectations for 1-2 rate cuts by the end of 2025, and the first potential cut could occur in the fourth quarter [1] - Concerns about dollar credit risk and capital market performance may limit political pressures on the Fed, including potential calls for tariff adjustments or dismissing Fed Chair Powell [1]