智通财经APP获悉，交银国际发布研报称，2026年乘用车行业将步入高位整固期，预计全年乘用车零售 销量同比增0.3%至2445万辆，新能源渗透率突破60%。出口方面，预计2026年海外总销量达750-800万 辆。推荐关注具备海外产能与垂直整合优势标的，如比亚迪股份(01211)、吉利汽车(00175)，在Robotaxi 与具身智能具延展性的小鹏汽车-W(09868)。零配件则看好禾赛-W(02525)。 随着机器人售价下探，该行预计2026年C端人形机器人商业化更加顺畅。经过年底阶段性的波动后， 2026年板块有望进入整固及理性回归阶段。重点关注特斯拉(TSLA.US)Optimus量产订单与Gen3样机发 布等节点，以及国产整机厂供应链订单的落实。重卡方面，该行认为，受惠于政策红利释放及新能源渗 透加速，预计2026年内地重卡销量(含出口)同比增5%至约110万辆，看好中国重汽(03808)、潍柴动力 (02338)。锂电方面，该行表示储能需求强劲，产业链盈利改善预期增强，预计明年全球锂电池总需求 同比增约22%，建议关注有成本及技术优势，如宁德时代(03750)。 ...

CXO：底部反转后关注行业整合趋势 智通财经APP获悉，交银国际发布研报称，预期医药行业2025年迎来关键转折。2026年，该行认为板块 稳中向好态势延续，但影响市场表现的核心因素(政策、基本面、海外投融资环境、资金面等)或呈分化 态势。展望板块表现和选股逻辑，该行判断，2026年：1)板块本身低估+催化剂有望继续驱动向上行 情，而创新研发的价值兑现有望进一步推动整体估值中枢上移;2)部分细分板块/标的领涨后，后续选股 或将重回基本面和估值，即关注存在基本面预期差、当前仍被低估的个股。 交银国际主要观点如下： 创新药/处方药：短期关注出海交易和业绩表现，创新迭代驱动长期价值兑现 2026年继续看好在医药行业中布局创新药，关键短期催化剂包括BD/海外临床数据等出海进展、医保/商 保纳入、盈亏平衡点达到等。对创新转型步伐较快的处方药企，集采影响递减，新大单品上市放量叠加 授权合作收入逐步常态化，港股龙头收入和净利润增速有望稳定在双位数。重点推荐：1)三生制药、德 琪医药、百济神州(美股)：催化剂丰富、未来集采/集采续约影响有限、估值仍未反映核心大单品价 值;2)先声药业、和黄医药、传奇生物：被明显低估、长期成长逻 ...

该行预计，主要云厂商资本开支于2026年或持续增长30%以上。同时发现主要云厂商云业务收入在今年 第二季之后加速，达到近年来高点。虽其开支相对于经营性现金流的占比处相对高位，但认为整体过度 投资的风险可控。另外，该行指，继续看好国产替代在关键产业链的投资机会，并认为"十五五"期间的 政策支持或使国产替代进程加速。同时看到内地云服务商资本开支2025年或年增49%，并认为或在 2026-2027年保持高位。 交银国际发布研报称，本轮生成式人工智能所带来的技术进步浪潮范围大，影响深远且牵涉产业链环节 较多。该行认为，AI基础建设至少在2026年或持续强劲增长。该行认为美股芯片设计和晶圆代工企 业，包括英伟达(NVDA.US)，博通(AVGO.US)和台积电(TSM.US)或持续受惠于人工智能基础设施建 设。同时看好国产人工智能及国产替代产业链机会，包括北方华创（002371）(002371.SZ)，豪威集团 （603501）(603501.SH)，中微公司(688012.SH)和华虹半导体(01347)。 ...

Core Viewpoint - The report from交银国际 indicates that the mainland consumer market is expected to continue a moderate growth trend towards 2026, with slow overall demand growth but structural differentiation driven by rational consumption and demand upgrading [1] Group 1: Market Trends - The consumer market is undergoing a multi-dimensional transformation, evolving to be more consumer-centric [1] - There is a gradual construction of a new balance in the market, focusing on consumer demand and emphasizing operational efficiency improvements [1] Group 2: Investment Strategy - The report suggests a balanced investment strategy in the consumer sector, combining defensive sectors with stable cash flow and resilient demand as a foundation, while also actively seeking high-growth structural opportunities [1] - Close attention should be paid to new consumption trends and the potential for industry reshaping brought about by technological changes [1] Group 3: Focus Areas - Three categories of companies are highlighted for investment focus: 1. Companies benefiting from supply-demand improvements and expected to release profit elasticity through efficiency gains, such as申洲国际 and伊利 [1] 2. Segment leaders that are quick to capture consumption trends and have rapid growth potential, such as泡泡玛特 and名创优品 [1] 3. Industry leaders with solid growth foundations, strong moats, and cyclical resilience, such as安踏 and华润啤酒 [1]

Core Insights - The mainland consumer market is expected to continue a moderate growth trend through 2026, with slow overall demand growth but structural differentiation driven by rational consumption and demand upgrading [1] - The market is undergoing multi-dimensional transformation, evolving to be more consumer-centric, emphasizing operational efficiency [1] - Investment strategies in the consumer sector should balance defensive and offensive approaches, focusing on stable cash flow and resilient demand while also targeting high-growth structural opportunities [1] Company Focus - Companies benefiting from supply-demand improvements and expected to enhance profitability through efficiency gains include Shenzhou International and Yili [1] - Fast-growing segment leaders that are adept at capturing consumer trends include Pop Mart and Miniso [1] - Industry leaders with solid growth foundations, strong competitive advantages, and cyclical resilience include Anta and China Resources Beer [1] Related Events - Anta Sports reported strong Q3 performance, indicating resilience from its multi-brand strategy and easing pressure on sportswear sales as weather cools [2] - Miniso's Q3 revenue grew by 28% year-on-year, with continued improvement in same-store performance [2] - Yili maintains a "buy" rating from multiple securities firms, highlighting its leading position and growth potential in functional nutrition and deep processing [2] - Shenzhou International emphasizes long-term commitment with improving demand and showcasing its leading advantages [2] - Pop Mart is strengthening its operations in the U.S. market, with expectations for a strong performance in the upcoming peak season [2] - China Resources Beer appointed Xu Lin as an executive director and signed a three-year business travel service agreement with China Resources Digital Technology [2]

该行认为，2026年新能源购置税减免政策调整有望刺激消费者今年年底前集中购车，叠加车企年末冲量 及春节前建库需求，有望对冲部分提高置换补贴门槛的影响。但在第四季集中放量后，明年首季或回到 季节性淡季，建议投资者把握结构行情且保持审慎，关注短期波动。 交银国际发布研报称，中国11月新能源车销量整体延续增长，其中零跑汽车(09863)与鸿蒙智行创月度 新高。虽11月部分省份置换更新及以旧换新补贴提高门槛，但受惠于2026年购置税调整，以及各车企年 底促销活动，新能源汽车行业整体维持高景气。 建议关注小鹏汽车-W(09868)增程车型陆续上市，及海外本地化生产落地带动销量和毛利率提升;吉利汽 车(00175)私有化极氪后推动内部资源整合;赛力斯（601127）(09927)问界系列进一步拓展高端市场并提 升盈利。 ...

Core Viewpoint - The report from CMB International indicates a slight recovery in consumption in 2025, with moderate growth expected to continue into 2026. The current consumer market is undergoing multi-dimensional changes, primarily shifting towards a consumer-centric approach. The key drivers of current consumption decisions are value for money and emotional value, which provide important directions for companies in product innovation and brand establishment [1]. Group 1: Investment Strategy - The company suggests adopting a balanced strategy focusing on three types of enterprises: - The first category includes companies benefiting from supply-demand improvements and expected to release profit elasticity through efficiency enhancements, such as Shenzhou International (02313), rated "Buy" [1]. - The second category consists of nimble companies that capture consumer trends and possess rapid growth potential, such as Pop Mart (09992) and Miniso (09896), both rated "Buy" [1]. - The third category includes industry leaders with a solid growth foundation, strong competitive advantages, and cyclical resilience, such as Anta Sports (02020) and China Resources Beer (00291), both rated "Buy" [1].

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11月30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12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 (A). 股份期權（根據發行人的股份期權計劃） 不適用 FF301 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 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 2,734,392,000 | | 0 | | 2,734 ...

The EGM will be held at Conference Room 1, 9/F, Man Yee Building, 68 Des Voeux Road Central, Hong Kong and online through online platform on Wednesday, 17 December 2025 at 11:00 a.m.. The EGM will be a hybrid meeting. Shareholders have the option of attending, participating and voting in the EGM through the online platform. Shareholders attending the EGM using the online platform will also be counted towards the quorum and they will be able to cast their votes and submit questions through the online platfor ...

N O T I F I C AT I O N L E T T E R 通 知 信 函 Dear Non-registered Shareholders(Note 1) , BOCOM International Holdings Company Limited (the "Company") – Publication of the Circular dated 28 November 2025 containing Notice of Extraordinary General Meeting (the "Current Corporate Communications") The Current Corporate Communications of the Company have been published in English and Chinese languages and are available on the Company's website at www.bocomgroup.com and the HKEXnews's website at www.hkexnews.hk. If ...