智通财经APP获悉，交银国际发布研报称，中集安瑞科(03899)上半年盈利同比升15.6%至5.6亿元人民 币，合乎预期。 整体而言，公司上半年在手订单同比持平。次季公司清洁能源新签订单同比跌31%， 因全球贸易不确定性及客户持观望态度，化工或液态食品板块次季新签及在手订单仍同比下降。该行将 公司今年及明年核心盈利预测分别下调5.8%及5%，料全年核心盈利同比持平，将其目标价上调至8.4港 元，评级为"买入"。 ...

智通财经APP获悉，交银国际发布研报称，考虑到康方生物(09926)HARMONi研究样本数量更大，预计 最终分析总生存期(OS)达到统计学显著的可能性较大。该行表示，将产品海外经PoS调整高峰预测上调 至165亿美元。该行调整集团在2025年至2027年财务预测，同时将其目标价由140港元上调至183港元， 其评级为"买入"。 该行指，公司上半年商业销售收入同比增长49%至14亿元人民币，主要得益于卡度尼利和依沃西两款核 心双抗产品于年初正式纳入医保目录，同时PCSK9和IL12/IL23启动商业化。公司销售团队人数超1,200 名，并继续完善肿瘤和特药事业部分线。 ...

该行指，公司上半年商业销售收入同比增长49%至14亿元人民币，主要得益于卡度尼利和依沃西两款核 心双抗产品于年初正式纳入医保目录，同时PCSK9和IL12/IL23启动商业化。公司销售团队人数超1,200 名，并继续完善肿瘤和特药事业部分线。 交银国际发布研报称，考虑到康方生物(09926)HARMONi研究样本数量更大，预计最终分析总生存期 (OS)达到统计学显著的可能性较大。该行表示，将产品海外经PoS调整高峰预测上调至165亿美元。该 行调整集团在2025年至2027年财务预测，同时将其目标价由140港元上调至183港元，其评级为"买入"。 ...

Core Viewpoint - The report from CMB International indicates an upward revision of the revenue forecast for Fourth Paradigm (06682) for 2025-2027 by 7-22%, maintaining expectations for profitability in 2025 and slight profit in 2026 [1] Group 1: Revenue Forecast and Target Price - The revenue forecast for Fourth Paradigm has been increased by 7-22% for the years 2025-2027 [1] - The target price has been raised from HKD 64 to HKD 81, corresponding to a 4x price-to-sales ratio, with the target price rolling to 2026 [1] Group 2: Business Expansion and AI Applications - The recent government policy issued on August 26, titled "Opinions on Deepening the Implementation of AI+ Actions," is expected to benefit the company's business expansion [1] - The company is exploring AI applications across various sectors, including AI+Energy Storage and Phancy Consumer Electronics, which enhances its core competitiveness in traditional industries [1] Group 3: Future Growth and Profitability - As the demand for AI applications from enterprises continues to grow, the average revenue per customer is expected to increase [1] - By 2029, the company's revenue is projected to reach a scale of HKD 20 billion, with an annualized growth rate of 30% compared to 2025, and the scalability effect is expected to continue [1] - Profit margins are anticipated to reach 8-10% [1]

Core Viewpoint - The report from交银国际 raises the target price for Fourth Paradigm (06682) to HKD 81, maintaining a "Buy" rating, driven by increased revenue expectations for 2025-2027 and positive implications from government policies on AI [2]. Revenue Expectations - Revenue forecasts for Fourth Paradigm have been increased by 7-22% for the years 2025-2027, with expectations of turning profitable in 2025 and achieving slight profitability in 2026 [2]. - The company is projected to reach a revenue scale of HKD 20 billion by 2029, reflecting a compound annual growth rate (CAGR) of 30% from 2025 [2]. Market Position and Strategy - The company’s "Prophet" platform is expected to enhance core competitiveness for enterprises amid the AI upgrade in traditional industries [2]. - Fourth Paradigm is actively exploring AI applications across various sectors, including AI+Energy Storage and Phancy Consumer Electronics [2]. Profitability Outlook - The report anticipates that as enterprise demand for AI applications continues to grow, the average revenue per customer will increase, with profit margins potentially reaching 8-10% [2].

Group 1 - The company reported a revenue and other income of HKD 276 million for the six months ending June 30, 2025, with a loss of HKD 283 million, an improvement from a loss of HKD 355 million in the same period of 2024 [1] - Commission and fee income from securities brokerage increased by HKD 29 million or 68.3% to HKD 71.3 million compared to the same period in 2024 [1] - The company completed six IPO projects as overall coordinator and global coordinator/bookrunner during the reporting period [1] Group 2 - The company successfully assisted enterprises in raising a total of USD 11.4 billion through 30 bond issuance projects in the debt capital markets [1] - The total asset management scale reached approximately HKD 20,607.4 million as of June 30, 2025, a 13.5% increase from HKD 18,155.5 million on December 31, 2024 [1] - Asset management and advisory service fee income increased by HKD 1.9 million or 9.7% to HKD 21.9 million compared to the same period in 2024 [1] Group 3 - The company aims to leverage opportunities to strengthen Hong Kong's position as an international financial center, focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance [2] - The company emphasizes solidifying its foundation, seeking steady progress, improving quality and efficiency, and strictly controlling risks while enhancing its comprehensive financial service capabilities [2] - The company intends to create value for shareholders and investors by fully utilizing the financial service functions of bank-affiliated securities firms and the advantages of group synergy [2]

交银国际(03329)发布截至2025年6月30日止6个月中期业绩，收益及其他收入2.76亿港元，同比减少 3.11%;股东应占亏损2.83亿港元，同比收窄20.47%;每股亏损0.1港元。 ...

Group 1 - The company reported a revenue and other income of HKD 276 million for the six months ending June 30, 2025, representing a year-on-year decrease of 3.11% [1] - The loss attributable to shareholders was HKD 283 million, which narrowed by 20.47% year-on-year [1] - The loss per share was HKD 0.1 [1]

（股份代號：3329） 500,000,000美元1.75厘2026年到期之有擔保票據 （債券代號：40737） 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 交銀國際控股有限公司 （於香港註冊成立的有限公司） 截至2025年6月30日止六個月之中期業績公告 董事會宣佈本集團截至2025年6月30日止六個月的未經審核簡明合併中期業績連同2024 年同期之比較數字。 簡明合併收益表 | | | 截至以下日期止六個月 | | | --- | --- | --- | --- | | | | 2025年6月30日 | 2024年6月30日 | | | | （未經審核） | （未經審核） | | | 附註 | 千港元 | 千港元 | | 收益 | | | | | 佣金及手續費收入 | 4 | 104,118 | 96,019 | | 利息收入 | 4 | 155,449 ...

来源：观点地产网 观点网讯：8月26日，交银国际发表研究报告，微升领展房产基金目标价至49.8港元，预计降息影响大 于租金调整。 报告指出，领展2026财年首财季香港零售物业组合销售额同比下降0.8%，略低于香港整体市场0.4%的 增幅，主要受电商免费服务对非必需消费品交易的影响。 交银国际认为，尽管如此，领展在2026财年1季度仍保持高零售物业出租率及办公楼出租率。公司最新 发布的续租租金调整率预测为负中个位数，可能导致2026财年收入小幅下降。 交银国际认为，利率下调可部分缓解租金压力的影响，分别小幅下调领展2026财年和2027财年的每单位 派息预测约1.5%、2.9%，并引入2028财年的预测。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...