Core Viewpoint - The report from CMB International slightly raises the target price for Link REIT (00823) to HKD 49.8 while maintaining a "Buy" rating, citing potential interest rate cuts and inclusion in the Stock Connect as key catalysts in the next 12 months [1] Group 1: Target Price and Ratings - CMB International has adjusted the target price for Link REIT to HKD 49.8, reflecting a slight increase due to anticipated interest rate and discount rate reductions [1] - The firm maintains a "Buy" rating on Link REIT, indicating confidence in the stock's performance [1] Group 2: Financial Projections - The company has slightly lowered its per unit distribution forecasts for the fiscal years 2026 and 2027 by approximately 1.5% and 2.9% respectively, while introducing projections for fiscal year 2028 [1] - The latest operational data shows a year-on-year decline of 0.8% in sales for Hong Kong retail properties in Q1 of fiscal year 2026, which is slightly below the overall market growth of 0.4% [1] Group 3: Market Conditions and Performance - The decline in sales is attributed to the impact of e-commerce free shipping services on non-essential goods transactions [1] - Despite the sales decline, Link REIT maintains a high retail property occupancy rate of 97.6% and an office building occupancy rate of 99.2% [1] - The company anticipates a negative single-digit percentage for the renewal rent adjustment rate, which may lead to a slight decrease in revenue for fiscal year 2026 [1] Group 4: Financing Costs - The company expects recent declines in HIBOR/SORA/BBSY to help reduce financing costs [1]

Core Viewpoint - The report from CMB International slightly raises the target price for Link REIT (00823) to HKD 49.8, maintaining a "Buy" rating, citing potential interest rate cuts and inclusion in the Stock Connect as key catalysts in the next 12 months [1] Group 1: Target Price and Ratings - CMB International has adjusted the target price for Link REIT to HKD 49.8, reflecting a slight increase due to anticipated interest rate and discount rate reductions [1] - The firm maintains a "Buy" rating on Link REIT, indicating confidence in the stock's performance [1] Group 2: Financial Projections - The company has slightly reduced its per unit dividend forecasts for FY2026 and FY2027 by approximately 1.5% and 2.9% respectively, while introducing projections for FY2028 [1] - The anticipated decline in HIBOR/SORA/BBSY is expected to help lower financing costs for the company [1] Group 3: Operational Performance - Link REIT's latest operational data shows a 0.8% year-on-year decline in sales for its Hong Kong retail property portfolio in Q1 FY2026, which is slightly below the overall market growth of 0.4% [1] - The high occupancy rates remain strong, with retail properties at 97.6% and office buildings at 99.2% [1] - The company forecasts a negative single-digit adjustment rate for renewal rents, which may lead to a slight decline in revenue for FY2026 [1]

名创优品上调全年整体收入增长指引至超过25%，内地门店的同店销售全年有望实现同比正增长，并预 期全年经调整经营利润将达36.5亿至38.5亿元，对应同比增长7%至13%。考虑到上半年业绩和近期的销 售趋势，交银国际小幅上调2025年收入预测1%，但下调了2026至27年收入预测2%至4%，基于更加保守 的利润率假设，报告下调了2025至27年调整后净利润预测13%至14%，至28亿至40亿元。 交银国际发布研报称，名创优品(09896)上半年收入同比增长21.1%至93.9亿元人民币(下同)，其中次季 同比增长23.1%，超过此前指引，由海外市场和Top Toy推动。上半年经调整净利润同比微增3%至12.8亿 元，次季经调整净利润率按季改善至13.9%，但仍低于去年同期，受到海外直营店投入的影响。基于16 倍预测市盈率不变(滚动至2026年)，目标价由46.42港元升至48.7港元，维持"买入"评级。 ...

Group 1 - The core viewpoint of the report is that Tuhu-W (09690) is expected to achieve double-digit revenue growth and stable profit margins in the second half of the year, with a potential recovery in profit growth by 2026 [1] - The target price for Tuhu-W has been raised from HKD 21 to HKD 25, based on an 18 times price-to-earnings ratio for 2026, while maintaining a "Buy" rating [1] - In the first half of the year, Tuhu outperformed the industry through consumer insights and supply chain management technology, with revenue showing accelerated year-on-year growth [1] Group 2 - The company managed to improve gross profit margins on a quarter-on-quarter basis despite downward pressure on average transaction value by optimizing product category structure and supply chain management [1] - Operating expense ratios continued to show an optimizing trend, indicating effective cost management [1] - The performance and store opening progress in the first half of 2025 were generally in line with expectations [1]

Core Viewpoint - The report from CMB International indicates that Tuhu-W (09690) is expected to achieve double-digit revenue growth and stable profit margins in the second half of the year, with a potential recovery in profit trends by 2026, leading to an adjustment in valuation based on an 18x P/E ratio for 2026, raising the target price from HKD 21 to HKD 25 while maintaining a "Buy" rating [1] Group 1 - In the first half of the year, Tuhu outperformed the industry through insights from the consumer end and supply chain management technology [1] - The performance and store expansion in the first half of 2025 were generally in line with expectations, with revenue showing accelerated year-on-year growth [1] - Despite downward pressure on average transaction value, Tuhu improved its gross profit margin quarter-on-quarter by optimizing product category structure and supply chain management, while also continuing to optimize operating expense ratios [1]

Core Insights - Miniso's revenue for the first half of the year increased by 21.1% year-on-year to 9.39 billion RMB, with a 23.1% growth in the second quarter, driven by overseas markets and Top Toy [1] - Adjusted net profit for the first half rose slightly by 3% to 1.28 billion RMB, with a second-quarter adjusted net profit margin improving to 13.9%, although still lower than the same period last year due to investments in overseas stores [1] - The target price for Miniso has been raised from 46.42 HKD to 48.7 HKD based on a 16x forecasted P/E ratio, maintaining a "Buy" rating [1] Revenue Guidance - Miniso has raised its full-year revenue growth guidance to over 25%, with same-store sales in mainland China expected to achieve positive year-on-year growth [1] - The company anticipates adjusted operating profit for the year to reach between 3.65 billion and 3.85 billion RMB, corresponding to a year-on-year growth of 7% to 13% [1] Forecast Adjustments - Based on the first half performance and recent sales trends, the revenue forecast for 2025 has been slightly increased by 1%, while the revenue forecasts for 2026 and 2027 have been reduced by 2% to 4% [1] - The adjusted net profit forecasts for 2025 to 2027 have been lowered by 13% to 14%, now estimated to be between 2.8 billion and 4 billion RMB [1]

交银国际发表研报指，哔哩哔哩次季收入73亿元，按年增20%，基本符合市场和该行预期；经调整归母 净利润5.6亿元，略好于该行预期的5.3亿元。该行预计三季度收入按年增4%，广告收入维持20%增速， 经调整营运利润6.2亿元。 该行小幅上调哔哩哔哩2025、2026年经调整净利润预期，上调美股目标价至32美元，上调H股目标价至 248港元，维持"买入"评级。该行预期用户价值提升及AI技术赋能下商业化效率可望进一步提升，看好 经营杠杆持续释放促进盈利能力不断提升。 ...

Core Viewpoint - Miniso's revenue for the first half of the year increased by 21.1% year-on-year to 9.39 billion yuan, driven by overseas markets and Top Toy [1] Group 1: Financial Performance - In Q2, revenue grew by 23.1% year-on-year, surpassing previous guidance [1] - Adjusted net profit increased by 3% year-on-year to 1.28 billion yuan, with Q2 adjusted net profit margin improving to 13.9% quarter-on-quarter, although still lower than the same period last year due to investments in overseas stores [1] Group 2: Future Guidance - Miniso raised its full-year revenue growth guidance to over 25%, with same-store sales in mainland China expected to achieve positive year-on-year growth [1] - The company anticipates adjusted operating profit for the year to reach between 3.65 billion and 3.85 billion yuan, corresponding to a year-on-year growth of 7% to 13% [1] Group 3: Analyst Adjustments - Based on the first half performance and recent sales trends, the firm slightly raised its 2025 revenue forecast by 1% but lowered the 2026 to 2027 revenue forecasts by 2% to 4% [1] - Due to more conservative profit margin assumptions, the adjusted net profit forecasts for 2025 to 2027 were reduced by 13% to 14%, to between 2.8 billion and 4 billion yuan [1] - The target price was raised from 46.42 HKD to 48.7 HKD, maintaining a "Buy" rating [1]

交银国际发布研报称，众安在线(06060)上半年纯利为6.68亿元人民币，表现超越去年全年，并胜于预 期。公司上半年承保利润超出预期，因此该行下调其全年综合成本率预测;众安银行亏转盈，料将进入 盈利周期，提升盈利贡献。该行上调众安在线盈测，预计公司今年盈利为12.3亿元人民币，同比增长1 倍，目标价由16港元调升至23港元，维持"买入"评级。 ...

Core Viewpoint - The report from CMB International indicates that Kingsoft (03888) faced revenue pressure in Q2 due to high base effects from key games, leading to a decline in profit margins influenced by decreased revenue and increased costs related to AI investments and new game marketing [1] Group 1: Financial Performance - Kingsoft's game revenue and profit forecasts have been downgraded for the year, with the target price reduced from HKD 46 to HKD 42 while maintaining a "Buy" rating [1] - Initial data from the launch of "Limitless Machine" fell short of expectations, but it signifies progress in new categories and global expansion [1] Group 2: Business Segments - The office business continues to show robust growth, with AI monthly active users reaching nearly 30 million, a year-on-year increase of 50% [1] - Rapid growth is expected in the second half of the year, reinforcing Kingsoft's leading position in knowledge document office scenarios [1]