Core Viewpoint - The report from CMB International indicates that Kingsoft Corporation (03888) faced revenue pressure in Q2 due to high base effects from key games, leading to a decline in profit margins impacted 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, although 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] - It is anticipated that the office segment will continue to grow rapidly in the second half of the year, solidifying its leading position in knowledge document office scenarios [1]

智通财经APP获悉，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。 ...

交银国际发表研报指，小米次季业绩符合市场预期，汽车业绩表现亮眼。收入/经调整净利润分别为 1160/108亿元，符合市场预期。汽车收入按年增40%；毛利率达26.4%，再创历史新高，主要来自平均 售价增长及同平台规模效应。智能手机收入按年降2%，主要来自REDMI A5 发布拉低海外平均售价， 而内地平均售价受益于高端机型占比提升，按年继续增长。 该行微调小米2026年汽车业务收入至1820亿元，前值预测1817亿元。考虑手机等业务的不确定性，下调 2025年及2026年收入预测至4830亿及6058亿元，下调2025年及2026年经调整每股盈利至1.67元及2.01 元。基于2026年手机xAIoT 25倍市盈率及汽车业务2.2倍市销率，目标价由67港元下调至60港元，维 持"买入"评级。 ...

基于泡泡玛特上半年强劲的业绩表现、持续拓展的IP矩阵和全球化战略的推进，该行上调2025年至2027 年利润预测 39%至49%，目标价由300港元上调至394港元。公司仍是该行在消费行业中的首选标的，继 续看好公司强大的 IP 营运能力和全球化拓展进程，重申"买入"评级。 交银国际发表研报指，泡泡玛特上半年业绩实现爆发式增长，实现收入138.8亿元，按年增长204.4%； 经调整净利润达到47.1亿元，按年大幅增长362.8%。盈利能力持续改善，毛利率/经调整净利率按年提 升6.3/11.6个百分点至70.3%及33.9%，得益于利润率更高的海外业务的占比提升和经营杠杆效应。管理 层上调2025年公司全年营收至不低于300亿元，此前为200亿元，并预期全年净利率有望达到35%，超出 该行此前预期。 ...

Group 1 - The core point of the article is that China Merchants International (03329) announced the acquisition of PLNIJ Notes II for approximately $588.57 million, which is equivalent to about HKD 46.20 million [1] - The acquisition is expected to provide the group with long-term investment opportunities [1] - The company aims to achieve stable investment returns while taking on reasonable risks through this acquisition [1]

Group 1 - The company,交银国际, announced the acquisition of PLNIJ notes II in the over-the-counter market [1] - The purchase price for the notes was approximately $97.74, with a total principal amount of $6,000,000 [1] - The total cost incurred for the acquisition was about $5,885,713 [1]

交银国际(03329)发布公告，于2025年8月19日，公司的直接全资附属公司Preferred Investment于场外市 场以购买价约97.74美元收购本金额为600万美元的PLNIJ票据II，代价约为588.57万美元(相当于约 4620.28万港元)。 收购为本集团提供长期投资机会，使本集团能够在承担合理风险的情况下利用资本资源实现稳定的投资 回报。 ...

交銀國際控股有限公司 （於香港註冊成立的有限公司） （股份代號：3329） 有關收購票據之 須予披露交易 收購 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份內容 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 於2025年8月19日，Preferred Investment於場外市場以購買價約97.74美元收購本金額 為6,000,000美元的PLNIJ票據II，代價約為5,885,713美元（相當於約46,202,847.05港 元）。 上市規則之涵義 由於先前收購及收購乃於十二個月期間內作出，故根據上市規則第14.22條，該等事項 應合併為本公司的一系列交易。由於有關該等收購的一項或多項適用百分比率合併計 算後低於25%但高於5%，該等收購構成本公司須予披露交易，因此須遵守上市規則第 十四章項下的通知及公告規定。 收購 於2025年8月19日，Preferred Investment於場外市場以購買價約97 ...

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Hansoh Pharmaceutical (03692), highlighting its leadership in innovative drugs and international expansion, with a target price increase from HKD 33 to HKD 48, reflecting a projected dynamic P/E ratio of 2.2 times for next year [1] Group 1: Company Performance - Hansoh Pharmaceutical achieved strong double-digit sales growth in the first half of the year, particularly in its ADC and GLP-1 product lines, which continue to generate significant collaboration revenue [1] - The company has raised its full-year revenue guidance to a high double-digit percentage, previously set at a double-digit increase, with specific sales targets of RMB 6 billion for Amelot and RMB 10 billion for overall innovative drugs [1] Group 2: Future Outlook - CMB International expects Amelot's annual sales to have a growth potential of RMB 3 billion to RMB 4 billion, and is optimistic about the contribution of international performance following the normalization of business development activities [1] - The company plans to increase its R&D investment in the second half of the year, with an anticipated growth in R&D expenses of over 38%, leading to an overall increase of more than 30% for the year [1]

交银国际指，翰森制药上半年产品销售延续双位数的强劲增长，同时在ADC和GLP-1产品系列上的 BD(产品授权、收购、合作及战略拓展)合作继续贡献可观的合作收入。该行预计阿美乐的年销售额仍 有30亿至40亿元人民币的增长空间，并看好BD常态化后产品国际化业绩贡献。 报告指，翰森制药上调全年收入指引至高双位数百分比，此前为双位数，阿美乐和整体创新药销售指引 分别维持在60亿及100亿元人民币。公司将在下半年加大研发投入，预计研发费用增长38%以上，全年 增长30%以上。 智通财经APP获悉，交银国际发布研报称，翰森制药(03692)作为创新药占比和出海进程遥遥领先同行的 龙头处方药企，维持"买入"评级及行业重点推荐，目标价由33港元升至48港元，相当于预测明年动态市 盈率2.2倍。 ...