Core Viewpoint - The report from CMB International raises the target price for New Oriental-S (09901) by 19.6% from HKD 46 to HKD 55, maintaining a "Buy" rating, driven by positive outlook on K12 education and training business demand and growth prospects [1] Group 1: Financial Performance - For Q1 of FY2026, New Oriental reported a revenue increase of 6% year-on-year to USD 1.523 billion, exceeding the bank's expectations by 1% [1] - Adjusted operating profit was approximately USD 336 million, with an operating profit margin of 22%, expanding by 1 percentage point compared to the same period last year [1] - Adjusted net profit attributable to shareholders was USD 258 million, corresponding to a net profit margin of 17% [1] Group 2: Business Segments - The study indicates that the study abroad-related business, although recently impacted, remains a leader in the industry, with better-than-expected performance [1] - The K9 new business saw a revenue increase of 15% year-on-year, while the university and adult business maintained a steady growth rate with a 14% revenue increase [1] - The report highlights that the revenue from preparatory and consulting services grew by 1% and 2% year-on-year, respectively, contrary to previous expectations of a 5% decline [1] Group 3: Future Guidance - Management maintains a revenue growth guidance of 5-10% for FY2026, with Q2 revenue growth expected to be in the range of 9-12%, compared to previous expectations of 9% [2] - The K12 business's continuation rate and product quality improvements are anticipated to drive revenue recovery within a stable growth range [2] - The overall revenue growth rate for FY2026/2027/2028 is expected to exceed 10%, with a consistent trend of profit margin expansion [2]

Core Insights - Jiumaojiu Group reported its Q3 2025 operational data, indicating that while same-store sales remain under pressure, initial effects of operational adjustments are becoming evident [1][4] - The Taier brand has seen a narrowing decline in same-store sales for three consecutive quarters, with positive year-on-year growth in key cities like Beijing and Shanghai during Q3 [1][3] Group Performance - For Q3 2025, the table turnover rates for Taier (self-operated), Song Hotpot, and Jiumaojiu (self-operated) were 3.3, 2.4, and 2.5 respectively, while same-store average daily sales decreased by 9.3%, 19.1%, and 14.8% year-on-year [3] - Despite the overall negative growth, the decline rates for Taier and Jiumaojiu have narrowed compared to Q2, indicating that the group's operational adjustments are having a positive impact [3][4] Strategic Initiatives - Jiumaojiu Group is actively promoting the transformation and upgrade of the Taier brand through the "5.0 Fresh Model," with 106 restaurants already established in mainland China as of the announcement date [3] - The average daily dining revenue for the "5.0 Fresh Model" restaurants has increased by approximately 15 percentage points compared to conventional stores [3] - The company aims to increase the number of "5.0 Fresh Model" restaurants to over 200 by the end of 2025 [3] Menu and Design Changes - The "5.0 Fresh Model" has made significant adjustments to the menu structure, expanding from a single-item strategy centered on sour fish to three main categories: "live fish, fresh chicken, and premium beef," along with a wider selection of hot dishes [3] - Store design has shifted from the previous black-and-white comic style to a warmer atmosphere using natural wood materials, and a "fresh" ingredient display area has been added to enhance the dining experience [3] Market Outlook - According to CMB International's latest research report, while same-store sales remain under pressure, signs of recovery are beginning to emerge [4] - The firm has slightly lowered its profit forecasts for Jiumaojiu for 2025-2027 and adjusted the target price to HKD 2.32, maintaining a "neutral" rating [4] - The challenges faced by Jiumaojiu Group are not only due to internal transformation pressures but are also closely related to changes in the overall restaurant industry environment [4]

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10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11月3日 I. 法定/註冊股本變動 不適用 (A). 股份期權（根據發行人的股份期權計劃） 不適用 FF301 第 1 頁 共 10 頁 v 1.1.1 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 | | 2,734,392,000 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 2 ...

Core Viewpoint - The Federal Reserve is transitioning from a "preventive rate cut" approach to a "wait-and-see" stance, leading to increased uncertainty in short-term policy paths [1] Group 1: Federal Reserve's Rate Decisions - The Federal Reserve cut rates by 25 basis points to a range of 3.75%-4.00% during the October meeting, amidst a complex backdrop due to the U.S. government shutdown affecting key employment data [2] - The decision reflects a proactive approach to mitigate potential job market downturns, despite stable private sector employment indicators [2][3] - Internal divisions within the Federal Reserve are growing, with some members advocating for more aggressive cuts while others suggest pausing [3] Group 2: Economic Indicators and Market Reactions - The market's expectation for a December rate cut has decreased from 82.4% to 63.8% following the October meeting, indicating a shift in sentiment [1] - The upcoming December decision will heavily depend on employment and inflation data post-government shutdown, with a focus on whether job market indicators show significant improvement [1][3] - Recent easing of U.S.-China trade tensions may alleviate inflationary pressures from tariffs, presenting a potential positive factor for the economy [3] Group 3: Monetary Policy and Market Conditions - The Federal Reserve announced it will stop balance sheet reduction starting December 1, as liquidity tightening signals have emerged in the U.S. money market [4] - Since the initiation of balance sheet reduction in June 2022, the Fed's balance sheet has contracted by $2.2 trillion, reducing its GDP ratio from 35% to approximately 21% [4] - The dollar index has shown signs of a rebound, and with the Fed's hawkish signals, market volatility risks are expected to increase, potentially impacting metal prices and emerging market assets [5]

Core Viewpoint - The 20th Fourth Plenary Session approved the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development," indicating significant opportunities for the technology sector during the 15th Five-Year Plan period [1] Group 1: Technology Sector Development - The session emphasized accelerating high-level technological self-reliance and leading the development of new productive forces [1] - The technology industry is expected to have substantial growth potential across various fields [1] - The capital market's support for technology and industry is likely to deepen [1] Group 2: Key Investment Areas - The report highlights promising investment prospects in critical areas such as artificial intelligence algorithms and applications [1] - Other focus areas include new computing, storage, and communication infrastructure, robotics, domestic semiconductor equipment and manufacturing, integrated circuit design, and auxiliary software [1] - Emerging technologies such as next-generation communication, smart vehicles, new consumer electronics, quantum communication and computing, and low-altitude economy are also identified as key investment opportunities [1]

Core Viewpoint - The management of the company maintains guidance for full-year net profit to be flat year-on-year, with an improvement in net profit margin, while recent sales trends are similar to those in the second quarter, with discounts deepening year-on-year [1] Group 1: Financial Performance - For the first half of the fiscal year 2026, the company's revenue was 12.3 billion RMB, a year-on-year decrease of 5.8%, primarily due to fluctuations in consumer demand for sports products and offline foot traffic [1] - The company's gross margin slightly decreased by 0.1 percentage points to 41.0%, impacted by discount changes and an increase in online revenue share, although the contribution from retail business and support from brand partners partially offset negative effects [1] - The net profit for the first half of the year was 790 million RMB, a year-on-year decline of 9.8%, which was broadly in line with expectations [1] Group 2: Brand and Store Management - By brand, the main brand and other brands saw year-on-year declines of 4.8% and 12.2% respectively, with the main brand performing better than others and the overall performance [2] - The company is actively collaborating with main brands to improve online and offline channel management and overall discount levels [2] - The company plans to deepen its focus on running and outdoor segments, developing new brands such as norda, soar, Ciele, and Norr?na [2] Group 3: Store Structure and Online Business - As of August 2025, the number of direct-operated stores decreased by 332 to 4,688, continuing a downward trend, while total sales area decreased by 14.1%, but the average store area increased by 6.5% year-on-year [2] - The company is implementing a "selection + optimization" principle, applying stricter standards for new and renovated stores, resulting in larger store areas with more restrained renovation investments [2] - Online retail business experienced double-digit growth year-on-year, with the company exploring a multi-dimensional operational model of "1 (offline store) + N (online multi-scenario layout)" [2]

Core Viewpoint - The management of the company maintains guidance for full-year net profit to remain flat year-on-year, with an improvement in net profit margin, while recent sales trends are similar to those in the second quarter, although discounts have deepened year-on-year [1] Financial Performance - For the first half of the 2026 fiscal year, the company's revenue was 12.3 billion RMB, a year-on-year decrease of 5.8%, primarily due to fluctuations in consumer demand for sports products and offline foot traffic [1] - The gross profit margin slightly decreased by 0.1 percentage points to 41.0%, impacted by discount changes and an increase in online revenue share, although the contribution from retail business and support from brand partners partially offset negative effects [1] - The operating expense ratio increased by 0.1 percentage points to 33.2%, benefiting from rental structure and operational team optimization; the net profit margin decreased by 0.3 percentage points to 6.4%, with net profit declining by 9.8% to 790 million RMB, roughly in line with expectations [1] Brand Performance - By brand, the main brand and other brands saw year-on-year declines of 4.8% and 12.2% respectively, with the main brand performing better than other brands and the overall performance [2] - The company is actively collaborating with the main brand to improve online and offline channel management and enhance overall discount levels [2] Store Management and Strategy - The company continues to adjust its store structure and improve quality, with a net decrease of 332 directly operated stores to 4,688 as of August 2025, indicating a downward trend; total sales area decreased by 14.1%, but average store area increased by 6.5% year-on-year [2] - The management noted ongoing pressure on offline foot traffic, with a double-digit decline in same-store traffic during the period; the company is implementing stricter standards for new and renovated stores under the "selection + optimization" principle [2] - Online retail business experienced double-digit growth year-on-year, with the company exploring a diversified operational model of "1 (offline store) + N (online multi-scenario layout)" [2]

Group 1 - The core viewpoint of the reports indicates an optimistic outlook on the sales of Sac-TMT and Bodo-Tuzumab, leading to an upward revision of revenue forecasts for 2025-2027 by 0-5% and an increase in peak sales projections to 6.4 billion and 1.1 billion RMB respectively [1] - The DCF target price for Keren Biotechnology-B (06990) has been raised to 549 HKD, maintaining a "Buy" rating due to the significant global value driven by clinical data for the ADC product matrix [1] Group 2 - Sac-TMT has established a new benchmark for treating EGFR mutation-resistant NSCLC, with the III phase OptiTROP-Lung04 study showing significant improvements in PFS and OS compared to the control group, with median PFS of 8.3 vs. 4.2 months and median OS not reached vs. 17.4 months [2] - The application for marketing authorization for Sac-TMT in this indication was approved in October, and it has shown lower incidence rates of oral mucositis, ocular toxicity, and interstitial pneumonia compared to competitor Dato-DXd [2] - In the ADC product matrix for breast cancer, Sac-TMT's application for second-line and above HR+/HER2- breast cancer has been accepted, and Bodo-Tuzumab has been approved for 2L+ HER2-positive breast cancer, with both III phase study results presented at the ESMO conference [3] - The OptiTROP-Breast02 study demonstrated statistical superiority in PFS for Sac-TMT with a median of 8.3 vs. 4.1 months, and the KL166-III-06 study showed Bodo-Tuzumab significantly extended median PFS compared to T-DM1 [3]

Core Viewpoint - The report from CMB International indicates an optimistic outlook for the sales of Sac-TMT and Bodo-Tuzumab based on regulatory approval progress, leading to an upward revision of revenue forecasts for 2025-2027 by 0-5% and an increase in peak sales projections to RMB 6.4 billion and RMB 1.1 billion respectively. The DCF target price has risen to HKD 549, maintaining a "Buy" rating for Kelun-Botai Biopharmaceuticals (06990), driven by the significant global value of the ADC product matrix supported by clinical data [1]. Group 1 - Sac-TMT sets a new benchmark for EGFR mutation-resistant NSCLC treatment: The results of the Phase III OptiTROP-Lung04 study presented at the ESMO conference show that the Sac-TMT treatment group achieved statistically and clinically significant improvements in PFS and OS compared to the control group, with median PFS of 8.3 vs. 4.2 months (HR=0.49, 95% CI: 0.39-0.62, p<0.0001) and median OS of NR vs. 17.4 months (HR=0.60, 95% CI: 0.44-0.82, two-tailed p=0.001) [2]. - The application for marketing authorization for this indication was approved in October, and Sac-TMT shows lower incidence rates of oral mucositis, ocular toxicity, and interstitial lung disease compared to competitor Dato-DXd, although it has a higher incidence of hematological toxicity [2]. Group 2 - The ADC product matrix has also made significant progress in breast cancer: The marketing application for Sac-TMT for second-line and above HR+/HER2- breast cancer has recently been accepted by the CDE, and Bodo-Tuzumab was approved for the first time in October for 2L+ HER2-positive breast cancer. The results of their respective Phase III studies were also presented at the ESMO conference [3]. - In the OptiTROP-Breast02 study, Sac-TMT achieved statistically significant PFS improvement (median 8.3 vs. 4.1 months, HR 0.35, p<0.0001), with preliminary OS HR of 0.33 observed across all predefined subgroups [3]. - In the KL166-III-06 study, Bodo-Tuzumab outperformed T-DM1, significantly extending median PFS (11.1 vs. 4.4 months, HR 0.39, p<0.0001) [3].

Core Viewpoint - The report from CMB International maintains a "Buy" rating for GCL-Poly Energy Holdings Limited (03800), highlighting a significant increase in polysilicon prices that has led to a turnaround in profitability [1] Financial Performance - GCL-Poly's photovoltaic materials segment reported a profit of 960 million RMB in Q3 2025, including a post-tax profit of 640 million RMB from the sale of its associate company, Xinhua Semiconductor [1] - The company has successfully turned a profit due to the increase in polysilicon prices, which rose from a low of 34,000 RMB per ton to the current price of 50,000 RMB per ton since late July [1] Market Dynamics - The anti-involution policy, which prevents sales below cost, has contributed to the significant rise in polysilicon prices [1] - An increase in operating rates has also helped to dilute unit depreciation and expenses, further supporting the profitability of the granular silicon business [1] Future Outlook - CMB International has revised its net profit forecast for GCL-Poly, setting a target price of 1.54 HKD based on a 2026 price-to-earnings ratio of 16 times, while maintaining the "Buy" rating [1]