Core Viewpoint - The report from CMB International maintains a target price of HKD 5.68 for Prosperity REIT (00778) and keeps a "Buy" rating, citing a decrease in interest expenses that is expected to lead to an increase in dividends for the year [1] Group 1: Financial Performance - Prosperity REIT's performance for the first half of 2025 is stable and largely in line with market expectations, with a slight year-on-year revenue decrease of 2% to HKD 854.5 million due to rental reductions on some assets [1] - The distributable income and distribution per unit (DPU) for the first half of 2025 increased by 2.1% and 1% year-on-year, respectively, aligning with expectations [2] Group 2: Rental and Occupancy Rates - The occupancy rate improved by 0.9 percentage points to a high level of 95% for the year, with 11 out of 17 shopping malls achieving occupancy rates above 96% [2] - The company plans to re-lease previously vacated spaces in the Prosperity Plaza, expecting further improvement in overall occupancy rates and rental recovery in the second half of the year [2] Group 3: Tenant Composition and Strategy - Approximately 72% of Prosperity REIT's tenant mix consists of essential services and daily necessities, which helps maintain resilience in the retail portfolio [2] - The company aims to optimize its tenant mix by introducing more specialty dining and new brands to mitigate the impact of pressured sectors, with expectations for overall rental stability in the second half of the year [2] Group 4: Interest Expense and Dividend Outlook - The company is expected to benefit from a decrease in HIBOR, which will help save on interest expenses for about 50% of its floating-rate debt, supporting an increase in DPU [2]

智通财经APP获悉，交银国际发布研报称，上调信义能源(03868)目标价9.4%，从1.17港元升至1.28港 元。公司股价近期大涨后，该行认为估值吸引力有限，评级下调至"中性"。 该行指，公司2025年上半年盈利4.5亿元人民币(下同)，同比增加23.4%。由于光照较强，利用小时增长 超3%，但平均电价下降12%，低于该行预期。上半年公司已将港元借款全部置换为人民币借款，推动 期末平均借款利率环比下降0.62个百分点至2.88%。光电抢装下，该行预期短期限电风险加大。 ...

该行指，公司2025年上半年盈利4.5亿元人民币(下同)，同比增加23.4%。由于光照较强，利用小时增长 超3%，但平均电价下降12%，低于该行预期。上半年公司已将港元借款全部置换为人民币借款，推动 期末平均借款利率环比下降0.62个百分点至2.88%。光电抢装下，该行预期短期限电风险加大。 交银国际发布研报称，上调信义能源(03868)目标价9.4%，从1.17港元升至1.28港元。公司股价近期大涨 后，该行认为估值吸引力有限，评级下调至"中性"。 ...

智通财经APP获悉，交银国际发布研报称，月进入乘用车消费淡季，交付量同比增速趋缓。根据部分已 公布的2025年7月车企交付数据，得益于以旧换新政策，7月新能源车市场依然维持同比增长态势，但由 于新能源渗透率已经连续4个月维持在50%以上，且7月为乘用车销售的传统淡季，因此当月新能源车市 场整体交付量同比增速有所放缓，环比下滑，其中 11 家车企销量同比+11.2%，环比-6.2%。3-4季度多 款新车待上市，随着"金九银十"传统销售旺季临近，预计8月整体销量环比改善。 交银国际主要观点如下： 7月传统淡季下新能源车市温和增长；预计8月环比改善 理想汽车(02015)：7月交付新车30,731辆，同/环比-39.7%/-15.3%。下半年理想发力高端纯电，理想汽车 首款纯电SUV理想i8于7月29日正式上市，随着家庭五座纯电SUV理想i6于9月上市，将实现4款增程电 动SUV、1款旗舰MPV、以及2款高压纯电SUV的产品布局。 蔚来汽车(09866)：7月交付新车21,017辆，同/环比+2.5%/-15.7%。其中，蔚来品牌交付新车12,675辆； 乐道品牌交付新车5,976辆；firefly萤火虫品牌交付新 ...

Core Viewpoint - The report highlights that Ninebot Company has shown strong growth in electric two-wheeler sales and profitability in Q2 2025, leading to an upward revision of the target price to RMB 75.02 and a buy rating [1][4]. Financial Performance - In Q2 2025, Ninebot Company reported revenue of RMB 6.63 billion and a net profit attributable to shareholders of RMB 790 million, representing year-on-year increases of 61.5% and 70.8% respectively [2][3]. - The gross margin and net profit margin were 30.9% and 11.8%, reflecting increases of 0.5 and 0.6 percentage points year-on-year [2][3]. Sales Growth - The sales of electric two-wheelers reached RMB 3.96 billion, with a year-on-year growth of 81%, and the volume sold increased by 77.3% to 1.389 million units [3]. - The average selling price (ASP) for electric two-wheelers was RMB 2,852, maintaining a high level [3]. Product Development and Market Expansion - The company launched new product series targeting female riders and sports performance, contributing to the optimistic sales outlook for the year [3]. - As of June 30, 2025, Ninebot had over 8,700 dedicated electric two-wheeler retail stores in mainland China, indicating ongoing market expansion [3]. Profitability Enhancement - The gross margin for electric two-wheelers was 23.7% in the first half of 2025, up from 21.1% for the entire year of 2024, indicating improved profitability [3]. - The company achieved a record high net profit margin of 11.8% in Q2 2025, with a combined sales, management, and R&D expense ratio of 17%, down by 1.1 and 1.2 percentage points year-on-year and quarter-on-quarter respectively [3]. Future Outlook - The revenue forecasts for 2025-2027 have been adjusted upward by 3-4% to RMB 19.86 billion, RMB 24.15 billion, and RMB 27.62 billion respectively, due to strong sales growth and product upgrades [4]. - The net profit forecasts for 2025-2026 have been increased by 10%-12% to RMB 1.87 billion, RMB 2.49 billion, and RMB 2.96 billion respectively, reflecting enhanced profitability potential [4].

Core Viewpoint - The report from交银国际 indicates that Xinyi Energy (03868) has experienced an unexpected decline in electricity prices, increasing short-term power restriction risks. Following a recent surge in stock price, the company is now close to its target price, leading to a downgrade to a "neutral" rating due to limited valuation attractiveness amid uncertainties [1]. Financial Performance - For the first half of the year, the company reported a revenue and profit increase of 7.7% and 23.4% year-on-year, respectively [1]. - Electricity sales volume grew by 22.7%, driven by strong sunlight, with utilization hours increasing by over 3% [1]. - The restriction rate rose by approximately 10 percentage points to 14%-15% [1]. Price and Valuation Adjustments - The average tax-inclusive electricity price decreased by 12% to 0.55 yuan per kilowatt-hour, which is below the bank's expectations [1]. - The earnings forecasts for 2025-2027 have been revised down by 6%, 7%, and 9% respectively [1]. - The valuation benchmark has been raised from 9.5 times to 10 times the price-to-earnings ratio, with the target price adjusted from 1.17 HKD to 1.28 HKD [1]. Market Trends and Risks - The national photovoltaic power generation utilization rate fell by 3 percentage points year-on-year to 94% [1]. - Due to the implementation of Document No. 136 and new policies for distributed photovoltaic systems, the new installed capacity in mainland China reached 212 GW, a significant increase of 107% year-on-year [1]. - Although the rush for installations is expected to slow down, the anticipated surge in grid-connected capacity is likely to increase short-term photovoltaic power restriction risks [1].

报告指，上半年全国光伏发电利用率同比下降3个百分点至94%，但由于136号文和分布式光伏新政导致 的抢装，内地光伏新增装机高达212吉瓦，同比大增107%。尽管抢装结束后装机将放缓，但预计并网容 量激增仍将导致短期内光伏限电风险加大。 交银国际发布研报称，信义能源(03868)电价下降超预期，短期限电风险加大，公司股价近期大涨后已 接近目标价，认为在不确定性较多的情况下估值吸引力有限，下调至"中性"评级。同时将2025-2027年 盈利预测下调6%、7%及9%，由于市场整体估值提升，将估值基准由9.5倍市盈率提高至10倍，并由 2025年切换至2026年，目标价由1.17港元上调至1.28港元。 报告指，公司上半年收入/盈利同比增7.7%/23.4%。售电量增长22.7%，由于光照较强，利用小时增长超 3%，限电率则提高约10个百分点至14%-15%。由于新收购项目电价较低和市场交易电价下降，含税平 均电价下降12%至0.55元/千瓦时，低于该行预期。该行预计由于电价全面市场化将压缩新建项目收益 率，公司未来收购速度将明显放缓。 ...

交银国际发表报告指，信义能源上半年收入/盈利按年增7.7%/23.4%。售电量增长22.7% ，由于光照较 强，利用小时增长超3%，限电率则提高约10个百分点至14%-15%。由于新收购项目电价较低和市场交 易电价下降，含税平均电价下降12%至0.55元/千瓦时，低于该行预期。该行预计由于电价全面市场化将 压缩新建项目收益率，公司未来收购速度将明显放缓。 该行指，公司股价近期大涨后已接近目标价，认为在不确定性较多的情况下估值吸引力有限，下调 至"中性"评级；将2025-2027年盈利预测下调6%、7%及9%，由于市场整体估值提升，将估值基准由9.5 倍市盈率提高至10倍，并由2025年切换至2026年，目标价由1.17港元上调至1.28港元。 ...

该行认为，蔚来旗下乐道L90定价积极，整车起售价为26.58万元人民币，即使是顶配的Ultra版亦未突破 30万元人民币。综合定价策略及渠道反馈，该行预计集团每月稳定销量将超市场预期的5000台。该行认 为，L90的成功为后续发布的L80车型铺平道路，助力蔚来在销量上实现逆转。 交银国际发布研报称，蔚来-SW(09866)的边际改善及降本效果将为市场焦点。虽股价已较低位反弹 50%，但集团2025年市销率仅为0.85倍，边际改善股价或迎来持续反弹机会，维持"买入"评级。 ...

Group 1 - The core viewpoint of the report is that NIO-SW (09866) is expected to see marginal improvements and cost reduction effects, which will become a market focus [1] - Despite a 50% rebound from its low price, the group's price-to-sales ratio for 2025 is only 0.85 times, indicating potential for continued price rebound [1] - The pricing strategy for NIO's L90 model is aggressive, with a starting price of 265,800 RMB, and even the top-spec Ultra version does not exceed 300,000 RMB [1] Group 2 - The report anticipates that the group will achieve stable monthly sales exceeding the market expectation of 5,000 units [1] - The success of the L90 model is seen as paving the way for the upcoming L80 model, which will help NIO reverse its sales trend [1]