智通财经APP获悉，交银国际发布研报称，名创优品(09896) 第三季业绩基本符合预期。该行认为，当 前趋势与全年指引相符，集团正深化IP矩阵和大店策略，推动同店进一步恢复，加强增长韧性。维持目 标价48.7港元及"买入"评级。 报告表示，名创优品内地业务同店复苏强劲，门店优化见效。海外业务直营盈利有所改善。此外，TOP TOY第三季收入年增111%至5.7亿元人民币，自有IP快速放量，同店实现中单位数增长。2025年3季度公 司收入同比增28.2%至58亿元人民币，略超出此前公司指引(25-28%)，主要受益于内地业务复苏及TOP TOY的强劲增长。 ...

Core Viewpoint - The report from CMB International indicates that NVIDIA's Q3 results for the fiscal year ending in October and guidance for the fiscal year ending in January exceeded expectations, highlighting strong demand and potential for further growth [1] Financial Performance - For the last fiscal quarter, NVIDIA reported revenue of $57 billion and Non-GAAP earnings per share of $1.30, both surpassing market and CMB International's expectations [1] - The gross margin was reported at 73.6%, which met expectations [1] Future Guidance - Management reiterated the revenue guidance of $500 billion combined for Blackwell/Rubin over the next two years, with potential for further upward revisions [1] - CMB International has raised its revenue forecasts for fiscal years 2026 to 2028 to $213.8 billion, $304.4 billion, and $355.4 billion respectively [1] Margin and Earnings Projections - The Non-GAAP gross margin forecasts have been adjusted to 71.4%, 75%, and 75.1% for the fiscal years 2026 to 2028 [1] - Non-GAAP earnings per share estimates have been increased to $4.64, $7.01, and $8.15 for the same fiscal years [1] Target Price and Rating - The target price for NVIDIA has been raised to $245, maintaining a "Buy" rating [1]

Core Viewpoint - The report from CMB International indicates that Link REIT's interim results for the fiscal year 2026 show a decline in revenue and net property income, primarily due to retail market fluctuations and negative rental adjustments in Hong Kong and mainland China [1] Financial Performance - Revenue decreased by 1.8% year-on-year to HKD 7.023 billion [1] - Net property income fell by 3.4% year-on-year to HKD 5.178 billion [1] - Total distributable amount was HKD 3.283 billion, with a distribution per unit of HKD 1.2688, representing a year-on-year decline of 5.9% [1] Market Challenges - Link REIT continues to face challenges such as rising labor costs and uncertainty in the retail market recovery [1] - The rental adjustment rates for renewals in Hong Kong and mainland China were negative, impacting overall performance [1] Analyst Adjustments - The target price for Link REIT has been revised down from HKD 49.8 to HKD 45.7, while maintaining a "Buy" rating [1] - The expected distribution per unit (DPU) has been lowered due to ongoing challenges [1] Investment Outlook - Despite short-term price corrections, the dividend yield is approximately 7%, presenting a long-term accumulation opportunity [1] - Anticipation of further interest rate cuts and potential inclusion in the Hong Kong Stock Connect may lead to a mid-to-long-term valuation reassessment [1]

Group 1 - The target price for Link REIT (00823) has been lowered by 8.2% from HKD 49.8 to HKD 45.7, while maintaining a "Buy" rating [1] - The short-term stock price correction has resulted in a dividend yield of approximately 7%, presenting a long-term accumulation opportunity [1] - Management anticipates continued challenges in rental adjustments for renewals in mainland China and Hong Kong, which may pressure distributions for FY2026 [1] Group 2 - Link REIT's mid-term performance (as of September 30) was slightly below expectations, with revenue decreasing by 1.8% year-on-year to HKD 7.023 billion [1] - Net property income fell by 3.4% year-on-year to HKD 5.178 billion, primarily due to retail market fluctuations and negative rental adjustment rates [1] - The net debt ratio as of September 2025 is 22.5%, a slight increase from 21.5% as of March 31, 2025, but still at a low level [2]

Group 1 - The target price for Link REIT (00823) has been lowered by 8.2% from HKD 49.8 to HKD 45.7, while maintaining a "Buy" rating [1] - The short-term stock price correction has resulted in a dividend yield of approximately 7%, presenting a long-term accumulation opportunity [1] - Management anticipates continued challenges in rental adjustments for renewals in mainland China and Hong Kong, which may pressure distributions for the fiscal year 2026 [1] Group 2 - The mid-term performance of Link REIT (as of September 30) was slightly below expectations, with revenue decreasing by 1.8% year-on-year to HKD 7.023 billion [1] - Net property income fell by 3.4% year-on-year to HKD 5.178 billion, primarily due to retail market fluctuations and negative rental adjustment rates [1] - The net debt ratio as of September 2025 is 22.5%, a slight increase from 21.5% as of March 31, 2025, but still at a low level [2]

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Gaotu (NYSE: GOTU) with a target price of $5.2, highlighting the company's robust performance in its core online education business despite slight underperformance in offline enrollment for Q3 2025 [1] Group 1: Financial Performance - Gaotu's revenue is expected to grow by 35% year-on-year in 2025, with a projected growth rate of 20% in 2026 [1] - The company is anticipated to incur an adjusted operating loss of approximately 510 million RMB in 2025, although the loss is expected to narrow, with Q3 losses reported at 175 million RMB, a significant reduction of 63% year-on-year [1] - The gross margin for Q3 is expected to increase by 0.5 percentage points quarter-on-quarter and 2.5 percentage points year-on-year, primarily due to improved utilization rates of offline classrooms during the summer peak season [1] Group 2: Strategic Focus and Market Outlook - In 2026, Gaotu will focus on enhancing the quality of offline teaching and operational efficiency while expanding enrollment without increasing the number of existing teaching points, aiming to improve the profitability of its online-offline integration model [2] - The market outlook suggests that as the policy environment stabilizes and user demand rebounds, leading education companies are gradually emerging from a downturn, with Gaotu's transformation efforts expected to yield results in the coming quarters [2]

Core Viewpoint - The report from CMB International gives Broadcom (AVGO.US) a "Buy" rating with a target price of $425, driven by strong growth in AI semiconductor revenue projected to achieve an 87% CAGR from FY2025 to FY2027 [1] Group 1: AI Semiconductor Revenue - Broadcom's AI semiconductor revenue is expected to benefit from dual drivers: xPU ASIC acceleration chips and AI communication networks [1] - The anticipated 87% CAGR for AI semiconductor revenue highlights significant growth potential in the upcoming fiscal years [1] Group 2: VMware Integration - The integration of VMware is exceeding expectations, which enhances software synergy and profitability stability for Broadcom [1] - This integration is expected to contribute positively to the overall performance of the company [1] Group 3: Earnings Projections - For FY2027, Broadcom's Non-GAAP EPS is projected to reach $12.00, indicating high visibility for earnings growth [1] - The target price of $425 corresponds to a PE ratio of 45 and 35 times for FY2026 and FY2027, respectively [1]

Core Viewpoint - Xpeng Motors (09868, XPEV.US) reported a record high gross margin of 20.1% in Q3 this year, benefiting from an increase in service and technology revenue share and economies of scale [1] Group 1: Financial Performance - The company maintained a target price of HKD 134.69 and a "Buy" investment rating [1] - The anticipated high growth in sales is supported by new vehicle upgrades, mass production of the dual-energy platform, and the widespread adoption of intelligent driving features [1] - The company is expected to achieve profitability in Q4, with improvements in average selling price and gross margin projected to outperform peers over the next two years [1] Group 2: Strategic Initiatives - Xpeng Motors is actively investing in AI chips, autonomous driving, low-altitude economy, RoboTaxi, and humanoid robots to enhance its valuation and long-term growth potential [1]

Core Viewpoint - Xpeng Motors (09868, XPEV.US) reported a record high gross margin of 20.1% in Q3 this year, benefiting from an increase in service and technology revenue share and economies of scale [1] Group 1: Financial Performance - The company achieved a gross margin of 20.1%, marking a historical high [1] - The target price for Xpeng Motors is set at HKD 134.69, with a "Buy" investment rating maintained [1] Group 2: Sales and Growth Outlook - The company is expected to maintain high sales growth due to new vehicle upgrades, mass production of the dual-energy platform, and the widespread adoption of intelligent driving features [1] - Profitability in Q4 is deemed achievable [1] Group 3: Future Developments - Xpeng Motors is anticipated to have better elasticity in average selling price and gross margin improvements compared to peers over the next two years [1] - The company continues to invest in AI chips, autonomous driving, low-altitude economy, RoboTaxi, and humanoid robots, enhancing its valuation and long-term growth potential [1]

Core Viewpoint - The report from CMB International initiates coverage on Broadcom with a "Buy" rating and a target price of $425, highlighting its significant exposure to artificial intelligence revenue growth by 2026 [1] Group 1: Revenue Growth Projections - Broadcom is expected to be the second-largest company in terms of AI exposure among those covered by CMB International, with a projected compound annual growth rate (CAGR) of 87% in AI semiconductor revenue from fiscal years 2025 to 2027 [1] - The company is also anticipated to achieve a 33% CAGR in earnings per share during the same period [1] Group 2: Market Sentiment and AI Potential - CMB International addresses concerns regarding a potential AI bubble, suggesting that the market has not fully accounted for the future revenue potential from AI [1] - The firm expresses optimism about Broadcom's performance growth prospects driven by AI, indicating high visibility for earnings growth by 2027 [1]