Core Viewpoint - Company maintains a "Buy" rating for XPeng Motors (09868) with a target price of HKD 134.69, citing robust revenue growth and improved gross margins in Q3 [1][3] Financial Performance - XPeng's Q3 revenue reached RMB 20.38 billion, a quarter-on-quarter increase of 11.5%, aligning with market expectations [2] - Vehicle sales totaled 116,000 units, reflecting a 12.4% quarter-on-quarter growth [2] - The average selling price (ASP) per vehicle was RMB 156,000, a slight decrease of RMB 800 compared to the previous quarter [2] - The overall gross margin hit a historical high of 20.1%, driven by increased service and technology revenue, although the automotive gross margin slightly declined to 13.1% due to model structure changes [2] Future Outlook - The company projects Q4 revenue between RMB 21.5 billion and RMB 23 billion, indicating a potential quarter-on-quarter growth of approximately 9.2% [2] - Expected vehicle deliveries for Q4 are between 125,000 and 132,000 units, suggesting a quarter-on-quarter increase of around 10.8% [2] - The company anticipates continued improvement in profitability, supported by the ramp-up of new platforms and advanced driving technology [2] Strategic Initiatives - The introduction of the self-developed Turing chip is expected to enhance high-level autonomous driving penetration in Q3 and Q4 [2] - The "Kunpeng Super Electric System," which features dual energy capabilities (pure electric and range-extended), is set to enter mass production in Q4, contributing positively to ASP and overall cost structure [2] - The company plans to launch seven range-extended models and three new vehicles overseas in the coming year [2] Investment Recommendation - The company is viewed as one of the clearest paths to profitability among new energy vehicle manufacturers, with expectations for sustained high sales growth and improved ASP and margins in 2025-2026 [3] - The ongoing investments in AI chips, autonomous driving, low-altitude economy, RoboTaxi, and humanoid robots are expected to enhance long-term growth potential and valuation [3]

Core Viewpoint - Company maintains a "Buy" rating for XPeng Motors (09868) with a target price of HKD 134.69, citing robust revenue growth and improved gross margins in Q3 [1] Group 1: Financial Performance - XPeng's Q3 revenue reached RMB 20.38 billion, a quarter-on-quarter increase of 11.5%, aligning with market expectations [1] - The company sold 116,000 vehicles in Q3, reflecting a quarter-on-quarter growth of 12.4% [1] - The overall gross margin hit a historical high of 20.1%, while the automotive gross margin slightly decreased to 13.1% due to changes in model structure [1] Group 2: Future Projections - For Q4 2025, the company projects revenue between RMB 21.5 billion and RMB 23 billion, with a midpoint indicating a quarter-on-quarter growth of approximately 9.2% [2] - Expected vehicle deliveries for Q4 2025 are between 125,000 and 132,000, suggesting a quarter-on-quarter increase of around 10.8% [2] Group 3: Strategic Developments - The company anticipates improvements in ASP and gross margins driven by the launch of the new "Kunpeng Super Electric System" and the self-developed Turing chip [3] - In 2025, the company plans to introduce seven range-extended models and three new models overseas, indicating a focus on expanding its product lineup [3] Group 4: Investment Recommendation - The company is viewed as one of the clearest paths to profitability among new energy vehicle manufacturers, with expectations for sustained high growth in sales [4] - The investment thesis remains unchanged, with anticipated improvements in ASP and gross margins expected to outperform peers in 2025-2026 [4]

Core Viewpoint - Tencent's performance in the last quarter exceeded expectations, with a year-on-year revenue growth of 15%, surpassing the forecast by 4% [1] Revenue Breakdown - Revenue from gaming grew by 23% - Social networking revenue increased by 4% - Marketing services revenue rose by 21% - Financial technology and enterprise services revenue grew by 10% [1] Profitability Metrics - Gross profit increased by 22%, outpacing revenue growth - Gross margin improved to 56.4% due to contributions from domestic gaming, video accounts, and WeChat search, along with ongoing optimization of cloud service costs [1] Earnings Performance - Adjusted earnings per share grew by 19%, exceeding the forecast by 6% [1] Future Outlook - The company is expected to maintain stable revenue and profit growth - Estimated capital expenditure for the year is projected to rise to approximately 80 billion [1] - Target price has been raised from 700 HKD to 729 HKD, with a "buy" rating maintained [1]

Group 1 - The core viewpoint emphasizes the growth potential in the lithium battery industry, particularly highlighting companies with cost and technological advantages, such as CATL, and the expected improvement in profitability due to supply-demand dynamics [1] - In October, the installed capacity of power batteries in China reached 84.1 GWh, showing a year-on-year increase of 42.1% and a month-on-month increase of 10.7%, with lithium iron phosphate batteries maintaining a significant market share [2] - The production of batteries is expected to continue increasing in November, with upstream material prices experiencing short-term rises, indicating a positive trend for the lithium battery supply chain [3] Group 2 - The retail sales of new energy vehicles in October reached 1.28 million units, reflecting a year-on-year growth of 7.3%, which supports the demand for power batteries [2] - The export of batteries remained robust, with a total export of 28.2 GWh in October, marking a year-on-year increase of 33.5% [2] - The anticipated adjustment of the new energy vehicle purchase tax exemption policy in 2026 is expected to stimulate consumer purchases, maintaining high demand for power batteries by the end of 2025 [3]

Core Insights - The Hong Kong Stock Exchange reported that on November 12, shareholders of City Cool Selection (08050) deposited shares into Bank of China International Securities, with a market value of HKD 56.9453 million, representing 10% of the total [1] Company Actions - City Cool Selection announced a proposal for a share consolidation, whereby every 5 existing shares with a par value of HKD 0.1 will be consolidated into 1 share with a par value of HKD 0.5 [1] - The company does not intend to change its existing trading unit of 2,000 shares on the Hong Kong Stock Exchange as of the announcement date [1]

Core Viewpoint - The company City Cool Selection (08050) has announced a share consolidation plan, where every 5 existing shares with a par value of HKD 0.1 will be consolidated into 1 share with a par value of HKD 0.5 [1] Group 1 - On November 12, shareholders of City Cool Selection deposited shares into Bank of China International Securities, with a total market value of HKD 56.9453 million, representing 10% of the company [1] - The company does not plan to change its existing trading unit of 2,000 shares on the Hong Kong Stock Exchange [1]

Core Viewpoint - The report from CMB International indicates a leading rating for the domestic automotive industry, anticipating a surge in consumer purchases before the adjustment of the new energy vehicle purchase tax exemption policy in 2026 [1] Group 1: Market Outlook - The adjustment of the new energy vehicle purchase tax exemption policy in 2026 is expected to stimulate consumers to concentrate their vehicle purchases by the end of 2025 [1] - The firm predicts that the year-end passenger car sales will remain at a high level due to automakers' efforts to boost sales and build inventory before the Spring Festival [1] Group 2: Seasonal Trends - After the concentrated release of vehicles in the fourth quarter, the first quarter of 2026 may return to a seasonal low [1] - Investors are advised to seize structural opportunities while remaining cautious and attentive to short-term fluctuations [1]

Core Viewpoint - The company, China International Capital Corporation (CICC), announced the acquisition of CCAMCL Notes I and II through its wholly-owned subsidiary, Preferred Investment, for a total consideration of approximately $4,999,450 and $5 million respectively, indicating a strategic investment move in the market [1] Group 1 - The acquisition of CCAMCL Notes I was made at a purchase price of approximately $99.989, totaling around $4,999,450 [1] - The acquisition of CCAMCL Notes II was made at a purchase price of $100, totaling $5 million [1] - The issuer of the notes is fully owned by a guarantor, which in turn is wholly owned by China Cinda Asset Management Co., Ltd., a company listed on the Hong Kong Stock Exchange [1]

Group 1 - The company,交银国际, announced the acquisition of CCAMCL Notes I and II through its wholly-owned subsidiary, Preferred Investment, for approximately $4,999,450 and $5 million respectively [1] - The purchase price for CCAMCL Notes I was about $99.989, while CCAMCL Notes II was acquired at a price of $100 [1] - The issuer of the notes is fully owned by a guarantor, which in turn is wholly owned by China Cinda Asset Management Co., Ltd., listed on the Hong Kong Stock Exchange [1]

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。 （股份代號：3329） 有關收購票據之 須予披露交易 該等收購 於2025年11月7日，Preferred Investment於場外市場以購買價約99.989美元收 購CCAMCL票據I，代價約為4,999,450美元及於場外市場以購買價100美元收購 CCAMCL票據II，代價約為5,000,000美元。 上市規則之涵義 （於香港註冊成立的有限公司） 交銀國際控股有限公司 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 由於該等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。 該等收購 於2025年11月7日，Preferred Investment於場外市 ...