该行将长城汽车2025至2027年净盈利预测分别下调2%、5%及4%，反映新车型推出以及海外渠道开拓， 提升销售费用预期，同时海外业务占比增加，令公司税率有所上升；目标价由26港元降至24港元，评 级"增持"。 招商证券国际发表报告指，长城汽车第三季业绩低于预期，受俄罗斯报费用递延、汇兑及海外税率扰 动，但高端品牌魏明年指引乐观，出口业务今年明年有望强劲增长。报告指，长城汽车第三季实现营业 总收入612.5亿元，按年和按季分别增长20.5%和+17.1%，略低于市场预测的634亿，但符合该行预期。 汽车销量35.36万辆，按年和按季分别增长20.2%和+13%，增长强劲。对应单车收入17.32万元，按年和 按季分别增长9.3%和3%，中高端车占比提升。 ...

Core Viewpoint - The report from China Merchants Securities International indicates a downward revision of Great Wall Motors' (02333) earnings forecasts for 2025-2027 by 2%, 5%, and 4% respectively, due to increased sales expense predictions from new model launches and overseas channel expansion [1] Group 1: Earnings Forecasts - Great Wall Motors' earnings estimates for 2025, 2026, and 2027 have been reduced by 2%, 5%, and 4% respectively [1] - The adjustments reflect anticipated increases in sales expenses linked to new model introductions and the expansion of overseas channels [1] Group 2: Target Price and Rating - The target price for Great Wall Motors has been lowered by 8%, from HKD 26 to HKD 24 [1] - The rating remains "Buy" despite the downward revision [1] Group 3: Profit Influences - The company's third-quarter profits were impacted by multiple factors, including deferred expenses in Russia, foreign exchange fluctuations, and disturbances in overseas tax rates [1] Group 4: Brand and Export Outlook - The high-end brand "WEY" is expected to have an optimistic guidance for next year, aiming to challenge a monthly delivery of 60,000 units by 2026 [1] - The export business is projected to see strong growth, with an expected 500,000 units exported this year and a growth rate of no less than 20% in 2026 [1] - The European market is anticipated to see the launch of the EC15 model in the second quarter of 2026 to explore new market opportunities [1]

招商证券国际发布研报称，下调长城汽车（601633）(02333)2025-2027年盈测2%/5%/4%，反映新车型 推出及海外渠道开拓提升销售费用预测，同时海外业务占比增加，致使集团税率上升，下调目标价 8%，由26港元降至24港元，维持"增持"评级。 报告表示，集团多因素拖累第三季利润，受俄罗斯费用递延、汇兑及海外税率扰动。但集团高端品 牌"魏"明年指引乐观，将在2026年挑战月交付6万台。出口业务亦有望强劲增长，集团预计今年出口冲 击50万台，2026年增长亦不低于20%。欧洲市场则预计于2026年第二季推EC15车型，以开拓新市场。 ...

Group 1 - The market experienced a significant upward trend, with the Shanghai Composite Index rising over 1% and approaching 4000 points, marking a ten-year high [1] - The trading volume in the Shanghai and Shenzhen markets reached 2.34 trillion, an increase of 365.9 billion compared to the previous trading day [1] - Sectors such as storage chips, CPO, and controllable nuclear fusion saw the highest gains, while gaming and wind power equipment sectors faced declines [1] Group 2 - Guojin Securities expressed optimism about the upward trend in quantum computing and controllable nuclear fusion industries, supported by the "14th Five-Year Plan" which aims to promote these sectors as new economic growth points [2] - Citic Construction Investment recommended focusing on investment opportunities in the liquid cooling sector, anticipating significant growth in market penetration by 2025 due to increased chip power consumption and the adoption of liquid cooling solutions [3] -招商证券 projected a marginal improvement in the profit growth rate of non-financial A-shares in the upcoming quarterly reports, with high growth expected in information technology and midstream manufacturing sectors [4]

港龙中国地产此前公布，该集团连同其合营公司和联营公司由2025年1月至9月共实现合同销售金额约人 民币40.524亿元，同比减少0.15%。 香港联交所最新资料显示，10月27日，港龙中国地产(06968)股东将股票由德意志银行转入招商证券香 港，转仓市值1406.46万港元，占比10.98%。 ...

港龙中国地产此前公布，该集团连同其合营公司和联营公司由2025年1月至9月共实现合同销售金额约人 民币40.524亿元，同比减少0.15%。 智通财经APP获悉，香港联交所最新资料显示，10月27日，港龙中国地产(06968)股东将股票由德意志银 行转入招商证券香港，转仓市值1406.46万港元，占比10.98%。 ...

招商证券研报指出，预计三季报非金融A股盈利增速在较低基数背景下有望边际改善。大类行业中盈利 增速较高的行业预计主要集中在信息技术、中游制造业；上游资源品和医疗保健业绩降幅有望较中报收 窄，金融地产和消费服务相对承压。重点关注业绩有望延续较高增速的信息技术（通信设备、半导体、 消费电子、游戏、计算机设备等；持续复苏的中高端制造业（汽车零部件、电池、光伏设备、工程机 械、航天装备等）；低位修复的资源品和医药生物（钢铁、有色金属、化学制药等）。 ...

Key Points - The article discusses the recent developments in the Chinese capital market, including new stock listings, regulatory updates, and economic indicators [2][4][8][10]. Group 1: New Stock Listings - Four new stocks are listed today, including three unprofitable companies on the Sci-Tech Innovation Board, marking the first batch of newly registered companies in the Sci-Tech Growth Layer [7]. - The new stocks include DeLiJia with an issue price of 46.68 CNY per share and a subscription limit of 9,500 shares, and ZhongCheng Consulting with an issue price of 14.27 CNY per share and a subscription limit of 630,000 shares [7]. Group 2: Regulatory Updates - The China Securities Regulatory Commission (CSRC) released opinions on enhancing the protection of small and medium investors in the capital market, aiming to improve investor protection mechanisms [8]. - The CSRC also published a plan to optimize the Qualified Foreign Institutional Investor (QFII) system, introducing a green channel and simplified processes for certain foreign investors [10]. Group 3: Economic Indicators - From January to September, the total profit of large-scale industrial enterprises in China reached 53,732 billion CNY, a year-on-year increase of 3.2% [10]. - The profit breakdown shows that state-owned enterprises experienced a slight decline of 0.3%, while private enterprises saw a growth of 5.1% [10]. Group 4: Financial Forum Insights - At the 2025 Financial Street Forum, the People's Bank of China announced plans to resume public market operations for government bonds, indicating a positive outlook for the bond market [8]. - The Financial Regulatory Administration emphasized its commitment to preventing systemic financial risks and improving the efficiency of financial regulation [9].

"从延长产业链到切入新赛道，并购重组已然成为上市公司实现高质量发展的'助推器'。"近日，招商证 券投资银行委员会并购业务部负责人王大为在接受证券时报记者采访时表示，当前并购业务的机遇主要 来自政策红利与产业升级的共振。 中小市值企业并购领跑 自去年9月"并购六条"实施以来，全市场新增重大资产重组交易超过200单。政策工具创新也在释放市场 活力，已有案例显示，股份对价分期支付、简易审核程序等机制显著提升了交易效率，特别是市值超百 亿元且信息披露优质的公司享受到了审核流程精简的红利。 在王大为看来，当前A股并购交易的驱动因素主要有三类：一是战略转型，传统企业通过并购切入新赛 道；二是产业链延伸，上市公司通过横向或纵向整合强化核心竞争力；三是培育第二增长曲线，通过注 入优质资产拓展盈利增长点。 根据公开市场数据，按证监会二级行业统计，计算机、通信和其他电子设备制造业上市公司的重大资产 重组数量居于首位。不同规模的上市公司均有参与，但中小型市值企业（20亿—120亿元）表现得尤为 活跃，"因为既有扩张需求，又具备灵活决策机制"。 基于实操经验，王大为还勾勒了"最受买方青睐的资产"画像——首先，在行业属性上，高技术装备 ...

Core Insights - Mergers and acquisitions (M&A) are becoming a key driver for high-quality development among listed companies, with opportunities arising from policy benefits and industrial upgrades [1][7] - The M&A market is expected to see "total growth and structural optimization" over the next year, with trends towards deeper industrial integration, cross-sector M&A improvements, and diversified valuation systems [1] Group 1: Current M&A Landscape - Since the implementation of the "Six M&A Guidelines" in September last year, over 200 major asset restructuring transactions have been recorded in the market [2] - The main drivers of A-share M&A transactions include strategic transformation, industry chain extension, and the cultivation of second growth curves through the injection of quality assets [2] - Small and medium-sized enterprises (SMEs) with market capitalizations between 2 billion and 12 billion yuan are particularly active in M&A due to their expansion needs and flexible decision-making [2] Group 2: Buyer Preferences and Asset Characteristics - The most sought-after assets for buyers are in advanced manufacturing sectors such as high-tech equipment, semiconductors, and new energy [3] - M&A transactions are primarily focused on small-scale acquisitions under 1 billion yuan, which align with the financial capabilities of SMEs and reduce integration difficulties [3] - Buyers prioritize growth potential and valuation alignment over merely seeking undervalued assets, often offering reasonable premiums for targets with core technologies [3] Group 3: Challenges in Cross-Sector M&A - Cross-sector M&A faces significant challenges, including a lack of industry understanding, misaligned valuation logic, and insufficient integration capabilities [4] - The transaction cycle reveals risks in both the initial matching phase and the subsequent integration phase, with cultural conflicts and unmet expectations being common issues [4] - Effective risk control can be achieved through multi-party collaboration and preemptive measures, such as thorough due diligence and pilot collaborations before formal acquisitions [4] Group 4: Market Dynamics and Valuation Issues - The primary market is experiencing a structural alleviation of valuation discrepancies, although some sectors, particularly technology, still face challenges due to high R&D costs and strong growth expectations [5] - Bridging valuation gaps requires a combination of policy tools and market mechanisms, such as installment payments and performance-based agreements [5] Group 5: Future M&A Opportunities - Future M&A opportunities are expected to concentrate in four key areas: high-end manufacturing import substitution, green economy supply chain integration, digital economy data asset acquisitions, and biopharmaceutical technology platform mergers [8] - The participation of private equity funds in listed company M&A is anticipated to increase significantly as market conditions improve [8]