中信建投：维持京东集团-SW"买入"评级，目标价193.07港元。 ...

Core Viewpoint - Citic Securities maintains a "Buy" rating for JD Group-SW (09618) with a target price of HKD 193.07, corresponding to a 12x PE for the group in 2026 [1] Financial Projections - Expected revenues for JD Group are RMB 1,324.3 billion and RMB 1,395.1 billion for 2025 and 2026, representing year-on-year growth of 14.28% and 5.34% respectively [1] - Non-GAAP net profits are projected to be RMB 28.166 billion and RMB 46.797 billion for 2025 and 2026 [1] Quarterly Performance Expectations - For Q3 2025, revenue is expected to grow by 13.5% year-on-year to RMB 295.539 billion, with a Non-GAAP net profit of RMB 4.4 billion, resulting in a net profit margin of 1.49%, down from 5.06% in the same period last year [1] Market Trends and Focus Areas - The daily essential goods category continues to show strong growth, maintaining high growth rates [1] - Profitability in the retail core business is expected to exceed expectations [1] - Key areas of focus include JD's takeaway order volume, user engagement (UE), sustainability of investments, and the growth performance during this year's Double 11 shopping festival amid the backdrop of reduced national subsidies [1]

该行预计，京东2025Q3收入同比增长13.5%至2955.39亿元，Non-GAAP净利润为44亿元，对应净利率为 1.49%，去年同期为5.06%。本季度日百品类景气延续，增速继续维持高位。利润端，预计零售主业利 润好于预期。关注京东外卖单量、UE、投入持续性，以及在国补退坡的大背景下今年京东双11增长情 况。 中信建投（601066）发布研报称，维持京东集团-SW(09618)"买入"评级，给予目标价193.07港元，对应 集团2026年12倍PE。另预计2025、2026年公司收入分别为13243亿元和13951亿元人民币，同比增长 14.28%和5.34%，Non-GAAP净利润分别为281.66亿元和467.97亿元人民币。 ...

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分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。 中 信 建 投 証 券 股 份 有 限 公 司（「 本公司 」）董 事 會（「 董事會 」）謹 此 宣 佈 ， 董事會會議將於 2025 年 1 0 月 3 0 日（ 星 期 四 ）舉 行 ， 藉 以（ 其 中 包 括 ）審 議及批准本公司及其附屬公司截至 2025 年 9 月 3 0 日止九個月之第三季度 業績及其發佈。 承董事會命 中信建投証券股份有限公司 董事長 劉 成 中國北京 2025 年 1 0 月 1 4 日 於本公告日期，本公司執行董事為劉成先生及金劍華先生；本公司非執 行董事為李岷先生、朱永先生、閆小雷先生、王廣龍先生、楊棟先生、 華淑蕊女士及王華女士；以及本公司獨立非執行董事為浦偉光先生、 賴觀榮先生、張崢先生、吳溪先生及鄭偉先生。 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6066） 董事會會議通告 ...

Core Viewpoint - CITIC Securities maintains a "Buy" rating for Hongteng Precision (06088), projecting revenue growth from $4.78 billion in 2025 to $7.53 billion in 2027, with net profit increasing from $170 million to $450 million during the same period [1] Financial Performance - In the first half of 2025, the company reported revenue of $2.305 billion, representing a year-on-year increase of 11.5% [1] - The profit attributable to the company's owners was $31.51 million, showing a decline of 3.1% year-on-year [1] Strategic Initiatives - The company is deepening its "3+3" strategic layout, with significant contributions from AI and electric vehicle sectors driving revenue growth [1] - AI development is enhancing infrastructure construction, focusing on connectivity, power supply, and liquid cooling systems to strengthen the AI product portfolio [1] Future Outlook - The company is expected to benefit from the ongoing development of AI, with early signs of performance improvement already visible [1] - As the business scales and efficiency continues to improve, the company's profitability is anticipated to enhance in the future [1]

Core Viewpoint - CITIC Securities maintains a "Buy" rating for Hongteng Precision (06088), projecting revenue growth from 4.78 billion USD in 2025 to 7.53 billion USD in 2027, with net profit increasing from 170 million USD to 450 million USD during the same period [1] Financial Performance - In the first half of 2025, the company reported revenue of 2.305 billion USD, reflecting an 11.5% year-on-year growth [1] - The profit attributable to the company's owners was 31.51 million USD, showing a decline of 3.1% compared to the previous year [1] Strategic Initiatives - The company is deepening its "3+3" strategic layout, with significant contributions from AI and electric vehicle sectors driving revenue growth [1] - AI development is enhancing the infrastructure for computing power, with a focus on connectivity, power supply, and liquid cooling systems, which is expected to expand the business's reach [1] Future Outlook - The AI business is already beginning to positively impact the company's performance, with expectations for further strengthening in the future [1] - As the business scales and efficiency improvements continue, the company's profitability is anticipated to increase [1]

此外，报告强调，汇通达正积极推进 H 股全流通相关工作，预计完成后 H 股总股数 5.3 亿股，将会大 幅提升流通市值。 近期，包括中信建设证券、东北证券等在内的多家机构发布关于汇通达网络(9878.HK)最新研报，并给 予"买入"评级。其中，东北证券首次深度覆盖，并给出20.08港元目标价，较报告发布日收盘价14.55港 元存在近40%上涨空间。 东北证券认为汇通达深耕下沉市场十余载，现已从"平台化服务商"转型成为"AI+SaaS平台化服务商"。 报告认为，公司通过业务优化+AI 赋能，在手现金充沛，收购优质资产打通产业资本运作路径，未来公 司收入或恢复增长，盈利能力快速提升。 与此同时，中信建投证券着重强调汇通达亮眼的AI表现、推动其客户质量持续提升。 "汇通达AI+SaaS产品于2025年5月正式进入商业化阶段，接入AI工具的会员店经营效率平均提升30%以 上，库存周转缩短15%至20%，AI+产品赋能会员店初见成效。"中信证券认为，AI赋能与供应链升级、 多元化渠道拓展等一起，构建了汇通达未来可持续发展的业务生态。 研报认为，随着AI产品不断迭代，汇通达服务业务有望实现高增长，并成为公司主要的增长引擎 ...

Market Overview - The Shanghai Composite Index fell by 0.19% to close at 3889.5 points, with a high of 3895.83 points during the day [1] - The Shenzhen Component Index decreased by 0.93% to 13231.47 points, reaching a peak of 13256.51 points [1] - The ChiNext Index dropped by 1.11% to 3078.76 points, with a maximum of 3096.4 points [1] ETF Market Performance - The median return of stock ETFs was -0.49% [2] - The highest performing scale index ETF was the Southern CSI 50 Enhanced Strategy ETF, with a return of 2.56% [2] - The highest performing industry index ETF was the China Tai CSI Nonferrous Metals Mining Theme ETF, with a return of 4.59% [2] - The highest performing thematic index ETF was the E Fund CSI Rare Earth Industry ETF, achieving a return of 7.78% [2] ETF Gain and Loss Rankings - The top three ETFs by gain were: - E Fund CSI Rare Earth Industry ETF (7.78%) [4] - Fuguo CSI Rare Earth Industry ETF (7.34%) [4] - Harvest CSI Rare Earth Industry ETF (6.96%) [4] - The top three ETFs by loss were: - Tibet Dongcai CSI Hong Kong-Shenzhen Innovative Drug Industry ETF (-3.24%) [4] - Fuguo CSI Smart Car Theme ETF (-3.15%) [4] - Huatai-PB CSI Smart Car Theme ETF (-3.14%) [4] ETF Fund Flow - The top three ETFs by fund inflow were: - Huabao CSI Bank ETF (inflow of 1.131 billion yuan) [6] - E Fund CSI 300 ETF Initiated (inflow of 1.079 billion yuan) [6] - Southern CSI Shenwan Nonferrous Metals ETF (inflow of 1.063 billion yuan) [6] - The top three ETFs by fund outflow were: - Southern CSI 500 ETF (outflow of 696 million yuan) [6] - Huatai-PB CSI 300 ETF (outflow of 495 million yuan) [6] - Huaan ChiNext 50 ETF (outflow of 472 million yuan) [6] ETF Margin Trading Overview - The top three ETFs by margin buying were: - Huaxia Shanghai Stock Exchange Sci-Tech Innovation Board 50 Component ETF (974 million yuan) [8] - E Fund ChiNext ETF (814 million yuan) [8] - Guotai Junan CSI All-Share Securities Company ETF (640 million yuan) [8] - The top three ETFs by margin selling were: - Southern CSI 500 ETF (171 million yuan) [9] - Southern CSI 1000 ETF (107 million yuan) [9] - Huatai-PB CSI 300 ETF (39.51 million yuan) [9] Institutional Insights - Guojin Securities noted that the strategic attributes of the rare earth sector have increased due to enhanced control measures, with expectations of price impacts reflecting previous "short-term bearish, long-term bullish" logic [10] - CITIC Construction Investment projected that the demand for rare earth permanent magnet materials will be concentrated in the fourth quarter, supported by strong orders from downstream manufacturers [11]

Core Viewpoint - *ST Qingyan reported a significant decline in revenue and net profit for the first half of 2025, indicating ongoing financial challenges for the company [1][2]. Financial Performance - The company achieved operating revenue of 25.44 million yuan in the first half of 2025, a decrease of 30.94% compared to the same period last year [2]. - The net profit attributable to shareholders was -2.88 million yuan, an improvement of 46.57% from -5.40 million yuan in the previous year [2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -5.23 million yuan, a 37.83% improvement from -8.41 million yuan year-on-year [2]. - The net cash flow from operating activities was -16.37 million yuan, worsening by 17.02% from -13.99 million yuan in the same period last year [2]. Previous Year Comparison - In 2024, the company reported operating revenue of 73.17 million yuan, down 48.33% year-on-year [2]. - The net profit attributable to shareholders was -18.22 million yuan, compared to a profit of 20.96 million yuan in the previous year [2]. - The net profit after deducting non-recurring gains and losses was -22.59 million yuan, a decline from a profit of 8.87 million yuan the previous year [2]. - The net cash flow from operating activities was -40.73 million yuan, compared to -0.20 million yuan in the previous year [2]. Company Background - *ST Qingyan was listed on the Shenzhen Stock Exchange's ChiNext on April 22, 2022, with an issuance of 27.01 million shares, accounting for 25.01% of the total share capital post-issuance [3]. - The initial public offering price was 19.09 yuan per share, with the stock opening at 26.80 yuan on the first trading day and reaching a peak of 42.88 yuan, which remains the highest price since listing [3]. - The total funds raised amounted to 515.62 million yuan, with a net amount of 443.49 million yuan after deducting issuance costs, exceeding the original plan by 72.16 million yuan [3]. - The funds were intended for the development and manufacturing of high-end environmental protection equipment and to supplement working capital [3].

Core Viewpoint - Multiple institutions, including CITIC Construction Securities and Northeast Securities, have recently issued research reports on Huitongda Network (09878), giving it a "buy" rating, with Northeast Securities setting a target price of HKD 20.08, indicating nearly 40% upside potential from the closing price of HKD 14.55 on the report release date [1]. Group 1 - Northeast Securities highlights that Huitongda has transformed from a "platform service provider" to an "AI + SaaS platform service provider" after over a decade of deepening its presence in lower-tier markets [1]. - The report suggests that through business optimization and AI empowerment, Huitongda has ample cash on hand and is positioned to acquire quality assets, which could lead to a recovery in revenue growth and a rapid improvement in profitability [1]. - Huitongda is actively advancing its H-share full circulation work, which is expected to increase the total number of H-shares to 530 million, significantly enhancing its market capitalization [1]. Group 2 - The market generally believes that the increase in market capitalization may create conditions for Huitongda to be re-included in the Hong Kong Stock Connect [1]. - CITIC Jianzhong Securities emphasizes Huitongda's impressive AI performance, which continues to enhance customer quality [1]. - Huitongda's AI + SaaS products are set to enter the commercialization phase in May 2025, with member stores experiencing an average efficiency improvement of over 30% and inventory turnover reduction of 15% to 20% [1][2]. Group 3 - The research report indicates that as AI products continue to iterate, Huitongda's service business is expected to achieve high growth and become a major growth engine for the company [2]. - The report also recognizes Huitongda's strategic transformation direction in supply chain trading business and the resulting improvement in profitability [2].