2026 年 3 月 17 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观/行业/公司点评 全球市场观察 宏观点评 ◼ 中国经济 – 开局良好 中国经济在 2026 年开局良好，零售销售、固定资产投资和工业产出在春节 相关消费、新到位财政资金和出口激增等因素带动下走强。另一方面，房地 产市场销售和价格持续下滑，耐用品消费如汽车也出现大幅萎缩。年初复苏 势头的可持续性仍存疑，因为出口强劲增长后可能逐渐放缓，房地产市场仍 然低迷，而耐用品市场也可能因需求透支而走弱。能源价格上涨将通过推高 上游和投入成本来缓解通缩，但这更多是成本而非需求驱动，可能会挤压下 游利润，并削弱家庭实际购买力。支持低迷的房地产市场很可能仍是未来宽 松政策的核心，包括货币和财政措施相结合的措施，例如进一步下调房贷利 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市 ...

17 Mar 2026 CMB International Global Markets | Equity Research | Company Update Leapmotor (9863 HK) Eyes on new models, especially D19 Maintain BUY. We view Leapmotor's 4Q25 earnings as largely in line and management guidance upbeat. We believe the upcoming two D-series models could be key to its margins and valuation, although A-series may contribute more sales volume. We maintain our FY26E sales volume forecast of 0.9mn units. We also expect revenue and profit from other automakers including R&D support, ...

2026 年 3 月 17 日 招银国际环球市场 | 睿智投资 | 行业研究 汽车 汽车 - 氢能新政：重卡高功率与低氢价驱动"自我造血" 3 月 16 日，工信部、财政部、发改委联合印发《关于开展氢能综合应用试点 工作的通知》，标志着氢能行业的新一轮刺激政策正式出台。《通知》坚持 "以奖代补"，将氢能应用试点的周期再延四年，覆盖范围相较上一轮的 "燃料电池汽车"明显扩大，着力于构建"1+N+X"氢能综合应用生态。 虽然总体奖励额度和示范城市群的个数略低于我们此前的预期，但本轮政策 的方向更加聚焦长续航、高功率等更加市场化特征的燃料电池重卡/系统应 用，促进加氢成本的显著下降，削弱地方保护主义，这对于帮助氢能行业逐 渐实现"自我造血"具有重要意义。我们认为新一轮的政策利好在成本技术 动"自我造血" 中国汽车行业 史 迹, CFA (852) 3761 8728 shiji@cmbi.com.hk 窦文静, CFA (852) 6939 4751 douwenjing@cmbi.com.hk 梁晓钧 (852) 3900 0856 austinliang@cmbi.com.hk 覆盖股票列表： | 公司名称 | ...

Profitability improvement on track 17 Mar 2026 CMB International Global Markets | Equity Research | Company Update Ke Holdings (BEKE US) Ke Holdings (BEKE US) - | Target Price | US$23.00 | | --- | --- | | (Previous TP | US$21.80) | | Up/Downside | 36.1% | | Current Price | US$16.90 | China Internet Saiyi HE, CFA (852) 3916 1739 hesaiyi@cmbi.com.hk Ke Holdings' (Beike) 4Q25 revenue declined 28.7% YoY to RMB22.2bn, inline with Bloomberg consensus and our forecast, and non-GAAP net profit reached RMB0.5bn in t ...

17 Mar 2026 CMB International Global Markets | Equity Research | Company Update Q-Tech (1478 HK) Q-Tech (1478 HK) - FY25 in- FY25 in-line; Positive outlook on CCM share gain momentum and drone/auto/XR momentum Q-Tech posted FY25 revenue/NP growth of 29%/435% YoY, in-line with prior profit alert, mainly driven by non-handset CCM (+171% YoY, 27% of CCM sales), mobile CCM ASP hike (+20% YoY), disposal gain in India and Newmax operating improvement. Looking into 2026, we are positive on mgmt. guidance: 1) hands ...

2026 年 3 月 17 日 招银国际环球市场 | 睿智投资 | 行业研究 汽车 汽车 - 氢能新政：重卡高功率与低氢价驱动"自我造血" 3 月 16 日，工信部、财政部、发改委联合印发《关于开展氢能综合应用试点 工作的通知》，标志着氢能行业的新一轮刺激政策正式出台。《通知》坚持 "以奖代补"，将氢能应用试点的周期再延四年，覆盖范围相较上一轮的 "燃料电池汽车"明显扩大，着力于构建"1+N+X"氢能综合应用生态。 虽然总体奖励额度和示范城市群的个数略低于我们此前的预期，但本轮政策 的方向更加聚焦长续航、高功率等更加市场化特征的燃料电池重卡/系统应 用，促进加氢成本的显著下降，削弱地方保护主义，这对于帮助氢能行业逐 渐实现"自我造血"具有重要意义。我们认为新一轮的政策利好在成本技术 动"自我造血" 中国汽车行业 史 迹, CFA (852) 3761 8728 shiji@cmbi.com.hk 相关报告： 窦文静, CFA (852) 6939 4751 douwenjing@cmbi.com.hk 梁晓钧 (852) 3900 0856 austinliang@cmbi.com.hk 覆盖股票列表： | ...

16 Mar 2026 CMB International Global Markets | Equity Research | Company Update Shennan Circuit (002916 CH) Shennan Circuit (002916 CH) - AI-led PCB growth with substrate upside ahead SCC's FY25 revenue grew 32% YoY to RMB23.6bn, in line with BBG consensus and 4% above our forecast. GPM improved significantly to 28.3% (0.3ppts above BBG consensus and 1.4ppts above our estimate), up from 24.8% in FY24, driven by improved product mix, better cost efficiency and higher utilization. Net profit rose 75% YoY to R ...

2026 年 3 月 16 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观/行业/公司点评 | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 25,466 | -0.98 | -0.64 | | 恒生国企 | 8,671 | -0.32 | -2.72 | | 恒生科技 | 4,978 | -0.99 | -9.75 | | 上证综指 | 4,095 | -0.82 | 3.19 | | 深证综指 | 2,701 | -0.88 | 6.73 | | 深圳创业板 | 3,310 | -0.22 | 3.34 | | 美国道琼斯 | 46,558 | -0.26 | -3.13 | | 美国标普 500 | 6,632 | -0.61 | -3.12 | | 美国纳斯达克 | 22,105 | -0.93 | -4.89 | | 德国 DAX | 23,447 | -0.60 | -4.26 | | 法国 CAC | 7,912 | -0.91 | -2.9 ...

Investment Rating - The report maintains a "BUY" rating for FIT Hon Teng, with a target price of HK$7.42, representing a potential upside of 35.8% from the current price of HK$5.46 [3][13]. Core Insights - FIT Hon Teng's FY25 revenue increased by 12% year-over-year to US$5.0 billion, which is largely in line with expectations, while net profit grew by 2% year-over-year to US$156 million, falling short of both the report's and consensus estimates by 8% and 12% respectively, primarily due to a higher effective tax rate [1][8]. - Management expressed optimism regarding the cloud and datacenter segments, forecasting a 70% year-over-year revenue growth for these areas in FY26, and has raised the guidance for the cloud revenue mix for FY26-28 to mid-20%/high-20%/low-30% [1][7]. - The report highlights upcoming catalysts such as GTC/OFC events and AI server product launches, which are expected to drive further growth [1][13]. Financial Performance Summary - FY25 revenue was reported at US$5,003 million, reflecting a 12.4% year-over-year growth, while net profit was US$156.7 million, a modest increase of 1.5% year-over-year [2][8]. - The gross profit margin for FY25 was 18.9%, slightly down from 19.7% in FY24, while the operating profit margin decreased to 5.7% from 7.3% in FY24 [8][10]. - For FY26, revenue is projected to reach US$5.754 billion, with a year-over-year growth of 15%, and net profit is expected to increase significantly to US$315.2 million, representing a 101.2% growth [2][10]. Segment Performance - The cloud/datacenter segment showed strong momentum with a 38% year-over-year growth, driven by AI connectivity solutions and new AI server deliveries [7][9]. - The automotive segment experienced a remarkable 94% year-over-year growth, attributed to the consolidation of the Auto-Kabel business [7][9]. - The smartphone segment faced a decline of 13% year-over-year, while consumer interconnects grew by 7% year-over-year, indicating mixed performance across different product lines [7][9]. Valuation Metrics - The report indicates an attractive valuation with a P/E ratio of 15.7x for FY26 and 11.5x for FY27, suggesting potential for re-rating as AI revenue contributions increase [1][13]. - The target price of HK$7.42 is based on a P/E of 21x for FY26, reflecting a higher valuation multiple due to the anticipated increase in AI revenue mix [3][13].

2026 年 3 月 2 日 招银国际环球市场 | 睿智投资 | 行业研究 武 煜, CFA (852) 3900 0842 jillwu@cmbi.com.hk 王云逸 (852) 3916 1729 cathywang@cmbi.com.hk 过往报告： 中国医药 中国医药 - AI 将改变创新药物研发范式 MSCI 中国医疗指数 2026 年初至今累计上涨 5.0%，跑赢 MSCI 中国指数 6.2%。 医药行业近期明显回调（MSCI 中国医疗指数 1 月 15 日至今累计下跌 9%），特别 是创新药板块回调幅度较大（恒生生物科技指数 1 月 15 日至今累计下跌 13%）。 我们认为，此轮调整原因包括博弈层面行业短期缺乏催化剂，以及行业轮动导致资 金流出医药板块。中国创新药资产出海 BD 持续超预期，MNC 对于中国资产的购 买范围从单个管线拓宽至平台合作，进一步体现了中国创新药的竞争力。我们认 为，中国的 AI 制药技术发展迅猛，将涌现一批优秀的创新企业。 | | | | 市值 | 目标价 | 上行/ | P/E (x) | | P/B (x) | | ROE (%) | | | --- | --- ...