Company Insights - China Hongqiao (1378 HK) is expected to achieve a net profit of RMB 22.6 billion in 2025, reflecting a year-on-year growth of 1%, which is 5% lower than expectations and Bloomberg consensus [2] - The company announced a final dividend of HKD 1.65 per share, with a payout ratio of approximately 66% [2] - The aluminum price is projected to rise in 2026 due to supply constraints, with a 1% increase in aluminum price expected to boost profits by approximately 2.3% [5] Market Performance - The Hang Seng Index closed at 25,277, down 0.88% for the day and down 1.38% year-to-date [2] - The S&P 500 index fell by approximately 1.5%, while the Nasdaq dropped about 2%, indicating a broader market decline [4] - The offshore RMB weakened, falling below the 6.9 mark against the USD, influenced by a strong dollar and pressure from US-China interest rate differentials [4] Sector Analysis - The automotive sector, particularly companies like XPeng Motors (XPEV US/9868 HK), is focusing on new models and exports, with a target to double exports to 90,000 units in 2026 [6] - The company is also planning to mass-produce humanoid robots by the end of 2026, which could serve as a catalyst for stock price increases [6] - Tuhu (9690 HK) is prioritizing market share over high profit growth, with a target to open 1,000 new stores in 2026, benefiting from industry consolidation [8] Financial Projections - Sany International (631 HK) expects a significant profit increase in 2025, but regular profit calculations suggest a decline of 10% [5] - Wei Shi Jia Jie (856 HK) reported a 10% increase in total revenue for FY25, with net profit rising by 29%, driven by effective cost control and high-margin self-developed products [8] - AIA Group (1299 HK) announced a share buyback plan of $1.7 billion, exceeding expectations, and raised its target price to HKD 112 [12][13]

23 Mar 2026 CMB International Global Markets | Equity Research | Company Update Tuhu Car (9690 HK) A beneficiary from industry consolidation Maintain BUY. Tuhu's 2H25 adjusted net profit missed due to lower-than- expected GPM. However, its strong store expansion and continued franchise profitability improvement give us more confidence in its market share gains in FY26-27E. We view Tuhu's focus on market share gains as a right strategy amid industry consolidation and evolving after-sales service landscape. W ...

CMB International Global Markets | Equity Research | Company Update Giant Biogene (2367 HK) Giant Biogene (2367 HK) - Recovery expected in 2026E Giant Biogene reported revenue of RMB5,519mn (-0.4% YoY) and attributable net profit of RMB1,915mn (-7.2% YoY) in 2025. The results were broadly in line with our expectations, given the external headwinds and intensified competition that weighed on product sales in 2H25. During the period, gross margin declined 1.8ppts YoY to 80.3%, primarily due to changes in prod ...

23 Mar 2026 Target Price HK$112.00 (Previous TP HK$89.00) Up/Downside 30.2% Current Price HK$86.05 Insurance Nika MA (852) 3900 0805 nikama@cmbi.com.hk Stock Data | Mkt Cap (HK$ mn) | 932,093.6 | | --- | --- | | Avg 3 mths t/o (HK$ mn) | 2,232.9 | | 52w High/Low (HK$) | 90.95/49.95 | | Total Issued Shares (mn) | 10832.0 | | Source: FactSet | | CMB International Global Markets | Equity Research | Company Update AIA Group Ltd. (1299 HK) AIA Group Ltd. (1299 HK) - US$1.7bn buyback a +VE surprise; lift TP to HK ...

23 Mar 2026 CMB International Global Markets | Equity Research | Company Update Xpeng Inc. (XPEV US/9868 HK) Maintain BUY. Xpeng's 4Q25 net profit beat on R&D service income. We project its sales volume in 2H26E to double HoH despite a weak 1Q26, fuelled by aggressive export plans and 4 new models. We also believe that its mass production of humanoid robots this year could be a positive catalyst for shares. | (YE 31 Dec) | FY23A | FY24A | FY25A | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | Reven ...

Earnings Summary Source: Company data, Bloomberg, CMBIGM estimates 23 Mar 2026 CMB International Global Markets | Equity Research | Company Update AAC Tech (2018 HK) AAC Tech (2018 HK) - FY25 in- FY25 in earnings growth in 2026-27E -line; auto/thermal/edge AI and margin recovery to drive earnings growth in 2026-27E AAC's FY25 revenue/net profit (+16%/+40% YoY) are broadly in-line with our/consensus estimates, driven by improving profitability in optics and robust growth in auto/thermal businesses, despite w ...

23 Mar 2026 Earnings Summary CMB International Global Markets | Equity Research | Company Update | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | Revenue (RMB mn) | 20,278 | 21,910 | 24,571 | 29,752 | 34,792 | | YoY growth (%) | 30.5 | 8.0 | 12.1 | 21.1 | 16.9 | | Adjusted net profit (RMB mn) | 1,929.0 | 1,849.9 | 2,286.2 | 2,990.1 | 3,686.1 | | YoY growth (%) | 15.9 | (4.1) | 23.6 | 30.8 | 23.3 | | EPS (Adjusted) (RMB) | 0.61 | 0.58 | 0.71 | 0.92 | 1.13 | | Co ...

CMB International Global Markets | Equity Research | Company Update VSTECS (856 HK) VSTECS (856 HK) - FY25 FY25 review: AI compute and self strong momentum -developed products maintain strong momentum VSTECS reported FY25 results: total revenue increased by 10% YoY to HK$97.6bn, largely in line with Bloomberg consensus estimate; net profit grew by 29% YoY to HK$1.35bn, 5% ahead of consensus estimate thanks to the effective opex control and increase in revenue contribution from higher-margin self-developed p ...

宏观点评 2026 年 3 月 20 日 招银国际环球市场 | 市场策略 | 招财日报 美国经济 - 联储释放偏鹰信号 美联储 3 月议息会议释放鹰派信号：会议声明新提及中东地缘政治风险，为 后续可能的政策转向埋下伏笔；点阵图上调经济和通胀预测，全年降息幅度 不变。货币政策路径的点阵图票型方差下降，显示联储整体共识加深；鲍威 尔记者会偏鹰，更强调通胀风险，认为未来油价是否影响货币政策将取决于 通胀预期的稳定。 每日投资策略 行业/公司点评 全球市场观察 会议结束后，市场对全年降息幅度预期从 26bp 降至 11bp。但我们认为市场 可能过度解读联储鹰派信号，一旦中东地缘风险缓和或就业市场明显转弱， 联储政策立场可能迅速转向。我们维持联储 26 年将降息 1 次的预测。 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | 升跌（%） | | | | | 单日 | 年内 | | 恒生指数 | 25,501 | -2.02 | -0.51 | | 恒生国企 | 8,696 | -1.58 | ...

2026 年 3 月 20 日 招银国际环球市场 | 宏观研究 | 宏观视角 美国经济 Economic Perspectives - 联储释放偏鹰信号 美联储 3 月议息会议释放鹰派信号：会议声明新提及中东地缘政治风险，为后 续可能的政策转向埋下伏笔；点阵图上调经济和通胀预测，全年降息幅度不 变。货币政策路径的点阵图票型方差下降，显示联储整体共识加深；鲍威尔记 者会偏鹰，更强调通胀风险，认为未来油价是否影响货币政策将取决于通胀预 期的稳定。会议结束后，市场对全年降息幅度预期从 26bp 降至 11bp。但我们 认为市场可能过度解读联储鹰派信号，一旦中东地缘风险缓和或就业市场明显 转弱，联储政策立场可能迅速转向。我们维持联储 26 年将降息 1 次的预测。短 期内，美元可能保持强势，油价高企将抬升全球通胀中枢并推迟央行降息节奏 预期，推高长端利率与期限溢价，压制风险资产和贵金属等表现。最终，央行 政策路径和大类资产影响将取决于中东冲突演进和油价见顶时间。中长期看， 地缘冲击引发的估值压缩和利率抬升可能为 AI 产业龙头、贵金属和中长期国债 等优质资产创造良好配置窗口。 刘泽晖 (852) 3761 8957 ...