CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 Trading desk comments 交易台市场观点 Yesterday, recent financial new issues NORBK/OCBCSP/DAESEC/SUMIBK tightened 4-10bps. TW lifers and HK credits LINREI/HKE traded 4-6bps tighter. Chinese TMT names BABA/TENCNT/LENOVO closed 2-3bps tighter, with the exception that MEITUAs remained unchanged. ZHOSHK/FRESHK traded 5-10bps wider under selling pressure. As for greater China higher- yielding space, the NWDEVL/VDNWDL complex were overall 0.1-0.9pt higher. ...

6 Mar 2026 CMB International Global Markets | Equity Research | Coverage Termination Yuexiu Transport (1052 HK) Yuexiu Transport (1052 HK) - Termination of Coverage In view of a reallocation of resources, we terminate coverage of Yuexiu Transport (1052 HK). All previous recommendations are no longer valid, as of the date of this termination. China Toll Road Wayne FUNG, CFA (852) 3900 0826 waynefung@cmbi.com.hk PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLO ...

6 Mar 2026 CMB International Global Markets | Equity Research | Coverage Termination Unity Group (1539 HK) Unity Group (1539 HK) - Termination of Coverage In view of a reallocation of resources, we terminate coverage of Unity Group (1539 HK). All previous recommendations are no longer valid, as of the date of this termination. China Capital Goods Wayne FUNG, CFA (852) 3900 0826 waynefung@cmbi.com.hk PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG: RES ...

宏观点评 中国政策 – 两会政策信号 2026 年政府工作报告务实地下调了经济增长目标，同时财政支持力度略有 减弱，反映出决策者在"新旧动能转换"过程中，愿意容忍短期内增速放缓 以换取中长期的更高质量发展。政策重点转向稳投资，通过更多财政资源投 入，以吸引私人资本流入人工智能基础设施、数字产业和绿色产业等新兴领 域。对消费和住房的增量支持基本符合预期，社会福利、以旧换新补贴和额 外住房市场刺激措施没有超预期。值得注意的是，政府首次将再通胀作为明 确的政策目标，致力通过供需再平衡实现价格水平的温和合理复苏。总体而 言，我们认为政策重点将以稳投资为主导，同时定向支持消费复苏和推动价 格水平回升。财政预算预示 2026 年名义 GDP 增长率约为 5%，根据我们预 测，2026年实际GDP增长率将约为 4.6%，GDP平减指数约为 0.4%。（链 接） 2026 年 3 月 6 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 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- ...

6 Mar 2026 CMB International Global Markets | Equity Research | Company Update JD.com (JD US) JD.com (JD US) - Driving Driving healthy core business earnings growth amid high base in 2026 JD.com (JD) reported (5 Mar) 4Q25 results: revenue was RMB352.3bn, up 1.5% YoY (3Q25: 14.9%), 1% ahead of both our forecast and Bloomberg consensus. Non-GAAP NP was RMB1.1bn, down 90% YoY due to investment in food delivery (FD) and high base, but ahead of our forecast and consensus at RMB0.5bn, driven by the beat on JDR's ...

6 Mar 2026 CMB International Global Markets | Equity Research | Company Update Bilibili (BILI US) Bilibili (BILI US) - 4Q25 results: improvement 4Q25 results: AI to drive healthy community development and monetization improvement BiliBili announced 4Q25 financial results: total revenue was up by 8% YoY to RMB8.32bn, 2% ahead of Bloomberg consensus estimate mainly due to the stronger-than-expected performance of advertising business (+27% YoY); adjusted net income grew by 94% YoY to RMB878mn, 10% ahead of co ...

CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 Trading desk comments 交易台市场观点 Yesterday, the new NORBK 4.683 03/10/31 and NORBK 5.356 03/16/36 tightened 5-7bps before noon from RO at T+105 and T+130, respectively, but gradually more than half of the spread gains were pared on profit taking. In Chinese IG space, MEITUA widened 5-10bps amid news that S&P downgraded the ratings of Meituan to BBB+ from A- on deteriorating profitability outlook due to intensified competition. WESCHI 26-29 were ...

宏观点评 中国宏观 - PMI 受春节扰动有所走弱 受春节假期影响，中国 2 月份制造业 PMI 全面走弱。产需两端均有所恶化， 新订单指数和出口指数跌至新低。尽管如此，由于原材料和出厂价格保持扩 张，再通胀进程延续。非制造业 PMI 持续收缩，因春节期间建筑工地大多停 工。房地产市场和耐用品销售疲软以及制造业增速放缓，预示着 2026 年初 经济增长将延续 25 年下半年以来的疲软势头。 在今日开幕的全国人大年度会议上，决策层可能会将广义财政赤字维持在 GDP 的 8%左右，其中包括 5.9 万亿元的一般预算赤字 (占 GDP 的 4%)、1.3 万亿元的超长期中央政府专项债 (0.9%)、以及 4.5 万亿元地方政府专项债券 (3.1%)。相较于 2025 年的"约 5%"，我们预计 2026 年 GDP 增长目标可能 下调至"4.5%-5%"的目标区间，与近期地方"两会"目标的下调趋势一致。 （链接） 2026 年 3 月 5 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 宏观及行业点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日 ...

CMBI Credit Commentary Fixed Income Daily Market Update 固定收益部市场日报 Trading desk comments 交易台市场观点 1 Yesterday, we saw a wave of selling on 10yr IG papers such as LINREI/KUAISH/HKE/TW lifers/BBLTB/NTT/SUMI/SUMITR, and spreads closed 3-5bps wider. On the other hand, flows geared towards better buying on CCAMCL/NTT FRNs. As for the rest of greater China higher-yielding space, NWDEVLs were down another 0.3-2.4pts, and VDNWDLs were 0.1- 0.2pt lower. See our comments on 2 Mar'26. MTRC Perps/HYSANs/LASUDE 26 were 0. ...

2026 年 3 月 4 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 行业点评 全球市场观察 行业点评 科技行业 - iPhone 17e 和 M4 iPad Air 以激进性价比亮相，利好苹果供应 链 苹果上线 iPhone 17e 和 M4 iPad Air，其规格/功能大致符合市场预期。产品 方面我们看到以下主要亮点：1) iPhone 17e：起售价保持在 599 美元，同时 基础存储容量翻倍至 256GB（对比 iPhone 16e 起始存储 128GB）；2) M4 iPad Air：性能大幅提升，搭载 M4 芯片，RAM 增加至 12GB，并配备 N1/C1X 连接芯片而起售价不变（11 英寸版 599 美元/13 英寸版 799 美元）； 3) 垂直整合：苹果的 C1X 调制解调器和 N1 网络芯片的亮相将加速从第三方 芯片的过渡，增加内部组件的采用将对毛利率和供应链管理产生正面影响。 总体而言，我们认为 iPhone 17e 和 M4 iPad Air 的更新应会加强苹果在中端 智能手机和平板电脑细分市场的地位，尤其是在行业内存成本压力下。保持 价格稳定并提供最新规格的产 ...