24 Mar 2026 CMB International Global Markets | Equity Research | Company Update Minth Group (425 HK) Solid outlook in both auto and new businesses Maintain BUY. Minth's revenue and GPM in aluminium business unit missed our expectation in 2H25, as sales volume with a key client fell short and some business transition was delayed following WKW's bankruptcy. Its 2H25 net profit was largely in line, thanks to its opex control. Management's aggressive 5-year revenue target gives us more confidence in Minth's ord ...

24 Mar 2026 CMB International Global Markets | Equity Research | Company Update Henlius Biotech (2696 HK) Henlius Biotech (2696 HK) - Accelerating global commercialization and innovation innovation Henlius delivered strong FY25 financial results, driven by robust product sales growth. The Company is expanding its global biosimilar footprint and forging new international partnerships. Henlius is accelerating its evolution into an innovative biologics powerhouse, spearheaded by competitive assets such as HLX4 ...

2026 年 3 月 24 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 24,382 | -3.54 | -4.87 | | 恒生国企 | 8,308 | -3.11 | -6.80 | | 恒生科技 | 4,712 | -3.28 | -14.57 | | 上证综指 | 3,813 | -3.63 | -3.92 | | 深证综指 | 2,481 | -4.19 | -1.98 | | 深圳创业板 | 3,235 | -3.49 | 1.00 | | 美国道琼斯 | 46,208 | 1.38 | -3.86 | | 美国标普 500 | 6,581 | 1.15 | -3.86 | | 美国纳斯达克 | 21,947 | 1.38 | -5.57 | | 德国 DAX | 22,654 | 1.22 | -7.50 | | 法国 CAC | 7,726 | 0.79 | -5.19 | | 英国富时 10 ...

24 Mar 2026 CMB International Global Markets | Equity Research | Company Update Greentown Service (2869 HK) Greentown Service (2869 HK) - Continue to bear fruit from efficiency gains Greentown Service's FY25 net profit (NP) grew 12.1% YoY to RMB 880mn, missing Bloomberg consensus by 6.3% and in line with our forecast. Core operating profit (=GP-SG&A) rose 24.6% YoY, largely beating the 15% guidance set by management earlier thanks to its continued efforts on efficiency improvement. Share price went up 6.5% ...

CMB International Global Markets | Equity Research | Company Update 24 Mar 2026 ZhongAn (6060 HK) ZhongAn (6060 HK) - Net Net earnings weakened in 2H; ZA Bank hit first full- year profit ZhongAn reported FY25 results with net profit surging 83% YoY to RMB1.1bn, below our estimate of RMB1.2bn (link), given retreated 2H net earnings of RMB434mn (-21% YoY). The adjusted net profit amounted to RMB1.8bn, up 198% YoY, helped by approx. RMB0.7bn one-off impairment loss on the Group's joint venture ZhongAn Internat ...

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 ...