2026年1月23日 CMB国际全球市场 | 股票研究 | 公司更新 平安（2318 HK） 银行正推动净值增长在起步销售中；第四季度收益可能在增 长股修正中有所缓解 我们继续将平安保险维持在行业首选股中，基于SOTP将目标价上调至90港元，依据1）前 瞻至2026年预测，2）微调2025-2027年净利润和NBV增长。按可比口径计算，我们预计20 25年预测集团OPAT同比增长12%，达到1360亿元人民币，这意味着2025年第四季度同比 增长约46%（对比2025年第三季度：+15.2%）。第四季度的加速增长可能由1）稳健的L& H OPAT增长得到支持，同时经营差异和投资服务结果改善；2）受益于资本市场复苏，资 产管理公司拨备损失同比下滑；以及3）产险公司强劲的承保利润。对于集团净利润，我们 预测2025年预测同比增长5.1%，达到1330亿元人民币。然而，非经营性项目（即净利润- 经营利润）可能因1）较弱的市场表现（即沪深300/上证综指：2025年第四季度-0.2%/+2.2 %，对比第三季度：+18%/+13%）；2）截至年末债券收益率提升至1.85%，而第四季度趋 于平坦，这可能减少了债券公允价 ...

2026 年 1 月 23 日 招银国际环球市场 | 睿智投资 | 首次覆盖 康龙化成 (300759 CH) 康龙化成 (300759 CH) - 具备加速增长潜力的一体化 CXO 康龙化成成立于 2004 年，是中国最早布局一体化 CXO 的企业之一，现已发展成 为具备国际认可度的中国 CXO 领军企业。公司为全球客户提供覆盖药物研发全生 命周期的服务。凭借其端到端服务能力，公司有望充分受益于全球医药研发外包 需求的持续增长。我们首次覆盖康龙化成，给予"买入"评级，目标价 38.08 元 人民币。 财务资料 | (截至 12 月 31 日) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | 销售收入 (百万人民币) | 11,538 | 12,276 | 14,022 | 16,092 | 18,710 | | 同比增长 (%) | 12.4 | 6.4 | 14.2 | 14.8 | 16.3 | | 调整后净利润 (百万人民币) | 1,903 | 1,607 | 1,804 | 2,12 ...

2026 年 1 月 23 日 中国医药 招银国际环球市场 | 睿智投资 | 首次覆盖 康龙化成 (300759 CH) 康龙化成 (300759 CH) - 具备加速增长潜力的一体化 CXO 康龙化成成立于 2004 年，是中国最早布局一体化 CXO 的企业之一，现已发展成 为具备国际认可度的中国 CXO 领军企业。公司为全球客户提供覆盖药物研发全生 命周期的服务。凭借其端到端服务能力，公司有望充分受益于全球医药研发外包 需求的持续增长。我们首次覆盖康龙化成，给予"买入"评级，目标价 38.08 元 人民币。 财务资料 | (截至 12 月 31 日) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | 销售收入 (百万人民币) | 11,538 | 12,276 | 14,022 | 16,092 | 18,710 | | 同比增长 (%) | 12.4 | 6.4 | 14.2 | 14.8 | 16.3 | | 调整后净利润 (百万人民币) | 1,903 | 1,607 | 1,804 | ...

每日投资策略 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 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 26,630 | 0.17 | 3.90 | | 恒生国企 | 9,114 | -0.09 | 2.25 | | 恒生科技 | 5,762 | 0.28 | 4.47 | | 上证综指 | 4,123 | 0.14 | 3.87 | | 深证综指 | 2,714 | 0.69 | 7.21 | | 深圳创业板 | 3,329 | 1.01 | 3.92 | | 美国道琼斯 | 49,384 | 0.63 | 2.75 | | 美国标普 500 | 6,913 | 0.55 | 0.99 | | 美国纳斯达克 | 23,436 | 0.91 | 0.83 | | 德国 DAX | 24,856 | 1.20 | 1.49 | | 法国 CAC | 8,149 | 0.99 | -0.01 | | 英国富时 100 | 10,150 ...

Investment Rating - The report maintains a "BUY" rating for iQIYI, indicating a potential return of over 15% over the next 12 months [16]. Core Insights - iQIYI is expected to see a recovery in both revenue and earnings in 4Q25, with total revenue projected to grow by 2% year-over-year (YoY) and 1% quarter-over-quarter (QoQ) to RMB6.77 billion, driven by the recovery of membership and content distribution businesses [1][8]. - The forecast for non-GAAP net income in 4Q25 is RMB93 million, a significant improvement from the non-GAAP net losses recorded in previous quarters [1]. - The target price for iQIYI has been adjusted to US$2.75, based on an 18x multiple of the 2026E non-GAAP EPS, reflecting a 36.8% upside from the current price of US$2.01 [3][11]. Financial Performance Summary - Revenue for FY23A was RMB32,018 million, with a YoY growth of 10.4%. However, FY24A revenue is expected to decline by 8.7% to RMB29,225 million, followed by a further decline of 6.7% in FY25E to RMB27,263 million [2]. - The adjusted net profit for FY23A was RMB2,984.1 million, which is expected to drop to RMB1,512.2 million in FY24A and further to RMB264.1 million in FY25E [2]. - Gross margin is projected to decrease from 27.8% in FY23A to 20.9% in FY25E, before recovering to 23.3% in FY26E and 24.2% in FY27E [2]. Business Forecasts and Valuation - iQIYI's revenue for FY25E is forecasted at RMB27.3 billion, with a slight increase in FY26E to RMB27.9 billion and FY27E to RMB28.4 billion [9]. - The non-GAAP net profit is expected to significantly improve from RMB0.3 billion in FY25E to RMB1.0 billion in FY26E and RMB1.3 billion in FY27E, reflecting a recovery trend [9]. - The valuation of iQIYI is based on a target PE multiple of 18x for 2026E non-GAAP EPS, which is at a discount to the sector average of 24x due to intense competition in the video streaming sector [11].

2026 年 1 月 22 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 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 26,585 | 0.37 | 3.72 | | 恒生国企 | 9,123 | 0.31 | 2.35 | | 恒生科技 | 5,746 | 1.11 | 4.18 | | 上证综指 | 4,117 | 0.08 | 3.73 | | 深证综指 | 2,695 | 0.64 | 6.48 | | 深圳创业板 | 3,296 | 0.54 | 2.88 | | 美国道琼斯 | 49,077 | 1.21 | 2.11 | | 美国标普 500 | 6,876 | 1.16 | 0.44 | | 美国纳斯达克 | 23,225 | 1.18 | -0.07 | | 德国 DAX | 24,561 | -0.58 | 0.29 | | 法国 CAC | ...

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 SHUION 29 rose 0.6pt from RO at 98.423. The existing SHUION 26 retraced 0.2pt. See comments on SHUION on 19 Jan'26. The recent new issues KUAISH 31-36s tightened 2bps earlier in the day but closed unchanged. TW lifers CATLIF/FUBON/NSINTW/SHIKON closed 2- 5bps wider amid a broad wave of selling flows. In Greater China, beta IG name ZHOSHK 28 closed 1bp wider. CHIOIL 26 was 0.1pt lower. China Oil ...

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 2026 年 1 月 21 日 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 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 26,488 | -0.29 | 3.34 | | 恒生国企 | 9,095 | -0.43 | 2.03 | | 恒生科技 | 5,683 | -1.16 | 3.04 | | 上证综指 | 4,114 | -0.01 | 3.65 | | 深证综指 | 2,678 | -0.83 | 5.80 | | 深圳创业板 | 3,278 | -1.79 | 2.34 | | 美国道琼斯 | 48,489 | -1.76 | 0.88 | | 美国标普 500 | 6,797 | -2.06 | -0.71 | | 美国纳斯达克 | 22,954 | -2.39 | -1.24 | | 德国 DAX | 24,703 | -1.03 | 0.87 | | 法 ...

Group 1: Market Performance - Global markets showed mixed performance, with the Hang Seng Index closing at 26,564, down 1.05% for the day but up 3.64% year-to-date [1] - The Shanghai Composite Index managed a slight increase of 0.29% to close at 4,114, while the Shenzhen Composite Index rose by 0.50% to 2,700 [1] - The U.S. markets remained flat, with the Dow Jones and S&P 500 both closing at 49,359 and 6,940 respectively, showing no change for the day [1] Group 2: Sector Performance - In the Hong Kong market, healthcare, consumer discretionary, and information technology sectors led the decline, while energy, utilities, and materials sectors saw gains [3] - The Hang Seng Financial Index fell by 0.76% to 50,425, and the Hang Seng Industrial Index decreased by 1.27% to 14,397 [2] - The real estate sector also experienced a decline, with the Hang Seng Property Index down 0.72% to 19,024 [2] Group 3: Economic Outlook - China's economic growth is expected to slow, with a projected GDP growth rate of 4.8% for the year, down from 5% last year [5] - The report anticipates a reduction in the Loan Prime Rate (LPR) by 10 basis points in the first quarter and again in the third quarter, alongside a potential 50 basis point cut in the Reserve Requirement Ratio (RRR) [5] - The real estate sector is expected to be a focal point for policy easing, with potential measures including interest subsidies and increased support for local government storage [4]

1. Report Industry Investment Rating - No information provided regarding the report industry investment rating 2. Core Viewpoints - The Asian IG space tightened by 2 - 3bps this morning, while some bonds like KUAISH 31 - 36s and SKBTAM 29 were 1 - 2bps wider [3] - The IPT of new SHUION 29 at 10.625% is considered fair, and the proposed new issue and tender offer by Shui On Land should lengthen its maturity profile and reduce near - term refinancing pressure [7][9] - In the Chinese properties space, CHJMAO, DALWAN, FUTLAN/FTLNHD, GRNCH, and LNGFOR are favored [9] 3. Summary by Relevant Catalogs Trading Desk Comments - Last Friday, the new SNBAB 6.15 Perp was down 0.4pt from RO at par; KUAISH 31 - 36s opened heavy and initially widened 3 - 5bps, with the 5yr tranche closing at RO level and the 10yr tranche 4bps wider [2] - MEITUA curve traded softly, widening 1 - 2bps, while FRESHK curve outperformed and tightened 5 - 8bps; TW lifers were 1 - 2bps wider [2] - SHUION launched a tender offer for USD400mn SHUION 26 and circulated 10.625% IPT for a new USD bond; NWDEVL/VDNWDL complex was up 0.2 - 1.0pt; FAEACO 12.814 Perp/LASUDE 26 gained 0.5 - 0.6pt [2] - EHICAR 26 - 27 increased by 0.4 - 0.5pt; DALWAN 28 was 0.2pt lower; VNKRLE 27 - 29 rose 2.4 - 2.5pts; LNGFOR 27 - 32 increased by 0.4 - 0.8pt [2] - In the Korean space, KDB 27 - 31s and EIBKOR 29 FRNs tightened 1 - 2bps; AU and JP IG credits closed 1 - 4bps tighter; in the Middle East, there was block - size trading on FABUH 34s and PBs were buying FABUH FRNs; in SE Asia, BBLTB sub - curve was 2 - 5bps tighter; GLPSP Perps rose 1.8pts [2] - IHFLIN 27 - 30s/VEDLN 28 - 33s edged 0.2 - 0.8pt higher; MEDCIJ 26 - 30s and the ReNew Energy complex were unchanged to 0.4pt higher [2] Morning Market Update (19 Jan 2026) - Asian IG space was 2 - 3bps tighter this morning, KUAISH 31 - 36s and SKBTAM 29 were 1 - 2bps wider; SOFTBK 65/EHICAR 26 were down 0.6 - 0.7pt; PMBROV 30 edged 0.6pt higher [3] - SHUION 26 was 2.2pts higher this morning; the IPT of new SHUION 29 at 10.625% is fair [3][7] - China Oil and Gas launched a tender offer for CHIOIL 4.7 06/30/26 of USD361mn at par and mandated concurrent USD bond issuance, with the offer expiring on 26 Jan '26 4pm GMT, and the bond was unchanged this morning [3] Top Performers and Underperformers - Top performers include VNKRLE 3.975 11/09/27 (up 2.5), VNKRLE 3 1/2 11/12/29 (up 2.4), ADSEZ 5 08/02/41 (up 2.0), GLPSP 4 1/2 PERP (up 1.8), COGARD 5 12/31/32 (up 1.8) [4] - Top underperformers include TENCNT 3.29 06/03/60 (down 0.8), CNPCCH 5.95 04/28/41 (down 0.7), HAOHUA 3.7 09/22/50 (down 0.7), APAAU 5 3/4 09/16/44 (down 0.7), SINOPE 3.68 08/08/49 (down 0.7) [4] Macro News Recap - Last Friday, S&P was down 0.06%, Dow was down 0.17%, and Nasdaq was down 0.06%. UST yield was higher, with 2/5/10/30 - year yields at 3.59%/3.82%/4.24%/4.83% [6] Desk Analyst Comments on SHUION - Shui On Land proposes to issue a 3NC1.5 Reg S USD senior unsecured bond (unrated) guaranteed by SOL, and the IPT of new SHUION 29 at 10.625% is fair considering peer valuation and tenor differential [7] - The net proceeds of the new bond will fund the tender offer for SHUION 5.5 06/29/26 of USD400mn, with a tender price of 100.25. SOL may prioritize holders subscribing to the new bond, and tender settlement is conditional on new bond issuance [8] - Despite sector headwinds, SOL honors offshore obligations, having redeemed two USD bonds totaling USD990mn since Aug '24. The new issue and tender offer should lengthen maturity and reduce refinancing pressure. The analyst is neutral on SHUION 5.5 06/29/26 [9] Offshore Asia New Issues - No offshore Asia new issues were priced today [13] - Shui On Land has a pipeline to issue a USD bond with a 3NC1.5 tenor, 10.625% coupon, and unrated [14] News and Market Color - On last Friday, 89 credit bonds were issued onshore with an amount of RMB63bn. Month - to - date, 948 credit bonds were issued with a total of RMB755bn raised, a 29.3% yoy decrease [17] - Fitch upgraded DWCM and Wanda Commercial Properties (Hong Kong) to CC from RD [17] - Media reported eHi Car plans a LME in 1H26 for EHICAR 7 09/21/26 of USD269mn and seeks RMB300 - 500mn syndicated loans [17] - ReNew Energy Global to hold investor meetings/calls to market USD 144A/Reg S bonds [17] - Sands Macao launched 'Pearl Gaming Room' targeting mass - market bet sizes [17] - Media reported Vanke reassured bondholders it can make 40% upfront payment for domestic bonds [17]