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 (%) | | | --- | --- ...

2026 年 3 月 13 日 招银国际环球市场 | 睿智投资 | 行业研究 软件 & IT 服务 软件 & IT服务 - 美国软件 NDR 要点总结：关注客户端增量价值创 造我们近期举办了 Salesforce、ServiceNow、派拓网络与 Datadog 等多家 软件公司的业绩后 NDR，围绕市场的关注点与担忧，我们总结核心要点 如下：1）应用软件层面，龙头公司认为相较于 AI 厂商，他们的竞争壁垒 集中于企业数据、产品、企业级智能体部署、工作流治理能力等多个维 度，且公司基于客户端增量价值创造的定价逻辑积极推动向混合制收费模 式转型正在取得效果；2）相对应用软件而言，网络安全和基础设施软件 整体面临更低的 AI 替代性担忧，智能体安全及全域安全相关的布局为关 注重点。近期软件板块在市场过度担忧后回归理性的过程中估值修复展现 分化趋势，印证我们此前行业报告中的观点（链接）。我们重申此前判 断：短期来看，基础设施相关的软件平台或将看到更快的 AI 相关客户带 来的营收贡献的起量趋势从而更为有效缓解市场担忧，网络安全相关的软 件公司不可替代性较强，应用软件公司需更多的证明其有基于结果收费的 能力从而证明不 ...

2026 年 3 月 13 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 市场关注转向未来滞涨风险，因中东冲突时间可能长于市场先前预期， Polymarket 对 6 月底前停火预期已降至 60%。油价长期高企将推升美国滞 招银国际研究部 邮件：research@cmbi.com.hk 全球市场观察 宏观点评 美国经济 - 通胀即将反弹 美国 CPI 与核心 CPI 同比增速与上月持平，保持在近 2 年低位。能源和食品 价格环比加速，关税影响导致核心商品环比小幅反弹。房租通胀延续放缓并 已低于疫情前增速，预计全年将延续放缓趋势。在薪资增速推动下，除房租 外核心服务保持较快增速。 | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 25,717 | -0.70 | 0.34 | | 恒生国企 | 8,700 | -0.06 | -2.40 | | 恒生科技 | 5,028 | -0.54 | -8.85 | | 上证综指 | 4,129 | ...

13 Mar 2026 | | LI US | 2015 HK | | --- | --- | --- | | | HOLD | HOLD | | | Maintain | Maintain | | TP | US$18.00 | HK$70.00 | | Prior TP | US$18.00 | HK$70.00 | | Up/Downside | 1.0% | (0.2%) | | Current Price | US$17.8 | HK$70.2 | China Auto CMB International Global Markets | Equity Research | Company Update Li Auto Inc. (LI US/2015 HK) Await redesigned L9 amid lingering challenges Maintain HOLD. While we still believe Li Auto is an outstanding company and could make a comeback with its solid cash position ...

招银国际环球市场有限公司 焦点股份 2026年3月12日 招银国际焦点股份 3 招银国际焦点股份 - 收益表现回顾 | 公司名称 长 仓 吉利汽车 正力新能 极兔速递 三一国际 创新实业 波司登 锅圈食品 瑞幸咖啡 珀莱雅 | 股票代码 175 HK 3677 HK 1519 HK 631 HK 2788 HK 3998 HK 2517 HK LKNCY US 603605 CH | 行 业 汽车 汽车 物流 装备制造 原材料 可选消费 可选消费 可选消费 必选消费 | 招银国际焦点股份 | 评 级 买入 买入 买入 买入 买入 买入 买入 买入 买入 | 市 值 (十亿美元) 24.4 2.8 11.1 5.9 8.4 6.1 1.3 10.0 3.9 | 平均日交易量 (百万美元) 102.9 1.5 37.0 19.9 17.3 17.3 6.5 68.6 48.9 | 股 价 （当地货币) 17.73 8.61 9.78 14.13 31.64 4.07 3.82 35.21 67.95 | 目标价 （当地货币) 25.00 18.00 13.40 20.60 32.00 5.55 4.80 54.6 ...

Inflation Trends - The U.S. CPI and core CPI year-on-year growth rates remain stable at 2.4%, the lowest in nearly two years[2] - March CPI is expected to rise significantly to 3.1% due to a projected 17% increase in gasoline prices, contributing approximately 0.5 percentage points to the CPI growth[6] - Core CPI year-on-year growth is at a near five-year low of 2.5%, with core services growth slowing to 2.9%[6] Economic Risks - Rising oil prices are a major variable for future inflation, with a 10% increase in crude oil prices estimated to raise inflation by 0.3-0.4 percentage points[6] - The market's expectation for interest rate cuts has decreased from 60 basis points to 29 basis points, with the first anticipated cut pushed from June to September[6] - The ongoing Middle East conflict may prolong inflationary pressures, increasing the risk of stagflation in the U.S.[6] Core Components - Rent inflation continues to slow, currently at 0.2% month-on-month, with an annualized growth rate of 2.5%, below the pre-pandemic average of 3.3%[6] - Core goods inflation has slightly rebounded, with furniture, clothing, and leisure goods showing increases of 0.2%, 1.3%, and 0.4% respectively[6] - Core services, excluding rent, have a month-on-month growth rate of 0.35%, still reflecting high wage growth trends[6]

2026 年 3 月 12 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、公司点评 全球市场观察 行业点评 中国医药 - 全球减重药物市场：千亿蓝海与创新迭代 低渗透率叠加高增长预期，千亿美元蓝海待掘。全球肥胖患者基数庞大，诺 和诺德数据显示全球肥胖群体已超 9 亿人，但品牌减重药物的治疗渗透率仅 约 1%，巨大的未满足临床需求构成了行业爆发的基础。鉴于当前减重疗法 的创新速度及已上市品种的高速放量，该领域正处于长周期的爆发性增长阶 段。IQVIA 估计，在 2024 年至 2034 年期间，全球减重药物市场预计将以 13%–15%的复合年增长率增长，总市场规模预计将达到约 1,300 亿美元。 替尔泊肽临床优势转化为商业胜势，独享双靶点红利期。礼来的替尔泊肽作 为全球首个获批的 GLP-1/GIP 双受体激动剂，凭借优于单靶点司美格鲁肽的 优势，迅速重塑了市场格局。截至 2025 年 10 月，替尔泊肽在美国减重新患 处方量占比已达 67%，总处方量占比达 63%，其减重适应症 Zepbound 在 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http: ...