Market Overview - The Hang Seng Index experienced a slight decline, with energy, consumer discretionary, and healthcare sectors falling, while materials, consumer staples, and information technology sectors rose[1] - A-shares opened lower but rebounded, with significant gains in semiconductor, robotics, military, and healthcare IT sectors, while coal, food, and liquor sectors declined[1] Trade War Impact - The U.S. imposed an additional 10% tariff on China, increasing risk aversion and expectations that tensions will accelerate China's tech self-sufficiency, with reports of guidance to promote the use of open-source chips[1] - The trade war is expected to weaken freight and commodity demand, leading to declines in shipping and fuel oil futures[1] European Market Reaction - European stocks fell sharply due to concerns over potential tariffs on the EU, particularly in the automotive and semiconductor sectors[1] - The trade war is anticipated to weaken Europe's economic growth outlook, with a drop in European bond yields and defensive sectors like food and utilities performing well[1] U.S. Market Trends - U.S. stocks continued to decline, particularly in industrial and consumer staples sectors sensitive to trade tensions and supply chain costs[1] - The market's expectation for a 75 basis point rate cut by the Federal Reserve has expanded, although the New York Fed President indicated no immediate need for policy adjustment[1] Commodity Prices - Oil prices are on a downward trend due to weakened demand outlook from the trade war, OPEC+ production increase plans, and geopolitical developments involving Ukraine[1] - Trade tensions have boosted gold prices while negatively impacting copper prices due to a dimmed global economic outlook[1]

Investment Rating - The report does not explicitly state an investment rating for BYD Company Limited Core Insights - BYD is a pioneer and leader in the global electric vehicle industry, leveraging a strong R&D team of 110,000 engineers to develop innovative and disruptive technologies, establishing a sustainable competitive advantage in electric, intelligent, high-end, and international aspects of the automotive industry [2] - The recent H-share placement involved the issuance of 129,800,000 new shares at a price of HKD 335.2 per share, raising approximately HKD 43.509 billion, marking the largest placement in the Hong Kong capital market since 2022 [1][2] Summary by Sections Transaction Overview - On March 3, 2025, BYD completed a new H-share placement, with a total issuance of 129,800,000 shares at a price of HKD 335.2, representing a discount of about 7.8% from the closing price on the same day, totaling HKD 43.509 billion [1] Company Profile - BYD has a robust accumulation of core technologies in the electric vehicle sector and continues to push forward with original and disruptive technologies, enhancing its long-term competitive edge [2] - The collaboration with CMB International in this transaction highlights the ongoing support for BYD's refinancing efforts in the capital market, reinforcing CMB International's commitment to the long-term development of China's new energy and high-tech industries [2]

中国能源 威廉·冯，CFA (852) 3900 0826 wayne fung@cmbi.com.hk 2025年3月3日 中国民生银行国际 | 全球市场 | 股权研究 | 覆盖终止 联合能源（467 HK） 终止覆盖 鉴于资源分配更加合理，我们终止了对联合能源的覆盖。所有之前的推荐自覆 盖终止之日起不再有效。 请阅读最后一页的分析师认证和重要披露，更多来自彭博社的报告：响应CMBR或http://www.cm bi.com.hk 1 2025年3月3日 披露与免责声明 分析师认证 该研究报告内容（全部或部分）的主要研究员声明，关于本报告中所涵盖的证券或发行人：（1）所表达的所有观点准确反映了其个人对该证券或发行人的看法 ；并且（2）其薪酬的任何部分均未、现在或将来直接或间接与其在本报告中表达的特定观点相关。 此外，分析师确认，分析师及其关联人（根据香港证券及期货事务监察委员会发布的《行为守则》定义）在以下方面没有参与或交易本研究报告涵盖的股票： （1）在报告发布前30个日历日内未曾买卖本报告涵盖的股票；（2）在报告发布后3个营业日内不会买卖本报告涵盖的股票；（3）未担任本报告涵盖的任何香 港上市公司的董事 ...

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: RESP CMBR OR http://www.cmbi.com.hk 1 3 Mar 2025 3 Mar 2025 CMB International Global Markets | Equity Research | Coverage Termination United Energy (467 HK) Termination of Coverage In view of better allocation of resources, we terminate coverage of United Energy. All previous recommendations are no longer valid, as of the date of termination of cove ...

CMB International Global Markets | Equity Research | Company Update BeiGene (ONC US) 3 Mar 2025 Strong FY25 guidance issued Earnings Summary | (YE 31 Dec) | FY23A | FY24A | FY25E | FY26E | FY27E | | --- | --- | --- | --- | --- | --- | | Revenue (US$ mn) | 2,459 | 3,810 | 5,090 | 6,261 | 7,335 | | Net profit (US$ mn) | (882) | (645) | 131 | 694 | 1,336 | | EPS (Reported) (US$) | (8.45) | (6.12) | 1.23 | 6.50 | 12.52 | | R&D expenses (US$mn) | (1,779) | (1,953) | (1,985) | (2,004) | (2,127) | | CAPEX (US$ mn) ...

2025年3月3日 招商银行国际全球市场 | 股票研究 | 公司更新 贝吉纳（美国纳斯达克：ONC US） 发布了强劲的2025财年指导方针 由zanubrutinib驱动的强劲产品销售 贝灵格生物科技公司2024财年总产品销售额 达到37.8亿美元（同比增长73%），与我们的先前估计一致。总收入为38.1亿美元， 与我们的先前估计一致，并且超出彭博社一致预期2.7%。在2024财年，zanubrutini b（Zanu）的销售额同比增长105%至26.4亿美元。排除2024年第四季度季节性因素 和客户订单时间对30亿美元的正向影响和第三季度15亿美元的负向影响，Zanu在第 四季度的销售额同比增长13%，超出市场预期。Zanu在2024财年的强劲增长主要得 益于美国和欧洲的市场份额增长，销售额分别同比增长106%和194%，达到20亿美 元和3.59亿美元。在美国市场，Zanu在2024年第四季度继续保持在1L和R/R CLL新 患者处方中的领先地位，鉴于CLL的慢性性质和延长治疗周期，这进一步巩固了其持 续增长潜力。值得注意的是，第四季度是Zanu美国销售额（6.16亿美元，环比增长2 2%）首次超过ac ...

2025年3月3日 招商银行国际全球市场 | 股票研究 | 公司更新 2025财年第四季度（4QFY25）的结果与共识预期基本一致。 2025财年第 四季度，cRPO同比增长9%（按固定汇率计算同比增长11%），符合管理 层的指导。从部门来看，4QFY25销售/服务/平台及其他/市场营销和商务/集 成与云分析收入分别同比增长8%、8%、12%、7%、5%。多云势头持续， 4QFY25前100笔交易的平均每笔交易包含6种云服务。行业云也取得了稳 健的表现，年度经常性收入（ARR）同比增长20%，达到57亿美元。对于2 026财年第一季度，管理层预计总营收同比增长6%-7%至97.1-97.6亿美元 ，cRPO同比增长10%。 预计数据云与人工智能在财年26E中将持续强劲的动力。 数据云与人工智 能年度经常性收入在4QFY25达到9亿美元，同比增长120%。自2024年10月推 出以来，Agentforce已积累超过3000名付费客户。该人工智能解决方案还推动 了其核心产品和数据云产品的交叉销售。50%的《财富》100强公司既是Salesf orce的数据云与人工智能客户。4QFY25的前10笔大单中均包含数据云 ...

3 Mar 2025 CMB International Global Markets | Equity Research | Company Update Salesforce (CRM US) Conservative guidance weighs on sentiment; strong Data Cloud & AI momentum Salesforce reported 4QFY25 results: total revenue grew by 9% YoY in constant currency to US$10.0bn, in line with Bloomberg consensus estimate; non-GAAP net income was up by 20% YoY to US$2.7bn, 6% ahead of consensus estimate thanks to enhanced operating efficiency. For FY26E, management guided total revenue of US$40.5-40.9bn (+7-8% YoY ...

Market Performance - Chinese stock market experienced a pullback on February 27, with technology, telecommunications, and materials sectors leading the decline[1] - In the US, the Nasdaq saw its largest single-day drop since the DeepSeek impact, driven by declines in technology, utilities, and telecommunications sectors[1] Economic Indicators - US initial jobless claims rose, indicating potential economic stagnation, while January pending home sales hit a historical low due to high prices and interest rates[1] - The Kiel Institute estimates that a 25% tariff from the US on the EU could lead to a 0.4% loss in the EU economy and a 0.17% loss in the US economy in the first year[1] Currency and Commodity Movements - The US dollar index increased, while the euro fell sharply against the dollar due to rising risk aversion from tariff threats[1] - Oil prices rebounded amid mixed signals from OPEC+ regarding production increases, with some members supporting an increase while others opposed it[1] - Gold prices declined as a stronger dollar put pressure on the commodity, and industrial metals like copper also fell due to tariff concerns[1]

Investment Rating - The industry investment rating is not explicitly stated in the report, but it is implied that the semiconductor sector is expected to outperform the market in the next 12 months [20][21]. Core Insights - Nvidia reported a revenue of $39.3 billion for Q4 FY25, representing a 78% year-over-year increase and a 12% quarter-over-quarter increase, exceeding consensus expectations [1][12]. - The company's guidance for the next quarter indicates a revenue of $43 billion, surpassing the consensus estimate of $42.2 billion, with a projected quarter-over-quarter growth of 9.3% [2][12]. - Nvidia's non-GAAP gross margin for Q4 FY25 was 73.5%, slightly above consensus expectations, but the guidance for the next quarter is lower at 71.0% [2][12]. - The data center revenue, which constitutes 88% of total revenue, reached $35.6 billion, showing a 93% year-over-year increase and a 16% quarter-over-quarter increase, driven by strong demand for Blackwell and H200 products [2][12]. - Nvidia's management highlighted the potential for growth in emerging fields such as robotics and autonomous driving [2][4]. Summary by Sections Financial Performance - Nvidia's Q4 FY25 revenue was $39.3 billion, with a year-over-year growth of 78% and a quarter-over-quarter growth of 12% [1][12]. - Non-GAAP net income for the quarter was $22.1 billion, exceeding consensus expectations by 5% [1][12]. - The company expects revenue of $43 billion for the next quarter, which is above the consensus estimate of $42.2 billion [2][12]. Product and Market Insights - The data center segment generated $35.6 billion in revenue, accounting for 88% of total revenue, with a year-over-year growth of 93% [2][12]. - Nvidia's management noted that cloud service providers like Microsoft, Google, Amazon, and Oracle remain the largest revenue sources, contributing approximately 50% of data center revenue [2][4]. - The introduction of new products such as Blackwell is expected to drive further growth, with management expressing confidence in the long-term growth potential of the company [4][8]. Future Outlook - Nvidia's management anticipates that gross margins will stabilize in the low 70% range as production capacity for Blackwell increases, with expectations to return to around 75% later in the year [2][8]. - The upcoming GTC conference is expected to be a catalyst for the company's stock, with investors focusing on the progress of new products [3][4].