Market Performance - The Hang Seng Index closed at 25,895, up 2.67% for the day and 29.09% year-to-date [1] - The Hang Seng Tech Index rose by 4.01% for the day and 25.60% year-to-date, indicating strong performance in the technology sector [1] - The Shanghai Composite Index increased by 0.92% for the day and 15.46% year-to-date, reflecting positive sentiment in the Chinese market [1] Sector Performance - The Hang Seng Financial Index increased by 1.89% for the day and 35.30% year-to-date, showing robust growth in the financial sector [2] - The Hang Seng Industrial Index rose by 3.24% for the day and 27.06% year-to-date, indicating strong performance in industrial stocks [2] - The Hang Seng Real Estate Index increased by 2.00% for the day and 24.95% year-to-date, suggesting recovery in the real estate market [2] Company Insights - Alibaba's 3Q revenue grew by 4.8% year-on-year, with cloud business revenue surging by 34%, indicating strong demand [3] - Alibaba's management expects a significant reduction in losses from its instant retail business in 3QFY26, aligning with market expectations [5] - NIO's 3Q25 gross margin exceeded expectations, but the company lowered its 4Q25 sales guidance to 120,000-125,000 units, which is below market expectations [5][7] Economic Indicators - The US dollar index is declining, with expectations for a rate cut in December due to weakening economic data [6] - The US PPI rose by 0.3% in September, driven by energy price rebounds, but core PPI growth was only 0.1%, below expectations [6] - Japan's labor market remains tight, with a job-to-applicant ratio exceeding 1.8 and an unemployment rate at a low of 2.5%, indicating ongoing inflationary pressures [3]

2025 年 11 月 25 日 招银国际环球市场 | 市场策略 | 招财日报 每日投资策略 公司点评 全球市场观察 公司点评 百胜中国（9987 HK/ YUMC US，买入，目标价：457.48港元/ 58.56 美元） — 2025 年投资者日点评 尽管宏观环境严峻，但我们认为百胜中国韧性十足。根据我们的测算，肯德 基与必胜客在25年前10个月的同店销售恢复率（对比2019年）高达88%， 远优于行业平均的 70%。我们认为超额表现主要归功于公司坚持提供「优质 美味且物超所值」的产品。就公司指引（26–28 财年目标）而言，我们认为 主要的超预期来自必胜客（特别在门店扩张与餐厅层面营运利润率），而肯 德基的数据则略低于预期（主要在餐厅层面营运利润率）。此外，百胜中国 提高股息以及承诺自 27 财年起将 100%自由现金流用于回馈股东，我们对此 计划感到满意。 展望未来，百胜中国不仅将持续强化性价比，更会聚焦核心（如明星产品）、 开发市场空白、吸纳新客群并捕捉不同场合的新需求。在此之上，通过执行 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.co ...

Investment Rating - The report assigns a "Buy" rating to several companies in the pharmaceutical sector, indicating a potential upside of over 15% in the next 12 months [2][30]. Core Insights - The MSCI China Healthcare Index has increased by 62.8% from early 2025, outperforming the MSCI China Index by 32.2%. However, there has been a recent pullback of 8% in the healthcare sector since October [1]. - The report highlights a resurgence in the demand for domestic innovative drug research and development, driven by a recovery in capital market financing and an increase in overseas transactions for innovative drugs [1][3]. - Major multinational corporations (MNCs) are actively pursuing acquisitions in the pharmaceutical sector, with significant transactions indicating strong motivation to acquire quality assets [3]. - The report emphasizes the importance of clinical advancements in authorized innovative drug pipelines overseas as key catalysts for the sector [3]. Summary by Sections Section: Investment Opportunities - The report recommends buying shares of companies such as 三生制药 (Sangfor), 固生堂 (Gushengtang), 药明合联 (WuXi AppTec), 巨子生物 (Giant Biologics), 信达生物 (Innovent Biologics), and 中国生物制药 (China National Pharmaceutical Group) due to their attractive valuations and growth potential [2][3]. Section: Market Trends - The report notes that from January to October 2025, China's innovative drug overseas transaction amounts accounted for 38% of the global total, with upfront payments making up 50%, significantly higher than the figures from 2020 [3]. - The report also points out that the pressure on medical insurance revenue and expenditure remains, with a 4.6% year-on-year increase in income and a 1.7% decrease in expenditure from January to September 2025 [3]. Section: Clinical Development - The report highlights that Pfizer is set to initiate seven clinical trials related to its PD-1/VEGF drug candidate, which will cover over ten indications and innovative combination therapies by 2026 [3].

宏观点评 2025 年 11 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 | | 收市价 | | 升/跌（%） | | --- | --- | --- | --- | | | | 单日 | 年内 | | 恒生金融 | 46,658 | -2.12 | 32.79 | | 恒生工商业 | 13,846 | -2.59 | 23.07 | | 恒生地产 | 18,268 | -2.45 | 22.50 | | 恒生公用事业 | 37,405 | -0.91 | 4.88 | | 资料来源：彭博 | | | | 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 1 中国股市大跌，港股医疗保健、原材料与可选消费领跌，电讯、综合与公用 事业跑赢，南向资金净买入 1.05 亿港元，腾讯、小米与阿里巴巴净买入居前， 华虹半导体、赣锋锂业与中芯国际净卖出最多。A 股工贸综合、有色金属与 化工跌幅居前，媒体娱乐、家电与食品饮料跌幅最小。国债收益率走平，人 民币兑美元小幅上涨。 日本批准 21.3 万亿日元经济刺 ...

Report Summary 1. Report Industry Investment Rating - Not provided in the report. 2. Core Views - The Chinese government is considering a stimulus package to revive the property market, which led to some recovery in Chinese property bonds [2]. - SJM's acquisition of the L'Arc Hotel and termination of the Ponte 16 acquisition could delay its de - leverage trajectory and may lead to negative rating action [7][8]. - Xiaomi's solid credit profiles and strong performance in the Smart EV segment support a buy recommendation on its 30 - 31s bonds [13]. 3. Summary by Relevant Sections Trading Desk Comments - Yesterday, new BBLTB 35s widened 1bp, new BBLTB 30s tightened 1bp, new SMBCAC 35s tightened 2 - 3bps, and there were better selling flows on existing SMBCAC 28s/34s [2]. - Asia IG space had some recoveries (1 - 2bps tighter) in TW lifers and KR/TH/SG T2s, but better selling on JP corps and some bank papers [2]. - JP AT1s and insurance subs struggled, while SOFTBK 31 - 65s were up 0.9 - 1.4pts, Yankee AT1s bounced back 0.3 - 0.5pt, and NWDEVL complex rose 0.2 - 1.0pt [2]. - In Chinese properties, VNKRLE 27 - 29 recovered 0.5 - 0.8pt, LNGFOR 27 - 32 increased 0.2 - 0.3pt, and in SEA, VLLPM 27 - 29 dropped 0.8 - 2.4pts [2]. - In AU, INFRAB 14.5 28 lost 0.5pt, and in LGFV space, HFs bought higher - yielding issues and RMs sourced AAA - guaranteed papers [2]. Analyst Comments - SJMHOL: SJM is acquiring the L'Arc Hotel for HKD1.75bn and terminating the Ponte 16 acquisition. The pro - forma net debt/LTM EBITDA may increase to 7.3x from 6.8x as of Sep'25 [7][8]. - XIAOMI: In 3Q25, Xiaomi's revenue increased 22% yoy to RMB113.1bn, mainly driven by the Smart EV segment. Smartphones revenue declined 3.1% yoy, while Smart EV segment revenue rose 199% yoy and achieved a quarterly operating profit of RMB0.7bn [13][14][15]. Macro News Recap - On Thursday, S&P was down 1.56%, Dow was down 0.84%, and Nasdaq was down 2.15%. US initial jobless claims were +220k, lower than expected, and Sep'25 non - farm payroll was +119k, higher than expected [6]. - The US Sep'25 unemployment rate was 4.4%, higher than expected, and UST yields were lower on Thursday [6]. Offshore Asia New Issues - Priced: Agricultural Bank of China Limited, Singapore Branch issued USD300mn 3 - year bonds at SOFR + 43 with an issue rating of A1/-/- [21]. - Pipeline: First Abu Dhabi Bank is planning a PerpNC6 issuance with a coupon of 6.375 - 6.5% and an issue rating of Baa3/-/- [22]. Onshore Primary Issuances - Yesterday, 153 credit bonds were issued with an amount of RMB137bn. Month - to - date, 1,456 credit bonds were issued with a total amount of RMB1,561bn, a 34.3% yoy increase [25]. - There were also various corporate news such as China Great Wall's asset - backed special plan, IDASAL's possible investment, and others [25].

2025 年 11 月 21 日 招银国际环球市场 | 睿智投资 | 行业研究 英伟达（NVDA US，未评级）再次交出了超预期的季度业绩。公司三季度收入大 幅增长至 570 亿美元，同比增长 62%，环比增长 22%，超出彭博一致预期/公司 指引 3%/6%。公司本季度收入环比增加 100 亿美元，显著超出 40-50 亿美元的历 史正常水平。Non-GAAP 毛利率为 73.6%，略低于彭博预期但小幅超出公司指 引。毛利率环比提升 1.0 个百分点，主要得益于数据中心产品组合升级、交货周 期缩短以及成本结构优化。管理层给出了强劲的四季度指引：预计收入将达到 650 亿美元，同比增长 65%，环比增长 14%，高于彭博预期的 620 亿美元。这意 味着公司下季度将实现 80 亿美元的大幅环比增长。四季度 non-GAAP 毛利率指 引为 75.0%，符合公司此前预计毛利率将在年底达到 75%左右的目标。对于 2027 财年，管理层预计毛利率将持续维持在 75%。 值得注意的是，英伟达在多重挑战下仍交出了出色的业绩，例如：1）受出口管 制，中国市场的收入贡献几乎忽略不计；2）市场对 AI 行业是否存在泡沫产生 ...

Core Insights - The report highlights Nvidia's strong quarterly performance with revenue reaching $57 billion, a year-on-year increase of 62% and a quarter-on-quarter increase of 22%, surpassing Bloomberg consensus estimates by 3% and guidance by 6% [2] - Nvidia's management provided a robust guidance for Q4, expecting revenue to reach $65 billion, which indicates a year-on-year growth of 65% and a quarter-on-quarter growth of 14%, significantly above market expectations [6] - The semiconductor industry is experiencing a shift towards AI applications, with companies like SK Hynix planning to increase DRAM production to meet the growing demand [5] Industry Commentary - The semiconductor industry, particularly Nvidia, is alleviating market concerns regarding an AI bubble through strong execution and guidance [6] - The report notes that Nvidia's gross margin for the quarter was 73.6%, slightly below consensus but higher than guidance, reflecting improvements in product mix and cost structure [2] - The report anticipates that the AI supply chain will continue to outperform the market until 2026, driven by strong demand for AI-related products [6] Company Analysis - NetEase reported a total revenue of RMB 28.4 billion for Q3 2025, an 8% year-on-year increase, although slightly below consensus expectations [6] - Palo Alto Networks achieved a revenue of $2.5 billion for Q1 FY26, a 15.7% year-on-year growth, exceeding consensus estimates [6] - Stone Pharmaceutical's revenue for the first three quarters of 2025 was RMB 19.9 billion, with a notable contribution from licensing income, indicating a sustainable growth trajectory [7][9]

Investment Rating - The report maintains a "Buy" rating for Shengyi Technology (600183 CH) with a target price of 90 CNY, highlighting its leadership in the PCB and copper-clad laminate market [1]. Core Insights - The global PCB and copper-clad laminate industry is in the early stages of a structural upcycle driven by AI infrastructure investments, with a notable divergence in performance between high-performance products and standard products [1][2]. - The PCB market is expected to rebound strongly in 2025 with a growth rate of 12.8%, while the copper-clad laminate sector has already seen an 18% growth in 2024, indicating stronger pricing power [1][3]. - The demand for high-layer and HDI boards is surging due to AI server deployments, leading to a "super growth cycle" for these high-performance circuit boards [2][8]. Summary by Sections PCB Market Overview - The global PCB market is projected to recover in 2024 with a 5.8% increase in sales to 74 billion USD, following a 15% decline in 2023 due to inventory destocking and weak end-demand [3]. - The recovery is primarily driven by normalizing inventory levels and early investments in AI-related infrastructure [3][4]. - The market is expected to show a strong rebound in 2025, with a projected sales area growth of 10.3% and a sales revenue growth of 12.8% [4]. Copper-Clad Laminate Market Overview - The global copper-clad laminate market is anticipated to grow by 18% in 2024, driven by a 14% increase in sales volume and a 4% rise in average selling prices [13]. - The market's performance is significantly better than that of the PCB market, showcasing superior pricing power and value-added effects from product structure optimization [13][14]. Competitive Landscape - The copper-clad laminate market is characterized by an oligopolistic structure, with the top ten suppliers holding 77% of the market share, ensuring stronger market pricing power [2][29]. - In contrast, the PCB market is more fragmented, with the top forty suppliers accounting for approximately 50% of the market share, necessitating a strategic focus on high-value segments to maintain pricing power [2][29]. Material Cost Dynamics - Copper constitutes 60%-70% of the raw material costs for PCBs, and the structural increase in copper prices, driven by supply shortages and emerging demands from AI and clean energy sectors, is reshaping the cost structure of the PCB and copper-clad laminate supply chains [16][22]. - The London Metal Exchange copper prices have risen approximately 24% this year, impacting suppliers differently based on their product focus and pricing power [16][22].

Market Overview - The global stock markets experienced declines, with the Hang Seng Index falling by 2.10% and the Shanghai Composite Index down by 0.64% [1][3] - Southbound capital saw a net inflow of HKD 6.59 billion, with notable net purchases in Xiaomi Group, Alibaba, and Hua Hong Semiconductor, while China Mobile, Tencent, and Pop Mart saw the most significant net sales [3] Economic Insights - China's economic growth is expected to decline before rebounding, with a new round of policy easing likely in Q1 2024. Despite a slowdown in H2 2023, achieving the annual growth target of 5% remains feasible due to strong performance in H1 [3] - Japan's government is anticipated to introduce a supplementary budget, which may lead to rising bond yields as fiscal expansion aims to boost economic and inflation expectations [3] Company Analysis Kuaishou (快手) - Kuaishou reported a 14% year-on-year revenue increase to RMB 35.6 billion in Q3 2025, aligning with market expectations. Adjusted net profit rose by 26% to RMB 4.99 billion, driven by improved operational efficiency [5] - AI revenue surpassed RMB 300 million, reflecting a 20% quarter-on-quarter growth, supporting a positive outlook on Kuaishou's AI initiatives [5] iQIYI (爱奇艺) - iQIYI's Q3 2025 revenue decreased by 8% to RMB 6.68 billion, meeting expectations. The non-GAAP net loss was RMB 148 million, a decline from a net profit of RMB 480 million in Q3 2024 due to increased content investment [5] - The company anticipates revenue growth in Q4 2025, driven by improved content quality and policy support [5] Futu (富途) - Futu's Q3 2025 performance was robust, with total revenue increasing by 86% year-on-year to HKD 6.4 billion. Non-GAAP net profit surged by 137% to HKD 3.3 billion, significantly exceeding market expectations [6] - The company experienced a 79% year-on-year growth in total customer assets, reaching HKD 1.24 trillion, with net inflows contributing significantly to this growth [6]

Report Industry Investment Rating - Not provided in the document Core Viewpoints - The LGFV space remained stable, with higher-yielding issues tightening due to HF demand, and overall two-way flows skewed towards buying from RMs, especially for onshore AAA-guaranteed CNH issues [3] - BTSDF is on track to achieve its FY25 revised revenue target based on the 9M25 run-rate. The conviction level of BTSDF 9.125 07/24/28 is now lower, so the recommendation changes to neutral, and the switch is made to FOSUNI 8.5 05/19/28 for better carry [4] - Bangkok Bank's new BBLTB 30s and BBLTB 35s are expected to have FVs of T+80 - 85bps and T+95 - 100bps, respectively [4][8] - H&H's credit profile is improving, and it is on track to achieve its FY25 revised revenue target. Its near-term refinancing risk is manageable [16][17][21] Summary by Directory Trading Desk Comments - Yesterday, the MEITUA curve and TW lifer NSINTW/FUBON widened by 2 - 5bps. There were two-way flows on CCAMCL Perp and block two-way trading on CDBFLC 35. Chinese and global funds sold HK bank SHCMBK/DAHSIN/BNKEA/NANYAN T2s [2] - The NWDEVL complex rose 1.4 - 2.9pts. BTSDF 9.125 07/24/28 was 0.1pt lower. In Chinese properties, VNKRLE 27 - 29 were down by 0.4 - 1.0pt, and FUTLAN 28/FTLNHD 26 - 27 were 0.1pt lower [2] - Japanese/Korean IG spaces were up to 5bps wider on financial and corporate bonds, but flows were balanced on JP bank FRNs. SOFTBK and RAKUTN bonds were down by 0.9 - 1.3pts. Yankee AT1s and insurance subs dropped by 0.3 - 0.5pt. In SEA, OCBCSP/BBLTB T2s traded 3 - 5bps wider, and ACPM 5 1/8 Perp lowered by 1.3pts. There were two-way flows on BSFR 35 in the Middle Eastern space [2] Macro News Recap - On Tuesday, S&P (-0.83%), Dow (-1.07%), and Nasdaq (-1.21%) were lower. The latest initial jobless claims were +232k, higher than the market expectation of +223k. UST yield was lower, with 2/5/10/30 year yields at 3.58%/3.70%/4.12%/4.74% [7] Desk Analyst Comments - Bangkok Bank plans to issue 5yr and 10yr Reg S/144A senior unsecured USD bonds. The FV of the new BBLTB 30s and BBLTB 35s is expected to be T+80 - 85bps and T+95 - 100bps, respectively, considering its existing curve [8] BBLTB Analysis - Bangkok Bank is the largest bank in Thailand by total assets as of Sep'25, with a presence in 14 international markets. Its loan book is more diversified geographically than local peers, and it has the largest exposure to corporate and lowest to SME and retail [11] - In 9M25, Bangkok Bank showed resilient profitability, stable asset quality, and strong capital adequacy. NIM declined to 2.81% from 3.05% in 9M24, and the cost-to-income ratio fell to 44.7% from 46.3%. ROA/ROE increased to 1.12%/8.99% from 1.03%/8.54% in 9M24 [12] - In 3Q25, Bangkok Bank's asset quality stabilized, with credit costs down to c1.5% from c1.6% in 2Q25. The gross NPL ratio rose to 3.3% as of Sep'25 from 3.2% as of Jun'25, mainly due to a shrink in the loan book. NPL coverage ratio was 294% as of Sep'25 [13] - Bangkok Bank's capital buffers remain ample, with a standalone CET1 ratio of 19.6% as of Sep'25, well above the 8.0% regulatory minimum. The net reduction in CAR from redeeming USD750mn AT1 was mitigated by issuing USD1bn T2 bonds in Mar'25 [15] BTSDF Analysis - Based on the 9M25 run-rate, BTSDF is on track to achieve its FY25 revised revenue target. The conviction level of BTSDF 9.125 07/24/28 is now lower after moving up c5pts since the buy recommendation in Jan'25, so the switch is made to FOSUNI 8.5 05/19/28 [4][16] H&H Analysis - H&H's 9M25 revenue increased by 12.0% yoy to RMB10.8bn, with all business segments growing. Mainland China remained the largest market, contributing 71.0% of revenue in 9M25, up from 65.9% in 9M24 [17] - The ANC segment grew 5.2% yoy in 9M25, driven by Swisse's performance in mainland China, especially in cross-border e-commerce and Douyin channels [18] - The BNC segment grew 24.0% yoy in 9M25, mainly due to a 35.2% yoy increase in mainland China IMF sales, reaching a market share of 16.4% as of Sep'25. The decline in pediatric probiotic and nutritional supplements narrowed [19] - The PNC segment grew 8.2% yoy in 9M25, due to Zesty Paws' growth in North America, partially offset by Solid Gold's decline in North America [20] - As of Sep'25, H&H held RMB1.7bn of cash, up from RMB1.6bn as of Dec'24. It has been proactive in debt management, and its near-term refinancing risk is manageable, with no major debt maturities until 2027 [21] - H&H targets to reduce net debt/adj. EBITDA to 3.7x by Dec'25 from 3.9x as of Jun'25 and considers an 80% RMB share of total debt as an optimal currency mix [22] Offshore Asia New Issues - New issued: The Hong Kong Mortgage Corporation issued USD1000mn 5yr bonds with a 3.875% coupon at T+20 [25] - In the pipeline: Bangkok Bank plans to issue 5yr and 10yr bonds at T+115 and T+130; the Government of Indonesia plans 5yr and 10yr bonds at 4.8% and 5.3%; SMBC Aviation Capital Finance plans a 10yr bond at T+145 [26] News and Market Color - There were 161 credit bonds issued onshore yesterday with an amount of RMB193bn. Month-to-date, 1,188 credit bonds were issued with a total amount of RMB1,299bn, a 35.4% yoy increase [27] - S&P upgraded Marubeni Corp by one notch to A- from BBB+ with a stable outlook [27] Company News - NWD increased the cap on exchange offers to USD1.79bn from USD1.6bn, added an early tender date on 25 Nov'25 and an extra early payment date on 1 Dec'25 [33] - PDD Holdings 9M25 revenue was up 8.7% yoy to RMB307.9bn (cUSD43.4bn) [33] - POSCO's trading arm will acquire KRW1.3tn (cUSD860mn) worth of shares in Singapore's AGPA [33] - SoftBank's USD6.5bn bid for Ampere secured HSR early termination [33] - A former TSMC executive was probed by Taiwan over potential technology transfer and received TWD147bn (cUSD4.7bn) in government subsidies over 21 months [33] - Moody's placed West China Cement under review for upgrade following a bond deal and tender offer [33] - Xiaomi 3Q25 revenue was up 22.3% yoy to RMB113.1bn (cUSD16bn) [33]