2026 年 03 月 11 日 王睿哲 C0062@capital.com.tw 目标价(元) 21 公司基本信息 | 产业别 | | | 医药生物 | | --- | --- | --- | --- | | A 股价(2026/3/10) | | | 17.97 | | 深证成指(2026/3/10) | | | 14354.07 | | 股价 12 个月高/低 | | | 19.59/12.37 | | 总发行股数(百万) | | | 1158.44 | | A 股数(百万) | | | 1158.01 | | A 市值(亿元) | | | 208.09 | | 主要股东 | | | 横店集团控股有 | | | | | 限公司(28.57%) | | 每股净值(元) | | | 5.60 | | 股价/账面净值 | | | 3.21 | | 一个月 | | 三个月 一年 | | | 股价涨跌(%) | 0.7 | 12.8 | 10.3 | 近期评等 | 日期 | | --- | | 收盘价 | | 评级 | | 产品组合 | | | --- | --- | | 原料药、中间体 | 72.0% | | ...

2026 年 03 月 11 日 近期评等 | 日期 | | --- | | 收盘价 | | 评级 | | 产品组合 | | | --- | --- | | 原料药、中间体 | 72.0% | | 制剂 | 10.4% | | CDMO | 15.7% | 机构投资者占流通 A 股比例 王睿哲 C0062@capital.com.tw 目标价(元) 21 公司基本信息 | 产业别 | | | 医药生物 | | --- | --- | --- | --- | | A 股价(2026/3/10) | | | 17.97 | | 深证成指(2026/3/10) | | | 14354.07 | | 股价 12 个月高/低 | | | 19.59/12.37 | | 总发行股数(百万) | | | 1158.44 | | A 股数(百万) | | | 1158.01 | | A 市值(亿元) | | | 208.09 | | 主要股东 | | | 横店集团控股有 | | | | | 限公司(28.57%) | | 每股净值(元) | | | 5.60 | | 股价/账面净值 | | | 3.21 | | 一个月 | ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700.HK) with a target price of HK$ 700 [1][7]. Core Insights - Tencent is actively integrating with the OpenClaw ecosystem, enhancing its AI capabilities across its product lines, particularly through Tencent Cloud and its messaging platforms, QQ and WeChat [8]. - The company is expected to leverage its strong user base and traffic interfaces to accelerate its growth in the AI sector, addressing previous concerns about its slower progress compared to competitors [8][11]. - Tencent's gaming business showed significant growth, with Q3 2025 revenue reaching RMB 192.9 billion, a year-on-year increase of 15%, driven by both domestic and overseas markets [8]. Company Overview - Industry: Media [2] - H-Share Price (as of March 10, 2026): HK$ 553.50 [2] - Market Capitalization: RMB 378.76 billion [2] - Major Shareholder: MIH Holdings B.V. (23.05%) [2] - Price-to-Book Ratio: 4.32 [2] Recent Ratings - The company has consistently received "Buy" ratings in recent evaluations, with the latest rating issued on August 14, 2025, at a closing price of HK$ 568.00 [3]. Product Portfolio - The revenue breakdown includes: - Financial Technology and Enterprise Services: 31.3% - Online Games: 30.1% - Social Networks: 18.8% - Online Advertising: 18.5% [4]. Financial Performance - For the fiscal year ending December 31, 2023, the net profit is projected at RMB 115.22 billion, with a year-on-year decrease of 38.79% [10]. - The earnings per share (EPS) for 2025 is expected to be RMB 24.6, reflecting a year-on-year increase of 16.08% [10]. - The company anticipates a steady growth in net profit, with projections of RMB 225.28 billion in 2025, RMB 256.39 billion in 2026, and RMB 290.53 billion in 2027 [10][11]. Future Outlook - The integration of AI is expected to enhance both gaming and advertising revenues, with AI-driven innovations likely to reduce production costs and improve user engagement [11]. - The report forecasts a continued increase in net profit and EPS through 2027, with a corresponding decrease in the price-to-earnings (P/E) ratio, indicating potential for investment growth [11].

2026 年 3 月 11 日 | H70529@capital.com.tw | | | --- | --- | | 何利超 目标价(港币) | HK$ 700 | 公司基本资讯 | 产业别 | | 传媒 | | | --- | --- | --- | --- | | H 股价(2026/03/10) | | 553.50 | | | 恒生指数(2026/03/10) | | 25,959.9 | | | 股价 12 个月高/低 | | 677.5/431.63 | | | 总发行股数(百万) | | 9,106.36 | | | H 股数(百万) | | 9,106.36 | | | H 市值(亿元) | | 37,875.77 | | | | | MIH Internet | | | 主要股东 | | Holdings | | | | | B.V.(23.05%) | | | 每股净值(元) | | 128.05 | | | 股价/账面净值 | | 4.32 | | | 一个月 | 三个月 | | 一年 | | 股价涨跌(%) -0.90% | -9.56% | 15.55% | | 近期评等 | 出刊 ...

公司基本资讯 m 2026 年 3 月 10 日 | H70455@capital.com.tw | | | --- | --- | | 沈嘉婕 目标价(元) | RMB 56 | | 产业别 | | 化工 | | --- | --- | --- | | A 股价(2026/3/9) | | 43.36 | | 深证成指(2026/3/9) | | 14067.50 | | 股价 12 个月高/低 | | 49.72/15.27 | | 总发行股数(百万) | | 2033.89 | | A 股数(百万) | | 1504.45 | | A 市值(亿元) | | 652.33 | | 主要股东 | | 徐金富 | | | | (34.35%) | | 每股净值(元) | | 8.78 | | 股价/账面净值 | | 4.94 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 6.5 | 9.1 109.1 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025/12/17 产品组合 | 37.26 | 买进 | | 锂电子电池材料 | 90 ...

公司基本资讯 | 产业别 | | 电力设备 | | --- | --- | --- | | H 股价(2026/03/09) | | 503.00 | | 恒生指数(2026/03/09) | | 25,408.5 | | 股价 12 个月高/低 | | 610.5/0 | | 总发行股数(百万) | | 4,563.87 | | H 股数(百万) | | 155.92 | | H 市值(亿元) | | 0.00 | | | | 厦门瑞庭投资 | | 主要股东 | | 有限公司 | | | | (22.46%) | | 每股净值(元) | | 73.87 | | 股价/账面净值 | | 6.81 | | 一个月 三个月 | | 一年 | | 股价涨跌(%) | 0.1% 6.21% | N/A | 近期评等 m 2026 年 3 月 10 日 沈嘉婕 H70455@capital.com.tw 目标价(港币) 660 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2026-2-11 | 511 | 买进 | | 产品组合 | | | | 动力电池 | | 74.7% | ...

m 2026 年 3 月 10 日 沈嘉婕 H70455@capital.com.tw 目标价(港币) 660 公司基本资讯 股价相对大盘走势 C o m p a n y U p d a t e C h i n a R e s e a r c h D e p t . 宁德时代 (03750.HK) Buy 买进 公司 2025 年净利润 YOY+42%，业绩超预期，建议"买进" 结论与建议： | 产业别 | | 电力设备 | | --- | --- | --- | | H 股价(2026/03/09) | | 503.00 | | 恒生指数(2026/03/09) | | 25,408.5 | | 股价 12 个月高/低 | | 610.5/0 | | 总发行股数(百万) | | 4,563.87 | | H 股数(百万) | | 155.92 | | H 市值(亿元) | | 0.00 | | | | 厦门瑞庭投资 | | 主要股东 | | 有限公司 | | | | (22.46%) | | 每股净值(元) | | 73.87 | | 股价/账面净值 | | 6.81 | | 一个月 三个月 | | 一年 ...

Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 106 HKD [2][4]. Core Insights - The company has launched a new generation of blade batteries and fast-charging technology, significantly reducing charging times. The battery can charge from 10% to 97% in just 9 minutes. The company plans to establish 20,000 fast-charging stations by the end of the year [6]. - Due to an expected slowdown in the domestic market, overseas markets are projected to become a crucial growth driver, with overseas sales expected to account for 30% of total sales by 2026, up from 23% in 2025 [6][8]. - The company anticipates net profits of 333.8 billion RMB, 395 billion RMB, and 468.8 billion RMB for 2025, 2026, and 2027 respectively, with year-over-year changes of -17%, +18.3%, and +18.7% [6][8]. Company Overview - The company operates primarily in the automotive industry, with 81.5% of its business in automotive and 18.5% in mobile components and assembly [8]. - As of March 5, 2026, the company's H-share price was 92.6 HKD, with a market capitalization of approximately 341.08 billion RMB [3]. Financial Projections - The company projects net profits for 2025, 2026, and 2027 to be 333.8 billion RMB, 394.98 billion RMB, and 468.84 billion RMB respectively, with corresponding EPS of 3.66 RMB, 4.33 RMB, and 5.14 RMB [10]. - The H-share P/E ratios are expected to be 25.6, 21.6, and 18.2 for the years 2025, 2026, and 2027 respectively [6][10].

Investment Rating - The investment rating for the company is "Trading Buy" with a target price of 106 HKD [2][4]. Core Insights - The company has launched a new generation of blade batteries and fast-charging technology, significantly reducing charging times. The battery can charge from 10% to 97% in just 9 minutes. The company plans to establish 20,000 fast-charging stations by the end of the year [6]. - Due to an expected slowdown in the domestic market, overseas markets are projected to become a crucial growth driver, with overseas sales expected to account for 30% of total sales by 2026, up from 23% in 2025 [6][8]. - The company anticipates net profits of 333.8 billion RMB, 395 billion RMB, and 468.8 billion RMB for 2025, 2026, and 2027 respectively, with year-over-year changes of -17%, +18.3%, and +18.7% [6][8]. Company Overview - The company operates primarily in the automotive industry, with 81.5% of its business derived from automotive sales and 18.5% from mobile components and assembly [8]. - As of March 5, 2026, the company's H-share price was 92.6 HKD, with a market capitalization of approximately 341.08 billion RMB [3]. Financial Projections - The company projects net profits for 2025, 2026, and 2027 to be 333.8 billion RMB, 394.98 billion RMB, and 468.84 billion RMB respectively, with corresponding EPS of 3.66 RMB, 4.33 RMB, and 5.14 RMB [10]. - The H-share price-to-earnings (P/E) ratios are expected to be 25.6, 21.6, and 18.2 for the years 2025, 2026, and 2027 respectively [6][10].

其 d 阿 2026 年 3 月 5 日 | C0044@capitalcom.tw | | | --- | --- | | 朱吉翔 目标价(元) | 185.00 | 公司基本资讯 | 产业别 | | 电子 | | --- | --- | --- | | A 股价(2026/3/4) | | 150.31 | | 上证指数(2026/3/4) | | 4082.47 | | 股价 12 个月高/低 | | 188.88/61.6 | | 总发行股数(百万) | | 1222.20 | | A 股数(百万) | | 1146.43 | | A 市值(亿元) | | 1723.19 | | 主要股东 | | 香港中央结算 | | | | 有限公司 | | | | (12.66%) | | 每股净值(元) | | 10.57 | | 股价/账面净值 | | 14.21 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | -11.1 | 27.3 98.4 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-11-05 | 128.91 | 买 ...