Investment Rating - The report assigns a "Buy" rating to Geely Automobile (175 HK) with a target price of 18.50 HKD, indicating a potential upside of 3.4% from the closing price of 17.90 HKD as of March 3, 2025 [3][4]. Core Insights - Geely Automobile's AI Smart Technology Conference marked the beginning of the "AI+Car" era, transitioning from "Car+AI" to "AI+Car," emphasizing AI as the core of automotive transformation [2]. - The company introduced the "Qianli Haohan" intelligent driving system, which includes five versions (H1 to H9) that cover functionalities from basic assistance to full-scenario L3 autonomous driving, with plans for mass production in the current year [2]. - Geely aims to democratize high-level intelligent driving capabilities across all price segments, promoting the concept of "safety equality" [2]. Summary by Sections AI and Technology Strategy - The report highlights three technological trends presented by Qianli Technology's chairman: superhuman-machine interaction, integration of autonomous driving and execution, and the elevation of connected vehicle models [2]. - Geely's collaboration with partners like Jiyue Xingchen aims to enhance AI applications and reduce barriers for developers through an open-source strategy [2]. Product Launches - The 2025 Geely Galaxy E8 was officially launched with a promotional price range of 149,800 to 198,800 RMB, which is 16,000 RMB lower than the previous model [2]. - The new model features advanced technology, including a 45-inch 8K display and a Qualcomm Snapdragon 8295 chip, along with an upgraded intelligent driving perception system [2]. Competitive Positioning - Geely's recent announcements are seen as a response to competitors like BYD and Changan, emphasizing its systematic capabilities and platform advantages while minimizing reliance on external suppliers [2].

Investment Rating - The report assigns a "Buy" rating for the company [2][11]. Core Insights - The company reported a slight revenue decline of 1.6% year-on-year to HKD 16.79 billion for the first half of the 2025 fiscal year, which met expectations. However, gross profit decreased by 8% to HKD 6.67 billion due to a decline in gross margin [5][6]. - The new management team is expected to enhance operational efficiency, with sales performance exceeding expectations. The company has raised its sales target for mainland China from RMB 11 billion to RMB 14 billion [5][6]. - The company aims to reduce debt through accelerated sales, releasing land value, selling non-core assets, and suspending dividends to improve cash flow [5][6]. Financial Overview - For the fiscal year ending June 30, 2023, the company reported revenues of HKD 54.57 billion, with a projected revenue of HKD 42.99 billion for 2025, reflecting a year-on-year growth of 20.2% [4][13]. - The core profit for 2025 is estimated at HKD 1.19 billion, down 13.5% from the previous year [4][13]. - The company’s net debt ratio increased slightly to 57.5%, primarily due to perpetual bond repurchases and asset revaluation [5][6]. Price Target - The target price for the company has been adjusted down to HKD 6.94, reflecting an 85% discount to net asset value, with a potential upside of 43.9% from the current price of HKD 4.82 [5][11].

Investment Rating - The report maintains a "Buy" rating for the company, 百济神州 (6160 HK), with a target price raised to HKD 208.80, indicating a potential upside of 25.3% from the current price of HKD 166.70 [1][4][14]. Core Insights - The company is experiencing rapid growth in the U.S. market for its product, Zevulunib, which has become the leading treatment for new patients with chronic lymphocytic leukemia (CLL) [2][7]. - The company expects to achieve positive operating profit by 2025, with projected revenues of USD 4.9-5.3 billion and a gross margin in the range of 80-90% [7][8]. - The financial forecasts for 2025 and 2026 have been adjusted upwards, with revenue estimates increased to USD 5.078 billion and USD 6.208 billion, respectively [8][9]. Financial Overview - Revenue is projected to grow significantly from USD 2.459 billion in 2023 to USD 5.078 billion in 2025, reflecting a year-on-year growth of 73.7% in 2023 and 55.0% in 2024 [3][15]. - The company is expected to achieve a net profit of USD 59 million in 2025, transitioning from a loss of USD 882 million in 2023 [3][15]. - The gross profit margin is expected to remain strong, with estimates of 85.0% in 2025 and 86.0% in 2026 [8][15]. Market Performance - The stock has shown a year-to-date increase of 52.66%, with a 52-week high of HKD 166.70 and a low of HKD 77.00 [6][14]. - The average daily trading volume is reported at 13.65 million shares, indicating strong market interest [6]. Product Pipeline and Future Prospects - The company is advancing its pipeline with significant developments in the treatment of blood cancers and solid tumors, including potential accelerated approvals for new therapies [7][8]. - The global peak sales forecast for Zevulunib has been raised to USD 6.9 billion, reflecting the product's strong market position and growth potential [7][9].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 96.1, indicating a potential upside of 28.2% from the current price of HKD 74.95 [6]. Core Insights - The company's mid-year performance for the fiscal year 2025 is stable, with total revenue increasing by 45% year-on-year to HKD 39.9 billion, while gross profit margin decreased by 11.3 percentage points to 38.9% [1][2]. - Core net profit rose by 17.5% year-on-year to approximately HKD 10.5 billion, aligning with market expectations [1]. - The company anticipates maintaining a dividend payout ratio of 40-50% for the full year, despite a slight decrease in the interim dividend payout ratio to 26.3% [1]. Summary by Sections Financial Performance - Total revenue increased by 45% to HKD 39.9 billion, with property development revenue surging by 323% to HKD 16.4 billion [2]. - Gross profit rose by 12.3% to HKD 15.5 billion, while net profit decreased by 17.7% to HKD 7.5 billion [2]. - The company reported a decrease in rental income by 1.3% to HKD 9.99 billion, with office rental income down by 5.3% [1][2]. Property Development - The company’s contract sales amounted to HKD 24.8 billion, with HKD 30.4 billion in unsold contracts expected to be recognized in the second half of 2025 [1]. - The company plans to launch six new projects in Hong Kong over the next ten months, totaling approximately 2.28 million square feet [1]. Rental and Other Income - Rental income from data center operations increased by 14% to HKD 1.47 billion, while other business lines remained stable [1]. - The report highlights that the company expects a recovery in retail rental income starting from Q4 2024 due to eased travel restrictions [1].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected total return above the relevant industry over the next 12 months [3][20]. Core Insights - The company is projected to achieve stable revenue growth with a narrowing of losses expected by 2025, with a target price set at $4.60, representing a potential upside of 38.6% from the current price of $3.32 [1][7]. - Revenue for 2025 is estimated to reach 5.77 billion RMB, reflecting a year-on-year growth of 26.7% [2][10]. - The company is focusing on optimizing its cost structure while aiming for stable revenue growth, with expectations of improved profitability in the second half of 2025 [7][10]. Financial Overview - Revenue (in million RMB) is projected as follows: 2023: 2,961; 2024: 4,554; 2025E: 5,768; 2026E: 6,837; 2027E: 7,762, with corresponding year-on-year growth rates of 18.5%, 53.8%, 26.7%, 18.5%, and 13.5% respectively [2][16]. - Net profit (in million RMB) is expected to improve from a loss of 996 million in 2024 to a loss of 215 million in 2025, with a return to profitability projected in 2026 [2][16]. - The company’s earnings per share (EPS) is forecasted to be -3.87 RMB in 2024, -0.85 RMB in 2025, and 0.76 RMB in 2026, indicating a significant recovery trajectory [2][10]. Performance Metrics - The company reported a 82% year-on-year revenue increase in Q4 2024, surpassing market expectations [7]. - The K12 segment is expected to contribute significantly to revenue, with a projected growth rate of 34% in 2025 [7][10]. - The company’s market capitalization is approximately $479.34 million, with a year-to-date stock price change of 51.60% [5][10].

Investment Rating - The report maintains a "Buy" rating for NVIDIA (NVDA US) with a target price of $168.00, indicating a potential upside of 28.0% from the current price of $131.28 [1][3][10]. Core Insights - NVIDIA's performance has exceeded expectations, particularly in the data center segment, with revenue guidance for Q1 FY26 set at a median of $42.14 billion, reflecting strong growth prospects [6][7]. - The company is expected to benefit from the increasing demand for AI computing power, with management highlighting the growing importance of GPUs over ASICs in data centers [6][7]. - The upcoming GTC event is anticipated to be a catalyst for NVIDIA's stock price, with new product announcements expected to drive investor interest [6][7]. Financial Overview - Revenue projections show significant growth, with expected revenues of $130.5 billion in FY25, $211.7 billion in FY26, and $270.5 billion in FY27, representing year-over-year growth rates of 114.2%, 62.2%, and 27.8% respectively [2][18]. - Non-GAAP net profit is projected to reach $74.3 billion in FY25, $117.5 billion in FY26, and $155.1 billion in FY27, with corresponding EPS estimates of $2.99, $4.74, and $6.28 [2][18]. - The report indicates a strong gross margin of 73.5% for Q4 FY25, with expectations for a slight decline to 71% in Q1 FY26, but management anticipates a recovery in margins later in the year [6][7]. Market Position - NVIDIA's market capitalization is approximately $3.1 trillion, with a 52-week high of $149.43 and a low of $76.20, indicating significant volatility and investor interest [5][10]. - The company has a strong presence in the data center market, with revenue from this segment expected to continue growing, driven by capital expenditure from cloud service providers [6][7]. Valuation Metrics - The report notes a price-to-earnings (P/E) ratio of 97.7 for FY24, decreasing to 42.3 for FY25, and further down to 26.7 for FY26, reflecting a more attractive valuation as earnings grow [2][18]. - The price-to-book (P/B) ratio is projected to decline from 73.48 in FY24 to 7.02 in FY28, indicating a potential for value appreciation as the company scales [2][18].

Industry Rating - The report assigns a "Leading" investment rating to the pharmaceutical industry, indicating an expectation of attractive performance relative to the benchmark index over the next 12 months [1][24]. Core Insights - Continuous policy support for innovative drugs is highlighted, with a focus on the AI+ healthcare theme and opportunities for rebound in oversold sectors. The report emphasizes the potential for significant recovery in the sector due to favorable policies and historical low valuations [4][5]. - Recent policy drafts aim to enhance the pricing mechanism for drugs and support the high-quality development of innovative drugs, which is expected to improve market sentiment and investment opportunities [5][6]. Summary by Sections Market Performance - The Hang Seng Index rose by 3.7% and the Hang Seng Healthcare Index increased by 5.7% during the week of February 19-26, 2025, outperforming the broader market. Notable sub-sector performances included biotechnology (+10.5%) and healthcare equipment (+8.4%) [4][9]. Policy Developments - Key measures from the drafts include the establishment of an investment fund for innovative drugs, multi-tiered pricing, and a diverse payment system to enhance market access and pricing stability for innovative drugs [5][6]. - The introduction of a "Category C" directory for high-priced innovative drugs aims to facilitate negotiations between insurance and commercial health sectors, potentially bringing in over 1.75 trillion yuan in funding [5][6]. Investment Recommendations - The report recommends focusing on companies that are likely to benefit from upcoming policy changes, including Kangfang Biopharma, Innovent Biologics, Legend Biotech, and others with clear growth trajectories and valuation recovery potential [4][5]. - It also suggests monitoring the AI+ healthcare trend, particularly companies with clear data entry advantages and defined application scenarios [4]. Company Valuations - The report provides a valuation summary for various companies, with many rated as "Buy" and showing significant potential upside based on target prices compared to current prices. For instance, AstraZeneca is rated "Buy" with a target price of $93.30, while its current price is $75.40, indicating a potential upside of 23.5% [3][22].

Investment Rating - The report maintains a "Buy" rating for several companies within the consumer sector, indicating a positive outlook for their future performance [3]. Core Insights - The consumer market in 2025 is showing new trends, with significant growth in sports, traditional cultural IP, electronics, and service consumption, particularly in lower-tier markets [1][2]. - Sports consumption is on the rise, with sales in sports venues and fitness services increasing by 135% and 224.1% year-on-year, respectively, highlighting a strong demand for health and fitness [2]. - Traditional cultural elements are gaining traction, with products like old-style gold jewelry seeing sales increases of 152% in Beijing, 75% in Xi'an, and 143% in Chengdu, indicating a blend of culture and modern consumption [2]. - Policy-driven upgrades in electronics are evident, with sales of home appliances and audio-visual equipment rising by 166.4% and communications equipment by 181.9% during the Spring Festival, suggesting a robust growth trajectory for smart products [2]. - Service consumption is becoming a key growth driver, with average daily sales in related industries increasing by 10.8% year-on-year, and service consumption specifically rising by 12.3%, outpacing goods consumption [2]. Summary by Sections Sports Consumption - The report highlights a significant increase in consumer focus on sports and health, with notable sales growth in lower-tier cities, indicating a broadening market for sports-related products [2]. Traditional Culture and IP - The integration of traditional cultural elements into consumer products is emphasized, with successful examples like the animated film "Nezha 2," which grossed over 12 billion yuan, showcasing the potential for cultural exports [2]. Electronics and Policy Impact - The report notes that government policies are effectively driving the upgrade of electronic products, with substantial sales growth in various categories during promotional events [2]. Service Consumption - Service sectors are identified as crucial for economic growth, with a notable increase in consumer spending during key holiday periods, reflecting a shift in consumer preferences towards services [2].

交银国际研究 消息快报 银行 2025 年 2 月 17 日 1 月新增贷款和社融高于市场预期，为历年同期最高水平。2025 年 1 月新 增人民币贷款为 5.13 万亿元，市场预期集中在 4.5-5.0 万亿元之间，同比 多增2100亿元，为历年同期最高水平，主要由于企业信贷表现较为强劲。 1 月新增社融为 7.06 万亿元，市场预期为 6-7 万亿元之间，为历年同期最 高水平，同比多增 5833 亿元，新增主要来自人民币贷款和政府债券，政 府发债提速。 企业信贷表现较为强劲。1 月新增人民币贷款主要来自企业中长期贷款， 新增 3.46 万亿元，同比多增 1500 亿元，仅略低于 2023 年同期水平，处于 历年同期次高水平；企业短期贷款新增1.74万亿元，同比多增2800亿元， 高于历年同期水平。票据融资净减少 5149 亿元，表明信贷额度偏紧。 居民信贷呈回升态势，个人住房贷款同比多增。从居民部门来看，新增居 民中长期贷款 4935 亿元，虽然同比少增 1337 亿元，但高于 2024 年 2 月 以来各月水平。根据媒体报道，1 月个人住房贷款新增 2447 亿元，同比多 增 1519 亿元。居民短期贷 ...

交银国际研究 消息快报 医药 2025 年 2 月 17 日 金斯瑞生物 (1548 HK) 2024 年一次性收益驱动净利润转正，2025 年起全面盈利+增速复苏可期 丁政宁 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Gloria.Zhuge@bocomgroup.com (852) 3766 1845 此报告最后部分的分析师披露、商业关系披露和免责声明为报告的一部分，必须阅读。 下载本公司之研究报告，可从彭博信息：BOCM 或 https://research.bocomgroup.com 解除合并传奇收益高于此前预期：公司预计 2024 年净利润相较 2023 年将 有大幅增长，主要得益于：1）视作出售传奇生物（LEGN US/买入）的一 次性未实现收益约 32 亿美元，超过公司此前预计的 20-30 亿美元（见我们 此前发布的报告），2024 年内，传奇生物解除合并前的税后亏损将计入 非持续经营业绩，解除后则使用权益法核算；2）蓬勃生物优先股公允价 值变动相关的非现金亏损1.24 亿美元，主要来自礼新交易贡献及宏观经济 改善。扣除上述两项影响后，公司 ...