Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company reported a net profit of RMB 15.813 billion for Q3 2025, representing a year-on-year increase of 91.5%, driven by improved underwriting performance and significant investment gains [1]. - The combined operating ratio (COR) for the first three quarters was 96.1%, a decrease of 2.1 percentage points year-on-year, indicating enhanced underwriting profitability [1]. - The total investment income for the first three quarters reached RMB 35.9 billion, a year-on-year increase of 33.0%, with an annualized total investment return of 5.4% [4]. Summary by Sections Underwriting Performance - The company has improved its underwriting management, leading to a decrease in the car insurance COR to 94.8%, down 2.0 percentage points year-on-year, and a 65% increase in underwriting profit to RMB 11.729 billion [2]. - Non-car insurance COR decreased to 98.0%, down 2.5 percentage points year-on-year, with underwriting profit turning positive at RMB 3.136 billion [3]. Investment Performance - The investment performance saw a significant increase, with Q3 2025 investment income reaching RMB 15.041 billion, up 60.2% year-on-year [4]. - The company has increased its allocation to high-quality equity assets, with equity assets accounting for 13.8% of the portfolio as of the first half of 2025 [4]. Profit Forecast and Valuation - The earnings per share (EPS) estimates for 2025, 2026, and 2027 have been raised to RMB 2.09, RMB 2.32, and RMB 2.52 respectively, reflecting adjustments of +8.1%, +8.4%, and +8.7% [5]. - The target price based on discounted cash flow (DCF) valuation has been increased to HKD 23.20 from HKD 21.00 [5].

Investment Rating - The report maintains a "Buy" rating for the company [7][5]. Core Insights - The company's Q3 revenue decreased to 2.153 billion RMB, down 12.94% year-over-year and 37.79% quarter-over-quarter, with a net profit of 153 million RMB, down 16.33% year-over-year and 76.35% quarter-over-quarter [1]. - The decline in revenue is attributed to a reduction in the material trading segment and adjustments in the general book business, along with the impact of settlement rhythms on the distribution side [1]. - The report highlights that the company's publishing business has a strong brand advantage, with a market share of 5.25% in the national book retail market, ranking second, and a 6.07% share in the new book retail market, ranking first [3]. Financial Performance - The gross margin for Q3 was 46.96%, an increase of 4.13 percentage points year-over-year [2]. - The total operating revenue for the first three quarters was 8.488 billion RMB, down 16.56% year-over-year, while the net profit attributable to the parent company was 1.170 billion RMB, up 22.32% year-over-year [1]. - The report projects a decrease in net profit forecasts for 2025-2027, with estimates of 1.458 billion RMB, 1.445 billion RMB, and 1.426 billion RMB respectively, reflecting a downward adjustment of 14.57%, 18.22%, and 19.32% [5]. Business Strategy - The company is leveraging artificial intelligence to build a comprehensive educational product matrix covering all scenarios of "teaching, learning, assessment, and testing" [4]. - The report notes the establishment of a new media platform at various administrative levels, enhancing the company's influence in local news [3]. Valuation - The target price for the company is set at 13.31 RMB, corresponding to a 16.4X PE for 2025, reflecting the company's status as a leading publisher with brand and channel advantages [5].

证券研究报告 邮储银行 (601658 CH/1658 HK) 信贷结构优化，息差环比下行 9 月末总资产、贷款、存款增速分别为+11.1%、+10.0%、+8.1%，较 6 月 末+0.3pct、-0.1pct、-0.3pct。三季度公司新增贷款 1197 亿元，对公为主要 发力方向，"五篇大文章"加快推动。9 月末公司涉农贷款余额 2.47 万亿 元，普惠型小微企业贷款余额 1.75 万亿元，本年累计投放金额均超过 1 万 亿元。公司完善科技金融专业服务体系。在北京、上海、江苏、浙江、安徽、 深圳 6 家分行设立科技金融事业部，9 月底科技贷款余额突破 9400 亿元。 此外消费经营贷贴息落地后，公司 9 月贴息领域经营贷款投放金额同比增长 超 10%。1-9 月净息差为 1.68%，较 H1-2bp，年内累计下降 19bp。 业务增长稳定，关注中收跃升计划 从营收驱动看，公司各项业务增长较为稳定。25Q1-3 利息净收入同比-2.1%， 较 H1+0.6pct，主因生息资产增速提升。中收同比+11.5%，占营收比例同 比提升 0.8pct 至 8.7%，其中公司板块是核心增长引擎，公司中收同比增速 37 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 25.90 [1][7]. Core Views - The report highlights the long-term value release from the integration of the industrial chain, with a focus on optimizing the synergy between gas volume and price [2][3]. - The company has seen a significant increase in unloading volumes at the Zhoushan receiving station, enhancing its role as a strategic hub in the energy supply chain [3]. - The privatization of New World Energy is progressing efficiently, which is expected to unlock collaborative value and enhance resource integration [4]. Summary by Sections Financial Performance - In Q3, the company achieved revenue of RMB 29.865 billion, a year-over-year decrease of 5.9% and a quarter-over-quarter decrease of 7.5%. The core net profit was RMB 1.041 billion, down 6.9% year-over-year and down 37% quarter-over-quarter [1]. - For the first three quarters of 2025, the company reported revenue of RMB 95.856 billion, a year-over-year decrease of 2.9%, and a core net profit of RMB 3.777 billion, a year-over-year decrease of 1.0% [1]. Sales Volume and Pricing - Total sales gas volume for the first three quarters was 30.20 billion cubic meters, an increase of 5.2% year-over-year. Platform trading gas volume was 3.95 billion cubic meters, down 2.8% year-over-year [2]. - Retail gas volume was 19.19 billion cubic meters, up 2.0% year-over-year, indicating stable demand in the retail segment [2]. Strategic Developments - The unloading volume at the Zhoushan station reached 1.98 million tons in the first three quarters, a year-over-year increase of 14.2%, showcasing the station's growing importance in the LNG import landscape [3]. - The privatization transaction for New World Energy is expected to enhance the company's position as an A+H listed entity, which will strengthen the synergy between resources, facilities, and management [4]. Profit Forecast and Valuation - The company maintains its profit forecast for 2025-2027, projecting net profits of RMB 5.265 billion, RMB 5.717 billion, and RMB 6.270 billion respectively, with a compound annual growth rate of 7% [5]. - The target price has been adjusted to RMB 25.90 based on a 14x PE for 2026, reflecting the anticipated long-term value from industrial chain integration [5].

Investment Rating - The investment rating for the company is "Buy" and is maintained for both A-shares and H-shares [6]. Core Views - The company is expected to benefit significantly from the improvement in industry conditions, with a projected revenue of RMB 1,298.26 billion for the first nine months of 2025, reflecting a year-on-year increase of 1.3%. The net profit attributable to shareholders is expected to reach RMB 18.70 billion, a substantial increase of 37.3% [1]. - The company has a strong market share of 66% at the capital airport, which positions it well to capitalize on the industry's recovery. Additionally, the decline in oil prices is anticipated to alleviate cost pressures for airlines [4]. - The company plans to raise up to RMB 20 billion through a private placement to repay debts and enhance liquidity, which is expected to dilute the share capital by 14.9% [4]. Summary by Sections Financial Performance - For Q3 2025, the company reported revenues of RMB 490.69 billion, a 0.9% increase year-on-year, while the net profit attributable to shareholders was RMB 36.76 billion, down 11.3% from the previous year [1][2]. - The operating costs for Q3 2025 were RMB 423.07 billion, a slight increase of 0.1%, with a gross margin improvement to 13.8%, up 0.7 percentage points year-on-year [3]. Operational Metrics - The passenger load factor (PLF) for Q3 2025 was 82.3%, an increase of 1.3 percentage points year-on-year, indicating a cautious capacity deployment strategy [2]. - The supply and demand growth rates were 1.9% and 3.6%, respectively, with domestic capacity slightly contracting by 0.6% [2]. Profitability Forecast - The net profit forecast for 2025 has been adjusted down by 36% to RMB 4.90 billion due to slightly higher-than-expected costs, while the net profit for 2026 and 2027 has been revised upwards by 20% and 10% to RMB 63.15 billion and RMB 87.34 billion, respectively [5]. - The target price for A-shares is set at RMB 10.45 and for H-shares at HKD 7.90, reflecting an increase from previous estimates [5].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 41.46 [1][5]. Core Views - The company reported a revenue of RMB 3.49 billion for the first three quarters of 2025, a year-on-year decrease of 16.66%, while the net profit attributable to the parent company was RMB 455 million, an increase of 2.16% year-on-year. The decline in revenue was primarily due to reduced fair value changes in Q3 2025 [1][5]. - Short-term performance is impacted by the financial IT industry's demand recovery and extended project implementation cycles. However, medium to long-term growth is expected from the core system replacement phase in financial innovation and the expansion of virtual asset and AI innovation businesses [1][2][5]. Revenue and Cost Management - The company's revenue for Q3 2025 was RMB 1.06 billion, down 21.33% year-on-year, with a net profit of RMB 195 million, down 53.17% year-on-year. The decrease in net profit was significantly larger than the revenue decline, mainly due to reduced fair value change income [1][2]. - The company has been focusing on cost control, with expenses decreasing by 15.97% in the first three quarters and 16.83% in Q3. Sales, management, and R&D expenses also saw significant reductions [2]. Business Segment Performance - Revenue from various business segments mostly declined, with asset management and risk control services experiencing the largest drops of 28.23% and 36.90% respectively. However, new products are creating new opportunities as financial innovation penetrates core business systems [3][4]. - The company’s virtual asset business in Hong Kong is rapidly developing, providing incremental demand for IT system construction. The company has also embraced AI, launching several applications that enhance customer value and open new market opportunities [4]. Profit Forecast and Valuation - Due to the company's revenue situation and slower-than-expected industry demand recovery, the forecast for net profit attributable to the parent company for 2025-2027 has been revised down to RMB 1.11 billion, RMB 1.26 billion, and RMB 1.46 billion respectively, reflecting a decrease of 15.43%, 15.59%, and 17.40% from previous estimates [5][11]. - The target price has been adjusted to RMB 41.46 based on a PE ratio of 71 times for 2025, down from a previous target of RMB 53.23, primarily due to the decline in industry average valuation levels and the company's profit levels [5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 12.02, corresponding to a 2025 target PB of 0.68 times [7][5]. Core Insights - The company has shown stable performance with a slight increase in profit growth, with a year-on-year increase in net profit and operating income of 2.8% and 4.0% respectively for the first nine months of 2025 [1]. - Non-interest income has demonstrated strong resilience, with a year-on-year growth of 10.1% in the first three quarters of 2025, driven by a significant increase in investment income [3]. - The company has improved its credit quality, with a stable non-performing loan (NPL) ratio of 1.18% and an increase in the provision coverage ratio to 255% [4]. Summary by Sections Financial Performance - For the first nine months of 2025, the annualized ROE and ROA were 10.04% and 0.74%, reflecting a slight decline of 0.35 percentage points and 0.01 percentage points year-on-year respectively [1]. - The company reported a net interest margin of 1.16% for the first nine months, benefiting from optimized funding costs [2]. Loan and Deposit Growth - As of September 2025, total assets, loans, and deposits grew by 2.5%, 2.0%, and 3.0% respectively compared to June 2025, indicating a slight acceleration in credit issuance [2]. - The company has focused on supporting the real economy, with significant growth in technology loans (16.3%), green loans (8.9%), and manufacturing loans (10.1%) [2]. Non-Interest Income and Taxation - The company’s non-interest income accounted for 31.9% of total revenue, with a year-on-year increase of 3.0 percentage points [3]. - The effective tax rate decreased significantly by 83.1% quarter-on-quarter, contributing positively to profit release [3]. Asset Quality and Provisions - The NPL generation rate improved slightly, with a quarterly NPL generation rate of 0.91%, down 83 basis points from the previous quarter [4]. - The company’s credit impairment has increased, with an annualized credit cost of 1.47%, reflecting a year-on-year increase of 15 basis points [4]. Valuation Metrics - The forecast for net profit for 2025-2027 is RMB 242 billion, RMB 253 billion, and RMB 268 billion, with corresponding year-on-year growth rates of 2.8%, 4.6%, and 5.9% [5]. - The estimated PB for 2025 is 0.53 times, compared to a peer average of 0.72 times [5].

证券研究报告 兴业银行 (601166 CH) 沈娟 研究员 SAC No. S0570514040002 SFC No. BPN843 贺雅亭 研究员 heyating@htsc.com +(86) 10 6321 1166 蒲葭依 研究员 SAC No. S0570525090001 SFC No. BVL774 中收增速改善支撑业绩韧性 2025 年 10 月 31 日│中国内地 全国性股份制银行 目标价(人民币): 27.08 李润凌* 研究员 SAC No. S0570525100006 lirunling@htsc.com 基本数据 | 收盘价 (人民币 截至 10 月 30 日) | 20.03 | | --- | --- | | 市值 (人民币百万) | 423,892 | | 6 个月平均日成交额 (人民币百万) | 1,686 | | 52 周价格范围 (人民币) | 17.76-25.14 | 股价走势图 (8) 5 18 31 44 Oct-24 Mar-25 Jun-25 Oct-25 (%) 兴业银行 沪深300 资料来源：Wind 经营预测指标与估值 | 会计年度 (人民币) | ...

Investment Rating - The report maintains a "Buy" rating for Roblox with a target price of $166.94, slightly up from the previous target of $165.33 [5][24]. Core Insights - Roblox's Q3 2025 performance exceeded expectations, with bookings revenue of $1.92 billion, up 70.3% year-over-year, and GAAP revenue of $1.36 billion, up 48% year-over-year [1][5]. - The increase in revenue is attributed to the success of new hit games following the popularity of "Grow a Garden," which has significantly boosted user engagement on the platform [1][4]. - The company has raised its full-year bookings revenue guidance to a midpoint of $6.59 billion, up from the previous guidance of $5.92 billion [1][4]. Summary by Sections Q3 Performance - Daily Active Users (DAU) reached 152 million, a 70.4% year-over-year increase, driven by new hit games like "Steal a Brainrot" [2]. - The platform's peak concurrent users hit a historical high of 45 million in August, with significant growth in the Asia-Pacific and emerging markets [2]. - The number of paying users increased by 87% year-over-year, although the overall DAU revenue per user remained flat due to lower spending in certain regions [2]. Developer Ecosystem - The number of games with over 10 million DAU increased to seven, with five of these games created in the last 12 months [2]. - The growth rate of games outside the top ten has risen from 47% in Q2 to 58% in Q3, indicating a healthy creator ecosystem [2]. Recent Updates and Innovations - Roblox announced an increase in developer revenue share by 8.5%, which is expected to enhance the developer's share of bookings revenue by approximately 2% [3]. - The introduction of "Roblox Moment," a feature for users to create and share short video clips, aims to enhance user engagement and drive traffic within the platform [3]. - Significant advancements in AI tools were showcased, including the ability to generate 4D objects and real-time voice translation, which are expected to improve game development efficiency [3]. Financial Forecast and Valuation - The report projects an increase in bookings revenue for 2025-2027, with estimates raised by 10.5%, 7.7%, and 7.5% to $6.6 billion, $7.74 billion, and $9.01 billion respectively [4][22]. - Operating profit forecasts for 2025-2027 are projected at -$1.28 billion, -$1.18 billion, and -$0.95 billion, reflecting a slight improvement in loss reduction [4][22]. - The valuation is based on a 17x EV/bookings multiple for 2025, which is higher than the average of comparable companies, reflecting Roblox's strong growth potential [24][25].

Investment Rating - The investment rating for the company is "Buy" [7][8] Core Views - The report highlights that the company's revenue for Q3 was 11.711 billion RMB, showing a year-over-year decline of 0.38%, while the net profit attributable to the parent company was 0.452 billion RMB, down 28.9% year-over-year [1] - The company plans to initiate a mid-term dividend, with a total dividend of 0.517 billion RMB for the first nine months of 2025, accounting for 16.95% of the net profit [1] - The report indicates that demand is stabilizing, supported by various stimulus policies in Hainan, leading to a marginal recovery in duty-free sales [1][2] - The company is accelerating its strategic transformation and expanding its boundaries to stimulate demand, with the establishment of city duty-free stores progressing steadily [3][4] Summary by Sections Financial Performance - For Q1-Q3, the company's total revenue was 39.862 billion RMB, a year-over-year decrease of 7.3%, and the net profit attributable to the parent company was 3.052 billion RMB, down 22.1% year-over-year [1] - The gross profit margin for Q3 was 32.0%, remaining stable year-over-year, with sales and management expense ratios at 18.7% and 3.9%, respectively [3] Market Trends - The duty-free sales in Hainan for Q3 2025 reached 5.403 billion RMB, a year-over-year decline of 2.6%, but showed signs of improvement with a positive year-over-year growth of 3.4% in September [2] - The average spending per person increased by 13.6% year-over-year to 5,707 RMB, indicating a significant improvement in consumer spending [2] Strategic Developments - The company opened three city duty-free stores in Shenzhen, Guangzhou, and Chengdu in Q3 2025, with plans for a store in Tianjin by the end of the year [4] - The report emphasizes the potential long-term benefits from the upcoming closure of Hainan's free trade port, expected to attract international brands and enhance the integration of culture, tourism, and shopping [3] Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised down by approximately 21.94%, 20.48%, and 20.53%, respectively, with expected net profits of 3.658 billion RMB, 4.209 billion RMB, and 4.788 billion RMB [5] - The target price for A-shares has been adjusted to 81.20 RMB and for H-shares to 75.84 HKD, reflecting a premium valuation based on comparable companies [5]