Group 1 - CMB International maintains a "Buy" rating for Anta Sports with a target price of HKD 108.70, noting a low single-digit decline in Q4 revenue for the Anta brand, while FILA and other brands show resilience with a growth of 35%-40% [1] - CMB International also maintains a "Buy" rating for China Resources Beverage with a target price of HKD 11.87, indicating that 2025 will be a year of pressure release, with stable market share in packaged water and potential improvements in sales incentives [1] Group 2 - CMB International maintains a "Buy" rating for Hutchison China MediTech, highlighting the significant superiority of Savolitinib combination therapy over chemotherapy in MET amplified NSCLC, with global sales peak potential exceeding USD 1.8 billion [2] - CMB International maintains a "Buy" rating for China Resources Power with a target price of HKD 21.05, projecting a 6.7% increase in core profit for 2025, with a 9.8% decrease in thermal coal fuel costs partially offsetting coal price rebounds [3] Group 3 - CITIC Securities maintains a "Buy" rating for Geek+, setting a target price of HKD 53.00, with a significant upward revision of order growth from 30% to 40% for 2026, and successful penetration into North American key accounts [4] - CITIC Securities maintains a "Buy" rating for Jiangnan Buyi, noting excellent performance in FY1H26 and a fundraising of HKD 270 million to enhance brand development, with expected high single-digit to double-digit growth in revenue and profit [5] Group 4 - CITIC Securities maintains a "Buy" rating for Xaircraft with a target price of HKD 87.00, emphasizing its leading position in general aviation and private aviation, with current valuations not reflecting its brand potential and scarcity [6] - CITIC Jiantou maintains a "Buy" rating for Xtep International, indicating flat revenue for the main brand in Q4 2025, with bright performance in running categories and successful adjustments in e-commerce [7][8]