在香港房地产开发商中，该行的首选是信和置业(风险较低；6%的股息收益率确定性高)，其次是恒基地 产(股息收益率较高，为6.6%，但诚然存在股息削减的风险)。如果新鸿基地产的股价回落至约85港元， 该行会考虑买入，但基于当前估值，该行认为其上涨空间有限。 摩根大通发表报告指，自2025年3月的低谷以来，香港住宅价格已反弹超过4%，该行观察到更多迹象支 持住宅市场持续复苏，包括股市表现韧性，历史上与楼价展现出良好的相关性(财富效应)；被压抑的需 求释放，成交量持续保持强劲；银行上调物业估值；二手市场挂牌量持续呈现下降趋势；越来越多成交 以高于估值价格完成，助长"害怕错过"的情绪；按息预计将进一步(至少温和)下降；库存水平下降；租 金上涨；内地买家的兴趣保持稳固(其人口预计将出现结构性增长)；金融产业复苏(香港GDP的最大贡献 者)。在此背景下，该行预测到2026年底，楼价将再反弹约5%。 ...

友邦保险(01299)再涨超5%，截至发稿，涨5.04%，报79.25港元，成交额26.64亿港元。 瑞银则指出，按渠道划分，代理及合作伙伴渠道分别录得19%及46%的强劲增长，其中代理渠道为新业 务价值贡献超过70%，相信来自代理渠道的贡献将继续成为集团业务增长重点。按固定汇率计算，香港 第三季新业务价值升40%，创历史新高；中国市场新业务价值亦增长27%。 消息面上，友邦保险近日公告称，第三季度新业务价值按实际汇率增长27%至14.8亿美元，新业务价值 利润率58.2%，年化新保费按实际汇率增长15%；第三季度总加权保费收入119.1亿美元。高盛表示，鉴 于季度新业务价值大幅超出预期，且跑赢最接近同业，预期友邦股价在业绩公布后将有正面反应。此 外，友邦季度新业务合约服务边际同比增长25%，将持续推动盈利增长与自由盈余产生。 ...

10月28日，"2025年GRESB评级成果中国区发布会"在北京举办，来自政府部门、国际组织、知名企 业、学术机构及金融投资界的近三百位代表参会。会上，远洋集团以总分98分的佳绩被授予五星最高评 级。 践行"双碳"战略，打造绿色建筑标杆 在国家"双碳"战略目标引领下，远洋集团全面推进"2050净零排放"计划，将绿色低碳理念贯穿项目全周 期，新建项目已实现100%达到国家绿色建筑标准。截至2024年底，远洋集团累计注册194个绿色建筑项 目，注册面积近4000万平方米。 其中，作为我国首个荣膺"净零碳卓越级认证"的超高层写字楼，远洋北京CBD核心区Z6项目从设计到 运营系统融合绿色基因与数智理念，规模化集成屋顶光伏发电、高效能源机房、智慧照明调控、重力势 能回馈电梯等先进低碳技术，并积极引入绿电交易机制，大幅提升清洁能源利用率，构建了覆盖超高层 建筑全生命周期的碳中和解决方案。2025年，CBD Z6项目作为行业标杆，参与制定《商业楼宇净零运 营与碳中和评价规范》，持续输出"远洋经验"、助力中国楼宇经济加速向低碳化转型，进一步凸显远洋 集团在绿色建筑领域的引领地位。 呼应"好房子"，践行健康人居标准 人的一生中 ...

Core Viewpoint - Xiaomi Group-W (1810.HK) shares increased by over 4%, reaching HKD 45.06, following the announcement of its automotive delivery plans for October 2025 [1] Delivery Plans - Xiaomi Automotive announced a continuous delivery volume exceeding 40,000 units by October 2025 [1] - The delivery cycle for various models has been significantly shortened compared to the original timeline: - YU7: Expected delivery in 35-38 weeks, shortened by 10 weeks - YU7 Pro: Expected delivery in 34-37 weeks, shortened by 8 weeks - YU7 Max: Expected delivery in 32-35 weeks, shortened by 4 weeks [1] - The reduction in delivery cycles is attributed to increased production capacity [1]

10月31日，九江银行披露一则增资公告，计划向合格投资者发行不超过8.6亿股内资股及1.75亿股H股。 其中，内资股发行将向该行主要股东在内的不超过35名符合资格的境内机构投资者进行非公开定向发 行。目前，九江银行的前五大内资股股东分别为九江市财政局（持股15.78%）、北汽集团（持股 12.85%）、兴业银行（持股10.34%）、方大炭素和佛山高明金盾。 截止公告披露日，九江银行总股本约28.47亿股。若此次增发顶格完成，该行总股本将扩大至38.82亿 股，增加幅度超过36%。 而这也是九江银行自2023年完成首次增资扩股后，再次启动资本补充计划。 对比前次增资计划，九江银行此次增资规模更大。历史公告显示，2022年底，九江银行推出上市后的首 次增资扩股计划：拟发行不超过3.65亿股内资股及不超过0.75亿股H股，后于2023年底顶格完成，其总 股本扩至约28.47亿股，募资总额近40亿元。 对于此次募资的用途，九江银行表示在扣除相关发行费用后的净额将全部用于补充核心一级资本，旨在 有效补充全行核心一级资本，切实增强抵御风险的能力，优化股权结构。 从盈利表现看，九江银行近年业绩有所恢复。 2023年因资产减 ...

该行将友邦2025至2027年新业务价值预测调升1.8%至2.5%，目标价由97.8港元上调至99.5港元。该行认 为友邦的长期增长前景稳固，支持因素包括精英代理人团队、快速成长的合作渠道、跨区域布局、优质 客户群、多元化产品组合及强劲盈利能力，重申对其"优于大市"评级。 海通国际发表报告指，友邦第三季按固定汇率计算的新业务价值增长达25%，对比2025年上半年为 14%，金额达14.76亿美元，优于市场预期。新业务价值利润率按年提升5.7个百分点至58.2%，首年标准 保费增长14%。 ...

Core Insights - ASMPT reported 3Q25 revenue of HKD 36.61 billion (USD 4.68 billion), a year-on-year increase of 9.5% and a quarter-on-quarter increase of 7.6%, aligning with expectations, primarily benefiting from AI-driven advanced packaging and mainstream businesses [1] - The gross margin was 35.7%, down 5.32 percentage points year-on-year and 4.05 percentage points quarter-on-quarter, mainly due to product mix effects [1] - The net loss was HKD 2.69 billion, significantly impacted by the Shenzhen factory liquidation; adjusted profit for the quarter was HKD 1.02 billion after excluding restructuring costs and inventory write-offs [1] Revenue and Orders - In 3Q25, semiconductor business revenue was USD 2.40 billion, down 6.5% quarter-on-quarter but up 5.0% year-on-year, with new orders of USD 2.08 billion, down 1.7% quarter-on-quarter and down 12.4% year-on-year [1] - SMT business secured USD 2.55 billion in orders, down 5.0% quarter-on-quarter but up 51.8% year-on-year, driven by advanced packaging demand and electric vehicle demand in China [1] Future Guidance and Developments - The company guided for 4Q25 revenue between USD 4.7 billion and USD 5.3 billion, with a midpoint indicating a year-on-year increase of 14.3% and a quarter-on-quarter increase of 6.8% [1] - Continuous development of new products in advanced packaging, including TCB solutions for 12-layer fourth-generation high-bandwidth memory, has received multiple HBM orders [2] - The company’s C2W ultra-fine pitch TCB plasma active removal solution has passed quality and reliability certification from leading wafer foundry clients and is ready for mass production [2] Profit Forecast and Valuation - Due to one-time order cancellations and the Shenzhen factory restructuring, the company has lowered its 2025 revenue forecast by 5% to HKD 135.60 billion and net profit forecast by 75% to HKD 2.5 billion, while maintaining the 2026 profit forecast [2] - The current stock price corresponds to a 22x 2026e P/E ratio, with a maintained outperform rating and a target price increase of 25% to HKD 90, reflecting a 24x 2026e P/E ratio and a 10% upside potential [2]

高盛首次覆盖康诺亚，予其"买入"评级，目标价92.67港元。公司首个商业化产品Stapokibart已先后中国 内地获批用于特应性皮炎、慢性鼻窦炎及季节性过敏性鼻炎适应症。凭借Stapokibart在有关领域的先发 优势，该行认为药物有望为公司奠定估值基础，预计销售高峰可于2035年达至突破50亿元。 另外，该行预期更大增长动能将来自CM512，相信该药物可以成为哮喘及慢性阻塞性肺病的更优选方 案；预期CM512在PoS阶段前及后的2035年全球销售额分别可达33亿美元及6.94亿美元。 ...

Core Insights - The company showcased its core competitiveness through the successful management of the Guihu Yun Cui project, which was taken over by China Great Wall Asset Management after the previous developer faced financial issues [1] - The project achieved a cumulative sales rate of 65% since its launch in December 2024, with subsequent price increases for new offerings, indicating strong market acceptance [1] - The company reported a 19% year-on-year increase in new contract value for the first half of 2025, reaching 5 billion, suggesting a positive trend in business expansion [2] Financial Performance - The company's revenue for 2024 is projected at 3.44 billion, with expectations of narrowing the gap between revenue and new contract value due to improved project quality and reduced project sizes [2] - Operating cash flow for the first half of 2025 showed a significant improvement, with a ratio of 44% to net profit compared to 15% in the same period last year, indicating better cash management [2] - The company has actively repurchased shares, totaling 1,000 shares or 0.5% of total equity, and the CEO increased his stake by purchasing 500,000 shares, reflecting a strong commitment to shareholder returns [2] Profit Forecast and Valuation - The profit forecasts for 2025 and 2026 remain unchanged, with a target price set at 3.2 HKD, corresponding to a 12x price-to-earnings ratio for 2025 and an expected dividend yield of 8% [2] - The company is currently trading at a 11.6x price-to-earnings ratio for 2025, with an expected dividend yield of 8.7%, indicating potential upside [2]

据介绍，LongCat-Flash-Omni以LongCat-Flash系列的高效架构设计为基础（Shortcut-Connected MoE，含 零计算专家），集成了高效多模态感知模块与语音重建模块，在总参数 5600 亿（激活参数 270 亿）的 庞大参数规模下，仍实现低延迟的实时音视频交互能力，为开发者的多模态应用场景提供了更高效的技 术选择。（智通财经记者 范佳来） 11月3日，LongCat-Flash-Omni正式发布并开源，LongCat官方App同步上线公测。目前，新App已支持 联网搜索、语音通话等功能，视频通话等功能会稍后上线；Web端则增加图片、文件上传和语音通话等 功能。 ...