智通财经APP获悉，花旗发表研究报告指，瑞声科技(02018)去年下半年净利润达16.36亿元人民币，收 入胜该行预测5%，毛利率23%，该行予瑞声科技目标价56港元，评级为"买入"。按业务来看，去年电 磁传动及精密结构件业务、车载声学业务及传感器及半导体业务的收入均超出预期。 ...

智通财经APP发布研报称，交银国际发布研报称，维持吉利汽车(00175)"买入"的投资评级，目标价 24.21港元。2026及2027年每股盈利预测上调8.8%及16.4%，基于更强的销售、毛利和整合预期， 该行指，吉利去年再创新高，第四财季盈利质量继续改善，而2026年重点看新车、出海和整合。该行认 为，吉利已经进入更清晰的向上阶段：销售增长快，新能源盈利能力改善，高端化开始带动毛利率提 升，而整合协同对费用和效率的帮助会更多体现在2026年。领克和极氪整合、中后台统一、采购和制造 协同，短期还没有完全反映在财报里，后续仍有释放空间。 ...

Core Viewpoint - The Hong Kong stock market opened lower on March 20, with technology stocks struggling due to disappointing third-quarter earnings from Alibaba, which saw a significant drop in both revenue and profit [1][8]. Group 1: Company Performance - Alibaba's third-quarter revenue for the fiscal year 2026 reached 284.84 billion yuan, a year-on-year increase of 2%, while adjusted net profit fell by 67% to 16.71 billion yuan [10]. - Adjusted EBITA for Alibaba was 23.397 billion yuan, reflecting a 57% year-on-year decline [10]. - Despite overall profit pressure from strategic investments, AI and cloud computing emerged as key growth areas, with the cloud intelligence group revenue increasing by 36% year-on-year [10]. Group 2: Market Trends - The AI-related product revenue for Alibaba has achieved triple-digit growth for ten consecutive quarters, indicating that AI is becoming a core growth engine for the company [10]. - Recent price increases announced by Tencent Cloud and Alibaba Cloud, along with a surge in token usage, are expected to drive up cloud product prices, enhancing the commercial viability of leading internet companies during the AI cycle [10]. - As of March 18, the price-to-earnings ratio (TTM) for the Hong Kong Internet Index was 22.03, significantly lower than that of the NASDAQ 100 and A-share technology sectors, suggesting a favorable margin of safety for investors [10]. Group 3: Investment Opportunities - The Hong Kong Internet ETF (513770) tracks the CSI Hong Kong Internet Index and includes major tech companies like Alibaba, Tencent, and Xiaomi, providing significant liquidity and T+0 trading [11]. - For investors looking to reduce volatility while still gaining exposure to technology, the Hong Kong Large Cap 30 ETF (520560) offers a balanced strategy by including both high-growth tech stocks and stable dividend-paying companies [13][14].

Core Viewpoint - Country Garden has been officially included in the FTSE Russell Global Equity Index Series, marking it as the only newly added real estate stock in this adjustment [1] Group 1: Inclusion in Global Indices - Country Garden was also included in the MSCI China Small Cap Index on February 27, making it the second major global index inclusion within a month [1] - The FTSE Russell adjustment saw a significant number of new additions, with 119 stocks added in developed markets and 156 in emerging markets, while 83 and 45 stocks were removed respectively [1] - Among the new additions, 106 small-cap stocks were included, with 10 from Hong Kong, primarily focusing on resources and technology, while Country Garden stands out as the sole new real estate stock [1] Group 2: Market Context - In the MSCI index adjustment, 21 stocks were added to the China Small Cap Index, with 11 stocks removed, again highlighting Country Garden as the only new real estate stock [1]

Core Viewpoint - AIA Group reported record performance in 2025, with significant growth in new business value and shareholder returns, despite slower growth in the mainland China market [2] Group 1: Financial Performance - AIA's new business value increased by 15% to USD 5.516 billion in 2025 [2] - After-tax operating profit reached USD 7.136 billion, with earnings per share rising by 12% [2] - Weighted premium income from key markets: Hong Kong at USD 14.726 billion, mainland China at USD 11.272 billion, and Thailand at USD 5.336 billion, contributing 66.8% of total premium income [2] Group 2: Market Analysis - New business value growth was primarily driven by Hong Kong and Thailand, with Hong Kong's new business value surging 28% to USD 2.256 billion and Thailand's increasing by 22% to USD 0.993 billion [3] - In contrast, mainland China's new business value saw a modest increase of 2% to USD 1.240 billion, with annualized new premiums slightly decreasing from USD 216.8 billion in 2024 to USD 215.2 billion in 2025 [3][5] - AIA Life, the entity operating in mainland China, expanded its business in four provinces and increased its new agent recruitment by 14% [3] Group 3: Product and Channel Dynamics - The mainland market experienced a "V-shaped" recovery in new business value, with a 4% decline in the first half of 2025 followed by a 14% increase in the second half [5] - The marketing channel's new business value was significantly supported by protection-type products, contributing 44% to the new business value in the second half of 2025 [5] - The trend towards dividend insurance products has increased due to low interest rates, attracting more funds as many residents' deposits mature in 2026 [5]

Core Insights - Geely has set ambitious goals to become a global leader in smart vehicles by 2030, aiming to rank among the top five global automakers in terms of sales [1] - The company reported record sales, revenue, and profitability in 2025, demonstrating strong market competitiveness and a commitment to technological advancement [2][3] Group 1: Financial Performance - In 2025, Geely's sales exceeded 3 million units, marking a 39% year-on-year increase, surpassing its annual sales target [2] - Total revenue reached 345.2 billion RMB, a 25% increase year-on-year, achieving a historical high [2] - Core net profit attributable to shareholders was 14.41 billion RMB, up 36% year-on-year, indicating high-quality growth [2] Group 2: Strategic Partnerships and Technological Advancements - Geely announced a strategic partnership with NVIDIA to collaborate on physical AI, enterprise AI, and industrial AI, aiming to create a comprehensive ecosystem for smart vehicles [3] - The partnership will lead to the launch of the world's first super intelligent vehicle, integrating smart cockpit, assisted driving, and digital ecosystems, set to debut in the Zeekr 8X model [3][4] Group 3: Brand Integration and Market Positioning - Geely has successfully integrated its three brands—Geely, Lynk & Co, and Zeekr—eliminating resource duplication and enhancing operational efficiency across the value chain [6] - The Galaxy brand saw a 150% increase in sales, reaching 1.236 million units, solidifying its position as the second-best-selling new energy brand in China [6] - Geely is expanding its global footprint by accelerating electric vehicle exports and deepening strategic partnerships, such as its investment in Renault Brazil [6] Group 4: AI and Future Outlook - Geely has established a comprehensive AI system that integrates artificial intelligence throughout the vehicle lifecycle, moving beyond traditional applications in cockpit and autonomous driving [7] - The company has set a new sales target of 3.45 million units for 2026, focusing on AI technology, energy diversification, luxury experience upgrades, and international expansion [7]

智通财经APP获悉，长和(00001)绩后涨超3%，截至发稿，涨2.17%，报61.3港元，成交额2.19亿港元。 消息面上，3月19日，长和发布截至2025年12月31日止年度的业绩，该集团期内取得IFRS16后基准收益 总额5072.97亿港元，同比增加6%；呈报EBITDA总额1291.05亿元，同比增长3%；除税后溢利192.33亿 港元，同比减少19%；普通股股东应占呈报溢利118.41亿港元，同比减少31%；拟派发末期股息每股 1.602港元。 于2026年2月26日，集团公布长江集团(长江基建集团有限公司、电能实业有限公司及 长江实业集团有 限公司)向Engie S.A.出售所持有UK Power Networks的100%权益。待交易完成后，出售事项预期将于 2026年带来重大现金流及集团应占溢利净额。 ...

Group 1 - MGM China reported a profit attributable to shareholders of HKD 5.075 billion for the year ending December 31, 2025, representing a year-on-year increase of 10.24% [1] - Adjusted EBITDA reached a historical high of HKD 10 billion, reflecting a year-on-year growth of 10.4% [1] - Operating revenue increased to HKD 34.7875 billion, marking a year-on-year rise of 10.8% [1] Group 2 - The overall gaming market share for MGM China reached a historical high of 16.1%, compared to 15.8% in the previous year [1] - The company proposed a final dividend of HKD 0.353 per share [1] - As of the report, MGM China's stock price fell by 7.08% to HKD 11.16, with a trading volume of HKD 56.7236 million [1]

Core Viewpoint - The Hong Kong stock market is experiencing a rebound, particularly in the automotive sector, with significant inflows into the Hong Kong Stock Connect Automotive ETF, indicating a positive sentiment towards automotive stocks [1][3]. Group 1: Market Performance - As of March 20, the Hong Kong Stock Connect Automotive ETF (159210) rose by 2.6%, potentially ending a three-day decline, with over 11 million yuan in inflows over the past three days [1]. - Major component stocks of the ETF saw substantial gains, including Horizon Robotics up over 6%, Geely Automobile up over 5%, and CATL up over 3% [3]. Group 2: Key Company Highlights - Geely Automobile reported a total revenue of 345.23 billion yuan for 2025, a 25% year-on-year increase, marking a historical high, with a net profit of 16.85 billion yuan, a slight increase of 0.2% year-on-year [5]. - Geely's cumulative deliveries for January and February reached 476,300 units, a slight increase of 1% year-on-year, surpassing BYD to become the sales champion, with 241,700 units of new energy vehicles sold, a 10.1% increase year-on-year [5]. Group 3: Industry Trends - The automotive industry is undergoing dual transformations centered around electrification and AI integration, with expectations for significant advancements in smart driving and vehicle technology [11]. - The demand for automobiles is expected to remain resilient despite policy changes, with a notable recovery in mid-to-high-end demand driven by shifts in consumer habits and product competitiveness [6]. - The global expansion of Chinese smart electric vehicles is anticipated, with projections of nearly 10 million units in overseas sales within five years [7]. Group 4: Investment Opportunities - The Hong Kong Stock Connect Automotive ETF tracks the China Securities Hong Kong Stock Connect Automotive Industry Theme Index, covering the entire automotive supply chain, including electric vehicles and related technologies [11]. - The ETF's top holdings include leading companies such as BYD, Xpeng Motors, and Li Auto, focusing on opportunities in smart driving and energy storage sectors [11].

Core Viewpoint - Goldman Sachs has set a target price of HKD 68.6 for AAC Technologies (02018) and maintains a "Buy" rating, based on a projected P/E ratio of 25.6 for this year [5]. Financial Performance - AAC Technologies reported a year-on-year revenue increase of 15% to RMB 18.5 billion in the second half of last year, aligning with both Goldman Sachs' and market consensus expectations [5]. - The company's gross margin for mobile camera products rose to 12.6%, contributing to an overall average gross margin increase to 23% in the second half of last year, driven by product mix optimization and upgrades to high-end solutions [5]. - Operating expenses improved to 13.2%, better than Goldman Sachs' and market consensus estimates of 13.4% and 13.7%, respectively [5]. - Operating profit increased by 23% year-on-year, while net profit saw a 30% year-on-year rise [5]. Business Drivers - The growth in revenue was primarily driven by the sensor and semiconductor business, which experienced year-on-year growth rates of 151% and 18%, respectively [5]. - The company is collaborating with clients to develop its first AI hardware device's core motor components [5].