Group 1 - The company is expected to achieve steady revenue growth for FY2026, continuing its high-quality operational trend despite unfavorable external conditions [1] - The brand down jacket business is projected to show resilient growth, with revenue expected to increase in the mid-single digits, driven by the main brand Bosideng and faster growth from the Snow Flying brand [1] - The internationalization and premiumization efforts are highlighted by the launch of the AREAL series, designed by British designer Kim Jones, at the Galeries Lafayette in Paris, marking a significant milestone for Bosideng [1] Group 2 - The OEM processing business is under pressure due to tariffs and client operational challenges, with revenue for FY2026H1 declining by 11.7% to 2.044 billion yuan, and a high single-digit decline expected for the full fiscal year [1] - The women's wear and school uniform segments are anticipated to experience double-digit declines, with revenues for FY2026H1 down 18.6% and 45.3% respectively, reflecting a similar trend to the industry [1] - The company is optimizing its channel structure and improving store operations, expecting positive same-store growth for self-operated stores in FY2026 [1]

3月18日，针对"碧桂园出台措施大规模召回离职员工"的市场消息，碧桂园方面回应中国证券报·中证金 牛座记者称，优秀人才是公司可持续发展的源动力。公司的人才任用始终围绕业务实际需求，从内部三 好人才、优秀员工返聘、外部人才社招等多渠道综合选拔。同时，公司建立了常态化内部管理制度检视 机制，每年会结合经营实际与管理需求，对现有制度进行检视优化。本次《离职人员返聘管理办法》的 调整，即是已有制度的常规修订更新，并非新出台措施。 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨吴抒颖 编辑丨张敏 骆一帆 从员工数量上来看，随着碧桂园规模的变化，在职员工也在逐步减少。根据碧桂园过往公告，2018年末 碧桂园员工总数约13.14万人，至2025年中仅有1.79万人。 在业务发展上，碧桂园已经基本完成债务重组，处于重新启动的状态。3月5日，碧桂园披露股份发行报 表，其重组后新发行股份数约142.33亿股，接近重组前已发行股本的51%。 自2025年12月30日重组生效后，碧桂园已于首个工作周内向债权人完成支付约3.98亿美元现金对价。 3月6日，碧桂园集团召开月度管理会议，碧桂园董事会主席杨惠妍聚焦分析政府工作报告中对房地产具 体工作的指引，再次明确将2026年定位为"从保交房向正常经营转段的最关键一年"，同时首次勾勒未来 3-5年的发展方向与框架，要求各区域项目扎实完成各阶段任务，为二次成长筑牢底盘。 一则碧桂园启动最大规模"老兵召回计划的"消息在网络上流传。 这则消息被炒作的缘由是，碧桂园对内部发布《离职人员返聘管理办法》，其中指出，"为保障业务有 序推进匹配公司经营恢复阶段的发展节奏与新项目开发诉求，稳 ...

Core Insights - The company reported steady revenue growth with all business segments achieving double-digit growth, with FY3Q2026 revenue at $22.2 billion, up 18.1% year-on-year and 8.6% quarter-on-quarter, while net profit was $546 million, down 21.2% year-on-year but up 60.3% quarter-on-quarter [1] Business Performance - The company's smart devices, infrastructure solutions, and service solutions segments generated revenues of $15.755 billion, $5.176 billion, and $2.652 billion respectively, with year-on-year growth rates of 14.3%, 31.4%, and 17.5% [1] - The company maintained its leadership in the personal computer market with a global market share of 25.3% in Q4 2025, an increase of 1.0 percentage points year-on-year, and AI PC revenue saw high double-digit year-on-year growth [1] - The mobile phone business benefited from strong performance of the Motorola Edge series, achieving record sales and activations [1] AI and Infrastructure Solutions - AI server revenue experienced high double-digit year-on-year growth, supported by the deployment of the GB300 NVL72 rack-level solution, with a project reserve of $15.5 billion [2] - The company’s ISG (Infrastructure Solutions Group) reported an operating loss of $11 million in FY3Q2026, but with expectations of continued improvement and potential revenue balance in FY25/26 [2] Financial Metrics - The company’s operating expense ratio was 11.6%, down 0.7 percentage points quarter-on-quarter, with specific expense ratios for sales, management, R&D, and financial expenses [2] - Gross margin was 15.1%, down 0.3 percentage points quarter-on-quarter, primarily due to rising raw material costs and lower profit margins in the ISG business [2] - Net margin improved to 2.5%, up 0.8 percentage points quarter-on-quarter [2]

Core Viewpoint - Goldman Sachs reports that Li Auto-W (02015) has met expectations for Q4 2025 performance, but the guidance for Q1 2026 and full-year sales and gross margin is below expectations [1] Group 1: Financial Performance - Li Auto's Q4 2025 performance aligns with expectations, but the guidance for Q1 2026 and the full year is disappointing [1] - Goldman Sachs has lowered the target price for Li Auto from HKD 93 to HKD 74 and downgraded the rating from "Buy" to "Neutral" [1] Group 2: Sales and Profitability Forecast - The firm anticipates that Li Auto will experience two consecutive quarters of expanded net losses, with sluggish sales growth and pressured vehicle gross margins [1] - The decline in performance is attributed to a lack of new model launches, rising raw material and memory costs, and an increased proportion of low-margin models [1] Group 3: Revised Projections - Following Li Auto's Q4 2025 results, Goldman Sachs has revised its sales forecasts for 2026 to 2028 down by 5% to 22% [1] - The gross margin forecast has been adjusted down by 0.4 to 1.0 percentage points due to lower-than-expected guidance for Q1 2026 and the full year, along with reduced sales and revenue [1] - Consequently, the net profit forecast has been reduced by 21% to 34% [1]

Core Viewpoint - Goldman Sachs released a report indicating that Li Auto-W (02015) reported Q4 2025 results in line with expectations, but the guidance for Q1 2026 and the full year is below expectations, leading to a target price reduction from HKD 93 to HKD 74 and a rating downgrade from "Buy" to "Neutral" [1] Group 1: Financial Performance - Li Auto's Q4 2025 performance met expectations, but the guidance for Q1 2026 and the full year is disappointing [1] - Goldman Sachs anticipates that Li Auto will experience two consecutive quarters of expanded net losses due to weak sales growth and pressure on vehicle gross margins [1] Group 2: Sales and Margin Forecasts - Sales forecasts for 2026 have been reduced by 5% to 22%, based on management's lower-than-expected sales guidance and a slowdown in the launch of refreshed models [1] - Gross margin forecasts have been lowered by 0.4 to 1.0 percentage points due to the disappointing guidance for Q1 2026 and the full year, along with reduced sales and revenue [1] Group 3: Profitability Adjustments - Net profit forecasts have been cut by 21% to 34% as a result of the revised sales and margin expectations [1]

【#碧桂园回应人才召回计划#】一则碧桂园启动最大规模"老兵召回计划的消息在网络上流传。这则消 息被炒作的缘由是，碧桂园对内部发布《离职人员返聘管理办法》。据@21世纪经济报道 记者了解， 这份文件并非近期新发，最新的修订版本早在今年1月26日就已经发布。碧桂园称，优秀人才是公司可 持续发展的源动力。公司的人才任用始终围绕业务实际需求，从内部三好人才、优秀员工返聘、外部人 才社招等多渠道综合选拔。 ...

中新网马尼拉3月18日电 中国驻菲律宾大使井泉17日分别会见菲律宾农业部长劳雷尔和菲律宾能源部长 莎伦·加林。 中国驻菲律宾大使馆发布消息说，井泉同劳雷尔就农业领域合作进行交流，与莎伦·加林就能源领域合 作进行交流。(完) 中国驻菲律宾大使馆发布消息说，井泉同劳雷尔就农业领域合作进行交流，与莎伦·加林就能源领域合 作进行交流。(完) 中新网马尼拉3月18日电 中国驻菲律宾大使井泉17日分别会见菲律宾农业部长劳雷尔和菲律宾能源部长 莎伦·加林。 ...

Core Insights - Geely Automobile Holdings Limited reported a record total revenue of 345.2 billion yuan for 2025, marking a 25% year-on-year increase, with core net profit rising 36% to 14.41 billion yuan, indicating high-quality growth [1] - The company plans to increase its dividend by 51.5% to 0.5 HKD per share, totaling 5.39 billion HKD, reflecting its commitment to sharing growth with shareholders [1] - Geely's total sales reached 3.025 million units in 2025, a 39% increase, with new energy vehicle sales exceeding 1.68 million units, up 90%, solidifying its position in the industry [1] Financial Performance - Total revenue for 2025 was 345.2 billion yuan, a 25% increase year-on-year [1] - Core net profit reached 14.41 billion yuan, reflecting a 36% growth [1] - Total cash reserves increased by 46% to 68.2 billion yuan, indicating strong liquidity [1] Sales and Market Position - Geely's total sales for 2025 were 3.025 million units, exceeding the adjusted target of 3 million units [1] - New energy vehicle sales reached 1.68 million units, marking a 90% increase and positioning Geely among the top players in the sector [1] - In the first two months of 2026, Geely maintained its industry-leading position with sales of 476,000 units [1] Strategic Developments - The "One Geely" strategy was further deepened in 2025, integrating Zeekr to create a comprehensive brand portfolio across mainstream, high-end, and luxury markets [3] - The Zeekr brand achieved sales of 224,000 units in 2025, with significant monthly sales milestones [4] - Lynk & Co maintained a growth trajectory with annual sales of 350,000 units, a 23% increase [6] Technological Advancements - Geely launched its first comprehensive AI technology system in 2025, enhancing its capabilities in smart and electric vehicle technology [12] - The company achieved significant advancements in battery technology, including the ShenDun JinZhuan battery and the upcoming all-solid-state battery [16] - Geely's AI-assisted driving system has gained global recognition, with successful deployments and partnerships [14] Global Expansion - Geely's overseas sales reached 420,000 units in 2025, with over 120,000 units being new energy vehicles, reflecting a strong international presence [20] - The company entered 13 new markets in 2025, expanding its global footprint significantly [22] - Geely's global manufacturing capabilities were enhanced with the launch of new plants in Egypt and Indonesia [22] Sustainability and ESG Initiatives - Geely was included in the S&P Global "Global Sustainability Yearbook 2026," highlighting its leadership in ESG practices [25] - The company achieved a 25.5% reduction in carbon emissions per vehicle compared to 2020, exceeding its carbon reduction targets [25] - Geely aims to launch multiple new products in 2026, targeting a total sales goal of 3.45 million units [25]

此外建议还将保密申请范围由二次上市、生物科技及特专科技公司扩容至所有新申请人；并强化上市申 请退回机制，公布保荐人、会计师事务所、律师事务所等中介机构身份，以强化信息披露。2025 年港 股IPO 募资额重回全球第一，2026 年至今IPO 募资972 亿港元，是25 年同期的5 倍以上。 为巩固香港作为成长型企业首选集资地和全球资本布局亚洲首选市场，港交所上市制度进一步优化，我 们继续看好上市制度改善和人民币预期升值下港交所的配置价值，推荐配置。我们维持2026 年归母净 利润同比+9.8%至195亿港元的盈利预测，对应PE 为26 倍，维持"买入"评级。 风险提示：权益市场大幅回调、上市制度改革不及预期等。 事件：3/13 联交所刊发《咨询文件》，就一系列有关提升香港上市机制竞争力的建议咨询市场意见， 是2018 年推行一系列上市改革后再次优化。 优化"同股不同权"上市制度，1）降低对采用不同投票权架构公司的市值和财务要求，将过去市值≥400 亿港元或市值≥100 亿港元及最近一个会计年度的收入门槛≥10 亿港元的门槛，降低为市值≥200 亿港元 或市值≥60亿港元及最近一个会计年度的收入门槛≥6 亿港元 ...