交银国际每日晨报-20251117

Group 1: Tencent Holdings - The core view is that Tencent's Q3 2025 performance exceeded expectations, with total revenue increasing by 15% year-on-year to RMB 192.87 billion, surpassing forecasts by 4% [1] - Key revenue drivers included gaming (+23%), social (+4%), marketing (+21%), and financial enterprise services (+10%), with gross profit rising by 22% and gross margin improving by approximately 3.3 percentage points to 56.4% [1][2] - Adjusted earnings per share reached RMB 7.58, a 19% year-on-year increase, exceeding expectations by 6% [1] Group 2: JD Logistics - JD Logistics reported Q3 2025 results in line with expectations, maintaining a positive growth outlook for 2026, with anticipated stable profit growth driven by robust domestic and international orders [3] - The target price is set at HKD 18.50, indicating a potential upside of 49.2% [3] Group 3: JD (JD.com) - JD's Q3 2025 retail profits showed robust growth, with expectations for a continued reduction in losses in the food delivery segment [4] - The company anticipates that daily necessities will become a primary revenue growth driver, with a projected 30.3% potential upside to a target price of USD 40 [4] Group 4: Semiconductor Industry (SMIC) - SMIC's Q3 2025 gross margin exceeded expectations, with management indicating improvements due to resolved production fluctuations and increased capacity utilization [6][7] - The company is expected to continue expanding production in 2026, with capital expenditure forecasts raised to USD 7.4 billion for 2025 [7] Group 5: Banking Sector - In October, new RMB loans decreased by RMB 280 billion year-on-year, with total social financing down by RMB 597 billion, primarily due to lower new loans and government bonds [8] - The banking sector remains attractive for investors due to its defensive characteristics amid reduced risk appetite in the current market environment [8] Group 6: Battery Industry - The lithium battery industry saw a month-on-month increase in production in November, with a focus on improving supply-demand dynamics and profitability [9][10] - October saw a 42.1% year-on-year increase in battery installation volume, with exports maintaining a steady growth rate [10][11]