Investment Rating - The report maintains a "Buy" rating for H&H International Holdings (01112.HK) [4][7] Core Views - The company is experiencing a performance turnaround with continuous operational improvement, highlighted by a low double-digit revenue growth in 2025 and a strong double-digit growth in infant nutrition and care products [1][4] - Adjusted comparable EBITDA is expected to grow by 2% to 6% year-on-year, with an adjusted net profit growth forecast of 15% to 25% [1][4] Summary by Relevant Sections ANC (Adult Nutrition Category) - The company has increased its market share in mainland China, achieving low double-digit growth in 2025, while other expanding markets saw strong double-digit growth [2] - Innovative product categories such as heart health and anti-aging are experiencing robust growth, with Swisse Plus and Little Swisse continuing to expand [2] - The e-commerce market for health products in China is projected to grow by approximately 10% year-on-year, with Swisse outperforming the industry growth rate [2] BNC (Baby Nutrition Category) - The infant nutrition and care segment achieved strong double-digit growth, particularly in infant formula, which significantly outpaced the industry growth rate in mainland China [3] - The company’s strategy of expanding customer acquisition through dedicated infant stores and social media platforms has shown significant results [3] - The infant probiotic and nutritional supplements segment saw low single-digit growth, driven by new product launches and accelerated growth in dedicated stores and online channels [3] PNC (Pet Nutrition Category) - The pet nutrition and care segment achieved high single-digit growth in 2025, with expectations for accelerated growth following product structure optimization and channel adjustments [3] Financial Projections - The company is projected to achieve net profits of 422 million, 584 million, and 714 million RMB for the years 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 886.3%, 38.2%, and 22.3% [4][6] - The expected adjusted net profit for 2025 is between 620 million and 680 million RMB, corresponding to a price-to-earnings ratio (PE) of 12-13x [4]

[Table_Title] 研究报告 Research Report 4 Mar 2026 [Table_summary] (Please see APPENDIX 1 for English summary) 时代天使 Angelalign (6699 HK) 时代天使发布正面盈利预告，利润超市场预期 Angelalign Issued a Positive Profit Alert, With Earnings Beating Market Expectations 孟科含 Kehan Meng 孙旭东 Xudong Sun kh.meng@htisec.com xd.sun@htisec.com [Table_yemei1] 热点速评 Flash Analysis 事件 2026 年 3 月 3 日，公司公告，预计 2025 年实现净利润 2400-3000 万美元，较上年的约 1000 万美元增长 140-200%。 点评 公司认为，该净利润表现得益于： 我们认为，公司该业绩表现：1）进一步验证公司的全球运营能力；2）海外减亏和规模效应释放的潜力。我们看好 公司从中国隐形正畸龙头成为国际市场重要参与者 ...

证 券 研 究 报 告 珍酒李渡（06979.HK）2025 年业绩预告点评 强推（维持） 报表大幅纾压，大珍蓄势待发 目标价：12 港元 事项： 公司发布 25 全年业绩预告，预计全年实现营收 35.5 至 37.0 亿元，同降 47.7% 至 49.8%；预计实现归母净利润 5.2 至 5.8 亿元，同降 56.1%至 60.6%；预计实 现经调整净利润 5.2 亿至 5.8 亿元，同降 65.5%至 69.0%。单 H2 看，预计实现 营收 10.5 至 12.0 亿元，同降 59.0%至 64.1%；预计实现归母净利润-0.5 至 0.1 亿元，24 年同期为 5.7 亿元；预计实现经调整净利润-0.3 亿至-0.9 亿元，24 年 同期为 6.6 亿元。 评论： [主要财务指标 Indicator_FinchinaSimpleHKNon] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 7,067 | 3,562 | 3,752 | 4,324 | | 同比增速(%) | 0.5% ...

重要数据 | 日期 | 2026-3-3 | | --- | --- | | 收盘价(港元) | 3.11 | | 总股本(亿股) | 91.47 | | 总市值(亿港元) | 284 | | 净资产(亿元) | 349 | | 总资产 (亿元) | 569 | | 52 周高低 (港元) | 4.10/2.19 | | 每股净资产(元) | 3.26 | 数据来源 :Wind 、国元证券经纪 ( 香港 ) 整理 主要股东 信义玻璃控股有限公司 (23.82%) 李贤义及关连人士 (9.99%) 相关报告 信义光能（0968.HK） 2026-03-04 星期三 | 目标价： | 3.60 | 港元 | | --- | --- | --- | | 现价： | 3.11 | 港元 | | 预计升幅： | 16% | | 首次报告-20200618 更新报告- 20200804/20201221/20210308 更新报告-20210817/1222 更新报告-20220310/0805/1130 更新报告-20230516/20240311/0806 更新报告-20250107/0612/0804 研究部 姓名 ...

Investment Rating - The report maintains a positive outlook on Chow Tai Fook Enterprises (CTFS), indicating potential for valuation re-rating following its inclusion in the Hong Kong Stock Connect on March 9, 2026 [5]. Core Insights - The report highlights the resilience of CTFS's integrated business model, with growth in its life insurance segment offsetting weaknesses in other areas. The mid-term dividend increase exceeded expectations, supported by strong free cash flow [5]. - The stock is expected to attract yield-seeking investors due to its stable dividend growth, which remains higher than the average dividend yield of comparable companies in the Hong Kong market [5]. Company Overview - Chow Tai Fook Enterprises is a flagship infrastructure and services company under New World Development, with core assets including toll roads in Hong Kong and mainland China, logistics centers, and life insurance operations [8]. Revenue Breakdown - Revenue by Product: - Construction: 65.3% - Insurance: 13.1% - Toll Roads: 10.6% - Facility Management: 10.4% [9] - Revenue by Region: - Asia: 100% - Americas: 0.0% - Europe: 0.0% - Middle East and Africa: 0.0% [9] Stock Information - Stock Price (as of March 3, 2026): HKD 8.8 - Market Capitalization: USD 5.11 billion - Average Daily Trading Volume (3 months): USD 2.52 million - Consensus Target Price: HKD 9.37 [12].

Cultivating the photovoltaic and wind power generation & lay the foundation for development Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 4 Mar 2026 环球富盛理财有限公司 山高新能源 Shandong Hi-Speed New Energy Group (1250.HK) 深耕光伏风力发电业务，在建项目为公司发展奠定基础 最新动态 动向解读 ➢ 在建项目为公司发展奠定基础。1）2025 年 10 月 17 日，集团投资建设的菏泽郓城 17.5 万千瓦分散式风电项目 在郓城县正式开工，标志着项目正式进入场平实施阶段，为推动区域绿色能源发展迈出坚实一步。本项目由郓 城陈坡、杨庄集、张营、黄泥岗、侯咽集、何仓 6 座分散式风电项目组成，计划安装 28 台风力发电机组，建成 后预计年发电量约 4.4亿度，每年可节约标准煤约 13.2万吨，减排二氧化碳约 31.5万吨、二氧化硫约 2549吨、 氮氧化物约 1448 吨 ...

港股公司点评 | 携程集团-S 日期：2026 年 03 月 04 日 国际业务增长稳健，入境游表现亮眼 携程集团-S（09961.HK）2025 四季度业绩点评 ⚫ 核心观点 事件：2 月 26 日，携程集团发布 2025 年四季度及全年未经审计的财务业绩， 2025 年旅游市场韧性强劲，携程主营业务营收稳健增长，2025Q4 公司营收 154 亿元（同比+21%），净利润 43 亿元；2025 全年公司营收 624 亿元（同比+17%）， 净利润 334 亿元，同比显著增加主因 199 亿元投资利得贡献较多。 携程 2025Q4 及全年业绩表现亮眼。分业务来看，住宿预订业务 2025Q4 营收 63 亿元，同比+21%；全年营收 261 亿元，同比+21%，主要得益于出境游和国际酒 店预订需求。交通票务业务 2025Q4 营收 54 亿元，同比+12%，国际机票预订增 长强劲；全年营收 225 亿元，同比+11%。旅游度假 2025Q4 营收 11 亿元，同比 +21%，主要受国际业务扩张驱动；全年营收 47亿元，同比+8%。商旅管理业 2025Q4 营收 8.08 亿元，同比+15%，主要由企业采用管理 ...

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 4 Mar 2026 环球富盛理财有限公司 山高新能源 Shandong Hi-Speed New Energy Group (1250.HK) 深耕光伏风力发电业务，在建项目为公司发展奠定基础 Cultivating the photovoltaic and wind power generation & lay the foundation for development 最新动态 动向解读 ➢ 在建项目为公司发展奠定基础。1）2025 年 10 月 17 日，集团投资建设的菏泽郓城 17.5 万千瓦分散式风电项目 在郓城县正式开工，标志着项目正式进入场平实施阶段，为推动区域绿色能源发展迈出坚实一步。本项目由郓 城陈坡、杨庄集、张营、黄泥岗、侯咽集、何仓 6 座分散式风电项目组成，计划安装 28 台风力发电机组，建成 后预计年发电量约 4.4亿度，每年可节约标准煤约 13.2万吨，减排二氧化碳约 31.5万吨、二氧化硫约 2549吨、 氮氧化物约 1448 吨 ...

Investment Rating - The report maintains a "Buy" rating for Yancoal Australia (3668 HK) with an updated target price of HKD 39.00, reflecting a potential upside of 10.2% based on the current price of HKD 35.40 [4][6][17]. Core Views - The company's FY25 net profit attributable to shareholders decreased by 63.8% to AUD 44 million, primarily due to increased operating expenses and depreciation/amortization [1]. - Despite the profit decline, the average cash operating cost per ton of coal fell by 1.1% to AUD 92, nearing the lower end of the company's guidance [1]. - The average selling price of coal dropped by 17.0% to AUD 146 per ton, with thermal coal prices down 15.0% and metallurgical coal prices down 26.4% [1]. - The report anticipates a recovery in coal prices and sales volume in the long term, driven by increased energy demand from the AI industry [2]. Financial Summary - For FY25, total revenue decreased by 13.3% to AUD 594.9 million, slightly above the forecast of AUD 584 million [1]. - The company expects FY26 coal production to be between 36.5 million and 40.5 million tons, with cash operating costs projected at AUD 90-98 per ton [3]. - The forecast for FY26 and FY27 net profit attributable to shareholders is expected to rise by 28.1% and 9.4%, respectively [4]. - The report outlines a financial outlook with total revenue projected to increase to AUD 619.8 million in FY26 and AUD 636.0 million in FY27 [5]. Market and Operational Insights - The report highlights that Yancoal's coal sales volume increased by 1.1% to 38.1 million tons in FY25, with thermal coal sales slightly declining and metallurgical coal sales rising by 17.3% [1]. - The company’s capital expenditure for FY26 is projected to be between AUD 750 million and AUD 900 million, consistent with previous spending levels [3]. - The report indicates that the development of the AI industry is expected to bolster long-term coal prices and sales volumes, with conservative estimates suggesting a 2.4% and 1.8% increase in average coal prices for FY26 and FY27, respectively [2].

证券研究报告 非银金融 | 多元金融 港股|公司点评报告 hyzqdatemark 2026 年 03 月 04 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 市场表现： | 基本数据 | 2026 年 | | 03 月 | 04 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 404.80 | | | 一年内最高/最低（港 | | 466.00/283.20 | | | | | 元） | | | | | | | 总市值（百万港元） | | | 513,220.38 | | | | 流通市值（百万港元） | | | 513,220.38 | | | | 资产负债率（%） | | | | 89.89 | | | 资料来源：聚源数据 | | | | | | 香港交易所(00388.HK) 投资评级： 买入（维持） ——全年经营数据符合预期，战略措施积极 2、 香港交易所继续推 ...