证券研究报告 | 2025年06月10日 中国金茂（00817.HK） 优于大市 主业聚焦开发，多元航道并行。1）城市及物业开发：公司发布"金玉满 堂"全新产品系，产品力突出，市场认可度高，贡献公司超 8 成收入； 2）商务租赁及零售商业运营：商务租赁板块成为了助推公司业绩增长 的动力之一，公司持有的写字楼绝多位于一二线核心城市的黄金地段， 拥有较高出租率；3）酒店经营：公司致力于在核心城市精选地段运营 地标性和精品特色高级酒店项目，拥有成熟完善的高级酒店设计、开发 和投资经营能力；4）物业服务：于 2022 年分拆上市，目前拥有总合约 建筑面积约达 1.3 亿平方米。 销售稳定，土储优质。2024 年公司实现销售金额 983 亿元，排名全行业 第 12 位，稳居行业第一梯队。公司有别于其他开发商，坚持化城市运 营模式，不论是在产品革新、资金安全等方面，都具备较强的抗周期能 力，且拥有大部分开发商都不具备的长期开发运营能力。2023 年以来， 公司在招拍挂市场拿地强度不断提高，2024 年拿地金额/销售金额为 0.33，位于主流房企前列。截至目前，公司未售货值约 2800 亿，货值 可充分支撑公司未来经营需要 ...

房地产/房地产开发 绿城中国（03900.HK） 单月销售金额实现增长，拿地强度保持高位 2025 年 06 月 10 日 投资评级：买入（维持） | 日期 | 2025/6/9 | | --- | --- | | 当前股价(港元) | 9.400 | | 一年最高最低(港元) | 13.780/0.000 | | 总市值(亿港元) | 238.72 | | 流通市值(亿港元) | 238.72 | | 总股本(亿股) | 25.40 | | 流通港股(亿股) | 25.40 | | 近 3 个月换手率(%) | 40.89 | 股价走势图 数据来源：聚源 -60% -30% 0% 30% 60% 90% 2024-06 2024-10 2025-02 绿城中国 恒生指数 相关研究报告 《减值影响净利表现，周转提速，坚 决布局核心城市—港股公司信息更新 报告》-2025.4.1 《减值影响业绩表现，拿地强度维持 高 位 — 港 股 公 司 信 息 更 新 报 告 》 -2025.2.11 《销售拿地表现亮眼，行业排名持续 攀 升 — 港 股 公 司 信 息 更 新 报 告 》 -2025.1.10 ——港股公 ...

证券研究报告 | 2025年06月10日 中国金茂（00817.HK） 优于大市 多线并进产品力优，风险出清加速拓土 背靠央企，业绩扭亏。中国金茂是中国中化控股有限责任公司旗下城市运 营领域的平台企业，中国中化持股约 38.4%，为公司最大股东。公司业 务结构多元稳定，包括城市及物业开发、商务租赁及零售商业运营、酒 店经营、物业服务等板块。2024 年公司实现业绩扭亏，主要原因是：1） 计提存货减值减少；2）开发业务毛利率回升；3）三费支出减少；4） 合联营公司贡献利润增多。 主业聚焦开发，多元航道并行。1）城市及物业开发：公司发布"金玉满 堂"全新产品系，产品力突出，市场认可度高，贡献公司超 8 成收入； 2）商务租赁及零售商业运营：商务租赁板块成为了助推公司业绩增长 的动力之一，公司持有的写字楼绝多位于一二线核心城市的黄金地段， 拥有较高出租率；3）酒店经营：公司致力于在核心城市精选地段运营 地标性和精品特色高级酒店项目，拥有成熟完善的高级酒店设计、开发 和投资经营能力；4）物业服务：于 2022 年分拆上市，目前拥有总合约 建筑面积约达 1.3 亿平方米。 销售稳定，土储优质。2024 年公司实现销售金 ...

Investment Rating - The report maintains a "Buy" investment rating for BYD Company Limited (01211) with a target price of 470 HKD [1] Core Views - The report forecasts BYD's sales at 5.25 million units for the year and an annual increase of 4% in the average selling price (ASP) of new energy vehicles [1] - The estimated profit for the year remains unchanged at 57.5 billion RMB [1] - BYD's management emphasizes that all business operations are under the listed company [1] Financial Overview - BYD's accounts payable and notes payable for 2024 are projected to total 244 billion RMB, with approximately 98% of other payables (around 143 billion RMB) related to supplier debts, totaling about 387 billion RMB [1] - The report suggests that this level of accounts payable is manageable compared to BYD's projected annual revenue of 777 billion RMB and net cash of 74 billion RMB [1] Sales Projections - Management anticipates overseas sales to exceed 900,000 units this year, with total sales expected to maintain over 20% growth [1] - BYD's long-term overseas sales target is set between 4 to 6 million units, while domestic sales targets range from 6 to 7 million units, based on an 80-90% market share in the domestic new energy vehicle sector, where BYD holds approximately 30% [1] - BYD's Chairman Wang Chuanfu stated that the goal of selling 10 million units annually will be achieved "not too long" from now [1]

高盛发布研报称，快手-W(61,-1.40,-2.24%)（01024）旗下可灵AI的年化收入运行率于3月突破1亿美元， 其后4月和5月的月度付费金额亦超过1亿元人民币，相信运行率将超越公司指引及市场预期。该行预计，可灵 AI的2025财年的收入将超过1.2亿美元，其后仍将快速增长。该行予快手"买入"评级，目标价63港元。 快手-W(01024):可灵AI次季收入趋势胜预期,评级"买入" 美国高盛 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown steady sales performance with a high land acquisition intensity, maintaining a robust land reserve structure. The profit forecast remains unchanged, with expected net profits for 2025-2027 at 3.33 billion, 4.54 billion, and 5.43 billion CNY, respectively. The corresponding EPS is projected to be 1.31, 1.79, and 2.14 CNY, with the current stock price reflecting a PE ratio of 6.6, 4.8, and 4.0 times [5] Sales Performance - In May 2025, the company launched 13 self-invested projects with a total saleable area of approximately 290,000 square meters, achieving a sales area of 420,000 square meters, a year-on-year decrease of 14.3%. The sales amount reached 18.6 billion CNY, a year-on-year increase of 14.8% [6] - From January to May 2025, the cumulative sales area for self-invested projects was 1.8 million square meters, down 15.1% year-on-year, with a total sales amount of 65.4 billion CNY, a decrease of 3.8% year-on-year. The equity sales amount was 44.4 billion CNY, with a sales equity ratio of 68% [6] Land Acquisition - In May 2025, the company acquired 4 new land parcels in Hangzhou, Xi'an, Foshan, and Zhoushan, adding a total construction area of 450,000 square meters with an equity acquisition cost of approximately 3.9 billion CNY. From January to May 2025, the company acquired 30 parcels, adding 3 million square meters of construction area with an equity acquisition cost of 37.3 billion CNY, maintaining a high land acquisition intensity of 84% [7] Financing - The company successfully issued three tranches of medium-term notes totaling 3 billion CNY from January to May 2025, with interest rates ranging from 4.2% to 4.37%, maintaining low financing costs. Additionally, a three-year 500 million USD senior note was issued in February, marking the largest real estate dollar bond in Asia since 2022, with a subscription multiple of 4.3 times, indicating high market recognition [8] Financial Summary and Valuation Metrics - The company's projected revenue for 2025 is 161.76 billion CNY, with a year-on-year growth of 2.0%. The net profit for 2025 is expected to be 3.33 billion CNY, reflecting a significant year-on-year increase of 108.3%. The gross margin is projected at 13.2%, and the net margin at 4.2% [10]

事件简评 公司于 6 月 9 日公布控股股东股份增持计划，公司控股股东公司 Juzi Holding 自公告之日起 3-6 个月内增持公司股份金额不低于 2 亿元港币，反映出控股股东对公司前景的坚定信心。 经营分析 Juzi Holding 现持有公司股份约 54.26%。若增持计划实施，按照 现价 61.2 港元股价估算，Juzi Holding 预计增持 326.8 万股，约 占总股本 0.3%，公司预计仍将维持足够公众持股量。公司董事会 认为，Juzi Holding 的增持计划反映控股股东对公司做出的长期 承诺以及对公司前景的坚定信心。 展望未来，公司将继续坚持树品牌、拓渠道、强报批的重点方向， 推进各项工作和公司综合实力的提升。1）产品端公司预计加大研 发投入，积累技术储备，做好三类医疗器械产品的临床申报审批工 作。将打磨更多好的产品和系列，洞察并满足更多的细分需求，丰 富旗下品牌的内涵。2）公司将加大在主力品牌的营销推广力度， 实现更大范围的破圈，并培育孵化新品牌，为护肤品业务迈上下一 个台阶打基础、做储备。①可复美：医用敷料大单品市占率领先， 胶原棒持续破圈、复购与用户结构健康、新客占比仍较高， ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2025 06 10 年 月 日 资料来源：Wind，国盛证券研究所 注：股价为 2025 年 06 月 06 日收盘价 | 买入（首次） | | | --- | --- | | 股票信息 | | | 行业 | 汽车零部件 | | 06 月 06 日收盘价（港元） | 12.36 | | 总市值（百万港元） | 38,472.32 | | 总股本（百万股） | 3,112.65 | | 其中自由流通股（%） | 100.00 | | 30 日日均成交量（百万股） | 9.65 | 雅迪控股（01585.HK） 政策驱动景气度上行，龙头盈利修复可期 以旧换新叠加新国标落地，行业需求有望重回快速增长区间。预计行业 2025/2026 年销量 5600/6175 万辆，同比+12%/+10%，未来行业稳态需 求接近 6500 万辆。主要受益于：1）以旧换新政策补贴力度大，截至 2025 年 4 月 8 日全国电动自行车售旧、换新各 334.1 万辆，平均单车补贴金额 688 元，据中国自行车协会监测，行业一季度产量同比+25%，刺激效果 显著，后续换购需求有 ...

行情走势图 证券分析师 房地产 2025 年 06 月 10 日 贝壳-W(2423.HK) 经纪为核根基深厚，三翼齐飞行以致远 推荐（首次） 股价：49.55 港元 主要数据 | 行业 | 房地产 | | --- | --- | | 公司网址 | inv estors.ke.com | | 大股东/持股 | Propitious Global/23.4% | | 实际控制人 | 创始人团队 | | 总股本(百万股) | 3602.16 | | 流通 A 股(百万股) | 0 | | 流通 B/H 股(百万股) | 3458.90 | | 总市值（亿港元） | 1784.87 | | 流通 A 股市值(亿元) | 0 | | 每股净资产(元) | 19.01 | | 资产负债率(%) | 47.21 | | 杨侃 | 投资咨询资格编号 | | --- | --- | | | S1060514080002 | | | BQV514 | | | YANGKAN034@pingan.com.cn | | 郑茜文 | 投资咨询资格编号 | | | S1060520090003 | | | ZHENGXIWEN239@ ...

Investment Rating - The report assigns a rating to Tencent Holdings (700.HK) [2] Core Insights - Tencent is enhancing its e-commerce capabilities through the introduction of a group buying feature in WeChat Mini Stores, shifting from a transaction-oriented to a social-oriented model [3] - The launch of the "VISVISE" AI game creation solution marks Tencent's commitment to integrating AI across the entire game development process, aiming to improve efficiency and creativity in the gaming industry [4] - Tencent's AI application, Yuanbao, is focusing on integration with core Tencent apps rather than aggressive user acquisition, reflecting a strategic shift in resource allocation [5] - The upcoming mobile game "Valorant: Source Action" has already surpassed 20 million pre-registrations, indicating strong market interest and potential revenue growth for Tencent [6] E-commerce Developments - WeChat Mini Stores are testing a group buying feature that allows users to share links with friends, enhancing social trust in product quality and reducing decision-making costs [3] AI Innovations - Tencent's "VISVISE" solution includes tools for model generation and character animation, aiming to streamline the game development process [4] - The download volume for AI apps in mainland China has decreased, with Yuanbao's market share declining, prompting a shift towards better integration with existing Tencent applications [5] Gaming Sector Updates - The mobile adaptation of "Valorant" is expected to generate annual revenue of at least 6 billion to 7 billion yuan, showcasing Tencent's strong position in the gaming market [6]