Investment Rating - The report maintains a "Buy" rating for Lenovo Group (00992.HK) [1] Core Insights - Lenovo Group's FY2026H1 performance shows revenue growth driven by AI, with total revenue reaching $39.282 billion, a year-on-year increase of 18.0%, and net profit attributable to shareholders at $850 million, up 40.5% year-on-year [8] - The company benefits from strong performance across its three main business segments, with AI driving revenue and profit growth, enhancing overall competitiveness [8] Financial Performance Summary - **Revenue Forecasts**: - FY2024A: $56.864 billion - FY2025A: $69.077 billion - FY2026E: $76.417 billion - FY2027E: $83.943 billion - FY2028E: $90.407 billion - Year-on-year growth rates: FY2025A +21.48%, FY2026E +10.63%, FY2027E +9.85%, FY2028E +7.70% [1][9] - **Net Profit Forecasts**: - FY2024A: $1.011 billion - FY2025A: $1.384 billion - FY2026E: $1.868 billion - FY2027E: $2.089 billion - FY2028E: $2.332 billion - Year-on-year growth rates: FY2025A +37.01%, FY2026E +34.93%, FY2027E +11.84%, FY2028E +11.64% [1][9] - **Earnings Per Share (EPS)**: - FY2024A: $0.08 - FY2025A: $0.11 - FY2026E: $0.15 - FY2027E: $0.17 - FY2028E: $0.19 [1] - **Price-to-Earnings (P/E) Ratios**: - FY2026E: 9.04 - FY2027E: 8.08 - FY2028E: 7.24 [1] Business Segment Performance - **IDG (Intelligent Devices Group)**: - Revenue of $28.57 billion in FY2026H1, up 14.6% year-on-year, with a strong operating profit margin of 7.2% [8] - **ISG (Infrastructure Solutions Group)**: - Revenue of $8.38 billion in FY2026H1, up 29.6% year-on-year, driven by demand for AI infrastructure [8] - **SSG (Solutions and Services Group)**: - Revenue reached $4.81 billion in FY2026H1, up 18.9% year-on-year, with a high operating profit margin of 22% [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported FY2026H1 results (from April 2025 to September 2025) with main revenue and net profit attributable to shareholders at HKD 80.45 billion and HKD 11.46 billion, respectively, showing a year-on-year change of -3% and +1% [2][6]. - Domestic sales continued to decline but at a reduced rate, while export sales remained stable. Domestic furniture sales decreased by 6%, with offline sales increasing by 14% and online sales decreasing by 12%. In terms of product categories, sofa and related products and mattresses and related products saw declines of 6% and 7%, respectively [7]. - Export revenue grew by 1% year-on-year, with North America, Europe, and other markets/Home Group showing increases of 0.3%, 4%, and 2%, respectively [7]. Summary by Sections Revenue - Domestic sales continued to decline, but the rate of decline has narrowed. The company is adjusting its strategies to improve performance in the domestic market [7]. - Export sales showed a slight increase, with specific declines in sofa sales in North America and Europe, while other product categories contributed positively [7]. Profitability - The company experienced improvements in gross margin and operating profit margin during FY2026H1, with gross margin and net profit margin increasing by 0.9 and 0.5 percentage points year-on-year [7]. - The decrease in raw material costs contributed to the improvement in margins, with an overall reduction of 6% in raw material costs [7]. Future Outlook - The company plans to adjust its domestic sales strategies, including restructuring dealer and store layouts and enhancing online sales channels [7]. - For export sales, the company is well-positioned to manage potential impacts from U.S. tariff policies due to its early and efficient overseas production layout [7]. - The company maintains a high dividend payout ratio of 50.8%, with an expected dividend yield of 6.2% if this ratio is maintained for the full year [7].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - On November 20, 2025, the company launched its first super-range model, the Xiaopeng X9, which features the longest range globally for a seven-seater vehicle, with a pure electric range of 452 km and a comprehensive range of 1602 km [2][4]. - The pricing for the two versions, 1602 Max and 1602 Ultra, is set at 309,800 and 329,800 yuan respectively, with promotional offers for early depositors [2][4]. - The company anticipates a significant increase in sales due to a strong new vehicle cycle, enhanced marketing strategies, and channel transformations, projecting delivery volumes of 125,000 to 132,000 units in Q4 2025, representing a year-on-year growth of 36.6% to 44.3% [2][10]. - Financial improvements are expected from scale enhancements, cost reductions from platform and technology, and the expansion of software profitability models alongside continued growth in international markets [2][10]. Summary by Sections Event Description - The Xiaopeng X9 super-range model was officially launched on November 20, 2025, with two versions available at prices of 309,800 and 329,800 yuan [4][10]. Event Commentary - The Xiaopeng X9 is positioned as a large MPV with advanced features, including a 1.5T range extender engine and an 800V high-voltage architecture, which supports rapid charging and offers extensive smart driving capabilities [10]. - The company is expected to benefit from a strong new vehicle cycle, with multiple new models anticipated to enhance sales momentum [10]. Financial Outlook - Revenue projections for 2025 are estimated between 21.5 billion and 23 billion yuan, reflecting a year-on-year increase of 33.5% to 42.8% [10]. - The company is expected to achieve revenues of 77.3 billion and 130.2 billion yuan in 2025 and 2026, respectively, with corresponding price-to-sales ratios of 1.8X and 1.0X [10].

Investment Rating - The investment rating for Baidu Group is "Outperform the Market" [7] Core Insights - Baidu Group reported a total revenue of 31.2 billion yuan in Q3 2025, a year-on-year decrease of 7%. The adjusted net profit attributable to shareholders was 3.8 billion yuan, down 36% year-on-year, with a net profit margin of 12% [1][10] - The company faced a significant impairment loss of approximately 16 billion yuan due to the rapid enhancement of high-performance computing capabilities, which is expected to mark a low point for profit margins, with future improvements anticipated [1][10] - Advertising revenue continued to be under pressure, declining 18% year-on-year to 15.3 billion yuan, accounting for 62% of Baidu's core revenue. The company is accelerating its transition to AI search, with 70% of search result pages now containing AI-generated content [2][16] - AI new business revenue reached 10 billion yuan, with subscription revenue from AI high-performance computing facilities growing by 128% year-on-year. The AI business is divided into three segments: intelligent cloud infrastructure, AI applications, and AI-native marketing services [3][25] Financial Performance and Forecast - For the fiscal years 2025 to 2027, the adjusted net profit is projected to be 19.6 billion yuan, 21.6 billion yuan, and 24.6 billion yuan, respectively, with downward adjustments of 7%, 11%, and 12% [29] - The company expects to see a gradual improvement in profit margins as resource utilization increases [3][25] - The financial forecast indicates a slight decline in revenue for 2025, with an estimated total revenue of 130.4 billion yuan, followed by a recovery in subsequent years [5][33]

证券研究报告·海外公司点评·软件服务(HS) 快手-W（01024.HK） 2025Q3 业绩点评：业绩超预期，期待 AI 提 高平台变现效率 买入（维持） | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 113,470 | 126,898 | 142,122 | 155,045 | 167,072 | | 同比（%） | 20.48 | 11.83 | 12.00 | 9.09 | 7.76 | | 归母净利润（百万元） | 6,396 | 15,335 | 18,052 | 20,015 | 22,099 | | 同比（%） | 146.72 | 139.76 | 17.72 | 10.87 | 10.41 | | Non-IFRS 净利润（百万元） | 10,271 | 17,716 | 20,552 | 22,935 | 25,246 | | 同比（%） | - | 72.49 | 16.01 | 11.60 | 10 ...

证券研究报告 公司研究 [Table_ReportType] 点评报告 [Table_StockAndRank] 中通快递-W(2057.HK) 投资评级 买入 秦梦鸽 交运行业分析师 执业编号：S1500524110002 邮 箱：qinmengge@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 中通快递 2025 年三季报点评：Q3 件量同比 +9.8%， "反内卷"带动盈利修复 [Table_ReportDate] 2025 年 11 月 23 日 上次评级 买入 [[Table_Author] 匡培钦 Table_BaseData] 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com 事件：公司发布 2025 年三季度业绩公告，前三季度实现营业收入 345.88 亿元，同比+10.3%，调整后净利润 68.18 亿元，同比-8.1%；其中 Q3 实现 营业收入 118.65 亿元，同比+11. ...

证券研究报告·海外公司点评·旅游及消闲设施(HS) 携程集团-S（09961.HK） 海外市场持续拓展，看好国际业务份额提升 及利润空间 买入（维持） | Table_EPS] [盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 44,510 | 53,294 | 61,878 | 69,635 | 76,171 | | 同比（%） | 122.12 | 19.73 | 16.11 | 12.54 | 9.39 | | 归母净利润（百万元） | 9,918 | 17,067 | 32,267 | 19,109 | 21,221 | | 同比（%） | 606.91 | 72.08 | 89.06 | (40.78) | 11.05 | | Non-GAAP 净利润（百万元） | 13,071 | 18,041 | 32,263 | 20,009 | 22,023 | | 同比（%） | 910.12 | 38.02 | 78.83 | (37.98) | ...

2025 年 11 月 23 日 公司研究 AI 医疗创新领域取得多项进展，医疗大模型构建"数据-算法-场景"飞轮闭环 ——医渡科技（2158.HK）跟踪点评报告 要点 事件：近期公司在 AI 医疗创新领域取得多项进展，包括深度参与北京市医疗 领域国家人工智能应用中试基地、中标 III 期临床研究项目、新增河北和广州 两地"惠民保"业务。 深度参与中试基地建设，以核心技术共筑 AI 医疗创新高地。9 月 12 日， 公司作为北京市医疗领域国家人工智能应用中试基地的核心生态伙伴，深度参 与平台建设与场景创新，推动多项标杆项目落地：开发区域级受试者招募 AI 智能体，全面提升受试者招募效率与精准度，解决临床研究受试者招募难、招 募慢的核心痛点，已在 6 个项目中落地验证；开发北京市 AI 应用插件程序， 以统一入口方式整合集成多 AI 应用，大幅减轻医疗机构用户操作和系统集成 负担。2025 年 8 月，国务院发布《关于深入实施"人工智能+"行动的意见》， 文件指出，要优化应用发展环境，布局建设一批国家人工智能应用中试基地。 而后，上海、北京、广州、浙江相继宣布启动医疗领域国家人工智能应用中试 基地，我们认为公司 ...

Investment Rating - The report maintains a "Buy" rating for JD Group [3][5]. Core Views - JD Group reported a revenue of 299.1 billion yuan for Q3 2025, representing a year-on-year growth of 14.9%. The revenue breakdown includes JD Retail at 250.6 billion yuan, JD Logistics at 55.1 billion yuan, and new businesses at 15.6 billion yuan, with respective growth rates of 11.4%, 24.1%, and 213.7% [1]. - The company recorded a consolidated operating loss of 1.1 billion yuan for the quarter, with JD Retail and JD Logistics achieving operating profit margins of 5.9% and 2.3%, while new businesses had a negative margin of 100.9% [1]. - Non-GAAP net profit attributable to shareholders was 5.8 billion yuan, a decline of 56% year-on-year, with a non-GAAP net profit margin of approximately 1.9% [1]. Revenue Growth and User Engagement - As of October, JD's annual active users exceeded 700 million, with a 40% year-on-year increase in user numbers and purchase frequency [2]. - The revenue growth for JD's consumer goods and daily necessities categories was 4.9% and 18.8%, respectively, with the daily necessities category growing approximately four times faster than the industry average [2]. - The platform and advertising service revenue growth accelerated, achieving a year-on-year increase of 23.7% [2]. Delivery Business Performance - JD's delivery business continues to improve, with a significant reduction in operating losses due to increased order volume and a higher proportion of high-ticket orders [2][3]. - The number of quality restaurants on the delivery platform has surpassed 2 million, with top 300 restaurant brands seeing a 13-fold increase in daily order volume since launch [3]. - The "Seven Fresh Kitchen" initiative has gained consumer recognition, contributing to a 12% increase in order volume for nearby quality restaurants [3]. Financial Projections - The report forecasts revenues of 1,328.7 billion yuan, 1,415.5 billion yuan, and 1,512.9 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 14.7%, 6.5%, and 6.9% [3][4]. - Non-GAAP net profit projections for the same years are 28 billion yuan, 39.5 billion yuan, and 51.4 billion yuan, with year-on-year changes of -41.5%, 40.9%, and 30.3% [3][4]. - The report estimates a reasonable market capitalization of 335.3 billion yuan for JD, corresponding to target prices of 32 USD and 124 HKD [3].

Investment Rating - The investment rating for Baidu Group is "Outperform the Market" [7] Core Insights - Baidu Group reported a total revenue of 31.2 billion yuan in Q3 2025, a year-on-year decrease of 7%. The adjusted net profit attributable to shareholders was 3.8 billion yuan, down 36% year-on-year, with a net profit margin of 12% [1][10] - The company experienced a significant impairment loss of approximately 16 billion yuan due to the rapid enhancement of high-performance computing capabilities, which is expected to mark a low point for profit margins, with future improvements anticipated [1][10] - Advertising revenue faced pressure, declining 18% year-on-year to 15.3 billion yuan, accounting for 62% of Baidu's core revenue. The company is accelerating its transition to AI search, with 70% of search result pages now containing AI-generated content [2][16] Revenue Breakdown - Baidu's AI new business revenue reached 10 billion yuan, with AI high-performance computing facility subscription revenue increasing by 128% year-on-year. The AI business is divided into three segments: 1. Intelligent Cloud Infrastructure: Revenue of 4.2 billion yuan, up 33% year-on-year 2. AI Applications: Revenue of 2.6 billion yuan, up 6% year-on-year 3. AI Native Marketing Services: Revenue of 2.8 billion yuan, a strong growth of 262% year-on-year, representing 18% of Baidu's core online marketing revenue [3][25] - The company expects adjusted net profits for 2025-2027 to be 19.6 billion, 21.6 billion, and 24.6 billion yuan, respectively, with a downward adjustment of 7%, 11%, and 12% [29] Financial Forecasts - The financial forecasts for Baidu Group indicate a slight decline in revenue for 2025, with total revenue projected at 130.4 billion yuan, a decrease of 2% year-on-year. Adjusted net profit is expected to drop to 19.6 billion yuan, a decrease of 27.4% [5][33] - Key financial metrics include an adjusted EPS of 7.13 yuan for 2025 and a projected P/E ratio of 14.9 [5][33]