市公司 E 25 CE 27 2025 年 11 月 17 日 (09969) -上调 2025 年销售指引,自免管线加速推进 报告原因:有业绩公布需要点评 (维持) | 市场数据: | 2025 年 11 月 14 日 | | --- | --- | | 收盘价（港币) | 15.17 | | 恒生中国企业指数 | 9397.96 | | 52 周最高/最低 (港币) | 20.62/5.02 | | H 股市值（亿港币） | 267.70 | | 流通 H 股（百万股） | 1,493.80 | | 汇率（港币/人民币） | 0.9120 | 一年内股价与基准指数对比走势: 275% 175% 资料来源：Bloomberg 相关研究 《InnoCare Pharma Limited(09969):Key products to drive the sales growth 》 2025/05/15 胡梦婷 A0230524060004 humt@swsresearch.com 联系人 胡梦婷 A0230524060004 humt@swsresearch.com 申万宏源研究微信服务号 投资要点: 诺诚健 ...

Investment Rating - The investment rating for Tencent Holdings is "Buy" and is maintained [7]. Core Views - Tencent's Q3 2025 revenue reached 192.9 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Operating profit was 63.6 billion yuan, up 19% year-on-year. Non-IFRS net profit attributable to shareholders was 70.6 billion yuan, an 18% increase year-on-year. Both revenue and adjusted net profit exceeded market expectations [2][4]. Revenue Breakdown - The revenue growth was driven by: 1. Strong performance from both new and existing games, with overseas game revenue and growth rates hitting record highs. Domestic game revenue grew 15% to 42.8 billion yuan, while overseas game revenue increased by 43% to 20.8 billion yuan, marking a record-breaking quarter [7]. 2. AI technology enhancements and strong internal demand led to accelerated growth in advertising revenue, which rose 21% year-on-year to 36.2 billion yuan [7]. 3. Recovery in commercial payments and AI-driven growth in cloud service revenue contributed to a 10% year-on-year increase in financial technology and enterprise service revenue, totaling 58.2 billion yuan [7]. R&D and Profitability - Tencent's R&D investment reached a record high, with Q3 R&D spending at 22.8 billion yuan, an increase of 28% year-on-year. The gross margin for Q3 was 56.4%, reflecting a year-on-year increase of 3.3 percentage points [7]. Capital Expenditure - Capital expenditure in Q3 decreased by 24% year-on-year to 13 billion yuan, accounting for approximately 10.7% of revenue for the first three quarters [7].

2025 年 11 月 17 日 诺诚健华 (09969) ——上调 2025 年销售指引，自免管线加速推进 报告原因：有业绩公布需要点评 上 市 公 司 医药生物 周文远 A0230518110003 zhouwy@swsresearch.com 研究支持 买入（维持） | 市场数据： | 2025 年 11 月 14 日 | | --- | --- | | 收盘价（港币） | 15.17 | | 恒生中国企业指数 | 9397.96 | | 52 周最高/最低（港币） | 20.62/5.02 | | H 股市值（亿港币） | 267.70 | | 流通 H 股（百万股） | 1,493.80 | | 汇率（港币/人民币） | 0.9120 | 一年内股价与基准指数对比走势： -25% 75% 175% 275% HSCEI 诺诚健华 资料来源：Bloomberg 相关研究 《InnoCare Pharma Limited(09969):Key products to drive the sales growth》 2025/05/15 证券分析师 胡梦婷 A0230524060004 humt@swsr ...

Investment Rating - The report maintains a "Buy" rating for Tencent Music-SW (01698) [1] Core Insights - The increase in ARPPU has driven subscription revenue growth, while non-subscription business has achieved breakthroughs [2][6] - For Q3 2025, the company reported revenue of 8.46 billion yuan, a year-over-year increase of 20.6%, and a net profit attributable to shareholders of 2.15 billion yuan, up 36% year-over-year [6][11] Financial Performance - Q3 2025 revenue of 8.46 billion yuan, with a year-over-year growth of 20.6% and a quarter-over-quarter growth of 0.2% [6] - Net profit attributable to shareholders reached 2.15 billion yuan, reflecting a year-over-year increase of 36% [6] - Non-GAAP net profit was 2.48 billion yuan, up 28% year-over-year [6] - Operating costs increased by 18.8% year-over-year, primarily due to rising costs in offline performances, IP-related expenses, and advertising agency fees [6] - Gross margin stood at 43.5%, with a year-over-year increase of 0.9 percentage points [6] Business Segmentation - Online music service revenue for Q3 2025 was 6.97 billion yuan, a year-over-year increase of 27.2% [7] - Subscription revenue within online music reached 4.5 billion yuan, up 17.2% year-over-year [7] - Non-subscription revenue surged to 2.47 billion yuan, a year-over-year increase of 50.6% [7] User Metrics - The number of paid users reached 126 million, a year-over-year increase of 6% [7] - The ARPPU for Q3 2025 was 11.9 yuan, reflecting a year-over-year increase of 10% [7] Future Projections - Revenue forecasts for 2025-2027 are 32.98 billion yuan, 36.86 billion yuan, and 40.73 billion yuan respectively [11] - Projected net profit for the same period is 11.13 billion yuan, 9.84 billion yuan, and 11.16 billion yuan respectively [11] - The report anticipates continued growth driven by an increase in paid users and ARPPU, alongside strong performance in non-subscription business [11]

证券研究报告 港股公司|公司点评|华润万象生活（01209） 配售提升流动性，商管物管双轮稳步增 长 请务必阅读报告末页的重要声明 glzqdatemark1 2025年11月17日 证券研究报告 |报告要点 11 月 13 日，华润置地以 41.70 港元/股配售 4950 万股华润万象生活股份，占总股本 2.17%， 配售后持股比例由 72.29%降至 70.12%。本次配售有助于优化上市公司股权结构、吸引机构投 资者并提升股票流动性。华润置地预计将获得约 20.61 亿港元资金，用于土地收购、开发成 本及一般营运。2025 年 1–10 月，华润置地销售额保持行业前三，拿地积极，土储优质，有 望持续为公司带来优质项目。公司购物中心稳步扩张，低线扩张表现亮眼。我们预计公司 2025–2027 年归母净利润为 40.73/45.54/51.05 亿元，维持"买入"评级。 |分析师及联系人 请务必阅读报告末页的重要声明 1 / 5 杜昊旻 方鹏 刘汪 SAC：S0590524070006 SAC：S0590524100003 港股公司|公司点评 glzqdatemark2 2025年11月17日 华润万象生活 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time coverage due to its position as a global leader in pearlescent pigments and the potential underestimation of its performance [6][9]. Core Insights - The company has established itself as a leader in the global pearlescent pigment industry through strategic acquisitions, including the integration of Korean CQV and German Merck's surface solutions business (SUSONITY), which positions it well for future growth [8][11]. - The report highlights the high growth potential of the pearlescent pigment market, driven by increasing demand in high-end applications such as cosmetics and automotive coatings, with a projected CAGR of 13.99% from 2016 to 2023 [48][54]. - The company is expected to see significant revenue growth, with projected revenues of RMB 3.52 billion in 2025, reflecting a year-on-year growth rate of 114.85% [7][9]. Summary by Sections Company Overview - The company, originally founded as Guangxi Qise Pearlescent Effect Materials Co., Ltd. in 2011, has grown to become a global leader in pearlescent pigments, successfully listing on the Hong Kong Stock Exchange in 2021 and expanding its global footprint through acquisitions [17][24]. Financial Performance - The company has maintained a strong revenue growth trajectory, with a CAGR of 36.58% from 2017 to 2024, and an increase in gross margin from 43.99% in 2017 to 53.34% in 2024 [32][37]. - The report forecasts net profits of RMB 1.91 billion, RMB 5.29 billion, and RMB 10.05 billion for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 41, 15, and 8 [9][10]. Market Dynamics - The pearlescent pigment industry is characterized by high growth potential, low price sensitivity, and strong brand loyalty, making it a unique investment opportunity [11][45]. - The report emphasizes the importance of synthetic mica as a superior alternative to natural mica, addressing supply chain challenges and enhancing product quality [67][74]. Growth Drivers - Key growth drivers include the successful integration of acquired brands, expansion of production capacity, and the increasing demand for high-end applications in cosmetics and automotive sectors [8][11][61]. - The company plans to expand its domestic production capacity to approximately 48,700 tons, which is expected to support revenue growth and improve operational efficiency [61][79]. Competitive Landscape - The competitive landscape is dominated by major players such as Merck and BASF, with the company positioned to capture market share through its strategic acquisitions and product innovations [54][56]. - The report notes that the high-end market for pearlescent pigments is characterized by significant barriers to entry, making it difficult for new brands to penetrate [54][56].

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 17 Nov 2025 环球富盛理财有限公司 长江基建 CK Infrastructure Holdings (1038.HK) 业务表现稳健，新规管期项目回报率预期提升 Stable business performance & Expected increase in project return rate during the new regulatory period 最新动态 动向解读 ➢ 盈利预测。我们给予公司 2025-2027 年归母净利润分别为 85.97 亿元、89.38 亿元、92.69 亿元。结合可比公司估值，考虑 到公司为全球最大型基建公司给予一定估值溢价，给予公司 2026 年 17 倍 PE，对应目标价为 60.35 港币，首次覆盖给予 "收集"评级。 See the last page for disclaimer 1 [Table_header2] ➢ 25H1 集团各项业务表现稳健。1）25H1，电能实业有限公司为集团提供 10 ...

证券研究报告 环保 | 环境治理 港股|公司点评报告 hyzqdatemark 2025 年 11 月 17 日 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 蔡思 SAC：S1350524070005 caisi@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 11 | 月 14 日 | | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 4.93 | | 一年内最高/最低（港 | | | | 5.08/3.20 | | 元） | | | | | | 总市值（百万港元） | | | | 30,284.87 | | 流通市值（百万港元） | | | | 30,284.87 | | 资产负债率（%） | | | | 63.30 | | 资料来源：聚源数据 | | | | | 光大环境(00257.HK) 投资评级： 买入（维持） ——计划增发股本回 A 有望提升企业估值 资料来源 ...

Investment Rating - The report initiates a "Buy" rating for the company with a target price of HKD 17.36, corresponding to a 13x PE for 2026 [5][9]. Core Insights - The company is a leading energy metering and efficiency management expert in China, with three main business segments: Electric AMI, Communication & Fluid AMI, and ADO [1][13]. - The overseas market revenue has been growing rapidly, with a fivefold increase from RMB 3.8 billion in 2020 to RMB 24 billion in 2024, reflecting a CAGR of 58% [2][44]. - The ADO business is entering a rapid growth phase in overseas markets, with significant orders expected from data center clients [3][57]. - The company has maintained a leading position in bidding for projects from State Grid and Southern Grid, with a cumulative winning amount increasing from RMB 6.2 billion in 2020 to RMB 10.4 billion in 2024 [4][5]. Summary by Sections Company Overview - The company has established a strong presence in both domestic and international markets, with local factories in Mexico, Brazil, Tanzania, and Hungary to enhance competitiveness [2][14]. - The company focuses on energy metering and efficiency management solutions, serving various sectors including power, water, gas, and large industrial users [13][14]. Business Highlights - The overseas market is a significant growth driver, with the ADO business rapidly gaining traction in data center energy solutions [3][44]. - The company has a robust customer base, including major clients like State Grid and Southern Grid, contributing to stable revenue growth [4][35]. - The company has a strong R&D capability, which supports its competitive edge in the market [44]. Financial Performance - The company’s revenue and net profit have shown consistent growth, with a projected net profit of RMB 9.2 billion, RMB 12.1 billion, and RMB 15.3 billion for 2025, 2026, and 2027 respectively [5][10]. - The company has maintained a high dividend payout ratio, with a projected dividend yield of 4.7% for 2026 [5][10]. - The financial metrics indicate a healthy growth trajectory, with a CAGR of 23.8% in revenue from 2021 to 2024 [24][26].

Investment Rating - The report assigns an "Outperform" rating to the company, projecting net profits of RMB 5.72 billion, 6.24 billion, and 6.99 billion for 2025-2027, with a 2025 PE valuation of 38x, equating to a fair value of RMB 60.83 or HKD 66.85 per share [4][16]. Core Insights - The company is actively developing non-housing businesses to mitigate cyclical risks and is focusing on cost reduction and efficiency improvements while increasing shareholder returns to enhance investment value [1]. - In Q3 2025, the total transaction volume was RMB 736.7 billion, stable year-on-year, with net income of RMB 23.1 billion, up 2.1% year-on-year. However, net profit decreased by 36.1% year-on-year to RMB 747 million [17]. - The existing home business showed a net income of RMB 6 billion, down 3.6% year-on-year, while the new home business net income was RMB 6.6 billion, down 14.1% year-on-year [18]. - The company has implemented a significant buyback plan, with Q3 2025 buybacks reaching USD 281 million, marking a two-year high [19]. Financial Summary - Total revenue for 2023 is projected at RMB 77.78 billion, with a growth rate of 28.2%. The net profit for 2023 is expected to be RMB 5.88 billion, reflecting a substantial increase of 524.5% [3]. - The company’s gross profit margin is expected to decline slightly from 24.55% in 2024 to 22.23% in 2027, indicating a trend of increasing costs relative to revenue [10]. - The company’s total assets are projected to grow from RMB 133.15 billion in 2024 to RMB 156.70 billion in 2027, while total liabilities are expected to increase from RMB 61.70 billion to RMB 84.51 billion over the same period [5]. Business Performance - The company’s existing home transaction volume increased by 5.8% year-on-year to RMB 505.6 billion in Q3 2025, while the new home transaction volume decreased by 13.7% year-on-year to RMB 196.3 billion [18]. - The rental services segment has shown strong growth, contributing over RMB 100 million in profit in Q3 2025, with a year-on-year growth of 45.3% [17][7]. - The company’s home furnishing and rental services achieved profitability at the city level, with profit contributions to gross profit reaching a historical high [17].