Investment Rating - The report maintains a rating of "Buy" for the company [3] Core Views - The company plans to issue up to 800 million shares, representing no more than 11.52% of the post-issue share capital, and will list on the Shenzhen Stock Exchange [1][6] - The company is expected to achieve positive cash flow starting in 2024, with projected free cash flow of approximately 4 billion RMB, marking the first positive cash flow since 2003 [6] - The company is focusing on cost reduction and efficiency improvements, with a significant increase in dividends and expectations for value reassessment due to the upcoming share issuance [6] Financial Data and Valuation - Revenue projections for the company show a decline from 32,495 million HKD in 2023 to 29,397 million HKD in 2025E, with a year-on-year growth rate of -14%, -7%, and -3% respectively [2][10] - Operating profit is expected to decrease from 10,473 million HKD in 2023 to 8,138 million HKD in 2025E, with corresponding year-on-year growth rates of -1%, -17%, and -7% [2][10] - Net profit is projected to decline from 4,429 million HKD in 2023 to 3,337 million HKD in 2025E, with year-on-year growth rates of -4%, -24%, and -1% [2][10] - The company’s price-to-earnings (P/E) ratio is forecasted to be 9.1x in 2025, decreasing to 7.9x by 2027 [2][10] Shareholder Information - The major shareholder is China Everbright Group Co., Ltd., holding a 43.08% stake in the company [3] Market Performance - The company's stock price has shown an absolute performance increase of 46% over the past 12 months [5]

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].