该公司第四季指引交付12-12.5万辆(同比增65%-72%)，收入327.6-340.4亿元。随着销量规模翻倍，管理 层明确表示受益于高毛利的全新ES8和乐道L90放量，预计第四季整车毛利率将进一步提升至18%左 右。 展望2026年，公司将进入强劲产品周期，计划在推出三款全新大型SUV，形成"5款大车"的高阶产品矩 阵。公司目标2026全年实现经调整盈利及整车毛利率稳定在20%以上的经营目标。海外市场方面，将全 面转向"合作伙伴"模式以降低资本开支，同时成立芯片合资公司对外开放自研能力，开辟技术变现新路 径。 蔚来第三季业绩强劲，经营现金流转正，资产负债表修复。蔚来第三季总收入达217.9亿元人民币(下 同)，同比增16.7%，环比增14.7%，位于先前指引区间上限。得益于供应链成本持续优化及零件降本， 第三季整车毛利率明显修复至14.7%(第二季为10.3%)，综合毛利率上升至13.9%，创近三年新高。 智通财经APP获悉，交银国际发布研报称，维持蔚来-SW(09866)港股目标价62.7港元和美股目标价8美 元，维持"买入"评级。 鉴于2025年第三季强劲的毛利率表现及第四季的历史性高指引，该行维持蔚 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 交銀國際控股有限公司 （於香港註冊成立的有限公司） （股份代號：3329） (1)持續關連交易 重續物業租賃框架協議及新持續關連交易框架協議 (2)暫停辦理股份過戶登記手續 緒言 茲提述相關披露。誠如相關披露所載，物業租賃框架協議於上市日期生效並將持續至 2025年12月31日（包括當日）止，並且此後連續三年將自動續期，惟須遵守屆時適用 上市規則的規定。本公司擬於2025年12月31日後繼續進行類似性質的交易。物業租賃 框架協議自動重續須根據適用上市規則，於獲得獨立股東批准截至2028年12月31日止 三個年度物業租賃框架協議項下擬進行的交易及相關建議年度上限後於2026年1月1日 生效。 本公司於2025年11月25日訂立新持續關連交易框架協議。新持續關連交易框架協議須 根據適用上市規則獲得獨立股東批准截至202 ...

Core Viewpoint - The report from CMB International indicates that Miniso's (09896) Q3 performance is largely in line with expectations, with ongoing trends aligning with the annual guidance, as the company deepens its IP matrix and large store strategy to enhance same-store recovery and growth resilience [1] Group 1: Financial Performance - Miniso's same-store recovery in mainland China is strong, and store optimization is showing positive results [1] - The overseas business has seen improvements in direct profitability [1] - TOP TOY's Q3 revenue increased by 111% year-on-year to 570 million RMB, with proprietary IP rapidly expanding and same-store sales achieving mid-single-digit growth [1] Group 2: Revenue Growth - For Q3 2025, the company's revenue grew by 28.2% year-on-year to 5.8 billion RMB, slightly exceeding the previous company guidance of 25-28% [1] - The growth is primarily driven by the recovery of the mainland business and strong performance from TOP TOY [1] Group 3: Investment Rating - CMB International maintains a target price of 48.7 HKD and a "Buy" rating for Miniso [1]

Core Viewpoint - The report from CMB International indicates that NVIDIA's Q3 results for the fiscal year ending in October and guidance for the fiscal year ending in January exceeded expectations, highlighting strong demand and potential for further growth [1] Financial Performance - For the last fiscal quarter, NVIDIA reported revenue of $57 billion and Non-GAAP earnings per share of $1.30, both surpassing market and CMB International's expectations [1] - The gross margin was reported at 73.6%, which met expectations [1] Future Guidance - Management reiterated the revenue guidance of $500 billion combined for Blackwell/Rubin over the next two years, with potential for further upward revisions [1] - CMB International has raised its revenue forecasts for fiscal years 2026 to 2028 to $213.8 billion, $304.4 billion, and $355.4 billion respectively [1] Margin and Earnings Projections - The Non-GAAP gross margin forecasts have been adjusted to 71.4%, 75%, and 75.1% for the fiscal years 2026 to 2028 [1] - Non-GAAP earnings per share estimates have been increased to $4.64, $7.01, and $8.15 for the same fiscal years [1] Target Price and Rating - The target price for NVIDIA has been raised to $245, maintaining a "Buy" rating [1]

Core Viewpoint - The report from CMB International indicates that Link REIT's interim results for the fiscal year 2026 show a decline in revenue and net property income, primarily due to retail market fluctuations and negative rental adjustments in Hong Kong and mainland China [1] Financial Performance - Revenue decreased by 1.8% year-on-year to HKD 7.023 billion [1] - Net property income fell by 3.4% year-on-year to HKD 5.178 billion [1] - Total distributable amount was HKD 3.283 billion, with a distribution per unit of HKD 1.2688, representing a year-on-year decline of 5.9% [1] Market Challenges - Link REIT continues to face challenges such as rising labor costs and uncertainty in the retail market recovery [1] - The rental adjustment rates for renewals in Hong Kong and mainland China were negative, impacting overall performance [1] Analyst Adjustments - The target price for Link REIT has been revised down from HKD 49.8 to HKD 45.7, while maintaining a "Buy" rating [1] - The expected distribution per unit (DPU) has been lowered due to ongoing challenges [1] Investment Outlook - Despite short-term price corrections, the dividend yield is approximately 7%, presenting a long-term accumulation opportunity [1] - Anticipation of further interest rate cuts and potential inclusion in the Hong Kong Stock Connect may lead to a mid-to-long-term valuation reassessment [1]

Group 1 - The target price for Link REIT (00823) has been lowered by 8.2% from HKD 49.8 to HKD 45.7, while maintaining a "Buy" rating [1] - The short-term stock price correction has resulted in a dividend yield of approximately 7%, presenting a long-term accumulation opportunity [1] - Management anticipates continued challenges in rental adjustments for renewals in mainland China and Hong Kong, which may pressure distributions for FY2026 [1] Group 2 - Link REIT's mid-term performance (as of September 30) was slightly below expectations, with revenue decreasing by 1.8% year-on-year to HKD 7.023 billion [1] - Net property income fell by 3.4% year-on-year to HKD 5.178 billion, primarily due to retail market fluctuations and negative rental adjustment rates [1] - The net debt ratio as of September 2025 is 22.5%, a slight increase from 21.5% as of March 31, 2025, but still at a low level [2]

Group 1 - The target price for Link REIT (00823) has been lowered by 8.2% from HKD 49.8 to HKD 45.7, while maintaining a "Buy" rating [1] - The short-term stock price correction has resulted in a dividend yield of approximately 7%, presenting a long-term accumulation opportunity [1] - Management anticipates continued challenges in rental adjustments for renewals in mainland China and Hong Kong, which may pressure distributions for the fiscal year 2026 [1] Group 2 - The mid-term performance of Link REIT (as of September 30) was slightly below expectations, with revenue decreasing by 1.8% year-on-year to HKD 7.023 billion [1] - Net property income fell by 3.4% year-on-year to HKD 5.178 billion, primarily due to retail market fluctuations and negative rental adjustment rates [1] - The net debt ratio as of September 2025 is 22.5%, a slight increase from 21.5% as of March 31, 2025, but still at a low level [2]

长鑫存储发布DDR5内存新品 据长鑫存储官网消息，在11月23日开幕的第二十二届中国国际半导体博览会（IC China）上，长鑫存储以"双 芯共振，5力全开"为主题，首次全面展示DDR5和LPDDR5X两大产品线最新产品。 长鑫存储发布了最新的DDR5产品系列：最高速率达8000Mbps，最高颗粒容量24Gb，并推出UDIMM、 SODIMM、CUDIMM、CSODIMM、RDIMM、MRDIMM、TFF MRDIMM等七大模组及新型产品，覆盖服务 器、工作站及个人电脑等全场景领域，满足各领域的高端市场需求。 长鑫存储同台展出了近期发布的LPDDR5X产品，该系列针对移动市场旗舰产品，最高速率10667Mbps，最高 颗粒容量16Gb，并涵盖12GB、16GB、24GB、32GB等容量的多种封装解决方案。 11月23日，在第二十二届中国国际半导体博览会（IC China）上，长鑫存储发布了最新的DDR5产品系列，最 高速率达8000Mbps，最高颗粒容量24Gb。同时，长鑫存储还在现场展示了最高速率10667 Mbps、最高颗粒容 量16Gb的最新LPDDR5X移动端内存。 长鑫存储表示，公司通过DDR与LP ...

Core Viewpoint - The report from CMB International maintains a "Buy" rating for Gaotu (NYSE: GOTU) with a target price of $5.2, highlighting the company's robust performance in its core online education business despite slight underperformance in offline enrollment for Q3 2025 [1] Group 1: Financial Performance - Gaotu's revenue is expected to grow by 35% year-on-year in 2025, with a projected growth rate of 20% in 2026 [1] - The company is anticipated to incur an adjusted operating loss of approximately 510 million RMB in 2025, although the loss is expected to narrow, with Q3 losses reported at 175 million RMB, a significant reduction of 63% year-on-year [1] - The gross margin for Q3 is expected to increase by 0.5 percentage points quarter-on-quarter and 2.5 percentage points year-on-year, primarily due to improved utilization rates of offline classrooms during the summer peak season [1] Group 2: Strategic Focus and Market Outlook - In 2026, Gaotu will focus on enhancing the quality of offline teaching and operational efficiency while expanding enrollment without increasing the number of existing teaching points, aiming to improve the profitability of its online-offline integration model [2] - The market outlook suggests that as the policy environment stabilizes and user demand rebounds, leading education companies are gradually emerging from a downturn, with Gaotu's transformation efforts expected to yield results in the coming quarters [2]

Core Viewpoint - The report from CMB International gives Broadcom (AVGO.US) a "Buy" rating with a target price of $425, driven by strong growth in AI semiconductor revenue projected to achieve an 87% CAGR from FY2025 to FY2027 [1] Group 1: AI Semiconductor Revenue - Broadcom's AI semiconductor revenue is expected to benefit from dual drivers: xPU ASIC acceleration chips and AI communication networks [1] - The anticipated 87% CAGR for AI semiconductor revenue highlights significant growth potential in the upcoming fiscal years [1] Group 2: VMware Integration - The integration of VMware is exceeding expectations, which enhances software synergy and profitability stability for Broadcom [1] - This integration is expected to contribute positively to the overall performance of the company [1] Group 3: Earnings Projections - For FY2027, Broadcom's Non-GAAP EPS is projected to reach $12.00, indicating high visibility for earnings growth [1] - The target price of $425 corresponds to a PE ratio of 45 and 35 times for FY2026 and FY2027, respectively [1]