Core Viewpoint - The report from CMB International indicates a leading rating for the domestic automotive industry, anticipating a surge in consumer purchases before the adjustment of the new energy vehicle purchase tax exemption policy in 2026 [1] Group 1: Market Outlook - The adjustment of the new energy vehicle purchase tax exemption policy in 2026 is expected to stimulate consumers to concentrate their vehicle purchases by the end of 2025 [1] - The firm predicts that the year-end passenger car sales will remain at a high level due to automakers' efforts to boost sales and build inventory before the Spring Festival [1] Group 2: Seasonal Trends - After the concentrated release of vehicles in the fourth quarter, the first quarter of 2026 may return to a seasonal low [1] - Investors are advised to seize structural opportunities while remaining cautious and attentive to short-term fluctuations [1]

Core Viewpoint - The company, China International Capital Corporation (CICC), announced the acquisition of CCAMCL Notes I and II through its wholly-owned subsidiary, Preferred Investment, for a total consideration of approximately $4,999,450 and $5 million respectively, indicating a strategic investment move in the market [1] Group 1 - The acquisition of CCAMCL Notes I was made at a purchase price of approximately $99.989, totaling around $4,999,450 [1] - The acquisition of CCAMCL Notes II was made at a purchase price of $100, totaling $5 million [1] - The issuer of the notes is fully owned by a guarantor, which in turn is wholly owned by China Cinda Asset Management Co., Ltd., a company listed on the Hong Kong Stock Exchange [1]

Group 1 - The company,交银国际, announced the acquisition of CCAMCL Notes I and II through its wholly-owned subsidiary, Preferred Investment, for approximately $4,999,450 and $5 million respectively [1] - The purchase price for CCAMCL Notes I was about $99.989, while CCAMCL Notes II was acquired at a price of $100 [1] - The issuer of the notes is fully owned by a guarantor, which in turn is wholly owned by China Cinda Asset Management Co., Ltd., listed on the Hong Kong Stock Exchange [1]

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。 （股份代號：3329） 有關收購票據之 須予披露交易 該等收購 於2025年11月7日，Preferred Investment於場外市場以購買價約99.989美元收 購CCAMCL票據I，代價約為4,999,450美元及於場外市場以購買價100美元收購 CCAMCL票據II，代價約為5,000,000美元。 上市規則之涵義 （於香港註冊成立的有限公司） 交銀國際控股有限公司 BOCOM INTERNATIONAL HOLDINGS COMPANY LIMITED 由於該等收購乃於十二個月期間內作出，故根據上市規則第14.22條，該等事項應合併 為本公司的一系列交易。由於有關該等收購的一項或多項適用百分比率合併計算後低 於25%但高於5%，該等收購構成本公司須予披露交易，因此須遵守上市規則第十四章 項下的通知及公告規定。 該等收購 於2025年11月7日，Preferred Investment於場外市 ...

Core Viewpoint - The Federal Reserve may soon consider expanding its securities holdings to maintain sufficient reserves in the banking system, indicating a shift towards a new phase of liquidity support after two years of balance sheet reduction [1][3]. Group 1: Federal Reserve Actions - John Williams, President of the New York Federal Reserve, stated that the potential bond purchases would be a natural step in executing a strategy for sufficient reserves, not a change in policy stance [3]. - Since the initiation of balance sheet reduction in June 2022, the Federal Reserve's balance sheet has decreased by $2.2 trillion, reducing its GDP ratio from a peak of 35% to approximately 21%, making the timing for halting the reduction more appropriate [1]. Group 2: Market Implications - Financial institutions have increasingly utilized repurchase agreement facilities to address short-term funding pressures since October [1]. - The Markit iBoxx index for Chinese dollar bonds showed a 0.1% decline in returns as of October 31, with investment-grade bond returns also down by 0.1%, while high-yield bond returns remained unchanged [1].

Core Insights - The rise of self-media platforms has led to prominent economists like Hong Hao generating significant income through paid content, with Hong earning over 8.5 million yuan in less than two weeks after launching his knowledge-sharing platform [2][4] - Many former chief economists from brokerage firms are transitioning to self-media, leveraging their established audience to create new revenue streams [6][13] - The market for paid financial content is becoming saturated, with a limited number of consumers willing to pay for such services, raising concerns about the sustainability of this business model [14] Group 1: Hong Hao's Knowledge Platform - Hong Hao's knowledge-sharing platform has attracted over 9,500 members, with an annual subscription fee of 899 yuan, resulting in earnings exceeding 8.5 million yuan [2][4] - The platform promises no discounts, indicating confidence in the value of its content and creating anticipation among potential subscribers [2] - Hong's approach includes frequent content updates and a focus on real-time market observations, differentiating it from traditional paid reading services [4] Group 2: Transition of Economists to Self-Media - Several former chief economists, such as Liu Yuhui and Liu Xiang, have successfully transitioned to self-media, with Liu Yuhui's platform generating nearly 500,000 yuan in revenue over seven years [6][8] - Liu Xiang's knowledge platform has over 1,800 subscribers, with an annual fee of 1,099 yuan, showcasing the potential for significant earnings in this space [6] - The trend reflects a broader shift in the industry, where economists leverage their expertise and established reputations to monetize their knowledge directly [13] Group 3: Market Challenges and Risks - The abundance of free, high-quality financial content poses a challenge for paid platforms, as the willingness to pay among consumers remains limited [14] - Analysts emphasize the need for continuous high-quality content production to maintain user engagement and the importance of balancing professional knowledge with audience appeal [14] - Legal and compliance risks are significant, particularly regarding the use of proprietary research and the potential for intellectual property disputes [15][16]

Core Viewpoint - The report indicates that New Oriental's revenue for the first quarter of the 2026 fiscal year grew by 6% year-on-year to $1.523 billion, exceeding expectations by 1% [1] Financial Performance - Adjusted operating profit was approximately $336 million, with an operating margin of 22%, expanding by 1 percentage point year-on-year [1] - Adjusted net profit attributable to shareholders was $258 million, corresponding to a net profit margin of 17% [1] Future Guidance - Management maintains revenue guidance for the 2026 fiscal year, expecting a year-on-year growth of 5% to 10%, with the second fiscal quarter revenue growth projected between 9% and 12% [1] - The bank anticipates that New Oriental's overall revenue growth from 2026 to 2028 will exceed 10%, with a continued trend of profit margin expansion [1] Business Outlook - The bank remains optimistic about the demand and growth prospects for New Oriental's K12 education and training business, citing diversified age coverage and steady revenue growth [1] - Profit margins still have room for optimization, and shareholder returns reflect long-term growth certainty and ample cash flow [1] - Although the study abroad-related business has recently been impacted, it still leads the industry [1] Valuation and Target Price - The bank assigns a price-to-earnings ratio of 15 times for the K12 business and 8 times for the study abroad business, with corresponding profit growth rates of 25% and a decline of 7% respectively [1] - Considering the impact of the consolidation of Dongfang Zhenxuan, the target price for H-shares is raised from HKD 46 to HKD 55, and for U.S. shares from USD 59 to USD 71, maintaining a "Buy" rating [1]

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分內容 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） 於2025年11月5日舉行之股東特別大會投票表決結果 股東特別大會投票表決結果 本公司之股份過戶登記處香港中央證券登記有限公司於股東特別大會擔任點票之監票 員。 全體董事親自或以電子方式出席股東特別大會。 茲提述交銀國際控股有限公司（「本公司」）日期為2025年10月10日的通函（「通函」）及股 東特別大會（「股東特別大會」）通告（「股東特別大會通告」）。除文義另有所指外，本公 告所用詞彙與通函所界定者具有相同涵義。 本公司董事會（「董事會」）欣然宣佈，股東特別大會通告所載之決議案（「決議案」）已於 2025年11月5日（星期三）下午三時正舉行的股東特別大會上以投票方式獲正式通過。 決議案之投票表決結果如下： | | 普通決議案 | 票數( ...

Core Viewpoint - The report from CMB International raises the target price for New Oriental Education & Technology Group (09901) by 19.6% from HKD 46 to HKD 55, maintaining a "Buy" rating due to positive outlook on K12 education and training business demand and growth prospects [1] Group 1: Financial Performance - For Q1 of fiscal year 2026, New Oriental reported a revenue increase of 6% year-on-year to USD 1.523 billion, exceeding the bank's expectations by 1% [1] - Adjusted operating profit was approximately USD 336 million, with an operating profit margin of 22%, expanding by 1 percentage point compared to the same period last year [1] - Adjusted net profit attributable to shareholders was USD 258 million, corresponding to a net profit margin of 17% [1] Group 2: Business Segments - The study highlights that the study abroad-related business, although recently impacted, still leads the industry, with consulting and preparatory income growing by 1% and 2% year-on-year, respectively, contrary to previous expectations of a 5% decline [1] - The university and adult education segments maintained steady growth, with a revenue increase of 14% year-on-year, while K9 new business revenue grew by 15%, with learning devices outperforming non-academic subjects [1] Group 3: Future Guidance - Management maintains the revenue guidance for fiscal year 2026, expecting a year-on-year growth rate of 5-10%, with Q2 revenue growth projected between 9-12%, compared to previous expectations of 9% [2] - The K12 business's retention rates and product quality improvements are expected to drive revenue recovery within a stable growth range, while ongoing efficiency measures are likely to support stable or slightly increased operating profit margins [2] - The overall revenue growth rate for the company is expected to exceed 10% for fiscal years 2026, 2027, and 2028, with a consistent trend of profit margin expansion [2]

Core Viewpoint - The report from CMB International raises the target price for New Oriental-S (09901) by 19.6% from HKD 46 to HKD 55, maintaining a "Buy" rating, driven by positive outlook on K12 education and training business demand and growth prospects [1] Group 1: Financial Performance - For Q1 of FY2026, New Oriental reported a revenue increase of 6% year-on-year to USD 1.523 billion, exceeding the bank's expectations by 1% [1] - Adjusted operating profit was approximately USD 336 million, with an operating profit margin of 22%, expanding by 1 percentage point compared to the same period last year [1] - Adjusted net profit attributable to shareholders was USD 258 million, corresponding to a net profit margin of 17% [1] Group 2: Business Segments - The study indicates that the study abroad-related business, although recently impacted, remains a leader in the industry, with better-than-expected performance [1] - The K9 new business saw a revenue increase of 15% year-on-year, while the university and adult business maintained a steady growth rate with a 14% revenue increase [1] - The report highlights that the revenue from preparatory and consulting services grew by 1% and 2% year-on-year, respectively, contrary to previous expectations of a 5% decline [1] Group 3: Future Guidance - Management maintains a revenue growth guidance of 5-10% for FY2026, with Q2 revenue growth expected to be in the range of 9-12%, compared to previous expectations of 9% [2] - The K12 business's continuation rate and product quality improvements are anticipated to drive revenue recovery within a stable growth range [2] - The overall revenue growth rate for FY2026/2027/2028 is expected to exceed 10%, with a consistent trend of profit margin expansion [2]