交银国际发表研究报告指，顺丰同城上半年收入增长速度显著胜于预期，加上第三季的实时配送业务需 求按季提速，多元布局下盈利持续释放。该行上调公司2025至27年的收入预测14%、12%及12%，至220 亿至304亿元，按年分别增长40%、20%及15%；受公司单量密度提升、优质的骑手管理能力及AI加持 下，营运费率持续改善，上调利润预测26%、23%和27%，至3.4亿至7.6亿元，Non-IFRS净利润率分别 为1.5%、2%及2.6%。 该行认为，顺丰同城仍然是外卖补贴战的受益方之一，在未来补贴回归理性，业务空间仍大，考虑到长 期其与顺丰的业务协同持续加深，无人车配送规模化落地持续降低成本，维持公司"买入"评级，又将估 值滚动至明年，对应0.5倍市销率，上调目标价至15.4港元。 ...

业绩亮点：1)同城业务：同城配送服务单量同比增50%+，商家/个人端收入分别增55%/13%。商家端大 幅加速增长得益于餐饮和即时零售市场快速增长下进一步深化KA客户合作，稳定承接快速增长的单 量，茶饮收入同比增105%，商超/医药/母婴等品类实现高双位数增长，拉动非餐场景收入同比增35%。 C端持续拓宽业务场景，新产品"独享专送"收入同比翻3倍，拉动个人端收入增速快于市场。2)最后一公 里配送：收入强劲增长得益于加深末端网络融通，对顺丰速运单量渗透率进一步提升。3)调整后净利润 1.6亿元，已超过去年全年利润，得益于规模效应、客户结构优化以及AI智能化提升运营效率。 交银国际发布研报称，顺丰同城(09699)仍是外卖补贴战的受益方之一，在未来补贴回归理性，业务空 间仍大，考虑到长期其与顺丰的业务协同持续加深，无人车配送规模化落地持续降低成本，该行维持公 司买入评级，该行将估值滚动至2026年，对应0.5倍市销率，上调目标价至15.4港元。 2025H1公司收入102亿元(人民币，下同)，同比增49%，高于该行预期16%，其中同城/最后一公里配送 业务分别增43%/57%，超预期得益于餐饮外卖和即时零售行业快 ...

智通财经APP获悉，交银国际发布研报称，顺丰同城(09699)仍是外卖补贴战的受益方之一，在未来补贴 回归理性，业务空间仍大，考虑到长期其与顺丰的业务协同持续加深，无人车配送规模化落地持续降低 成本，该行维持公司买入评级，该行将估值滚动至2026年，对应0.5倍市销率，上调目标价至15.4港元。 2025H1公司收入102亿元(人民币，下同)，同比增49%，高于该行预期16%，其中同城/最后一公里配送 业务分别增43%/57%，超预期得益于餐饮外卖和即时零售行业快速增长带来配送需求增加。毛利率 6.7%，同比基本保持平稳。调整后净利润同比增139%至1.6亿元，对应净利率1.6%，同比提升约0.6个百 分点。基于显著好于预期的上半年收入增速，以及3季度环比加速提升的即时配送业务需求，该行上调 顺丰同城2025-27年收入14%/12%/12%，至220亿-304亿元，同比增速40%/20%/15%，同时受到公司单量 密度提升、优质的骑手管理能力，以及AI加持下，运营费率的持续优化，该行上调2025-27年利润预测 26%/23%/27%，至3.4亿-7.6亿元，Non-IFRS净利润率分别1.5%/2%/2. ...

智通财经APP获悉，交银国际发布研报称，3Q-4Q25多款新车待上市，包括理想i6、蔚来ES8、问界M7 等，将进一步丰富市场供给。随着"金九银十"传统销售旺季临近，各家车企陆续推出优惠政策，该行看 好9月车市销售;但考虑到去年9月在以旧换新助力下车市逐步恢复，高基数下该行预计今年9月车市增长 平稳。建议关注：小鹏汽车(09868/XPEV.US/买入)全新P7/增程车型陆续上市，带动销量和毛利率提升; 吉利汽车(00175/买入)私有化极氪后推动内部资源整合;赛力斯(601127.SH/买入)问界系列进一步拓展高 端市场并提升盈利水平。 交银国际主要观点如下： 今年以来，新能源乘用车延续增势，2025年1-8月新能源车渗透率达51%;其中，8月新能源车零售销量 110.1万辆(同/环比+7.5%/+11.6%)，新能源渗透率55.2%，同/环比+1.5 ppts/+1.1ppts，达到年内新高。分 品牌来看，8月自主品牌新能源渗透率高达76%，市场份额70%;豪华/合资品牌的渗透率分别为 32%/6.6%。其中，特斯拉份额5.2%，同比+1.0 ppts;新势力整体份额同比+4.7 ppts至20.8%。 ...

交银国际发布研报称，维持康方生物(09926)"买入"评级，目标价183港元。目前为止，尚无获批药物在 该适应症中取得具有统计学显著的OS获益，该行认为依沃西取得小于0.8的HR及明显分离的曲线实属不 易。不论HARMONi获批与否，最新数据已再次彰显依沃西成长为下一代I/O基石产品的潜力。该行维 持依沃西经PoS调整海外峰值销售165亿美元的预测。 交银国际主要观点如下： HARMONi海外获批不确定性减小但尚存，关注后续大适应症 该行认为，本次数据相比上次有改善趋势，美国获批可能性有所提升。但同时，该行认为需要持续关注 以下数据的变化趋势及对FDA决策的潜在影响：1)北美/整体西方人群长期随访后均观察到治疗组的OS 获益优势(HR分别为0.70/0.84)，但暂未达到统计学显著;2)北美+欧洲人群长期随访PFSHR为 0.67(95%CI0.45-1.00)，已具有临床意义，但与亚洲人群的0.55(95%CI0.43-0.71)略有差距，该行建议后 续持续关注。其他重点适应症的海外临床进展也值得继续关注，包括：1)HARMONi-3(头对头K药+化 疗治疗1LNSCLC)和HARMONi-7(单药头对头K ...

智通财经APP获悉，交银国际发布研报称，维持康方生物(09926)"买入"评级，目标价183港元。目前为 止，尚无获批药物在该适应症中取得具有统计学显著的OS获益，该行认为依沃西取得小于0.8的HR及明 显分离的曲线实属不易。不论HARMONi获批与否，最新数据已再次彰显依沃西成长为下一代I/O基石 产品的潜力。该行维持依沃西经PoS调整海外峰值销售165亿美元的预测。 交银国际主要观点如下： HARMONi研究最新OS数据呈改善趋势 依沃西单抗的全球III期HARMONi研究(二线EGFR)最新数据在WCLC大会上公布：1)长期随访后， OSHR改善至0.78(95% CI：0.62-0.98)，名义P值=0.0332(此前5月公布OSHR0.79，95% CI：0.62-1.01， P=0.057)。北美人群的生存获益数据突出，mOS：NR vs.14.0个月，HR=0.70。2)长期随访的PFSHR为 0.57，与5月公布的0.52基本一致，整体曲线也呈现相似趋势。3)PD-L1<1%与PDL1≥1%受试者中的生存 获益相近(PFSHR：0.62 vs.0.55)，几乎所有亚组的PFS均达到统计学显著。 ...

近期，交银国际、国证国际等就汇通达网络(9878.HK)中期业绩发布最新研报表示—— 2025上半年，汇通达主动优化低毛利业务，大力发展"反向+短链+数字化"智慧供应链与人工智能。实 现供应链能力升级、AI+产品落地并快速进入商品化阶段，毛利率、净利率及归母净利率均创历史最 佳，战略转型成效初步显现，并由此分别给予22.1港元、21港元的买入评级。 国证国际研报认为，自2024年下半年战略转型以来，汇通达智慧供应链能力稳步增强;AI+SaaS商业化破 局、打开增长新空间;回购与申请H股全流通的动作，也将有利于市场流通性的显著提升。 而在交银国际看来，汇通达供应链升级的效果直接在多项财务指标上得以反馈和呈现：会员零售门店收 入占比、毛利率、净利率、归母净利润均显著提升。汇通达自有品牌商品的规模收入，以及围绕新品 类、新渠道、跨境出海的业务收入，同样取得显著成果。 汇通达在原有SaaS产品基础上集成AI Agent功能，大幅降低企业自身和上下游客户的运营成本，上半年 AI相关收入占服务总收入(超3亿元人民币)的20%。 此外，包括中信证券、国金证券在内的多家机构也从汇通达中期业绩及近期动作中重点关注到公司与阿 里 ...

Core Viewpoint - The recent reports from various institutions highlight the positive impact of HuTongDa's strategic transformation and AI integration on its financial performance, leading to historical highs in profitability metrics and a favorable outlook for future growth [1][2]. Group 1: Financial Performance - In the first half of 2025, HuTongDa actively optimized low-margin businesses and significantly developed its "reverse + short chain + digital" smart supply chain and AI capabilities, resulting in record highs for gross margin, net margin, and net profit attributable to shareholders [1]. - The proportion of revenue from member retail stores, gross margin, net margin, and net profit attributable to shareholders have all shown significant improvement due to the supply chain upgrade [1]. - AI-related revenue accounted for 20% of total service revenue (over 300 million RMB) in the first half of the year, indicating a successful commercialization of AI capabilities [2]. Group 2: Strategic Initiatives - Since the strategic transformation began in the second half of 2024, HuTongDa's smart supply chain capabilities have steadily improved, with AI + SaaS commercialization opening new growth avenues [1][2]. - The collaboration with Alibaba Cloud for "full-stack AI comprehensive cooperation" is expected to enhance digital competitiveness in lower-tier markets, supported by Alibaba's strategic focus on "technology + big consumption" [2]. - Institutions have maintained buy ratings for HuTongDa, with target prices above 21 HKD, considering the company's plans for share buybacks and H-share full circulation to enhance market liquidity [2].

Core Viewpoint - The Hong Kong IPO market has experienced explosive growth in the first half of the year, with a financing scale increase of 714% year-on-year, reaching $14 billion, leading to significant earnings for investment banks and a fierce talent competition in the industry [3][5][6]. Group 1: IPO Market Performance - The Hong Kong IPO financing scale reached $14 billion in the first half of the year, a 714% increase compared to the previous year [5]. - The average listing fee for new stocks is approximately HKD 102 million, with total listing fees amounting to about HKD 54.92 billion [5]. - Daily trading volume increased by 118% year-on-year to HKD 2.402 billion [5]. Group 2: Investment Banks' Earnings - The total underwriting and investment banking fees for 13 listed brokers in Hong Kong reached HKD 91.7 billion, a 30% increase from HKD 70.6 billion in the same period last year [7]. - Major brokers like CICC, Guotai Junan, and Shenwan Hongyuan saw significant revenue growth, with CICC's revenue reaching HKD 9.77 billion, an increase of HKD 606 million [7][8]. Group 3: Talent Competition - The number of licensed financial professionals in Hong Kong increased significantly, with a net addition of about 1,200 professionals in the past year [10]. - Job openings related to IPOs have grown by approximately 30% compared to the previous year, leading to a fierce talent competition among investment banks [10][11]. - Some firms are willing to pay to buy out candidates' notice periods to secure talent [11]. Group 4: Salary Trends - Salaries for professionals with sponsorship rights and three years of experience are generally above HKD 1 million annually, with VP-level salaries increasing by 20% to 35% [15]. - The average salary for Guotai Junan International employees rose from HKD 610,000 to HKD 710,000, while Xingzheng International's average salary increased from HKD 450,000 to HKD 540,000 [16]. - The median monthly income for Hong Kong residents reached HKD 22,300, with the financial and insurance sector leading at HKD 40,000 [16].

Core Insights - The Hong Kong IPO market has experienced explosive growth in the first half of the year, with a financing scale of $14 billion, a year-on-year increase of 714% [1][2] - The surge in IPOs has significantly boosted the performance of major Chinese investment banks, with 13 listed brokers in Hong Kong reporting a total investment banking revenue of HKD 9.17 billion, a 30% increase year-on-year [1][3] - A fierce talent competition has emerged in the investment banking sector, with salaries for professionals holding sponsorship rights exceeding HKD 1 million annually, and some mid-level positions seeing salary increases of over 20% [1][6] IPO Market Performance - The Hong Kong IPO market has seen 54 new listings this year, raising over HKD 130 billion, with total listing fees amounting to approximately HKD 54.92 billion, averaging HKD 102 million per new stock [2] - Major IPO projects typically allow investment banks, lawyers, and accountants to charge total fees ranging from HKD 100 million to HKD 200 million, with accountants receiving 8%-12% and sponsors taking 50%-60% [2] Investment Bank Revenue Growth - The top-performing investment banks in Hong Kong include China International Capital Corporation (CICC), Guotai Junan International, and Shenwan Hongyuan, with revenue increases of HKD 6.06 billion, HKD 3.95 billion, and HKD 2.59 billion respectively [3][4] - CICC led the market with 22 sponsorship projects, achieving a market share of 17.46%, while other major players like CITIC Securities and Huatai Financial Holdings followed closely [7][8] Talent Acquisition and Salary Trends - The number of licensed financial professionals in Hong Kong has increased significantly, with a net addition of approximately 1,200 professionals in the past year [6] - Investment banks are actively hiring, with job openings for IPO-related positions increasing by about 30% compared to the previous year [6][7] - Salary adjustments are being made, with some junior assistants seeing monthly salaries rise by 15%-30%, reaching approximately HKD 75,000 to HKD 80,000 [9][10] Overall Market Dynamics - The current market dynamics reflect a shift in the competitive landscape, with Chinese investment banks capturing a dominant share of the IPO sponsorship market, increasing their market share from 12.84% in 2020 to 46.82% [7][8] - The average salary for professionals with three years of experience and sponsorship rights is now over HKD 1 million, indicating a robust demand for skilled talent in the sector [9][10]