Core Viewpoint - The report maintains a "Buy" rating for Tabo, highlighting its position as a leading sports retail platform in China, despite short-term fluctuations in its main brand Nike, while Adidas shows strong growth momentum [1] Business Overview - Tabo is the largest sports retail and service platform in China, partnering with major brands including Nike and Adidas, as well as others like Puma and Vans. The company anticipates a revenue decline of 7% and 6% year-on-year for FY2025 and FY2026H1, respectively, reaching 27 billion and 12.3 billion yuan. Net profit is expected to drop by 42% and 10% to 1.29 billion and 790 million yuan for the same periods [1] Brand Performance - In FY2026H1, revenue from main brands decreased by 4.8% to 10.8 billion yuan, accounting for 88% of total revenue. Adidas has consistently outperformed expectations since 2024, with a 8% year-on-year revenue growth in Q3 2025 on a currency-neutral basis, while Nike's performance has been more volatile. Tabo has expanded its brand matrix by partnering with domestic brands like Li Ning and outdoor brands such as Kailas and Norda since 2022 [2] Retail Operations - Tabo leads the industry in retail operations, establishing a foundation for long-term growth. The company has optimized offline stores based on brand characteristics, with over 1,056 self-operated stores larger than 300 square meters by FY2023, representing 16.1% of total stores. The company is shifting to a "one product, one strategy" approach to enhance store efficiency. Tabo has also significantly increased its private domain and live e-commerce efforts, with over 3,600 mini-program stores by FY2026H1, and e-commerce sales expected to account for around 40% of total sales [3] Mid-term Trends - The launch schedule for new Nike products is expected to improve in FY2027, potentially benefiting Tabo's revenue and profit margins. Adidas continues to perform well, while Nike's performance in the Greater China region is recovering. The company anticipates that profits will remain stable in FY2026, with a positive outlook for FY2027 as new Nike products are released [4] Profit Forecast and Investment Recommendation - Since its IPO in 2019, Tabo has maintained a cumulative dividend payout ratio of 107.3%. As of FY2026H1, the company holds 2.54 billion yuan in cash and cash equivalents. The company is expected to achieve net profits of 1.297 billion, 1.481 billion, and 1.666 billion yuan for FY2026 to FY2028, with a current price corresponding to a FY2026 PE ratio of 14.6 times and a dividend yield of 7%. The report maintains a "Buy" rating for the stock [5]

Group 1: Economic Indicators - The U.S. non-farm payrolls unexpectedly increased by 119,000 in September, while the unemployment rate rose to a four-year high of 4.4%, complicating the Federal Reserve's interest rate decisions [9][10] - Initial jobless claims in the U.S. fell to the lowest level since September, but continuing claims continued to rise [9] - The market is pricing in that the Federal Reserve will not lower interest rates in December despite the mixed employment data [9] Group 2: Federal Reserve Commentary - Several Federal Reserve officials expressed concerns about further rate cuts, indicating that lowering rates could prolong high inflation and pose financial stability risks [9][10] - Fed officials are worried about inflation remaining at 3% and emphasize the need to support the labor market while aiming to bring inflation back to 2% [9] Group 3: Market Performance - U.S. stock indices fell, with the Dow Jones down 0.84%, S&P 500 down 1.55%, and Nasdaq down 2.15% [3] - European stock indices saw collective gains, with Germany's DAX30 up 0.5% and the UK's FTSE 100 up 0.21% [3] Group 4: Commodity Prices - Gold prices fluctuated, closing at $4,078.59 per ounce, up 0.01%, while silver fell by 1.43% to $50.63 per ounce [6] - WTI crude oil prices dropped by 1.2% to $58.69 per barrel, and Brent crude fell by 0.92% to $62.67 per barrel [6] Group 5: International Developments - Ukrainian President Zelensky received a draft peace plan from the U.S. and is expected to consult with Trump soon [12] - Japan's government advisor indicated that intervention might occur before the yen reaches 160 [12] - The Argentine central bank lowered its benchmark interest rate by 200 basis points to 20% [12]

Market Overview - The Hang Seng Index opened high but closed slightly up by 0.02%, indicating potential risks in the current market environment [1] - The U.S. Labor Department will not release the October non-farm payroll report due to data collection issues during the government shutdown, but will publish September's data on Thursday [1] - The Federal Reserve's October meeting minutes revealed significant divisions among members regarding interest rate cuts, leading to decreased expectations for rate reductions [1] - The People's Bank of China announced that the 5-year LPR remains at 3.5% and the 1-year LPR at 3%, indicating no signs of easing monetary policy [1] - Japan's stock market is rebounding with expectations of a substantial economic stimulus plan from the government [1] Real Estate Sector - A rumor about measures to stimulate the real estate market led to a surge in stocks like Sunac China, which rose over 6% [2] - Vanke's chairman mentioned efforts to mitigate risks, resulting in a nearly 4% increase in the stock price [2] - Other real estate stocks, including China Overseas Land and Investment, also saw gains of over 2% [2] NVIDIA and Related Stocks - NVIDIA reported record third-quarter revenue of $57 billion, exceeding analyst expectations and showing a year-over-year growth rate of 62% [2] - The company plans to use 12-inch silicon carbide substrates in its next-generation GPU packaging by 2027, benefiting suppliers like Tianyue Advanced [3] - Other NVIDIA-related stocks, such as Hongteng Precision Technology and Huiju Technology, also experienced gains of over 3% [3] Securities Industry - China International Capital Corporation (CICC) is set to merge with Dongxing Securities and Xinda Securities, which will enhance CICC's capital scale and operational capacity [4] - Xinda Securities' parent company, China Xinda, saw its stock rise over 6% following the merger announcement [4] Consumer Sector - Consumer stocks showed mixed performance, with companies like China Duty Free Group and sports brands Li Ning and Anta rising over 3% [5] - CATL's stock fell over 5% due to the unlocking of restricted shares for cornerstone investors [5] PCB Industry - The demand for high-end PCBs is surging due to AI, leading to price increases for key materials like copper-clad laminates [6] - Companies like Kingboard Laminates have raised product prices multiple times this year, driven by cost pressures and demand [6] Pharmaceutical Sector - Hansoh Pharmaceutical announced a global licensing agreement for its ADC drug, HS-20110, with Roche, indicating strong growth in its innovative drug sales [8] - The company's total revenue for the first half of 2025 reached 7.434 billion yuan, a year-on-year increase of 14.3% [8] - The sales of Amatinib, a third-generation EGFR TKI, have grown significantly, with a compound annual growth rate of 214% from 2020 to 2024 [9]

Investment Rating - The report maintains a "Buy" rating for the company [4][9] Core Views - The company has demonstrated strong operational resilience through its multi-brand strategy, with Amer Sports reporting a 30% year-on-year revenue growth in Q3 2025, exceeding market expectations [8] - The company has adjusted its earnings forecasts for 2025-2027, projecting earnings per share of 4.69, 5.29, and 6.02 RMB respectively, down from previous estimates [3][9] - The target price is set at 112.89 HKD, based on a 22x PE valuation for 2025 [3][9] Financial Performance Summary - Revenue (in million RMB): - 2023A: 62,356 - 2024A: 70,826 - 2025E: 78,573 - 2026E: 86,489 - 2027E: 95,347 - Year-on-year growth rates: 16.2%, 13.6%, 10.9%, 10.1%, 10.2% [3][12] - Operating Profit (in million RMB): - 2023A: 15,367 - 2024A: 16,595 - 2025E: 18,143 - 2026E: 20,123 - 2027E: 22,545 - Year-on-year growth rates: 36.8%, 8.0%, 9.3%, 10.9%, 12.0% [3][12] - Net Profit Attributable to Parent Company (in million RMB): - 2023A: 10,236 - 2024A: 15,596 - 2025E: 13,175 - 2026E: 14,846 - 2027E: 16,886 - Year-on-year growth rates: 34.9%, 52.4%, -15.5%, 12.7%, 13.7% [3][12] - Earnings Per Share (in RMB): - 2023A: 3.65 - 2024A: 5.56 - 2025E: 4.69 - 2026E: 5.29 - 2027E: 6.02 [3][12] - Gross Margin: - 2023A: 62.6% - 2024A: 62.2% - 2025E: 61.9% - 2026E: 62.2% - 2027E: 62.6% [3][12] - Net Margin: - 2023A: 16.4% - 2024A: 22.0% - 2025E: 16.8% - 2026E: 17.2% - 2027E: 17.7% [3][12] - Return on Equity (ROE): - 2023A: 18.3% - 2024A: 23.4% - 2025E: 17.3% - 2026E: 17.1% - 2027E: 17.0% [3][12]

【导读】披露股份回购并注销，创科实业大涨超5% 11月20日，港股窄幅整理，恒生指数收盘涨0.02%，报25835.57点；恒生科技指数下跌0.58%，报5574.59点；恒生中国企业指数微跌0.08%，报9143.34点。 市场成交额为2451.36亿港元，较前一交易日2114.26亿港元有所放大。 银行、地产走强，半导体、汽车走弱。创科实业涨5.36%，李宁涨4.00%，华润置地涨2.52%。 | 序号 | 名称 | 代码 | 现价 | 涨跌 | 涨跌幅 ▼ | 成交额 | 年初至今 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 创科实业 | 0669 | 88.500 c | 4.500 | 5.36% | 7.44亿 | -11.45% | | 2 | 李宁 | 2331 | 17.920 c | 0.690 | 4.00% | 4.76亿 | 12.73% | | 3 | 华润置地 | 1109 | 30.060 c | 0.740 | 2.52% | 7.10亿 | 40.58% | | ব | 中国海外发展 | 0688 | ...

Market Overview - The Hong Kong stock market opened high but experienced a decline, with the Hang Seng Index closing at 25,835.57 points, up 0.02% or 4.92 points, and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell by 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - The real estate sector is highlighted as crucial for household asset allocation in China, with policies aimed at stabilizing housing prices to support economic circulation. High-quality residential properties are expected to see growth due to favorable policy changes [4] - Major real estate stocks like Sunac China and Vanke saw significant gains, with Sunac up 6.02% to HKD 1.41 [3] Technology Sector - Nvidia reported strong Q3 earnings, with revenue of USD 57 billion, a 62% year-on-year increase, and a net profit of USD 31.9 billion, up 65%. The data center business reached a record revenue of USD 51.2 billion, reflecting the ongoing AI trend [5] - Nvidia-related stocks were active, with companies like GigaDevice and Hongteng Precision seeing gains [4] Lithium Sector - Lithium stocks experienced volatility, with Tianqi Lithium and Ganfeng Lithium both closing down nearly 2%. Despite a strong demand outlook, market sentiment remains cautious due to high prices and supply concerns [6] Gold Sector - Gold stocks faced declines, with companies like Jinhai Resources and Lingbao Gold dropping over 2% [6] Notable Company Performances - Kingsoft saw a significant drop of 7.03% after reporting a 17% decline in revenue for Q3 [8] - CATL faced pressure, down 5.66%, as a large portion of its H-share IPO lock-up period ended [9] - WanGuo Data reported a 10.2% increase in net revenue for Q3, leading to a rise of 6.21% in its stock price [10] - Kingsoft Cloud's stock rose by 4.87% after reporting a 31.4% increase in total revenue for Q3 [11]

Market Overview - The Hong Kong stock market opened higher but experienced a decline in the afternoon, with the Hang Seng Index closing up 0.02% at 25,835.57 points and a total turnover of HKD 245.136 billion [1] - The Hang Seng China Enterprises Index fell 0.08% to 9,143.34 points, while the Hang Seng Tech Index decreased by 0.58% to 5,574.59 points [1] Sector Performance - Citic Securities predicts a rebound in the Hong Kong stock market by 2026, driven by a recovery in fundamentals and significant valuation discounts. They recommend focusing on five long-term sectors: technology, healthcare, resource products benefiting from inflation and de-dollarization, essential consumer goods, and sectors benefiting from RMB appreciation [1] - Blue-chip stocks showed mixed results, with Link REIT leading the decline, down 6.42% to HKD 38.8, while Techtronic Industries rose 5.36% to HKD 88.5 [2] Real Estate Sector - Chinese property stocks saw a rally, with Sunac China rising 6.02% to HKD 1.41 and Vanke Enterprises up 3.69% to HKD 4.21. Analysts suggest that stable housing prices are crucial for economic circulation, and high-quality housing may see a development wave due to recent policy directions [3] Technology Sector - Nvidia's strong quarterly results, with revenue of USD 57 billion and a 62% year-on-year increase, have positively impacted related stocks. Nvidia's data center revenue reached a record USD 51.2 billion, up 66% year-on-year [4] - Kingsoft Corporation fell 7.03% after reporting a 17% decline in revenue for Q3 2025, while its gaming segment saw a significant drop of 47% [8] Lithium Sector - Lithium stocks experienced a pullback, with Tianqi Lithium down 1.83% to HKD 53.55 and Ganfeng Lithium down 1.94% to HKD 58.15. The lithium carbonate contract price briefly exceeded CNY 100,000 per ton but faced selling pressure later in the day [6] Other Notable Stocks - Ningde Times fell 5.66% amid concerns over the unlocking of shares for its cornerstone investors, with Morgan Stanley lowering its target price from HKD 600 to HKD 575 [9] - Data center operator GDS Holdings reported a 10.2% increase in net revenue to CNY 2.887 billion, with a net profit of CNY 729 million, marking a return to profitability [10]

Core Viewpoint - Li Ning's stock rose over 4%, reaching HKD 17.92 with a trading volume of HKD 322 million, reflecting positive market sentiment driven by brand strength initiatives and product launches [1] Group 1: Company Developments - Li Ning officially announced the release of the Wade's Way 12LUX x AAPE collaboration series, set to launch on November 22 [1] - The company is focusing on enhancing brand strength, which has injected optimism into the market according to Ping An International [1] - Dongwu Securities highlighted the release of the 2026 Milan Winter Olympics Chinese sports delegation award equipment at the end of October, emphasizing ongoing marketing activities related to the Olympics and technology [1] Group 2: Market Outlook - Analysts believe that Li Ning is on the right strategic path, with investments in brand strength and professional product development laying a foundation for future performance improvement [1] - The long-term market performance for brands is expected to recover, supported by Li Ning's efforts to solidify its professional image and leadership position [1]

Core Viewpoint - Li Ning's stock has risen over 4%, currently trading at 17.92 HKD with a transaction volume of 322 million HKD, reflecting positive market sentiment driven by brand strength initiatives and product development [1] Group 1: Company Developments - Li Ning officially announced the launch of the "Way of Wade 12 LUX x AAPE" collaboration series, set to be released on November 22 [1] - The company is focusing on enhancing brand strength, which is expected to inject optimism into the market [1] Group 2: Market Analysis - According to浦银国际, Li Ning is on the right strategic path, with investments in brand strength and professional product development laying a foundation for future performance improvement [1] - 东吴证券 highlighted that the company is actively conducting marketing activities related to the 2026 Milan Winter Olympics, reinforcing its professional brand image and leading position in the market [1]

Group 1 - The Hong Kong stock consumer sector experienced fluctuations, with the Hong Kong Consumer ETF (513230) opening high but declining nearly 0.5% [1] - Among the holdings, companies like Chuangke Industrial, Samsonite, Li Ning, and Midea Group saw significant gains, while Xpeng Motors, Miniso, Xiaomi Group, and Bilibili faced notable declines [1] - The implementation of the "National Subsidy" policy for personal consumption loans starting September 1, 2025, aims to reduce consumer credit costs through fiscal funds, reflecting the policy's inclusiveness and addressing diverse consumer needs [1] Group 2 - Shanghai Securities noted that October's consumption data showed internal structural highlights, revealing strong endogenous momentum despite an overall stable trend [1] - When excluding the short-term drag from automobiles, the actual growth rate of social consumption rebounded significantly to 4.0%, indicating that the resilience of the consumption market exceeds surface data [1] - The driving forces behind this momentum include ongoing consumption upgrade trends, particularly strong demand for gold and jewelry, and the revitalization of service consumption driven by the Mid-Autumn Festival and National Day holidays [1] Group 3 - The Hong Kong Consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing a wide range of sectors including leading new consumption companies like Pop Mart, Lao Pu Gold, and Miniso, as well as internet e-commerce giants like Tencent, Kuaishou, Alibaba, and Xiaomi, highlighting its strong tech and consumer attributes [2]