展望2026年以后，瑞银预测公司每股收益(EPS)将恢复两位数增长，支撑因素包括中个位数的有机增 长、约40%的边际利润率以及资本回报。费舍尔表示，随着净债务趋势降至息税折旧摊销前利润 (EBITDA)的2倍以下，瑞银现在假设未来三年公司将进行60亿美元的股票回购，这将有助于提振收益。 "我们看到了实现年度每股收益两位数增长的道路，"他写道，并预测2028财年每股收益将超过8美元， 比2025财年高出约35%。 瑞银还将估值作为此次评级上调的关键因素之一。尽管该行认为艾默生电气的投资资本回报率正在改 善，但其股价仍低于工业板块ETF的估值水平。 "估值应紧密跟随投资资本回报率的趋势，"费舍尔说，这表明持续的业绩执行和资本配置可能在一段时 间内支持估值重估，尽管瑞银在基本假设中并未纳入这一因素。 瑞银研究分析师史蒂文·费舍尔设定了168美元的目标价，这意味着较近期股价有超过20%的上涨空间。 他表示，相对于订单增长势头，艾默生的业绩指引显得保守。 "艾默生对2026财年有机增长(+4%)的指引远低于其最近的实际订单增长(+6%)，这可能导致其2026财年 前持续向上修正预期，"费舍尔在1月4日致客户的报告中写道 ...

Core Viewpoint - Goldman Sachs has upgraded Standard Chartered Group's rating from "Neutral" to "Buy" and raised the target price by 21% from HKD 168 to HKD 203, indicating further revaluation potential despite an 83% increase in the stock price this year [1] Group 1: Rating and Price Target - Goldman Sachs has raised Standard Chartered's rating to "Buy" and increased the target price to HKD 203, reflecting a 21% increase from the previous target [1] - The bank believes there is still room for further revaluation of Standard Chartered's stock [1] Group 2: Return on Equity Expectations - Goldman Sachs projects that Standard Chartered's underlying return on tangible equity (ROTE) will reach 14.6% by the end of this year, exceeding the management's guidance of 13% [1] - The ROTE is expected to further increase to 15% in 2027 and 15.7% in 2028 [1] - An upward revision of the mid-term ROTE guidance is anticipated during the 2025 financial report or the investor day in May 2026, which could act as a catalyst for the stock price [1] Group 3: Shareholder Returns - Standard Chartered is expected to provide attractive returns to shareholders, with a projected total return (dividends + buybacks) of 8.4% by 2026 [1] - The long-term total payout ratio is expected to be maintained at 80% due to strong capital generation capabilities [1] - Share buyback forecasts for 2028-2029 have been increased from USD 2.5 billion to USD 2.8 billion annually, and the dividend payout ratios for 2026-2028 have been revised from a fixed 21% to 25%/30%/35% respectively [1] - The revised forecasts indicate an average total payout ratio of 75% for 2026-2028, supporting ROTE improvement and valuation revaluation [1]

海通国际证券指出，随着中国在硬实力与软实力上的全面追赶，尤其是在全球经济与科技体系中的份额 持续提升，中国股市有望获得估值重估。行业层面，科技仍将是市场的核心主线，硬实力方向如国产算 力与存储芯片将加速扩产，带动半导体产业链持续放量；软实力方向，中国的文化消费与文化出海有望 形成新的增长动能。此外，受益于反内卷与通缩修复的板块也具备困境反转的潜力。 MSCIESGETF（159621）跟踪的是MSCI中国A股ESG通用指数，该指数从中国A股市场中筛选符合环 境、社会和治理高标准要求的上市公司证券作为指数样本，通过正向筛选和动态加权方法，重点纳入具 有稳健ESG表现及持续改善潜力的企业。指数行业分布均衡，风格偏向核心资产配置，旨在反映ESG投 资理念下中国A股优质企业的整体表现。 （文章来源：每日经济新闻） ...

智通财经APP获悉，摩根大通发布研报称，将潍柴动力(02338)视为2026年工业板块的首选股之一，维 持"增持"评级，目标价为31港元。该行指出创办人兼前董事长谭旭光于2024年8月宣布退休离任，投资 者曾担忧中国重汽(03808)与潍柴可能因此战略脱钩，但随着公司前高管王志坚上月底就任中国重汽与 潍柴母企山东重工集团的董事长，预期领导层及企业之间的战略连续性风险将可缓解。 小摩又指，中国11月重型卡车需求表现仍然非常强劲，印证今年需求较集中于下半年，憧憬液化天然气 (LNG)卡车销售正在大幅增长，看好潍柴在LNG重卡发动机市场的领先地位，认为具备估值重新评级的 潜力。 （原标题：小摩：视潍柴动力(02338)为明年工业首选股之一 料存在重估潜力 目标价31港元） ...

Core Viewpoint - Global Payments (GPN) stock is considered a solid value buy due to its current trading below average valuation, reasonable revenue growth, and strong margins [1][5] Current Situation of GPN - GPN has experienced a decline of 34% this year but is now 38% more affordable based on its Price-to-Sales (P/S) ratio compared to one year ago, and it trades at a lower Price-to-Earnings (P/E) ratio than the S&P 500 median [5] - The company increased its adjusted operating margin by 110 basis points in Q3 2025, driven by strong performance and value-oriented pricing, with significant margin growth in its core merchant business [6] - Revenue acceleration in the merchant segment is attributed to new customers on the Genius platform and larger deal sizes, indicating enhanced organic growth [6] Strategic Developments - Ongoing strategic transformation includes the expected Worldpay acquisition and Issuer Solutions divestiture in Q1 2026, which are anticipated to enhance scale and market access across 40 new markets [6] - GPN's fundamentals show a reasonable revenue growth of 21.0% LTM and an average of 6.8% over the last three years, with an operating margin average of approximately 19.8% over the same period [9] Valuation Metrics - GPN stock is trading at a P/E multiple of 10.1, which is considered modest despite positive fundamentals [9] - The stock's current P/S ratio is below the average of the last few years, indicating potential for valuation re-rating [10]

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]

Core Viewpoint - The A-share market experienced significant corrections during the week of November 17 to 21, with a notable retreat in previously strong technology stocks and increased risk aversion among investors. Bank stocks, particularly China Bank, saw active trading and reached new historical highs multiple times during the week [1][4]. Market Performance - A total of 46 stocks reached historical highs this week, a decrease from 83 the previous week. Year-to-date, 1003 stocks have achieved historical highs as of November 21 [1]. - Among the 46 stocks, the power equipment, basic chemicals, and machinery sectors had six stocks each reaching new highs, while the electronics sector saw a significant drop to three stocks [1]. - The main board had 31 stocks reaching new highs, while the Sci-Tech Innovation Board had six, the Growth Enterprise Market had five, and the Beijing Stock Exchange had four [1]. Trading Activity - The overall trading activity of strong stocks decreased. The top five stocks by trading volume were China Minmetals Resources, China Bank, Industrial and Commercial Bank of China, Foshan Plastics Technology, and Dazhong Mining, with trading volumes of 15.795 billion, 15.195 billion, 12.66 billion, 12.18 billion, and 12.13 billion respectively [1][6]. Bank Sector Insights - The recent performance of bank stocks is driven by several core factors, including policy support from the central bank aimed at stabilizing net interest margins and enhancing the effectiveness of monetary policy [4]. - The current price-to-book (PB) ratio for A-share banks is 0.73, while Hong Kong's state-owned banks have a PB ratio of approximately 0.55, indicating that valuations remain significantly low compared to international peers [4]. - The banking sector's dividend yield is notably higher than the risk-free rate, creating an attractive investment logic in the current low-interest-rate environment [4]. Investment Recommendations - Investment strategies suggested by analysts include focusing on regional banks with strong certainty and high dividend yields, particularly large banks and joint-stock banks [5]. - The stocks that reached new highs most frequently over the past 30 trading days include Electric Power Investment Energy (14 times), Hanlan Environment (13 times), and Zhiyang Innovation (12 times) [5]. Stock Price Movements - The stocks with the highest price increases this week included Zhenai Meijia (up 38.96%), Tengjing Technology (up 34.50%), and Huaci Co., Ltd. (up 31.69%) [8]. - Among the 46 stocks, two stocks had prices exceeding 100 yuan, with Tengjing Technology at 152 yuan and Tianpu Co., Ltd. at 108.61 yuan [8].

Group 1 - China Hongqiao's stock price increased by over 10%, reaching a new high of 32.64 HKD, with a trading volume of 1.166 billion HKD [1] - The rise in aluminum prices is driven by ongoing supply disruptions overseas, including a production cut at Century Aluminum's Grundartangi smelter affecting 200,000 tons of capacity [1] - South32's Mozal aluminum plant may suspend operations after March 2026 if new power contracts are not secured, and Rio Tinto is considering stopping operations at its Tomago smelter after 2028 [1] Group 2 - Citigroup maintains a "Buy" rating for China Hongqiao and raises the target price from 25.2 HKD to 36 HKD, considering it a preferred stock [2] - Despite strong stock performance year-to-date, the forecasted dividend yield for 2026 remains attractive at 6.7% [2] - Earnings forecasts for China Hongqiao for 2025, 2026, and 2027 have been increased by 2%, 5%, and 7% respectively, reflecting higher aluminum and alumina sales and prices [2]

Core Viewpoint - China Hongqiao (01378) has seen its stock price rise over 6%, reaching a new historical high of 31.44 HKD, driven by positive market sentiment and strong earnings forecasts in the aluminum industry [1] Company Summary - Citigroup has released a report indicating that the aluminum industry remains one of its top picks, expecting tight aluminum supply due to China's production capacity cap of 45.2 million tons and no explosive capacity increase in Indonesia [1] - The earnings forecasts for China Hongqiao for 2025, 2026, and 2027 have been raised by 2%, 5%, and 7% respectively, now projected at 24.4 billion, 27.9 billion, and 30.3 billion RMB, reflecting higher aluminum and alumina sales and increased average aluminum price predictions [1] - The company is focusing on maintaining a high dividend payout ratio and share buybacks to enhance shareholder returns, with a projected dividend yield of 6.7% for 2026 [1] Industry Summary - Citigroup anticipates that China Hongqiao will continue to benefit from sustained high aluminum margins, leading to a revaluation of the stock [1] - The target price for China Hongqiao has been raised from 25.2 HKD to 36 HKD, maintaining it as a preferred stock in the aluminum sector [1]