消息面上，ASMPT近日宣布计划剥离旗下SMT业务。花旗发布研报称，剥离SMT业务将使公司专注于 半导体设备和先进封装业务，有助释放股份价值。花旗相信，随着ASMPT转型为一家半导体设备公 司，其股价可能突破历史估值区间。 瑞银也认为此举属正面，因公司可以专注半导体及先进封装，理顺经营及资源分配。SMT业务传统上 利润率及技术门槛较低，与半导体行业有不同行业周期。报告称，如ASMPT选择剥离或分拆，由于先 进封装生意机遇，利润率及盈利有望结构性上升，迎来潜在估值重评。 ASMPT(00522)再涨超5%，截至发稿，涨4.67%，报107.6港元，成交额5066.8万港元。 ...

Core Viewpoint - Citi has raised the target price for ASMPT from HKD 100 to HKD 125, maintaining a "Buy" rating, reflecting strong valuation re-rating in the industry and the potential value from the market's interest in the separation or spin-off of its Surface Mount Technology (SMT) business [1] Group 1 - The report indicates that capital expenditure is increasingly directed towards the Advanced Packaging (AP) sector, which is expected to drive profit growth for backend equipment suppliers [1] - Citi believes that as ASMPT transforms into a semiconductor equipment company, its stock price may exceed historical valuation ranges [1]

Core Viewpoint - UBS has upgraded ASMPT's earnings forecast for the next two years by 3% and 4% respectively, citing improved visibility in the TCB business, and has raised the target price from HKD 95 to HKD 135, maintaining a "Buy" rating [1] Group 1: Earnings Forecast and Valuation - ASMPT's earnings estimates for 2024 and 2025 have been increased by 3% and 4% respectively due to better growth visibility in the TCB business [1] - The valuation basis has been extended to 2027, predicting a price-to-earnings ratio of 24 times, with a new target price set at HKD 135 [1] Group 2: SMT Business Evaluation - ASMPT is evaluating options for its SMT business, which may involve sale, joint venture, spin-off, or public listing [1] - UBS views this move positively as it allows the company to focus on semiconductors and advanced packaging, optimizing operations and resource allocation [1] - The SMT business traditionally has lower profit margins and different industry cycles compared to the semiconductor sector, suggesting potential structural profit and earnings increases if ASMPT chooses to divest or spin off this segment [1] Group 3: Market Positioning - ASMPT is currently trading at a projected price-to-earnings ratio of 18 times for 2027, which is lower than its international peers [1]

Core Viewpoint - ASMPT is evaluating options for its Surface Mount Technology (SMT) business, which may include sale, joint venture, spin-off, or public listing, indicating a strategic shift to focus on semiconductor and advanced packaging sectors [1] Group 1: Business Strategy - The move is seen positively by UBS, as it allows the company to concentrate on semiconductor and advanced packaging, improving operational efficiency and resource allocation [1] - The SMT business traditionally has lower profit margins and different industry cycles compared to the semiconductor sector [1] Group 2: Financial Outlook - UBS reports that if ASMPT opts for divestiture or spin-off, there is potential for structural profit margin and earnings improvement due to opportunities in advanced packaging, leading to a possible revaluation [1] - The bank has raised its earnings forecasts for ASMPT by 3% and 4% for the next two years, respectively, and increased the target price from HKD 95 to HKD 135, maintaining a "Buy" rating [1]

Core Viewpoint - Nanhua Futures Co., Ltd. (2691.HK) has been included in the Hong Kong Stock Connect as of January 19, 2026, which is expected to unlock a direct inflow channel for mainland funds, potentially increasing attention and allocation from southbound capital and passive funds like index funds, thereby broadening the investor base and attracting incremental mainland capital [1] Company Overview - Nanhua Futures is a leading comprehensive futures company in China, established in 1996 and headquartered in Hangzhou, with services including domestic futures brokerage, risk management, wealth management, and overseas financial services [1] - The company was listed on the Shanghai Stock Exchange in 2019 and officially debuted on the Hong Kong Stock Exchange on December 22, 2025, achieving a dual listing that marks a significant step in its internationalization strategy and business innovation [1] Market Implications - The inclusion in the Hong Kong Stock Connect is anticipated to significantly enhance short-term liquidity and may lead to a medium to long-term revaluation of the company's stock [1] - The company's leading position in the industry and its internationalization potential are expected to attract renewed valuation from the capital markets [1]

Group 1 - The core viewpoint of the article is that Bank of America Securities has upgraded the rating of Guotai Junan (02611) H-shares and (601211.SH) A-shares from "Neutral" to "Buy" [1] - The target price for H-shares has been raised from HKD 17.3 to HKD 20.2, and for A-shares from RMB 22.4 to RMB 23.6 [1] - The stock performance of Guotai Junan has lagged behind its peers in the first eleven months of this year due to market concerns regarding Haitong International's asset quality, integration progress, and weak post-merger return on equity [1] Group 2 - The report suggests that the third-quarter performance of Guotai Junan alleviates concerns and indicates potential for upward return on equity and valuation re-rating [1] - The firm anticipates limited impairment provisions for Haitong International in the fourth quarter and views the recent acquisition of an Indonesian brokerage license as a sign of confidence in the business transition [1] - The company is now viewed positively and is listed as one of the preferred stocks for 2026, with expectations of superior performance driven by leading industry profit growth and valuation re-rating [1] Group 3 - The forecast for 2026 indicates a 26% year-on-year growth in profit excluding one-off items, driven by market share increase, accelerated integration, re-leveraging, and cost savings [1]

Core Viewpoint - Bank of America Securities reports that Cathay Securities' H-shares and A-shares have underperformed peers in the first eleven months of the year due to market concerns over Haitong International's asset quality, integration progress, and weak post-merger return on equity [1] Group 1 - The third-quarter performance is expected to alleviate concerns and release potential for upward return on equity and valuation re-rating [1] - The bank anticipates limited impairment provisions for Haitong International in the fourth quarter, and the recent acquisition of an Indonesian brokerage license highlights Cathay Securities' confidence in the business transition of Haitong International [1] Group 2 - The bank has a positive outlook on Cathay Securities, listing it as one of the preferred stocks for 2026, expecting the company to outperform peers due to leading industry profit growth and valuation re-rating [1] - The forecast for 2026 indicates a 26% year-on-year growth in profit excluding one-off items, driven by market share increase, accelerated integration, re-leveraging, and cost savings [1] Group 3 - The rating for Cathay Securities' H-shares and A-shares has been upgraded from "Neutral" to "Buy," with the H-share target price raised from HKD 17.3 to HKD 20.2, and the A-share target price increased from CNY 22.4 to CNY 23.6 [1]

Core Viewpoint - Goldman Sachs maintains a "Buy" rating on Hong Kong Exchanges and Clearing Limited (00388) and raises the target price from HKD 544 to HKD 562, indicating a positive outlook for the stock [1] Financial Performance - The stock is currently trading at approximately 30 times forward P/E, which is below the mid-cycle P/E level of around 35 times [1] - For Q3 2025, the earnings exceeded Goldman Sachs' expectations, primarily due to better-than-expected investment income performance [1] - Core profit, excluding investment income, met expectations, growing by 101% driven by a 141% year-on-year increase in average daily turnover [1] Earnings Forecast Adjustments - Following the inclusion of Q3 performance and recent trading volume trends, Goldman Sachs has raised its earnings per share estimates for fiscal years 2025 to 2028 by 5%, 4%, 4%, and 5% respectively [1] Valuation Drivers - Three key factors are expected to further drive the revaluation of Hong Kong Exchanges and Clearing Limited: 1. Market consensus has raised average daily turnover forecasts [1] 2. The P/E ratio of Hong Kong Exchanges is expanding its premium relative to the Hang Seng Index and Hang Seng Tech Index [1] 3. The growth momentum of listed companies in Hong Kong is recovering [1]

Core Insights - Goldman Sachs reported that Hong Kong Exchanges and Clearing (HKEX) exceeded profit expectations for the third quarter, primarily due to better-than-expected investment income [1] - Core profit, excluding investment income, met expectations, driven by a 141% year-on-year increase in average daily trading volume, resulting in a 101% growth [1] - Following the third-quarter performance and recent trading volume trends, Goldman Sachs raised its earnings per share estimates for fiscal years 2025 to 2028 by 5%, 4%, 4%, and 5% respectively [1] Company Valuation Factors - Three key factors are identified that could further drive the revaluation of HKEX: 1. Market consensus has raised average daily trading volume forecasts [1] 2. The price-to-earnings (P/E) ratio of HKEX has expanded relative to the Hang Seng Index and Hang Seng Tech Index [1] 3. The growth momentum of listed companies in Hong Kong is recovering [1] Investment Rating - Goldman Sachs maintains a "Buy" rating on HKEX, increasing the target price from HKD 544 to HKD 562 [1]

Core Viewpoint - Samsonite's stock has increased by over 4%, currently trading at HKD 16.58, with a transaction volume of HKD 35.14 million. The company will hold a board meeting on November 12 to consider and approve its quarterly performance report for the three and nine months ending September 30, 2025 [1]. Group 1: Financial Performance - In the first half of the year, Samsonite's sales decreased by 5.2% on a constant currency basis. However, it is expected that sales will gradually improve in the second half, with the decline narrowing to 3.3%, primarily due to a lower comparison base, especially in the third quarter, which is the lowest for the year [1]. - HSBC forecasts that sales in the third quarter will decline by 2.5% on a constant currency basis [1]. Group 2: Future Outlook - HSBC maintains a target price of HKD 21 and a "Buy" rating for Samsonite, anticipating a potential revaluation of the stock as sales are expected to improve in the third quarter of this year and return to growth next year [1]. - There is a clear possibility of the company pursuing a dual listing in the United States in the first half of next year [1].