Core Viewpoint - Citigroup's report indicates that Luoyang Molybdenum's net profit for the first three quarters of this year increased by 73% year-on-year to 14.3 billion yuan, achieving 72% and 84% of Citigroup and market's full-year forecasts respectively [1] Financial Performance - The recurring net profit and EBIT for the first three quarters were 14.5 billion yuan and 24.5 billion yuan, reflecting year-on-year increases of 70% and 33% [1] - The estimated EBIT for the third quarter reached 9 billion yuan, showing year-on-year and quarter-on-quarter growth of 46% and 2% respectively, surpassing Citigroup's expectations, primarily due to higher copper production and sales [1] Future Projections - Citigroup has raised its net profit forecasts for 2025 to 2027 by 19.5%, 36.6%, and 19.6% respectively, projecting profits of 19.8 billion yuan, 25.2 billion yuan, and 27 billion yuan [1] Target Price Adjustments - The target price for H-shares has been increased from 13.4 HKD to 20.6 HKD, while the target price for A-shares has been raised from 12.6 yuan to 19 yuan, maintaining a "Buy" rating [1]

瑞银研究报告指，长城汽车(2333.HK)第三季净利润为22.98亿元，因高基数按季跌50%，并因8亿元退税 延迟导致按年跌31%。若剔除有关一次性因素，第三季净利润应为31亿元，在直营渠道扩张与新车型行 销支出增加下，仅按年跌8%，且据管理层讲法较上季轻微增长。剔除一次性因素影响的首三季净利润 达到市场及该行全年预期的70%至77%。基于管理层对魏牌的发展信心及新平台的能见度提升，该行将 2025及26年销量预测分别上调1%及9%，并将同期净利润预测上调8%及10%，因营运效率有所改善；目 标价由17港元上调至19港元，予"买入"评级。 ...

瑞银将中国财险2025年净利润预测上调19%，但相信股息增幅未必可赶上盈利增幅，目前预测股息将按 年增长20%至0.65元，股息回报率约3.8%；目标价由21.8港元上调至22.5港元，评级"买入"。 瑞银发表研究报告指，中国财险发布盈利预喜，预计首九个月净利润按年升40%至60%，即第三季净利 润将按年大幅增长约50%至108%，达到140亿至190亿元，预期创下有史以来最强劲的第三季业绩。瑞 银认为，财险第三季业绩表现胜预期，是来自于承保利润转势及投资收益的强劲增长。该行估计，首九 个月综合成本率按年改善1.7个百分点至96.5%，预期第四季综合成本率将持续按年改善。 ...