Report Summary 1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The external environment remains complex. The US tariff pressure on China persists, and the "rush to export" trend is unsustainable. However, the weakening of the US dollar's credit foundation eases the passive depreciation pressure on the RMB. In China, the conversion of expectations into reality is evident, but the continuous effect of the "anti - involution" policy on deflation improvement still depends on demand - side cooperation. Corporate profit repair is not yet stable, and the transmission of policies and monetary effects requires time. The current valuation repair process is ahead of the profit recovery slope, and the profit recovery situation is the key to whether the overall market center can rise. Attention should be paid to the recovery of the overall market profitability [5] 3. Summary by Relevant Catalogs 3.1 Market Performance - In September, the domestic A - share market indices continued to rise, with multiple indices hitting new highs this year. Small - cap growth stocks outperformed, followed by large - cap growth stocks, while large - cap value stocks had continuous corrections. The performance of various industries was significantly differentiated, with non - ferrous metals related to precious metals leading the gains, and coal, food and beverage, and oil and petrochemicals leading the losses. In terms of valuation, there was obvious internal differentiation among stock indices [3] - The basis of the four major stock index futures main contracts mostly remained in a discount state. The trading of the four major stock index futures was highly active, with a convergence at the end of the quarter. IM was the most active, followed by IF and IC with similar activity levels. The overall positions of the four major stock index futures varieties increased, with IM having the largest position scale, followed by IF [3] 3.2 Macroeconomic Situation - Domestically, in the first half of 2025, the GDP actually grew by 5.3%. The economic growth rate slowed down slightly in the second quarter, with a single - quarter growth of 5.2%. In 2024, the cumulative year - on - year growth rates of fixed - asset investment and real estate development investment were 3.2% and - 10.6% respectively. In the fourth quarter of 2024, the contributions of consumption, investment, and net exports to GDP all increased. After negotiations, the tariff rate was stable at 15%, and external demand maintained resilience [4] - Overseas, at the end of September, the Federal Reserve cut interest rates by 25bp as expected, and the dot - plot showed a total reduction of about 75bp this year. Due to the large - scale US fiscal deficit caused by the "Big and Beautiful" Act, the US Treasury yield remained high, and the US dollar index fluctuated around the key level of 97. The Fed Chairman paid more attention to the cooling of the US labor market, and the unemployment rate rose in the third quarter. The Fed's strict attitude towards inflation may ease [4]

Core Viewpoint - China Resources Land (01109) reported a 6.9% year-on-year decline in core profit for the first half of the year, primarily due to a reduction in one-time gains, but maintained stable interim dividends, indicating robust shareholder returns [1] Financial Performance - The profit margin for development properties improved for the first time in years despite the overall profit decline [1] - The contribution from recurring business increased to 60% in the first half of 2025 [1] Future Outlook - The company is expected to achieve a profit recovery in 2026, driven by the increased contribution from recurring business and improved profit margins from development properties [1] - The valuation benchmark has been shifted to the 2026 forecasted earnings per share, with the target price raised from HKD 32.2 to HKD 35.4, implying a 2026 price-to-earnings ratio of 8.5 times [1] Investment Recommendation - China Resources Land remains the preferred stock for the firm, with an outperform rating [1]

里昂发布研报称，华润置地(01109)上半年核心利润同比下降6.9%，主要由于一次性收益减少，但中期 股息保持稳定，显示股东回报稳健。在整体利润下降的情况下，发展物业的利润率多年来首次改善，经 常性业务的利润贡献在2025年上半年升至60%。该行认为，随着经常性业务贡献增加及发展物业利润率 改善，公司2026年有望实现盈利复苏。将估值基准转为2026年预测每股盈利，保持不变的市盈率倍数， 目标价从32.2港元上调至35.4港元，隐含2026年市盈率8.5倍。华润置地仍是该行首选股，评级跑赢大 市。 ...

Core Viewpoint - Cat's Eye Entertainment reported a mixed performance in its interim results, with revenue growth but a significant decline in profit, indicating challenges in the current market environment [1] Financial Performance - Revenue for the period reached approximately 2.472 billion yuan, representing a year-on-year increase of 13.9% [1] - Net profit for the period was 178.5 million yuan, a decrease of 37.3% year-on-year [1] - Adjusted net profit was approximately 235 million yuan, down 33.2% year-on-year [1] Revenue Drivers - The increase in revenue was primarily driven by a rise in entertainment content service income, attributed to a record number of films controlled and distributed by the company in the first half of 2025, along with strong box office performance of certain films [1] Market Analysis - Bank of America Securities noted that Cat's Eye Entertainment's performance met expectations, with robust revenue growth driven by strong box office increases [1] - However, the decline in profit was mainly due to poor box office performance of some films in the second quarter and increased investments in live performances and IP businesses [1] Future Outlook - The firm is optimistic about a recovery in profitability for the second half of the year, citing ongoing market recovery and a rich pipeline of films set to be released [1] - The target price for Cat's Eye Entertainment was raised from 9.3 HKD to 9.7 HKD, reflecting confidence in the growth of the entertainment content service business for the remainder of the year and into next year [1]

Core Viewpoint - Morgan Stanley's report indicates that Greentown China (03900) is adopting a more balanced approach to reduce its land reserve risks, which may slow down its real estate sales growth next year and negatively impact profit recovery due to lower-than-expected gross margin performance [1] Group 1: Company Performance - The company's valuation is considered too expensive, leading to a downgrade from "Overweight" to "Underweight" with a target price reduction from HKD 11.62 to HKD 8.55 [1] - Greentown China is expected to take longer than anticipated to restore profits to levels seen before the decline in 2022 [1] Group 2: Earnings Forecast - Earnings estimates for the group from 2025 to 2027 have been reduced by 15%, 35%, and 22% respectively, reflecting weak real estate sales and a slowdown in profit margin recovery [1]

Group 1 - The core viewpoint of the report is that Bank of America Securities is optimistic about the profit recovery trend of Maoyan Entertainment (01896) in the second half of the year, supported by a recovering market and a rich pipeline of upcoming films [1] - The company’s performance in the first half of the year met expectations, with revenue showing robust growth, driven by a strong 14% year-on-year increase in box office revenue [1] - Despite the revenue growth, the company's profit fell by 37% year-on-year, primarily due to poor box office performance of certain films in the second quarter and increased investments in live performances and IP businesses [1] Group 2 - Bank of America Securities has raised its target price for Maoyan Entertainment from HKD 9.3 to HKD 9.7 and reiterated a "Buy" rating [1] - The full-year profit forecast for Maoyan Entertainment has been revised down from RMB 627 million to RMB 422 million due to adjustments in box office predictions and increased investments in content production and new businesses [1] - Profit forecasts for 2026 and 2027 have been reduced by 6% to 11% [1]

Core Viewpoint - Bank of America Securities is optimistic about the profit recovery trend of Maoyan Entertainment (01896) in the second half of the year, citing a continuous market recovery and a rich pipeline of upcoming films that will support growth in the entertainment content service business for the remainder of this year and next year [1] Group 1: Financial Performance - Maoyan Entertainment's performance in the first half of the year met expectations, with revenue showing robust growth driven by a strong increase in box office, resulting in a year-on-year revenue increase of 14% [1] - However, the company's profit decreased by 37% year-on-year during the same period, primarily due to poor box office performance of certain films in the second quarter and increased investments in live performances and IP businesses [1] Group 2: Forecast Adjustments - In response to a downward revision of the annual box office forecast and increased investments in content production and new businesses, Bank of America Securities has lowered its full-year profit forecast for Maoyan Entertainment from 627 million RMB to 422 million RMB [1] - Profit forecasts for 2026 to 2027 have also been reduced by 6% to 11% [1] Group 3: Rating and Target Price - Bank of America Securities maintains a "Buy" rating on Maoyan Entertainment, raising the target price from 9.3 HKD to 9.7 HKD [1]

Core Viewpoint - Morgan Stanley's research report indicates that Greentown China is adopting a more balanced approach to reduce its land reserve risks, which may slow down its real estate sales growth next year and negatively impact profit recovery due to lower-than-expected gross margin performance [1] Group 1: Company Valuation and Ratings - Morgan Stanley believes that Greentown China's valuation is too high, downgrading its rating from "Overweight" to "Underweight" [1] - The target price for Greentown China has been reduced from HKD 11.62 to HKD 8.55 [1] Group 2: Earnings Forecast Adjustments - The company is expected to take longer than anticipated to restore profits to levels seen before the decline in 2022 [1] - Earnings estimates for the group from 2025 to 2027 have been cut by 15%, 35%, and 22% respectively, reflecting weak real estate sales and a slowdown in profit margin recovery [1]

智通财经APP获悉，星展发布研报称，李宁(02331)是中国领先的本土运动服饰品牌，截至2024年市场份 额为10.3%。公司亦发展了李宁YOUNG及李宁China品牌，以融入青年文化趋势。该行又表示尽管市场 竞争激烈，但增长正在复苏，遂将目标价从17.4港元上调至每股19.5港元，基于滚动12个月市盈率16倍 (此前为2025财年市盈率15倍)，对比全球同行2025和2026财年预测市盈率24倍及19.9倍，评级"买入"。 星展表示，公司已改善线下及电子商务渠道的零售折扣率。星展预计李宁2025及2026财年销售额，将分 别温和增长1%和6%，受跑步及户外服饰类别的稳定增长，及即将在意大利米兰举行的2026年冬季奥林 匹克运动会投资推动。与此同时，运动生活方式板块的增长正在稳定。 ...

Core Viewpoint - The company Jinlongyu reported a net profit increase of over 60% year-on-year for the first half of 2023, marking its best semi-annual performance in nearly three years [1] Financial Performance - Jinlongyu's net profit for the first half of 2023 reached 1.755 billion yuan, the highest level for the same period in 2023 [1] - The company's gross profit margins for kitchen foods, feed raw materials, and oil technology businesses increased by 0.8 and 3.25 percentage points year-on-year, with the latter showing an increase of over three times compared to the same period last year [1] Market Conditions - Despite the strong performance in the semi-annual report, there are concerns about a sequential decline in performance for the second quarter [1] - The company noted that the recovery in demand for consumer products such as flour and rice was below expectations, compounded by price fluctuations in raw materials [1] Investor Sentiment - The report raises questions about whether it can restore investor confidence and whether there is sufficient momentum for valuation recovery after five consecutive years of stock price decline [1]