格隆汇10月2日｜麦格理：将必和必拓目标价下调2%至每股42澳元；将力拓集团目标价上调4%至每股 115澳元；将海滩能源（Beach Energy）目标价下调2.2%至每股0.90澳元；将伍德赛德能源（Woodside Energy）目标股价下调4%至每股24澳元。 ...

高盛发布研报称，中兴通讯(00763)第二季收入同比增长21%至390亿元人民币，较该行及市场预期高出 8%及12%，净利润符合预期，但毛利率逊预期。经营溢利同比跌36%至17亿元人民币，较该行及市场预 测低39%及26%。惟非经营溢利表现胜预期，令第二季净利润按季升6%至260万元人民币，基本符合预 期。该行对中兴通讯在非电信业务的持续扩张持乐观态度，对其维持"中性"评级，并对其2025至2027年 净利润预测下调14%、9%和3%，收入预测上调7%、11%和13%，目标价升14%至33.5港元。 ...

Core Viewpoint - UBS report indicates that Qingdao Port (601298)(06198) achieved a 4% year-on-year growth in recurring net profit for the first half of the year, aligning with expectations and accounting for 53% of the bank's full-year net profit forecast [1] Financial Performance - The recurring net profit growth of 4% is in line with UBS's expectations [1] - The profit for the first half represents 53% of UBS's annual net profit estimate [1] Earnings Forecast - UBS has revised its earnings forecasts for Qingdao Port for the years 2025 to 2027, with reductions of 2%, 0%, and 1% respectively [1] - The target price for Qingdao Port has been adjusted from HKD 7.4 to HKD 7.2 [1] Rating - UBS maintains a neutral rating on Qingdao Port [1]

Core Viewpoint - Goldman Sachs reports that Shenzhou International (02313) slightly exceeded revenue expectations for the first half of the year, but operating profit fell short by 1% due to rising labor costs impacting gross and operating profit margins. Net profit was 6% higher than the bank's expectations, benefiting from increased government subsidies and foreign exchange gains [1] Financial Performance - Revenue for the first half of the year was slightly above expectations [1] - Operating profit was 1% below expectations due to increased labor costs affecting margins [1] - Net profit exceeded expectations by 6%, attributed to government subsidies and foreign exchange gains [1] Profitability Metrics - Gross margin and operating profit margin were both below expectations due to rising domestic labor costs that could not be effectively passed on to customers [1] Future Outlook - Goldman Sachs adjusted net profit forecasts for 2025 to 2027 down by 0.2% to up by 0.6% [1] - Target price increased from HKD 71 to HKD 74, maintaining a "Buy" rating [1] Market Position - The company is encouraged by the orderly progress of orders, benefiting from stable market share growth from key clients [1] - The company has a relatively low sales exposure to the U.S. market, which is viewed positively [1]

Core Viewpoint - UBS has adjusted the target price for Lululemon Athletica (LULU.US) from $290 to $240 while maintaining a neutral rating, citing weak sales momentum in August as the primary reason [1] Sales Performance - Lululemon's sales in the U.S. market achieved only a 1% year-over-year growth in the second quarter [1] - The company is expected to face a downward pressure of $0.20 on earnings per share (EPS) due to tariff policies and rising costs [1] Market Sentiment - Despite the short-term pressures, Wall Street remains optimistic about Lululemon, with most analysts maintaining a "buy" rating [1] - The average one-year target price for the stock on Wall Street is $283.78, indicating a potential upside of nearly 43% from the latest closing price, reflecting institutional investors' recognition of its long-term value [1]

高盛发布研报称，将恒基地产(00012)2025至27财年基本每股盈利预测分别上调5%、下调1%及下调 2%，至1.58港元、1.8港元及1.8港元，股息预测维持1.8港元不变。预期未来三年平均派息比率约 105%，对比过去五年平均约78%。目标价微降1.5%至19.3港元，维持"沽售"评级。 恒基地产上半年每股盈利0.6港元，同比跌8%，较去年下半年跌11%。期内来自土地收回的税前收益2.4 亿港元，相比去年同期的土地收回及投资物业处置收益为25亿港元。剔除一次性收益及IP重估影响，经 常性基本每股盈利0.58港元，同比跌4%，较该行预期低11%，主要因物业发展(DP)利润率低于预期。中 期股息维持每股0.5港元，符合该行预期。截至2025年6月底，负债比率约21%，与去年末持平，若计入 母公司贷款则负债比率约43%，较去年下半年升2个百分点。 ...

Core Viewpoint - Morgan Stanley has downgraded the earnings forecasts for Kowloon Development for the fiscal years 2025 to 2027 due to weak performance in the first half of the year and challenging market conditions [1] Financial Performance - The basic earnings forecasts for Kowloon Development have been reduced by 13%, 7%, and 9% for the fiscal years 2025, 2026, and 2027 respectively [1] - Despite the downgrades, the company is expected to maintain a stable dividend policy, projecting a dividend of HKD 0.4 per share from 2025 to 2027 [1] Market Outlook - The target price for Kowloon Development has been raised from HKD 18.4 to HKD 19, reflecting the company's strong balance sheet but also the challenging operational outlook [1] - The company has been rated "Underweight" due to its unattractive valuation and difficult business environment [1]

Group 1 - The core viewpoint of the report indicates that Cheung Kong Infrastructure's net profit for the first half of the year is HKD 4.35 billion, with core net profit growing by 2% year-on-year to HKD 4.28 billion, meeting market expectations, driven by strong performance in the UK business [1] - The report anticipates that in the upcoming reset period, more favorable terms will drive single asset profit growth, with the group expected to achieve an annual profit growth of 9% to 10% over the next 2 to 3 years [1] - The earnings per share forecast for the company from 2025 to 2027 has been revised down by 4% to 5%, with the target price slightly reduced from HKD 60.2 to HKD 60, while maintaining a "neutral" rating [1] Group 2 - Cheung Kong Infrastructure Group (01038.HK) plans to hold a board meeting on August 13 to approve its interim results [2] - Huatai Securities has initiated coverage on Cheung Kong Infrastructure Group, giving a target price of HKD 64.73 and a "buy" rating [2]

Group 1 - The core viewpoint is that Bank of America has lowered the target price for Celanese from $65 to $59 [1]

Group 1 - Citigroup downgraded Trade Desk's rating from "Buy" to "Neutral" [1] - The target price for Trade Desk was reduced from $90 to $65 [1]