Core Viewpoint - Baidu Group-SW (09888) experienced a significant increase of over 17% in stock price following the announcement of a strategic cooperation agreement with China Merchants Group to advance AI applications in various sectors [1] Group 1: Stock Performance - Baidu Group-SW's stock rose by 17.24%, reaching HKD 132.8, with a trading volume of HKD 62.24 billion [1] Group 2: Strategic Cooperation Agreement - On September 15, Baidu Group and China Merchants Group signed a strategic cooperation framework agreement in Shenzhen [1] - The agreement aims to leverage the strengths of both companies in sectors such as technology innovation, transportation logistics, comprehensive finance, and real estate [1] - The partnership is focused on creating a win-win, sustainable development relationship, emphasizing resource sharing and mutual benefits [1] Group 3: Future Development Focus - China Merchants Group's Chairman, Miao Jianmin, highlighted that AI is a key focus for the group's future development [1] - The agreement aims to deepen collaboration in areas such as digital intelligence, equity investment, finance, logistics, and property management [1] - There is a particular emphasis on enhancing cooperation in cloud computing, AI large models, and innovative pharmaceuticals [1]

Group 1 - The core viewpoint of the report is that the company Chow Tai Fook Enterprises (00659) is given a "Buy" rating with a target price of HKD 9.42, based on a sum-of-parts valuation model plus a 30% liquidity discount [1] - Chow Tai Fook Enterprises has a diversified business portfolio primarily located in Hong Kong and mainland China, with stable cash flow and growing insurance business driving profit outlook [1] - The insurance business (Chow Tai Fook Life) is expected to become the main profit driver, with its contribution to Adjusted Operating Profit (AOP) projected to increase from 23% in FY2024 to 34%/36% by FY2028/29 [1] Group 2 - The company has a progressive high dividend policy, with core earnings per share (DPS) expected to grow from HKD 0.58 in FY2020 to HKD 0.65 in FY2024, and a projected dividend yield of 8.4%/8.8%/9.2% for FY2025/26/27 [2] - Chow Tai Fook Enterprises has achieved an adjusted EBITDA of HKD 5-7 billion in recent years, with a dividend payout ratio of approximately 35-40% [2] - Revenue and AOP are anticipated to grow at a compound annual growth rate (CAGR) of 5.6% from FY2025 to FY2029, with AOP expected to increase by about 10% over the next two years [2]

2025-29财年，收入和AOP有望实现中个位数增长。该行认为保险业务(周大福人寿)将成为主要盈利驱动 因素，未来两年AOP预计增长约10%。该行估计公司收入在2025-29财年将实现5.6%的5年复合增长率。 而AOP在2025财年及2026财年将同比增长4.7%，达到43.6亿港元及45.7亿港元，并在2027-29财年加速至 同比增长约8%。 智通财经APP获悉，交银国际发布研报称，首予周大福创建(00659)买入评级，基于分部加总模型得出的 公允价值加上30%的流动性折让，该行首予目标价9.42港元。周大福创建(前称新创建集团有限公司)是 一家综合性企业，拥有多元化的业务组合，主要分布在中国香港和中国内地。该行认为，周大福创建具 备多重利好因素，包括稳定的现金流及持续增长的保险业务推动盈利前景，股息收益率吸引及潜在降息 有助提升估值。 未来五年，保险业务应占营业利润(AOP)贡献将超越其他业务。周大福创建近年来财务表现稳定，主要 得益于稳定的收费公路和物流业务组合，产生强韧性且高可见度的现金流。该行认为保险业务(周大福 人寿)将成为未来盈利的主要驱动力，其AOP占比将从2024财年的23%提升至202 ...

Core Viewpoint - China Water Industry Group (01129) announced that its share price and trading volume increased on September 15, 2025, but the board is unaware of any reasons for this fluctuation and confirms that the business operations remain normal [1][1][1] Group 1 - The board has confirmed that there is no information that needs to be disclosed to prevent the company's securities from appearing in a false market [1][1] - The group is currently in discussions with an independent third party regarding a potential memorandum of understanding for the acquisition of a company in China that focuses on intellectual property design and development, application services, and related training courses [1][1][1] - As of the date of the announcement, discussions are ongoing, and no agreement has been reached regarding the terms and conditions of the potential memorandum of understanding [1][1]

Core Viewpoint - Fosun International reported a decline in revenue and net profit for the first half of 2025, indicating temporary pressure on group performance, particularly in the happiness segment which is expected to recover [1][2] Financial Performance - In H1 2025, the company achieved revenue of 87.283 billion yuan, a decrease of 10.8%, and a net profit attributable to shareholders of 0.661 billion yuan, down 8.2% [1][2] - The health segment generated revenue of 22.565 billion yuan, accounting for 25.6% of total revenue, with a net profit of 0.756 billion yuan, representing 107.6% of the segment's contribution, up 48.3% [1][2] - The happiness segment reported revenue of 33.721 billion yuan, making up 38.3% of total revenue, with a net loss of 0.0435 billion yuan, a decline of 364.5% [1][2] - The wealth segment's revenue was 27.828 billion yuan, accounting for 31.5% of total revenue, with a net profit of 0.243 billion yuan, up 807.1% [1][2] - The manufacturing segment generated revenue of 4.021 billion yuan, representing 4.6% of total revenue, with a net profit of 0.138 billion yuan, up 205.5% [1][2] Cost and Profitability - The company experienced a slight increase in expense ratios, with total sales expenses of 9.205 billion yuan, down 3.24%, and a sales expense ratio of 10.55%, up 0.82 percentage points [3] - Management expenses totaled 12.077 billion yuan, down 8.79%, with a management expense ratio of 13.84%, up 0.30 percentage points [3] - The overall gross margin improved to 48.82%, up 5.29 percentage points, while the net profit margin remained stable at 0.76%, up 0.02 percentage points [3][4] Strategic Initiatives - The company has been actively optimizing its asset structure by exiting non-core assets, having disposed of over 80 billion yuan since 2020, with plans to continue this strategy over the next 3-5 years [4] - The company aims to reduce interest-bearing liabilities, which have decreased to 89.2 billion yuan in H1 2025, thereby alleviating financial pressure and enhancing risk resilience [4] - The company is focusing on strengthening its domestic business while accelerating overseas operations in sectors such as pharmaceuticals, tourism, insurance, and mining to build a global operational system [4] Investment Outlook - The company is expected to see steady improvement in asset structure and cash flow as it continues to exit non-core assets [5] - Revenue projections for 2025-2027 are estimated at 199.532 billion yuan, 208.374 billion yuan, and 218.196 billion yuan, with net profits of 1.128 billion yuan, 1.462 billion yuan, and 1.786 billion yuan respectively [5]

Group 1 - Recently, Fosun International successfully issued a total of $400 million in senior unsecured bonds on September 3, showcasing its financing capability in the international market [1][3] - The bonds have a term of 4NC2.5 and a coupon rate set at 6.8%, which is attractive to investors [3] - Standard & Poor's assigned a BB- issuer rating to Fosun International with a stable outlook, enhancing confidence in the bond issuance [3] Group 2 - The funds raised will primarily be used for refinancing part of the existing offshore debt, including payments related to any tender offers [3] - Additional funds will be allocated for the company's working capital and general corporate purposes to support Fosun International's ongoing development [3]

Core Viewpoint - Morgan Stanley has made slight adjustments to its earnings forecasts for Cheung Kong (Holdings) based on performance expectations for the first half of 2025, reflecting changes in interest rate assumptions, business segment performance, and leverage predictions [1] Summary by Category Earnings Forecast Adjustments - The basic earnings per share (EPS) forecast for the fiscal year 2025 has been increased by 0.3%, while forecasts for the following two years have been decreased by 1.3% and 5.7% respectively [1] Dividend Projections - Based on a stable dividend payout ratio of 41%, the projected dividends per share for the fiscal years 2025 to 2027 are expected to grow by 3%, 4%, and 4% respectively [1] Business Viability and Valuation - Morgan Stanley believes that Cheung Kong's port transactions remain viable, although they may take longer to realize [1] - The target price for Cheung Kong has been lowered from HKD 65 to HKD 61, while maintaining an "Overweight" rating due to reasonable valuation and asset monetization potential [1]

Core Viewpoint - The company reported a significant increase in revenue but faced a substantial loss attributable to shareholders, indicating challenges in profitability despite revenue growth [1] Financial Performance - The company achieved a revenue of HKD 203 million for the six months ending June 30, 2025, representing a year-on-year increase of 41.71% [1] - The loss attributable to shareholders was HKD 6.013 million, a decline from a profit of HKD 17.613 million in the same period last year [1] - Earnings per share were reported at a loss of HKD 0.76 [1] Contributing Factors - The decrease in profit attributable to shareholders was primarily due to losses from investments in associated companies [1] - The company did not record any gains from the elimination of financial liabilities through share issuance in 2025 [1] - There was a reduction in classified profits from traditional Chinese medicine [1]

Group 1 - The core announcement involves a settlement agreement between Stater Investment Holdings Limited (a wholly-owned subsidiary of Fosun International) and Cainiao Smart Logistics Network Co., Ltd. regarding the cancellation price of Cainiao shares [1] - The cancellation price is set at USD 0.62 per share, with a total consideration of USD 350 million for all Cainiao shares held by SIHL [1] - Following the settlement, all parties will release and waive any claims related to the cancellation price and will not initiate further legal proceedings regarding the cancellation price [1] Group 2 - The settlement will not result in any profit or loss for the group in the fiscal year 2025 [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 自願公告 關於菜鳥智慧物流網絡有限公司之 爭議解決 本公告乃復星國際有限公司（「 本公司 」，連同其附屬公司統稱「本集團 」） 自願刊發。 本公司股東及潛在投資者於買賣本公司之證券時務請審慎行事。 茲提述本公司 分別於 2025 年 3 月 28 日及 2025 年 3 月 30 日刊發之盈利警告 公告（「盈利警告公告 」）及截至 2024 年 12 月 31 日止年度 之 業績公告， 以 及 於 2025 年 4 月 25 日刊發之 本公司 年報。除文義另有所指外，本公告所使用 之詞彙與盈利警告公告所界定者具有相同涵義。 本公司 董事 會 （「董事會 」）謹 此 通知 本 公司 之 股東 及 潛在 投資 者 ，於 2025 年 8 月 29 日 ，Stater Investment Holdings Limited（「SIHL」）（ 本公 司 之全 資 附屬 公 司 ） 與 菜 鳥 智 慧 物 流 網 ...