| 認購價/轉換價 RMB | | | 3.62 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股東大會通過日期 (如適用) | 2019年1月4日 | | | | | | | | | | 證券代號(如上市) 601988 | | | 說明 | | A股（于上海證券交易所上市） | | | 本月內因此發行的新股數 | | | 本月内因此自庫存轉讓的 本月底因此可能發行或自 | | | | | | | | | | | 可換股票據的說明 發行貨幣 | | | 上月底已發行總額 | | | 本月內變動 | | 本月底已發行總額 | | | | | | | | | | | (C1) 目 | 庫存股份數 | | 目 (C2) 庫存轉讓的股份數目 | | | | | | | | | | | 被強制轉換的境内優先股 | | | | | | | | | | | 可換股票據類別 優先股 | | | | | | | | | | | 可換股票據的證券代號 | | | | | | | | | | | (如已於香港聯交所上市) ...

Core Viewpoint - China Merchants Bank (03968.HK) maintains a strong technical trend, closing at HKD 49.45 on May 29, 2025, with a slight increase of 0.20%, reinforcing its recent upward channel [1] Technical Analysis - The stock price is currently above key technical support levels, with short-term support between HKD 47.50 and HKD 44.80, and upward resistance at HKD 50.60 and HKD 52.00 [1] - The overall upward probability is at 52%, indicating potential for breaking previous highs, with market sentiment remaining bullish [1] - Moving averages show the stock price is above the 10-day, 30-day, and 60-day averages, which are HKD 49.30, HKD 46.43, and HKD 46.40 respectively, reflecting a standard bullish pattern [1] - Trading volume reached HKD 750 million, indicating strong liquidity and high market participation, which supports steady price increases [1] Technical Indicators - The RSI value is at 66, nearing the overbought zone but not yet overheated, suggesting active buying with room for further upward movement [2] - Other key oscillators like CCI and psychological lines maintain buy ratings, while the stochastic oscillator is in the overbought zone but signals a sell [2] - The MACD remains in positive territory with a buy signal, and the Ichimoku chart shows a clear upward trend, indicating a healthy technical structure [2] - The Bollinger Bands indicate the stock is trading between the upper and middle bands, reflecting a strong consolidation phase with upward breakout potential [2] - The overall technical summary signals a "strong buy" with a strength rating of 17, indicating a very strong upward signal [2] Market Outlook - As a core blue-chip in the financial sector, China Merchants Bank has established a clear and stable upward pattern [3] - A successful breakthrough of the key resistance at HKD 50.60 could lead to rapid advancement towards HKD 52 or higher [3] - As long as the stock does not fall below the critical support level of HKD 47.50, the overall bullish trend will be maintained, making it a potential target for medium-term positioning [3]

Market Overview - The Hang Seng Index is expected to rise to 24,300 points due to the easing of trade tensions between China and the US, with tariffs on Chinese imports reduced from 145% to 30% and on US imports from 125% to 10% for a period of 90 days [2] - The Chinese government is implementing a series of financial policies to stabilize the market, including interest rate cuts and structural monetary policy tools, which are expected to boost investor confidence in the mainland economy [2] Company Performance - Kuaishou (1024) reported a 11% year-on-year revenue increase in Q1, with adjusted profit rising 4%, driven by the commercialization of its AI technology, contributing 150 million RMB in revenue for the quarter [4][10] - Xiaomi (1810) saw a 47.4% year-on-year revenue growth in Q1, with adjusted net profit reaching 10.676 billion RMB, exceeding market expectations [4][10] - Alibaba (9988) is reportedly in talks with investment banks regarding the sale of its stake in ZTO Express (2057) [4][10] - Tencent Music (1698) is acquiring approximately 9% of SM Entertainment for 1.4 billion RMB [4] Economic Indicators - The US Federal Reserve maintained interest rates, citing increased uncertainty in the economic outlook, with expectations of two rate cuts totaling 0.5% this year [4] - China's industrial profits grew by 3% year-on-year in April, marking the fastest growth rate of the year, with total profits reaching 2.117 trillion RMB [8] - The automotive industry in China reported a revenue increase of 7% in the first four months of 2025, but profits declined by 5.1%, indicating rising cost pressures [8][10] Industry Trends - The pharmaceutical sector is benefiting from renewed COVID-19 outbreaks and ongoing cooperation between Chinese and American pharmaceutical companies [7] - New consumption sectors are showing resilience, particularly in low-priced and emotional consumption-related demands [7] - The automotive industry is facing challenges with profitability, as major manufacturers are under pressure to control costs while maintaining quality [10]

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。 STANDARD CHARTERED PLC 渣打集團有限公司 （於英格蘭及威爾士註冊之有限責任的公眾有限公司） （編號：966425） （股份代號：02888） 管理層中期報告 二〇二五年第一季度業績 目錄 | 表現摘要 | 3 | | --- | --- | | 業績報表 | 5 | | 集團財務總監回顧 | 6 | | 財務回顧 | 8 | | 補充財務資料 | 14 | | 基本及列賬基準業績對賬 | 23 | | 風險回顧 | 26 | | 資本回顧 | 29 | | 財務報表 | 33 | | 其他補充財務資料 | 38 | 除另有指明其他貨幣外，本文件中提述的「元」字或「$」符號概指美元，而「仙」字或「c」符號概指一百分之一美元。 除文義另有所指外，於本文件內，「中國」指中華人民共和國，且僅就本文件而言不包括香港特別行政區（香港）、澳門特別行政區（澳門）及台 灣。「韓國」或「南韓」均指大韓民 ...

Company Recommendations - Leap Motor (9863) is recommended for purchase with a current price of 54.85 HKD and a short-term target price of 60.00 HKD, indicating a potential upside of 13.6% [2][9] - The company has seen a strong response to the launch of its SUV B10, with over 20,000 orders in the first month, which is expected to positively impact its Q2 2025 performance [9] - Leap Motor has formed strategic partnerships with international automotive group Stellantis and domestic giant FAW Group, enhancing its market position and potential for future growth [2][9] Financial Performance - Leap Motor's Q4 2024 results met market expectations, with revenue and net profit turning positive for the first time at 80 million RMB, achieving a gross margin of 13.3%, the highest since its inception [9] - The company has raised its sales guidance for 2025 from 500,000 to 500,000-600,000 units, projecting an annual growth of 87% based on a midpoint estimate of 550,000 units [9] - The first quarter of 2025 saw a year-on-year increase in deliveries by 1.6 times to 87,552 units, representing 16% of the updated annual sales guidance [9] Market Outlook - The market anticipates a compound annual growth rate (CAGR) of 49% for Leap Motor's revenue from FY24 to FY27, with the current price corresponding to a forecasted price-to-sales ratio of 1.2x for FY25, slightly below its historical average [9] - The company is expected to benefit from economies of scale and improved profitability as new vehicle sales continue to rise [9] Macro Environment - The Hang Seng Index is facing initial resistance at 23,000 points, influenced by recent announcements from the U.S. regarding tariffs and economic stimulus measures [2][5] - The Chinese government is expected to increase efforts to stabilize the economy, which may positively impact domestic demand and market sentiment [2][5]

Core Insights - The report highlights a positive outlook for the Hong Kong stock market, with the Hang Seng Index facing initial resistance at 23,000 points due to potential economic stimulus measures from the Chinese government and a possible reduction in tariffs by the U.S. [2][10] - The report notes that various sectors, including oil and banking, are expected to perform well in the upcoming quarters, with specific companies like CNOOC and China Construction Bank showing promising quarterly results [3][11] Market Overview - The Hang Seng Index closed at 21,972, reflecting a year-to-date increase of 9.53%, while the Hang Seng Tech Index rose by 11.66% [4] - The report indicates that Hong Kong's exports surged by 18.5% in March, exceeding market expectations, while imports increased by 16.6% [11] Company-Specific Insights - Renrui Talent (6919) is gradually recovering from the impact of a major client's reduction in service orders, with expectations for a rebound in operating profit for 2023-24 [6][9] - Sinopec (0386) reported a 25% decline in net profit for the first quarter, attributed to a challenging external environment, but is focusing on integrated operations and regional optimization [12] - Shandong Gold (1787) achieved a net profit of 1.026 billion RMB in the first quarter, marking a 46.6% increase year-on-year, driven by rising gold prices [12] Industry Trends - The report discusses the increasing importance of flexible employment services in China, with a notable shift in revenue sources for companies like Renrui Talent, which is expanding its client base beyond the internet sector [9] - The Chinese government is expected to implement policies aimed at stabilizing employment and promoting consumption, which could positively impact various sectors [10]

Core Insights - The report highlights the mixed performance of major stock indices, with the Hang Seng Index closing at 23,206.84, up by 0.38% for the day but down 0.59% over the past five days [1] - The report notes a significant rebound in large technology stocks, contributing to the overall market recovery in Hong Kong [6] - The report indicates that the pharmaceutical sector led gains in the CSI 300 index, while consumer discretionary sectors lagged [6] Economic Data Summary - The U.S. manufacturing PMI final value for March was reported at 49.2, slightly above the market expectation of 49.9 [7] - U.S. construction spending month-on-month for February was reported at 0.7%, exceeding the market expectation of 0.3% [7] - The unemployment rate in Japan for February was reported at 2.4%, slightly better than the expected 2.5% [7] - The Eurozone CPI month-on-month for March was reported at 0.6%, matching market expectations [7] Major News Summary - The White House announced that President Trump’s tariffs will take effect immediately after the announcement on April 2 [9] - Canadian Prime Minister Mark Carney stated that Canada will retaliate if the U.S. continues to impose tariffs [9] - U.S. manufacturing activity has contracted for the first time this year, with price indicators reaching a three-year high [9] - The report mentions that Chinese banks are encouraged to increase credit loans to technology enterprises [8] Company News - BYD reported a strong start to 2025, with first-quarter vehicle sales increasing by 58% year-on-year, delivering 371,419 passenger cars in March alone [9] - The report indicates that Trump is considering proposals to divest TikTok's U.S. operations from its parent company ByteDance [9] - Dada announced the signing of a final agreement for privatization with JD Sunflower Investment Limited [9]

FF301 | III.已發行股份及/或庫存股份變動詳情 | | | | | | | --- | --- | --- | --- | --- | --- | | (A). 股份期權（根據發行人的股份期權計劃） | 不適用 | | | | | | 第 5 頁 | 共 13 頁 v 1.1.1 | | | | | | | FF301 | | | | | | (B). 承諾發行發行人股份的權證 不適用 第 6 頁 共 | 13 頁 v 1.1.1 | | | | | | FF301 | | | | | | | (C). 可換股票據（即可轉換為發行人股份） | | | | | | | 證券代號(如上市) 03988 | | 說明 | H股 | | | | | | | | 本月內因此發行的新股 | | | 數 本月内因此自庫存轉讓的 | 本月底因此可能發行或自 | | | | | | 可換股票據的說明 | 發行貨幣 | 上月底已發行總額 | 本月內變動 | | 本月底已發行總額 | | | | | | | (C1) 目 庫存股 | | 份數目 (C2) 庫存轉讓的股份數目 | | | | | | | 被強制轉換的境外優 ...

Core Insights - The report highlights a mixed performance in the US stock market, with only the Nasdaq index declining as the market awaits the announcement of reciprocal tariffs by President Trump [5] - European markets also experienced declines, particularly the French CAC40 index, influenced by the uncertainty surrounding the upcoming tariffs [5] - The Hang Seng Index and the National Index both fell, with the Hang Seng Index showing a larger decline due to the tariff concerns [5] - The Shanghai Composite Index and Shenzhen Component Index also saw declines, with the Shenzhen Component Index experiencing a more significant drop [5] - The report notes that the telecommunications sector led gains in the CSI 300 index, while the industrial sector faced the largest losses [5] Economic Data Summary - China's Manufacturing Purchasing Managers' Index (PMI) for March was reported at 50.5, slightly above the market expectation of 50.4, while the Non-Manufacturing PMI was at 50.8, also above the expected 50.6 [6] - The Composite PMI for China was reported at 51.4, up from the previous value of 51.1 [6] - In Germany, the Consumer Price Index (CPI) for March showed a month-on-month increase of 0.3%, matching market expectations, while the year-on-year CPI was reported at 2.2%, in line with expectations [6] - Japan's industrial production year-on-year growth for March was reported at 0.3%, below the expected 1.2% [6] Major News Summary - President Trump's upcoming announcement regarding reciprocal tariffs is expected to impact market sentiment significantly [9] - The uncertainty surrounding tariffs and tax cuts has led US companies to temporarily postpone spending plans, affecting investment expectations [9] - Germany's inflation rate has slowed more than expected, nearing the European Central Bank's target level, which may influence future monetary policy decisions [9] - The People's Bank of China conducted a 800 billion yuan reverse repurchase operation in March, indicating a cautious approach to liquidity management amid tariff threats [9] - Sales figures for China's top 100 real estate companies in March showed a year-on-year decline of 11%, reflecting weak demand in the market [9]

Market Overview - The US stock market indices experienced declines, with the Nasdaq showing the largest drop. President Trump announced a 25% tariff on all non-US manufactured cars, impacting market sentiment [6][9] - European stock markets showed mixed results, while the Hang Seng Index and the National Index both rose, with the Hang Seng Index showing a larger increase [6] - The Shanghai Composite Index and Shenzhen Component Index both fell, with the Shenzhen Component Index experiencing a more significant decline. The Consumer Discretionary Index led gains in the CSI 300, while the Financial and Real Estate indices lagged [6] Economic Data - Key economic indicators from the US included a 2.0% decrease in the weekly MBA mortgage application index and a 0.9% increase in durable goods orders for February, surpassing the market expectation of a 1.0% decline [7] - The non-defense capital goods orders (excluding aircraft) fell by 0.3%, while shipments in the same category increased by 0.9% [7] International Economic News - President Trump plans to impose reciprocal tariffs on all countries, indicating that the rates may be lower than expected. He confirmed a 25% tariff on all non-US manufactured cars [10] - The European Union's trade chief anticipates that the US will impose tariffs of around 20% on EU imports [10] - The Bank of Japan's governor reiterated the need for policy flexibility, while a Chinese central bank advisor indicated readiness to implement more stimulus measures if economic growth slows [10] Corporate News - Hong Kong property developer Chow Tai Fook reportedly avoided a loan default of $940 million and is planning to discuss refinancing with banks [10] - Apple CEO Tim Cook visited an AI center in Hangzhou, China, and announced a donation of 30 million RMB to Zhejiang University [10] - Vivo aims to increase its overseas sales proportion to 70% by 2027, as it seeks to expand globally in response to domestic market saturation [10] Stock Performance - The report includes a detailed table of stock performance for various companies listed in Hong Kong and mainland China, highlighting closing prices, dynamic P/E ratios, and price changes [11]