Core Viewpoint - Jianyin International has raised the target price for Baidu Group-SW (09888) by 64% from HKD 97.25 to HKD 159.49, and for Baidu (BIDU.US) by 64% from USD 100 to USD 164, maintaining an "Outperform" rating [1] Financial Performance Expectations - Jianyin International expects Baidu's Q3 FY2025 performance to align closely with its own expectations and the consensus among institutions [1] - The growth in Baidu's cloud business is robust at 22% year-on-year, and non-advertising business has grown by 27%, which offsets the impact of the ongoing transformation in GenAI search business [1] - The profit forecasts for Baidu for the years 2027-2028 remain largely unchanged according to Jianyin International [1]

Core Viewpoint - Jianyin International has raised the target price for Baidu Group-SW (09888) by 64% from HKD 97.25 to HKD 159.49, and for Baidu (BIDU.US) by 64% from USD 100 to USD 164, maintaining an "Outperform" rating [1] Financial Performance - Jianyin International expects Baidu's Q3 FY2025 performance to align with its expectations and institutional consensus [1] - The robust growth of Baidu's cloud business at 22% year-over-year and a 27% growth in non-advertising business partially offsets the impact of the ongoing transformation in GenAI search business [1] - The profit forecast for Baidu for 2027-2028 remains largely unchanged according to Jianyin International [1]

Group 1 - The core viewpoint of the article is that Kingdee International (00268) reported a year-on-year revenue growth of 11.2% in the first half of the year, which aligns with expectations [1] - The management's guidance indicates confidence in achieving profitability for the full year [1] - The ongoing economic recovery and the adoption of artificial intelligence applications are expected to drive growth in cloud business [1] Group 2 - The investment bank maintains a "buy" rating for the company [1] - The target price has been raised from HKD 19.2 to HKD 21.7 [1]

Core Viewpoint - The overall performance of Kingdee International in the first half of the year slightly underperformed market expectations, with a year-on-year revenue growth of 11.2%, which met expectations, while net loss narrowed to 98 million yuan [1] Financial Performance - Kingdee International's revenue grew by 11.2% year-on-year, aligning with market expectations [1] - The net loss for the first half of the year was reduced to 98 million yuan [1] Management Guidance - Management has indicated confidence in achieving profitability for the full year [1] - To meet the previously forecasted annual profit of 163 million yuan, the company needs to record a profit of 261 million yuan in the second half, which appears to be a significant challenge [1] Earnings Forecast Adjustment - The bank has lowered its earnings forecasts for Kingdee International for the fiscal years 2025 and 2026 by 17% and 3%, respectively, to 135 million yuan and 243 million yuan [1] - The adjustments reflect lower profitability in the first half and potential increases in artificial intelligence research and development expenses [1] Market Outlook - The bank maintains a "buy" rating on Kingdee International, citing that the adoption of artificial intelligence applications will drive growth in cloud business as the economy continues to recover [1] - The target price for Kingdee International has been raised from 19.2 HKD to 21.7 HKD [1]

Core Viewpoint - Citigroup maintains a target price of HKD 165 for Alibaba, anticipating steady growth in cloud business revenue [1] Financial Performance - For Q4 FY2025, Alibaba's Customer Management Revenue (CMR) is expected to grow by 12% year-on-year [1] - Taobao Group's EBITA is projected to increase by 8%, exceeding expectations [1] - Cloud revenue is forecasted to grow by 18% year-on-year, with cloud profit margin increasing by 8%, aligning with Citigroup's predictions but falling short of market expectations [1] Investment Rating - Citigroup retains a "Buy" rating for Alibaba's H-shares and U.S. shares, with target prices set at HKD 165 and USD 169 respectively [1] - The company is viewed as a representative of China's artificial intelligence sector and the macroeconomic rebound [1]

Core Viewpoint - The target prices for various Chinese assets have been raised by multiple financial institutions, indicating a positive outlook for the Chinese market despite recent declines in global markets [1][2][3]. Group 1: Target Price Adjustments - Daiwa Securities raised Alibaba's target price from HKD 165 to HKD 175, citing higher capital expenditure and expected growth in cloud revenue [2]. - Daiwa also increased JD Group's target price from HKD 204 to HKD 216, reflecting strong revenue momentum driven by JD Retail [3]. - HSBC raised Xiaomi's target price by 31.5%, from HKD 49.9 to HKD 65.6, anticipating strong sales for the SU7 Ultra model [3]. - Citi upgraded the target prices for AAC Technologies and Sunny Optical, with AAC's target price raised from HKD 46 to HKD 53.1 and Sunny's from HKD 77 to HKD 102 [4]. - Credit Lyonnais increased JD Health's target price from HKD 40 to HKD 45, based on expected revenue growth [5]. - Goldman Sachs raised target prices for several securities firms, including CICC from HKD 14.68 to HKD 16.47, CITIC Securities from HKD 18.34 to HKD 20.68, and GF Securities from HKD 9.93 to HKD 11.18 [5]. Group 2: Market Outlook - Robeco's China investment head noted that China's market valuation remains low compared to historical data and emerging markets, maintaining a positive outlook for Chinese stocks [6]. - UBS's analyst expects a 6% growth in earnings per share for the constituents of the CSI 300 index this year, with potential for higher gains if the A-share market continues to rise [6]. - The anticipated net inflows into the A-share market from various funds are projected to be significant, with insurance funds expected to contribute CNY 1 trillion [7]. - The performance of Chinese tech giants has been strong, with a market value increase of USD 439 billion this year, contrasting with declines in major US tech stocks [7]. - The government’s focus on capital market stability and the implementation of policies to enhance the investment environment are expected to support a gradual improvement in the domestic economy [8].