银河娱乐(00027):去年末季经调整EBITDA符预期,评级"买入" 瑞银发布研报称，予银河娱乐(41.58,0.14,0.34%)(00027)目标价46.9港元，评级"买入"。银河去年第 四季经调整EBITDA约为43亿元，同比增约33%，按季增约29%。净赢率正常化后，EBITDA约为36亿元，同比增 9%，按季增7%，符合预期。而中场总赌收按季增约6%，优于大致持平的行业趋势，部分受中场赌台赢率上升所 推动。此外，银娱宣布派末期股息每股0.8港元，高于市场预期的0.65港元，使全年股息达每股1.5港元，相当 于全年派息率约61%，相对于2024年为50%。 瑞银华宝 ...

瑞银发布研报称，百度-SW(09888)公布截至去年底止第四季及全年业务，其中第四季业绩胜预期。为更好 向投资者展示其战略方向，集团自第三季起已改善财务披露，并在第四季持续分享AI业务驱动下的关键指标， 相关收入达113亿元人民币，年增48%，占百度通用业务(即核心业务)总收入的43%。维持百度(BIDU.US)美股目 标价180美元，H股目标价175港元，评级均为"买入"。 展望2026财年，瑞银表示，随着AI应用普及率提升、产品持续创新及使用场景拓宽，预计集团AI业务将保 持强劲增长，收入占比进一步提升。虽然集团股价近期出现波动，但认为其分类加总估值法框架维持稳固。鉴 于未来诸多利好因素如旗下昆仑芯IPO、股息宣布等，认为当前股价风险回报吸引。基于对营运效率的持续关 注，略微上调了核心非通用会计准则营运利润率。 百度集团-SW(09888):看好AI业务保持强劲增长,维持"买入"评级 瑞银华宝 ...

李宁(02331):升评级至"买入"目标价28.6港元,料首季销售增长加速 瑞银发布研报称，将李宁(22.28,0.14,0.63%)(02331)投资评级由"中性"上调至"买入"，预期今年首 季销售增长将按季显著加速，由低单位数跌幅转为中高单位数升幅，主要受Glory系列、新户外类别以及羽毛 球和跑鞋产品持续强劲所带动。该行将2025至2027年净利润预测上调4%至7%，目标价由21.8港元升至28.6港 元，相当于预测2027年市盈率18倍。瑞银料李宁2026年至2029年每股盈利预测各为1.18元、1.37元、1.55元及 1.7元人民币。 瑞银华宝 ...

瑞银发布研报称，汇丰控股(145,2.30,1.61%)(00005)去年第四季业绩表现强劲，撇除重大项目的除税前 利润较市场普遍预期高出9%，收入较预期高3%，净利息收入高出6%(剔除一次性项目后高出5%)，而手续费及其 他收入低于预期1%，经营开支符合预期，信贷减值则较市场预测低12%。期内普通股权一级资本比率为14.9%， 高过市场预期。计及私有化恒生影响，备考普通股权一级资本比率则为13.8%。瑞银予汇控评级"中性"，港 股目标价140.6港元。 汇丰控股(00005):上季业绩表现强劲,评级"中性" 瑞银华宝 瑞银指，集团确认是次收购恒生后对普通股权一级资本比率的净成本影响为110个基点，较预期好，预期 至2028财年可带来9亿美元收益，相关重组成本则为6亿美元。瑞银认为，是次交易对汇控增加香港银行业务的 敞口及简化集团架构具有重要意义。汇控宣派第四次季度股息每股45美仙，继续暂停股份回购，符合市场预 期，管理层亦给予2026财年新指引。 ...

Investment Rating - The report maintains a "Neutral" rating for Semiconductor Manufacturing International Corporation (SMIC) [1] Core Insights - UBS has raised the revenue forecast for SMIC for 2026 to 2029 by 4% to reflect greater domestic opportunities and improved supply-demand dynamics, but has lowered the profit forecast by 8% to 18% due to higher depreciation burdens [1] - The target price is set at HKD 76, based on a projected price-to-book ratio of 3.3 times over the next 12 months, with a long-term return on equity of 11.3% [1] - SMIC's net profit for the last quarter increased by 4.5% quarter-on-quarter, exceeding previous guidance of a 0% to 2% increase and market expectations of a 1.3% increase, driven by slight growth in wafer shipments and average selling prices [1] - The gross margin was reported at 19.2%, aligning with the guidance range of 18% to 20%, but below the market expectation of 20% [1] Revenue and Capacity Outlook - With the 8-inch chip capacity utilization exceeding 100% and the 12-inch chip capacity nearing full operation, management forecasts that capital expenditures this year will remain at USD 8.1 billion, with a projected capacity increase of 40k wafers per month for 12-inch capacity by year-end to meet strong domestic demand from fabless companies [1] - SMIC aims to focus on expanding in areas with tight supply, such as BCD chips, memory, and memory-related products [1] - Management predicts that sales will remain flat in the first quarter, with a gross margin expected to be between 18% and 20%, and sales growth anticipated to exceed the industry average for the year [1] Depreciation and Margin Pressure - The report indicates that due to ongoing business expansion, management expects depreciation expenses to increase by 30% year-on-year this year, maintaining high levels into next year, which will further pressure gross margins [2] - UBS currently forecasts a gross margin of 20% for the first quarter and 21.2% for the entire year, with depreciation pressure expected to be offset by a more favorable pricing environment [2]

Investment Rating - The report maintains a "Buy" rating for Li Auto-W (02015) due to its attractive valuation levels [1] Core Insights - Li Auto is currently trading at a valuation level that is lower than 95% of the time since its listing, with net cash accounting for approximately two-thirds of its market value, indicating a very pessimistic market sentiment [1] - The upcoming launch of the new generation L9, priced at 559,800 RMB, is expected to improve market sentiment and visibility regarding other model updates [1] - Despite challenges from rising commodity costs, the company's high-end positioning and profit buffer are anticipated to provide greater resilience compared to most peers [1] - The report suggests that now is an appropriate time to refocus on the stock as the flagship SUV L9 is set to be relaunched in the second quarter, which could drive growth acceleration from a low base in 2025 [1]

Investment Rating - The investment rating for Minsheng Bank has been upgraded from "Neutral" to "Buy" by UBS [1] Core Insights - The upgrade is based on the bank's valuation being at a deep discount, with a projected price-to-book ratio of only 0.22 times for 2026, compared to 0.47 times for CITIC Bank [1] - UBS believes that the bank will benefit from revenue improvement and that the risks associated with its balance sheet have been largely mitigated, leading to a potential turning point in profitability starting in 2026 [1] - The target price for Minsheng Bank has been slightly adjusted down from HKD 5.43 to HKD 5.30 [1] - The market currently perceives ongoing profit pressure for Minsheng Bank, but UBS argues that the provisioning risks may have peaked [1] - Profitability is expected to stabilize in 2026 and turn to positive growth from 2027 onwards, indicating significant potential for valuation re-rating that could exceed recent weak equity returns [1] - UBS has raised its earnings per share forecast for Minsheng Bank for 2026 to 2029 by 5-6%, while slightly increasing the cost of equity (CoE) to 11.5% due to short-term market volatility [1]

Investment Rating - The report maintains a "Buy" rating for China Aircraft Leasing Group (02588) [1] Core Insights - China Aircraft Leasing is benefiting from a renewed acceleration in asset growth and is entering a new cycle of rising Return on Equity (ROE), with an expected ROE of 11.7% in 2026 and 12.7% in 2027, up from 10.9% in 2025 [1] - The target price for the company has been raised from HKD 86.5 to HKD 96.9, indicating potential for re-rating as ROE improves [1] - The estimated profit for the previous year is approximately USD 720 million, with capital expenditures aligning with the forecast of USD 4 billion [1] Financial Projections - Leasing business revenue is projected to accelerate from a 1% growth in the first half of the previous year to a forecasted 5.5% growth in the second half [1] - The expected annual dividend is USD 0.36, with a payout ratio of 35%, although there is potential for a more generous dividend policy due to the company's improved capital structure [1]

Investment Rating - The report assigns a "Buy" rating for the company with a 12-month target price of Rmb60.10 [3][4][14]. Core Insights - The company reported strong performance for the fiscal year 2025, with net profit expected to be between Rmb600 million and Rmb660 million, representing a year-on-year growth of 52% to 67%, which aligns with market expectations [4]. - The fourth quarter net profit is projected to reach Rmb154 million to Rmb214 million, showing a significant year-on-year increase of 313% to 473% [4]. - The growth is attributed to accelerated shipments of data center products and a recovery in energy storage product deliveries, with management expecting an increase in orders related to the United States starting in 2026 [4]. - The company anticipates that revenue from its data center business will be approximately Rmb3 billion in 2025, with over 50% of sales coming from overseas [4]. - The management has secured new orders worth Rmb1 billion from a major client, with additional orders valued at Rmb300 million and Rmb100 million expected to be delivered in 2026 [4]. Financial Metrics - The company's market capitalization is Rmb31.2 billion (approximately US$4.48 billion) [3]. - The stock has a price-to-book ratio of 6.4 for the fiscal year ending December 2025 [3]. - The average daily trading volume is 15.43 million shares, with an average daily turnover of Rmb725 million [3]. - Earnings per share (EPS) estimates for the fiscal years are Rmb1.04 for 2025, Rmb1.55 for 2026, and Rmb2.14 for 2027 [3][4]. Valuation - The target price of Rmb60.10 is based on a discounted cash flow (DCF) valuation method [4]. - The report does not adjust the earnings per share (EPS) forecasts or the target price [4].

Investment Rating - The report maintains a "Buy" rating for Hansoh Pharmaceutical (03692) despite a year-to-date stock price increase of 53% [1] Core Insights - UBS believes that the stock price of Hansoh Pharmaceutical is still undervalued, raising the target price from HKD 24 to HKD 33.3 [1] - The positive outlook is driven by the company's R&D capabilities and revenue potential from collaboration projects, particularly the licensing agreements for BD HS-20094 and HS-10535 [1] - Earnings per share forecasts for Hansoh Pharmaceutical have been increased by 16.2%, 17.7%, and 21.3% for the years 2025 to 2027, with revenue forecasts adjusted upward by 6% to 12% [1] - The main growth drivers are expected to be Aumolertinib and BD, with projected sales for Aumolertinib reaching RMB 6 billion this year and potentially exceeding RMB 8 billion by 2029 [1]