GMT EIGHT - Research - HK Stock

CMSC International: Hong Kong stock market volatility accelerates, focusing on two major structural themes of AI and non-ferrous metals.

The CMB International Securities report pointed out that the short-term volatility of the Hong Kong stock market has intensified, but the long-term upward trend remains unchanged. It is recommended to focus on structural themes rather than index levels. The bank stated that AI technology and non-ferrous metals are the two core themes, with Alibaba (09988) being the preferred choice in the field of AI technology (possessing full-stack AI capabilities), and attention should be paid to the upward trend in copper prices in the non-ferrous metal sector.

Tianfeng: First gives QYUNS-B (02509) a "buy" rating with a target price of HK $40.25.

Tianfeng Securities predicts that the operating income of Qiansi Biological in 2025-2027 will be 3.22/4.41/5.93 billion RMB.

Assemble system into AI server to upgrade new DRIVE Orient: Focus on benefiting stocks such as Foxconn Industrial Internet and Lenovo.

System assembly as AI server upgrade new driver Orient Securities: Focus on four major beneficiary stocks including Industry Participation, Lenovo

Huaxi: First to give WUXI XDC (02268) a "buy" rating, strong capital spending adds certainty to future performance growth.

Huaxi Securities expects revenue of 60.3/82.1/107.7 billion yuan for the years 2025-2027, with corresponding EPS of 1.27/1.74/2.37 yuan.

Shenwan Hongyuan Group maintains a "buy" rating for CHINASOFT INT'L (00354) and leads in the development of the full-stack HarmonyOS ecosystem.

The company plays the role of a full-stack service provider in the HarmonyOS ecosystem, providing "hardware access + software adaptation + scene development".

CITIC SEC maintains a "buy" rating on XD INC (02400) with game and Taptap revenue growth exceeding expectations.

Looking ahead to the future, the company's long-term operating ability and overseas publishing capabilities for high-quality content games are expected to support the continuous growth of the gaming sector.

Tianfeng: Maintaining a "buy" rating on ZJLD (06979), various measures are expected to promote the company's stable growth.

Over the past 25 years, the company has adapted to changes in demand, focusing on mid-range and high-end products. By expanding channels and developing banquet scenes, the company is expected to achieve steady growth through multiple measures.

Guotai Haitong: Maintain "Buy" rating on BIDU-SW (09888) with a target price of HK$176

With the expansion of its overseas presence, Robotaxi is expected to become an important driver of Baidu's non-advertising revenue growth.

Zhongjin: National Day will increase compared to last year, consumption is expected to continue to warm.

This line is highly recommended for long-term layout of self-enjoyment consumption, and it recommends sectors such as trendy play tracks and electronic cigarettes.

Bank of America Securities: Hong Kong Real Estate Market Starting to Recover, Expects Residential Prices to Rebound in the Second Half of Next Year.

Bank of America Securities prefers Cheung Kong Group (01113) and Sino-Ocean Group (00083) among developers, and for property rental stocks, the bank favors Henderson Land Development (00101) and Swire Properties (01972).

Bank of America Securities: Raise KERRY PPT (00683) target price to HK$24.7, reiterate "buy" rating

The report indicates that the current sales revenue of Phase I and Phase II of Shanghai Kerry Golden Linghuai Court has exceeded 19 billion yuan, and it is expected to achieve the deleveraging target of a net debt ratio below 30% by 2026, compared to 38.4% at the end of the first half of this year.

Citi: Maintains "Buy" rating for Tingyi (00322) with a target price lowered to 13.5 Hong Kong dollars.

The performance of the company in the year only reached the lower limit of the guidance, with the sales of instant noodles decreasing in low single digits and beverage sales also slightly decreasing.

Morgan Stanley: Lower the target price of BUD APAC (01876) to HK$9.3 and reduce profit forecasts.

Due to the still challenging market conditions, the profit forecast for Budweiser APAC (01876) in 2025 has been lowered by 14%.

JP Morgan: Maintains "overweight" rating on HSBC HOLDINGS (00005) with a target price of HK$122.

Morgan Stanley believes that if the news is true, HSBC's stock price has the potential to rise, as the benefits of capital release outweigh the potential increase in credit costs.

Goldman Sachs: Budweiser APAC (01876) third quarter sales in China and South Korea were lackluster.

Outlook for the full year 2025, the bank expects that APAC will see an increase in average selling prices in the eastern Asia-Pacific region, favorable brand and channel mix shifts, as well as cost efficiency driving organic EBITDA growth of 2.1%.

Bank of America Securities: Raises WuXi AppTec (02359) earnings forecast, target price raised to HKD 130.7, reiterates "buy" rating.

Yao Ming Chemical's business has served approximately 2,550 customers as of the first half of this year, and management expects revenue growth to exceed 20% this year.

UBS: Raised ZHAOJIN MINING (01818) target price to HKD 37, reiterating "buy" rating.

The line significantly raises the gold price forecast, expecting to reach $4,000 and $4,200 per ounce by the end of this year and next year, respectively. This is due to the increasing positions of investors and the continuous expansion of investor base, as well as the weakness of the US dollar and the decline in real interest rates under the Fed's rate-cutting cycle which benefit the gold price.

Goldman Sachs: Raises long-term profit forecast for Semiconductor Manufacturing International Corporation (00981), with a target price increase to 95 Hong Kong dollars. Maintains a "buy" rating.

The company is optimistic about the expansion of mid- to long-term orders from SMIC (00981), benefiting from the growth of market share in downstream customers and the upgrade of semiconductor content in electronic devices, especially the accelerated deployment of artificial intelligence functions.

FIRST SHANGHAI: Initiates "Buy" rating on CLOUD FACTORY (02512) with a target price of 6.9 Hong Kong dollars.

The company is building a decentralized edge cloud network based on IDC. With technological and market advantages, it is expected to leverage industry trends to reshape the growth curve, continuously improve performance, and create value for investors.

CM International: Xiaomi-W (01810) new product pricing has advantages, reiterating "buy" rating.

The announcement states that this press conference will showcase Xiaomi's high-end development in smartphones and AIoT products, helping to strengthen its "smartphone, car, and home full ecosystem" strategy.

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