GMT EIGHT - Research - HK Stock

FSMOne: Chinese stock market has a strong ability to resist tariffs, with a target of 24,500 points for the Hang Seng Index by 2025.

FSMOne believes that the Chinese stock market is better able to resist tariff impacts, driven by AI and a favorable business environment to promote corporate profit growth. China has the opportunity to outperform global stock markets, with a target level of 24500 points for the Hang Seng Index by 2025.

Citigroup: Maintains "buy" rating on KUAISHOU-W(01024), continues to be optimistic about the development of core business.

Citigroup expressed continued optimism in the stable performance of Kuaishou's core business, the industry-leading position of its video generation model, and its attractive valuation.

Lyon: TME-SW (01698) expands market coverage and target price raised to 77.7 Hong Kong dollars.

Tencent Music is steadily advancing in building Super VIP (SVIP) benefits, deepening strategic cooperation with SM Entertainment recently, and enhancing confidence in its evolution into a leading entertainment giant in China.

Lyon: Raise target price of NETEASE MUSIC (09899) to HKD 250, increase forecast for paid users.

Reiterate the "high conviction outperform the broader market" rating.

BOCOM INTL: The pharmaceutical sector has many favorable factors. SIMCERE PHARMA (02096) and AKESO (09926) are recommended as key picks.

The bank believes that the pharmaceutical sector is being driven by macroeconomic recovery, interest rate cuts, and favorable policies. Future opportunities will come from individual stocks that are still undervalued, have clear long-term growth prospects, and have abundant catalysts.

UBS: Raises GUMING (01364) target price to HK$31.15, maintains "buy" rating.

This line believes that the outstanding performance of Guming is due to the company's product innovation (such as the launch of coffee drinks) and the subsidies from JD in food delivery.

DBS: Raises target price for China Mobile Limited (00941) to 110 Hong Kong dollars, maintains "buy" rating.

Driven by the expansion of cloud revenue, the bank expects China Mobile's average annual compound growth rate of profit to be 6% from fiscal year 2024 to 2027.

Zheshang: Stablecoins may provide incremental endorsement for the US dollar and US Treasury credit.

The essence of a stablecoin is to use the demand for cryptocurrency trading and cross-border payments, backed by the US dollar and US Treasury bonds.

Goldman Sachs: Expects ZTE Corporation (00763) to increase its second-quarter revenue by 12% year-on-year, maintaining a "neutral" rating.

The bank believes that the enterprise and consumer electronics business will continue to be a key growth driver for ZTE Corporation.

Dahua Jixian: Raises HANSOH PHARMA's target price to HK$40, recommends "Buy" rating.

The company is confident that its sales will reach 6 billion yuan in 2026 and 8 billion yuan in the coming years.

CMB International: Raised target price of CGN MINING (01164) to 2.61 Hong Kong dollars, new pricing framework agreement is surprising.

Under the new mechanism, the fixed component price (per pound of natural uranium) is adjusted to $94.22 in the first year and increases annually by 4.1% in 2027 and 2028, helping to alleviate major concerns about pricing mechanism uncertainty.

Citigroup: Lower CHINA LESSO (02128) target price to 6.1 Hong Kong dollars, maintains "buy" rating

The company believes that the worst is now behind us, as profit has been declining for 3 years and is very likely to recover and grow this year.

Lyon: HUTCHMED (00013) Savolitinib research data improves, maintains "outperform the market" rating.

Expected in Lyon, the new research data should be beneficial for the expansion of savorinib indications in China.

CMSC: Initial rating of TME-SW(01698) as "strongly recommended"

With the gradual maturity of domestic users' minds in the future, the company is expected to further increase the payment rate and ARPU value.

HAITONG INT'L: Mainstream car manufacturers in May generally achieved year-on-year growth, and fluctuations in industry end sales may intensify.

Major car companies have successively released their sales data for May, with mainstream manufacturers generally achieving year-on-year growth.

Guosen: Under the low interest rate environment, insurance funds need to strengthen the linkage between assets and liabilities, and use diversified strategies to break through the profit predicament.

The low interest rate environment is a core challenge facing insurance funds, especially life insurance fund allocations.

ICBC International: Raise target price of INNOVENT BIO (01801) to 82 HKD, maintain "buy" rating.

This line incorporates the future contribution of IBI363 into the forecast and raises the revenue forecast for the company in 2025, 2026, and 2027 to 11.4 billion yuan, 14.2 billion yuan, and 17.9 billion yuan.

Citigroup: Initiates 90-day upward catalyst observation on YADEA (01585) with a target price of 22.5 Hong Kong dollars.

The country's additional requirements for electric two-wheeler manufacturers will eliminate small manufacturers, allowing large manufacturers the opportunity to gain a larger market share starting next year.

UBS: Maintains HENDERSON LAND (00012) target price of 25.7 Hong Kong dollars, with a "Buy" rating

Based on the free float market value and current index weight (0.64%) of Link Real Estate Investment Trust (00823), it is expected that Henderson Land's index weight will reach 0.19%.

Morgan Stanley: SMARTONE TELE (00315) is at a competitive disadvantage and has terminated research due to resource reallocation.

As a provider of only mobile communication services, DigitalCom Telecommunications is at a disadvantage in competition with large players who are able to bundle sales of mobile and fixed services.

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