【海通国际】Morning Meeting Summary-260325（8页）.pdf

1、 Equity Asia Research For disclosures associated with each report,including disclosure of risks,valuation methodologies and target price formation,please refer to the full report on our website at This research report is distributed by Haitong International,a global brand name for the equity researc

2、h teams of Haitong International Research Limited(“HTIRL”),Haitong Securities India Private Limited(“HSIPL”),Haitong International(Japan)K.K.(“HTIJKK”),Haitong International Securities Company Limited(“HTISCL”),and any other members within the Haitong International Securities Group of Companies(“HTI

3、SG”),each authorized to engage in securities activities in its respective jurisdiction.Please refer to the appendix for the Analyst Certification,Important Disclosures and Important Disclaimer.China Overseas.2 从滞涨避险到 Taco 2.0：海外资产逻辑切换 From Stagflation Hedging to Taco 2.0:The Shift of Overseas Asset

4、Logic Yidong Zhang.2 Presentation:商业航天开篇十问 Ziyi Chen.2 TeraFab:A New Era of Integrated Space and Ground AI Compute Barney Yao.2 森松国际(2155 HK):2025 年业绩回顾：全年新签订单 86 亿；医药订单增长强劲维持优于大市;下调目标价 7%Kehan Meng.2 科伦博泰生物-B(6990 HK):25 年业绩回顾：商业化推进顺利；核心品种海外商业化兑现在即维持优于大市;上调目标价 2%Kehan Meng.3 华润啤酒(291 HK):2025 年业绩点评

5、：啤酒主业稳健，白酒减值弱化维持优于大市 Raven Rui.3 乐舒适(2698 HK):2025 业绩超预期，美伊战争下供应链优势加速龙头集中维持优于大市;上调目标价 6%Yuanyuan Kou.3 吉利汽车(175 HK):规模跃迁提速，盈利弹性释放维持优于大市;上调目标价5%Oscar Wang.3 Yalla Group(YALA US):New Games Might Bring Incremental in 2H26Maintain NEUTRAL&Cut TP by 11%Xiaoyue Hu.3 China Literature(772 HK):Short dramas e

6、nhancing profitability,while capturing opportunities in AI animation and IP merchandiseMaintain OP&Cut TP by 16%Xiaoyue Hu.3 India.4 Exchanges preview:Options surge to drive growth in Q4 Sohil Kaura.4 Table_Title Morning Meeting Summary 从滞涨避险到从滞涨避险到 Taco 2.0/商业航天开篇十问商业航天开篇十问;森松国际森松国际/华润啤酒华润啤酒/乐舒适乐舒适