Zhitong Tip:

Credit Suisse believes that advertising will drive Kuaishou Technology's medium-term growth in 01024 and is expected to grow at a compound annual rate of 59 per cent in 2020-23.

Guotai Junan (Hong Kong) said COSCO Shipping Holdings (01919) showed great flexibility in the first half of the year under high freight rates and believed that freight demand was highly likely to be released in the future.

Xiaomo raised its penetration forecast for new energy vehicles to 35% in 2025, which is much higher than the 20% expected by the government and other brokerages, and is optimistic about BYD shares (01211), Geely Automobile (00175), XPeng Inc. (09868) and Great Wall Motor (02333).

UBS said that most of the medium-term results of Chinese oil companies met or even exceeded expectations, causing share prices to continue to rise since August, and the bank's Chinese oil and gas sector shares have outperformed the market so far this year.

Credit Suisse: for the first time, Kuaishou Technology (01024) "outperform the market" rating target price of HK $135,

According to Credit Suisse, the number of daily active users of Kuaishou Technology (01024) 2021-23 app is expected to reach 3.13thumb 3.35 / 365 million, with a target price of HK $135m.

The bank believes that the advertising business will promote the group's medium-term growth. It is expected that the compound annual growth rate in 2020-23 will be 59%. The total volume of e-commerce transactions (GMV) will continue to expand rapidly, with a compound annual growth rate of 39%, while the live broadcast business is still a stable cash cow. The bank mentioned the recent uncertainty in data privacy regulation, but believed that the group's focus on private domain traffic should be less affected.

Guotai Junan (Hong Kong): reiterate that COSCO Shipping Holdings's (01919) "Collection" rating target price has been raised to HK $18.20.

Guotai Junan (Hong Kong) said COSCO Shipping Holdings (01919)'s performance in the first half of 2021 showed great resilience under high freight rates. The company achieved revenue of 139.264 billion yuan, a sharp increase of 88.1% over the same period last year, in line with the expectations of the bank and the market. Among them, due to the sharp increase in freight rates and the recovery of freight volume, container shipping business revenue increased by 90.6% year-on-year to 136.438 billion yuan. The company achieved a shipping volume of 13.841 million TEUs in the first half of 2021, an increase of 16.8% over the same period last year. Driven by high earnings flexibility, the company's shareholders' net profit rose 3162.3% year-on-year to 37.098 billion yuan, corresponding to 2.33 yuan per share, in line with earnings expectations but slightly better than the bank had expected.

The bank said that under high freight rates, the company's net interest rate is expected to rise in the second half of 2021. Although year-on-year growth in China's exports and freight volume showed signs of a marginal slowdown from a high base last year, its absolute volume remained high. Considering that freight volume may be limited by tight ocean transport resources and low transport efficiency, the bank believes that freight demand is likely to be released in the future. Coupled with the tight supply of shipping capacity, freight rates are expected to remain high during the year, which is good for the company's net interest rate. Although new ship orders have increased significantly recently, the medium-term supply level and the competitive pattern of the industry are not expected to change.

Xiaomo: it is optimistic that the penetration rate of new energy vehicles such as BYD (01211) and Geely Automobile (00175) may reach 35% in 2025.

Xiaomo said that the proportion of new energy vehicles in August was higher than expected, and believed that the demand and growth of domestic new energy vehicles was solid. The bank raised its penetration forecast for new energy vehicles to 35% in 2025, far higher than the government's target of 20%, as well as other brokerage expectations.

Xiaomo advises investors to focus on monthly sales momentum and car foundry with a wide range of models, while keeping an eye on the recovery of chip supply. BYD shares (01211), Geely Automobile (00175), and XPeng Inc. (09868), Great Wall Motor (02333).

UBS: update the rating and target price of Chinese oil stocks (table) to maintain the "three barrels of oil" buy rating

UBS said that compared with lagging shares such as China Oilfield Services (02883) and CNOOC (00883), Petrochina (00857) and 002353.SZ performed better, expected to have limited room to rise, and maintained a "buy" rating on "three barrels of oil", Jerry and 600583.SH.

The report said that most of the medium-term results of Chinese oil companies met or even exceeded expectations, causing share prices to continue to rise since August. According to the bank, although the fundamentals of global oil prices continue to improve, oil stocks are still down 7 per cent to 35 per cent compared with this year's highs. Shares in the Chinese oil and gas sector covered by UBS have risen about 7% to 42% year-to-date, outperforming the market as a whole.

Citigroup: maintain China Molybdenum's (03993) "buy" rating target price up 27.7% to HK $8.3

Citigroup believes that China Molybdenum (03993) H shares are more discounted than A shares, so they prefer Hong Kong stocks. Copper and cobalt prices are strong, as copper prices are expected to rise this year and next, cobalt prices continue to rise into the year after next, and the company will expand copper production capacity from 2024, raising its profit forecast for this year by 6.9%. The profit forecast for next year will be raised by 7.6% and the profit forecast for 2023 will be lowered by 2.9%.

Morgan Stanley: maintain Sinopharm Group's (01099) "overweight" rating target price up 4.6% to HK $32

Morgan Stanley said it maintained Sinopharm Group's (01099) "overweight" rating, raised its target price by 4.6 per cent from HK $30.60 to HK $32, and raised its sales and gross profit margin assumptions for 2021-30, but also raised its forecasts for sales and promotion expenses. as a result, earnings for the period fell 10 per cent to 14 per cent higher.