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Real-time News
On November 27th, Cui Dongshu, Secretary-General of the China Passenger Car Association (CPCA), stated that automobile production reached 27.33 million units from January to October 2025, a year-on-year increase of 11%. The automotive industrys revenue for the same period was 8.8778 trillion yuan, a year-on-year increase of 7.9%; costs were 7.8243 trillion yuan, an increase of 8.7%; and profits were 389.5 billion yuan, a year-on-year increase of 4.4%. The automotive industrys profit margin was 4.4%, which is still relatively low compared to the average profit margin of 6% for downstream industrial enterprises. Specifically, in October, the automotive industrys revenue was 1.0543 trillion yuan, a year-on-year increase of 8.6%; costs were 937.6 billion yuan, an increase of 9.4%; and profits were 41.2 billion yuan, a year-on-year increase of 13.7%. The automotive industrys profit margin was 3.9%, a significant decrease compared to September and still lower than the 4.1% in October last year. At the end of October, accounts receivable of industrial enterprises above designated size reached 27.69 trillion yuan, a year-on-year increase of 5.1%; and finished goods inventory reached 6.82 trillion yuan, an increase of 3.7%. The automotive industrys destocking and improved payment terms should be better than the overall level of industrial enterprises.Fitch Ratings: Japans latest fiscal stimulus package may increase the risk to its "A/Stable" sovereign rating.Fitch Ratings: Japans stimulus plan exacerbates fiscal risks.U.S. Citizenship and Immigration Services: Effective immediately, all processing of immigration applications involving Afghan nationals will be suspended indefinitely until security and background checks are completed.On November 27th, Daiwa Securities issued a research report stating that Chow Tai Fook (01929.HK)s results for the first half of fiscal year 2026, ending September 30th, were 2% to 3% lower than market expectations in terms of revenue and net profit, but the report believes that positive factors outweigh negative ones. Despite an increase in Chow Tai Fooks dividend payout ratio and dividend per share, Daiwa considers the companys revised guidance for the second half of fiscal year 2026 to be conservative. Based on revised profit margin forecasts, Daiwa raised its earnings per share forecasts for Chow Tai Fook from 2026 to 2028 by 2% to 5%; its 12-month target price was raised from HK$15.5 to HK$18, while maintaining the forward P/E ratio at 18x; and its "Buy" rating was reiterated.
