Core Viewpoint - China Biologic Products (01177.HK) has received approval from the National Medical Products Administration (NMPA) for its self-developed innovative drug, Rovaxitinib Tablets (brand name: Anxu®), for first-line treatment of adult patients with intermediate-2 or high-risk primary myelofibrosis (PMF), post-polycythemia vera myelofibrosis (PPV-MF), or post-essential thrombocythemia myelofibrosis (PET-MF) [1] Group 1 - Rovaxitinib is a globally innovative small molecule inhibitor targeting both JAK and ROCK pathways, providing dual effects of anti-inflammation and anti-fibrosis [1] - The drug works by inhibiting the JAK1/2-STAT3/5 signaling pathway, reducing high levels of inflammatory cytokines produced by myeloid cells, thus improving splenomegaly and systemic symptoms [1] - Additionally, it suppresses ROCK1/2 to lower the polarization level of T helper cells and the burden of inflammatory cytokines in patients with myelofibrosis, further enhancing anti-inflammatory effects and supporting long-term disease control [1]

Core Viewpoint - The company achieved a net revenue of HKD 13.833 billion in Q4 2025, representing a year-on-year increase of 22.5%. Adjusted EBITDA reached HKD 4.296 billion, up 32.7% year-on-year. For the full year 2025, net revenue totaled HKD 49.242 billion, a 13.4% increase, with adjusted EBITDA of HKD 14.502 billion, up 19.0% year-on-year [1] Financial Performance - Q4 2025 net revenue was HKD 13.833 billion, a 22.5% increase year-on-year. Adjusted EBITDA for the same period was HKD 4.296 billion, reflecting a 32.7% year-on-year growth [1] - For the full year 2025, net revenue reached HKD 49.242 billion, a 13.4% increase year-on-year, with adjusted EBITDA of HKD 14.502 billion, up 19.0% year-on-year [1] Business Segments - The company's VIP and mass market gaming segments showed record recovery, with Q4 2025 VIP gaming revenue at HKD 3.109 billion and mass gaming revenue at HKD 10.011 billion. Total gaming revenue reached HKD 13.950 billion, recovering to 48.1%, 136.6%, and 96.6% of 2019 levels respectively, marking new highs for recovery in 2023 [1] - The company expects its market share to rise to approximately 22% in Q4 2025, indicating stable growth in market share [1] Non-Gaming Initiatives - The company is actively optimizing non-gaming projects and enhancing shareholder returns. In 2025, the number of visitors to Macau is projected to increase by 15% to 40.1 million, setting a new historical record [2] - The company is focusing on high-end mass and ultra-high-end gaming segments, with the opening of the Capella in May 2025 and a significant contribution expected from this segment [3] - The company hosted around 350 events in 2025, including concerts and large-scale activities, and is progressing with the renovation of its facilities, including hotel rooms and dining areas [3] Shareholder Returns - The board of directors proposed a final dividend of HKD 0.80 per share for the year ending December 31, 2025, up from HKD 0.50 per share in 2024. The total dividend for 2025 is expected to be HKD 1.50 per share, compared to HKD 1.00 per share in 2024, with a payout ratio exceeding 60% [4] - The company anticipates net profits of HKD 11.604 billion and HKD 12.496 billion for 2026 and 2027, respectively, with current price-to-earnings ratios of 15.8X and 14.6X [4]

机构：国泰海通证券 研究员：刘欣琦/张轩铭/吴浩东 本报告导读： 受益于港股交投活跃度维持高位，保证金投资规模增长对冲收益率下降影响，港交所四季度利润好于预 期；港股市场扩容以及自身服务边界拓宽，港股市场IPO 持续活跃，提升港交所中长期盈利中枢。 投资要点： 维持"增持" 评级，调升目标价至 502港元，对应25 年 35xPE。公司2025 年总收入/净利润291.6/177.5 亿 港元，同比+30% /+36%；单季度利润增速放缓，4Q25 港交所总收入/净利润73.1/43.4 亿港元，同比 +15%/+15%。海外流动性预期改善、国内稳经济政策等因素有望助推港股投融资活跃度维持高位，驱 动公司业绩稳步增长。预计公司26-28 年净利润188/197/207 亿港元，分别同比+6%/+5%/+5%，目标价 550 港元，对应26 年37 xPE，维持"增持"评级。 业绩拆分看、现货分部高增为盈利核心驱动。港股交投活跃度改善下交易相关收入提升是公司业绩增长 的主因，2025 年港交所现货、股本证券衍生品、商品、数据及连接、公司项目分部收入分别为147、 69、32、23、22 亿港元，分别同比+56% ...

Core Insights - The Hong Kong Stock Exchange (HKEX) achieved a total revenue of HKD 29.16 billion in 2025, representing a year-on-year increase of 30.3%, with a notable increase in trading activity driving record revenue and profit levels [1] - The company reported a net profit attributable to shareholders of HKD 17.75 billion, up 36.0% year-on-year, although growth rates showed signs of slowing in the fourth quarter [1] - The exchange regained its position as the global leader in new stock financing, with 119 new listings in 2025, raising HKD 286.9 billion, a significant increase from the previous year [4] Revenue Breakdown - Total revenue for 2025 was HKD 29.16 billion, with main business revenue at HKD 27.1 billion, reflecting a year-on-year increase of 31.8% [1] - Trading fees, system usage fees, and settlement fees accounted for HKD 17.38 billion (59.6% of total revenue), showing a year-on-year increase of 45.9% [1] - Investment income netted HKD 5.11 billion (17.5% of total revenue), with a year-on-year increase of 3.7% [2] Market Activity - The average daily trading volume for equity securities reached HKD 231.5 billion, a record high, with a year-on-year increase of 92.9% [3] - The derivatives market also saw significant growth, with an average daily trading volume of HKD 18.3 billion, up 55.1% year-on-year [3] - Northbound and southbound trading recorded average daily transaction amounts of RMB 2.124 trillion and HKD 1.211 trillion, respectively, both achieving annual highs [3] New Listings and Future Outlook - The number of new listings increased by 67.6% year-on-year, with a strong contribution from new economy sectors [4] - The pipeline for new listings remains robust, with 345 applications pending as of Q4 2025, a 310.7% increase from the previous year [4] - The company is expected to continue benefiting from a favorable market environment, with revised profit forecasts for 2026-2028 indicating strong growth potential [4]

Group 1 - The core point of the article is that BYD Company Limited (01211.HK) reported its sales and production figures for February 2026, highlighting significant growth in electric vehicle sales and battery installations [1] Group 2 - In February 2026, the total sales of new energy vehicles reached 190,190 units, contributing to a cumulative sales total of 400,241 units for the year [1] - The company exported a total of 100,600 new energy vehicles in February 2026 [1] - The total installed capacity of new energy vehicle power batteries and energy storage batteries in February 2026 was approximately 18.773 GWh, with a cumulative installed capacity of about 38.960 GWh for the year [1]

Core Viewpoint - China CNR Corporation Limited (01766.HK) has appointed Qu Xiaoli as the Chief Financial Officer (CFO) and Chief Accountant, with the term starting from the date of the board's approval until the end of the current board's term [1]. Group 1 - The fourth meeting of the seventh session of the board of directors was held on February 28, 2026, where the appointment was approved [1].

Group 1 - The core point of the article is that Great Wall Motors (02333.HK) reported a total sales volume of 72,594 units in February 2026, representing a year-on-year decrease of 6.79% [1] - The cumulative sales for the year to date reached 162,906 units, showing a year-on-year increase of 2.58% [1] - In February, overseas sales amounted to 42,675 units, with a cumulative total of 82,953 units for January and February combined [1] Group 2 - In February, the sales of new energy vehicles were recorded at 12,744 units, with a cumulative total of 30,773 units for the first two months of the year [1]

Core Viewpoint - Li Auto-W (02015.HK) reported the delivery of 26,421 new vehicles in February 2026, bringing the total cumulative delivery to 1,594,304 vehicles as of February 28, 2026 [1] Group 1: Vehicle Delivery and Performance - In February 2026, Li Auto delivered 26,421 new vehicles [1] - As of February 28, 2026, the total cumulative delivery reached 1,594,304 vehicles [1] Group 2: Technology and Services - The OTA 8.3 version was officially pushed before the Spring Festival, enhancing three core systems: VLA driver model, smart cockpit, and smart electric systems [1] - During the peak travel period of the Spring Festival, over 4,000 Li Auto supercharging stations provided stable and convenient charging experiences for users [1] - From February 14 to February 23, 2026, Li Auto provided charging services over 1.45 million times, with a total charging volume exceeding 42 million kWh [1] Group 3: Infrastructure Expansion - As of February 28, 2026, Li Auto had established 539 retail centers covering 160 cities [1] - The company also had 548 after-sales maintenance and authorized service centers covering 223 cities [1] - Li Auto has deployed 4,054 supercharging stations nationwide, equipped with 22,447 charging piles [1]

Core Viewpoint - Geely Automobile reported a total vehicle sales of 206,160 units in February 2026, representing a year-on-year increase of approximately 1% [1] Group 1: Overall Sales Performance - The total vehicle sales for Geely in February 2026 reached 206,160 units, showing a slight growth compared to the same month last year [1] Group 2: Brand Performance - Lynk & Co achieved sales of 27,359 units in February, marking a significant year-on-year growth of 59% [1] - Zeekr recorded sales of 23,867 units in February, reflecting a robust year-on-year increase of 70% [1]

格隆汇3月1日丨长城汽车(601633.SH)公布2026年2月产销快报，本月销量总计72,594台，同比减少 6.79%；本年累计销量162,906台，同比增长2.58%。此外，2月海外销售42,675台，1-2月累计销售82,953 台。2月新能源车销售12,744台，1-2月累计销售30,773台。 ...