技術座標揭示合理邊界 成交分布印證博弈心態 全日成交額243,367千港元中，遠價外區間獨佔112,840千元（46.37%），中價外區間貢獻56,909千元 （23.38%），合計69.75%成交集中於技術阻力位上方，顯示資金過度集中於突破博弈。 條款競爭力顯現結構效率落差 中價外區間展現相對較佳風險回報特性，平均引伸波幅53.90%，配合4.76倍槓桿，提供較合理平衡。價 內主力區間雖具備52.68%引伸波幅與3.39倍槓桿的效率優勢，但產品數量僅8隻限制實際操作彈性。遠 價外區間雖有5.35倍槓桿的表面優勢，但引伸波幅高達59.11%，推升持倉成本，加上流動性不足，顯示 成本與預期回報空間出現嚴重錯配。 市場結構隱含系統性風險 以中芯國際現價69.6元為基準，技術分析劃定明確活動範圍：主要支持位68.3元與下試區域62.7元構成 下行防線，主要阻力位75.2元與上望目標80.4元定義上行空間。在此框架下，行使價62.7-75.2元區間屬 於技術合理範圍，而當前市場結構顯示顯著偏離理性邊界。 行使價分布凸顯結構失衡 市場現存145隻認購證呈現明顯結構分化：深價內區間（41.50-62.93元）30隻產品提 ...

Core Insights - AstraZeneca achieved a record revenue of $6.664 billion in China for 2025, marking a significant milestone in its 30-year history in the market [1] - The company plans to invest $15 billion in China by 2030 and has established a $18.5 billion collaboration with CSPC Pharmaceutical Group [1] Revenue Performance - AstraZeneca is the second-largest market for the company, with 2024 revenues reaching $54.073 billion, and China contributing $6.413 billion, a year-on-year increase of 11% [1] - In 2025, total revenue reached $58.739 billion, with China contributing $6.654 billion, accounting for 11% of total revenue, maintaining the top position among multinational pharmaceutical companies in China [1][3] Product Portfolio - Since entering the Chinese market in 1993, AstraZeneca has introduced over 40 innovative drugs, including key products in oncology and chronic disease management [3] - The inhaled budesonide suspension is the highest-selling drug in China, although its sales have declined due to policy price adjustments [3] - Osimertinib is expected to become a new flagship product in China, potentially replacing budesonide due to the large market for non-small cell lung cancer patients [3][4] Strategic Focus - AstraZeneca is focusing on a comprehensive "innovation offensive" in China, particularly in oncology, cardiovascular, renal, and metabolic disease areas [6] - The company has a robust pipeline in oncology, with several promising drugs set to launch in China, including novel AKT inhibitors and TROP2 ADCs for breast cancer treatment [6] - The pipeline also includes treatments for chronic diseases and rare diseases, addressing the diverse needs of the Chinese market [7][8] Investment Plans - AstraZeneca's $15 billion investment will focus on expanding drug manufacturing and R&D capabilities, particularly in cell therapy and radiolabeled drug conjugates [12][13] - The company has made 23 collaborations in China since 2021, totaling over $40 billion, with a significant focus on oncology and chronic disease treatments [9][12] Market Positioning - AstraZeneca aims to leverage China's scientific and manufacturing strengths to provide cutting-edge treatment solutions, positioning itself as a leader in cell therapy capabilities [13] - The company has established global strategic R&D centers in Beijing and Shanghai and operates multiple production bases across China [13][14] Conclusion - AstraZeneca's deep integration into the Chinese market signifies a shift from merely selling products to becoming a core participant in China's healthcare ecosystem, evolving into a global innovation center rooted in China [15]

Core Viewpoint - Hua Hong reported mixed results for 4Q25, with revenue slightly exceeding guidance but net income falling short due to increased R&D labor costs. Management provided a cautious outlook for 1Q26, expecting revenue to decline slightly while gross profit margin (GPM) improves due to demand in AI and localization [1][2][3]. Group 1: 4Q25 Results - Revenue grew 22% year-over-year and 4% quarter-over-quarter to a historical high, driven by a 3% increase in wafer shipments, particularly in MCU and PMIC segments [2]. - GPM narrowed by 0.6 percentage points quarter-over-quarter to 13%, aligning with prior guidance [2]. - Net income was recorded at US$17 million, missing estimates by 53-54%, primarily due to elevated R&D labor costs, although partially offset by foreign exchange gains and government subsidies [2]. Group 2: 1Q26 Guidance - Management guided for 1Q26 revenue of US$650-660 million, representing a 1% decline quarter-over-quarter at the midpoint and 6% below consensus [3]. - GPM is expected to be between 13% and 15%, reflecting a 1 percentage point improvement quarter-over-quarter and above consensus expectations [3]. - Factors contributing to revenue include price increases in PMIC, MCU, and discrete devices for AI applications, alongside strong domestic demand in China, though offset by depreciation in new fabs and weak consumer electronics demand [3]. Group 3: 2026 Outlook - The company is expected to benefit from increased exposure to auto, industrial, communication, and computing sectors, projected to account for approximately 36% of revenue in 2025 [4]. - Initiatives focused on China-for-China and demand for AI-related products are anticipated to mitigate the impact of declining consumer electronics demand [4]. - Potential catalysts for stock performance include the completion of the HLMC (Fab5) injection in 2H26 and ongoing developments in domestic GPUs at HLIC (Fab6) [4]. Group 4: Valuation - Revenue and margin estimates have been slightly revised downward due to moderate near-term demand, leading to EPS cuts of 7% for 2026 and 5% for 2027 [5]. - Despite this, the market is expected to re-rate Hua Hong based on advanced node potential, prompting an increase in target price to HK$116.5, based on a 4.0x price-to-book ratio [5].

（责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 今日A股三大指数全线下跌，上证指数下跌1.26%，深证成指下跌1.28%，创业板指下跌1.57%。船 舶制造、航天航空、综合行业涨幅居前，光伏设备、小金属、玻璃玻纤集体回调。 ETF方面，航空航天板块逆势上涨，华泰柏瑞基金航空航天ETF、华夏基金航空航天ETF分别涨 2.3%和1.58%。半导体板块走强，华泰柏瑞基金中韩半导体ETF和半导体设备ETF万家分别涨1.8%和 1.25%。日股继续上涨，华夏基金日经ETF涨1.39%。 原油下跌，油气ETF博时、石油ETF分别跌4.21%和3.99%。有色板块全线下挫，有色ETF富国、油 气ETF汇添富分别跌3.73%和3.72%。 ...

美国电动车制造商Rivian(RIVN.US)目前上涨超21%。消息上，由于电动汽车制造商Rivian正致力于在下 一代SUV发布前的关键时期控制成本，该公司警告称，今年的亏损可能高于预期。在发布第四季度财报 时，Rivian预计2026年调整后息税折旧及摊销前利润亏损为18亿至21亿美元。该区间的终值虽然较去年 的亏损有所改善，但超过了分析师此前预期的约18亿美元亏损。此外，公司预计2026年交付量将激增 53%。 ...

Core Viewpoint - The company,佳宁娜, has entered into a sale agreement to divest its 100% stake in Profit Share Investments Limited, which will no longer be a subsidiary post-transaction, allowing for better resource allocation and debt reduction [1] Group 1: Transaction Details - The seller, 佳宁娜地产发展, and the buyer, Silver Chaser Holdings Limited, have agreed on the sale of shares, which includes three batches of shares [1] - The target company is registered in the British Virgin Islands and primarily engages in investment holding, with its sole asset being approximately 4.62% indirect equity interest in the invested group [1] Group 2: Strategic Implications - The sale provides an opportunity for the group to liquidate its investment in the target company and reallocate financial resources for future development [1] - Proceeds from the sale will contribute to reducing the group's debt, aligning with the overall strategic planning of the group [1] - The board believes that the transaction will optimize resource allocation and strengthen the group's cash flow [1]

Core Viewpoint - The company expects a revenue decline of approximately 38.7% for the six months ending December 31, 2025, compared to the same period in 2024, primarily due to the disposal of assets in its IT business segment and a significant decrease in revenue from its car rental and shuttle bus services [1] Revenue Performance - Revenue is projected to decrease from approximately HKD 56,029,000 in the corresponding period to about HKD 34,343,000 in the current period, a reduction of HKD 21,686,000 [1] - The decline in revenue is attributed to a 30% decrease, or approximately HKD 7,000,000, in income from the car rental and shuttle bus services [1] Financial Losses - The company anticipates a net loss attributable to shareholders of approximately HKD 22,000,000 to HKD 25,000,000 for the current period, which represents an increase of about HKD 3,000,000 to HKD 6,000,000 compared to the loss of approximately HKD 19,238,000 in the corresponding period [1] - The previous period included a fair value loss on financial liabilities of approximately HKD 9,348,000, which is not expected in the current period, helping to mitigate the impact on net losses [1]

格隆汇2月13日丨心通医疗-B(02160.HK)公告，近日，国家药品监督管理局"NMPA"医疗器械技术审评中 心发布《创新医疗器械特别审查申请审查结果公示(2026年第3号)》，拟同意集团旗下新一代植入式心 律转复除颤器("ICD")TILEN/EYLEN(泰然╱怡然)进入创新医疗器械特别审查程序。据此， TILEN/EYLEN(泰然╱怡然)有望成为国内首款获批的具备自主知识产权的磁共振条件安全ICD。 自动MRI功能：显著降低非同步模式导致的患者不适，并简化MRI扫描流程；远程随访：基于低功耗蓝 牙技术，依托国内数据中心，构建完整解决方案，增强患者随访依从性；行业领先的使用寿命：有效减 少因设备更换引发的感染风险，降低患者长期经济负担。 心源性猝死("SCD")，是指急性心脏相关症状发作后1小时内发生的以意识突然丧失为特征的、由心脏原 因引起的自然死亡，是全球主要的死亡原因之一，而多项大型临床试验证据已经充分证实ICD是目前预 防SCD最为有效的措施，能在患者发生危及生命的恶性室性心律失常(如室颤或室速)时，通过分层治 疗，包括高压除颤，使心律恢复正常。本集团旗下的PLATINIUM系列ICD产品已于20 ...

格隆汇2月13日丨中华银科技(00515.HK)公告，于2026年2月13日，董事会根据公司组织章程细则第 89(3)条决议，郭俊豪执行董事职位立即被撤销，乃因为其连续6个月缺席董事会会议及讨论，且未经董 事会特别许可。 ...

半导体设备制造商应用材料(AMAT.US)盘初大幅上涨超12%，报376.31美元刷新历史新高。 消息面上，应用材料公布，截至1月止第一财季利润同比增长70%至20.3亿美元，调整后每股收益为2.38 美元，高于市场预期的2.21美元；营收则同比下滑2%至70.1亿美元，仍高于市场预期的68.7亿美元。 展望第二财季，应用材料预计营收将介于71.5亿至81.5亿美元之间，调整后每股盈利将介于2.44至2.84美 元之间，分别优于市场预期的70.1亿美元及2.28美元。公司CEO Gary Dickerson在一份声明中表示："关 于AI计算领域的全球行业整体投资进程的加速"正在推动公司的业绩迈向强劲增长轨迹。 ...