Core Viewpoint - Nomura's report indicates that WuXi Biologics has announced a profit forecast, expecting a 16.7% year-on-year revenue growth to 21.8 billion yuan in 2025, slightly above the market expectation of 21.5 billion yuan [1] Revenue and Profit Forecast - The gross margin is expected to improve by 5 percentage points year-on-year to 46%, also exceeding the market expectation of 43% [1] - Net profit and profit attributable to shareholders are projected to grow by 45.3% and 46.3% year-on-year, reaching 5.7 billion yuan and 4.9 billion yuan, respectively, surpassing market expectations of 4.8 billion yuan and 4.4 billion yuan [1] - For the second half of 2025, revenue is estimated to grow by 17.2% year-on-year to 11.8 billion yuan, with profit growth of 38%, both exceeding market expectations [1] Management Insights - Management attributes the growth to optimistic performance in research service revenue and an increase in projects entering later stages due to enhanced service capabilities [1] Target Price Adjustment - Nomura has raised its target price from 37.36 HKD to 50.54 HKD, maintaining a "Buy" rating [1]

大行评级丨里昂：百威亚太去年第四季度业绩大致符预期，评级"跑赢大市" 百威亚太(01876.HK)：2025 财政年度收入57.64亿美元，建议派付股息每股5.66美分 相关事件 里昂发表研报指，百威亚太去年第四季度业绩大致符预期，期内有机收入按年减4%，有机常规化 EBITDA按年跌25%，大致符合该行预期与市场共识。净亏损高于预期，因税务支出高于预期。中国市 场仍拖累业绩，营收下降11%，销量跌幅已连续收窄，但因投资支持居家渠道及产品组合变化未能利 好，平均售价面临压力。另一方面，韩国与印度市场表现稳健。股息符合预期。里昂予百威亚太目标价 9港元，评级"跑赢大市"，需关注的重点为宏观政策、居家渠道发展及营销预算。 ...

Core Viewpoint - Jintongling Technology Group Co., Ltd. has resumed trading after completing a capital reserve conversion and rights issue, indicating a positive outlook for its restructuring efforts [1] Group 1: Company Actions - Jintongling has completed a capital reserve conversion and rights issue, leading to the resumption of trading [1] - Huitongda Network has become the industrial investor in Jintongling's restructuring, acquiring 710 million shares at a price of 1.3996 yuan per share [1] Group 2: Market Reaction - The stock of Jintongling experienced active trading, with a peak increase of over 16% during the day [1] - The market's response reflects a significant valuation gap compared to Huitongda's investment cost, indicating positive expectations for Jintongling's restructuring prospects [1]

贝伦贝格将诺和诺德目标价从415丹麦克朗下调至360丹麦克朗。 ...

格隆汇2月12日丨罗曼股份(605289.SH)涨6.52%，报81.560元，股价创历史新高，总市值88.91亿元。 ...

野村发表研报，将药明合联2025年收入及盈利预测分别下调4.5%及8.7%，以反映公司上月公布的实际 数据。展望2026年，预期收入将按年升37%至81亿元，大致符合市场预期，因考虑到更多项目进入临床 试验申请后阶段，该部分的收入增长将加速。同时，该行预计来自商业化阶段项目的收入为1.81亿元， 而收购东曜药业带来的收入则为1.5亿元。利润方面，该行预计2026年盈利将升47%；毛利率按年扩张 0.7个百分点至36.5%，基于规模经济效应，但新加坡厂房的折旧将带来轻微拖累；经营利润率按年扩张 1.1个百分点至29.3%，反映效率提升。该行将药明合联目标价由82.72港元上调至87.73港元，评级"买 入"。 ...

Group 1 - The core point of the article is that Robotech (300757.SZ) experienced a significant stock price increase of 11.42%, reaching a historical high of 449.030 yuan, with a total market capitalization of 75.261 billion yuan [1]

Core Viewpoint - The A-share market saw a significant rally in the chemical sector, with multiple stocks experiencing substantial gains on February 12, indicating strong investor interest and potential growth in this industry [1]. Group 1: Stock Performance - Changhua Chemical (301518) rose by 10.57%, with a total market capitalization of 65.46 billion and a year-to-date increase of 26.51% [2]. - Meibang Shares (605033) increased by 10.00%, with a market cap of 35.23 billion and a year-to-date rise of 29.78% [2]. - Jianxin Shares (300107) saw a gain of 9.80%, with a market value of 49.19 billion and a year-to-date increase of 28.15% [2]. - Weike Technology (301196) grew by 8.98%, with a market capitalization of 108 billion and a year-to-date increase of 7.65% [2]. - Kexin Source (300731) increased by 6.92%, with a market cap of 83.04 billion and a year-to-date rise of 16.83% [2]. - Huide Technology (603192) rose by 5.80%, with a market value of 39.31 billion and a year-to-date increase of 5.68% [2]. - New Jinlu (000510) saw a gain of 5.58%, with a market capitalization of 113 billion and a year-to-date increase of 50.26% [2]. - Zhenhua Shares (603067) increased by 5.38%, with a market cap of 263 billion and a year-to-date rise of 28.57% [2]. - ST Yatai (000691) rose by 5.02%, with a market value of 41.56 billion and a year-to-date increase of 21.56% [2]. - Guangkang Biochemical (300804) increased by 4.00%, with a market cap of 33.87 billion and a year-to-date rise of 30.77% [2]. - Hangjin Technology (000818) saw a gain of 4.00%, with a market capitalization of 163 billion and a year-to-date increase of 28.03% [2]. - Hongda Shares (600331) rose by 3.98%, with a market value of 463 billion and a year-to-date increase of 36.90% [2]. - Demei Chemical (002054) increased by 3.31%, with a market cap of 52.65 billion and a year-to-date rise of 47.97% [2]. - Huangma Technology (603181) saw a gain of 3.17%, with a market capitalization of 99.49 billion and a year-to-date increase of 18.26% [2]. - Runmu Materials (300727) rose by 3.14%, with a market value of 65.73 billion and a year-to-date increase of 2.38% [2]. - Litong Technology (920225) increased by 3.09%, with a market cap of 38.08 billion and a year-to-date decrease of 6.40% [2].

高盛发表报告指，招商银行近期股价疲软，A股与H股今年为止分别下跌5%和4%，且较三个月高点回 调8%和6%，反映2025年第四季业绩表现疲弱，以及相对保守的2026年盈利展望。然而，该行认为市场 低估了招行的盈利上行空间，关键分歧在于预期信贷成本增幅将较低；持续消化按揭、影子银行及房地 产信贷风险，无需大幅增加拨备；零售及企业贷款拨备需求可控。该行预期这些因素将使招行2026年盈 利按年增速超越同业，达到8%，高于该行预测四大行平均3%的增幅。该行对招行AH股目标价为54.68 元/53.41港元。 ...

Core Viewpoint - The report from Credit Lyonnais indicates that SMIC's Q4 performance and Q1 guidance are largely in line with expectations, despite the constraints posed by memory shortages [1] Group 1: Company Performance - SMIC's Q4 performance and Q1 guidance are in line with expectations [1] - The company anticipates that the memory shortage situation will ease within 9 to 12 months [1] Group 2: Financial Projections - Capital expenditure for SMIC in 2026 is expected to remain at $8.1 billion, with depreciation expenses projected to grow by 30% annually [1] - Earnings estimates for SMIC have been reduced by 14% and 11% for 2026 and 2027, respectively [1] Group 3: Stock Ratings - The target price for SMIC's H-shares is set at HKD 93.3, while the target price for A-shares is set at CNY 152, maintaining an "outperform" rating [1]