Core Viewpoint - Sands China (01928) experienced a low opening but saw a rise of nearly 3% during trading, closing at HKD 18.87 with a transaction volume of HKD 1.29 billion [1] Financial Performance - For the year 2025, Sands China reported total net revenue of USD 7.44 billion, an increase of 5.1% year-on-year [1] - The net profit for the company was USD 896 million, reflecting a decrease of 14.3% compared to the previous year [1] - Adjusted property EBITDA was USD 2.31 billion, showing a slight decline of 0.7% year-on-year [1] - Earnings per share stood at USD 0.1108, with a final dividend of HKD 0.50 per share, which is a 100% increase year-on-year [1] Market and Operational Insights - Despite an increase in revenue and market share in gaming gross revenue, the company faced higher sales and marketing costs to attract customers, as well as increased wage costs due to competitive pressures, leading to an overall decline in adjusted property EBITDA [1]

微创心通-B(02160)涨超6%，截至发稿，涨6.33%，报0.84港元，成交额859.92万港元。 消息面上，2月13日晚，微创心通发布公告称，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（002173）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(NMPA绿 色通道)。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。 ...

微创机器人主要提供用于微创手术的手术机器人，其中"图迈"及"鸿鹄"分别为其在腹腔镜及骨科领域的 核心产品。"图迈"是首款经临床验证疗效不逊于达文西手术系统的中国国产腹腔镜手术机器人，而达文 西手术系统乃直觉外科公司(Intuitive Surgical)目前在中国及全球的领先产品。该行相信此项成就确立了 微创机器人作为中国本土龙头企业的地位，使其能够受惠于进口替代趋势。 摩根大通发布研报称，予微创机器人-B(02252)"增持"评级，目标价为41港元。微创机器人核心产品"图 迈"累计订单已突破200台，意味自2026年1月下旬以来新增约20台订单，延续2025年10月至2026年1月的 强劲势头，持续缓解市场对其可持续性的部分担忧。覆盖范围已扩展至逾50个国家及地区(2025年12月 底为40多个)，其中12个市场订购超过五台，主要由新兴市场如印度及巴西领军，而西班牙、澳洲等发 达市场亦取得加速突破。 ...

1月29日盘后，春立医疗(01858)发布了其2025年年度业绩预增公告。公告显示，经初步测算，春立医疗预计2025年年 度实现归母净利润2.45亿元至2.88亿元，同比上升96.01%至130.41%。与此同时，公司扣非归母净利润为2.3亿元至2.7 亿元，同比上升142.80%至185.11%。 这份业绩预告的一大亮点在于春立医疗当期扣非归母净利润增速显著超过了其归母净利润增速，预示着公司一定程度 上在利润端摆脱了一次性损益收入支撑，主营业务改善再次成为其利润增长关键。 然而此次业绩预告发布后，二级市场的反馈却较为平淡。智通财经APP观察到，业绩预告发布次日，春立医疗股价拉 出一根大阴线，并收跌2.87%。 之后公司股价持续阴跌，2月12日，春立医疗港股股价在盘中触及13.47港元，刷新今年以来的新低。实际上自去年11 月初触及20.49港元阶段性高点后，春立医疗股价便一路下跌，如今不到4个月，区间股价最大振幅已超过30%。 业绩好却没有预期差? 在此次业绩预告中，春立医疗指出，公司年度归母净利润和扣非归母净利润较上年同期均实现大幅增长，原因在 于，"报告期内公司各产品线纳入集采后逐步释放增长潜力，同时公 ...

Group 1 - The core point of the article is that Beihai Kangcheng-B (01228) announced a share placement to WuXi Biologics, leading to a significant increase in its stock price [1] - The company plans to issue 84.03 million new shares, representing approximately 14.12% of the enlarged issued share capital, at a price of HKD 2.38 per share, which is a discount of about 14.7% compared to the closing price of HKD 2.79 on February 13 [1] - The net proceeds from the placement are expected to reach HKD 199 million, with around 60% allocated for settling trade payables, approximately 28% for R&D expenses of existing product lines, and the remaining 12% for working capital and regulatory maintenance of commercialized products [1] Group 2 - Following the completion of the placement, WuXi Biologics' stake in Beihai Kangcheng will increase to approximately 16.27% [1]

据港交所2月16日披露，山东信得科技股份有限公司(简称：信得科技)向港交所主板递交上市申请书， 工银国际、中泰国际为其联席保荐人。根据灼识咨询的资料，以2024年收入计，该公司是在中国动物保 健市场中排名第九的国产厂商，并在中国禽用兽用生物制品市场排名前三。 据招股书，成立于1999年，该公司是中国领先的动物保健企业。该公司主要从事全系列动物保健及配套 产品的研发、生产及销售，产品涵盖兽用生物制品(如疫苗、抗体、转移因子等)、中兽药、化药制剂、 动物饲料及饲料添加剂，实现对家禽、家畜、水产动物及宠物疾病的预防、诊断、治疗与控制。 ...

Core Viewpoint - Morgan Stanley views the earnings announcement of Wynn Macau (01128) as a non-material event due to its attractive valuation metrics, maintaining an "Overweight" rating with a target price of HKD 8 [1] Group 1: Financial Performance - Wynn Macau's Q4 2025 earnings met Morgan Stanley's expectations, with adjusted EBITDA of USD 287 million, remaining roughly flat quarter-on-quarter, compared to the forecast of USD 285 million [1] - Market share performance was also in line with expectations [1] Group 2: Valuation Metrics - The company is valued at an enterprise value multiple of 8 times, a price-to-earnings ratio of 9 times, a free cash flow yield exceeding 15%, and a dividend yield of 6% [1] Group 3: Market Sentiment - The earnings call provided limited incremental information, but the company expressed confidence regarding the upcoming Lunar New Year, consistent with industry peers [1]

Core Viewpoint - Samsonite (01910) is seeking dual listing on a U.S. stock exchange, proposing to issue up to approximately 138 million new shares, which represents 9.97% of the total issued shares, to raise funds for operational and general corporate purposes [1] Group 1 - Samsonite's stock price increased by over 3% during trading, with a current price of HKD 20.36 and a trading volume of HKD 82.6361 million [1] - The proposed dual listing will involve issuing shares in the form of American Depositary Shares (ADS), with a price discount of no more than 15% compared to the last closing price before the signing of the underwriting agreement [1] - The net proceeds from the share issuance are intended for working capital, operational expenses, capital expenditures, debt repayment, share buybacks, and potential acquisitions [1]

Core Viewpoint - Tian Gong International (00826) has seen a stock price increase of over 9%, currently trading at HKD 4.19, with a transaction volume of HKD 51.57 million, following a strategic partnership with Bodycote, a leader in heat treatment and hot isostatic pressing technology [1] Group 1: Strategic Partnership - Tian Gong International has reached a deep strategic cooperation consensus with Bodycote to integrate core advantages in high-end manufacturing sectors such as aerospace, automotive, and energy [1] - The collaboration aims to create a new model of global collaborative development combining technology, capacity, and market [1] Group 2: Capacity Expansion - The company’s subsidiary, Jiangsu Tian Gong Xin Zhi Materials Co., is planning a second phase project in powder metallurgy, which includes the addition of five hot isostatic pressing machines [1] - This expansion is intended to strengthen the company's capacity and technological advantages in high-end alloy material powder metallurgy, providing solid support for the strategic partnership [1] Group 3: Market Outlook and Valuation - CICC recently published a report indicating that starting from 2026, Tian Gong International's high-end materials are expected to see sustained growth, facilitating the company's transition from a leader in tool steel to a high-end new materials supplier [1] - The firm has adjusted the company's valuation to 2026, maintaining an "outperform" rating and raising the target price by 76% to HKD 5.29, which corresponds to an 18.4x P/E for 2026, implying a 50% upside potential [1] - The current stock price reflects a 12.3x P/E for 2026 and a 9.5x P/E for 2027 [1]

国信证券指出，公司是全球铝产业头部企业，拥有1900万吨氧化铝产能和646万吨电解铝产能，是全球 第二大铝生产商。公司坚持高比例分红，于2025年5月公告未来三年(2025-2027年)股东回报规划：公司 发展阶段属成熟期且无重大资金支出安排的，进行利润分配时，现金分红在本次利润分配中所占比例最 低应达到80%。公司分红比例在铝行业是最高水平。 中国宏桥(01378)涨超4%，截至发稿，涨4.32%，报36.74港元，成交额2.08亿港元。 消息面上，招银国际认为，鉴于全球铝供应短缺格局将在2026至2027年持续，叠加铝价上行与铝土矿价 格下行的双重利好，上调中国宏桥盈利预测，并将其目标价从39港元升至45港元，维持"买入"评级。招 银国际指出，当前中国原铝产能利用率已接近政策上限的99%，同时海外新增产能释放有限，这将支撑 全球铝市维持短缺状态，预计2026年铝均价同比上涨15%。此外，从盈利表现来看，中国宏桥2025年核 心净利润预计达262.62亿元，同比增长7%；2026年净利润增速将加快至34%，主要驱动力来自铝价上 涨。 ...