Core Viewpoint - The FDA has granted Fast Track Designation (FTD) to Irpagratinib (ABSK-011), a selective FGFR4 inhibitor developed by the company, for the treatment of advanced or unresectable hepatocellular carcinoma (HCC) patients with FGF19 overexpression who have previously received immune checkpoint inhibitors (ICI) and multi-targeted kinase inhibitors (mTKI) [1][3][4]. Group 1: FDA Fast Track Designation - The Fast Track Designation aims to expedite the development and review process of innovative therapies for serious diseases with unmet clinical needs, allowing for earlier and more frequent communication with the FDA [3]. - The designation will accelerate global clinical development and registration processes for Irpagratinib, potentially shortening the time to market [3][4]. Group 2: Clinical Data and Efficacy - In a Phase I clinical study presented at the 2024 ESMO annual meeting, Irpagratinib demonstrated an objective response rate (ORR) of 46.7% and a median progression-free survival (mPFS) of 5.5 months in HCC patients with FGF19 overexpression who had progressed after ICI and mTKI treatments [4]. - The safety and tolerability profile of Irpagratinib was reported to be favorable, showing significant advantages over previous treatment data for HCC patients [4]. Group 3: Combination Therapy Exploration - The company is also exploring combination therapy with Irpagratinib and Roche's PD-L1 inhibitor Atezolizumab, which has shown an ORR exceeding 50% and mPFS over 7 months in both treatment-naive and previously treated HCC patients with FGF19 overexpression [4]. - No new safety signals were observed in the combination therapy, suggesting a potential synergistic mechanism between FGFR4 inhibitors and ICIs [4]. Group 4: Precision Oncology Shift - Irpagratinib represents a significant shift towards precision oncology in the treatment of liver cancer, aligning with global trends in molecularly driven precision therapies [5]. - The development of Irpagratinib aims to establish a new treatment paradigm for patients with FGF19 overexpression, promoting a more targeted approach in HCC treatment [5].

3.廖骏伦先生已自2015年1月15日起辞任公司非执行董事，许广熙先生亦已自2017年1月24日起辞任公司 执行董事、董事总经理及授权代表，而其余相关董事均已于2017年1月25日前辞任公司董事。 4.公司现任董事会成员并不涉及相关行动。全体现任董事会成员及公司现任公司秘书乃于2021年10月29 日或之后获委任，其中每名董事均与相关董事无关连且独立于相关董事。 此外，考虑到(i)并无针对公司的不利救济或颁令;(ii)董事会组成自相关行动以来并无完全变更;(iii)有利 于公司的补偿令，董事会认为证监会的呈请及上述颁令对公司的营运及业务并无造成任何重大不利影响 或干扰。公司将适时另行刊发公告，以告知股东及投资者最新发展。 裕承科金(00279)发布公告，兹提述公司日期为2016年10月6日的公告，内容有关证券及期货事务监察委 员会(证监会)作为呈请人对公司前董事提出的呈请。于2026年2月10日，证监会发表声明，其已获得香 港原讼法庭的颁令，内容有关(其中包括)：1.要求公司前非执行董事廖骏伦先生及公司前董事总经理许 广熙先生就彼等因公司收购及出售廖氏集团有限公司股权(相关行动)所造成的财务损失向公司赔偿港币 ...

Core Viewpoint - McDonald's has achieved its fastest sales growth in over two years in the U.S. during the fourth quarter, driven by value meals appealing to cost-conscious consumers [1] Group 1: Financial Performance - McDonald's reported fourth-quarter revenue of $7 billion, a year-over-year increase of 9.5%, exceeding expectations by $160 million [1] - Adjusted earnings per share were $3.12, surpassing forecasts by $0.07 [1] - Comparable sales at existing U.S. restaurants grew by 6.8% year-over-year, marking the highest growth rate in 2023 [1] Group 2: Strategic Initiatives - The company aims to achieve a global target of 50,000 restaurants by the end of 2027, with an accelerating pace of new openings [1] - McDonald's has focused on re-establishing its position as an affordable dining option post-pandemic, with successful initiatives including value menu items and meals priced as low as $5 [1] Group 3: Marketing and Consumer Engagement - CEO Chris Kempczinski noted that a focus on affordability has improved customer traffic in the fourth quarter [2] - Successful marketing campaigns, including the reintroduction of the "Monopoly" game and the "Grinch" themed meal, contributed to increased customer spending [2] - The "Grinch" meal performed exceptionally well, leading to the highest sales day in the company's history [2] Group 4: Competitive Landscape - Despite challenges, McDonald's is gaining market share as consumers adjust their spending habits due to rising costs [3] - Competitors like Yum Brands and Chipotle have also reported strong sales, with Taco Bell's low-priced menu items gaining popularity [3]

在2025年第四季度，公司在中国的销量及市场份额趋势保持稳定，与行业因受到较迟的农历新年发货安 排所影响而表现放缓的情况相符。随着公司开始加大对渠道及产品组合扩张的投资，百威的品牌影响力 有所提升，同时为该季度带来额外的获利压力。在韩国，公司在即饮及非即饮渠道中的表现优于市场水 平，整体每百升净收入持续增长。在印度，公司的高端化策略取得进展，并实现强劲的双位数收入增 长，从而获得总市场份额扩张。 首席执行官及联席主席程衍俊表示："2025年，我们在中国的业绩未尽潜能。我们已采取了明确措施， 加强非即饮渠道营销途径的管理、丰富产品组合，并推出旗舰品牌的创新产品，以此重塑并点燃增长的 动力。于韩国及印度，我们持续扩大市场份额并提高除息税折旧摊销前盈利。踏入2026年，我们确立清 晰的策略，同时加强执行力，旨在发挥我们的能力及实现可持续的长期增长。就此，本人欣然宣布，董 事会已建议就2025财政年度派付每股5.66美分的股息，与2024财政年度保持一致。" 于2025财政年度，收入减少6.1%，或按呈报基准计减少7.7%，每百升收入则减少0.2%，主要由于公司 在中国的表现，但被亚太地区东部的收入管理措施及于印度的 ...

Company Overview - Jingxin Pharmaceutical (002020.SZ) is an innovation-driven pharmaceutical group focusing on two core disease areas: central nervous system diseases and cardiovascular and cerebrovascular diseases. The company combines the commercialization of existing products with the continuous advancement of its product pipeline [2] - The company has successfully launched over 60 approved drugs, including generic drugs, innovative drugs, traditional Chinese medicine, and biological agents [2] - In 2023, the company launched its first innovative drug, Dazisni, approved for the treatment of insomnia, marking a significant milestone in its transformation to an innovation-driven model [2] Revenue Sources - The company's main revenue comes from domestic sales, with total revenue for the years 2023, 2024, and the first ten months of 2025 being approximately RMB 3.999 billion, RMB 4.159 billion, and RMB 3.344 billion respectively [3][5] - Revenue breakdown by business line for 2023 shows that pharmaceutical products contributed RMB 2.326 billion (58.2%), raw materials contributed RMB 956 million (23.9%), and medical devices contributed RMB 637 million (15.9%) [3] Profitability - The gross profit for the years 2023 and 2024 was RMB 1.967 billion and RMB 2.016 billion, respectively, with gross profit margins of 49.2% and 48.5% [5][6] - The net profit for the year 2023 was RMB 623.6 million, with a projected increase to RMB 719.1 million in 2024 [5] Industry Overview - The Chinese pharmaceutical market is expected to grow from RMB 1,447.9 billion in 2020 to RMB 1,629.7 billion by 2024, with a compound annual growth rate (CAGR) of 3.0% [8] - The market for patented drugs is projected to increase its share from 44.6% in 2020 to 70.0% by 2035, while the share of generic drugs is expected to decline from 55.4% to 30.0% over the same period [8] Central Nervous System Market - The global central nervous system drug market is projected to grow from USD 233.7 billion in 2020 to USD 258.8 billion by 2024, with a CAGR of 2.6% [9] - The Chinese market for central nervous system drugs is expected to grow from approximately USD 32.2 billion in 2020 to USD 34.1 billion by 2024, with a CAGR of 1.4% [9] Insomnia Drug Market - The insomnia drug market in China is expected to maintain a size of around USD 1.7 billion from 2020 to 2024, with a negative CAGR of -1.0%. However, it is projected to grow to USD 3.5 billion by 2035, with a CAGR of 7.5% from 2025 to 2035 [11] Cardiovascular Drug Market - The global cardiovascular drug market is expected to grow from USD 115 billion in 2020 to USD 124.6 billion by 2024, with a CAGR of 2.0% [12] - The Chinese cardiovascular drug market is projected to decline from USD 25.5 billion in 2020 to USD 24.9 billion by 2024, but is expected to rebound to USD 36.9 billion by 2035, with a CAGR of 4.1% from 2025 to 2035 [12][13]

Core Viewpoint - Morgan Stanley maintains an optimistic outlook on the Hong Kong residential market, predicting a 10% year-on-year increase in property prices and a 5% rise in rental rates for this year [1] Group 1: Market Predictions - Property prices are expected to rebound by 5% this year after hitting a bottom last year, supported by strong purchasing power from mainland buyers [1] - Overall, the residential market is anticipated to experience an upward cycle that could last for several years [1] Group 2: Stock Recommendations - Morgan Stanley prefers stocks such as Sun Hung Kai Properties (00016), Cheung Kong Holdings (01113), and Henderson Land Development (00012), all rated as "Overweight" [1] - The firm is bearish on Wharf Real Estate Investment Company (00004), assigning it a "Underweight" rating [1] Group 3: Market Dynamics - Developers are becoming more active in the land market and are raising average prices for new development projects [1] - Despite improved market sentiment, the vacancy rate for commercial properties remains high, with only prime assets in Central expected to see rental increases [1] Group 4: Cost and Development Challenges - Significant increases in construction costs are likely to compress profit margins for residential projects and hinder the conversion of secondary office buildings or industrial properties into student accommodations [1]

美银证券发布研报称，因金价上涨及品牌渗透率持续提升，预测老铺黄金(06181)去年下半年营收增长 强劲，达到132亿元人民币(下同)，同比增165%。预测去年下半年单店销售额为2.5亿元，同比增 100%，全年则为5.27亿元，同比增133%。该行重申对老铺黄金的"买入"评级，目标价从958港元降至 860港元，认为金价高企及品牌势头持续的持下，公司单店销售额存在上行风险。 该行预测老铺黄金去年下半年毛利率为37.1%，同比跌4个百分点；经调整净利润预测同比增长1.69倍至 24亿元。至于去年全年经调整净利润预测同比增长2.18倍至48亿元。该行另对公司去年盈利预测下调 5%至48亿元，主要由于收入及毛利率预测下调。 但该行料老铺黄金毛利率将持续承压，主要受到低毛利销售占比提高，因大量需求可能集中于金价强势 时期及提价前释放；折扣活动更为频繁，部分由于新店开设增多所驱动；库存管理面临挑战，因金价飙 升期间强劲销售，或导致集团以较高成本补货，在平均成本法下推升销货成本。 ...

Core Viewpoint - The recent significant decline in the Hong Kong technology sector, represented by the Hang Seng Tech Index, has created a strong investment opportunity due to extreme pessimism in the market narrative [1] Economic Fundamentals - Economic data indicates a slowdown in both PMI production and demand, while prices continue to strengthen; structural issues related to insufficient domestic demand persist, making the expansion of domestic demand a key policy focus [2] - PPI is expected to recover further, indicating potential positive shifts in the economic landscape [2] Liquidity and Funding - The Federal Reserve did not lower interest rates in January, with the nomination of a new chair, which may influence market dynamics; both domestic and Hong Kong capital have been increasing their holdings in the Hong Kong stock market [2] Valuation - The relative valuation of the Hong Kong technology sector has reached historical lows, with the Hang Seng Tech Index/A-share dual innovation index premium nearing historical minimum levels; the current regulatory environment for internet companies is significantly better than in 2022 and 2023, suggesting that the Hong Kong tech sector is undervalued [2] - The odds and win rates for investing in Hong Kong technology appear favorable moving forward [2] Policy Environment - Strict control over IPO quality is expected to improve market sentiment, as the previous oversupply of IPOs has been a common narrative explaining the weak performance of Hong Kong stocks [2] Investment Strategy - Focus on sectors such as technology (AI and internet, high-end manufacturing), non-bank financials (insurance), and high-dividend stocks [3] - The investment paradigm is shifting from "arms race" to "profit verification," leading to value discovery for Hong Kong internet companies; the AI ecosystem in Hong Kong is becoming increasingly comprehensive, covering hardware, foundational models, and vertical applications [3] - Instant retail business losses are narrowing and are gradually being priced in by the market; the technology sector's discount is approaching historical extremes, providing a clear "high cut low" configuration advantage [3] Non-Bank Financials - The asset side is characterized by a "bull market in stocks and bear market in bonds," with a strong beta in the operating side and a favorable opening for liabilities [4] High-Dividend Strategy - The Hang Seng High Dividend Yield Index has a dividend yield of approximately 6%, indicating stable dividend capacity; there is an increasing allocation of insurance and "fixed income+" funds from southbound capital towards high-dividend assets [4]

Core Viewpoint - Meig Smart Technology Co., Ltd. (002881.SZ) is undergoing a listing hearing on the Hong Kong Stock Exchange, with China International Capital Corporation (CICC) as the sole sponsor [1] Company Overview - Meig Smart is a leading provider of wireless communication modules and solutions, focusing on smart modules, particularly high-performance intelligent modules [3] - The company's products are widely used in the Internet of Things (IoT), intelligent connected vehicles (ICV), and wireless broadband sectors [3] Market Position - According to Frost & Sullivan, Meig Smart ranks fourth in the global wireless communication module industry by revenue, holding a market share of 6.4% in 2024 [3] - The global wireless communication module market is highly concentrated, with the top three players accounting for 65.7% of the market revenue in 2024, and the largest player holding 42.7% [3] Product Offerings - The company's wireless communication module product portfolio includes: - Smart modules with system-on-chip (SoC) processors and intelligent operating systems, divided into: - High-performance smart modules for complex algorithms and edge AI applications - Conventional smart modules for intelligent applications, such as customized software and multimedia functions - Data transmission modules focusing on secure and high-throughput data exchange [3][4] Custom Solutions - Meig Smart offers customized solutions that integrate hardware, software, and specific application development services, addressing complex integration challenges for clients [4] - The company aims to shorten R&D cycles and reduce technical risks for clients, thereby accelerating time-to-market for their products [4] Financial Performance - The company's revenue for the fiscal years ending December 31 for 2022, 2023, 2024, and the nine months ending September 30, 2025, are approximately: - 2022: 2.306 billion RMB - 2023: 2.147 billion RMB - 2024: 2.941 billion RMB - 2025 (nine months): 2.821 billion RMB [5][6] - The net profit for the same periods is approximately: - 2022: 126.6 million RMB - 2023: 62.6 million RMB - 2024: 134.4 million RMB - 2025 (nine months): 113.2 million RMB [5][6]

Group 1 - The core viewpoint of the article is that Zhejiang Jingxin Pharmaceutical Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1] - Jingxin Pharmaceutical is characterized as an innovation-driven pharmaceutical group focusing on two main disease areas: central nervous system diseases and cardiovascular and cerebrovascular diseases [1] - The company's business model combines the commercialization of already listed products with the continuous advancement of its product pipeline [1] Group 2 - The current product portfolio includes drugs (such as generic drugs, innovative drugs, traditional Chinese medicine, and biological agents), active pharmaceutical ingredients, and medical devices [1]