Core Viewpoint - Wanjing Technology (万兴科技) has submitted an application for listing on the Hong Kong Stock Exchange, with CICC acting as the sole sponsor [1]. Company Overview - Wanjing Technology is a global provider of AIGC digital creative software, focusing on video creative products and aims to become a century-old influential software company [4]. - The company has been listed on the Shenzhen Stock Exchange since January 18, 2018, and has launched several AIGC digital creative software products, including flagship products like Filmora and new products such as Tianmu AI and ToMoviee AI [4]. Market Potential - The AIGC video creative software market is rapidly growing, with the market size expected to increase from approximately $800 million in 2020 to $10.5 billion by 2024, representing a compound annual growth rate (CAGR) of 90.3%. The market is projected to reach around $24.8 billion by 2029 [4]. Competitive Position - As of 2024, Wanjing Technology ranks first among independent third-party providers in China within the global AIGC video creative software market, holding a market share of 1.3% [4]. Financial Performance - Revenue for the six months ending June 30, 2024, is projected to increase by 7.7% to RMB 759.453 million, driven by sales growth in AIGC digital creative software and utility products [5].

Core Viewpoint - CICC has raised the net profit estimates for Nine Dragons Paper Holdings Limited (02689) for FY26 and FY27 by 11% and 15% to 2.75 billion and 2.88 billion HKD respectively, maintaining an outperform rating and increasing the target price by 17% to 7 HKD [1] Group 1: Financial Performance - For FY25, the company achieved revenue of 63.241 billion HKD, a year-on-year increase of 6.3%, with a net profit attributable to shareholders of 1.767 billion HKD, aligning with prior forecasts [1] - In the second half of FY25, the net profit attributable to shareholders reached 1.297 billion HKD, a quarter-on-quarter increase of 176%, primarily due to the benefits from self-produced pulp and reduced coal prices [1] Group 2: Production and Sales - The company reported total sales of 21.5 million tons for FY25, a year-on-year increase of 10%, with significant contributions from the production of corrugated paper, white card paper, and cultural paper [2] - The company has already launched 1.2 million tons of white card paper, 350,000 tons of cultural paper, and 700,000 tons of chemical pulp in the first half of FY26, with plans for additional production [2] Group 3: Market Outlook - The company is optimistic about the paper price recovery, estimating profits per ton of paper at 59 HKD and 151 HKD for the first and second halves of FY25 respectively, supported by improved industry demand and rising prices of recycled paper [3] - The company anticipates a slight recovery in profits for corrugated paper from July to September, despite potential increases in costs due to rising coal and recycled paper prices [3] Group 4: Capital Expenditure - The capital expenditure for FY25 was 14.8 billion HKD, a year-on-year increase of 15.7%, with continued pressure on free cash flow and a debt ratio of 66% [4] - For FY26, the company has guided a capital expenditure of 11 billion HKD, which is higher than previous guidance [4]

随着投资者关注债券供应的变化并在抛售后寻求低价买入机会，全球长期债券的压力正在缓解。数据显 示，自9月初以来，美国和日本30年期国债收益率均下跌约20个基点，而英国国债收益率下降逾10个基 点。这扭转了此前一段时间的大规模抛售行情，该抛售曾扰乱了全球最大规模的政府债券市场，推动日 本长期国债收益率创下历史新高，同时令英国国债收益率升至自1998年以来的最高水平。 长期债券的此次反弹在一定程度上受到供应减少的推动，因为一些国家的财政部将发行重点转向成本更 低的短期债券。日本财务省已提议在即将举行的拍卖中减少长期债发行量。英国央行宣布，从下个月开 始，在其量化紧缩(QT)计划中降低长期债抛售占比。澳大利亚的债务管理机构则此前表示，将考虑减少 超长期债的发行。 Aberdeen基金经理Matthew Amis表示："债券收益率曲线在夏季的大幅趋陡走势已经放缓并开始逆转。 长期债券不会有太多供应。" 供应端的变化正在推动市场的广泛重新思考。TS Lombard策略师称，供应"修正"为英国和日本债券创造 了买入机会。花旗集团和美国银行的策略师已经退出此前对长期美债将跑输的交易建议。 长期债券市场前景出现一定乐观情绪的回 ...

报告中称，凭借高奢品牌定位、标准化专业化服务及多元品牌矩阵，该行认为公司具备成长潜力，单店 收入有望提升、海内外开店空间明确，驱动收入、盈利双增长。此外，家庭护理服务及食品零售业务近 年来保持积极发展趋势，有望基于月子中心协同效应，进一步打开公司成长空间。 中信证券发布研报称，首次覆盖圣贝拉(02508)，给予"买入"评级。SAINT BELLA是中国最大的家庭护 理集团，旗下品牌包括圣贝拉、小贝拉、艾屿等，深耕中国高线城市，逐步走向全球。在中国家庭结构 趋向小型化、女性悦己需求提升的背景下，高端月子中心需求有望持续增长;目前公司在行业内竞争优 势突出，市占率位列第一。 ...

Core Viewpoint - China Spring (01969) experienced a significant stock price increase of over 20%, currently trading at 5.02 HKD with a transaction volume of 161 million HKD, following the launch of its Nanjing campus which enhances its enrollment capacity and regional penetration [1] Group 1: Company Developments - The newly operational Nanjing campus of Suzhou University of Science and Technology has welcomed over 1,300 new students as of September 13 [1] - The Nanjing campus, located in Gaochun District, can accommodate at least 16,000 students, significantly boosting the company's enrollment capabilities [1] - The company is recognized as a leading provider of private higher education in China, operating four schools in Henan Province and two in Hubei Province, along with involvement in Tianping College [1] Group 2: Industry Trends - Recent developments in the transition of private higher education institutions in Hunan to for-profit status are progressing, with expectations for similar advancements across various regions [1] - The company's ongoing efforts to convert its schools to for-profit status are reportedly making steady progress [1]

乳业股集体反弹，截至发稿，蒙牛乳业(02319)涨3.78%，报14.84港元；中国飞鹤(06186)涨3.36%，报4 港元；中国圣牧(01432)涨1.69%，报0.3港元。 财通证券（601108）指出，育儿补贴靴子落地，乳制品板块有望率先受益。华福证券指出，当前原奶价 格处于周期底部，9月12日行业原奶价格跌至3.03元/公斤，周环比持平，较周期高点累计下跌31%。原 奶亏损与现金流压力预计推动产能去化持续。随着产能去化传导至供给收缩，原奶价格周期有望后续企 稳回升。 消息面上，7月28日，国家育儿补贴制度实施方案公布，面向育儿家庭全国范围全面直接发放现金补 贴。从2025年1月1日起，每孩每年发放育儿补贴3600元，至其年满3周岁。9月18日，国家卫生健康委办 公厅、财政部办公厅印发关于育儿补贴制度管理规范(试行)的通知。 ...

开源证券发布研报称，小核酸药物布局减重适应症主要围绕INHBE和ALK7两个靶点。从企业布局角度 来看，目前进度最快的是Arrowhead和Wave，INHBE siRNA分子都将在未来6个月内读出1期试验数据。 临床前大鼠数据显示，Arrowhead的ALK7siRNA分子联用Tirzepatide可以进一步提升减重效果的同时， 还有望带来更持久的疗效，从而实现更长间隔的给药(如月度、季度等)。同时，联用还有望实现高质量 减重，即减脂不减肌。 开源证券主要观点如下： 减重赛道新风口：小核酸药物有望破局千亿美金市场 小核酸药物布局减重适应症主要围绕INHBE(Inhibin subunit beta E)和ALK7(Activin receptor-like kinase7) 两个靶点。INHBE主要在肝脏细胞中表达，作为一种抑制性因子，负责编码并分泌Activin E。这一分子 与其他配体(如GDF3,GDF11,ActB,ActE,ActAB,ActC,Nodal)共同作用，通过结合ALK7来调控脂肪代谢。 ALK7主要在脂肪组织中表达，是INHBE发挥作用的受体。当Activin E与ALK7结合后，抑 ...

报道指出，美国商务部部长霍华德?卢特尼克已向半导体行业高管提出这一设想，并表示此举可能是保 障经济安全的必要措施。 目前，白宫及美国商务部尚未立即回应置评请求。 报道援引知情人士消息称，若企业长期无法维持这一1:1比例，则需缴纳关税。 美国总统特朗普上月曾表示，其政府将对进口半导体征收约100%的关税，但该关税不适用于已在美开 展生产或承诺在美建厂的企业。 （原标题：不达标就征税！传美国拟出台芯片强制令 本土产量与进口须达1:1比例） 智通财经APP获悉，据报道，美国政府正计划要求芯片企业在美国本土生产的半导体数量，必须与其客 户从海外厂商进口的数量持平。 ...

小摩表示，翰森制药的支撑因素包括：坚定的研发承诺，依托其强大的商业化产品组合;涵盖肿瘤学、 免疫学、心血管代谢和神经学的多元化产品线;与跨国公司成功合作的往绩。小摩预期，翰森制药创新 药销售及授权收入，将推动至2030年收入及净利年均复合成长率分别达12%及15%。 摩根大通发布研报称，首次覆盖翰森制药(03692)H股予"增持"评级，以现金流折现率计，目标价43港 元。小摩表示，翰森近年已转型为创新驱动的领导者，创新产品销售贡献从2020年的18%激增至2024年 的77%，年均复合成长率达57%;认为翰森是中国生物制药公司中最具优势的企业之一，可受益于授权合 作趋势。 ...

Group 1 - Xinjiang Xinxin Mining (03833) saw its share price increase by over 40% in the afternoon, currently up 35.14% at 2.5 HKD, with a trading volume of 206 million HKD [1] - The company announced plans to issue A-shares and list on a Chinese stock exchange, approved by the board on September 25, 2025, to promote sustainable growth in revenue and shareholder returns [1] - Xinjiang Xinxin Mining primarily engages in the mining, selection, smelting, refining, and sales of nickel, copper, and other non-ferrous metals, with its main product being electrolytic nickel and secondary product being cathode copper [1] Group 2 - The company owns 100% equity in four nickel-copper mines, including the Karatongke Nickel-Copper Mine and three others acquired in 2009 located in Hami City, Xinjiang [1] - On September 20, a 1.2 million tons per year fluorite mining project by Xinjiang Youse Huao Mining commenced production in Ruoqiang County [1]