消息面上，日前有媒体报道称，汇丰控股罕见地直接插手处理旗下恒生银行商业房地产不良贷款组合， 并指示驻伦敦的负责人推动该进程。报道引述知情人士透露，大约两个月前，汇丰控股指示其驻伦敦全 球首席企业信贷总监和特别信贷部门负责人，确保恒生启动出售地产不良债务组合的程序；并指这项措 施已初见成效，恒生目前正处于出售一系列价值超过30亿美元房地产抵押贷款组合的初期阶段。报道又 提到，汇丰希望透过让伦敦的顶级银行家参与，确保更快地处置资产。截至今年6月底，恒生银行的香 港商业房地产不良贷款额达约250亿港元，较去年同期大幅增加85%。 恒生银行(00011)午后曾拉升逾8%，截至发稿，涨4.1%，报119.2港元，成交额7.09亿港元。 ...

Core Viewpoint - Daiwa maintains a "Buy" rating for WuXi AppTec (603259) with a target price raised from HKD 128 to HKD 134, reflecting an optimistic outlook on the company's revenue and earnings growth [1] Revenue and Earnings Forecast - The firm has increased its revenue and earnings per share forecasts for the company by 3% for the years 2023 to 2027, driven by higher revenue expectations from WuXi's chemical business [1] Product Development and Market Position - WuXi produced 4 out of the 10 best-selling chemical drugs last year and is expected to have 8 out of 40 small molecule drugs approved by the FDA between 2024 and the first half of 2025 [1] - The company is currently developing 23 GLP-1 drugs, an increase from 21 in January and 19 in September of the previous year, with 16 of these in Phase 2 and Phase 3 clinical trials, capturing 26% of the market share [1] Business Growth Expectations - Management anticipates that WuXi's TIDES business will see a year-on-year revenue growth of over 80% this year [1] Future Operational Plans - The first small molecule factory at the Singapore API site is expected to commence operations in 2027, followed by the first TIDES factory in the second quarter of 2028 and a second small molecule factory in the fourth quarter of 2029 [1] - The DP base in Delaware, USA, is projected to begin operations in the fourth quarter of next year, with sterile filling/completion capabilities expected by the fourth quarter of 2027 [1]

博彩股午后涨幅扩大，截至发稿，新濠国际发展(00200)涨5.03%，报5.64港元；银河娱乐(00027)涨 3.08%，报42.9港元；澳博控股(00880)涨2.59%，报3.17港元；美高梅中国(02282)涨1.72%，报16.01港 元。 高盛此前发布研报称，对于十一黄金周，基于酒店预订几乎"爆满"，以及与客户沟通的情况，博彩企业 普遍预期需求强劲，而全国运动会则不会对博彩收入有显著影响。中泰国际分析亦指出，若9月与国庆 期间的游客数量与赌场收入较好，对龙头博彩股将受益。 消息面上，为防范超强台风"桦加沙"，澳门特区政府于9月23日下午5时关闭赌场，至9月25日凌晨2时重 开，历时33小时。汇丰表示，赌场停业或进一步抑制国庆黄金周前的淡季需求。但分析人士表示，中秋 国庆"超级黄金周"已然临近，旅游业的强劲复苏也为博彩股带来长期信心。 ...

香港金管局副总裁陈维民在财资市场高峰会表示，香港离岸人民币市场过去20年显著成长，日均外汇交 易金额增长逾6倍至去年的6700亿美元，全球排名由第6位上升到第4位；以港元计价的未偿还债券总 额，由2005年的6640亿港元增至去年超过2.8万亿港元。 香港财资市场公会成立20周年，身兼理事会主席的陈维民认为，香港财资市场公会在推广实践、促进产 业合作、增强市场竞争力和发展方面发挥重要作用。香港财资市场公会未来将更加著重反映市场意见和 提出政策建议，使本港财资市场更有效率、更具竞争力和前瞻性。 另外，昨日公布《固定收益及货币市场发展路线图》，旨在协调各方力量，使香港成为更具竞争力的固 定收益和货币市场，形容路线图是与业界广泛沟通的成果。 ...

2025H1公司净开门店250家，其中乡镇门店净增270家。公司乡镇开店契合下沉市场消费趋势，为乡镇 消费者提供更加多元化且具备质价比的产品，当前乡镇市场供给端竞争不充分，公司具备先发优势和规 模优势。另外根据该行草根调研反馈，乡镇单店模型优秀，加盟商意愿足。结合供需逻辑和调研反馈， 该行认为公司今年净增1000家门店的计划可顺利落地，预计Q4旺季可兑现开店预期。 经营能力已经验证，估值低位重申重点推荐 公司同店营收年初至今持续保持正增，亏损门店大幅转盈，验证了门店经营向好的趋势。盈利水平在规 模效应下充分释放，2025H1公司核心经营利润率达到5.9%，同比+1.2pct;销售净利率5.9%，同比 +2.7pct。目前对应2025年估值已经不足20倍，当前位置继续重点推荐。 风险提示：食品安全问题，行业竞争加剧，消费力改善不及预期。 东吴证券发布研报称，维持锅圈(02517)此前盈利预测，预计公司2025-2027年的营收为72.9/83.9/95.5亿 元，同比+13%/15%/14%;归母净利为4.2/5.0/5.8亿元，同比+81%/19%/17%;对应PE为19/16/14X。维持"买 入"评级。2 ...

据悉，嘉利国际主席助理何伟汗今年7月曾表示，集团正积极与英伟达接洽，已提供H300MGX样板予 英伟达以争取认证，目标纳入其认证采购名单。何伟汗相信，若成功进入英伟达的供应商清单，将有更 多人工智能或大数据中心公司，成为公司的潜在客户。 消息面上，嘉利国际(01050)午间发布公告，作为服务器市场中享有盛誉并值得信赖的全球供应商，并 凭借在服务器主机壳及有关组件方面的专业经验，公司现已获纳入英伟达公司的服务器机壳及机柜组件 合格供应商名单及推荐供应商名单。此外，集团亦正致力于在未来数月向英伟达交付更多原型产品，以 支持其人工智能服务器平台及数据中心部署。 嘉利国际(01050)午后飙升逾30%，截至发稿，涨26.88%，报2.36港元，成交额8077.86万港元。 ...

Core Viewpoint - Daiwa's report indicates that Nine Dragons Paper Holdings Limited (02689) benefits from rapidly growing internal pulp supply, leading to significant cost advantages and improved profitability per ton of paper [1] Financial Performance - For the second half of the fiscal year ending June 2023, the profit per ton of paper improved to RMB 127, a substantial increase from RMB 31 in the first half and RMB 53 in the second half of the fiscal year 2024 [1] - Daiwa has raised the earnings per share estimates for the fiscal years 2026 and 2027 by 22% to 37% [1] Target Price and Rating - The target price for Nine Dragons Paper has been increased from HKD 5 to HKD 5.7, while maintaining a "Hold" rating based on fair value considerations [1] Future Outlook - Management anticipates that the average price will stabilize and continue to improve profitability per ton of paper in the fiscal year 2026 [1] - Despite improved visibility for Nine Dragons Paper, the current price-to-earnings ratio (PER) for fiscal year 2026 is 10 times, which is close to the high end of the average level over the past decade, suggesting that investors should wait for a better buying opportunity [1]

Core Viewpoint - Nuclear stocks have risen significantly, driven by a combination of increasing demand from nuclear energy revival and AI revolution, alongside supply constraints from major producers [1] Group 1: Market Performance - China National Nuclear Corporation International (02302) increased by 9.67%, reaching 4.31 HKD; China General Nuclear Power Corporation (01164) rose by 7.84%, reaching 3.3 HKD [1] Group 2: Supply and Demand Dynamics - A report from JPMorgan highlights a tightening market reality, with uranium spot and futures prices rising approximately 5% this year due to reduced production from major suppliers like Kazatomprom and Cameco [1] - The rapid construction of nuclear power plants in China and the substantial electricity demand from AI data centers are driving strong growth in uranium demand [1] Group 3: Future Price Outlook - Morgan Stanley indicates that the global uranium market is undergoing significant changes, with a positive price outlook due to tightening supply and strong demand [1] - Uranium prices are expected to reach 87 USD per pound by Q4 2025, supported by supply challenges, stable spot demand, and an increase in potential contract volumes [1] - The structural support from the "nuclear energy revival" contributes to a solid fundamental outlook for the uranium market, indicating further price upside potential [1]

嘉利国际(01050)发布公告，作为伺服器市场中享有盛誉并值得信赖的全球供应商，并凭借在伺服器主 机壳及有关组件方面的专业经验，公司现已获纳入英伟达公司的伺服器机壳及机柜组件合格供应商名单 及推荐供应商名单。此外，集团亦正致力于在未来数月向英伟达交付更多原型产品，以支持其人工智能 伺服器平台及数据中心部署。 ...

智通财经APP讯，中通快递-W(02057)发布公告，于2025年9月25日斥资759.97万美元回购股份39.57万 股，每股回购价格为18.86-19.33美元。 ...