| [编纂]的[编纂]數目 | : [编纂]股H股(視乎[编纂]行使與否而定) | | --- | --- | | [编纂 數目 " | [编纂]股H股(可予更新分配) | | [编纂]數目 " | [编纂]股H股(可予更新分配及 | | | 視乎[编纂]行使與否而定) | | 最高 编纂] | : 每股[編纂]港元,另加1.0%經紀佣金、 | | | 0.00015% 會財局交易徵費、0.0027% 證監會交易徵費及 | | | 0.00565%聯交所交易費(須於[編纂]時以港元繳足, | | | 多繳款項可予退還) | | 面值 " | 每股H股人民幣1.00元 | | [辑景] " | 【编纂】 | | 聯席保薦人、[编纂] | 11 - 1 - 1 - | 招股书显示，圣邦股份是一家综合模拟集成电路(IC)公司。公司研发并销售具备传感、放大、转换及驱动等功能的高性 能模拟集成电路及传感器，构成所有电子系统基础构建模块。截至2025年9月21日，公司拥有约6600种模拟集成电路与 传感器产品，涵盖36个产品类别。 据港交所9月28日披露，圣邦微电子(北京)股份有限公司(简称：圣邦股份（300661）)向 ...

瑞立科密（001285）(001285.SZ)公告，公司股票将于2025年9月30日在深圳证券交易所上市。 ...

云汉芯城（301563）(301563.SZ)公告，公司股票将于2025年9月30日在深圳证券交易所创业板上市。 ...

Core Viewpoints - The discussion among investors regarding whether to hold stocks or cash during the upcoming holidays has intensified, with HSBC providing a point forecast for A-shares, predicting the Shanghai Composite Index at 4500 points, CSI 300 at 5400 points, and Shenzhen Component Index at 16000 points by 2026 [1][2]. Part 01: Market Dynamics - The current market is expected to see a shift from the optical module sector to other growth sectors such as the Apple supply chain, energy storage, and CXO (pharmaceutical sub-sectors), with the optical module sector still anticipated to rise [3]. - Innovation is identified as a core driver for the Chinese stock market's valuation increase, with China becoming a crucial part of the global supply chain due to enhanced innovation capabilities [4]. Part 02: Earnings, Valuation, and Liquidity - A structural recovery in earnings is projected for 2026, with a minimal downward adjustment of 0.2% in consensus earnings forecasts year-to-date [5]. - The expected earnings growth for high-growth sectors like electronics (+36.8%) and healthcare (+20.0%) is sufficient to support current valuations, while the power equipment sector is expected to see a 49.8% earnings growth that has not been fully priced in [6][7]. - The A-share market's valuation remains reasonable, with the overall market PE at 22.2x, CSI 300 at 14.0x, and the mid-cap index at 34.4x, all below historical median levels [8][9]. - Domestic liquidity is improving, with significant increases in non-bank deposits and a rise in retail investor participation, while foreign capital is expected to flow back into emerging markets due to anticipated interest rate cuts by the Federal Reserve [10]. Part 03: Index Targets, Market Style, and Sector Allocation - HSBC forecasts a 17%-20% upside potential for major indices by the end of 2026, with specific targets set for the Shanghai Composite Index, CSI 300, and Shenzhen Component Index [11][12]. - The trend of growth stocks outperforming value stocks is expected to continue, supported by high turnover rates and improving risk appetite among investors [13]. - Sector allocation recommendations include overweighting information technology and healthcare, while downgrading consumer discretionary due to valuation concerns [14]. Part 04: Investment Themes and Key Stocks - HSBC focuses on four major investment themes: 1. Artificial Intelligence (AI) with key stocks like Lanqi Technology and Zhongji Xuchuang benefiting from increased capital expenditure in cloud services [17]. 2. Healthcare with companies like Hansoh Pharmaceutical and WuXi AppTec positioned to capitalize on global pharmaceutical innovation [18]. 3. International expansion with firms like Yiwei Lithium Energy and Ninebot Company expected to grow overseas revenue [19]. 4. High-dividend quality stocks such as Hangzhou Bank, which are anticipated to perform steadily amid economic recovery [20].

宗馥莉计划启用娃小宗新品牌的消息在业内引发强烈震动。9月27日，高盛发布深度研究报告，详细分析了娃哈哈商标归属纠纷可能带来的影响。高盛预 测，娃小宗与娃哈哈品牌之争，堪比当年王老吉大战加多宝，这一事件或将重构中国瓶装水格局，农夫山泉有望成为最大受益者，而华润饮料、东鹏饮料 （605499）也将间接受益。在报告中，高盛将农夫山泉12个月目标价从之前的53.2港元上调至60.5港元。 Part.01 娃哈哈换标3000亿瓶装水市场生变 通过分析红牛、王老吉/加多宝等过往品牌纠纷案例，高盛研究发现，涉及商标/所有权纠纷的品牌，通常会受到长期负面影响，这将改变品类竞争格局， 并为主要竞争对手提供市占率提升机会。 2016年红牛(中国)因授权纠纷，全年销售额同比下降中双位数；2017年同比下降10%-20%；2017-2024年红牛(中国)的复合年增长率仅为低个位数。与之对 比，其直接竞争对手东鹏饮料展现出强劲市占率提升能力——市占率从2018年的约15%提升至2024年的超30%。 2016-2017年，加多宝与广州医药集团(王老吉商标所有者)就王老吉商标归属爆发纠纷，期间加多宝即饮茶业务销售额同比下降10%-20% ...

Group 1 - The company has entered into a formal agreement to acquire 2,200 units of S21XP HYD Bitcoin mining machines for a total cost of $21.8526 million, which will be financed through convertible bonds, warrants, and profit shares [1] - The acquisition of Bitcoin mining machines and proposed BM acquisitions are strategic moves to enhance the company's competitive advantage in the digital assets, blockchain, and Bitcoin mining sectors, aiming to become Hong Kong's first listed "Bitcoin Hash Rate Stock" [2] - The total hash rate is projected to reach approximately 2,100,000T within three years, with an annual production target of around 350 Bitcoins and a planned reserve of over 1,000 Bitcoins [2] Group 2 - The company believes that the agreements will provide long-term financial returns and value for shareholders, solidifying its leadership position in the Bitcoin mining business among Hong Kong-listed companies [3] - The acquisition will diversify revenue sources and enable the company to capitalize on rapidly expanding opportunities in the digital assets and blockchain sectors [3]

MG-K10是一种创新的长效抗IL-4Rα人源化单抗，能同时阻断关键2型炎症因子IL-4和IL-13的信号传 导，用于治疗2型炎症性疾病。目前已上市的抗IL-4Rα药物均需要每2周给药一次，而MG-K10具有更长 的半衰期，可实现4周一次的给药频率，有望成为全球首个上市的长效抗IL-4Rα单抗，具有成为同类最 优(Best-in-Class)的潜力。 康哲药业(00867)发布公告，旗下德镁医药有限公司(德镁医药，专业聚焦皮肤健康的创新型医药企业， 正申请于香港联合交易所有限公司主板独立上市)连同其附属公司拥有共同开发权(除特应性皮炎(AD) 外)及独家商业化权利的1类新药抗IL-4RαMG-K10人源化单抗注射液(MG-K10)于2025年9月28日获中国 国家药品监督管理局(NMPA)签发的药物临床试验批准通知书，NMPA同意开展MG-K10用于慢性自发性 荨麻疹(CSU)的III期临床试验。 集团与湖南麦济生物技术股份有限公司(麦济生物)正积极准备开展相关临床试验工作。此外，MG-K10 已在成人中重度AD的一项随机、双盲、安慰剂对照III期临床研究中取得阳性结果，达到方案设计的临 床试验主要研究终点。 ...

Core Viewpoint - The report from CITIC Securities emphasizes that resource security, Chinese enterprises going global, and technological competition will be key drivers of market structural trends in the foreseeable future. These themes correspond to an industry allocation framework of resources, globalization, and new productive forces [1]. Group 1: Resource Security - Traditional resource industries are facing frequent supply shocks due to insufficient investment in a high-interest-rate environment, particularly in developed countries where private sector investment remains weak [1]. - The capital expenditure of traditional industrial enterprises in Europe and the U.S. has been low, with Japan's machine tool orders to Europe and the U.S. showing 28 consecutive months of negative growth [1]. - Predictions for major copper mining companies indicate a downward adjustment in production forecasts from 14.89 million tons to 14.21 million tons for 2025, with growth rates dropping from 6.4% to 0.6% [1]. Group 2: Supply Chain and Geopolitical Factors - Geopolitical tensions and national security policies are leading to more frequent supply shocks, as seen in the Democratic Republic of Congo's new cobalt export policies and Indonesia's tightening of nickel exports [2]. - Countries rich in strategic resources are increasingly recognizing the unsustainability of long-term low pricing and are controlling supply to maintain favorable price levels [2]. Group 3: Enterprises Going Global - The globalization of Chinese enterprises is a core fundamental driver of the current market, with companies generating over 20% of their revenue from overseas contributing 40% of profits and 37% of market capitalization [3]. - The return on equity (ROE) for non-financial A-share companies with significant overseas revenue has increased from around 7% in early 2022 to about 10%, while other companies' ROE has declined from 9% to around 6% [3]. - A stable trade environment is crucial for the sustainability of Chinese enterprises' globalization efforts, with the recent A-share market rally linked to improved trade relations following negotiations [4]. Group 4: Technological Competition - Chinese tech giants are increasingly clarifying their AI strategies, with significant investments announced by companies like Alibaba and Tencent, indicating a shift towards aggressive AI infrastructure development [6]. - The global AI investment market is projected to grow significantly, with a compound annual growth rate (CAGR) of 31.9% from 2025 to 2029, highlighting the competitive landscape [6]. - The potential shift of AI focus from cloud to edge computing presents significant opportunities for domestic applications, allowing for a resurgence in the Chinese mobile internet sector [7].

信铭生命科技(00474)发布公告，有关2018年融资协议的再融资安排。2025年贷款协议项下所有先决条 件均已达成，并已于2025年9月26日完成交割。随着本次交割完成，公司已获提供融资总额约8730万英 镑，其中约7030万英镑已于今日提取，用作悉数偿还英国贷款及相关交易成本。余下1700万英镑将用于 未来一至两年英国物业的资本开支。公司将着手规划对英国物业进行大型翻新工程，包括升级其主要设 施及配套设施，以期提升英国物业的租金收益及资本价值。 ...

此智能安全密码芯片联合实验室旨在促进密码芯片的产业化发展，在特定密码芯片领域(比如后量子密 码领域)研制具有自主产权的密码算法、协议及安全芯片，并获得自主产权推动产业化实现。 董事会认为，共建"华东师范大学-亨鑫科技智能安全密码芯片联合实验室"对公司具有重要而深远的战 略意义。此次合作将显著提升集团在密码芯片基础研究、关键技术攻关与产业化应用等方面的能力，进 一步增强集团在高端数字安全领域的核心竞争力。 亨鑫科技(01085)发布公告，公司与华东师范大学共建智能安全密码芯片联合实验室。公司与华东师范 大学将联合研究共同申请国家重点研发计划项目、国家自然科学基金重点项目在内的国家级科研计划项 目，以及上海市发佈的科研重大重点专项;联合人才培养，共用技术成果，公司执行董事彭一楠先生将 担任实验室副主任。 ...