IPO 申购指南 澜起科技（6809.HK） 建议申购 2026-1-30 星期五 【申购建议】 | 【招股详情】 | | | --- | --- | | 保荐人 | 中金公司，摩根斯坦利，瑞银集团 | | 上市日期 | 年 月 日（星期一） 2026 2 9 | | 招股价格 | 106.89 港元/股 | | 集资额 | 69.046 亿港元（扣除包销费及佣金，按中间价计算） | | 每手股数 | 100 股 | | 入场费 | 港元 10,796.8 | | 招股日期 | 2026 年 1 月 30 日-2026 年 2 月 4 日 | | 国元证券认购截止日期 | 2026 年 2 月 3 日 | | 招股总数 | 万股(可予调整及视乎超额配售权的行使情况而定) 6,589 | | 国际配售 | 5,930.1 万股(可予调整及视乎超额配售权的行使情况而定)，约占 90% | | 公开发售 | 658.9 万股(可予调整及视乎超额配售权的行使情况而定)，约占 10% | 2022 年、2023 年及 2024 年公司分别录得收入人民币 3,672.3 百万元、人民 币 2,285.7 百万元、人民币 ...

IPO 申购指南 爱芯元智（0600.HK） 建议谨慎申购 2026-1-30 星期五 | 【招股详情】 | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保荐人 | | | | 中金公司，国泰海通，交银国际 | | | | | | | 上市日期 | 年 2026 | 2 | 月 | 10 | 日（星期二） | | | | | | 招股价格 | 28.2 港元/股 | | | | | | | | | | 集资额 | 27.901 | | | | | | 亿港元（扣除包销费及佣金，按中间价计算） | | | | 每手股数 | 100 股 | | | | | | | | | | 入场费 | 2,848.44 | | 港元 | | | | | | | | 招股日期 | 2026 年 | 1 | 月 | 30 | 日-2026 | 2 | 5 日 | 年 | 月 | | 国元证券认购截止日期 | 2026 年 | 2 | 月 | 4 日 | | | | | | | 招股总数 | 10,491.52 | ...

IPO 申购指南 卓正医疗(02677.HK) 建议谨慎申购 2026-1-29 星期四 公司是中国的私立医疗服务机构，战略重点是服务中高端医疗服务市场，目 标群体是具有较强购买力及偏好更个性化护理的大众富裕人群。大众富裕人 群是指人均年可支配收入超过人民币 200,000 元的人口群体。中国的医疗服 务市场可大致分为平价医疗服务市场及中高端医疗服务市场。中高端医疗服 务是指综合性定制服务，强调患者体验及服务质量，并可进一步分为公立中 高端医疗服务及私立中高端医疗服务。公司业务始于 2012 年。建立了覆盖 中国部分经济最发达城市的网络，包括深圳、广州、北京、成都、苏州、长 沙、上海、重庆、杭州及武汉。公司在中国各地拥有及经营 19 家医疗服务机 构，包括 17 家诊所和两家医院。 | 【招股详情】 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保荐人 | | 浦银国际、海通国际 | | | | | | | | | | 上市日期 | 年 2026 | 2 | 月 6 | 日 ...

2026 年 1 月 28 日星期三 【实时热点】 【美国债市】 券 研 究 报 告 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 | 香港重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | | 恒生指数 | 27126.95 | 1.35 | | 恒生中国企业指数 | 9244.88 | 1.07 | | 恒生科技 | 5754.72 | 0.50 | | 恒生期货 | 34921.01 | 1.21 | | 内地重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | | 上证指数 | 4139.90 | 0.18 | | 深证综指 | 2718.26 | -0.10 | | 沪深300 | 4705.69 | -0.03 | | 创业板指 | 3342.60 | 0.71 | 资料来源：Wind、国元证券经纪（香港）整理 特朗普：不担心美元贬值 欧盟启动成员国政府卫星通信计划 德国央行行长：欧央行短期内无需调整利率 英国首相斯塔默 1 月 28 日-31 日对中国进行正式访问 ...

哈尔滨电气（1133.HK） 2026-01-27 星期二 即时点评 25 年预计录得 26.5 亿元归母净利润，超预期 【事件】 公司于 2026 年 1 月 26 日晚间公告盈利预告，初步评估，预期公司 2025 年度录得归母净利润约 26.5 亿元（上年同期为人民币 16.9 亿元），同比 大幅增长。主要原因为公司 2025 年度营业收入较去年有所增长，产品盈 利能力进一步提高。 【点评观点】 1. 公司 2025 年度净利润同比+57.2%，超预期： 公司预计 2025 年实现归母净利润 26.5 亿元，同比增长约 57.2%，超过我 们预测的 25 亿元的预期。期间净利润大幅增长主要原因包括营业收入增 长、产品盈利能力进一步提高。这与我们此前对公司前期收获的高价值订 单将逐步释放，毛利率仍有上升空间的判断一致；同时由于公司生产规模 扩大，智能化制造能力显著增强，企业的规模效应和运营效率大幅提升。 2. 短中期优质订单继续释放，中长期设备出口等业务提供持续性： 我们认为短中期公司在手订单依旧充沛，我们预期公司煤电订单在"十五 五前期"依旧是利润贡献核心，"十五五中后期"逐步实现平稳，公司抽 蓄和核电订 ...

IPO 申购指南 国恩科技（2768.HK） 建议申购 2026-1-27 星期二 | 【招股详情】 | | | | --- | --- | --- | | 保荐人 | 招商证券国际 | | | 上市日期 | 年 2026 | 月 日（星期三） 2 4 | | 招股价格 | 34~42 | 港元/股（中间价：38 港元/股） | | 集资额 | 10.577 | 亿港元（扣除包销费及佣金，按中间价计算） | | 每手股数 | 200 股 | | | 入场费 | 8,484.71 | 港元 | | 招股日期 | 2026 年 | 1 月 27 日-2026 年 1 月 30 日 | | 国元证券认购截止日期 | 2026 年 | 1 月 29 日 | | 招股总数 | 3,000 | 万股(可予调整及视乎超额配售权的行使情况而定) | | 国际配售 | 2,700 | 万股(可予调整及视乎超额配售权的行使情况而定)，约占 90% | | 公开发售 | 300 | 万股(可予调整及视乎超额配售权的行使情况而定)，约占 10% | 【申购建议】 公司是一家专注于化工新材料及明胶、胶原蛋白上下游产品的中国供货商。 公 ...

2026 年 1 月 27 日星期二 【实时热点】 阿里千问最强模型亮相 1 证 券 研 究 报 告 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 特朗普将韩国对等关税从 15%提高至 25% 特朗普政府入股美稀土公司 欧盟正式批准 2027 年底前全面停止进口俄罗斯天然气计划 欧盟当前的铝结构性缺口高达 93% 欧佩克+代表称 3 月或维持停止增产的产量政策 2025 年社零售总额首破 50 万亿元 加快培育服务消费新增长点相关政策文件近日将推出 1 月共 177 款游戏获批 微软升级自研 AI 芯片减少对英伟达依赖 2 年期美债收益率跌 0.18 个基点报 3.588% 5 年期美债收益率跌 0.17 个基点报 3.819% 10 年期美债收益率跌 0.99 个基点报 4.211% 【新股资讯】 | 序号 | 招股日 | 代码 | 简称 | | --- | --- | --- | --- | | 1 | 2026-01-27 | 2768 | 国恩科技 | | 资料来源：港交所、国元证券经纪（香港）整理 | | | | 【经济 ...

Report Summary 1. Investment Rating for the Industry The provided content does not mention the industry investment rating. 2. Core Viewpoints - The primary market issuance of Chinese offshore bonds declined last week, with 6 new bonds issued, totaling approximately $1.906 billion. The secondary market showed a slight increase [1][5]. - US Treasury yields fluctuated upward. As of January 23, the 2 - year US Treasury yield rose 0.8 bps to 3.594%, and the 10 - year yield rose 0.23 bps to 4.2252% [3]. - Various macro - economic events occurred, including GDP growth in different countries, central bank policy decisions, and changes in economic forecasts [34][39][40]. 3. Summary by Section 3.1 Primary Market - Last week, the primary market issuance of Chinese offshore bonds decreased. Six new bonds were issued, with a total scale of about $1.906 billion. The Hong Kong MTR Corporation issued two green bonds worth a total of A$2 billion, the largest issuance scale of the week. Shui On Land issued a $300 million bond with a coupon rate of 9.75%, the highest - priced new bond of the week [1][7]. 3.2 Secondary Market - **Index Performance**: The Chinese US - dollar bond index (Bloomberg Barclays) rose 0.15% week - on - week, and the emerging market US - dollar bond index rose 0.20%. The investment - grade index closed at 203.1452, up 0.15% for the week, and the high - yield index closed at 161.8156, up 0.18%. The Chinese US - dollar bond return index (Markit iBoxx) rose 0.11% week - on - week [5][9]. - **Industry Performance**: Different industries had varying yield changes. For example, the healthcare industry's yield decreased by 40.2 bps, while the real - estate industry's yield increased significantly [19]. - **Rating Performance**: Investment - grade names generally rose, with A - grade weekly yields down 5.0 bps and BBB - grade down 2.7 bps. High - yield names mostly fell, with BB - grade yields down 6.6 bps and DD+ to NR - grade yields up about 7.9 bps [21]. - **Hot Events**: Panhai Holdings failed to repay due interest - bearing debts totaling 34.06 billion yuan as of December 31, 2025. Sunac China Holdings had new overdue borrowings and 19 new acts of dishonesty [25][26]. - **Rating Adjustments**: The ratings of several companies were adjusted, such as the upgrade of Qingdao Haifa Group's issuer rating to A+ and the downgrade of Wanda Commercial's family rating to Ca [28][29]. 3.3 US Treasury Quotes - A table shows the quotes of US Treasuries, including the code, maturity date, current price, yield to maturity, and coupon rate, with maturities over 6 months and sorted by yield to maturity from high to low [30]. 3.4 Macro Data Tracking - As of January 23, the US Treasury yields were as follows: 1 - year (T1) at 3.5083%, down 2.66 bps from the previous week; 2 - year (T2) at 3.594%, up 0.8 bps; 5 - year (T5) at 3.8245%, up 0.93 bps; 10 - year (T10) at 4.2252%, up 0.23 bps [35]. 3.5 Macro News - US GDP in Q3 2025 had an annualized quarterly growth of 4.4%, higher than the initial value. Trump reached an agreement framework on Greenland, and tariffs would not take effect. Most economists expected the Fed to keep the benchmark interest rate unchanged this quarter. The IMF raised the economic forecasts for China and the world in 2026. Japan's central bank maintained the benchmark interest rate at 0.75%, and South Korea's GDP growth in 2025 was 1%, half of the previous year's rate [34][35][39].

Group 1 - The European Union has announced a six-month suspension of retaliatory tariffs against the United States [1] - Eurozone manufacturing PMI unexpectedly rose to 49.4 in January [2] - The U.S. Department of Defense has prioritized homeland defense in its National Defense Strategy [4] Group 2 - The two-year U.S. Treasury yield decreased by 0.13 basis points to 3.594% [4] - The five-year U.S. Treasury yield fell by 1.39 basis points to 3.825% [4] - The ten-year U.S. Treasury yield dropped by 1.57 basis points to 4.225% [4] Group 3 - The Nasdaq index closed at 23,501.24, up by 0.28% [5] - The Dow Jones Industrial Average closed at 49,098.71, down by 0.58% [5] - The S&P 500 index closed at 6,915.61, up by 0.03% [5] Group 4 - The Baltic Dry Index closed at 1,762.00, up by 0.06% [5] - The ICE Brent crude oil price increased by 3.48% to $66.29 [5] - The London gold spot price rose by 0.87% to $4,981.31 [5] Group 5 - The Hang Seng Index closed at 26,749.51, up by 0.45% [5] - The Hang Seng China Enterprises Index closed at 9,160.81, up by 0.51% [5] - The Hang Seng Technology Index closed at 5,798.01, up by 0.62% [5]

Investment Rating - The report maintains a "Buy" rating for Yadea Holdings (1585.HK) with a target price of HKD 16.43, indicating a potential upside of 37.5% from the current price of HKD 11.95 [1][7][14]. Core Insights - The company announced a significant profit increase for 2025, with an expected net profit of at least RMB 2.9 billion, representing a growth of over 128% compared to RMB 1.27 billion in 2024. This increase is attributed to higher sales of electric two-wheelers and optimized product structure [4][9]. - The new national standard for electric bicycles is set to stabilize the market post-Chinese New Year 2026, as the transition period for old standard products ends, which is expected to restore consumer purchasing willingness [5][10]. - Yadea is focusing on long-term growth through continuous investment in R&D and marketing, enhancing its product competitiveness and global marketing capabilities. In H1 2025, the company sold approximately 8.79 million electric scooters and bicycles, a year-on-year increase of about 37.8%, with a gross margin rising to 19.6% [6][11]. Financial Summary - Revenue projections for Yadea from 2025 to 2027 are RMB 35.78 billion (+26.7%), RMB 40.48 billion (+13.1%), and RMB 45.59 billion (+12.6%) respectively. The net profit forecasts are RMB 2.99 billion (+135%), RMB 3.25 billion (+8.8%), and RMB 3.55 billion (+9.3%) [12][8]. - The company's gross margin is expected to improve from 18.7% in 2025 to 19.8% in 2027, reflecting ongoing enhancements in product structure and sales volume [8].