研究部 姓名：段静娴 SF C：BLO8 6 3 电话：0 7 5 5 - 2 1 5 1 9 1 6 6 更新日期：2025-09-03 | 名称 | 总市值 | 最新价 | 首次入选 | 入选日 收盘价 | 入选至今 | | EPS（港元/美元） | | | PE | | PB | 核心推荐逻辑 | 分析师 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 亿港元 | 港元/美元 | 日期 | 港元/美元 | 涨跌幅% | 2024 | 2025E | 2026E | 2024 | 2025E | 2026E | 2024 | | | | | | | | | | | | | | | | | 公司开发出由16种主要专用于肿瘤学的候选药物组成的产品管线，包括10种处 于临床阶段的候选药物。与Merck签署的许可协议授予其在中国、香港、澳门 | | | | | | | | | | | | | | | | 和台湾对Pimicotinib及相关产品的独家商业化权利，并提供 ...

连连数字（2598.HK） 2025-08-29 星期五 | 目标价： | | 13.90 | 港元 | | --- | --- | --- | --- | | 现 | 价： | 11.25 | 港元 | | 预计升幅： | | | 23.6% | 重要数据 | 日期 | 2025-08-28 | | --- | --- | | 收盘价（港元） | 11.25 | | 总股本（亿股） | 11.17 | | 总市值（亿港元） | 125.71 | | 净资产（亿港元） | 28.70 | | 总资产（亿港元） | 209.79 | | 52 周高低（港元） | 18.00/5.50 | | 每股净资产（港元） | 2.65 | 数据来源: Wind 、国元证券经纪(香港)整理 主要股东 | 创连致新 | 15.41% | | --- | --- | | 章征宇 | 10.51% | | 吕钟霖 | 8.26% | 相关报告 连连数字（2598.HK）-首发报告- 2 20250724 研究部 姓名：李承儒 SFC：BLN914 电话：0755-21519182 Email：licr@gyzq.com.hk 买 ...

中粮家佳康（1610.HK） | 目标价： | | 2.4 | 港元 | | | --- | --- | --- | --- | --- | | 现 | 价： | 1.86 | 港元 | | | 预计升幅： | | | | 29.0% | | 日期 | 2025-8-27 | | --- | --- | | 收盘价（港元） | 1.86 | | 总股本（亿股） | 45.8 | | 总市值（亿港元） | 85.2 | | 净资产（亿元） | 99.2 | | 总资产（亿元） | 211.7 | | 周高低（港元） 52 | 1.26/2.02 | | 每股净资产（元） | 2.12 | 数据来源: Wind 、国元证券经纪(香港)整理 中粮集团 16.77% 相关报告 中粮家佳康首发报告-20191220 中粮家佳康更新报告-20200324 中粮家佳康更新报告-20200710 中粮家佳康更新报告-20200826 中粮家佳康更新报告-20201020 中粮家佳康更新报告-20210309 中粮家佳康更新报告-20210901 中粮家佳康更新报告-20220420 中粮家佳康更新报告-20230418 中粮 ...

【投资建议】 市场环境：上周港股市场外部环境整体有一定扰动，主要原因是当周海外市 场投资者担忧美联储主席鲍威尔释放鹰派声调，出现避险情绪。但随后鲍威 尔的讲话中性偏鸽，为 9 月份降息打开空间，美股市场反弹，港股市场有望 在情绪面受益。在美联储开启降息空间后，届时国内可能会跟随出台相关宽 松和利好政策。政策预期目前仍然是支撑港股估值的另一个支柱，预计港股 中长期内保持韧性。 配置建议：近期可以关注新消费和互联网板块的龙头个股，以及受益于政策 引导的国产替代概念或者受到外部融资环境改善的创新药行业等，这些题材 板块在市场上行期间更容易受到资金关注。同时，长期投资者可逢低配置能 源、通讯、公用事业等具强现金流能力和分红能力的红利板块，以应对潜在 的外部冲击。衍生品交易方面，港股短期内波动可能性相对较低，投资者可 适当卖出期权组合降低持仓成本。 【市场外部环境】 研究部 姓名：张思达 SFC：BPT227 电话：0755-21519179 Email：zhangsd@gyzq.com.hk 周报 鲍威尔释放降息信号，港股或受情绪面利好 股指期货 2025-08-26 星期二 【市场回顾】 上周港股股指期货价格震荡， ...

Core Insights - The report highlights a significant increase in the number of initial jobless claims in the US, reaching 226,000, which is higher than expected [4] - The Bank of England has reduced interest rates by 25 basis points, indicating a shift in monetary policy [4] - Japan has revised its annual economic growth forecast downward, reflecting potential economic challenges [4] - OpenAI has officially launched GPT-5, marking a notable advancement in AI technology [4] - Maersk, a major shipping company, has raised its profit outlook despite ongoing trade concerns, suggesting resilience in the shipping industry [4] - China's goods trade imports and exports increased by 3.5% year-on-year in the first seven months of this year [4] - Domestic sales of excavators in China grew by 17.2% year-on-year in July, indicating strong demand in the construction sector [4] - The total amount of bond financing in the real estate sector in China increased by 90.3% year-on-year in July, reflecting a recovery in the industry [4] - The world's first RWA registration platform was officially launched in Hong Kong on August 7 [4] - Semiconductor manufacturer SMIC reported a 16.2% year-on-year increase in revenue for Q2, but a 19.5% year-on-year decline in net profit, indicating mixed performance [4] Economic Data Summary - The Baltic Dry Index rose by 3.80% to 1994.00, indicating an increase in shipping rates [5] - The Nasdaq Composite Index closed at 21,242.70, up by 0.35%, while the Dow Jones Industrial Average fell by 0.51% to 43,968.64 [5] - The price of ICE Brent crude oil decreased by 0.72% to $66.41, while the US dollar index fell by 0.14% to 98.09 [5] - The London gold spot price increased by 0.82% to $3,396.59 [5] - The exchange rate of the US dollar against the Chinese yuan (CFETS) was 7.19, up by 0.03% [5] - The Hang Seng Index closed at 25,081.63, up by 0.69%, while the Hang Seng China Enterprises Index rose by 0.55% to 8,981.73 [5] - The Shanghai Composite Index increased by 0.16% to 3,639.67, while the Shenzhen Composite Index decreased by 0.05% to 2,224.63 [5]

Investment Rating - The report indicates a strong positive outlook for the company, suggesting active monitoring of its performance due to significant profit growth [1][3]. Core Insights - The company is expected to report an unaudited profit attributable to owners between approximately HKD 60 million to HKD 65 million for the first half of 2025, representing an increase of about 367.2% to 406.2% compared to HKD 12.842 million for the same period in 2024 [1]. - The substantial increase in net profit is attributed to a significant reduction in operating costs [2]. - The company's mobile glass fiber back cover and smart home business are projected to drive sustained growth, with increasing demand for thinner and more durable materials in mobile devices [2]. - The smart home segment, which supplies various plastic components to major clients like IKEA and Decathlon, is also expected to contribute positively to revenue growth [2]. - The company has successfully upgraded its production lines to smart manufacturing, enhancing operational efficiency and reducing the impact of international policy uncertainties [2]. - The report emphasizes the long-term growth potential of the company's mobile and smart home businesses, with expectations of achieving operating profits above the industry average [3]. Summary by Sections - **Financial Performance**: The company repaid most of its long-term bank loans in 2024, leading to a significant reduction in financial expenses and bank charges [4]. - **Cost Management**: The sale of the precision components business in April 2024 eliminated related R&D expenses, and the company has focused its R&D resources on core businesses, resulting in a substantial decrease in R&D costs [4]. - **Operational Efficiency**: Despite facing intense market competition, the company benefited from reduced depreciation expenses due to fixed asset impairment conducted in 2024 [4].

Group 1: Policy Overview - The National Childcare Subsidy Policy aims to encourage childbirth and improve the birth support policy system across the country[2] - Starting from January 1, 2025, families can receive an annual subsidy of 3,600 yuan per child until the child turns 3 years old[2] - The subsidy can be claimed online or offline, with local governments having the flexibility to adjust the subsidy amount based on regional conditions[2] Group 2: Financial Implications - The estimated annual subsidy scale is expected to exceed 100 billion yuan, potentially alleviating the pressure of childbirth[3] - Based on data from the National Bureau of Statistics, the number of children under 3 years old is approximately 28.12 million, leading to an estimated annual subsidy distribution of about 101.2 billion yuan[3] - The introduction of this subsidy is anticipated to lower family childbirth costs and boost consumption, particularly in the maternal and infant sectors[3] Group 3: Market Impact - The policy is expected to positively influence the declining trend of newborn numbers, benefiting related industries such as dairy products and education[4][6] - Companies to watch include H&H International (1112.HK) and Mengniu Dairy (2319.HK) in the dairy sector, and Excellence Education Group (3978.HK) in the education sector[6]

Investment Rating - The report suggests a cautious subscription for Anjuke Food's IPO [1][3]. Core Insights - Anjuke Food is the largest frozen food company in China, with a market share of 6.6% based on 2024 revenue. It holds the top position in the frozen prepared food market with a market share of 13.8%, significantly ahead of its closest competitor [2]. - The frozen food industry in China is still in its growth phase, with a projected CAGR of 9.4% from 2024 to 2029, driven by increased demand in the restaurant sector, higher household consumption, improved product quality, and enhanced cold chain infrastructure [2]. - The company's revenue is expected to grow by 31.39% in 2022, 15.29% in 2023, and 7.70% in 2024, while net profit is projected to increase by 62.71%, 34.33%, and 0.83% respectively. However, the company faces short-term performance pressure due to increased competition and external demand challenges [3]. Summary by Sections IPO Details - The IPO price is set at HKD 66.00, with a total fundraising amount of HKD 24.958 billion. The total number of shares available for subscription is approximately 3,999,470, with 90% allocated for international placement and 10% for public offering [1]. Market Position - Anjuke Food's market share in the frozen prepared food sector is approximately five times larger than that of its nearest competitor, indicating a strong competitive advantage [2]. - The report highlights that the frozen food market in China is fragmented, with the top five players holding only 15.0% of the market share collectively [2]. Future Outlook - The company is actively seeking to expand its overseas market presence, particularly in Southeast Asia, Australia, North America, and Europe, where the CAGR for the frozen food market is expected to be 14.0% from 2024 to 2029 [3]. - The report notes that the IPO price corresponds to a PE ratio of approximately 13.5 times for 2024, which presents a premium compared to the A-share valuation of 16.1 times, suggesting potential for valuation adjustment as performance stabilizes [3].

Investment Rating - The report suggests a cautious subscription for the company [4] Core Insights - The company focuses on discovering and developing innovative small molecule therapies for oncology, inflammation, and cardiovascular metabolic diseases. It has developed a core product, Tinengotinib (TT-00420), and established a pipeline of five clinical-stage candidates and one preclinical candidate [2] - Tinengotinib is a unique multi-target kinase (MTK) inhibitor targeting three key pathways (FGFR/VEGFR, JAK, and Aurora kinases) and is currently undergoing two pivotal/registration clinical trials for cholangiocarcinoma (CCA) patients who have progressed after FGFR inhibitor treatment [2] - The global CCA drug market is projected to reach USD 2 billion by 2024, with a CAGR of 16.2% from 2019 to 2024, and expected to grow to USD 4.6 billion by 2030 [3] - The company is a leader in its niche, with Tinengotinib being the first and only FGFR inhibitor in the registration clinical stage for treating recurrent or refractory CCA patients [3] - The company is currently in the R&D phase with no main revenue, projecting a total loss of RMB 275 million for 2024 and R&D expenses of RMB 244 million. It is actively expanding into international markets and has established partnerships with several international pharmaceutical companies [4]

Investment Rating - The report indicates a positive outlook for the automotive industry, particularly for leading companies that are adapting to new competitive dynamics [4]. Core Insights - Shortening supplier payment terms to 60 days is expected to improve liquidity and reduce financial pressure within the supply chain [2]. - The automotive industry is shifting from price-based competition to a healthier competitive environment, as highlighted by the recent initiatives from major automotive companies [3]. - Overall profitability pressures in the industry may ease, with leading companies benefiting the most from these changes [4]. Summary by Sections Supplier Payment Terms - Major automotive companies in China have committed to standardizing supplier payment terms to 60 days, which is aimed at enhancing cash flow and reducing financial strain on suppliers [1][2]. Competitive Landscape - The industry is moving towards a more sustainable competitive landscape, with a focus on fair competition rather than price wars, as emphasized by the China Association of Automobile Manufacturers [3]. Profitability Outlook - The report suggests that the internal competition within the automotive sector may lessen, leading to reduced profitability pressures across the industry, particularly benefiting leading firms like BYD, Li Auto, and Geely [4].