Market Overview - The Hong Kong stock market saw all major indices rise as of April 9, with the Hang Seng Index increasing by 0.68% to close at 20264.49 points. Large-cap, mid-cap, and small-cap stocks rose by 0.59%, 2.07%, and 1.68% respectively [2] - The China Enterprises Index and Technology Index experienced increases of 1.78% and 2.64% respectively, while the energy sector showed weaker performance with declines of -1.17% and -1.45% for the Composite Industry Index [2] - In mainland China, the Shanghai Composite Index closed at 3186.81 points, up 1.31%, and the Shenzhen Composite Index closed at 1823.61 points, up 1.77% [2] U.S. Market Performance - The three major U.S. stock indices all closed higher as of April 9, with the Dow Jones Industrial Average rising by 7.87% to 40608.45 points, the S&P 500 increasing by 9.52% to 5456.9 points, and the Nasdaq Composite up by 12.16% to 17124.97 points [3] - The Philadelphia Semiconductor Index saw a significant increase of 18.73%, closing at 4230.45 points [3] Recent Bond Issuance - On April 9, three offshore bonds were issued in the Chinese market. Hefei Investment Group plans to issue a 3-year senior bond in USD with an initial guidance price of around 5.3% [5] - Chongqing Nan'an Urban Construction Group intends to issue a 3-year senior unsecured bond in USD with an initial guidance price of around 5.5% [5] - Chengdu Xingjin Construction Investment Group is set to issue a 3-year senior unsecured bond in RMB with an initial guidance price of around 4% [5] Strong Performing Stocks - Notable strong performers include China Feihe (2-day increase of 20.83% to a closing price of 6.44), Youran Dairy (2-day increase of 19.34% to a closing price of 2.53), and Jinxin Fertility (2-day increase of 16.13% to a closing price of 3.24) [6] - Other significant gainers include Xiaomi Group (2-day increase of 14.95% to a closing price of 41.90) and SMIC (2-day increase of 14.72% to a closing price of 43.25) [6] Economic Data Summary - As of April 9, the Nasdaq Composite Index closed at 17124.97 points, up 12.16%, while the Shanghai Composite Index closed at 3186.81 points, up 1.31% [7] - The Dow Jones Industrial Index closed at 40608.45 points, up 7.87%, and the Hang Seng Index closed at 20264.49 points, up 0.68% [7] - The Brent crude oil price increased by 4.62% to $65.72 per barrel, while the London gold price rose by 3.34% to $3082 per ounce [3][7]

请务必阅读免责条款 2025 年 4 月 9 日星期三 【近期研报】 ➢ 关税政策冲击全球市场，短期震荡中静待机会-互联网行业周报（03.31- 04.03） 我们认为美国关税政策扰动对全球贸易体系带来广泛冲击，同时也为资本市场投入了一颗重磅炸 弹，为全球经济带来巨大的不确定性。目前互联网板块下跌幅度依然要大于其他板块，尽管 AI 加速行业发展长期趋势未变，但市场对互联网企业短期盈利增速的预期下调，包括 AI 基础设施 成本攀升、研发投入加大等，而宏观经济疲软导致 AI 技术商业化进度缓慢，因此当前港股互联 网板块"挤泡沫"行情依然会持续。美股方面，由于高额对等关税的影响，美国经济或将长期面临 严峻的滞涨风险，加征关税后意味着企业部门和消费者将承受更高的成本，企业利润和居民可支 配收入受到挤压，市场预期制造业短期难以快速回流美国市场，因此将产生较长的政策阵痛期， 对美元资产带来深远的负面影响。目前建议关注阅文集团（772.HK）、浪潮数字企业 （596.HK）、赤子城科技（9911.HK），美股建议软消费相关标的，包括 Spotify （SPOT.US）、Chewy（CHWY.US）。 ➢ 农夫山泉（9633 ...

2025 年 4 月 8 日星期二 【新股资讯】 ➢ 映恩生物─B（9606.HK）IPO 申购指南：建议谨慎申购 公司专注于生物制药领域的研发，特别是抗体偶联药物（ADC）的研发。公司拥有多个核心技术 平台，包括专有的 DITAC 平台、DIBAC 平台。公司的研发管线包括 12 款自主研发的 ADC 候选 药物。核心的 2 个管线情况如下：1. DB-1303 处于临床后期的 HER2 ADC 候选药物。正在进行 两项注册性临床试验（一项全球试验及一项中国试验）及一项全球潜在注册研究。适应症： HER2 表达 EC（预计最早将于 2025 年向 FDA 申请加速批准）。特点：采用稳定的、可裂解连 接子及专有的基于拓扑异构酶抑制剂的有效载荷设计，旨在降低脱靶毒性和增强抗肿瘤活性。2. DB-1311 是 B7-H3 ADC 候选药物。进展：正在进行全球多区域临床试验。适应症：治疗晚期 SCLC、食管磷状细胞癌。 如需浏览报告全文，请联系您的客户经理。 【近期研报】 ➢ 港股延续调整，关税等外部不确定性或影响港股-股指期货周报（3.31-4.04） 上周港股延续调整行情，恒指一周下跌 2.46%，受清明假期影 ...

2025 年 4 月 7 日星期一 【新股资讯】 ➢ 正力新能（3677.HK）IPO 申购指南：建议谨慎申购 公司于中国动力电池制造商中占有 1.8%的市场份额，排名第九。2021~2024 年，公司收入分别 为 14.99、32.9、41.6 和 51.3 亿元人民币，净利润分别为-4.02、-17.2、-5.9 和 0.91 亿元。公 司前期出现亏损主要是因为资本开始和 WM 客户事件。 【近期研报】 ➢ 4 月核心荐股-20250402 更新 【精选个股】 新调入个股 调出个股 ❖ 康龙化成（3759.HK） 如需浏览报告全文，请联系您的客户经理。 ➢ 宏观数据即时点评：美国政府宣布加征关税，最终实施力度或有减弱 通常来说，特朗普政府的关税政策通常最终实施力度会较宣布时有所减弱，因此本次关税政策虽 然来势汹汹，但最终实施力度仍然取决于谈判情况，特别是"对等关税"税率存有一定的博弈空 间。在对华关税方面，据乘联会披露的 2024 年出口数据，2024 年我国对美国汽车出口销量 11.6 万台，仅占 2024 年我国汽车出口总量的 1.8%，新增关税措施影响相对较小。而纺织服装 以及电子产品等其他产业相对 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The Hong Kong stock market entered a short - term adjustment period last week due to multiple internal and external factors. In the short - term, it may continue to decline to find technical support, but in the medium - to - long - term, it has good resilience. The report continues to be optimistic about the structural market of Hong Kong stocks triggered by the AI wave [4][27][31]. - Investors are advised to focus on industries empowered by AI, leading companies in the consumer electronics and automotive industries supported by new - quality productivity policies, and also allocate some defensive sectors with strong cash - flow capabilities such as energy, communication, and public utilities [4][32]. 3. Summary According to the Catalog 3.1 Market Review 3.1.1 Futures Market Performance - Hong Kong stock index futures prices continued to decline last week. By the weekend, the Hang Seng Index futures price in April 2025 changed by - 1.01%, and the technology index futures rose by - 2.19%. The Hang Seng Index futures' open interest changed by 3.21%, with a basis of 3.40 points; the technology index open interest changed by 7.73%, with a basis of - 16.47 points [2][10]. - US stock index futures prices also fell last week. By the weekend, the Dow Jones futures price changed by - 1.11%, and the S&P and Nasdaq 100 futures prices changed by - 1.67% and - 2.52% respectively. The Dow Jones futures' open interest changed by - 1.44%, and the Nasdaq futures' open interest changed by 4.15%. The Dow Jones futures' basis was 130.10 points, a change of - 214.55 points from the previous week, and the Nasdaq 100 futures' basis was 79.60 points, a change of - 137.18 points from the previous week [2][10]. 3.1.2 Hong Kong and US Stock Performance - The Hong Kong stock market fluctuated last week. By the weekend, the Hang Seng Index fell by - 1.11%, the Hang Seng China Enterprises Index fell by - 1.06%, and the Hang Seng Technology Index fell by - 2.36%. Most Hong Kong stock industries declined, with the healthcare industry rising by 3.41% and the raw materials industry rising by 2.5%, while the technology industry fell by 2.31% [12]. - US stocks also declined last week. The Dow Jones Industrial Average fell by - 0.96%, the S&P 500 fell by - 1.53%, and the Nasdaq fell by - 2.59%. Among the S&P industry sectors, traditional sectors performed well, with daily consumption rising by 1.65% and energy rising by 0.77%, while the communication services and information technology industries declined rapidly, falling by - 3.23% and - 3.65% respectively [12]. 3.2 Market External Environment Tracking 3.2.1 Domestic Major City Housing Sales Situation Tracking - The secondary - hand housing sales in domestic major cities increased year - on - year last week. The total number of second - hand housing sales in 14 observed cities was 16,358 units, with an area of 168.6 million square meters, showing a year - on - year increase of 0.4% and 0.5% respectively [3][21]. - The total number of commercial housing transactions (net signing) in 30 cities was 22,309 units, with an area of 171.6 million square meters, showing a year - on - year decrease of 16.3% in the number of units and an increase of 5.8% in the area [20]. 3.2.2 Central Bank's Latest Movements - The Fed's latest stance on interest rate cuts is cautious. Goolsbee warned that if US bond market investors start to expect higher inflation, it may disrupt the central bank's interest rate cut plan. Due to the uncertainty brought by tariff policies, the next interest rate cut may take longer than expected [22]. - Musalem believes that an economic recession is not imminent and expects the inflation rate to fall to 2% by 2027. Collins is cautiously and realistically optimistic about the economy, stating that inflation has declined but was still high at the beginning of the year, with an upward - biased inflation risk. She strongly supports the Fed's decision to keep interest rates unchanged and believes that the Fed may keep interest rates stable for a longer time [22][23]. 3.2.3 Some Domestic and Overseas Important News - The Bank of Japan may continue to raise interest rates. The Bank of Japan kept the interest rate at 0.5% unchanged, stating that the Japanese economy has moderately recovered, inflation expectations have moderately increased, but uncertainties are still high, and more attention should be paid to the impact of exchange - rate changes on prices [25]. - The US announced new PCE and economic forecasts from the University of Michigan. Trump may impose tariffs starting from April 2, including a 25% tariff on cars, pharmaceuticals, and timber [4][25]. - The UK and India are considering reducing taxes on the US before April 2 to avoid US tariff strikes. India plans to cut tariffs on $23 billion of US goods and cancel the controversial 6% digital tax, while the UK is considering adjusting the digital service tax on US technology companies [29]. 3.3 Investment View 3.3.1 Market Summary - The Hong Kong stock market experienced a significant adjustment last week. The Hang Seng Index weakened slightly by - 1.11%, and trading volume increased compared with the previous week. Overseas factors such as the US PCE slightly exceeding expectations, the rapid decline in the Michigan consumer confidence data, and Trump's tariff policy, as well as domestic factors such as Xiaomi's share placement, the large performance differentiation of Hong Kong - listed companies, and the decrease in south - bound capital, led to insufficient upward momentum for Hong Kong stocks [27]. 3.3.2 Market Judgment - The Hong Kong stock market has entered an adjustment period. Technically, it may continue to decline in the short - term to find technical support. The previously rising technology stocks have declined significantly, while traditional sectors are relatively resilient, indicating a sector rotation in the market [28]. - The market still highly recognizes the AI wave. Although there are external disturbances such as US tariffs, the overall short - term market adjustment is limited, and Hong Kong stocks are expected to have good resilience in the medium - to - long - term [30]. 3.3.3 Outlook - In the short - term, the Hong Kong stock market is relatively cautious, but in the medium - to - long - term, the trend is cautiously optimistic. Overseas disturbances in Hong Kong stocks may increase recently. US economic data has led the market to bet on a slowdown in US economic growth and a delay in Fed interest rate cuts, and Trump's tariff policy brings high uncertainty, which may cause US stocks to continue to decline in the short - term and also affect Hong Kong stocks [31]. - The long - term market of Hong Kong stocks can be expected if subsequent stimulus measures lead to a significant recovery in domestic demand or if the AI sector significantly boosts the performance of related companies [31]. 3.3.4 Sector Allocation - Investors are advised to focus on leading stocks in the consumer and Internet sectors that are expected to benefit from AI empowerment, and leading companies in the consumer electronics and automotive industries supported by new - quality productivity policies. Long - term investors are recommended to allocate some defensive sectors with strong cash - flow capabilities such as energy, communication, and public utilities [32]. - In derivatives trading, as Hong Kong stocks are likely to continue to adjust in the short - term, investors can appropriately buy option portfolios to reduce portfolio volatility [32].

Group 1: 康臣药业 (CKD) - The company achieved sales revenue of 1.996 billion RMB in the CKD sector, a year-on-year increase of 14.6% from 1.741 billion RMB in 2023, driven by its core products, Urine Detox and Yishen Huashi Granules [1] - Sales revenue from Yishen Huashi Granules grew by 27.2% year-on-year [1] - The company successfully covered 43,000 terminal medical institutions and 290,000 pharmacies [1] Group 2: 宜明昂科-B (IMM01) - The core product IMM01 is an innovative targeted CD47 molecule, one of only two companies globally to observe complete remission in clinical trials with good tolerability and safety [1] - IMM01 is the first SIRPα-Fc fusion protein to enter clinical stages in China, activating macrophages through a dual mechanism [1] - Currently, three indications are in Phase III clinical trials, placing the company at a global leading position in research and development [1] Group 3: 布鲁可 - The company is projected to achieve net profits of 941 million RMB, 1.381 billion RMB, and 1.991 billion RMB for 2025-2027, with corresponding P/E ratios of 30x, 20x, and 14x, indicating strong market confidence in its profit growth [2] - Despite challenges in the global toy industry, the company successfully transitioned from a dark horse to an industry leader through a three-engine strategy of "IP + Channels + Globalization" [2] - The company’s product design and assembly experience are positioned in the global leading tier, with significant potential for market penetration in lower-tier markets and ongoing expansion of IP resources [2]

Investment Rating - The report suggests a positive outlook for the company, indicating a strong growth potential driven by its product mix and market strategies [1][3][6] Core Insights - The company achieved a revenue of RMB 2.241 billion, a year-on-year increase of 155.6%, and an adjusted annual profit of RMB 585 million, reflecting a significant year-on-year increase of 702.1% [1] - The sales revenue from building block toys decreased by 62.9%, indicating a strategic shift towards building character toys, which generated sales of RMB 2.201 billion [1][3] - The company has invested RMB 192 million in R&D, accounting for 8.6% of total revenue, highlighting its commitment to product innovation [1] - The gross profit margin improved to 52.6%, showcasing enhanced supply chain efficiency and product structure optimization [3] Summary by Sections Revenue Growth - The revenue growth is primarily attributed to product mix optimization and channel penetration strategies, effectively reaching consumers across various demographics and price ranges [3][4] - The company plans to introduce 800-1000 new SKUs and over 300 new products in 2025, further enhancing its product offerings [4] Market Expansion - The company is expanding its IP matrix, currently holding nearly 50 licensed IPs and planning to add over 25 more, including popular franchises like Star Wars and Pokémon [4][5] - Domestic market penetration is supported by over 450 distributors, while international expansion is achieved through brand partnerships and localization strategies, with overseas sales revenue increasing by 518.2% [1][4] Future Growth Drivers - The company is focusing on developing female-oriented products to address specific market needs, including ease of assembly and aesthetic appeal [5] - Forecasts indicate net profits of RMB 941 million, RMB 1.381 billion, and RMB 1.991 billion for 2025-2027, with corresponding P/E ratios of 30x, 20x, and 14x, reflecting strong market confidence in sustained profitability [6]

2025 年 3 月 27 日星期四 【债券快讯】 【市场综述】 昨日港股各种重要指数全部上涨。截至 3 月 26 日，恒生指数上涨 0.6%，报收 23483.32 点。其 中大型股、中型股和小型股的涨跌幅分别为 0.66%、1.08%和 0.35%；与此同时，中资企业指数 和科技指数的涨跌幅度分别达到 0.07%和 1.01%。从行业来看，多数行业出现上涨：其中非必需 性消费和资讯科技业表现相对较好，涨跌幅分别为 1.5%和 1%；公用事业和必需性消费市场走势 较弱，涨跌幅分别为-0.53%和-1.09%。内地股市方面，截至 3 月 26 日，上证指数收盘价为 3368.7 点，下跌 0.04%；深证综指收盘价为 2046.12 点，上涨 0.39%。陆港股通方面，截至 3 月 26 日，当日陆股通交易暂停;当日沪市港股通南下资金净流入 47.5 亿元，深市港股通南下净 流入为 30.79 亿元，共计港股通资金净流入 78.29 亿元。 美国三大股指集体下跌：截至 3 月 26 日，道琼斯工业指数报收 42454.79 点，较前一个交易日 下跌 0.31%；标普 500 指数报收 5712.2 点，较前一 ...

Market Overview - The Hong Kong stock market experienced a decline across major indices, with the Hang Seng Index falling by 2.35% to close at 23344.25 points as of March 25 [2] - The performance of large, medium, and small-cap stocks showed declines of -2.36%, -2.17%, and -1.7% respectively, while the China Enterprises Index and Technology Index dropped by -1.46% and -3.82% [2] - In the mainland market, the Shanghai Composite Index closed at 3369.98 points, unchanged, while the Shenzhen Composite Index fell by 0.57% to 2038.17 points [2] Bond Market - Several bonds were issued in the offshore Chinese bond market on March 25, including Far East Horizon's proposed issuance of a USD-denominated senior unsecured bond with an initial guidance of T+255bps [4] - Jiangmen High-tech Industrial Park plans to issue a RMB-denominated senior unsecured bond with an initial guidance of 4.3% [4] - MTR Corporation intends to issue three USD-denominated senior bonds with maturities of 5, 10, and 30 years, with initial guidance of T5+75bps, T10+85bps, and T30+100bps respectively [4] Futures Market - The Hang Seng Futures Index closed at 29931.01 points, down by 2.58% [5] - London gold closed at USD 3019.82 per ounce, up by 0.28%, while Brent crude oil closed at USD 73.17 per barrel, up by 0.23% [5] - The RMB to USD exchange rate was reported at 7.26, appreciating by 0.17% [5] Strong Performing Stocks - Notable stocks with strong performance included: - Jinxin Fertility (1951.HK) with a 3-day increase of 6.91% closing at 3.25 [6] - Nissin Foods (1475.HK) with a 3-day increase of 5.05% closing at 6.03 [6] - Reading Group (2385.HK) with a 3-day increase of 4.84% closing at 7.15 [6] - Sea Group (1308.HK) with a 3-day increase of 4.15% closing at 20.35 [6] Economic Data - The Nasdaq Composite Index closed at 18271.86 points, up by 0.46%, while the Dow Jones Industrial Average closed at 42587.50 points, up by 0.01% [7] - The Hang Seng Index closed at 23344.25 points, down by 2.35%, and the Shanghai Composite Index remained unchanged at 3369.98 points [7] - The USD Index was reported at 104.21, down by 0.09% [7]

Group 1: Company Analysis - The core viewpoint of the report on China Resources Beer (291.HK) emphasizes the implementation of the "Three Precision" strategy and the ongoing advancement of high-end development, supported by national policies, recovery of consumption scenarios, and optimized inventory management [1] - The expected earnings per share (EPS) for the company from 2025 to 2027 are projected to be 1.64, 1.79, and 1.96 CNY respectively, indicating a positive outlook for the company's operational performance and profitability [1] - The report highlights the company's strategic foresight and high execution capability, along with strong organizational management, leading to a target price of 35.0 HKD per share, corresponding to a 20 times price-to-earnings (PE) ratio for 2025 [1] Group 2: Market Overview - The Hong Kong stock market experienced slight fluctuations, with the Hang Seng Index declining by 1.13% last week, while maintaining relatively high trading volumes [2] - The report notes that the U.S. Federal Reserve's decision to maintain interest rates has led to increased uncertainty in economic policies, but the overall market sentiment in Hong Kong remains resilient [2] - The offshore bond market saw a slight decrease in issuance, with 12 bonds issued totaling approximately 22.04 billion USD, primarily from the urban investment sector [3]