Core Insights - The report highlights a surprising decline in the annual U.S. Consumer Price Index (CPI) [4] - The number of data centers in the U.S. has reached 4,213 [4] - Japan's holdings of U.S. Treasury securities have increased to $1.2 trillion, while the UK has increased its holdings and China has reduced its [4] - The Bank of England has lowered interest rates by 25 basis points as expected, while the European Central Bank has maintained its current rates [4] - China's youth unemployment rate for November stands at 16.9% [4] - The Ministry of Commerce in China has approved some general licenses for rare earth exports [4] - For the first time in 12 years, polysilicon production has declined [4] - Apple has significantly reduced the "Apple Tax" in Japan [4] - Meta is expected to release new image and video AI models in the first half of next year [4] Economic Data Summary - The Baltic Dry Index closed at 2,121.00, down 3.77% [5] - The Nasdaq Index closed at 23,006.36, up 1.38% [5] - CME Bitcoin futures closed at 85,625.00, down 0.40% [5] - Brent crude oil closed at $59.71, up 0.05% [5] - The London gold spot price closed at $4,331.24, down 0.14% [5] - The U.S. dollar index closed at 98.44, up 0.04% [5] - The Hang Seng Index closed at 25,498.13, up 0.12% [5] - The Shanghai Composite Index closed at 3,876.37, up 0.16% [5]

Investment Rating - The report suggests a cautious subscription for the company’s IPO [2]. Core Insights - The company is a leading provider of real-time data infrastructure and analytical solutions in China, primarily serving the asset management industry with a market share of 11.6% as of 2024 [2][3]. - The real-time data infrastructure market in China is projected to grow from RMB 18.7 billion in 2024 to RMB 50.5 billion by 2029, with a compound annual growth rate (CAGR) of 22.0% from 2024 to 2029 [3]. - The company’s revenue growth is expected to decline significantly, with a forecasted drop from 84.3% in 2023 to a negative 30.0% in the first half of 2025, alongside an increase in net loss margin from 12.0% in 2023 to 54.6% in the first half of 2025 [3]. Summary by Sections IPO Details - The IPO price range is set between HKD 48.00 and HKD 55.00, with a total fundraising amount of approximately HKD 1.04 billion [1]. - The total number of shares available for subscription is 2.25 million, with 90% allocated for international placement and 10% for public offering [1]. Market Position - The company has established a strong foothold in the asset management sector and is expanding its client base to include diverse industries such as financial services (excluding asset management), urban management, production management, and telecommunications [2][3]. - The company’s solutions are designed to facilitate seamless deployment in both cloud and on-premise environments, enabling rapid data processing for decision-making [2].

Investment Rating - The report recommends subscription for Lin Qingxuan (2657.HK) [1] Core Insights - The company focuses on the high-end domestic skincare market, particularly anti-wrinkle and firming products, with a comprehensive range of offerings including essential oils, creams, toners, emulsions, serums, and masks. The core product is camellia oil [2] - In 2024, the company ranks 13th among all high-end skincare brands in China and 10th in the anti-wrinkle segment, with market shares of 1.4% and 2.2% respectively [2] - The Chinese skincare market has shown steady growth, with a CAGR of 6.8% over the past six years. The market size is projected to increase from CNY 332.9 billion in 2019 to CNY 461.9 billion in 2024, with the high-end segment expected to grow from CNY 74.9 billion to CNY 114.4 billion during the same period [2] - By 2029, the overall skincare market is anticipated to reach CNY 698.5 billion, with a CAGR of 8.6% from 2024 to 2029, while the high-end segment is expected to grow to CNY 218.5 billion, with a CAGR of 13.8% [2] Financial Performance - The company has accelerated revenue growth and improved profitability, achieving revenues of CNY 0.691 billion, CNY 0.805 billion, CNY 1.210 billion, and CNY 1.052 billion for the first half of 2022 to 2025, with year-on-year growth rates of +16.5%, +50.3%, and +98.3% [3] - Net profits transitioned from a loss of CNY -0.06 billion in 2022 to CNY 0.85 billion in 2023, and further to CNY 1.87 billion and CNY 1.82 billion in 2024 and 2025, with year-on-year growth rates of +121.1% and +109.9% [3] - The gross profit margins for the same period were 78.0%, 81.2%, 82.5%, and 82.4%, while net profit margins were -0.9%, 10.5%, 15.4%, and 17.3% [3] - The company is positioned as a leading high-end domestic skincare brand, leveraging traditional Chinese botanicals to build its brand image. Future strategies include expanding product categories around core items and enhancing multi-channel operations [3] - The total market capitalization for this issuance is estimated at CNY 10.86 billion, with an initial public offering price corresponding to a static PE ratio of approximately 53.8, compared to the industry average PE of 28.3 for 2025 [3]

Investment Rating - The report suggests a cautious subscription for the company, indicating a neutral to negative outlook on the investment opportunity [4]. Core Insights - The company operates as a comprehensive prefabricated steel structure construction subcontractor, providing services across various sectors, including project design, procurement, manufacturing, and installation [2]. - The company ranks third in the industrial sector of China's prefabricated steel structure market, with a market share of 3.5% as of 2024, while the top two competitors hold market shares of 35.8% and 6.5% respectively [2]. - The penetration rate of prefabricated construction in the overall construction industry is projected to increase from 20.0% in 2020 to 29.3% in 2024, indicating a growing trend towards prefabricated methods [3]. - The Chinese prefabricated construction market is expected to grow from RMB 448.5 billion in 2020 to RMB 589.3 billion in 2024, with a compound annual growth rate (CAGR) of 7.1% [3]. - Future projections suggest the market will expand further, reaching RMB 707.0 billion by 2029, with a CAGR of 4.6% [3]. - The company's revenue for the six months ending June 30 for 2023, 2024, and 2025 is projected to be RMB 1,453.2 million, RMB 1,523.0 million, and RMB 1,424.1 million respectively, reflecting a significant fluctuation in performance [4]. - The estimated price-to-earnings (PE) ratio for the company based on the subscription price range corresponds to approximately 10.4 to 13.4 times for 2024, which is considered relatively high [4].

Investment Rating - The report recommends subscription for the IPO of the company, indicating a positive investment outlook [1]. Core Insights - The company, established in 2014, operates as a global AI-driven drug discovery and development firm, leveraging its proprietary Pharma.AI platform to generate over 20 clinical or IND-stage assets, with three assets licensed to international pharmaceutical companies, totaling a contract value of up to $2.1 billion [2]. - The company employs a project-based business model, primarily generating revenue through licensing and collaboration agreements, and aims to expand the application of Pharma.AI into various industries, including advanced materials, agriculture, nutrition products, and veterinary medicine [2]. - The AI drug discovery and development (AIDD) market is projected to grow from $11.9 billion in 2023 to $74.6 billion by 2032, with a compound annual growth rate (CAGR) of 22.6%, positioning the company as a leader in this rapidly growing sector [3]. Financial Performance - The company is currently in the R&D phase, with revenue increasing from $3.01 million in 2022 to $5.12 million in 2023, and further projected to rise to $8.58 million in 2024. For the first half of 2025, revenue was reported at $2.75 million [3]. - Net losses have decreased over the years, with losses of $22.18 million in 2022, $21.16 million in 2023, $1.71 million in 2024, and $1.92 million in the first half of 2025, indicating improving financial health [3]. - The expected market capitalization post-IPO is estimated at HKD 13.4 billion, reflecting the company's potential as a leading player in the domestic AI pharmaceutical sector [3].

Investment Rating - The report assigns a "Buy" rating with a target price of HKD 10.04 per share, indicating a potential upside of 22% from the current price of HKD 8.23 [1][4][11]. Core Insights - The innovative drug Seletong Capsule is progressing well in development, having completed Phase III clinical trials and expected to receive production approval in 2026, with market potential targeting vascular dementia, which currently lacks effective treatments [2][6][7]. - The company faced revenue pressure due to industry factors such as centralized procurement, leading to a 16.3% year-on-year decline in revenue for the first three quarters of 2025 [3][8]. - Despite revenue challenges, the company has improved its net profit margin from 30.0% to 37.2% due to reduced sales and distribution costs [3][9]. Financial Summary - Revenue projections for 2025-2027 are estimated at RMB 38.4 billion, RMB 41.1 billion, and RMB 46.0 billion, respectively, with net profits expected to be RMB 9.29 billion, RMB 10.11 billion, and RMB 11.38 billion [4][11]. - The company’s gross margin decreased from 75.3% to 72.2% due to rising raw material costs and pricing pressures from centralized procurement [3][8]. - The company maintains a dividend yield of 6.1%, reflecting its commitment to returning value to shareholders [4][11].

IPO Details - The IPO price is set at HKD 30.50[1] - The total fundraising amount is estimated at HKD 6.52 billion[1] - The total number of shares offered is 2,398,000 shares, with 2,278,000 shares allocated for international placement (approximately 95%) and 120,000 shares for public offering (approximately 5%)[1] Company Overview - The company specializes in digital twin technology, focusing on 3D graphics, simulation, and artificial intelligence[2] - It aims to create a digital twin of the Earth by 2030, addressing real-world issues in various fields such as traffic, AI training, and climate prediction[2] Market Potential - The global digital twin solutions market is projected to grow from USD 3.9 billion in 2020 to USD 13.29 billion in 2024, with a CAGR of 26.4%[3] - The Chinese market for digital twin solutions is expected to increase from RMB 4.1 billion in 2020 to RMB 17.11 billion in 2024, with a CAGR of 31.6%[3] Financial Performance - The company's revenue is forecasted to grow from RMB 170 million in 2022 to RMB 287 million in 2024, with an adjusted loss narrowing to RMB 43 million[4] - The estimated market capitalization post-IPO is approximately HKD 12.4 billion, with a price-to-sales ratio of about 40.0X for 2025, indicating a high valuation[4]

Report Industry Investment Rating No relevant content provided. Core View of the Report - Last week, the primary market issuance of Chinese offshore bonds rebounded, with 5 new bonds issued, totaling approximately $1.82 billion. In the secondary market, high-yield bonds outperformed investment-grade bonds. The long- and short-term US Treasury yields showed different performances. [1][3] - The Fed cut interest rates by 25 basis points as expected, and multiple institutions adjusted their economic forecasts. The Chinese economy showed resilience, and the automotive and real estate markets had specific trends. [4][36][51] Summary by Directory 1. Primary Market - Last week, the primary market issuance of Chinese offshore bonds rebounded, with 5 new bonds issued, totaling approximately $1.82 billion (converted to US dollars at the exchange rate on the pricing start date). China Minmetals issued two subordinated perpetual capital securities totaling $1.2 billion, with a final subscription over 3 times. Kaifeng Cultural Tourism Investment issued a senior unsecured bond worth 740 million RMB with a coupon rate of 5.5%, which was the highest-priced new bond last week. [1][5][10] 2. Secondary Market 2.1 Chinese US Dollar Bond Index Performance - The Chinese US dollar bond index (Bloomberg Barclays) rose 0.04% week-on-week, while the emerging market US dollar bond index fell 0.04%. The investment-grade index closed at 202.0918, down 0.03% week-on-week, and the high-yield index closed at 159.9398, up 0.54% week-on-week. [3][7] - The Chinese US dollar bond return index (Markit iBoxx) rose 0.03% week-on-week. The investment-grade return index closed at 243.6432, down 0.03% week-on-week, and the high-yield return index closed at 241.5032, up 0.58% week-on-week. [13] 2.2 Chinese US Dollar Bond Industry Performance - Different industries had different yield performances. The government and materials sectors led the gains, while the real estate and consumer staples sectors led the losses. [17][20] 2.3 Chinese US Dollar Bond Different Rating Performance - Among investment-grade names, the weekly yield of A-rated names decreased by 1.5 bps, and that of BBB-rated names increased by 0.4 bps. Among high-yield names, most declined, with the yield of BB-rated names decreasing by 2.0 bps, and that of DD+ to NR-rated names increasing by about 4.2 bps. The yield of unrated names increased by 4.0 Mbps. [19] 2.4 Last Week's Bond Market Hot Events - Several companies had debt-related issues, including Fanhai Holdings, Greenland Holdings, and CIFI Group. [23][24][25] 2.5 Last Week's Subject Rating Adjustments - Ratings of several companies were adjusted, including Western Cement, Beijing Construction Engineering, FWD Group, and others. [28][29] 3. US Treasury Bond Quotes - The table shows the quotes of US Treasury bonds with maturities over 6 months, sorted by yield to maturity from high to low, taking the top 30. [30][31][32] 4. Macroeconomic Data Tracking - As of December 12, the yields of US Treasury bonds were as follows: 1-year (T1) was 3.5158%, down 7.37 bps from last week; 2-year (T2) was 3.5222%, down 3.81 bps; 5-year (T5) was 3.7417%, up 3.04 bps; 10-year (T10) was 4.1841%, up 4.9 bps. [35] 5. Macroeconomic News - The Fed cut interest rates by 25 basis points, adjusted GDP forecasts, and multiple economic data from the US, Japan, and other countries were released. China's economic data was positive, and the real estate and automotive markets had specific trends. [36][43][50]

2025 年 12 月 16 日星期二 证 【实时热点】 【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 1 券 研 究 报 告 美联储内部降息分歧加剧，通胀前景预期分化 纳斯达克申请 5X23 小时交易 日本央行或迎 30 年最猛加息，政策利率将冲 0.75% 高市早苗：目前拟将个税起征点定为 168 万日元 11 月国民经济稳中有进，工业、进出口等多项指标向好 11 月 70 城房价环比总体下降，一线城市二手房降幅扩大 中指院：房地产进入存量主导阶段二手房成成交主力 英伟达发布新版开源 AI 模型 宣称"更快、更便宜、更智能" 特斯拉启动无安全员 Robotaxi 路测 复星医药 14.12 亿控股绿谷医药，拿下阿尔茨海默病创新药 2 年期美债收益率跌 1.86 个基点报 3.504% 5 年期美债收益率跌 1.39 个基点报 3.724% 10 年期美债收益率跌 0.78 个基点报 4.174% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- ...

Investment Rating - The report suggests a cautious subscription for the company Nobikang (2635.HK) [1][3] Core Insights - Nobikang focuses on the industrial application of advanced technologies such as AI and digital twins in sectors like transportation, energy, and urban governance, providing integrated hardware and software solutions based on comprehensive AI industry models [2] - The company has three business lines targeting vertical industries: transportation solutions, energy solutions, and urban governance solutions, with significant revenue generated from its rail transportation and energy solution businesses [2] - China has become the second-largest AI market globally, with spending expected to reach USD 18.1 billion in 2024 and soar to USD 47 billion by 2029, highlighting the country's growing influence in shaping the global AI landscape [2] Summary by Sections IPO Details - The IPO price range is set between HKD 80.0 and HKD 106.0, with a total fundraising amount of approximately HKD 306 million [1] - The total number of shares offered is 3.79 million, with 90% allocated for international placement and 10% for public offering [1] Financial Performance - For the six months ending June 30, 2025, Nobikang reported revenue of approximately RMB 232 million, a year-on-year increase of about 24.7%, while net profit was approximately RMB 40.08 million, a decrease of about 21.0% [3] - The estimated market capitalization post-IPO is around HKD 3.5 billion, with a price-to-earnings ratio (PE) of approximately 28.0X based on 2024 revenue, indicating a high valuation [3]