近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | -- | -- | -- | | 产品组合 | | | | 锂电子电池材料 | | 89.7% | | 日化材料 | | 8.7% | 机构投资者占流通 A 股比例 | 基金 | 21.1% | | --- | --- | | 一般法人 | 6.2% | 股价相对大盘走势 m 2025 年 12 月 17 日 | 沈嘉婕 | | | --- | --- | | H70455@capital.com.tw | | | 目标价(元) | RMB 51 | 公司基本资讯 | 产业别 | | 化工 | | --- | --- | --- | | A 股价(2025/12/16) | | 37.26 | | 深证成指(2025/12/16) | | 12914.67 | | 股价 12 个月高/低 | | 49.78/15.29 | | 总发行股数(百万) | | 2033.89 | | A 股数(百万) | | 1504.45 | | A 市值(亿元) | | 560.56 | | 主要股东 | | 徐金富 | | | | ...

大陆消费月报： 零售增速不及预期，CPI继续改善 0 一、宏观消费运行概述 ➢社会消费品零售总额：政府补贴退坡，社零不及预期 ➢CPI：食品及金价支撑CPI继续改善 二、消费行业运行概述 ➢票房：动画电影撑起11月票房 ➢白酒：飞天茅台一度跌破建议零售价，酒厂控量改善短期状况 ➢生产资料价格走势：季节性因素下食品价格或受支撑 ➢期间板块涨跌情况：板块表现不佳，整体跑输大盘 ➢行业观点：关注以旧换新政策优化 1 群益上海 顾向君 2025.12.15 补贴效果退坡，社零不及预期 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 5,000 25,000 45,000 65,000 85,000 105,000 2024 年1-2月 2024 年 4 月 2024 年6月 2024 年8月 2024 年10 月 2024 年12 月 2025 年3月 2025 年5月 2025 年7月 2025 年9月 2025 年11 月 社會消費品零售總額 億 yoy -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 2024 年1-2月 2024 ...

2025 年 12 月 10 日 何利超 H70529@capital.com.tw 目标价(元) 260 公司基本资讯 | 产业别 | | | 通信 | | --- | --- | --- | --- | | A 股价(2025/12/9) | | 219.30 | | | 上证指数(2025/12/9) | | 3909.52 | | | 股价 12 个月高/低 | | 277.98/119.36 | | | 总发行股数(百万) | | 2324.34 | | | A 股数(百万) | | 2324.34 | | | A 市值(亿元) | | 5097.27 | | | 主要股东 | | 曙光信息产业 | | | | | 股份有限公司 | | | | | (27.96%) | | | 每股净值(元) | | 9.42 | | | | 一个月 三个月 | 一年 | | | 股价涨跌(%) | -0.9 -0.7 | 70.2 | | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-4-2 | 153.72 | 买进 | | 2024-11-08 | ...

2025 年 12 月 10 日 王睿哲 C0062@capital.com.tw 目标价(港元) 26.5 公司基本资讯 | 产业别 | | 医药生物 | | | --- | --- | --- | --- | | H 股价(2025/12/9) | | 21.48 | | | 恒生指数(2025/12/9) | | 25,434.2 | | | 股价 12 个月高/低 | | 28.8/12.61 | | | 总发行股数(百万) | | 2,659.46 | | | H 股数(百万) | | 540.97 | | | H 市值(亿元) | | 342.43 | | | | | 上海复星高科技 | | | 主要股东 | | (集团)有限公司 | | | | (36.15%) | | | | 每股净值(元) | | 18.06 | | | 股价/账面净值 | | 1.19 | | | 一个月 | | 三个月 | 一年 | | 股价涨跌(%) | 52.29% -21.78% -5.79% | | | 复星医药(02196.HK) buy 买进 与辉瑞达成重磅交易，研发管线估值有望提升 事件： 近期评等 | 出 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [5][10]. Core Insights - The company plans to repurchase up to approximately 104 million shares, which is about 9.7% of its total shares, signaling management's confidence in the company's future and belief that the stock is undervalued [6][7]. - The company has received its first Class III medical device certification for its recombinant type I α1 collagen product, marking its entry into the injectable aesthetic medicine market, which is expected to drive future growth [7]. - Despite recent stock price adjustments due to market conditions and lower-than-expected sales during the Double Eleven shopping festival, the report suggests that the stock has sufficiently adjusted and is poised for recovery [7]. Financial Projections - The company is projected to achieve net profits of RMB 2.43 billion, RMB 2.98 billion, and RMB 3.64 billion for the years 2025, 2026, and 2027, respectively, reflecting year-over-year growth rates of 17.8%, 22.5%, and 22.2% [9]. - Earnings per share (EPS) are expected to be RMB 2.27, RMB 2.78, and RMB 3.40 for the same years, with corresponding year-over-year growth rates of 8.1%, 22.5%, and 22.2% [9]. - The price-to-earnings (P/E) ratios are projected to decrease from 15x in 2025 to 10x in 2027, indicating a potential increase in value as the company grows [9]. Shareholder Information - The major shareholder is Fan Daidi, holding 55.13% of the shares, which indicates a strong control over the company [1]. - The company's market capitalization is approximately HKD 41.08 billion, with a current share price of HKD 36.58 [1]. Market Performance - The stock has experienced a significant decline, with a 24.4% drop over the past month and a 32.07% drop over the past three months [1]. - The stock price has fluctuated between a high of HKD 82.99 and a low of HKD 35.72 over the past year [1]. Product Portfolio - The company's product mix is heavily weighted towards functional skincare products, which account for 78.6% of total sales, while medical dressings contribute 23.3% and health products account for 0.3% [2].

2025 年 12 月 02 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(港币) | 45 | 公司基本资讯 | 产业别 | | 商贸零售 | | --- | --- | --- | | H 股价(2025/12/01) | | 38.54 | | 恒生指数(2025/12/01) | | 26,033.3 | | 股价 12 个月高/低 | | 50.52/28.71 | | 总发行股数(百万) | | 1,237.56 | | H 股数(百万) | | 1,237.56 | | H 市值(亿元) | | 340.64 | | 主要股东 | | 杨云云(63.1%) | | 每股净值(元) | | 8.68 | | 股价/账面净值 | | 4.44 | | | 一个月 三个月 | 一年 | | 股价涨跌(%) | 23.70 -19.57 | -6.59 | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-08-22 | 39.06 | 买进 | | 2025-05-27 | 34.55 ...

2025 年 12 月 01 日 | H70420@capitalcom.tw | | | --- | --- | | 顾向君 目标价(HKD) | 5.7 | 公司基本资讯 | 产业别 | 纺织服饰 | | --- | --- | | H 股价(2025/11/28) | 4.96 | | 恒生指数(2025/11/28) | 25,858.9 | | 股价 12 个月高/低 | 5.2/3.41 | | 总发行股数(百万) | 11,629.75 | | H 股数(百万) | 11,629.75 | | H 市值(亿元) | 414.99 | | 主要股东 | 高德康 (60.92%) | | 每股净值(元) | 1.38 | | 股价/账面净值 | 3.59 | | | 一个月 三个月 一年 | | 股价涨跌(%) | 18.73% 10.47% 4.20% | 近期评等 | 出刊日期 | 前日收盘 | 评等 | | --- | --- | --- | | 2025-06-26 | 4.62 | 买进 | | 2024-12-02 | 4.05 | 买进 | | 2024-06-27 | 4.33 | ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [6]. Core Insights - The company has demonstrated strong revenue growth, achieving 1.35 billion RMB in revenue for the first three quarters of 2025, representing a year-over-year increase of 16.7%. Key product segments include frequency converters and servo systems, with respective revenues of 860 million RMB and 410 million RMB, showing growth rates of 16.7% and 10.9% [7]. - The company is expanding its presence in the humanoid robotics sector, launching several core components in collaboration with joint ventures. This includes high-performance motors and advanced robotic hands, which are designed for adaptability and efficiency [7]. - Future profit projections are optimistic, with expected net profits of 270 million RMB, 320 million RMB, and 390 million RMB for 2025, 2026, and 2027, respectively, reflecting year-over-year growth rates of 10.1%, 18.9%, and 20.3% [7]. Summary by Sections Company Overview - The company operates in the electrical equipment industry, with a current A-share price of 86.40 RMB and a target price of 99 RMB [1]. Recent Ratings - The company has consistently received "Buy" ratings in recent reports, with the latest rating issued on April 17, 2025 [2]. Product Portfolio - The product mix is heavily weighted towards frequency converters (64.1%) and servo systems (30.3%), with digital energy products making up 3.2% [2]. Financial Performance - The company reported a net profit of 191 million RMB in 2023, with projections for 2024 and 2025 at 245 million RMB and 270 million RMB, respectively [9]. - Revenue forecasts indicate a steady increase from 1.305 billion RMB in 2023 to 2.794 billion RMB by 2027 [11]. Cash Flow and Assets - The company is expected to generate positive cash flow from operating activities, with a projected net increase of 126 million RMB in 2025 [12]. - Total assets are projected to grow from 2.544 billion RMB in 2023 to 4.582 billion RMB by 2027 [13].

Investment Rating - The report assigns a "Buy" rating for 恒瑞医药 (Hengrui Medicine) [3][6] Core Insights - The company's revenue for Q1-Q3 2025 reached RMB 23.19 billion, a year-over-year increase of 14.9%, with a net profit attributable to shareholders of RMB 5.75 billion, up 24.5% year-over-year [3] - The company has successfully completed five external licensing agreements since the beginning of 2025, with a total potential transaction value of approximately USD 16.7 billion, significantly contributing to its revenue and net profit [10] - The estimated net profits for 2025-2027 are RMB 10.1 billion, RMB 9.09 billion, and RMB 10.4 billion, reflecting year-over-year growth rates of 59.3%, -9.9%, and 14.5% respectively [10] Financial Performance Summary - For Q3 2025, the company reported a revenue of RMB 7.43 billion, a year-over-year increase of 12.7%, and a net profit of RMB 1.3 billion, up 9.5% year-over-year [3][10] - The gross margin for Q3 was stable at 85.5%, with a net profit margin increase of 0.5 percentage points to 17.5% [10] - The projected earnings per share (EPS) for 2025 is RMB 1.52, with a price-to-earnings (P/E) ratio of 41X [10] Market Position and Valuation - The current A-share price is RMB 62.09, with a target price set at RMB 83, indicating a potential upside [5][10] - The company has a market capitalization of approximately RMB 396.07 billion [5] - Institutional investors hold 9.1% of the circulating A-shares, indicating a moderate level of institutional interest [7]

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [6][11]. Core Insights - The company is accelerating its A+H share structure and internationalization efforts, having received approval from the China Securities Regulatory Commission for its H-share issuance, which aims to raise funds for global expansion and technological advancements [9]. - The company has shown stable growth, with a revenue of RMB 1.26 billion in the first three quarters of 2025, representing a year-over-year increase of 18.7%, and a net profit of RMB 160 million, up 25% year-over-year [9]. - Future profit forecasts suggest net profits of RMB 252 million, RMB 327 million, and RMB 408 million for 2025, 2026, and 2027 respectively, with corresponding year-over-year growth rates of 11.74%, 29.87%, and 25% [8][9]. Summary by Sections Company Basic Information - The company operates in the electrical equipment industry, with a current A-share price of RMB 104.39 and a market capitalization of RMB 21.644 billion [2]. - Major shareholders include Shenzhen Qianhai Zhaowei Financial Holdings Co., Ltd., holding 35.36% of shares [2]. Financial Performance - The company is projected to achieve a net profit of RMB 252 million in 2025, with an EPS of RMB 1.04, and a P/E ratio of 99.91 [8]. - Revenue is expected to grow from RMB 1.85 billion in 2025 to RMB 2.86 billion by 2027, with a steady increase in operating profit [12]. Product Portfolio - The company's product mix includes micro drive systems (63.3%), precision parts (30.4%), and precision molds and others (6.3%) [2]. - The company is focusing on developing advanced technologies in robotics, particularly in dexterous hands, which are expected to become a significant growth driver [9].