Investment Rating - The report provides an "Outperform" rating for multiple companies in the healthcare sector, including BeiGene, JD Health, WuXi Biologics, and others, indicating a positive outlook for these stocks [1]. Core Insights - The macro and industry environment is improving due to the resolution of policy uncertainties, the release of significant clinical data, and a resurgence in global M&A activity, leading to a notable increase in investor sentiment towards innovative drugs for 2026 [4][11]. - In oncology, the PD-1/VEGF dual antibody approach is transitioning from "mechanism validation" to "clinical and industrial resonance," with multiple global Phase III trials underway, expected to catalyze approvals and data releases within the year [5][17]. - The metabolic sector is seeing growth in the cash-pay market for GLP-1 drugs, driven by limited insurance coverage and high out-of-pocket costs, prompting companies to enhance accessibility through direct sales and pricing adjustments [6][25]. - In the autoimmune space, there is a growing concentration risk among major products from multinational corporations (MNCs), with new antibody platforms expected to yield significant data in 2026, potentially leading to new business development opportunities [7]. - The central nervous system (CNS) investment focus remains on advancing Aβ monoclonal antibody treatments, with key data expected to open up early intervention market opportunities [9]. Summary by Sections Oncology - The PD-1/VEGF dual antibody's clinical and industrial certainty is strengthening, with major companies conducting multiple global Phase III trials across high-value indications [17]. - The Pan-RAS precision therapy is entering a realization phase, with key Phase III data expected in 2026 for pancreatic cancer and NSCLC [22]. Metabolic - The cash-pay market for GLP-1 drugs is expanding due to limited insurance coverage, with companies like Eli Lilly and Novo Nordisk adopting different direct-to-consumer strategies to enhance accessibility [25][26]. - Small nucleic acid therapies are expected to upgrade treatment paradigms, showing competitive data in weight loss and safety profiles when combined with GLP-1 [30]. Autoimmune - MNCs are increasingly reliant on a few blockbuster products, with structural opportunities arising from new antibody platforms expected to report data in 2026 [7]. - The trend towards oral formulations in autoimmune diseases is gaining traction, offering advantages in adherence and competitive differentiation [7]. CNS - The focus in CNS remains on Aβ monoclonal antibody treatments, with advancements expected to shift treatment towards earlier intervention populations [9]. - New delivery methods, such as systemic administration of small nucleic acids, are being explored as complementary approaches [9].

Group 1 - The company, Hutchison China MediTech Limited (00013.HK), announced that it will hold a board meeting on March 5, 2026, to approve its annual results for the year ending December 31, 2025 [1] - The annual results will be published on the same day at 7 PM Hong Kong time [1]

Core Viewpoint - HUTCHMED will announce its final results for the year ended December 31, 2025, on March 5, 2026, with subsequent webcasts for analysts and investors to discuss the results and conduct Q&A sessions [1][2]. Company Overview - HUTCHMED is an innovative, commercial-stage biopharmaceutical company focused on the discovery, global development, and commercialization of targeted therapies and immunotherapies for cancer and immunological diseases [4]. - The company has successfully marketed its first three medicines in China, with the first also receiving approval in the US, Europe, and Japan [4]. Event Details - The English webcast for discussing the final results will take place on March 5, 2026, at 8:00 am EST, followed by a Chinese (Putonghua) webcast on March 6, 2026, at 8:30 am HKT [2]. - Both webcasts will be available live on the company's website, with a replay accessible shortly after the events [3].

HUTCHMED (China) Limited 和黃醫藥（中國）有限公司 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對 因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：13） 董事會會議召開日期及 2025 年全年業績公告 和黃醫藥（中國）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於 2026 年 3 月 5 日（星期四） 舉行董事會會議，以（其中包括）批准本公司及其附屬公司截至 2025 年 12 月 31 日止年度之年度業績，並將其於同 日下午 7 時正（香港時間）發佈。 於業績獲批准及發佈後，本公司之管理層將於同日下午 9 時正（香港時間）舉行設有問答環節之英語網上直播簡報 會。本公司亦將於 2026 年 3 月 6 日（星期五）上午 8 時半（香港時間）舉行中文（普通話）網上直播。兩場實時網 上直播均可於本公司網站 www.hutch-med.com/event/ 收看。簡報文稿將於網上直播開始前上載至本公司網站以供 下載。 ...

Core Viewpoint - The Panamanian government has decided that future port concessions will not be granted to a single company, following a Supreme Court ruling that nullified CK Hutchison's contracts due to constitutional violations [1][2]. Group 1: Legal and Regulatory Developments - The Supreme Court of Panama nullified CK Hutchison's contract to operate two ports, citing exclusive privileges and tax exemptions as violations of the constitution [2]. - The Panamanian President stated that the court's decision is definitive and does not expect escalation of the situation [2]. - The enforcement timeline of the ruling remains unclear, but the Panama Ports Company will continue operations in the interim [3]. Group 2: Company Actions and Implications - CK Hutchison has initiated international arbitration proceedings against Panama, which could take years to resolve [3]. - The legal decision raises uncertainties regarding the future ownership of the two ports and impacts CK Hutchison's planned $23 billion sale of its port businesses [4]. Group 3: International Relations - China has warned Panama of "heavy prices" for the court ruling, labeling it as "absurd" and expressing intentions to defend the interests of Chinese companies [2].

I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00013 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | USD | | 0.1 | USD | | 150,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,500,000,000 | USD | | 0.1 | USD | | 150,000,000 | 本月底法定/註冊股本總額： USD 150,000,000 第 1 頁 共 10 頁 v 1.2.0 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交 ...

Core Viewpoint - The decision by Panama's top court to void CK Hutchison Holdings Ltd.'s contract to operate two ports has been criticized by a pro-Beijing newspaper, which claims the ruling is influenced by US pressure and urges Hong Kong businesses to reconsider investments in Panama [1][2][3]. Group 1: Judicial Independence and Economic Implications - The ruling reflects Panama's lack of judicial independence and its readiness to accommodate US demands, as stated in a commentary from Ta Kung Pao [2]. - The two ports are part of CK Hutchison's proposed sale of 43 global facilities to a consortium that includes China Cosco Shipping Corp., Terminal Investment Ltd., and BlackRock Inc. [2]. - The newspaper calls for Panama to correct the ruling and compensate affected companies, warning that failure to do so could harm economic ties with China and diminish confidence among Chinese enterprises [3]. Group 2: Geopolitical Context and Investment Risks - The article indicates rising tensions between the US and China over the strategic Panama Canal, complicating the ports sale by CK Hutchison, which could generate over $19 billion in cash if completed [4]. - CK Hutchison's decision to invite state-owned Cosco into the buying consortium was seen as a response to US pressure, with the US Secretary of State praising the ruling as a positive development [5][4]. - The commentary suggests that the ruling poses significant risks to global business operations and serves as a warning to investors [9]. Group 3: Strategic Moves and Future Considerations - To mitigate regulatory risks, the involved parties are considering splitting the assets into separate parcels with different ownership structures, allowing Cosco to take larger stakes in ports located in more China-friendly regions [6]. - The commentary criticizes Panama for its military cooperation with the US and for withdrawing from China's Belt and Road Initiative, indicating a shift in diplomatic relations [8]. - Prior to Cosco's involvement, China had threatened investigations into the deal and instructed state-owned enterprises to cease collaboration with the Li family, highlighting the political tensions affecting business operations [10].

Core Viewpoint - The current atmosphere in the U.S. government is extremely tense, with the potential for a government shutdown and significant financial repercussions if the Supreme Court rules against the Trump administration regarding tariffs [1][3]. Group 1: Financial Implications - The U.S. government may face a financial crisis if it is required to refund tariffs collected from other countries, particularly China, which could lead to a severe depletion of U.S. fiscal resources [3][5]. - Trump has indicated that if the U.S. is forced to refund these tariffs, it could result in the country being downgraded to a "third-rate nation" [3][5]. - The U.S. trade deficit with China has reportedly decreased by over $80 billion, but the deficit with other Asian countries has increased by 10%, indicating that Chinese goods are still entering the U.S. market through other channels [5][7]. Group 2: Trade Dynamics - Despite claims of reduced imports from China, the actual demand for Chinese goods remains strong, as evidenced by China's record trade surplus of $1.2 trillion in 2025 [7][11]. - The U.S. is attempting to manipulate financial markets by pressuring the Federal Reserve to lower interest rates, which could lead to a devaluation of the dollar and impact global wealth distribution [9][11]. Group 3: Geopolitical Tensions - The U.S. has taken aggressive actions against China, including pressuring Panama to cancel contracts with Chinese companies, which raises concerns about the integrity of international agreements [11][12]. - This behavior reflects a broader strategy by the Trump administration to contain China's growth and influence globally, which could lead to increased tensions and potential conflict [12][13]. - The U.S. is perceived as undermining international cooperation by disregarding established contracts, which could create a climate of distrust among global trading partners [12][14].

Core Viewpoint - Panama's Supreme Court annulled key port contracts held by a subsidiary of Hong Kong-based CK Hutchison, declaring the contracts unconstitutional, which raises concerns about the future of the company's operations in the region [1] Group 1 - The annulment of the contracts could significantly impact CK Hutchison's business strategy and financial performance in Panama [1] - The ruling highlights potential legal and regulatory risks associated with foreign investments in Panama's infrastructure sector [1] - The decision may lead to increased scrutiny of existing contracts and future investments by other foreign companies in Panama [1]

Group 1 - CMB International maintains a "Buy" rating for Anta Sports with a target price of HKD 108.70, noting a low single-digit decline in Q4 revenue for the Anta brand, while FILA and other brands show resilience with a growth of 35%-40% [1] - CMB International also maintains a "Buy" rating for China Resources Beverage with a target price of HKD 11.87, indicating that 2025 will be a year of pressure release, with stable market share in packaged water and potential improvements in sales incentives [1] Group 2 - CMB International maintains a "Buy" rating for Hutchison China MediTech, highlighting the significant superiority of Savolitinib combination therapy over chemotherapy in MET amplified NSCLC, with global sales peak potential exceeding USD 1.8 billion [2] - CMB International maintains a "Buy" rating for China Resources Power with a target price of HKD 21.05, projecting a 6.7% increase in core profit for 2025, with a 9.8% decrease in thermal coal fuel costs partially offsetting coal price rebounds [3] Group 3 - CITIC Securities maintains a "Buy" rating for Geek+, setting a target price of HKD 53.00, with a significant upward revision of order growth from 30% to 40% for 2026, and successful penetration into North American key accounts [4] - CITIC Securities maintains a "Buy" rating for Jiangnan Buyi, noting excellent performance in FY1H26 and a fundraising of HKD 270 million to enhance brand development, with expected high single-digit to double-digit growth in revenue and profit [5] Group 4 - CITIC Securities maintains a "Buy" rating for Xaircraft with a target price of HKD 87.00, emphasizing its leading position in general aviation and private aviation, with current valuations not reflecting its brand potential and scarcity [6] - CITIC Jiantou maintains a "Buy" rating for Xtep International, indicating flat revenue for the main brand in Q4 2025, with bright performance in running categories and successful adjustments in e-commerce [7][8]