港股點評 2025年11月27日9:30 a.m 恒指升 33 點，滬指跌 5 點，標普 500 升 46 點 市場繼續憧憬美聯儲下月減息，港股隨外圍造好。恒指高開 152 點，初段曾升 241 點一度高見 26,136 點，午後升幅曾收窄至 12 點低見 25,907 點，全日升 33 點或 0.1%，收 25,928 點：國指升 4 點，收 9,162 點；恒生科技指數升 6 點或 0.1%，收 5,618 點。大市全日成交總額 2,070.78 億元。 人民銀行 26 日在公開市場開展 2,133 億元人民幣七天期逆回購操作，操作利率 持平於 1.4%。有 3,105 億元逆回購到期，單日淨回籠 972 億元。A 股三大指數 早市低開高走，午後個別發展，滬指最終微跌收市，深成及創板升約 1%至 2%。 滬指全日收報 3,864 點，跌 5 點或 0.2%，成交額 7,010 億元；深證成指全日報 12,907 點，升 130 點或 1%，成交額 1.08 萬億元；創業板指全日收報 3,044 點， 升 63 點或 2.1%，成交額 5,236 億元。 美股周三上揚，三大指數在感恩節假期前連續第四個交易日 ...

Core Viewpoint - Alibaba Health (00241.HK) experienced a decline of over 3%, trading down 3.28% at HKD 5.9, with a transaction volume of HKD 252 million [1] Company Summary - Alibaba Health's stock price fell to HKD 5.9, reflecting a decrease of 3.28% [1] - The trading volume reached HKD 252 million, indicating significant market activity [1]

Core Viewpoint - Citigroup's research report indicates that Alibaba Health's mid-term revenue increased by 17% year-on-year, with net profit reaching 1.266 billion yuan, exceeding expectations by 4% and 13% respectively [1] Financial Performance - Adjusted net profit rose by 38.7% year-on-year [1] - Gross margin improved by 30 basis points to 25.1% [1] Future Guidance - Alibaba Health raised its full-year revenue growth guidance for fiscal year 2026 to 10% to 15% [1] - Adjusted net profit growth guidance was also increased to 20% to 30% [1] Market Expectations - Given the strong adjusted net profit growth, the market is expected to focus on whether the management will further raise performance guidance [1] - Citigroup maintains a "Buy (High Risk)" rating with a target price of 8.5 HKD [1]

Core Viewpoint - Alibaba Health's stock declined over 3% despite strong interim financial results, indicating market skepticism about future performance guidance [1] Financial Performance - Total revenue for the six months ending September 30, 2025, was 16.697 billion RMB, a year-on-year increase of 17.0% [1] - Net profit reached 1.266 billion RMB, reflecting a year-on-year growth of 64.7%, with net profit margin increasing from 5.4% to 7.6% [1] - Adjusted net profit amounted to 1.356 billion RMB, showing a year-on-year increase of 38.7% [1] Future Guidance - Citigroup raised Alibaba Health's revenue growth guidance for the fiscal year 2026 to 10% to 15% [1] - The adjusted net profit growth guidance was also increased to 20% to 30% [1] - Market attention is focused on whether the management will further adjust performance guidance in light of strong adjusted net profit growth [1]

消息面上，阿里健康发布截至2025年9月30日止六个月的中期业绩，总收入为166.97亿元人民币，同比 增长17.0%；净利润额为12.66亿元人民币，同比增长64.7%；净利润率由5.4%增长至7.6%。调整后净利 润额为13.56亿元人民币，同比增长38.7%。 花旗发布研报称，阿里健康于9月将2026财年全年收入增长指引上调到10％至15%，并将经调整净利润 增长指引升到20％至30%。鉴于期内录得强劲的经调整净利润增长，该行认为市场会关注公司管理层会 否相应上调业绩指引。 阿里健康(00241)逆势跌超3%，截至发稿，跌3.28%，报5.9港元，成交额2.52亿港元。 ...

【今日头条】 全国进入流感快速上升阶段 流感活动已达到中流行水平 今冬流感，来势汹汹。据中国疾控中心消息，当前，全国流感进入快速上升阶段，多数省份流感活动已 达到中流行水平。最新一期《中国流感监测周报》显示，南北方省份哨点医院报告的流感样病例在门急 诊病例中占比都达到了近四年同期最高水平，且北方高于南方。这一周，全国共报告955起流感样病例 暴发疫情，其中741起由甲型H3N2病原体所引发。 据央视消息，数据显示，奥司他韦近七天销量增长率达237%，玛巴洛沙韦上涨达180%。有临床专家指 出，从流感的增长趋势分析，目前已步入流感季，但尚未到达高峰。据中国疾控中心预测，流感高峰期 预计将在今年12月中下旬至明年1月初出现。 涉及港股电商购药平台：阿里健康(00241)、京东健康(06618)、美团-W(03690)、平安好医生(01833);流 感药企：东阳光药(06887)。 【大势展望】 感恩节美股、美债市场周四将休市一日 隔夜美股道琼斯工业平均指数比前一交易日上涨314.67点，收于47427.12点，涨幅为0.67%；标准普尔 500种股票指数上涨46.73点，收于6812.61点，涨幅为0.69%；纳 ...

丨2025年11月27日星期四丨 NO.1 欧林生物向港交所主板递交上市申请 11月26日，欧林生物发布公告，称公司于11月25日向香港联合交易所有限公司（简称"香港联交所"）递 交了境外公开发行股份（H股）并在香港联交所主板上市的申请，并于同日在香港联交所网站刊登了本 次发行上市的申请资料。 点评：OT-702获批上市，意味着在原研药之外，给中国患者提供更多药物选择。对于欧康维视生物， 该事件短期将提振股价情绪，长期则为公司估值提供业绩支撑，但具体效果能否落地需持续观察。 NO.4 罗氏回应流感特效药需求上升：已启动应对预案 11月26日，罗氏制药对《每日经济新闻》记者表示，面对流感高发季，罗氏已启动预案，调动速福达全 球供应链资源，尽最大努力加大生产，加速向中国市场供应。目前，速福达正按计划分批次抵达中国口 岸，持续供应中国市场。 点评：罗氏制药的回应反映出中国市场的重要性，也凸显出国内流感特效药供不应求的问题。近年来， 业内卷起"一次治疗"新战场，未来若有更多的中国药企研发出流感创新药物，将成为这一市场的破局关 键。 NO.5 博雅生物破伤风人免疫球蛋白在国内获批 点评：欧林生物递表港股是其资本化与国际 ...

Group 1 - Southbound funds increased their holdings in Alibaba Health (00241.HK) by 3.354 million shares on November 26, 2025, marking a 0.19% change [1][2] - Over the past five trading days, southbound funds have increased their holdings for four days, with a total net increase of 6.738 million shares [1] - In the last 20 trading days, there have been 13 days of net increases, totaling 44.136 million shares [1] Group 2 - As of now, southbound funds hold 1.784 billion shares of Alibaba Health, accounting for 11.02% of the company's total issued ordinary shares [1] - The company primarily engages in the sale of pharmaceutical health products and operates e-commerce platforms for pharmaceuticals and consumer healthcare services [2] - Alibaba Health is a flagship platform for Alibaba Group in the health sector, utilizing cloud computing and big data technologies for digital healthcare and internet medical services [2]

◎记者 夏子航 11月25日，阿里健康与体外诊断行业头部上市公司圣湘生物正式签署战略合作协议。双方将聚焦呼吸道 感染性疾病领域，围绕检测产品、技术服务与创新模式展开全面业务合作，共同推动专业级呼吸道检测 能力向家庭场景延伸，助力淘宝闪购"居家闪检"服务体验升级。 近年来，阿里、京东、美团等互联网平台纷纷布局居家检测这一新风口。 一家互联网平台居家检测业务相关负责人向上海证券报记者表示，借助居家检测、可穿戴设备和连续数 据流，医疗健康行业有望迎来新机遇。"短期内，我们将开放检测与服务能力，接入更多合作伙伴，共 同拓展市场，提升服务能力；长期来看，我们将构建'检测—诊疗—用药—管理'的大健康生态蓝图。" 阿里健康与圣湘生物达成战略合作 11月18日，阿里健康联合淘宝闪购在北京、上海、广州、杭州四地率先推出"居家闪检"服务，上线 了"呼吸道病毒细菌12联检"项目，一次性覆盖甲型流感病毒、乙型流感病毒、肺炎支原体、新型冠状病 毒、腺病毒等12种常见呼吸道病原体，满足流感高发季多样化的检测需求。 用户在淘宝App搜索"居家闪检"进入服务页面预约后，由经过专业培训的骑手上门送达采样包，并协助 完成咽拭子样本采集，随后样本 ...

Core Insights - Alibaba Health reported a total revenue of 16.697 billion RMB for the six months ending September 30, 2025, representing a year-on-year growth of 17.0% [1] - The net profit reached 1.266 billion RMB, showing a significant increase of 64.7% compared to the previous year, with a net profit margin rising from 5.4% to 7.6% [1] - Adjusted net profit was 1.356 billion RMB, reflecting a year-on-year growth of 38.7% [1] Group 1: Business Performance - The Tmall Health platform maintained continuous growth in annual active consumers, with a stable increase in gross merchandise volume over the past six months [1] - The number of online products increased by over 24% to more than 97 million stock-keeping units, while the number of service merchants grew by over 39% to exceed 56,000 [1] - Self-operated business revenue reached 14.380 billion RMB, marking an 18.6% year-on-year increase, with prescription drugs and original research drugs categories experiencing rapid growth [1][2] Group 2: Strategic Initiatives - The company capitalized on supply-side structural optimization opportunities in the healthcare product categories, continuously enhancing the operational efficiency of its self-operated business [2] - Alibaba Health is deepening partnerships with pharmaceutical companies, actively introducing leading brands, and expanding collaboration channels to further enhance user perception [2] - The company is upgrading its healthcare service experience, providing integrated online and offline medical services across multiple platforms, including traditional Chinese medicine, health checks, diagnostics, consultations, appointments, vaccinations, dental care, psychological services, vision care, and nursing [2]