1、恆指：多頭投資者認為站穩23600，有機會上殺24000的熊證，繼續持有收回價22000的牛證。也有投資者表示指數升到近一個月高位，高追入牛證，認為也有投資 者認為收回價在23700的熊證準備止損離場，選擇觀望。也有看空投資者繼續看淡6月份在走勢，入手平價熊證。 | 信號總結 | 賣出信號│中立信號│ | 買入信號 | | --- | --- | --- | | ■出 | 11 O | | 3、京東（09618）：投資者問逼近周線的底部，是否觸底反彈，挑戰250天線？窩輪市場上，有投資者持有行使價160元的認購證。 Simon:目前技術信號處於"強力買入"的信號，看好信號有16個，中立信號有6個以及賣出信號2個。上方阻力參考23853點，第二阻力位24200點。投資者認為 的24000，逼近恒指日線圖的保利加通道頂部24100點，投資者的觀點是有一些數據支持的。另外指數的支持位在23000點。 2、中芯國際（00981）：日線圖逼近底部，最近3天成交量增加，是否有機會反彈？同時有投資者認為守不住41元，就會下探35-30元。窩輪市場上，有人繼 續持有Put,認為跌到40.5元再獲利離場。 Simon:今日 ...

智通财经5月28日电，摩根士丹利将阿里健康评级下调至低配，目标价4.20港元；将京东健康评级上调 至平配，目标价45港元。 ...

机构：中金公司 研究员：冯喜鹏/陈诗雨/张琎 2025FY 基本符合市场预期 公司公布2025FY（20240401 – 20250331）业绩：收入305.98 亿元（+13.2% YoY），归母净利润14.32 亿元（+62.1% YoY），non-GAAP 净利润19.50 亿元（+35.6% YoY），基本符合市场预期。 发展趋势 公司核心主业维持稳健发展。2025FY 收入端分板块看：1）医药自营业务收入261.24 亿元（+10.0% YoY），持续兑现稳健发展，我们预计海内外医疗保健相关大类及药品大类表现或相对良好；2）医药 电商平台业务收入35.88 亿元（+54.0% YoY），我们预计主要因2025FY 首次完整并表广告营销业务， 带来表观收入端增厚；3）医疗健康和数字化服务业务收入8.85 亿元（-7.6% YoY），我们预计主要因 部分创新业务动态调整导致板块经营稍显波动。 利润端表现稳中有进。公司2025FY 毛利率24.3%（+2.5pct YoY），我们预计一方面因公司规模效应摊 薄采购成本并侧重利润品类经营，另一方面2025FY 首次完整并表高毛利的广告营销业务亦对毛利水平 拉 ...

Core Viewpoint - Alibaba Health reported a total revenue of 16.3 billion yuan for 2HFY25, representing a year-on-year increase of 16.0%, which exceeded the Visible Alpha consensus estimate of 12.6% [1] - Adjusted net profit was 970 million yuan, a year-on-year growth of 22.2%, but fell short of the consensus estimate of 11.0% [1] - Future profit growth is expected to rely on organic business growth as the impact of advertising business integration diminishes [1] Revenue Breakdown - The self-operated business generated revenue of 14 billion yuan in 2HFY25, up 13.9% year-on-year, outperforming the consensus estimate of 9.1% [2] - The pharmaceutical e-commerce platform business revenue was 1.9 billion yuan, showing a year-on-year growth of 43.6%, but below the consensus estimate of 57.7% [2] - The number of SKUs in the self-operated business increased by 33.6% year-on-year to 1.23 million [2] Business Development and Strategy - The integration of advertising business has enhanced the service capabilities for platform merchants, leading to improved operational returns and increased competitiveness in the pharmaceutical e-commerce sector [2] - Management indicated that the growth effect from Taobao's flash purchase exceeded expectations, suggesting a dual adaptation strategy for both remote and near-field models in the pharmaceutical health sector [2] Innovation and Future Guidance - The company reported stable growth in GMV for self-operated and platform businesses, with a focus on cost reduction and efficiency improvement [3] - Innovative businesses like "Code on Trust" and "Little Deer Traditional Chinese Medicine" have shown development, with "Code on Trust" covering a vast network of users and generating initial revenue [3] - The revenue growth target for FY26 is set at 5-10%, with adjusted net profit growth expected at 10-20% [3] Profit Forecast and Valuation - Adjusted net profit forecasts for FY26-27 have been revised down by 8.8% and 8.4% to 2.3 billion yuan and 2.6 billion yuan, respectively, with a new FY28 forecast introduced at 2.9 billion yuan [3] - The company is assigned a target non-IFRS PE of 35x, reflecting a premium over the comparable company's average of 16.2x for 2026, considering the ongoing market share acquisition and potential in medical AI [3] - The target price is set at 5.43 HKD, up from a previous value of 4.4 HKD [3]

Revenue Highlights - In FY2025, the company's operating revenue reached 30.6 billion yuan, representing a year-on-year growth of 13%, primarily driven by the rapid growth of its pharmaceutical platform business [1] - The self-operated pharmaceutical revenue was 26.1 billion yuan, up 10% year-on-year, mainly due to the continuous enrichment of B2C retail product SKUs, which increased by 33.6% to 1.23 million, along with growth in medical devices driven by national subsidies [1] - E-commerce platform service revenue amounted to 3.6 billion yuan, a year-on-year increase of 54%, benefiting from the injection of health category advertising business, with the number of platform merchants growing by 35% to 48,300 and SKUs increasing by 91% to 133 million [1] - Revenue from healthcare and digital services was 890 million yuan, showing a year-on-year decline of 8% [1] Profitability Insights - The adjusted net profit for FY2025 was 1.95 billion yuan, reflecting a year-on-year increase of 36%, with an adjusted net profit margin of 6.37%, up 1 percentage point [2] - Gross margin improved to 24.3%, an increase of 2.5 percentage points, primarily driven by the consolidation of higher-margin advertising business [2] - The fulfillment expense ratio was 8.4%, down 0.5 percentage points, with fulfillment expenses accounting for 9.8% of self-operated business revenue, a decrease of 0.4 percentage points, mainly due to improved operational efficiency in warehousing, logistics, and customer service [2] - The sales expense ratio was 7.4%, up 0.8 percentage points, while the management expense ratio remained stable at 1.3% [2] - The R&D expense ratio was 2.4%, down 0.2 percentage points, attributed to cost control and optimized R&D strategies [2] Future Outlook - The company is actively exploring AI in healthcare, enhancing operational efficiency across various scenarios such as optimizing pharmaceutical search models, smart supply chains for pharmacies, intelligent product operations, and smart customer service [2] - The company aims to empower consumers with an AI-driven product search engine and plans to develop more AI knowledge platform products for doctors, facilitating medical knowledge exchange [2] - Revenue projections for FY2026 and FY2027 are estimated at 33.5 billion yuan and 36.4 billion yuan, respectively, with adjusted net profits of 2.3 billion yuan and 2.8 billion yuan [3] - The company anticipates FY2028 revenue to reach 39.4 billion yuan, with an adjusted net profit of 3.2 billion yuan, currently trading at a FY2025 PE ratio of 31x [3]

| | | 2、百度（9888):全日收82.65元，投資者問是否有支持位？從日線圖看，在保利加通道中線跌至底部，甚至已經跌穿底部的支持。而周線圖看股價也跌回中 線下方，走勢不是很理想。技術信號的總結為"強力賣出"，賣出信號多過買入。進一步再跌的話，參考市場數據，比如我們數據系統分析的78.8元。再跌則 下試試周線圖的底部76.4元。 1、恆指：指數全日收23544點。投資者認為指數低於23500以下可以小注搏反彈。而看空投資者認為恒指會繼續下行考驗23000的支持位。走勢上，恆指維持橫盤格 局，整體變化不大。技術信號轉弱一些，信號總結為"買入"，未能到"強力買入"的信號。支持和阻力位可參考22815點和24000點。 3、周大福（1929）：全日收11.46元。投資者問是否會挑戰12元位置？走勢上，維持向上的趨勢，從2月初開始，股價從7元一路上行，走勢理想。目前技術 信號為"強力買入"，走勢也維持上行趨勢。第一阻力先參考保利加通道頂部11.64元。突破則參考我們數據分析的阻力位11.9元。這兩組數據暫時都低於12 元。窩輪市場上，暫時沒有追高的投資者，早前在9元有人部署認購證。 | 信號總結 | 賣出信號 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [7] Core Views - The company's revenue for FY2025 reached 30.6 billion yuan, representing a year-on-year growth of 13%, primarily driven by the rapid growth of its pharmaceutical platform business [10][11] - The adjusted net profit for FY2025 was 1.95 billion yuan, an increase of 36% year-on-year, with an adjusted net profit margin of 6.37% [11] - The company is actively exploring AI in healthcare to enhance operational efficiency across various scenarios, including AI-driven product search engines and knowledge platforms for medical professionals [11] Revenue Summary - The company's pharmaceutical self-operated revenue was 26.1 billion yuan, up 10% year-on-year, supported by a 33.6% increase in the number of self-operated B2C retail SKUs to 1.23 million [10] - E-commerce platform service revenue was 3.6 billion yuan, a significant increase of 54%, driven by the health category advertising business, with the number of platform merchants growing by 35% to 48,300 [10] - Revenue from healthcare and digital services declined by 8% to 890 million yuan [10] Profit Summary - The adjusted net profit margin improved by 1 percentage point year-on-year, while the gross margin increased by 2.5 percentage points to 24.3% [11] - The fulfillment expense ratio decreased by 0.5 percentage points to 8.4%, indicating improved operational efficiency in warehousing, logistics, and customer service [11] - The company has potential for further optimization in sales and fulfillment expense ratios, suggesting continued improvement in profitability [11] Financial Forecast - Revenue projections for FY2026 and FY2027 are estimated at 33.5 billion yuan and 36.4 billion yuan, respectively, with adjusted net profits of 2.3 billion yuan and 2.8 billion yuan [3][18] - The forecast for FY2028 includes revenue of 39.4 billion yuan and an adjusted net profit of 3.2 billion yuan [3][18]

恒生科技指数跌超2%，阿里健康跌超6%，联想跌超5%。 ...

Group 1 - The Hang Seng Index fell by 0.55%, down 131 points, closing at 23,695 points, while the Hang Seng Tech Index decreased by 0.66% [1] - The early trading volume in Hong Kong stocks reached HKD 1,076 million [1] - Robot-related stocks were active, with DCH Holdings (00179) rising nearly 6% and SUTENG (02498) increasing over 2% due to the upcoming CMG World Robot Competition [1] Group 2 - Eucan Vision Bio-B (01477) surged over 18% after OT-703 was approved for real-world research in Boao, Hainan [2] Group 3 - Smoore International (06969) rose over 5% as Glo Hilo is set to launch in Japan, with positive feedback from the trial market for heated non-combustible products [3] - Youjia Innovation (02431) increased over 5% after its L4 autonomous driving minibus received project designation, following a series of product showcases at the Shanghai Auto Show [3] Group 4 - Maanshan Iron & Steel (00323) saw a rise of over 7% as the steel industry showed improving performance in Q1, with institutions noting a marginal improvement in the sector's fundamentals [4] - InnoCare Pharma (02577) surged over 15% due to a partnership with NVIDIA for the next-generation 800V power architecture, drawing attention to third-generation semiconductors [4] Group 5 - Gu Ming (01364) increased by 4.5%, reaching a new high, with expectations of being included in the Hong Kong Stock Connect next month and a projected net increase of over 2,000 stores for the year [5] Group 6 - Dekang Agriculture and Animal Husbandry (02419) rose over 7%, with stock prices hitting a new high as institutions are optimistic about the company's valuation recovery potential [6] Group 7 - Gome Retail (06808) saw an early rise of nearly 7%, reporting a turnaround with a profit of RMB 410 million for the year, while Dehong Capital will promote the development of various store formats [7] - New Town Development (01030) fell over 3% amid reports of plans to issue guaranteed bonds domestically, aiming to raise RMB 1.5 to 2 billion [7] - Alibaba Health (00241) dropped over 4%, despite a year-on-year profit increase of over 62%, with analysts stating that profits did not meet expectations [7]

Group 1: Consumer Electronics Sector - The CSI Consumer Electronics Theme Index (931494) decreased by 0.13% as of May 22, 2025, with mixed performance among constituent stocks [1] - Leading gainers included Xunwei Communication (300136) up 3.30%, Wenta Technology (600745) up 2.63%, and Silan Microelectronics (600460) up 2.33% [1] - The Consumer Electronics ETF (561600) also fell by 0.13%, with a latest price of 0.78 yuan, but showed a 1.42% increase over the past month [1] - The ETF's trading volume was 287.16 million yuan with a turnover rate of 1.49% [1] - Over the past two weeks, the ETF's scale increased by 16.72 million yuan, ranking it in the top 1/5 among comparable funds [1] - The ETF's share count rose by 26 million shares in the same period, also placing it in the top 1/5 among comparable funds [1] - Recent capital inflow was balanced, with a total of 22.05 million yuan attracted over the last 10 trading days [1] Group 2: Artificial Intelligence Sector - The CSI Artificial Intelligence Theme Index (930713) declined by 0.06% as of May 22, 2025, with varied performance among its constituent stocks [2] - Top performers included Kunlun Wanwei (300418) up 7.89%, New Yisheng (300502) up 1.87%, and Shitou Technology (688169) up 1.82% [2] - The AI ETF (512930) decreased by 0.15%, with a latest price of 1.31 yuan, but recorded a 2.26% increase over the past month [2] - The ETF's trading volume was 28.19 million yuan with a turnover rate of 1.44% [3] - The latest scale of the AI ETF reached 1.95 billion yuan [3] - Recent net capital inflow was 1.31 million yuan, with a total of 32.98 million yuan attracted over the last five trading days [3] - Leveraged funds are actively participating, with the latest margin buying amounting to 4.44 million yuan and a margin balance of 90.18 million yuan [3] Group 3: Online Consumption Sector - The CSI Hong Kong-Shanghai Online Consumption Theme Index (931481) fell by 0.79% as of May 22, 2025, with mixed results among its constituent stocks [4] - Leading gainers included High Xin Retail (06808) up 10.24%, Kunlun Wanwei (300418) up 6.48%, and Youzu Network (002174) up 4.86% [4] - The Online Consumption ETF (159793) decreased by 0.78%, with a latest price of 0.89 yuan, but showed a 3.46% increase over the past month [4] - The index comprises 50 companies involved in online shopping, digital entertainment, online education, and telemedicine [13] - The top ten weighted stocks in the index account for 56.94% of the total weight, with Alibaba-W (09988) having the highest weight at 14.37% [13]