国医科技的SPD解决方案由SPD软件系统、智能硬件和专业服务三大核心组成部分构成，涵盖医疗物资 的采购、仓储、配送及使用管理，助力医院降低运营成本并提升供应管理效率。截至2025年9月30日， 国医科技的SPD解决方案已部署于中国13个省份的116家医院，包括8家A++医院中的3家及91家三级医 院（其中61家为三级甲等医院），尤其在长三角等经济发达区域市场渗透显著。 公司还于2024年推出了以AMR（自主移动机器人）为核心的院内IDS（智能配送系统）解决方案，利用 IoT和AI技术，覆盖医院内各类物资（如医用耗材、药品、灭菌医疗器械、高风险标本及医用废物）在 手术室、药房及检验室等关键场景的物流运输。截至2026年1月15日，国医科技的产品组合包括七款 AMR型号，分别针对医院环境内的特定临床及运营需求而开发。 中国SPD解决方案市场的商品交易总额从2019年的184亿元增长至2024年的1815亿元，预计到2029年将 增长至10574亿元。第三方SPD解决方案市场（按收入计）从2019年的1亿元增长至2024年的11亿元，预 计到2029年将增至96亿元。 转自：证券时报 文 | 证券时报 李志强 国医 ...

国医科技向港交所主板提交上市申请，海通国际任独家保荐人。 根据弗若斯特沙利文报告，按2024年收入计算，国医科技是中国最大的第三方SPD解决方案提供商，市 场份额为29.2%，同时也是中国首家第三方SPD解决方案提供商。SPD(供应、加工及分配)是一种创新型 供应链模式，旨在优化医院对医疗物资的采购、处理、流转及配送管理，以解决传统供应链模式中人工 操作多、管理分散、信息共享有限等问题。 国医科技的SPD解决方案由SPD软件系统、智能硬件和专业服务三大核心组成部分构成，涵盖医疗物资 的采购、仓储、配送及使用管理，助力医院降低运营成本并提升供应管理效率。截至2025年9月30日， 国医科技的SPD解决方案已部署于中国13个省份的116家医院，包括8家A++医院中的3家及91家三级医 院(其中61家为三级甲等医院)，尤其在长三角等经济发达区域市场渗透显著。 公司还于2024年推出了以AMR(自主移动机器人)为核心的院内IDS(智能配送系统)解决方案，利用IoT和 AI技术，覆盖医院内各类物资(如医用耗材、药品、灭菌医疗器械、高风险标本及医用废物)在手术室、 药房及检验室等关键场景的物流运输。截至2026年1月15 ...

Core Viewpoint - Haitong International forecasts strong revenue and profit growth for Tsugami Machine Tool China from FY2026 to FY2028, with a target price of HKD 46.94 based on a 15x P/E ratio for FY2026, and initiates coverage with an "Outperform" rating [1] Group 1: Financial Projections - Expected revenues for FY2026, FY2027, and FY2028 are projected at CNY 5.439 billion, CNY 6.984 billion, and CNY 8.601 billion respectively [1] - Forecasted net profits attributable to shareholders for FY2026, FY2027, and FY2028 are CNY 1.053 billion, CNY 1.132 billion, and CNY 1.589 billion respectively [1] - Earnings per share are anticipated to be CNY 2.8, CNY 3.49, and CNY 4.23 for FY2026, FY2027, and FY2028 respectively [1] Group 2: Business Performance - The company has experienced rapid growth, with a net profit of CNY 479 million in FY2024, expected to increase by 63% to CNY 782 million in FY2025 [1] - Sales revenue increased by approximately 26.2% year-on-year, while net profit grew by about 47.7% year-on-year in the past six months [1] - The main business focuses on four downstream industries: automotive parts, IT communications electronics, industrial automation, and medical devices, with the automotive sector being the primary growth driver over the past two years [1] Group 3: Market Trends - The domestic automotive industry is expected to maintain stability this year, with the trend towards smaller components in new energy vehicle parts aiding the company's penetration [2] - The 3C industry is showing signs of recovery, benefiting from product updates and iterations by leading smartphone manufacturers [1][2] - The company's lathe business is projected to achieve stable growth of 20% to 25% driven by advancements in automotive-related and new AI businesses [2]

Core Viewpoint - Haitong International forecasts significant revenue and profit growth for Tsunami Machine Tool China from FY2026 to FY2028, with a target price of HKD 46.94 based on a 15x P/E ratio for FY2026, and an "Outperform" rating assigned for the first coverage [1]. Group 1: Financial Projections - Expected revenues for Tsunami Machine Tool China are projected to be CNY 54.39 billion, CNY 69.84 billion, and CNY 86.01 billion for FY2026, FY2027, and FY2028 respectively [1]. - Forecasted net profits attributable to shareholders are CNY 10.53 billion, CNY 11.32 billion, and CNY 15.89 billion for the same fiscal years [1]. - Earnings per share are anticipated to be CNY 2.8, CNY 3.49, and CNY 4.23 for FY2026, FY2027, and FY2028 respectively [1]. Group 2: Business Performance - The company has experienced rapid growth in the past two years, with a net profit of CNY 4.79 billion in FY2024 and a projected increase of 63% to CNY 7.82 billion in FY2025 [1]. - Sales revenue increased by approximately 26.2% year-on-year, while net profit attributable to shareholders grew by about 47.7% year-on-year in the last six months [1]. - The main business focuses on four downstream industries: automotive parts, IT communications electronics, industrial automation, and medical devices, with the automotive sector being the primary growth driver over the past two years [1]. Group 3: Market Trends - The domestic automotive industry is expected to maintain stability this year, with the trend of miniaturization in new energy vehicle components aiding the company's penetration rate [2]. - The 3C industry is showing signs of recovery, benefiting from product updates and iterations by leading smartphone manufacturers [1][2]. - The company’s lathe business is projected to achieve stable growth of 20% to 25% driven by advancements in automotive-related and new AI business sectors [2].

Group 1 - The core viewpoint of the article highlights the recognition of outstanding performance in the Mandatory Provident Fund (MPF) sector, with a specific focus on the achievements of Haitong International Securities Company Limited [1] - Haitong International received a total of 8 awards for "Sustained Outstanding Performance Funds" and a "Silver" rating, showcasing its expertise in MPF management and investment [1] - The company plans to continue adhering to a prudent investment philosophy, leveraging its exceptional asset management capabilities and professional services to create sustainable, high-quality long-term returns for investors [1]

Group 1 - The core viewpoint of the report indicates that 361 Degrees (01361) has shown steady revenue growth in Q4 2025, with offline and online main brand revenues increasing by 10% and high double digits respectively, while children's clothing revenue also grew by 10% compared to Q3 2025 [1][2][3] - The company has exceeded its annual store opening target with 126 super stores established by the end of December 2025, surpassing the initial goal of 100 stores. The super stores opened 39, 44, and 33 locations in Q2, Q3, and Q4 respectively, and plans for net openings in 2026 are expected [1][3] - The outdoor brand ONEWAY is performing as expected, with 6 stores currently open and plans for further expansion in 2026 [1][3] Group 2 - The company focuses on the mass professional sports sector, leading the industry in revenue growth this year, while continuously innovating its products and optimizing its channel structure. The rapid expansion of the new super store format is also noted [2][4] - The forecast for net profit attributable to the parent company for 2025-2027 is adjusted to 1.27 billion, 1.4 billion, and 1.56 billion yuan respectively, with corresponding PE ratios of 8.5X, 7.7X, and 6.9X. The target price for 2025 is set at 6.83 HKD, reflecting a 9% decrease [2][4] - The company is expected to launch new products, including the top carbon running shoes and basketball shoes, and has successfully hosted various sporting events, enhancing its brand presence [1][3]

Core Insights - Nvidia and Eli Lilly have established a joint AI+Pharma lab, marking a shift in drug development from experience-driven to data and algorithm-driven approaches [2] - Tempus reported a revenue of approximately $1.27 billion for 2025, reflecting an 83% year-over-year growth, validating the commercialization potential of AI in clinical diagnostics and medical data [3] - The current phase is characterized by significant technological breakthroughs, active funding, and accelerated application of AI in the pharmaceutical industry [4] AI+Pharma - The AI+Pharma lab will leverage Eli Lilly's expertise in drug discovery and Nvidia's strengths in AI and computational infrastructure, with a planned investment of up to $1 billion over the next five years [2] - This collaboration signifies the integration of AI as a core productivity tool in drug development processes [2] AI+Healthcare - Tempus's diagnostic revenue reached approximately $955 million, up 111% year-over-year, driven by a 26% increase in tumor testing and a 29% increase in genetic testing [3] - The data and applications segment generated about $316 million, reflecting a 31% growth, with the Insights business growing by 38% [3] Industry Trends - The industry is experiencing a convergence of technological innovation, supportive policies, and a promising market outlook [4] - AI technologies have made significant advancements, enhancing efficiency across drug discovery, preclinical research, and clinical trials [4] - The AI pharmaceutical investment landscape is active, with notable developments such as OpenAI's ChatGPT Health and a surge in user engagement [4] Related Companies - AI Drug Discovery: Crystal Technology (02228), Insilico Medicine (03696), Via Biotechnology (01873), Chengdu XianDao (688222.SH), Hongbo Pharmaceutical (301230.SZ), and Yaoshi Technology (300725.SZ) [5] - AI Applications/Healthcare: Meinian Health (002044.SZ), Kingmed Diagnostics (603882.SH), Yuyue Medical (002223.SZ), BGI Genomics (688114.SH), and Dian Diagnostics (300244.SZ) [5]

Core Viewpoint - Haitong International maintains an "outperform" rating for Li Ning (02331) and raises the target price by 6% to HKD 22.3, indicating a potential upside of 13.9% [1] Financial Projections - Revenue projections for Li Ning from 2025 to 2027 are expected to reach RMB 28.79 billion, RMB 30.1 billion, and RMB 31.69 billion, representing year-on-year growth of 0.4%, 4.5%, and 5.3% respectively [1] - Net profit attributable to shareholders for the same period is forecasted to be RMB 2.64 billion, RMB 2.72 billion, and RMB 3.01 billion, corresponding to price-to-earnings ratios of 17.2x, 16.7x, and 15.1x respectively [1] Strategic Outlook - The adjustment of product categories and channels for Li Ning is expected to conclude this year, with the company planning to increase resource allocation and marketing efforts [1] - Haitong International is optimistic about the long-term brand strength and consumer perception that will result from these investments [1]

Group 1 - The core viewpoint of the report is that Haitong International maintains an "outperform" rating for Li Ning (02331) and raises the target price by 6% to HKD 22.3, indicating a potential upside of 13.9% [1] - Li Ning's category and channel adjustments are expected to be completed this year, with the company planning to increase resource allocation and promotional efforts [1] - Haitong International forecasts Li Ning's revenue for 2025, 2026, and 2027 to be RMB 28.79 billion, RMB 30.1 billion, and RMB 31.69 billion respectively, with year-on-year growth rates of 0.4%, 4.5%, and 5.3% [1] Group 2 - The expected net profit attributable to the parent company for the same years is RMB 2.64 billion, RMB 2.72 billion, and RMB 3.01 billion, corresponding to price-to-earnings ratios of 17.2x, 16.7x, and 15.1x respectively [1] - The report emphasizes the positive impact of Li Ning's investments on long-term brand strength and consumer perception [1]

Core Viewpoint - The express delivery industry is expected to maintain a single-digit growth rate, with a projected year-on-year increase of 5% in November 2025, reflecting a slowdown in growth compared to previous years [1][2]. Group 1: Industry Growth and Performance - The express delivery volume during the e-commerce Double Eleven shopping festival is expected to increase by 9% year-on-year, a significant decrease from the 21% growth rate observed in 2024 [1][2]. - The average daily volume during the shopping festival is 1.18 times that of regular days, with a peak daily volume increase of 6.6% year-on-year, indicating a diminishing marginal effect of the shopping festival on consumer spending [2][3]. Group 2: Revenue and Market Share - The implementation of anti-involution policies has effectively increased the revenue per package, with YTO, Yunda, and Shentong seeing revenue increases of 0.16, 0.25, and 0.44 yuan respectively from July to November [3]. - The market concentration in the express delivery sector has stabilized, with the CR8 index remaining at 86.9 in November, indicating a balanced market share among major players [3]. - The market shares for Zhongtong, YTO, Yunda, Shentong, and Jitu in Q3 2025 were 19.4%, 15.6%, 13.0%, 13.2%, and 11.3% respectively, showing slight fluctuations [3]. Group 3: Profitability Recovery - The anti-involution measures have contributed to a recovery in profitability, with Zhongtong, YTO, Yunda, and Shentong reporting net profit margin changes of -0.9%, +0.07%, -1.5%, and +0.5% year-on-year respectively [3]. - The trend of profitability recovery is expected to continue into Q4, contingent on the sustained implementation of anti-involution policies [3][4]. Group 4: Regulatory Environment and Competitive Strategies - The anti-involution policies initiated by the State Post Bureau have effectively countered "involution-style" competition, supported by local postal authorities through price and market share supervision [4]. - The positive effects of the anti-involution measures are anticipated to continue, promoting healthy competition and profitability within the industry [4]. Group 5: Investment Recommendations - The express delivery sector is viewed positively, with recommendations for leading companies such as Zhongtong Express and Jitu Express, which are expected to benefit from improved profitability and high growth in overseas volumes [5]. - SF Express is noted for its proactive market expansion strategy, which is expected to yield positive results as cost control measures are strengthened [5].