智通财经APP获悉，海通国际发布研报称，首次覆盖极智嘉-W(02590)，予"优于大市"评级，预计集团 2025至2027年归母净利润分别为1.37亿、3.32亿及6.06亿元人民币(下同)，收入分别为31.3亿、40.3亿及 51.2亿元。海通国际表示，公司主营业务结构清晰，技术优势显著，采用市销率估值最终予公司2026年 10倍市销率估值，对应合理市值为403亿人民币，对应公司目标价32.76港元。 ...

Company Overview - Frontera Therapeutics has submitted a listing application to the Hong Kong Stock Exchange, with UBS and Haitong International as joint sponsors [1] - The company's core business focuses on the development of innovative recombinant adeno-associated virus (rAAV) gene therapies, particularly targeting ophthalmic and cardiovascular diseases [1] - Frontera Therapeutics' product pipeline is considered to have best-in-class potential globally [1] Product Pipeline - As of December 16, 2025, Frontera Therapeutics' product pipeline includes eight self-developed rAAV gene therapy candidates [1] - The two core products are FT-002 for treating X-linked retinitis pigmentosa (XLRP) and FT-003 for treating neovascular age-related macular degeneration (nAMD) and diabetic macular edema (DME) [1] Competitive Advantages - The company possesses the AAVANCETM Bac/Sf9 production platform, which enables safe, scalable, and cost-effective high-quality production [1] - Frontera Therapeutics also has the EXACTETM proprietary rAAV gene therapy R&D platform, supporting the development of innovative products protected by global intellectual property rights [1] Regulatory Approvals - Frontera Therapeutics has received a total of 12 IND approvals from the National Medical Products Administration and the FDA, making it the company with the most IND approvals for rAAV gene therapy development in China [1] - The company has successfully advanced three candidate drugs into Phase II clinical trials [1] Industry Growth - The global gene therapy market is projected to grow from $2.8 billion in 2024 to $32 billion by 2035 [2] - The Chinese gene therapy market is also expected to experience rapid growth, reaching a market size of RMB 11.6 billion by 2035 [2]

Group 1 - The core objective of the visit by the Cambodian delegation to Hong Kong is to deepen financial cooperation and promote connectivity between the capital markets of Cambodia and Hong Kong [1] - Discussions focused on key topics such as the implementation of Dim Sum bonds (offshore RMB bonds), dual listing mechanisms, and collaboration between brokers to facilitate cross-border capital inflow [1][3] - The Cambodian Securities and Exchange Commission (SERC) aims to enhance cooperation with the Hong Kong Stock Exchange (HKEX) and establish a more systematic and actionable framework for bilateral capital market collaboration [3] Group 2 - The SERC Chairman emphasized the importance of dual listing and international financing channels, aiming to guide more Cambodian companies to list in Hong Kong after their domestic listings [3] - The Cambodian Chamber of Commerce President highlighted the country's economic reforms and the potential for international capital to drive growth, governance, and market confidence [4] - The Chairman of the Cambodian Securities Company expressed intentions to deepen cooperation with Haitong International, focusing on cross-border investments and dual listings [5][6] Group 3 - A two-phase approach for RMB bond issuance was outlined: the first phase involves supporting top Cambodian companies to issue Dim Sum bonds in Hong Kong, while the second phase aims to facilitate the issuance of RMB-denominated bonds within Cambodia [7] - Future efforts will include coordinating visits from Hong Kong partners to Cambodia to promote project-based cooperation and expedite the issuance of Dim Sum bonds and dual listings [8] - The Cambodian delegation has established a clearer roadmap for advancing institutional cooperation with Hong Kong in capital markets, aiming to attract long-term capital and resources [8]

Core Insights - The global beer industry is undergoing a profound transformation from cyclical fluctuations to structural changes, driven by heightened health awareness and generational shifts in consumption patterns [1] - The market for traditional beer is being increasingly eroded by the rapid rise of craft and non-alcoholic beers, while soft drink sales continue to grow steadily, diverting consumers from alcoholic beverages [1] Group 1: Industry Trends - Global beer sales are projected to decline by 1% in 2024, remaining below pre-pandemic levels from 2019, with 49% of American consumers planning to reduce alcohol consumption, and this figure rises to 65% among Generation Z [1] - The Chinese market faces unique challenges, including a shift towards premiumization, the inefficacy of traditional distribution models, and intensified cross-industry competition [1] Group 2: Strategies for Chinese Companies - Chinese beer companies should focus on three main areas: enhancing quality through premiumization, optimizing cost structures via digitalization and capacity integration, and solidifying local market positions before expanding regionally [2] - Successful diversification requires meeting three core elements: category synergy, channel reuse, and brand extension, with a success rate exceeding 60% for expansions into related categories like spirits and ready-to-drink beverages [3] Group 3: Internationalization - Internationalization is crucial for overcoming domestic market limitations, with companies that have higher international exposure enjoying significant valuation premiums [4] - Chinese beer exports are currently at a nascent stage, accounting for only 2% of production in 2024, and companies should adopt a cautious approach by testing markets through exports and prioritizing investments in Belt and Road countries [4] Group 4: Investment Recommendations - The experience of global beer leaders suggests that Chinese beer companies should focus on enhancing operational efficiency, driving innovation, and pursuing steady expansion [5] - Future investments should concentrate on three main lines: value re-evaluation through operational improvements, long-term beneficiaries of structural upgrades, and pioneers in emerging categories [6]

Core Viewpoint - Haitong International has initiated coverage on H&H International Holdings with an "Outperform" rating and a target price of HKD 17, projecting net profits of RMB 415 million, RMB 641 million, and RMB 818 million for 2025 to 2027, representing year-on-year growth of 873.36%, 54.35%, and 27.50% respectively, with earnings per share of RMB 0.64, RMB 0.99, and RMB 1.27 [1] Group 1 - The company owns well-known brands such as Biostime, Swisse, and SolidGold, and has achieved a global presence through acquisitions [1] - H&H International has established R&D and production centers in Australia, France, and the United States [1] - Despite a slowdown in overall industry growth, the Adult Natural Health Nutrition and Care (ANC) business demonstrates resilience and growth potential, supporting the overall performance of the group [1]

海通国际主要观点如下： 海通国际发布研报称，首次覆盖给予H&H国际控股(01112)"优于大市"评级，对应目标价17港元，H&H 业务覆盖婴幼儿营养与护理(BNC)、成人自然健康营养与护理(ANC)和宠物营养与护理(PNC)三大板 块，2025年前三季度，集团各业务表现亮眼保持稳健增长。高端化战略成效显著，多品牌协同助力集团 持续拓展全球市场。 合生元超预期复苏，婴配粉增长强劲 Biostime(合生元)作为H&H集团的核心母婴营养品牌，自1999年创立以来，始终专注于婴幼儿营养与健 康领域。其产品以"奶粉+营养品"双轮驱动，精准切入免疫、过敏等高价值赛道。婴幼儿配方奶粉为品 牌拳头产品，营养补充品以益生菌系列为主要代表。25Q1-Q3，H&H集团BNC业务实现营收39.7亿元， 同比+24.0%，其中单三季度收入达14.7亿元，同比+90.6%，增速远超集团整体业务水平。婴幼儿配方 奶粉成为最大增长引擎，25Q1-Q3该收入同比+33.3%，25Q3单季收入同比+104.0%，推动BNC业务实现 跨越式发展。 高端化成效凸显，PNC业务稳健增长 SolidGold(素力高)作为美国宠物营养领域的先驱品牌，1 ...

智通财经APP获悉，海通国际发布研报称，首次覆盖给予H&H国际控股(01112)"优于大市"评级，对应 目标价17港元，H&H业务覆盖婴幼儿营养与护理(BNC)、成人自然健康营养与护理(ANC)和宠物营养与 护理(PNC)三大板块，2025年前三季度，集团各业务表现亮眼保持稳健增长。高端化战略成效显著，多 品牌协同助力集团持续拓展全球市场。 海通国际主要观点如下： 高端家庭健康营养产品的领先企业 H&H(健合集团)是一家专注于高端家庭营养与健康产品的全球性企业，成立于1999年，总部位于中国香 港，2010年于港交所上市。集团以"让人们更健康更快乐"为使命，业务覆盖婴幼儿营养与护理(BNC)、 成人自然健康营养与护理(ANC)和宠物营养与护理(PNC)三大领域，产品行销全球20多个国家和地区。 旗下拥有合生元、Swisse斯维诗、SolidGold素力高等知名品牌，通过并购实现全球化布局，在澳大利 亚、法国、美国等地设立研发与生产中心。 ANC业务中国区稳健增长，Swisse中国和澳洲市占率第一 Swisse斯维诗是源自澳大利亚的全球性健康营养品牌，由Kevin Ring于1969年创立。品牌最初以生产维 生 ...

香港联交所最新资料显示，12月19日，永升服务(01995)股东将股票由海通国际证券转入香港上海汇丰 银行，转仓市值7.06亿港元，占比23.61%。 永升服务近期频繁回购，公告显示，公司分别于2025年12月19日斥资34.88万港元回购20万股；于2025 年12月18日斥资34.67万港元回购20万股股份；于2025年12月17日斥资34.1万港元回购20万股股份；于 2025年12月16日斥资33.4万港元回购20万股；于2025年12月15日斥资27.21万港元回购16.2万股股份。 ...

永升服务近期频繁回购，公告显示，公司分别于2025年12月19日斥资34.88万港元回购20万股；于2025 年12月18日斥资34.67万港元回购20万股股份；于2025年12月17日斥资34.1万港元回购20万股股份；于 2025年12月16日斥资33.4万港元回购20万股；于2025年12月15日斥资27.21万港元回购16.2万股股份。 智通财经APP获悉，香港联交所最新资料显示，12月19日，永升服务(01995)股东将股票由海通国际证券 转入香港上海汇丰银行，转仓市值7.06亿港元，占比23.61%。 ...

Core Viewpoint - The year 2026 is projected to be a turning point for China's economy, moving away from low inflation and establishing a "new equilibrium" as per the consensus among major securities firms [1]. Group 1: Macroeconomic Growth and Price Recovery - Major securities firms, including China Merchants, Ping An, and West Securities, agree that the Chinese economy will emerge from the low inflation phase, with expectations of nominal GDP growth recovery driven by price factor improvements [1][5]. - The "anti-involution" policy is expected to limit supply, combined with the pig cycle bottoming out and PPI turning positive, which will be key in improving corporate profitability and nominal GDP [1][5][6]. Group 2: Structural Transition and New Growth Drivers - 2026 is seen as a critical juncture for the transition between old and new growth drivers, with real estate investment entering a bottoming phase while AI, data center energy demand, and high-end manufacturing are expected to become substantial growth engines [1][5][21]. - The consensus is that the economy will experience a "new-old relay" with significant changes in investment structures, particularly in manufacturing and real estate [1][21]. Group 3: Demand-Side Drivers - There is a divergence in views regarding demand-side drivers; some firms like Minsheng and Northeast Securities believe external demand will outperform internal demand, while others like West Securities and Shenwan Hongyuan predict a shift towards internal demand dominance [1][5][21]. Group 4: Asset Allocation and Market Style Predictions - Opinions on asset allocation and market style are highly varied, with Haitong International being the most optimistic, predicting a 40% increase in the Shanghai Composite Index based on "value re-evaluation" logic [2][50]. - China Merchants Securities anticipates a shift from "policy-driven" to "profit-driven" market dynamics, while others suggest a more balanced focus on both growth and cyclical opportunities [2][21]. Group 5: Key Predictions from Securities Firms - China Merchants Securities predicts a recovery in corporate profits and a shift in policy focus towards enhancing development quality, with manufacturing investment expected to grow by 5% and real estate investment's decline narrowing to -8% [5][10]. - Ping An Securities emphasizes the importance of price recovery, forecasting CPI to rise to 0.6% and PPI to narrow its decline significantly [16][18]. - West Securities expects nominal GDP growth to accelerate, driven by inflation recovery and the emergence of new growth forces [21][23]. Group 6: External Environment and Trade Dynamics - The external environment is expected to improve, with strong export performance contributing significantly to GDP growth, projected to be around 40%-50% from actual export growth [11][44]. - The report from Northeast Securities highlights that external demand will recover before internal demand, with exports expected to grow by approximately 7% [44][45].