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]

Core Viewpoint - Haitong International initiates coverage on H&H International Holdings (01112) with an "Outperform" rating and a target price of HKD 17, highlighting strong growth across its business segments and effective high-end strategy [1] Group 1: Company Overview - H&H Group is a global leader in high-end family nutrition and health products, established in 1999 and headquartered in Hong Kong, listed on the Hong Kong Stock Exchange in 2010 [2] - The company operates in three main sectors: Baby Nutrition and Care (BNC), Adult Natural Health Nutrition and Care (ANC), and Pet Nutrition and Care (PNC), with products sold in over 20 countries [2] - H&H owns well-known brands such as Biostime, Swisse, and SolidGold, and has achieved global expansion through acquisitions, establishing R&D and production centers in Australia, France, and the USA [2] Group 2: Business Performance - The ANC business in China shows steady growth, with Swisse holding the number one market share in both China and Australia [3] - For the first three quarters of 2025, the ANC segment generated revenue of CNY 5.24 billion, a year-on-year increase of 6.0%, with Q3 alone achieving CNY 1.80 billion, up 6.3% year-on-year [3] - Biostime, H&H's core brand in the baby nutrition sector, has seen a strong recovery, with BNC revenue reaching CNY 3.97 billion for the first three quarters of 2025, a 24.0% increase year-on-year, and Q3 revenue soaring to CNY 1.47 billion, up 90.6% [4] - The infant formula segment is the primary growth driver, with revenue for the first three quarters of 2025 increasing by 33.3% year-on-year, and Q3 revenue up 104.0% year-on-year [4] - The PNC business also shows robust growth, with revenue of CNY 1.59 billion for the first three quarters of 2025, a year-on-year increase of 8.2%, and Q3 revenue reaching CNY 0.51 billion, up 7.2% [5]

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。 ...

Core Viewpoint - The recent stock transfer and buyback activities of Yongsheng Services indicate significant shareholder movements and a proactive approach to managing share value [1] Group 1: Stock Transfer - On December 19, Yongsheng Services' shares were transferred from Haitong International Securities to HSBC Hong Kong, with a transfer value of 706 million HKD, representing 23.61% of the total shares [1] Group 2: Share Buyback Activities - Yongsheng Services has been actively repurchasing its shares, with multiple transactions reported: - On December 19, the company spent 348,800 HKD to buy back 200,000 shares - On December 18, 346,700 HKD was used to repurchase 200,000 shares - On December 17, 341,000 HKD was spent on 200,000 shares - On December 16, 334,000 HKD was allocated for 200,000 shares - On December 15, 272,100 HKD was used to buy back 162,000 shares [1]

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].

Company Overview - Zhuozheng Medical has passed the main board listing hearing at the Hong Kong Stock Exchange, with Haitong International and Puyin International as joint sponsors [1] - As of 2024, Zhuozheng Medical is the third largest private mid-to-high-end comprehensive medical service provider in China, holding a market share of 2.0% [1] Industry Growth - The private mid-to-high-end medical service market in China is experiencing rapid growth, with total revenue increasing from RMB 193 billion in 2020 to RMB 426.3 billion in 2024, and is projected to reach RMB 831.4 billion by 2029 [1] Company Operations - As of October 28, 2025, Zhuozheng Medical operates 19 medical service institutions in 10 economically developed cities in China, including 17 clinics and 2 hospitals, and has 5 general clinics in Singapore and Malaysia [1] - The company employs a family medical model that integrates online and offline services, offering specialized services in pediatrics, dentistry, ophthalmology, and dermatology [1] - As of August 31, 2025, the company has 387 full-time doctors with an average of 15 years of practice experience, of which approximately 79% have worked in top-tier hospitals [1]