Market Performance - The Hang Seng Index closed down by 1.2% [1] - The Hang Seng Tech Index fell by 2.48% [1] Company Performance - BYD Electronics experienced a decline of over 6% [1] - CSPC Pharmaceutical Group saw an increase of 6.3% [1]

Group 1 - Kingsoft Software (03888) saw a nearly 5% drop in stock price, with Q1 revenue increasing by 9% year-on-year to 2.338 billion yuan, but net profit attributable to the parent company slightly decreased by 0.24% to 284 million yuan. Office software and services revenue grew by 6% year-on-year but fell by 13% quarter-on-quarter, while online gaming and other revenue increased by 14% year-on-year but decreased by 20% quarter-on-quarter [1] - Li Auto-W (02015) rose over 7%, reporting a 1.1% year-on-year revenue increase and a 9.4% rise in net profit for Q1. The company expects Q2 delivery volume to increase by 13.3%-17.9% year-on-year, with revenue projected to grow by 2.5%-6.7%. CEO Li Xiang expressed confidence in restoring monthly sales to 50,000 units and plans to launch the pure electric SUV i8 in July [1] - Hand Return Group (02621) debuted on the market but fell over 7% on its first day. The company is an internet-based life insurance intermediary with platforms like Xiaoyusan, Kachaba, and Niubao100, raising approximately 134 million HKD from its listing [1] - Yiming Anke-B (01541) surged over 13%, with its stock price doubling within the month. The company announced preliminary efficacy and safety data for its core product IMM2510 in treating non-small cell lung cancer (NSCLC) during I/II phase clinical trials [1] Group 2 - Meizhong Jiahe (02453) increased by over 7%, having developed a proprietary proton therapy language model successfully deployed in a Guangzhou hospital. The company plans to raise approximately 93.94 million HKD through a discounted share placement for equipment procurement, loan repayment, and working capital [2] - Gome Retail (06808) rose over 6%, with reports indicating that after a major shareholder change, the company is on track to transform its business, focusing on sales scale and absolute gross profit by FY2026. The company turned profitable in the second half of the last fiscal year, reporting a net profit of 199 million yuan, and plans to distribute 1.5 billion yuan in dividends for FY2025 [2] - Sany International (00631) saw a rise of over 4%, reporting a 14.6% year-on-year revenue increase to 5.876 billion yuan and a 23.2% rise in net profit to 635 million yuan for Q1. Growth was attributed to global expansion, digitalization, and low-carbon strategies [2] Group 3 - Dekang Agriculture (02419) surged over 8%, with analysts noting that April pig prices remained strong despite the seasonal downturn, and May's supply-demand dynamics are expected to support rising pig prices. The company is recognized for its leading breeding costs, projected to be below 13 yuan per kilogram, with an estimated 30% growth in pig output over the next three years [3] - Fubo Group (03738) increased by over 13%, completing an oversubscribed financing of over 500 million HKD for AI research and financial optimization. The company reported a total revenue increase of approximately 23% year-on-year, with mainland China revenue growing by about 21% and monthly recurring revenue (MRR) increasing by around 30% [3] - Gako Si-B (01167) rose over 8%, with a cumulative increase of over 25% this week. The company received domestic approval for its KRAS G12C inhibitor, used in specific non-small cell lung cancer treatments [3] - Fosun Pharma (02196) increased by over 6%, announcing that its self-developed new drug, Luwo Meitini tablets, has been approved for market release by the National Medical Products Administration [3] Group 4 - The smartphone supply chain stocks collectively fell, with companies like Hillstone Technology dropping over 5% and Sunny Optical, BYD Electronics, and GoerTek all declining over 3%. This decline was attributed to market concerns following the reinstatement of tariffs from the Trump administration [4] - Xiansheng Pharmaceutical (02096) rose over 8%, with five of its drugs selected for the 2025 ASCO annual meeting. The company's innovative drug BD's international expansion has garnered attention, including a deal with AbbVie worth over 1 billion USD [4] - Yika (09923) surged over 10%, following a 27% increase the previous day. The company recently obtained a payment license in Arizona, USA, with a projected nearly 5-fold increase in overseas transaction volume in 2024 [4] - Stone Pharmaceutical Group (01093) rose over 7%, with ongoing negotiations for three potential transactions involving products like EGFR-ADC, with total potential payments reaching approximately 5 billion USD, one of which is expected to be completed in June [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 10.12 HKD [8][9]. Core Views - The company reported a significant quarter-on-quarter improvement in 1Q25, with revenue of 7.015 billion RMB (-21.9% year-on-year, +11% quarter-on-quarter) and a net profit of 1.48 billion RMB (-8.4% year-on-year, +169% quarter-on-quarter) [1]. - Key drivers for the positive performance include the stabilization of core business and the recognition of upfront payments from Lp(a) and MAT2A small molecule BD transactions [2]. - The company is expected to see a gradual improvement in revenue and profit throughout the year, driven by the inventory cycle and new product launches [2]. - The EGFR ADC clinical trials are progressing rapidly, with promising data expected to enhance the company's international potential [3]. - The company is focusing on innovative pipelines, including HER2-targeted therapies and GLP-1 analogs, with expected market entries in the coming years [4]. Financial Projections - The company forecasts EPS of 0.49, 0.50, and 0.57 RMB for 2025, 2026, and 2027 respectively, with a target price based on a 19x PE ratio for 2025 [5]. - Revenue projections for 2025 are estimated at 31.101 billion RMB, with a conservative estimate of approximately 4 billion RMB in net profit for the year [2][19]. - The report anticipates a steady increase in revenue and profit margins, with a projected net profit margin of 18.31% for 2025 [19].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 10.12 [8][9]. Core Views - The company reported a significant quarter-on-quarter improvement in 1Q25, with revenue of RMB 7.015 billion (-21.9% year-on-year, +11% quarter-on-quarter) and a net profit of RMB 1.48 billion (-8.4% year-on-year, +169% quarter-on-quarter) [1]. - The improvement is attributed to stable core business performance and the recognition of upfront payments from Lp(a) and MAT2A small molecule BD transactions [2]. - The company is expected to see quarterly revenue and profit growth throughout the year, with a conservative estimate of approximately RMB 4 billion in annual core profits [2]. - The EGFR ADC clinical trials are progressing rapidly both domestically and internationally, indicating strong potential for overseas expansion [3]. - The company has a robust pipeline with significant BD progress and innovative platforms, enhancing its potential for international collaboration [4]. Financial Forecast and Valuation - The company’s EPS is projected to be RMB 0.49, 0.50, and 0.57 for the years 2025, 2026, and 2027 respectively, with a target PE of 19 times for 2025 [5]. - The estimated revenue for 2025 is RMB 31.101 billion, with a net profit of RMB 5.694 billion [19]. - The report highlights a significant reduction in sales expense ratio from 33% in 1Q24 to 24% in 1Q25, indicating improved cost management [2]. Key Metrics - The company’s market capitalization is approximately HKD 87.769 billion, with a closing price of HKD 7.62 as of May 29 [9]. - The projected revenue growth rates for the upcoming years are 7.21%, 8.35%, and 8.10% for 2025, 2026, and 2027 respectively [20].

Group 1: Market Overview - The report indicates that the US court's ruling against imposing comprehensive tariffs has led to market optimism regarding the end of the trade war, resulting in a rise in US stock markets and a halt to the five-day decline in A-shares [2][3] - The Hang Seng Index opened lower but rebounded significantly, closing up 315 points or 1.4%, with notable increases in major blue-chip stocks such as Meituan, Alibaba, and JD.com [3] Group 2: Macroeconomic and Industry Dynamics - The Financial Secretary of Hong Kong, Paul Chan, expressed intentions to strengthen ties with the Middle East market, highlighting the potential for collaboration in various financial products, including bonds and derivatives, following the listing of the first Saudi Islamic bond ETF in Hong Kong [6] - The CEO of Hong Kong Exchanges and Clearing, Charles Li, noted the growing momentum for connectivity between Hong Kong and Middle Eastern markets, with significant cooperation already established across various sectors [7] Group 3: Company News - New World Development is in the process of securing an HKD 87.5 billion refinancing deal, which has garnered significant attention from Hong Kong bankers, with at least 12 banks agreeing to terms so far [10] - CSPC Pharmaceutical Group reported a year-on-year decrease of 8.36% in net profit for the first quarter, with total revenue down 21.91%, primarily due to the impact of government policies on drug pricing [11] - Meizhong Pharmaceutical announced a placement of 18.6 million new H-shares at a discount of 19.7% to raise HKD 100 million for various operational needs [12]

Core Viewpoint - The Hong Kong stock market is undergoing significant changes, with a focus on the AI industry and the influx of quality companies, which is expected to drive future growth and investment opportunities [2][4]. Group 1: Market Performance - The Hang Seng Index opened down 0.99%, while the Hang Seng Tech Index fell by 1.26% [1]. - The influx of capital from mainland China is strengthening pricing power in the Hong Kong market, with expectations of continued inflows [2]. Group 2: Investment Opportunities - The AI industry is anticipated to lead the Hong Kong stock market upward, benefiting from high capital expenditure and the accumulation of scarce assets [2]. - Quality Chinese assets are seen as a fundamental basis for the sustainable growth of the Hong Kong stock market [3]. - The valuation of Hong Kong stocks is recovering, with the Hang Seng Index's PE ratio rising from approximately 7.5 times to 10.5 times, indicating room for further appreciation compared to historical highs [3]. Group 3: IPO Trends - The Hong Kong IPO market is expected to see a significant revival in 2025, providing a crucial window for domestic companies to raise foreign capital [3]. - The trend of A-share companies listing in Hong Kong is driven by strategic overseas expansion, regulatory advantages, and improved liquidity in the Hong Kong market [4]. Group 4: Government Policies - The Hong Kong government has implemented several supportive policies for the stock market, including lowering stamp duties and optimizing trading mechanisms to enhance market liquidity and attractiveness [5].

Core Viewpoint - CICC maintains the earnings forecast for CSPC Pharmaceutical Group (01093) for 2025 and 2026, with a target price increase of 26.5% to HKD 8.60, indicating a potential upside of 12.9% from the current stock price [1] Financial Performance - The company reported Q1 2025 results: revenue of CNY 7.015 billion (including BD revenue of CNY 718 million), down 21.9% YoY, but up 10.9% QoQ; net profit attributable to shareholders was CNY 1.478 billion (down 8.4% YoY, up 168.7% QoQ), and core net profit was CNY 1.411 billion (down 18.2% YoY, up 106.2% QoQ), aligning with CICC's expectations [2] Business Segment Analysis - Q1 2025 finished drug business faced pressure, with revenue of CNY 5.500 billion (down 27.3% YoY); specific segments included: CNS revenue CNY 1.908 billion (down 29.5% YoY), oncology CNY 552 million (down 65.7% YoY), anti-infection CNY 922 million (down 31.8% YoY), cardiovascular CNY 411 million (down 42.9% YoY), respiratory CNY 326 million (down 30.3% YoY), digestive metabolism CNY 299 million (down 4.7% YoY), and other finished drug products CNY 364 million (down 6.8% YoY); raw material drug revenue for Vitamin C was CNY 608 million (up 25.0% YoY) [3] Cost and Profitability Metrics - The company achieved a gross margin of 67.1% in Q1 2025 (down 5.2 percentage points YoY); the sales expense ratio improved to 23.7% (down 9.3 percentage points YoY), while the management expense ratio was 3.3% (down 0.4 percentage points YoY); R&D expense ratio was 23.7% (up 8.2 percentage points YoY), with expectations for annual R&D expenses to exceed CNY 5.5 billion [4] Innovation and Future Prospects - The company is optimistic about the clinical data readouts for key innovative products and the successful execution of BD transactions; SYS6010 (EGFR ADC) is under exploration with multiple clinical trials ongoing, and the company anticipates more significant BD transactions this year to enhance shareholder returns [5]

港股医药股走强 石药集团涨近8% 智通财经5月30日电，截至发稿，石药集团(01093.HK)涨7.61%、康哲药业(00867.HK)涨5.85%、信达生 物(01801.HK)涨3.86%、凯莱英(06821.HK)涨2.33%。 ...

Individual Company News - Li Auto (02015.HK) reported a total revenue of 25.9 billion yuan for Q1 2025, representing a year-on-year increase of 1.1%. Adjusted net profit was 1 billion yuan, down 20.5% year-on-year [1] - Sihuan Pharmaceutical (01093.HK) is in discussions with potential partners regarding licensing and collaboration in drug development, production, and commercialization [1] - SANY International (00631.HK) achieved a net profit of 636 million yuan in Q1, a year-on-year increase of 30.6%, driven by significant revenue growth in large port machinery, oil and gas equipment, silicon energy products, and overseas mining vehicle sales [1] - Minxin Group (00222.HK) has jointly established a partnership to invest in a national-level specialized and innovative technology enterprise [1] - China Orient Group (00581.HK) reported an operating profit of approximately 199 million yuan for Q1 after deducting financial costs [1] Pharmaceutical Sector News - Jiahe Biotech (06998.HK) received approval from the Chinese National Medical Products Administration for the market launch of the new drug GB491 [2] - Fosun Pharma (02196.HK) had its registration application for the drug Luwomeitini approved by the National Medical Products Administration [2] - Yum China (09987.HK) entered into a share repurchase agreement for a total buyback amount of approximately 510 million USD for the second half of the year [2]

5月29日恒生指数上涨1.35%，南向资金全天合计成交金额为990.06亿港元，其中，买入成交516.94亿港 元，卖出成交473.12亿港元，合计净买入金额43.82亿港元。具体来看，港股通（深）累计成交金额 334.38亿港元，买入成交168.17亿港元，卖出成交166.21亿港元，合计净买入金额1.96亿港元；港股通 （沪）累计成交金额655.68亿港元，买入成交348.77亿港元，卖出成交306.91亿港元，合计净买入金额 41.86亿港元。 5月29日南向资金成交活跃股 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 03690 | 美团-W | 712189.63 | 104396.29 | 6.62 | | 06060 | 众安在线 | 339810.30 | 75644.16 | 31.56 | | 01093 | 石药集团 | 202989.66 | 36597.45 | 11.73 | | 09992 | 泡泡玛特 | 192367.26 | 17803.28 | 4.31 ...