每经AI快讯，10月17日，港股中资券商股集体走低，截至发稿，广发证券(01776.HK)跌5.15%，报19.88 港元；中信建投证券(06066.HK)跌4.23%，报13.37港元；国泰海通(02611.HK)跌3.07%，报15.18港元； 光大证券(06178.HK)跌2.22%，报10.58港元。 （文章来源：每日经济新闻） ...

智通财经APP获悉，中资券商股集体走低，截至发稿，广发证券(01776)跌5.15%，报19.88港元；中信建 投证券(06066)跌4.23%，报13.37港元；国泰海通(02611)跌3.07%，报15.18港元；光大证券(06178)跌 2.22%，报10.58港元。 消息面上，最新发布的9月金融数据显示，存款结构呈现显著分化，住户存款与非银金融机构存款呈 现"一增一减"。其中，住户存款新增2.96万亿元，同比多增7600亿元；非银存款减少1.06万亿元，同比 少增1.97万亿元。爱建证券发布研报称，该格局并非意味着存款向资本市场迁移进程的逆转，而是受到 季节性因素与去年同期高基数的共同扰动，尚不能据此断定"存款搬家"趋势的终结，其持续性仍需后续 月份数据的进一步验证。 广发证券则表示，市场风偏波动但不改增量资金入市趋势，券商板块景气度有望震荡上行，但估值滞 涨，资本市场稳定性提升下券商板块兼具工具属性，建议关注Q3业绩弹性催化以及华泰证券(A/H)、东 方证券(A/H)、中金公司(H)、国泰海通(A/H)、中信证券(A/H)等投资机会。 ...

Core Viewpoint - Cathay Securities has initiated coverage on Lepu Biopharma-B (02157) with a "Buy" rating, projecting significant revenue growth from 2025 to 2027, driven by a robust product pipeline and imminent approval of MRG003 [1][2] Group 1: Financial Projections - Revenue forecasts for Lepu Biopharma are set at 853 million, 1.204 billion, and 1.665 billion yuan for 2025, 2026, and 2027 respectively [1] - The company is assigned a target price of 9.55 to 10.38 HKD based on a cautious approach using both PS and PB valuation methods [1] Group 2: Product Pipeline and Development - Lepu Biopharma has developed a diverse pipeline of oncology products, focusing on immunotherapy, ADC targeted therapy, and oncolytic virus drugs [1] - The cornerstone of the company's immunotherapy is an anti-PD-1 antibody candidate, with advanced ADC technology being utilized for innovative drug development [1] Group 3: Regulatory Approvals and Clinical Trials - MRG003 has received priority review qualification from the CDE for the treatment of R/MNPC, with an NDA submission expected in March 2025 [2] - MRG003 has also been included in the list of breakthrough therapy drugs by the NMPA for use in combination with PD-1 antibody for specific cancer indications [2]

Core Viewpoint - Cathay Securities has initiated coverage on Lepu Biopharma-B (02157) with a "Buy" rating, projecting significant revenue growth from 2025 to 2027, driven by a robust product pipeline and imminent approval of MRG003 [1][2] Group 1: Financial Projections - Revenue forecasts for Lepu Biopharma are set at 853 million, 1.204 billion, and 1.665 billion yuan for 2025, 2026, and 2027 respectively [1] - The company is assigned a 2025 price-to-sales (PS) ratio of 23X, leading to a reasonable valuation of 10.87 yuan/11.81 HKD [1] - A price-to-book (PB) ratio of 25X is also applied, resulting in a valuation of 9.55 yuan/10.38 HKD [1] Group 2: Product Pipeline and Development - Lepu Biopharma has established a diverse pipeline in oncology, focusing on immunotherapy, ADC targeted therapy, and oncolytic virus drugs [1] - The cornerstone of its immunotherapy is the anti-PD-1 antibody candidate, with advanced ADC technology being utilized for innovative drug development [1] - The company is also exploring combination therapies involving PD-L1 and ADC drugs [1] Group 3: Regulatory Approvals - MRG003 has received priority review qualification from the CDE for the treatment of recurrent/metastatic nasopharyngeal carcinoma (R/MNPC) and is expected to be approved domestically soon [2] - MRG003, in combination with the PD-1 antibody, has been officially included as a breakthrough therapy by the NMPA for specific treatment indications [2]

Core Viewpoint - The passenger car industry is experiencing a price rebound, indicating an improvement in supply and demand dynamics, with a stable pricing policy during the traditional consumption peak season of "Golden September and Silver October" [1] Group 1: Price Trends - In September 2025, the average retail price of domestic passenger cars was 176,000 yuan, reflecting a year-on-year increase of 6.8% and a month-on-month increase of 3.6% [2] - The average price reduction for domestic passenger cars compared to early 2023 was 20.1%, with the number of discounted car models increasing by 2 in September [1] Group 2: Vehicle Type Analysis - The average retail price for fuel vehicles in September was 178,000 yuan, with a year-on-year increase of 4.2% and a month-on-month increase of 4.4% [3] - The average retail price for pure electric vehicles was 161,000 yuan, showing a year-on-year increase of 10.0% and a month-on-month increase of 1.1% [3] - The average retail price for plug-in hybrid and extended-range vehicles was 199,000 yuan, with a year-on-year increase of 16.9% and a month-on-month increase of 6.2% [3] Group 3: Industry Outlook - The improvement in retail prices is attributed to the introduction of high-end new energy models and the positive impact of reduced competition due to the "anti-involution" trend [3] - The company expects that the gross profit margin for new car business among dealers will likely improve, especially for leading dealers, as the market dynamics continue to stabilize [1]

香港联交所最新数据显示，10月13日，易方达基金管理有限公司增持国泰海通（601211）(02611)444.86 万股，每股作价15.198港元，总金额约为6760.98万港元。增持后最新持股数目约为2.49亿股，持股比例 为7.09%。 ...

Core Viewpoint - China has initiated reciprocal measures against the U.S. 301 investigation to promote corrections from the U.S. and the exemption clauses are expected to help maintain the competitiveness of China's shipbuilding industry [1][2] Group 1: Reciprocal Measures - China will impose special port fees on U.S.-owned, operated, or built vessels docking at Chinese ports starting October 14, 2025, with a fee of 400 RMB per net ton, which is higher than the U.S. fee of 50 USD per net ton [2] - The reciprocal measures aim to maintain a fair competitive environment in international shipping and shipbuilding, countering the discriminatory practices of the U.S. [2] Group 2: Impact on Shipping Industry - The increase in non-industry costs on the U.S. routes may not lead to significant industry-wide cost increases, as companies may adjust their operations to mitigate impacts [3] - The Chinese Ministry of Transport has initiated an impact investigation, which may lead to compensatory measures to alleviate pressure on Chinese shipping companies [3] Group 3: Effects on Oil and Bulk Shipping - The reciprocal measures will extend to oil and bulk shipping, potentially leading to a reduction in effective capacity and increased freight rates [4] - Approximately 15% of oil tankers and 4% of bulk carriers are owned or operated by U.S. listed companies, which may face significant operational costs due to the new fees [4] - The expected increase in oil transportation rates is projected to be higher than market expectations, driven by the supply-demand dynamics and the ongoing rigidity in tanker supply [4]

Core Viewpoint - The report from Guotai Junan Securities indicates that the performance of listed securities firms is expected to maintain rapid growth in Q3 2025, with a year-on-year increase in net profit attributable to shareholders of 58.63% [1][2]. Group 1: Performance Forecast - It is anticipated that the adjusted operating revenue of 42 listed securities firms will increase by 32.02% year-on-year to 395.48 billion yuan in Q1-Q3 2025, with net profit attributable to shareholders reaching 165.15 billion yuan, reflecting a year-on-year increase of 58.63% [2]. - For Q3 2025 alone, the adjusted operating revenue is projected to be 148.15 billion yuan, with a quarter-on-quarter increase of 11.45% and a year-on-year increase of 27.15%. The net profit attributable to shareholders is expected to be 61.13 billion yuan, showing a quarter-on-quarter increase of 17.94% and a year-on-year increase of 48.74% [2]. Group 2: Business Contributions - The growth in overall performance is driven by improved market conditions and trading activity, with brokerage business contributing the most to revenue growth at 48.32%, primarily due to a significant year-on-year increase in market trading volume [2]. - Investment business is expected to contribute 38.14% to the adjusted operating revenue growth, as the equity market shows marginal improvements compared to the high base in Q3 2024 [2]. Group 3: Investment Opportunities - The investment banking sector is benefiting from a marginal recovery in IPO activities, with investment banking revenue increasing by 21.84% year-on-year to 24.82 billion yuan, driven by financing recovery in A-shares and Hong Kong stocks [3]. - Asset management revenue, however, has decreased by 0.81% year-on-year to 32.2 billion yuan, primarily due to a decline in management fees [3]. - The net interest income has surged by 92.86% year-on-year to 4.23 billion yuan, attributed to the growth in margin financing business [3]. - The new assessment method implemented by the Ministry of Finance is expected to encourage insurance companies to increase their equity positions, benefiting undervalued blue-chip stocks with high ROE [3].

Core Viewpoint - The Shanghai Municipal Economic and Information Commission has issued the "Action Plan for the High-Quality Development of the Intelligent Terminal Industry (2026-2027)", which aims to accelerate the AI transformation of Shanghai's intelligent terminal industry and promote the industrialization of various strategic and consumer-grade intelligent terminals, leading to the optimization of the entire industry chain ecosystem and the formation of industrial agglomeration effects [1][2]. Group 1: Industry Growth Targets - By 2027, the overall scale of Shanghai's intelligent terminal industry is expected to exceed 300 billion, with the goal of creating more than three globally influential consumer terminal brands and nurturing two leading enterprises [2]. - The plan aims to achieve a scale of over 10 million units for artificial intelligence computers, smartphones, and new AI terminals [2]. Group 2: Key Product Development - The action plan emphasizes the acceleration of AI transformation for ten types of terminal products, including intelligent computing power, robots, smart glasses, industrial terminals, and intelligent computers [2]. - It focuses on promoting the smart and industrial breakthroughs of strategic terminal products like computers and satellite internet, while also enhancing the penetration of consumer-grade products such as smartphones and robots into the consumer market [2]. Group 3: Technology and Ecosystem Optimization - The plan highlights the need to strengthen the layout of edge AI chips and improve model performance, including the rapid development of core chips like SoC and CPU across three major technology routes: X86, ARM, and RISC-V [3]. - It aims to create a large-scale production base for intelligent terminals in Shanghai, fostering a competitive environment for innovative enterprises and driving the overall scale of the intelligent terminal industry [3].

Group 1 - E Fund Management Co., Ltd. increased its stake in Cathay Pacific Airways (02611) by 4.4486 million shares at a price of HKD 15.198 per share, totaling approximately HKD 67.6098 million [1] - After the increase, E Fund's total shareholding in Cathay Pacific is approximately 249 million shares, representing a holding percentage of 7.09% [1]