7月23日，截至港股收盘，恒生指数上涨1.62%，报25538.07点。交银国际（03329.HK）收报0.69港元/ 股，上涨16.95%，成交量3536.77万股，成交额2315.05万港元，振幅22.03%。 最近一个月来，交银国际累计涨幅110.71%，今年来累计涨幅87.3%，跑赢恒生指数25.27%的涨幅。 财务数据显示，截至2024年12月31日，交银国际实现营业总收入3.59亿元，同比减少36.8%；归母净利 润-11.4亿元，同比增长16.21%；资产负债率93.92%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 行业估值方面，其他金融行业市盈率（TTM）平均值为16.25倍，行业中值-0.2倍。交银国际市盈 率-1.31倍，行业排名第153位；其他招商局中国基金（00133.HK）为2.63倍、维信金科（02003.HK）为 3.52倍、香港信贷（01273.HK）为3.64倍、国银金租（01606.HK）为4.65倍、中关村科技租赁 （01601.HK）为4.8倍。 公司主要业务如下:证券经纪及保证金融资。公司代客户买卖股票、债券、期货、期权及其他有价证券 并提供保证金融资服务 ...

港股收盘，恒生指数跌0.08%，恒生科技指数涨0.56%。港股科技ETF(159751)涨1.22%，恒生港股通 ETF(159318)跌0.30%，泡泡玛特探底回升跌0.87%。交银国际跌超11%。 ...

智通财经APP获悉，交银国际发布研报称，调高康方生物(09926)目标价21.7%，从115港元升至140港 元，维持"买入"的投资评级。该行指，短期重点催化剂包括：1)HARMONi 研究海外申报及完整数据公 布;2)AK112-306 研究在 ESMO 2025上发表;3)2025年第四季度多款产品/适应症医保谈判结果;4)ADC 等 更多早期项目推进。 卡度尼利海外开发启动肝癌研究：卡度尼利单抗近期获批第三项适应综合症，用于一线宫颈癌全人群， 并有机会参与下半年的医保谈判。公司正在海外启动一项卡度尼利联合仑伐替尼的 II 期研究。该行预 计，在依沃西之后，未来2-3年内有机会看到卡度尼利等更多资产在海外注册上市BD的潜在路径，建议 持续关注上述研究的数据读出以及后续临床项目启动情况。 差异化 ADC 开发战略渐入佳境：继公司首个 ADC(HER3)进入临床后，公司首个双抗 ADC AK146D1 完成首例病患入组。凭藉差异化显著的靶点和产品布局，公司致力于打造"I/O + ADC 2.0"策略，驱动管 线价值长期持续兑现。 依沃西海外注册与适应症拓展全速推进，下一代 I/O 基石潜力初显：该行看好依沃西 ...

Group 1 - The core viewpoint of the article is that CMB International has given NIO Inc. a "Buy" rating due to the competitive pricing of its new model L90, which is set at 190,900 CNY, exceeding expectations [1] - The launch of the L90 model indicates that future market focus may shift towards marginal improvements, particularly the sustainability of sales recovery [1] - Currently, NIO's price-to-sales ratio for 2025 is approximately 0.6 times, suggesting limited downside potential and an opportunity for a short-term rebound in stock price [1]

Summary of Key Points Core Viewpoint - As of July 11, a total of 167 stocks reached their 52-week highs, indicating a strong market performance with notable leaders in the stock price increases [1]. Group 1: Top Performing Stocks - The top three stocks with the highest increase rates are: - Mistrategy Equity (02902) with a high rate of 67.86% and a closing price of 1.600 [1] - Kexuan Power Holdings (00476) with a high rate of 58.73% and a closing price of 1.000 [1] - Xingzheng International (06058) with a high rate of 36.00% and a closing price of 0.590 [1] Group 2: Notable Stock Performance - Other notable stocks include: - China National Cultural Industry (00745) with a high rate of 34.62% [1] - Aluminum Corporation of China International (02068) with a high rate of 28.21% [1] - Shandong Xinhua Pharmaceutical (00719) with a high rate of 13.20% [1] Group 3: Additional Stocks with Significant Increases - Additional stocks with significant increases include: - Yuyuan Agriculture (09858) with a high rate of 12.62% [1] - WuXi AppTec (02359) with a high rate of 11.70% [1] - Kailai Ying (06821) with a high rate of 10.90% [1] Group 4: 52-Week Low Rankings - The 52-week low rankings show: - XI II Nan CO (07311) with a low rate of -12.60% [5] - XI II Nan Strategy (07399) with a low rate of -11.18% [5] - Ying Tai Medical (01501) with a low rate of -10.67% [5]

Group 1 - Hong Kong financial stocks continue to strengthen, with China Merchants Bank International rising over 30% [1] - Yao Cai Securities Financial increased by over 20% [1] - Guotai Junan International saw an increase of over 10% [1] - China Securities and China Merchants Securities also experienced upward movement [1] Group 2 - Investors can buy Hong Kong stocks using A-share accounts without the need for Hong Kong Stock Connect, allowing for T+0 trading [1]

财务数据显示，截至2024年12月31日，交银国际实现营业总收入3.59亿元，同比减少36.8%；归母净利 润-11.4亿元，同比增长16.21%；资产负债率93.92%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 7月8日，截至港股收盘，恒生指数上涨1.09%，报24148.07点。交银国际（03329.HK）收报0.385港元/ 股，上涨10.0%，成交量738.15万股，成交额272.62万港元，振幅11.43%。 最近一个月来，交银国际累计涨幅32.08%，今年来累计涨幅11.11%，跑输恒生指数19.08%的涨幅。 企业融资及承销。公司向公司客户提供一站式企业融资及承销方案,包括首次公开发售保荐、财务顾 问、承销(股权及债务)及配售服务。 投资及贷款。公司自行投资股权、固定收益证券及其他金融产品。此外,公司会向客户提供结构性融资 及贷款,以满足彼等各种融资需求。另外,公司亦自行投资私营企业股权。 资产管理及顾问。公司向客户提供全面的资产管理及顾问服务,包括互惠基金管理、专项资产管理、私 募股权基金管理及投资顾问。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依 ...

Core Viewpoint - The report from CMB International highlights that Meituan-W (03690.HK) experienced a peak daily transaction volume exceeding 120 million in July due to an industry subsidy war, with an expected average daily transaction volume of approximately 75 million in Q3, reflecting a year-on-year growth rate of 11-12% [1] Group 1: Financial Performance - The subsidy war is anticipated to lead to a 9% decline in CLC (Core Local Commerce) profits for Q3 [1] - Despite the short-term impact of the subsidy war, Meituan is expected to maintain a significant market share and has a strong likelihood of achieving stable operating profits [1] Group 2: Investment Outlook - The company maintains a "Buy" rating for Meituan, with a target price set at 165 HKD [1]

Group 1 - The Hong Kong stock market has shown strong performance in the first half of the year, with the Hang Seng Index and Hang Seng Tech Index recording semi-annual returns of 20% and 18.7% respectively, ranking among the top global indices [1] - The rebound in the Hong Kong stock market is primarily driven by a decrease in risk premium, while contributions from risk-free interest rates and fundamental earnings improvement are relatively limited [1] - Current favorable conditions for the Hong Kong stock market include a reduction in external environmental disturbances, a shift in Trump's policy focus from tariffs to tax cuts, and a supportive liquidity environment for capital allocation [1] Group 2 - The technology sector is highlighted as having significant investment value, with foreign capital showing sustained confidence through increased allocations to the information technology sector [2] - The adjustment in the technology sector's valuation narrative has led to a moderate level of crowding, indicating potential for upward elasticity and positioning it as a key driver for the next market rally [2] - There is a notable rotation of southbound capital across various sectors, with recent focus shifting towards healthcare and financial sectors, reflecting market interest in high-growth sectors and defensive value in high-dividend stocks [2] Group 3 - The short-selling landscape shows high levels of short interest in cyclical and consumer sectors, while the technology sector is experiencing a convergence of long and short positions [3] - The consumer sector is witnessing a clear divergence, with essential consumption remaining stable while discretionary consumption has seen increased short-selling activity [3] - The concentration of short-selling in the information technology sector is decreasing, supported by continued foreign investment and appropriate allocation from southbound capital [3]

Core Viewpoint - The Hong Kong stock market is currently in a consolidation phase, having largely completed the macroeconomic impact recovery process, with the Hang Seng Index approaching its March high due to themes in new consumption and pharmaceuticals [1][2] Market Conditions - The recent rise in the Hong Kong stock market is supported by a significant reduction in tariff uncertainties and a stabilization of the RMB exchange rate, alongside ample liquidity in the Hong Kong dollar market [2][3] - Despite the favorable liquidity environment, the Hang Seng Technology Index remains in a sideways trend, indicating that strong upward catalysts are still needed for the technology sector [2] Investment Opportunities - The current market conditions present a favorable window for investors, particularly as the technology sector has seen a release of valuation pressure, transitioning from a structural market to a broader rally [3] - The improvement in risk sentiment and liquidity provides a necessary foundation for the next phase of technology stock rallies, with the potential for significant upward movement as the narrative themes evolve [3]