摩根士丹利研究报告指出，药明康德第三季收入按年升15.3%至121亿元，净利润升53.3%至35.15亿元， 经调整非国际财务报告准则净利润升42%至42.2亿元；除收入较该行预期略低1%，其他数据均胜该行预 期。其中，化学、测试及生物业务收入分别按年增长23%、2%及6%。公司上调持续经营业务的全年收 入增长指引，由13%-17%调整至17%-18%。该行认为，此次调整指引与今年上半年的做法类似，上限的 上调幅度较为保守，而下限则较大幅地提升4个百分点。公司首九个月收入已累计按年增长22.5%，该 行认为其全年表现有望达到甚至超越指引。该行又认为目前是购入药明康德股份的合适时机，因现时该 股2026财年预测市盈率约20倍，低于行业中位数的26倍；予其"增持"评级，A股目标价105元。 ...

Group 1 - The core viewpoint of the news is that the Hong Kong stock market experienced a positive opening and continued to rise due to the preliminary consensus formed in Sino-U.S. economic and trade relations [1] - The Hang Seng Index rose by 1.02% to 26,427 points, the Hang Seng China Enterprises Index increased by 0.95% to 9,452 points, and the Hang Seng Tech Index climbed by 1.48% to 6,149 points, indicating a sustained recovery in market sentiment [2] - Major technology stocks, which serve as market indicators, collectively rose, with Baidu increasing by 5.6%, Alibaba rising over 3%, and JD.com and Tencent both gaining over 2% [2] Group 2 - Pharmaceutical outsourcing stocks showed strength, with WuXi AppTec (603259) leading the gains, rising approximately 6% and reporting a 53.27% year-on-year increase in Q3 net profit [2] - Cement stocks surged, with Huaxin Cement (600801) experiencing a nearly 12% increase post-earnings, while western cement stocks rose by 5.8% [2] - New consumption concept stocks declined, particularly in the sports goods, telecommunications, and restaurant sectors, with over 20 stocks experiencing declines of more than 8% [2]

Market Overview - The Hong Kong stock market opened higher due to a preliminary consensus in Sino-US economic and trade relations, with the Hang Seng Index rising by 1.02% to 26,427 points, the Hang Seng China Enterprises Index increasing by 0.95% to 9,452 points, and the Hang Seng Tech Index up by 1.48% to 6,149 points, indicating a continued recovery in market sentiment [1]. Sector Performance - Major technology stocks acted as market indicators, with Baidu rising by 5.6%, Alibaba increasing by over 3%, and both JD and Tencent up by over 2%. Meituan and Kuaishou also saw nearly 2% gains, while Xiaomi was the only stock to decline, falling by 2.7% [1]. - The pharmaceutical outsourcing sector showed strength, with WuXi AppTec leading the gains, rising approximately 6% and reporting a 53.27% year-on-year increase in net profit for Q3 [1]. - Cement stocks surged, with Huaxin Cement experiencing a significant increase of nearly 12% post-earnings, and Western Cement rising by 5.8% [1]. - Other active sectors included Chinese brokerage firms, copper, Apple-related stocks, semiconductor chips, shipping, steel, coal, and military industries [1]. Weak Performers - Conversely, new consumption concept stocks declined, with sports goods, telecommunications, and restaurant sectors mostly underperforming. Additionally, over 20 stocks experienced declines of more than 8% [1].

Core Viewpoint - The Hong Kong stock market experienced a collective rise in major indices due to positive impacts from the preliminary consensus formed in Sino-U.S. economic and trade relations, with market sentiment showing signs of recovery [1] Market Performance - The Hang Seng Index rose by 1.02% to 26,427 points, the National Enterprises Index increased by 0.95% to 9,452 points, and the Hang Seng Technology Index climbed by 1.48% to 6,149 points, indicating a sustained bullish sentiment in the market [1] - Major technology stocks served as market barometers, with Baidu up by 5.6%, Alibaba rising over 3%, and JD.com and Tencent both increasing by over 2%. Meituan and Kuaishou also saw nearly 2% gains, while Xiaomi was the only stock to decline, falling by 2.7% [1] Sector Performance - The pharmaceutical outsourcing sector showed strength, with WuXi AppTec leading the gains, rising approximately 6% and reporting a 53.27% year-on-year increase in Q3 net profit [1] - Cement stocks surged, with Huaxin Cement experiencing a significant increase of nearly 12% post-earnings, and Western Cement rising by 5.8% [1] - Other active sectors included Chinese brokerage stocks, copper industry stocks, Apple-related stocks, semiconductor stocks, shipping stocks, steel stocks, coal stocks, and military industry stocks [1] Weakness in New Consumption Stocks - New consumption concept stocks faced declines, particularly in the sports goods, telecommunications, and restaurant sectors, with over 20 stocks experiencing declines of more than 8% [1]

Core Insights - UBS report indicates WuXi AppTec's Q3 revenue increased by 15% year-on-year to 12.1 billion yuan, surpassing both UBS and market estimates of 11.4 billion yuan and 11.5 billion yuan respectively [1] - Net profit rose by 53% year-on-year to 3.5 billion yuan, exceeding UBS and market forecasts of 3.3 billion yuan and 3.1 billion yuan [1] - As of the end of Q3, the company's backlog of ongoing orders increased by 41% year-on-year to 59.9 billion yuan [1] Business Developments - The company announced the divestiture of its clinical contract research organization/site management organization business, with an initial transaction price of 2.8 billion yuan [1] - UBS views this sale as beneficial for WuXi AppTec, allowing the company to focus on its core contract research, development, and manufacturing organization business and its global expansion [1] Financial Forecasts - UBS raised its earnings per share forecast for the company by 23.4% for this year, with 2024 to 2028 earnings estimates adjusted upward by 0.3% to 0.9% [1] - The target price for the company was increased from 136.1 HKD to 138.4 HKD, maintaining a "Buy" rating [1]

瑞银发表报告指，药明康德第三季收入按年升15%至121亿元，超出该行及市场预估的114亿元及115亿 元；纯利按年升53%至35亿元，高于该行及市场预估的33亿元及31亿元。截至第三季末，持续营运订单 储备按年升41%至599亿元。公司同时宣布剥离临床合同研究组织/现场管理组织业务，初始交易对价为 28亿元。该行认为此次出售对药明康德有利，因公司可专注核心合同研究、开发与制造组织业务及其全 球布局扩张。该行上调对公司今年每股盈利预测23.4%，明年至2028年盈测上调0.3%至0.9%；目标价由 136.1港元上调至138.4港元，评级"买入"。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company reported a revenue growth of 18.61% year-on-year for the first three quarters of 2025, with a non-GAAP net profit growth of 42.51% [3][6] - The TIDES business segment showed exceptional performance, with a revenue increase of 121.1% [8][12] - The company expects its continuous operating business revenue growth to return to double digits, with an adjusted growth forecast of 17-18% for 2025 [11][12] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 328.57 billion yuan, a year-on-year increase of 18.61%, and a net profit attributable to shareholders of 120.76 billion yuan, up 84.84% [6][7] - The gross margin improved to 46.62%, an increase of 5.97 percentage points year-on-year, while the net margin rose to 37.15%, up 13.32 percentage points [7] Business Segments - The company's revenue from its three main business segments for the first three quarters of 2025 was as follows: - Chemical business: 259.8 billion yuan (+29.28%) - Testing business: 41.69 billion yuan (-0.04%) - Biological business: 19.5 billion yuan (+6.64%) [8] - The chemical business's small molecule D&M revenue was 142.4 billion yuan, a growth of 14.1% [8] Future Outlook - The company has raised its revenue forecast for 2025-2027 to 444.93 billion yuan, 512.59 billion yuan, and 584.79 billion yuan respectively [12] - The adjusted net profit forecasts for the same period are 151.44 billion yuan, 143.44 billion yuan, and 164.82 billion yuan respectively [12]

Core Viewpoint - WuXi AppTec's Q3 performance was robust, with revenue, net profit, and order growth exceeding market expectations [1] Financial Performance - Revenue and adjusted non-IFRS net profit increased by 15% and 42% year-on-year, respectively [1] - The company raised its full-year revenue growth guidance from 13%-17% to 17%-18% [1] - The adjusted non-IFRS net profit margin is expected to further improve year-on-year [1] Future Projections - The revenue and net profit forecasts for WuXi AppTec for 2025 to 2027 were increased by approximately 2% and 4%, respectively, reflecting the strong Q3 performance and continued robust order growth [1] Target Price Adjustments - The target price for WuXi AppTec's H-shares was raised from HKD 137.1 to HKD 138.6, and the A-shares target price was increased from CNY 124.7 to CNY 126 [1] - The rating remains "Outperform" and the shares are considered a top pick in the domestic CRO and CDMO sectors [1]

Group 1 - The Hong Kong stock market saw a collective rise in pharmaceutical outsourcing concept stocks, with WuXi AppTec increasing by 5%, and other companies like Zai Lab, WuXi Biologics, and Vyaire Biopharma rising over 4% [1] - WuXi AppTec reported Q3 2025 revenue of 12.057 billion, a year-on-year increase of 15.26%, and a net profit attributable to shareholders of 3.515 billion, up 53.27% [1] - For the first three quarters, WuXi AppTec's revenue reached 32.857 billion, reflecting an 18.61% year-on-year growth, while net profit attributable to shareholders was 12.076 billion, marking an 84.84% increase [1] Group 2 - WuXi AppTec's full subsidiary plans to transfer 100% equity of two companies for a base price of 2.8 billion to Shanghai Shihe Rong Enterprise Management Consulting Co., Ltd. and Shanghai Shihe Mu Enterprise Management Consulting Co., Ltd. [1] - The stock performance of various companies in the sector includes WuXi AppTec with a year-to-date increase of 112.32%, Zai Lab at 105.43%, WuXi Biologics at 115.49%, and Vyaire Biopharma at 194.19% [2] - Other notable stock performances include Tigermed with a 40.97% increase and Kanglong Chemical with an 85.29% rise year-to-date [2]

1. Overnight Night Market Trends - INTERNATIONAL PRECIOUS METALS: COMEX gold futures fell 0.45% to $4126.90 per ounce, down 2.05% for the week; COMEX silver futures dropped 0.60% to $48.41 per ounce, down 3.38% for the week [4] - CRUDE OIL: The U.S. oil main contract fell 0.57% to $61.44 per barrel, up 7.51% for the week; Brent crude's main contract declined 0.57% to $64.92 per barrel, up 7.06% for the week [5] - LONDON BASE METALS: LME copper rose 0.85% to $10947 per ton, up 3.23% for the week; LME lead increased 0.30% to $2016.50 per ton, up 2.36% for the week; LME zinc edged up 0.07% to $3019.50 per ton, up 2.93% for the week; LME aluminum dropped 0.21% to $2856.50 per ton, up 2.84% for the week; LME nickel fell 0.25% to $15325 per ton, up 1.32% for the week; LME tin declined 0.34% to $35650 per ton, up 1.75% for the week [5] - DOMESTIC FUTURES: As of the close on October 24 at 23:00, domestic futures' main contracts mostly rose. Low - sulfur fuel oil, LPG, and fuel oil rose over 1%, while asphalt, coking coal, and rapeseed meal had small increases. Synthetic rubber, caustic soda, corn, and sugar slightly declined [5] 2. Important Information Macroeconomic Information - President Xi Jinping will visit South Korea from October 30 to November 1 to attend the 32nd APEC Economic Leaders' Meeting and conduct a state visit [8] - The "Proposal of the Central Committee of the Communist Party of China for Formulating the 15th Five - Year Plan for National Economic and Social Development" aims to break market barriers [8] - The central bank will conduct 900 billion yuan of MLF operations on October 27 [8] - The China Securities Regulatory Commission emphasizes enhancing the resilience and risk - resistance of the capital market [8] - Shipping indices show an increase in export container freight rates [9] - The central bank will adjust monetary policy according to economic and financial conditions and maintain the stability of the RMB exchange rate [9][10] - U.S. September CPI is slightly lower than expected, paving the way for a rate cut [10] - U.S. October PMI data shows improvement [10] - China and the U.S. held economic and trade consultations in Kuala Lumpur, reaching preliminary consensus on multiple issues [10][11] Energy and Chemical Futures - Russia's central bank forecasts average oil prices for 2025 and 2026 [12] - India's Reliance Industries bought hundreds of thousands of barrels of crude oil due to concerns about supply disruptions [14] Metal Futures - China's non - ferrous metal industry had a good performance in the first three quarters [16] - Last week, copper, aluminum, zinc, and lead inventories decreased, while nickel and tin inventories increased [17] - This month's estimated retail sales of narrow - sense passenger cars are about 2.2 million, with a decline in both month - on - month and year - on - year terms, and the penetration rate of new energy vehicles may reach 60% [17] Black - Series Futures - In mid - October, steel production of key enterprises had different trends in daily output [19] - The Ministry of Industry and Information Technology solicits opinions on the "Implementation Measures for Capacity Replacement in the Iron and Steel Industry", with specific replacement ratios and restrictions [19][21] - Some steel mills in Tangshan and Xingtai plan to raise coke prices [21] - This week's total urban inventory of steel decreased [22] - Shanxi is increasing coal production to meet winter demand, with a 3.7% year - on - year increase in the first three quarters [22] Agricultural Futures - Pig - farming losses have decreased [24] - Pig and pork prices are expected to stop falling and rise slightly in the second half of the fourth quarter [25] - In the 43rd week, soybean crushing volume in oil mills exceeded expectations [25] - Imported cotton port inventory increased slightly [26] - The domestic edible vegetable oil market is expected to have stable prices, while palm oil prices may rise slightly [28] - Malaysia's October 1 - 25 palm oil exports are expected to decline 0.4% [29] 3. Financial Markets Finance - Many A - share companies released positive third - quarter reports, with some having significant profit growth [31] - Fund managers will adjust investment strategies based on third - quarter reports, focusing on technology stocks [31] - As of the end of the third quarter, social security funds held shares in 135 stocks, with new entries, increases, and decreases in positions, and increased investment in technology sectors [32] - Many A - share companies were surveyed by institutions, with technology stocks being popular [34] - Many companies distributed dividends, and some will distribute more in the future [34] - Nearly 2000 public funds' third - quarter reports show that innovation - related assets are the main allocation [34] - The market sentiment has stabilized, and the subsequent adjustment space may be limited [34] - Hong Kong stocks' "B - series" varieties are being sold by pharmaceutical fund managers, and innovation - drug funds are entering the stock - selection stage [35] Industry - A draft regulatory guideline for public fund performance comparison benchmarks may be released soon, and many funds have adjusted their benchmarks this year [36] - Banks have raised the minimum investment threshold for gold accumulation, and short - term gold price fluctuations may be normal [38] - Gold jewelry brands have raised prices, mainly to increase processing fees and maintain stable margins [38] - Many real - estate companies have made breakthroughs in debt restructuring [38] - As of September, China's power generation installed capacity increased, with significant growth in solar and wind power [39] - The flu vaccine vaccination season has arrived, with different price trends for different vaccines [39] - Multiple paper companies will raise the price of white cardboard from November 1 [39] Overseas - The U.S. and Vietnam, Thailand, Malaysia, and Cambodia reached trade - related agreements [41][42] - The U.S. Treasury Secretary believes inflation will continue to decline, and the government shutdown is eroding the economy [42] - The U.S. government shutdown may last until the end of November [43] - The IMF President suggests that ASEAN economies strengthen their fundamentals and predicts that AI will affect a large proportion of jobs [43] International Stock Markets - European countries will implement winter time starting Monday, adjusting trading and data - release times [45] Bonds - As of October 24, the issuance scale of securities firms' science and technology innovation bonds this year reached 59.17 billion yuan, and it is expected to continue growing [46] 4. Upcoming Economic Data and Events Economic Data - Various economic data will be released on October 27, including Japan's September corporate service price index, China's September industrial enterprise profits, etc. [48] Events - The central bank has 7000 billion yuan of 1 - year MLF and 189 billion yuan of 7 - day reverse repurchases maturing [50] - The governor of the Reserve Bank of Australia will participate in a talk [50] - There are new stock subscriptions and company earnings reports [50] - Multiple important events are scheduled, such as the East Asia Cooperation Leaders' Series Meetings, the 2025 Financial Street Forum Annual Conference, etc. [50]