智通财经7月28日电，香港交易所信息显示，贝莱德在信达生物的持股比例于07月22日从4.63%升至 5.19%。 ...

Core Viewpoint - The valuation of Hong Kong Stock Exchange (HKEX) is projected to have a lower limit of 30 times PE and an upper limit approaching 70 times, driven by fundamentals and liquidity [1] Valuation History - Historical PE ranges for HKEX: 2014-2015 PE ranged from 29 to 67, benefiting from the launch of Stock Connect and easing investment restrictions; 2017-2018 PE ranged from 28 to 54, influenced by the opening of Shenzhen-Hong Kong Stock Connect and tightening liquidity due to U.S.-China tensions; 2020-2021 PE ranged from 29 to 68, with reforms attracting new economy and Chinese concept stocks [1] - Current PE for HKEX is at 38 times, with a favorable outlook due to the Federal Reserve's interest rate cuts and support from mainland China [1] Market Dynamics - The core factor for HKEX's profitability is Average Daily Turnover (ADT), calculated as total market capitalization multiplied by turnover rate [1] - Recent reforms at HKEX aim to attract A/H listed companies and facilitate the return of Chinese concept stocks, increasing the market capitalization of new economy sectors from 17% in 2018 to 35% in 2025 YTD [1] - Southbound capital inflows are enhancing ADT and turnover rates, driven by low interest rates and asset scarcity in mainland China, leading to increased participation from long-term institutional investors and individual investors [1] Financial Projections - The company is rated as a buy, with a projected upside of 24% based on relative PE valuation, targeting a PE of 42 times and a market value of HKD 692 billion [2] - Expected net profits for the company from 2025 to 2027 are estimated at HKD 165 billion, 179 billion, and 188 billion, reflecting year-on-year growth of 26%, 9%, and 5% respectively [2]

Core Viewpoint - Hong Kong Stock Exchange (HKEX) is set to launch a new communication platform called "HKEX Connect" to enhance interaction between listed issuers and the exchange, aiming to modernize market infrastructure and improve efficiency and transparency in the Hong Kong financial market [1][2]. Group 1 - The trial version of "HKEX Connect" will be available in the second half of 2025, with official phased usage starting in the second quarter of 2026 [2]. - The platform will serve as the primary communication channel for issuers and HKEX, allowing for the submission and publication of regulatory announcements and confidential communications regarding regulatory matters [1]. - The interface of "HKEX Connect" is designed to be user-friendly, featuring smart compliance tools such as information alerts, workflow tracking, guidelines, and automatic reminders to assist issuers in meeting daily compliance and reporting requirements [1]. Group 2 - Following the launch of "HKEX Connect," HKEX will redesign its market information page on its website to integrate and display issuer information, including management profiles, company events, and other important dates [1]. - Issuers will be able to update or upload content on "HKEX Connect," allowing investors to access real-time information, thereby enhancing market transparency [1].

Core Viewpoint - The article discusses the successful IPO of Nanjing Weilizhibo Biotechnology Co., Ltd. on the Hong Kong Stock Exchange, highlighting the strong interest from both retail and institutional investors, which reflects confidence in the company's innovative drug pipeline and commercialization potential [3][5][30]. Company Overview - Weilizhibo officially listed on the Hong Kong Stock Exchange with the stock code 9887.HK, offering approximately 36.86 million shares at a price of HKD 35 per share [3]. - The company achieved a retail subscription rate of 3,494.8 times, setting a record for the Hong Kong 18A medical innovation sector, while institutional subscriptions reached 40.8 times, also a historical high [3][5]. Institutional Support - The IPO was sponsored by Morgan Stanley and CITIC Securities (Hong Kong), with nine cornerstone investors committing a total of USD 69 million (approximately HKD 542 million), including notable firms like OrbiMed, Tencent, and E Fund [5][7]. - The presence of leading medical investment funds among cornerstone investors indicates strong confidence in Weilizhibo's innovative drug pipeline and its potential for commercialization [5][9]. Product Pipeline and Technology - Weilizhibo's core product, LBL-024, is a unique targeted therapy that has reached critical clinical stages, demonstrating significant safety and efficacy in treating advanced neuroendocrine carcinoma [9][14]. - The company’s product pipeline includes one core product (LBL-024), three main products (LBL-034, LBL-033, LBL-007), and ten high-potential innovative candidates, showcasing a diverse approach to cancer treatment [11][19]. Clinical Development and Market Strategy - LBL-024 has received breakthrough therapy designation from the Chinese National Medical Products Administration and orphan drug designation from the U.S. FDA, validating its global development potential [10][15]. - The company plans to adopt a "self-research + cooperation" model for commercialization, targeting niche indications like EP-NEC before expanding to larger markets [20][23]. Financial Outlook - The funds raised from the IPO will primarily support the clinical development of LBL-024, with a focus on expanding its indications [23][24]. - The company’s R&D expenditure is projected to be CNY 1.857 billion in 2024, with a significant portion allocated to core product development, ensuring alignment with clinical timelines [23][24]. Market Potential - The global oncology immunotherapy market is expected to exceed USD 500 billion by 2025, positioning Weilizhibo strategically within a high-growth sector [25][30]. - The successful commercialization of LBL-024 could lead to a significant revaluation of the company's market potential, transforming it from a niche player to a key competitor in the global immunotherapy landscape [25][30].

智通财经APP获悉，7月24日港股市场，北水成交净买入37.19亿港元，其中港股通(沪)成交净买入21.52 亿港元，港股通(深)成交净买入15.67亿港元。 北水净买入最多的个股是腾讯(00700)、港交所(00388)、华虹半导体(01347)。北水净卖出最多的个股是 小米集团-W(01810)、阿里巴巴-W(09988)、华新水泥(06655)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 中芯国际 | 18.56亿 | 25.40亿 | 43.95亿 | | HK 00981 | | | -6.84 乙 | | 阿里巴巴-W | 13.44 Z | 17.17 乙 | 30.61亿 | | HK 09988 | | | -3.73 乙 | | 腾讯控股 | 16.63 亿 | 12.82 乙 | 29.44 Z | | HK 00700 | | | +3.81 乙 | | 美团-W | 11.75亿 | 11.79 乙 | 23.54亿 | | HK 03890 | | | -362.73万 | | 中国中 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to experience verifiable growth, leading to a potential revaluation [1] - The current price-to-earnings (PE) ratio is 38 times, with an upward potential of 24% based on a target PE of 42 times, resulting in a reasonable market value of 692 billion HKD [6][7] - The company benefits from its monopoly status and integrated clearing platform, which allows it to earn commissions from Average Daily Turnover (ADT) [6][7] Financial Data and Earnings Forecast - Revenue projections (in million HKD) for the years 2023 to 2027 are as follows: - 2023: 20,516 (11% growth) - 2024: 22,374 (9% growth) - 2025E: 26,978 (21% growth) - 2026E: 29,020 (8% growth) - 2027E: 29,857 (3% growth) [4] - Net profit attributable to shareholders (in million HKD) is forecasted as: - 2023: 11,862 (18% growth) - 2024: 13,050 (10% growth) - 2025E: 16,477 (26% growth) - 2026E: 17,936 (9% growth) - 2027E: 18,775 (5% growth) [4] - Earnings per share (in HKD) are projected to be: - 2023: 9.36 - 2024: 10.29 - 2025E: 13.00 - 2026E: 14.15 - 2027E: 14.81 [4] Valuation Review - The valuation range for the company is estimated between 30 to 70 times PE, with fundamental and liquidity factors being the core drivers [6][19] - The report emphasizes that the company’s growth potential is supported by the increasing market capitalization of new economy sectors, which have risen from 17% in 2018 to 35% in 2025 YTD [6][59] - The report highlights that the ADT is a critical factor influencing the company's profitability, with expectations for ADT to remain robust due to increased connectivity between mainland China and Hong Kong [6][8]

金十数据7月24日讯，美银证券发布研报称，预期港交所(00388.HK)上半年纯利为80亿港元，较去年同 期上升31%。第二季日均成交额料维持在2,380亿港元的高水平(去年同期为1220亿港元)，支持强劲的交 易费收入和结算费收入。美银证券维持港交所全年盈利不变，并对明年和后年盈利预测上调6%至7%。 目标价由440港元升至520港元，相当于预测合并2025至2026年市盈率40倍，重申"买入"评级。 美银证券：升香港交易所目标价至520港元 重申"买入"评级 ...

智通财经7月23日电，香港交易所信息显示，贝莱德在快手-W的持股比例于07月18日从5.25%降至 4.96%。 ...

智通财经7月22日电，香港交易所信息显示，贝莱德在蒙牛乳业的持股比例于07月17日从7.10%降至 6.64%。 ...

Group 1 - Citigroup increased its stake in Alibaba Group Holding Limited from 3.66% to 5.60% as of July 14 [1]