招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 27,827 | 2.58 | 8.57 | | 恒生国企 | 9,512 | 2.89 | 6.72 | | 恒生科技 | 5,900 | 2.53 | 6.96 | | 上证综指 | 4,151 | 0.27 | 4.60 | | 深证综指 | 2,718 | -0.01 | 7.39 | | 深圳创业板 | 3,324 | -0.57 | 3.76 | | 美国道琼斯 | 49,016 | 0.02 | 1.98 | | 美国标普 500 | 6,978 | -0.01 | 1.94 | | 美国纳斯达克 | 23,857 | 0.17 | 2.65 | | 德国 DAX | 24,823 | -0.29 | 1.36 | | 法国 CAC | 8,067 | -1.06 | -1.02 | | 英国富时 100 | 10,154 | -0.52 | 2.25 ...

29 Jan 2026 CMB International Global Markets | Equity Research | Company Update New Oriental (EDU US) New Oriental (EDU US) - solid margin expansion 2QFY26 results beat; strong core educational business and solid margin expansion New Oriental announced 2QFY26 results: net revenue increased by 15% YoY to US$1.19bn, 3% ahead of Bloomberg consensus estimate; non-GAAP operating income surged by 207% YoY to US$89.13mn, beating consensus estimate of US$54.87mn, primarily attributable to enhanced operational effic ...

2026 年 1 月 28 日 招银国际环球市场 | 市场策略 | 招财日报 | | 收市价 | | 升/跌（%） | | --- | --- | --- | --- | | | | 单日 | 年内 | | 恒生金融 | 51,811 | 2.51 | 5.88 | | 恒生工商业 | 14,636 | 0.82 | 5.47 | | 恒生地产 | 19,680 | 0.40 | 12.06 | | 恒生公用事 | 40,151 | 0.25 | 5.59 | | 业 资料来源：彭博 | | | | 敬请参阅尾页之免责声明 请到彭博 (搜索代码: RESP CMBR )或 http://www.cmbi.com.hk 下载更多研究报告 1 每日投资策略 公司点评 全球市场观察 招银国际研究部 邮件：research@cmbi.com.hk | 环球主要股市上日表现 | | | | | --- | --- | --- | --- | | | 收市价 | | 升跌（%） | | | | 单日 | 年内 | | 恒生指数 | 27,127 | 1.35 | 5.84 | | 恒生国企 | 9,245 | 1.07 ...

2026 年 1 月 28 日 招银国际环球市场 | 睿智投资 | 公司更新 三生制药 (1530 HK) 三生制药 (1530 HK) - 辉瑞全速推进 707 全球临床，ADC 联用蓄势待发 辉瑞（PFE US）日前在 J.P. Morgan 医疗健康大会上披露了关于与三生制药合作 的 707/PF'4404（PD-1/VEGF）的重磅研发计划，其推进速度与广度超出我们预 期。辉瑞明确将在 2026 年启动 4 项全球 3 期临床，覆盖 5 大一线适应症，并将首 次启动与 ADC 药物联用的 3 期临床研究。我们认为 PD-(L)1/VEGF 双抗有望成为 下一代肿瘤免疫治疗的基石药物，而辉瑞有望凭借"IO+ADC"的内部管线协同优势 及强大的临床执行力，在抢位赛中占据领先优势。707/PF'4404 的全球价值释放也 将成为推动三生制药上行的关键催化剂。 | 财务资料 | | | | | | | --- | --- | --- | --- | --- | --- | | (截至 12 月 31 日) | FY23A | FY24A | FY25E | FY26E | FY27E | | 销售收入 (百万 ...

2026 年 1 月 28 日 招银国际环球市场 | 睿智投资 | 公司更新 三生制药 (1530 HK) 三生制药 (1530 HK) - 辉瑞全速推进 707 全球临床，ADC 联用蓄势待发 辉瑞（PFE US）日前在 J.P. Morgan 医疗健康大会上披露了关于与三生制药合作 的 707/PF'4404（PD-1/VEGF）的重磅研发计划，其推进速度与广度超出我们预 期。辉瑞明确将在 2026 年启动 4 项全球 3 期临床，覆盖 5 大一线适应症，并将首 次启动与 ADC 药物联用的 3 期临床研究。我们认为 PD-(L)1/VEGF 双抗有望成为 下一代肿瘤免疫治疗的基石药物，而辉瑞有望凭借"IO+ADC"的内部管线协同优势 及强大的临床执行力，在抢位赛中占据领先优势。707/PF'4404 的全球价值释放也 将成为推动三生制药上行的关键催化剂。 中国医药 武 煜, CFA (852) 3900 0842 jillwu@cmbi.com.hk 王云逸 (852) 3916 1729 cathywang@cmbi.com.hk 公司数据 | 市值(百万港元） | 61,115.2 | | --- ...

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 26,766, up 0.06% for the day and up 4.43% year-to-date [1] - The US markets saw gains, with the Dow Jones up 0.64% and the S&P 500 up 0.50%, while the Nasdaq increased by 0.43% [1] - The Chinese stock market exhibited mixed results, with A-shares declining, particularly in defense, automotive, and social services sectors, while non-ferrous metals, oil, and coal sectors showed gains [3] Sector Performance - In the Hong Kong market, the Hang Seng Financial Index rose by 0.74%, while the Hang Seng Real Estate Index increased by 1.84%, indicating strong performance in these sectors [2] - Conversely, the Hang Seng Industrial Index fell by 0.44%, reflecting weaker performance in industrial stocks [2] Company Analysis - China Resources Beverage (2460 HK) is projected to see a 35.5% decline in net profit for FY2025, estimated at RMB 1.06 billion, primarily due to increased marketing expenditures and slower capacity expansion [4] - Despite the anticipated profit drop, there are positive indicators such as a new experienced chairman likely to drive significant reforms, and potential increases in dividend payouts [4] - The report maintains a "Buy" rating for China Resources Beverage, with a target price adjusted down by 8% to HKD 11.87, reflecting the earnings downgrade [4]

27 Jan 2026 CMB International Global Markets | Equity Research | Company Update CR Beverage (2460 HK) CR Beverage (2460 HK) - Leave Leave the worst behind in 2025 We forecast CR Beverage's FY25E net profit to decline 35.5% to RMB1.06bn, with a steeper drop in 2H25E due to concentrated signing of large marketing contracts and increased supply chain investments. Capacity expansion is slightly slower than market expectations, while channel reform is progressing faster. Beyond the stabilization of packaged wate ...

Report Summary 1. Report Industry Investment Rating - No industry investment rating is provided in the report. 2. Core Viewpoints - The market shows mixed trends across different regions and sectors in the fixed - income market. Some bonds tightened, while others widened or had price changes due to various factors such as demand, profit - taking, and company - specific news [2]. - The analysts maintain a buy rating on BBLTB's subordinated bonds, expecting the bank to call its subordinated bonds on the first call dates due to sufficient capital buffer and past redemption records [7]. 3. Summary by Relevant Catalogs Trading Desk Comments - **Chinese IG Space**: CCAMCL/ORIEAS 2 - 5yr bonds tightened 3 - 5bps due to onshore demand, AMs/prop desks bought FRESHK/ZHOSHK which tightened 1 - 3bps, LIFUNGs gained 0.1 - 0.4pt, EHICAR 26 - 27 were 0.4pt higher [2]. - **Chinese/HK Properties**: ROADKG bonds and perps rose 0.7 - 1.5pts, SHUION 29 gained 0.3pt, FUTLAN 28/LNGFOR 27 - 32s closed 0.5 - 1.2pts higher, VDNWDL/NWDEVL complex were 0.2pt lower to 0.3pt higher, VNKRLE 27 - 29 were 0.3pt higher [2]. - **KR Space**: HYNMTR FRNs tightened 3 - 5bps as onshore/offshore buyers sought loose bonds and dealer inventory dried up [2]. - **JP Space**: NTT 35/MUFG 35s/SOBKCO 35/SMBCAC 35 tightened 1 - 4bps, NOMURA 7 Perp traded 0.1pt lower, RESLIF 6.875 Perp closed 0.1pt higher [2]. - **SE Asia Space**: OCBCSP 32/35s tightened 1 - 3bps, light selling on OCBCSP 34s, KBANK 31/UOBSP 31 - 32s/BBLTB T2s were 1bp tighter to 2bp wider, ReNew Energy complex edged 0.1 - 0.3pt higher, SMCGL Perps/INDYIJ 29s/MEDCIJ 26 - 30s were unchanged to 0.2pt higher, TOPTB 6.1 Perp lost 0.1pt [2]. - **Middle East**: BSFR 35s and long - end KSAs softened 0.1 - 0.3pt lower, SECO 29 - 36s traded active two - way and closed 1 - 2bps wider, ARAMCO 30 - 31s were 1 - 2bps wider, LGFV edged a touch tighter overall [2]. - **Morning Price Movements**: JP AT1s and insurance subs had two - way flows but stable prices, HUXJDP 26 rose 0.9pt, CRNAU 29/HYSAN 4.85 Perp were 0.6 - 0.7pt higher, LNGFOR 28/FTLNHD 27/SOFTBK 31 were 0.5 - 0.8pt lower [3]. Top Performers and Underperformers - **Top Performers**: ROADKG bonds had significant price increases, with ROADKG 6.7 03/30/28 rising 1.5 to 22.9, ROADKG 5 1/8 01/26/30 rising 1.4 to 22.8, etc [4]. - **Top Underperformers**: GARUDA 6 1/2 12/28/31 fell 1.9 to 90.0, ADSEZ 5 08/02/41 fell 1.5 to 87.3, etc [4]. Macro News Recap - Last Friday, S&P was up 0.03%, Dow was down 0.58%, and Nasdaq was up 0.28%. US Jan'26 S&P Global Services PMI was 52.5 (lower than expected), Manufacturing PMI was 51.9 (as expected). UST yield was lower, with 2/5/10/30 - year yields at 3.60%/3.84%/4.24%/4.82% [6]. Desk Analyst Comments on BBLTB - FY25 investment gains offset lower NII and net fee income. Analysts maintain a buy on BBLTB 3.466 09/23/36 and BBLTB 6.056 03/25/40, expecting first - call redemptions [7]. - FY25 results softened: operating profit before tax lowered by 1% to THB56.0bn, net interest income decreased 8% to THB123.6bn, NIM dropped to 2.8% from 3.1% in FY24, net fee income decreased 2% to THB27.2bn, total operating income rose 2% to THB178.5bn, cost - to - income ratio rose slightly to 48.4% [8][9]. - Asset quality deteriorated slightly: NPL ratio increased to 3.0% as of Dec'25 from 2.7% as of Dec'24, NPL coverage ratio decreased to 324% from 334%. However, capital adequacy is solid, with standalone/consolidated CET 1 and Tier 1 ratios increasing [10]. Offshore Asia New Issues - **Priced**: Ma'aden Sukuk Ltd issued USD1000mn 10 - yr bonds with a 5.25% coupon at T + 105, rated Baa1/ - /BBB+ [12]. - **Pipeline**: The Link Finance (Cayman) 2009 plans to issue 10 - yr USD bonds at T + 105, with an issue rating of - /A/ - [13]. News and Market Color - **Onshore Primary Issuances**: 110 credit bonds were issued last Friday with an amount of RMB95bn. Month - to - date, 1,485 credit bonds were issued with a total amount of RMB1,279bn, an 11.1% yoy decrease [17]. - **Company - Specific News**: Adani Energy Solutions plans a USD500mn bond issue, Greenko Energy raised INR48bn (cUSD524mn), Road King sold property interests, Sun Hung Kai settled a tender offer, China Vanke withdrew a REIT listing application and got a loan extension, Yuexiu Property expected FY25 profit to fall 90 - 95% yoy [17].

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 26,750, up 0.45% year-to-date, while the US Dow Jones fell by 0.58% [1][3] - The Chinese stock market saw gains, particularly in materials, consumer discretionary, and healthcare sectors, while energy and real estate lagged [3] Industry Insights - The Chinese pharmaceutical sector is experiencing a significant upward trend, with the MSCI China Healthcare Index rising 9.2% since early 2026, outperforming the MSCI China Index by 5.6% [4] - The trend of Chinese innovative drugs going overseas continues to gain momentum, with multiple business development (BD) transactions occurring in early 2026, indicating a strong market for overseas licensing [5] - Key transactions include the overseas rights granted by Rongchang Biopharma to AbbVie for RC148 and by Haisika for HSK39004, showcasing the clinical progress of these drugs [5] Company Analysis - China Ping An is projected to see a 12% increase in operating profit to RMB 135.9 billion in 2025, driven by improvements in life and health insurance segments [7] - The new business value (NBV) is expected to grow by 42% year-on-year to RMB 40.4 billion, with a strong performance anticipated in the first quarter of 2026, particularly in the bancassurance channel [8] - The target price for China Ping An has been raised to HKD 90, reflecting adjustments in profit and NBV growth forecasts, with the company currently trading at 0.71 times FY26E P/EV [8]

Investment Rating - The report assigns a "Buy" rating to several companies in the pharmaceutical sector, indicating a potential upside of over 15% in their stock prices over the next 12 months [29]. Core Insights - The MSCI China Healthcare Index has increased by 9.2% since the beginning of 2026, outperforming the MSCI China Index, which rose by 5.6% [1]. - The pharmaceutical industry has seen significant growth, driven by strong institutional investor interest and the ongoing trend of innovative drugs going global [1]. - The report emphasizes the importance of clinical progress and data validation for pipelines that have already gone overseas, suggesting that this trend will continue in the long term [1]. Summary by Sections Industry Overview - The report highlights a robust trend in the outbound licensing of innovative drugs, with multiple business development (BD) transactions occurring at the start of 2026, reflecting a high level of activity in the sector [4]. - Key transactions include significant upfront and milestone payments for various drugs, indicating strong market interest and potential for future growth [4]. Company Ratings and Valuations - The report provides detailed valuations for several companies, including: - **Sangfor Technologies (1530 HK)**: Market cap of $7,598.4 million, target price of $37.58, with a 54% upside potential [2]. - **Gusongtang (2273 HK)**: Market cap of $963.3 million, target price of $44.95, with a 46% upside potential [2]. - **WuXi AppTec (2268 HK)**: Market cap of $10,551.0 million, target price of $88.00, with a 28% upside potential [2]. - **China National Pharmaceutical Group (1177 HK)**: Market cap of $15,951.4 million, target price of $9.40, with a 42% upside potential [2]. Market Trends - The report notes that the competition in the PD-(L)1/VEGF space is intensifying, with several companies advancing their clinical trials and aiming for first-line indications [4]. - The report suggests that the efficiency and breadth of clinical trials, as well as the richness of combination therapies, will be critical factors in determining success in this competitive landscape [4].