Economic Data - The U.S. non-farm payrolls increased by 50,000 in December 2025, falling short of expectations[4] - China's CPI rose by 0.8% year-on-year in December 2025, while PPI decreased by 1.9%[4] - Retail sales in China's passenger car market dropped by 14% year-on-year in December[4] Market Performance - The Nasdaq index closed at 23,671.35, up by 0.81%[5] - The Dow Jones Industrial Average closed at 49,504.07, up by 0.48%[5] - The S&P 500 index closed at 6,966.28, up by 0.65%[5] - The Hang Seng Index closed at 26,231.79, up by 0.32%[5] - The Shanghai Composite Index closed at 4,120.43, up by 0.92%[5] Bond Market - The 2-year U.S. Treasury yield rose by 4.60 basis points to 3.532%[4] - The 5-year U.S. Treasury yield increased by 2.45 basis points to 3.750%[4] - The 10-year U.S. Treasury yield rose by 0.40 basis points to 4.167%[4]

Economic Outlook - The U.S. GDP growth rate is expected to accelerate to 2.2% in 2026 according to the Congressional Budget Office [4] - The global economic growth rate is projected to be 2.7% in 2026 as per a United Nations report [4] Trade and Market Data - The U.S. trade deficit unexpectedly narrowed to its lowest level since 2009 in October [4] - The 2-year U.S. Treasury yield increased by 1.86 basis points to 3.488% [4] - The 5-year U.S. Treasury yield rose by 2.78 basis points to 3.729% [4] - The 10-year U.S. Treasury yield increased by 1.97 basis points to 4.167% [4] Industry Insights - In China, major manufacturing companies are expected to sell 235,300 excavators in 2025, representing a year-on-year growth of 17% [4] - OPEC maintained stable production levels in December [4] - NVIDIA has required Chinese customers to pay in full for orders of the H200 chip [4] Market Performance - The Baltic Dry Index closed at 1776.00, down 2.95% [5] - The Nasdaq Index closed at 23480.02, down 0.44% [5] - The Dow Jones Industrial Average closed at 49266.11, up 0.55% [5] - The S&P 500 closed at 6921.46, up 0.01% [5] - The Hang Seng Index closed at 26149.31, down 1.17% [5] - The Shanghai Composite Index closed at 4082.98, down 0.07% [5]

Investment Rating - The report suggests a positive outlook for the company, indicating that it is significantly undervalued with a market capitalization of only HKD 2.7 billion, and recommends active attention to the stock [8]. Core Insights - The company has regained global rights for IMM2510 and IMM27M, allowing it to accelerate overseas clinical development [2][8]. - Clinical data for IMM2510 shows promising results, with an objective response rate (ORR) of 35.3% and a progression-free survival (PFS) of 9.4 months, outperforming similar products [3]. - The differentiated advantages of IMM2510 include its ability to activate antibody-dependent cellular cytotoxicity (ADCC) and a broader VEGF blocking mechanism, which may lead to superior efficacy compared to competitors [4][8]. - The safety profile of IMM2510 is manageable, with common grade 3 treatment-related adverse events reported at 8.7% [5][6]. - The company has a rich pipeline with significant product potential, including the CD47CD20 bispecific antibody (IMM0306) and CD47 fusion protein (IMM01), both showing promising clinical efficacy [7][8]. Summary by Sections - **Regained Rights**: The company has terminated its agreement with Axion, regaining control over the global development and commercialization rights for IMM2510 and IMM27M, which is expected to enhance the pace of clinical research [1][2]. - **Clinical Data**: The clinical efficacy of IMM2510 is highlighted by its ORR of 35.3% and PFS of 9.4 months, indicating strong performance compared to similar therapies [3]. - **Differentiation**: IMM2510's unique design allows for enhanced immune response and broader action against various VEGF receptors, positioning it favorably in a competitive market [4]. - **Safety Profile**: The safety of IMM2510 is considered acceptable, with manageable adverse events reported during trials [5][6]. - **Pipeline Potential**: The company’s pipeline includes several promising candidates, with ongoing trials indicating strong potential for future growth in various therapeutic areas [7][8].

Group 1 - The report highlights the signing of a memorandum of understanding between the UK and France, indicating a commitment to deploy troops to Ukraine if a peace agreement is reached with Russia [1] - The central bank plans to implement a moderately accommodative monetary policy to enhance efficiency in 2026 [1] - The National Bureau of Statistics will introduce over 30 national standards in the data sector in 2026 [1] Group 2 - Tencent has been crowned the global mobile game publisher champion for December [1] - xAI has exceeded its financing target, raising $20 billion, with Nvidia being one of the strategic investors [1] - OpenAI has launched a household robot priced at $20,000 [1] Group 3 - The report provides various economic data, including the Baltic Dry Index at 1851.00, down 1.65%, and the Nasdaq Index at 23547.17, up 0.65% [2] - The report notes the closing prices of significant indices, such as the Dow Jones Industrial Average at 49462.08, up 0.99%, and the S&P 500 at 6944.82, up 0.62% [2] - The report also mentions the performance of the Hang Seng Index at 26710.45, up 1.38%, and the Shanghai Composite Index at 4083.67, up 1.50% [2]

周报 受假期影响港股流动性减弱，恒指围绕关键支撑位震荡 港股市场 2026-01-05 星期一 【市场回顾】 上周恒指小幅回升 2.01%，主要是受到能源、信息技术和原材料这三个板块 的带动，其中能源板块涨幅达到 4.2%，信息技术与原材料小幅上涨 3.8%和 3.6%，在二级板块中半导体、国防军工和石油化工表现较为突出，整体来看 港股市场风险偏好有所恢复，但年末港股流动性保持低位水平。资金方面， 上周富盈基金份额减少 1.89%，成交额少于恒生中国企业 ETF，显示市场资 金显著倾向港股中的中国资产。截止 12 月 26 日，当周港股通净流入规模 25.61 亿港元，流入资金规模减少主要是受到香港假期的影响。整体来看近期港股 市场流动性减弱，但资金面情况保持相对稳定，内地的南下多头资金继续维 持流入状态，对港股的估值起到支撑作用。 【投资建议】 市场环境：全球主要大类资产中权益资产表现较好，包括港股在内的新兴市 场的表现跑赢发达市场，而此前市场高度关注的白银、铜、白金等金属商品 的价格出现回调。当周国内公布最新 PMI 数据，显示我国外贸出口具有韧性。 国内外经济数据跟踪：国内公布 12 月份 PMI 数据 ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - The primary market issuance of Chinese offshore bonds remained at a low level last week due to the New Year's Day holiday, with only 2 new bonds issued, totaling approximately $38 million. The secondary market's high-yield segment outperformed the investment-grade segment. The yields of short - and long - term US Treasuries showed a divergent trend [1][2][3]. Summary by Directory 1. Primary Market - Affected by the New Year's Day holiday, the primary market issuance of Chinese offshore bonds remained low, with 2 new bonds issued, totaling about $38 million. Chongqing Puli Development issued a senior bond worth 220 million RMB, the largest issuance last week, and Zhangdian State - owned Assets issued a senior unsecured bond worth 48 million RMB with a coupon rate of 6.9%, the highest - priced new bond last week [7][8][10]. 2. Secondary Market 2.1 Chinese US Dollar Bond Index Performance - The Chinese US dollar bond index (Bloomberg Barclays) declined 0.04% week - on - week, while the emerging market US dollar bond index rose 0.03%. The investment - grade index of Chinese US dollar bonds closed at 202.6423, down 0.06% week - on - week, and the high - yield index closed at 160.354, up 0.11% week - on - week. The Chinese US dollar bond return index (Markit iBoxx) rose 0.03% week - on - week. The investment - grade return index closed at 244.3846, up 0.01% week - on - week, and the high - yield return index closed at 241.6935, up 0.16% week - on - week [11][14]. 2.2 Chinese US Dollar Bond Performance by Industry - Different industries showed different yield changes. The communication and energy sectors led the rise, with yields down 14.6bps and 5.8bps respectively. The real estate and essential consumer sectors led the decline, with yields up 13.7Mbps and 99.9bps respectively [18][23]. 2.3 Chinese US Dollar Bond Performance by Different Ratings - According to Bloomberg's comprehensive ratings, investment - grade names generally declined, with the weekly yield of A - rated names up 0.8bps and that of BBB - rated names up 1.9bps. Most high - yield names declined, with the yield of BB - rated names down 4.1bps, the yield of DD+ to NR - rated names up about 12.0bps, and the yield of unrated names up 4.4Mbps [20]. 2.4 Hot Events in the Bond Market Last Week - China Jinmao provided asset collateral for the debt of "23 Jinmao MTN001". Fantasia Group had overdue borrowing principal of 1.4411 billion yuan as of November 30, 2025. Shanghai Shimao Construction had new overdue interest - bearing debts of about 1.85 billion yuan from December 22 to 28, 2025 [24][25][26]. 2.5 Main Rating Adjustments Last Week - Moody's downgraded Vanke's corporate family rating to Ca from Caa2 and maintained a negative outlook. United International rated Quzhou Grand Garden Group A - with a stable outlook. Zhongchengxin Asia - Pacific rated Sanya Urban Transport Group Ag - with a stable outlook [28]. 3. US Treasury Bond Quotes - The table shows the quotes of 30 US Treasury bonds with maturities over 6 months, sorted by yield to maturity from high to low, including information such as code, maturity date, current price, yield to maturity, and coupon [29]. 4. Macro Data Tracking - As of January 2, the yields of US Treasury bonds showed different trends. The 1 - year yield was 3.4666%, down 1.24bps from last week; the 2 - year yield was 3.4733%, down 0.57bps; the 5 - year yield was 3.7427%, up 4.69bps; and the 10 - year yield was 4.1907%, up 6.3bps [33]. 5. Macro News - The Fed's December meeting minutes showed serious disagreements. The US initial jobless claims were lower than expected. New US tax measures for some cross - border remittances came into effect. The Bank of Korea will comprehensively revise monetary and liquidity statistics. The Bank of Japan's December policy meeting minutes hinted at future interest rate hikes. Turkey implemented a visa - free policy for Chinese ordinary passport holders. China's manufacturing, non - manufacturing, and composite PMIs in December 2025 all entered the expansion zone. China's service trade grew steadily in the first 11 months of 2025. China had a current account surplus of $492.8 billion in the first three quarters of 2025. The operating income of state - owned enterprises from January to November 2025 increased 1% year - on - year. China's foreign debt scale decreased steadily. The 2026 national subsidy plan was officially released. The decline in China's national commercial housing transaction volume in 2025 narrowed compared to the previous year. The average price of new homes in 100 Chinese cities in December 2025 increased both month - on - month and year - on - year, while the average price of second - hand homes decreased. The auto market is expected to have positive growth in January 2026 and face more pressure in February [32][34][40].

Core Insights - The report highlights a significant increase in domestic tourism during the New Year holiday, with 142 million trips taken and total spending reaching 84.79 billion yuan, indicating a strong recovery in the tourism sector [1] - Hainan province experienced a remarkable 25.2% year-on-year growth in tourist arrivals, with total tourism revenue increasing by 28.9%, reflecting an optimization in consumer spending patterns [2] - The report emphasizes the impact of the Hainan Free Trade Port's closure policy, which has led to a surge in inbound tourism and duty-free shopping, contributing to a high-quality development phase for Hainan's tourism market [2] Summary by Sections Tourism Performance - During the New Year holiday, Hainan welcomed 2.1716 million tourists, a 25.2% increase compared to the previous year, with total tourism revenue reaching 3.136 billion yuan, up 28.9% [2] - The average occupancy rate of operating accommodation units in Hainan reached 79.01%, an increase of 3.8 percentage points year-on-year, indicating strong demand for lodging [1] - A-class tourist attractions received 1.4216 million visitors, marking a 35.5% increase, while rural tourism spots saw a 66.3% growth in visitors [1] Duty-Free Shopping and Inbound Tourism - The duty-free sales during the New Year holiday amounted to 712 million yuan, a staggering 128.9% increase year-on-year, with the first day sales reaching 251 million yuan, up 93.8% [2] - The number of shoppers at duty-free stores increased by 60.6%, with the average spending per person rising to 8,527 yuan, reflecting the effectiveness of policy optimizations and promotional activities [2] - The international flight network from Hainan continues to expand, with inbound flight bookings from Sanya and Haikou increasing by 500% and 300% respectively, positioning Hainan as a key destination for international tourists [2][4]

Investment Rating - The report suggests a positive outlook for the domestic beef industry due to the implementation of import beef quota and additional tariffs, recommending a focus on YouRan Agriculture (9858.HK) [5]. Core Insights - The Ministry of Commerce announced that starting January 1, 2026, import beef will be subject to safeguard measures, including country-specific quotas and an additional 55% tariff on quantities exceeding the quota, with a three-year implementation period [3]. - The quota for imported beef in 2026 is set at 2.688 million tons, with Brazil, Argentina, Uruguay, and Australia having specific allocations [3]. - In 2024, China's beef imports were 2.87 million tons, accounting for over 30% of domestic production, indicating a high reliance on imported beef [4]. Summary by Sections Import Quota and Tariffs - The safeguard measures are a response to the significant increase in imported beef, which has caused serious damage to the domestic industry [3]. - The quota for 2026 includes 1.106 million tons from Brazil, 0.511 million tons from Argentina, 0.324 million tons from Uruguay, and 0.205 million tons from Australia [3]. Domestic Beef Market Impact - The high proportion of imported beef and the new quota system are expected to benefit domestic beef prices by alleviating supply pressure [4]. - As of December 26, 2025, domestic beef prices were 53.5 yuan/kg, reflecting a year-on-year increase of 14.4% [4]. - The ongoing reduction of breeding cattle since 2025 is tightening supply, further supporting price increases [4]. Investment Recommendations - The report emphasizes that the import quota system will reduce supply pressure and, combined with the ongoing reduction of breeding cattle, is likely to lead to continued price increases, positively impacting the profits of livestock companies [5].

Core Insights - The report highlights the potential for large U.S. oil companies to enter Venezuela under Trump's administration, indicating a shift in geopolitical energy dynamics [3] - The Federal Reserve's Powell suggests that further interest rate cuts may take time, impacting market expectations and investment strategies [3] - OPEC+ is expected to maintain stable oil production levels in the upcoming meeting, which could influence global oil prices [3] Economic Data - The report provides key economic indicators, including the Baltic Dry Index at 1882.00, reflecting a 0.27% increase, and the Nasdaq Index at 23235.63, showing a slight decrease of 0.03% [5] - The report notes the performance of various indices, with the Dow Jones Industrial Average at 48382.39, up by 0.66%, and the S&P 500 at 6858.47, up by 0.19% [5] - The report also mentions the ICE Brent crude oil price at $60.80, down by 0.08%, and the London gold spot price at $4332.51, up by 0.33% [5]

研 2025 年 12 月 24 日星期三 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 究 报 告 美国第三季度 GDP 年化季率 4.3% 美国劳动力市场复苏 ADP 周均新增 1.15 万人 美国拟 2027 年对中国半导体产品征关税 欧洲 11 月汽车销量实现五连增 波罗的海干散货运价指数跌至五个月低点 两部门加码光热发电，明确 2030 年装机 1500 万千瓦 北京发放国内首批 L3 级高速自动驾驶专用号牌 三亚免税店销售额连续 5 日破亿元 英伟达计划春节前对华交付 H200 芯片 中芯国际部分产能涨价 10% 2 年期美债收益率涨 3.18 个基点报 3.532% 5 年期美债收益率涨 2.65 个基点报 3.734% 10 年期美债收益率涨 0.40 个基点报 4.165% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- | --- | | 波罗的海干散货 | 197 ...