Investment Rating - The report maintains a "Buy" rating for Hansoh Pharmaceutical (3692 HK) with a target price of HKD 25.00 and a "Hold" rating for Innovent Biologics (1801 HK) with a target price of HKD 60.00 [3][12] Core Insights - The Hong Kong healthcare sector outperformed the Hang Seng Index in April, with the Hang Seng Healthcare Index rising by 1.1%, outperforming the Hang Seng Index by 5.4 percentage points. This is attributed to the low profit margins of imported Western pharmaceutical raw materials and mid-to-low-end medical devices from China, which have limited impact on the overall performance of the pharmaceutical industry [1][7] - The global healthcare financing environment is recovering, with a 33.9% quarter-on-quarter increase in total financing to USD 16.43 billion in Q1 2025, benefiting small and medium-sized pharmaceutical companies [2][8] - The launch of the "Science and Technology Enterprise Express" by the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange aims to facilitate the listing of biotech companies in Hong Kong, potentially attracting more biotech stocks to the market [3][11] Summary by Sections Industry Performance - The healthcare sector's performance in April was driven by the limited impact of U.S. tariffs on the pharmaceutical industry, as the low-margin segments were less affected. The CXO sector faced declines due to concerns over U.S.-China relations, while other major sub-sectors performed significantly better than the Hang Seng Index [1][7] Financing Trends - The global healthcare industry saw a significant recovery in financing, with Q1 2025 financing totaling USD 16.43 billion, indicating a favorable environment for small and medium-sized pharmaceutical companies to invest in drug development [2][8] Key Stock Recommendations - The report continues to recommend leading innovative drug manufacturers such as Hansoh Pharmaceutical (3692 HK) and Innovent Biologics (1801 HK), focusing on high-value-added innovative drugs that are minimally affected by U.S. tariffs. Innovent's sales data for Q1 exceeded expectations, and its products are expected to see rapid revenue growth from 2025 to 2027 [3][12]

Market Overview - On May 8, the Hong Kong stock market showed a lack of direction as investors awaited updates on trade talks between the US and other countries, with the Hang Seng Index rising slightly by 84 points or 0.4% to close at 22,775 points [1] - The Hang Seng Tech Index increased by 0.6% to 5,228 points, while market turnover decreased to over HKD 185.9 billion, indicating cautious sentiment among domestic investors as net outflows from the Hong Kong Stock Connect reached HKD 2.39 billion for the second consecutive trading day [1] - Notable performers included brokerage firms, domestic insurance, new energy vehicles, and home appliance stocks, with companies like Longyuan Power (2333 HK), Geely (175 HK), and Li Auto (2015 HK) rising between 4.3% and 4.9% [1] Macro Dynamics - The Federal Open Market Committee (FOMC) maintained the federal funds rate unchanged in May, aligning with market expectations, and expressed patience regarding interest rate cuts amid uncertainties from tariff impacts on inflation and economic outlook [2] - The FOMC acknowledged that export fluctuations have affected economic data, but economic activity has continued to expand steadily [2] - The report suggests that the FOMC is prioritizing inflation risks while remaining cautious about potential recession risks, indicating a preference for data-driven decisions before any preventive rate cuts [2] Industry Dynamics - The performance of the renewable energy and utility sectors in Hong Kong stocks was mixed, but power equipment stocks saw significant gains, with companies like Dongfang Electric (1072 HK), Harbin Electric (1133 HK), and Shanghai Electric (2727 HK) rising by 2.4%, 4.5%, and 1.1% respectively [3] - The market is increasingly interested in nuclear fusion investment themes, particularly following a contract awarded to a consortium involving the Chinese Academy of Sciences and Harbin Electric for the development of heat exchangers for the ITER project [3] - Uranium prices have rebounded to nearly USD 70 per pound, leading to a 10.4% increase in China General Nuclear Power (1164 HK) [3] Pharmaceutical Industry Insights - The pharmaceutical sector outperformed the Hang Seng Index in April, with the Hang Seng Healthcare Index rising by 1.10%, primarily due to the limited impact of US tariffs on the overall performance of the sector [4] - The CXO segment faced concerns due to its significant exposure to the US market, while the medical services sector remained under pressure from cost control measures [4] - The global healthcare financing environment is showing signs of recovery, with a 33.9% quarter-on-quarter increase in total financing to USD 16.43 billion in Q1 2025, benefiting smaller pharmaceutical companies [5] Biotechnology Listing Initiatives - The Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange have launched a "Tech Company Fast Track" to facilitate the listing of biotech firms in Hong Kong, allowing for confidential submission of listing applications [6] - This initiative is expected to attract more biotech stocks to the Hong Kong market, enhancing the investment landscape for innovative healthcare companies [6] Company-Specific Recommendations - The report maintains a positive outlook on leading innovative drug manufacturers such as Hansoh Pharmaceutical (3692 HK) and Innovent Biologics (1801 HK), with target prices set at HKD 25.00 and HKD 60.00 respectively, based on their high-value innovative drug portfolios [4][6] - Innovent Biologics reported a strong Q1 performance with sales revenue exceeding expectations, driven by the rapid expansion of its oncology drug sales and the approval of new products [9][10] - The projected revenue growth for Innovent Biologics from 2025 to 2027 is expected to remain robust, with adjustments made to revenue forecasts reflecting positive sales trends [10][11]

2025 年 5 月 8 日 星期四 每日大市点评 5 月 7 日，受到"一行一会一局"举办国新办发布会的政策支撑下，港股大幅高开，政策公布后体现"消息兑现"的获利 压力，叠加美联储 FOMC 会议前夕，资金倾向保守，港股大盘全天冲高回落。恒生指数盘中一度高见 23,197 点，最终微升 30 点或 0.1%，收报 22,691 点。恒生科指下跌 0.8%，收报 5,200 点。大市成交金额有 2,401 多亿港元，港股通净流出 78.7 亿港元。盘面上，内银、内险及电讯等央国企撑市，四大内银升 0.4%至 2.0%。政策鼓励险资入市，中国人寿（2628 HK）、中国平安（2318 HK）分别升 1.5%及 0.7%。自 4 月 30 日公布一季度营运数据后，友邦(1299 HK)连升第四个交易 天，股价上升 2.9%，是少数强势的权重蓝筹股。证监会在国新办发布会上提及"深化交易所债券市场对外开放，将 REITs 等纳入沪深港通标的"，领展(823 HK)、置富产业(778 HK)等 REITS 分别上升 6.7%及 2.7%，创多个月新高。生物医药及 "新消费"明显跑输大市，百济神州(6160 HK)大跌 ...

2025 年 5 月 7 日 星期三 每日大市点评 5 月 6 日，港股大盘连升第四个交易日，市场风格出现转变，科技板块整固，假期消费及黄金等材料股份跑赢大市。恒生 指数上升 158 点或 0.7%，收报 22,662 点，完全修复 4 月 7 日的大型下跌裂口。恒生科指微跌 0.1%，收报 5,239 点。港股 通假期后复市，大市全日成交金额增加至 2,134 多亿港元，港股通也净流入 134.8 亿港元。据商务部商务大数据监测，假 期全国重点零售和餐饮企业销售额同比增长 6.3%，高于 2024 年国庆假期和 2025 年春节假期的 4.5% 和 4.1%。根据文 旅部数据，2025 年五一黄金周全国国内出游人次及消费总额分别同比增长 6.4%及 8.0%，但是人均日均旅游消费金额则仅 较去年同期微升 1.4%。餐饮、食品饮料、航空、旅游、博彩等相关消费股表现较为突出。4 月以来走势落后的美团(3690 HK)股价上升 4.5%，农夫山泉(9633 HK)大升 7.1%，股价创一个多月以来高位。东航(670 HK)、国航(753 HK)及南航(1055 HK)等三大国有航企分别升 5.8%至 7.3%不等 ...

2025 年 5 月 6 日 星期二 ➢ 每日大市点评 贸易战及地缘紧张局势边际缓和，风险资产持续反弹，港股上周连续第三周上升，恒生指数全周升 2.4%，收报 22,504 点，已基本修复"对等关税"以来的跌幅。恒生科指上周上升 5.2%，收报 5,244 点。大市成交金额按周下降 26.3%至 1,705 亿港元，港股通全周净流入也下降至 12.4 亿港元。港股 12 大行业板块全线上升，其中信息科技及可选消费行业指 数分别以上升 5.0%及 3.7%领先。 全球主要股市基本修复对等关税以来的跌幅，铜等顺周期的大宗商品也自低位大幅回升，黄金等避险资产价格下降。上 周五亚洲货币出现异动，其中新台币单天大升 4.4%，离岸人民币上升 0.92%至 7.21 水平，韩元也大升 2.5%，港元也升至 强方兑换保证，是资金资金流入亚洲区的信号。海外股市、商品及外汇市场的积极表现，相信有利于港股跟随修复。如 果中美高层短期能够启动贸易磋商，情绪修复或推动恒生指数上试 23,200 点。 不过，当前恒生指数的预测 PE 回升至 10 倍，风险溢价低于滚动两年平均一个标准偏差，估值已从低位明显修复，叠加 4 月的中国 PM ...

环保新能源及公共事业 | 2025 年 4 月 30 日 香港股市 | 环保新能源及公共事业| 行业点评 广州上调自来水价，助力全国供水行业 广州上调自来水价多至 93.2% 4 月 29 日，广州市发改委公布，于 2025 年 6 月 1 日上调广州市中心城区(包括越秀区、 荔湾区、天河区、海珠区、黄埔区、白云区、大学城区域等)自来水价格，其中居民生活 用水第一、二、三阶梯价格分别由 1.98、2.97、3.96 元人民币/立方米上升 28.8%、 28.6%、93.2%至 2.55、3.82、7.65 元人民币/立方米，非居民生活用水价格则由 3.46 元人 民币/立方米增加 27.2%至 4.40 元人民币/立方米。现行水价于 2012 年 5 月 21 日起实施， 距今已近 13 年。如根据听证会于 2024 年 5 月举行起计算，此次水价上调流程需时约一 年完成。 助力全国供水行业，有利深圳上调水价 近年全国不同地方(例如上海)已经纷纷上调自来水价，反映市场化政策原则。由于广州 是一线城市，此次水价上调更可有力推动全国其他地方跟随，最终助力供水行业。今年 3 月，深圳市发改委公布拟上调水价。按照此次 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of HKD 1.55, indicating a potential upside of 37% from the current price of HKD 1.13 [4][5][15]. Core Insights - The company has shown strong revenue growth, with total revenue for FY24 reaching RMB 1.61 billion, a year-on-year increase of 52.7%. The net profit surged by 225% to RMB 100 million, exceeding previous expectations [1][4]. - The flexible direct current transmission projects are driving rapid revenue growth, with the grid transmission and distribution segment achieving revenue of RMB 810 million in 2024, a 95% increase year-on-year [2][4]. - The company is positioned as a leading supplier of key components for ultra-high voltage direct current transmission, with significant market share in products like the anode saturation reactor and power capacitors [9][11]. Financial Performance - The company is expected to achieve revenues of RMB 2.01 billion, RMB 2.53 billion, and RMB 3.31 billion for FY25E, FY26E, and FY27E, respectively, with growth rates of 25%, 24%, and 29% [4][5]. - Net profit projections for the same periods are RMB 140 million, RMB 220 million, and RMB 332 million, reflecting growth rates of 36.9%, 56.4%, and 51.0% [4][5]. - The company's gross margin is expected to improve steadily, reaching 34.6% by FY27 [5][13]. Business Growth Drivers - The commencement of numerous ultra-high voltage projects is anticipated to significantly increase demand for the company's flagship products, including high-power IGBTs and anode saturation reactors [3][4]. - The increasing share of renewable energy in the power mix is driving the demand for flexible transmission technologies, positioning the company favorably in the market [2][3]. Market Expansion - The company is actively expanding its international market presence, with direct overseas sales expected to reach RMB 90 million in 2024, a 33.3% increase year-on-year [10]. - Projects in countries like Saudi Arabia, Germany, and Brazil are part of the company's strategy to enhance its global footprint [10]. Product Development - The company has made significant advancements in IGBT technology, with a comprehensive product matrix that includes various packaging options and voltage ratings [11][12]. - The development of silicon carbide chips for electric vehicles is also underway, with production lines expected to be operational by 2026, which will enhance cost efficiency and gross margins [12].

2025 年 4 月 30 日 星期三 每日大市点评 4月29日，港股继续缺乏方向，投资者观望为主。恒生指数微升36点或0.2%，收报22,008 点，连续五个交易日在22,000 点左右窄幅波动。恒生科指微升 0.6%，收报 5,019 点，同样连续五个交易日窄幅波动。闷局过后，大概率会出现新一轮 方向性走势。昨日大市成交金额有 1,777 多亿港元，港股通净流出 64.2 亿港元。近期港股通的流量明显减少，流入的态 势亦有所反复，显示内资开始谨慎，不再单边做多，而是有节奏地高沽低吸。存量资金围绕业绩股或题材股做交易，机 器人、智能驾驶、部分 AI 产业链都继续有资金关注，品牌消费股均有强势表现，互联网医疗股获较多资金流入，如阿里 健康(241 HK)单日大升 7.2%，成交金额是周一的四倍。汇丰控股(5 HK)一季度列账基准除税前利润超市场预期，回购规 模从 20 亿美元上调至 30 亿，股价上升 3.0%，创 4 月 1 日以来收市新高。中国 10 年期国债收益率进一步跌至 1.63%，一 方面反映降息预期，另一方面也反映国内债券市场投资者对宏观前景较为谨慎。历史上，债息对港股的盈利预测也有前 瞻意义。 ...

中国房地产周报 | 2025 年 4 月 29 日 中国房地产周报 | 2025 年 4 月 21 日至 4 月 27 日 寄望新增支持措施 新房成交量持续同比下跌 上周(至 4 月 27 日)30 大中城市商品新房成交量达 167 万平方米，同比下跌 23.3%，差于 前周的 19.8%同比下跌，环比上升 12.2%，优于前周的 0.2%环比下跌。不同类别城市皆同 比下跌。上周同比变化率：一、二、三线城市分别为-20.4%、-22.7%、-29.8%(前周同 比：-11.0%、-23.3%、-22.3%)。 一线城市新房累计成交量：地市之间的同比涨幅差异收窄 2025 年首周至今北京一手商品住宅累计成交量为 166 万平方米，同比下跌 2.1%，与前两 周的 2.1%跌幅相若。上海累计成交量为 326 万平方米，同比上升 4.8%，差于前两周的 12.9%升幅。广州累计成交量为 209 万平方米，同比上升 25.2%，差于前两周的 32.4%升 幅。深圳累计成交量为 115 万平方米，同比上升 58.7%，差于前两周的 68.7%升幅。 商品房存销比整体环比持平 按面积，十大城市商品房存销比为 103.3， ...

4 月 28 日，港股大盘缺乏方向，恒生指数日内高低波幅仅 255 点，最终微跌 7 点，收报 21,973 点，连续四个交易日在 22,000 点水平窄幅波动。恒生科指微升 0.2%，收报 4,990 点。大市成交金额只有 1,638 多亿港元，为 2 月 4 日以来最 低。港股通净流入 21.2 亿港元。盘面上，内银及部分品牌消费股表现较为突出，建农工中四大内银分别升 0.7%至 2.8%， 已完全修复 4 月初以来的跌幅。蜜雪集团（2097 HK）、泡泡玛特（9992 HK）、上美股份（2145 HK）分别升 4.1%至 12.0% 不等，后两者再创上市以来新高。耀才证券（1428 HK）获蚂蚁入主，市场憧憬蚂蚁金融未来可能会注入资产，股价大升 81.9%，收报 5.55 港元，创上市新高。本周中国将公布 4 月的 PMI 数据，美国也公布包括一季度 GDP、4 月的 ISM 制造业 PMI 及就业数据，同时多家美国科技巨头也集中公布业绩，料港股及美股市场波动或将加剧。 当前恒生指数估值（PE 约 9.7 倍）向下空间有限，但向上突破依赖内部政策持续有效落地和中美博弈实质性缓和。短期 市场进入基本面及政 ...