来源：观点地产网 观点网讯：3月2日，复星国际有限公司发布公告称，基于对公司长期发展前景的判断，计划在公开市场 进行股份回购。 根据公告内容，复星国际认为当前公司股价未能充分反映长期价值，将于2025年度业绩公告发布后至 2026年股东周年大会日期间，回购不超过10亿港元的股份。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 此次回购计划依据2025年6月5日股东周年大会授出的购回授权，具体执行将由董事会根据市场情况酌情 决定。 数据显示，自2022年1月1日起至本公告日期，复星国际已持续在公开市场回购股份2.59亿股，累计金额 约11.9亿港元，占已发行股份总数的3.17%。 复星国际提示，股份回购将由董事会酌情决定，公司不保证回购的时间、数量或价格，投资者买卖股份 时务请审慎行事。 ...

公司认为，当前公司股价水准未能充分反映公司长期价值，基于对公司长期发展前景的判断以及对股东 利益的审慎考量，公司将于符合法律法规及监管要求的前提下，于授权范围内审慎及有序推进股份回购 安排。 根据公司股东于2025年6月5日举行的股东周年大会上授出的购回授权，公司计划于2025年度业绩公告发 布后至该购回授权届满即2026年股东周年大会日，于公开市场购回股份，回购总金额不超过10亿港元。 上述回购将按照相关法律法规进行，并以公司内部资源拨付。具体回购时间、价格区间及执行节奏，将 由董事会根据市场状况及公司资本结构管理需要审慎决定。 格隆汇3月2日丨复星国际(00656.HK)发布公告，自2022年1月1日起至本公告日期，公司已持续于公开市 场进行股份回购。截至本公告日期：(一)累计回购股份总数约为2.59亿股股份；(二)累计回购总金额约 为11.9亿港元；(三)累计回购股份约占本公告日期已发行股份总数的3.17%；上述股份回购均根据当时有 效的股东授出一般授权进行，并以公司内部资源拨付。 ...

Core Viewpoint - China Biologic Products (01177.HK) has received approval from the National Medical Products Administration (NMPA) for its self-developed innovative drug, Rovaxitinib Tablets (brand name: Anxu®), for first-line treatment of adult patients with intermediate-2 or high-risk primary myelofibrosis (PMF), post-polycythemia vera myelofibrosis (PPV-MF), or post-essential thrombocythemia myelofibrosis (PET-MF) [1] Group 1 - Rovaxitinib is a globally innovative small molecule inhibitor targeting both JAK and ROCK pathways, providing dual effects of anti-inflammation and anti-fibrosis [1] - The drug works by inhibiting the JAK1/2-STAT3/5 signaling pathway, reducing high levels of inflammatory cytokines produced by myeloid cells, thus improving splenomegaly and systemic symptoms [1] - Additionally, it suppresses ROCK1/2 to lower the polarization level of T helper cells and the burden of inflammatory cytokines in patients with myelofibrosis, further enhancing anti-inflammatory effects and supporting long-term disease control [1]

在一项多中心、随机、双盲、双模拟、阳性药物平行对照的II期临床研究(TQ05105-II-01)中，罗伐昔替 尼对比羟基尿用于治疗中危-2、高危骨髓纤维化患者展示出优异的疗效和良好的安全性。该研究共入组 107例患者，按2:1随机分组接受罗伐昔替尼15mg或羟基尿0.5g，每日两次口服治疗。 疗效方面，罗伐昔替尼组经独立影像评估委员会(IRC)评估的第24周脾脏体积较基线缩小≥35%(SVR35) 受试者所占的比例为58.33%，任意时间点达到SVR35受试者比例达63.89%，SVR35平均持续时间长达 8.31个月，最佳总症状评分改善≥50%(TSS50)率高达77.78%。安全性方面，罗伐昔替尼总体耐受性良 好，相关研究中≥3级不良反应发生率约40%，贫血发生率约40%，治疗终止率仅6.7%，均远低于芦可替 尼。 中国生物制药(01177)公布，该集团自主研发的国家1类创新药罗伐昔替尼片(商品名：安煦)已获得中国 国家药品监督管理局(NMPA)的上市批准，用于中危-2或高危的原发性骨髓纤维化(PMF)、真性红细胞增 多症后骨髓纤维化(PPV-MF)或原发性血小板增多症后骨髓纤维化(PET-MF)成年患者 ...

疗效方面，罗伐昔替尼组经独立影像评估委员会(IRC)评估的第24周脾脏体积较基线缩小 ≥35%(SVR35) 受试者所占的比例为58.33%，任意时间点达到SVR35受试者比例达63.89%，SVR35平均持续时间长达 8.31个月，最佳总症状评分改善≥50%(TSS50)率高达77.78%。安全性方面，罗伐昔替尼总体耐受性良 好，相关研究中≥3级不良反应发生率约40%，贫血发生率约40%，治疗终止率仅 6.7%，均远低于芦可 替尼。 除MF外，罗伐昔替尼在慢性移植物抗宿主病(cGVHD)治疗领域亦展现出突破性潜力。目前，该产品针 对cGVHD的研发进展顺利：在中国已进入III期临床试验阶段，并于2025年8月被中国国家药品监督管理 局药品审评中心(CDE)纳入突破性治疗药物程序;在美国已获准开展II期临床研究。 智通财经APP讯，中国生物制药(01177)公布，该集团自主研发的国家1类创新药罗伐昔替尼片(商品名： 安煦® )已获得中国国家药品监督管理局(NMPA)的上市批准，用于中危-2或高危的原发性骨髓纤维化 (PMF)、真性红细胞增多症后骨髓纤维化(PPV-MF) 或原发性血小板增多症后骨髓纤维化(PE ...

Core Viewpoint - Fosun International (00656) has been actively repurchasing shares in the open market since January 1, 2022, believing that the current stock price does not reflect the company's long-term value [1] Group 1: Share Repurchase Details - The total number of shares repurchased to date is approximately 259 million shares, amounting to about 1.19 billion Hong Kong dollars, which represents approximately 3.17% of the total issued shares as of the announcement date [1] - The share repurchase is conducted under the general authorization granted by shareholders and funded by the company's internal resources [1] Group 2: Future Plans - The company plans to continue share repurchases within the authorized limits, with a total amount not exceeding 1 billion Hong Kong dollars, from the release of the 2025 annual results until the expiration of the repurchase authorization at the 2026 annual general meeting [1] - The specific timing, price range, and execution pace of the repurchase will be determined by the board based on market conditions and the company's capital structure management needs [1] - The company believes that executing the repurchase at the current valuation level aligns with the overall interests of the company and its shareholders [1]

Core Viewpoint - The company believes that its current stock price does not adequately reflect its long-term value and plans to continue share buybacks to enhance shareholder interests [1] Group 1: Share Buyback Details - The company has repurchased approximately 259 million shares since January 1, 2022, totaling around HKD 1.19 billion, which represents about 3.17% of the total issued shares as of the announcement date [1] - The share buybacks are conducted under the general authority granted by shareholders and funded through internal resources [1] - The company plans to repurchase shares in the open market with a total amount not exceeding HKD 1 billion from the release of its 2025 annual results until the expiration of the buyback authorization at the 2026 annual general meeting [1] Group 2: Future Buyback Strategy - The specific timing, price range, and execution pace of future buybacks will be determined by the board based on market conditions and the company's capital structure management needs [1] - The company emphasizes that executing buybacks at the current valuation level aligns with the overall interests of the company and its shareholders [1]

Stock Performance - On February 27, 2026, the stock price of Autohome (ATHM.N / 02518.HK) declined significantly, with the US stock market facing pressure, as the Nasdaq index fell by 0.92% and the S&P 500 index dropped by 0.43% [2] - Autohome's US stock (ATHM.N) decreased by 3.91%, while its Hong Kong stock (02518.HK) fell by 5.93%, both underperforming compared to the major market indices [2] Company Valuation - The closing price of Autohome's Hong Kong stock was 38.36 HKD, which is below key moving averages such as the 20-day moving average at 41.98 HKD, indicating a weak technical position [3] - The MACD indicator showed a negative divergence of -0.927, placing the stock in a weak zone, while the Bollinger Bands indicated that the stock price was close to the lower band at 39.16 HKD, reflecting strong short-term selling pressure [3] Market Liquidity - The trading volume for Autohome's Hong Kong stock was approximately 1.67 million HKD, with a turnover rate of only 0.01%, suggesting low liquidity that could amplify price volatility [4] - There has been a recent outflow of southbound funds from the Hong Kong market, with a net sell of 7.366 billion HKD on February 26, creating pressure on small and mid-cap stocks [4] Earnings Outlook - Autohome is scheduled to release its financial report on March 5, with market expectations indicating a year-over-year revenue decline of 12.69% for the fourth quarter of 2025 [5] - Some investors may be opting for risk aversion ahead of the earnings report, contributing to increased selling activity [5]

Core Viewpoint - The company achieved a net revenue of HKD 13.833 billion in Q4 2025, representing a year-on-year increase of 22.5%. Adjusted EBITDA reached HKD 4.296 billion, up 32.7% year-on-year. For the full year 2025, net revenue totaled HKD 49.242 billion, a 13.4% increase, with adjusted EBITDA of HKD 14.502 billion, up 19.0% year-on-year [1] Financial Performance - Q4 2025 net revenue was HKD 13.833 billion, a 22.5% increase year-on-year. Adjusted EBITDA for the same period was HKD 4.296 billion, reflecting a 32.7% year-on-year growth [1] - For the full year 2025, net revenue reached HKD 49.242 billion, a 13.4% increase year-on-year, with adjusted EBITDA of HKD 14.502 billion, up 19.0% year-on-year [1] Business Segments - The company's VIP and mass market gaming segments showed record recovery, with Q4 2025 VIP gaming revenue at HKD 3.109 billion and mass gaming revenue at HKD 10.011 billion. Total gaming revenue reached HKD 13.950 billion, recovering to 48.1%, 136.6%, and 96.6% of 2019 levels respectively, marking new highs for recovery in 2023 [1] - The company expects its market share to rise to approximately 22% in Q4 2025, indicating stable growth in market share [1] Non-Gaming Initiatives - The company is actively optimizing non-gaming projects and enhancing shareholder returns. In 2025, the number of visitors to Macau is projected to increase by 15% to 40.1 million, setting a new historical record [2] - The company is focusing on high-end mass and ultra-high-end gaming segments, with the opening of the Capella in May 2025 and a significant contribution expected from this segment [3] - The company hosted around 350 events in 2025, including concerts and large-scale activities, and is progressing with the renovation of its facilities, including hotel rooms and dining areas [3] Shareholder Returns - The board of directors proposed a final dividend of HKD 0.80 per share for the year ending December 31, 2025, up from HKD 0.50 per share in 2024. The total dividend for 2025 is expected to be HKD 1.50 per share, compared to HKD 1.00 per share in 2024, with a payout ratio exceeding 60% [4] - The company anticipates net profits of HKD 11.604 billion and HKD 12.496 billion for 2026 and 2027, respectively, with current price-to-earnings ratios of 15.8X and 14.6X [4]

机构：国泰海通证券 研究员：刘欣琦/张轩铭/吴浩东 本报告导读： 受益于港股交投活跃度维持高位，保证金投资规模增长对冲收益率下降影响，港交所四季度利润好于预 期；港股市场扩容以及自身服务边界拓宽，港股市场IPO 持续活跃，提升港交所中长期盈利中枢。 投资要点： 维持"增持" 评级，调升目标价至 502港元，对应25 年 35xPE。公司2025 年总收入/净利润291.6/177.5 亿 港元，同比+30% /+36%；单季度利润增速放缓，4Q25 港交所总收入/净利润73.1/43.4 亿港元，同比 +15%/+15%。海外流动性预期改善、国内稳经济政策等因素有望助推港股投融资活跃度维持高位，驱 动公司业绩稳步增长。预计公司26-28 年净利润188/197/207 亿港元，分别同比+6%/+5%/+5%，目标价 550 港元，对应26 年37 xPE，维持"增持"评级。 业绩拆分看、现货分部高增为盈利核心驱动。港股交投活跃度改善下交易相关收入提升是公司业绩增长 的主因，2025 年港交所现货、股本证券衍生品、商品、数据及连接、公司项目分部收入分别为147、 69、32、23、22 亿港元，分别同比+56% ...