Core Viewpoint - The Hong Kong restaurant sector is experiencing active performance, with notable gains in stocks such as Shanghai Xiaonan Guo, Jiumaojiu, and others, driven by positive signals from the Central Economic Work Conference regarding consumer spending recovery [1] Group 1: Market Performance - Shanghai Xiaonan Guo increased by over 7% - Jiumaojiu rose nearly 5% - Other companies like Yum China, Nayuki, and Haidilao saw gains of nearly 3%, while Xiabuxiabu increased by 2.5% [1] Group 2: Policy Impact - The Central Economic Work Conference held on December 10-11 emphasized the importance of domestic demand and building a strong domestic market - Key policies include implementing actions to boost consumption, formulating plans to increase income for urban and rural residents, and removing unreasonable restrictions in the consumption sector [1] Group 3: Industry Outlook - Analysts suggest that the positive signals from the conference pave the way for the continued recovery of restaurant consumption - The overall sector is expected to benefit from a mild recovery in the consumer environment, indicating potential for valuation recovery [1] - Galaxy Securities highlights the need to focus on the medium to long-term goals of consumption outlined in the 14th Five-Year Plan, with short-term attention on specific policies related to consumption expected to be implemented by 2026 [1]

花旗发布研报称，下调华润电力(00806)目标价11.6%，从21.5港元降至19港元，评级从"买入"降至"中 性"。花旗表示，下调对燃煤电价的预期，2026年现预测将降低3.5%，主要原因是在广东所签署的合 同。同时，燃煤电厂的单位燃料成本上升。因此将该公司2026年纯利预测下调8.3%，2027年纯利预测 下调7.9%。 该行将对该公司的评级降至"中性"而非"沽出"，是因为其2025年预期股息率为6.4%，虽然可以接受，但 仍低于其同行华能国际（600011）电力(00902)的8.5%，派息比率40%，也低于华能的50%对于2026年的 预测，该行更倾向于选择中国电力设备供应商而不是运营商，因为后者可能因中国没有电力短缺而面临 市场电价下降带来的利润率下降。 ...

高盛发表报告，将渣打集团评级从"中性"升至"买入"，目标价由168港元上调至203港元。该行认为，尽 管渣打集团今年以来港股股价升83%，但认为仍有进一步重估空间。高盛预计，到今年年底，渣打集团 的基础风险调整后股东权益回报率(ROTE)将达14.6%，超过管理层13%的指引，并在2027年进一步升至 15%，2028年则达15.7%。因此，该行预计渣打集团将于2025年财报或2026年5月举行的投资者日活动 中，上调其中期ROTE指引，这或为该股股价的进一步催化剂。 ...

除此之外，"星星人""哭娃"等IP在二手市场也出现了不同程度的涨价。 不过，随着泡泡玛特产能的扩大，部分IP的热度正在降温，毕竟物以稀为贵。今年8月，泡泡玛特 供应链中心总裁袁俊杰表示，以毛绒玩具为例，现在一个月的产能是去年同期的十倍以上，现在是3000 万只左右。目前还处于"追产能"的阶段。 近日，泡泡玛特（09992.HK）股价持续下跌，12月8日股价跌超8%，12月9日跌超5%。自今年8月 高点339.8港元/股以来，其累计跌幅约40%，总市值蒸发超过2000亿港元（约合人民币1800亿元）。 在此前的17个月内（2024年3月-2025年8月），泡泡玛特的股价翻了接近15倍，创下了港股消费股 的神话。 在股价一路高歌猛进的时间段里，泡泡玛特的业绩也在逐步上涨。2024年上半年，泡泡玛特的净利 润为9.2亿元，2024年全年则斩获了31.3亿元的净利润。进入2025年，单是上半年泡泡玛特就赚了45.7亿 元。 股价的暴增一定程度上与泡泡玛特旗下的头部IP——LABUBU爆火有关。虽然LABUBU诞生于 2015年，但直至2025年，这个有着九颗牙齿和尖尖长耳朵的形象才成为"流量密码"。 随着一些外国明星 ...

鹰普精密(01286)涨超6%，截至发稿，涨6.54%，报5.05港元，成交额1030.49万港元。 消息面上，近期海外燃机扩产加速，天风证券（601162）预计至27年全球燃机供给87GW、其中净增量 26GW，对比ENR预计的26-35年年均100GW+仍有供需缺口。该行判断海外燃气轮机公司27年后仍需继 续扩产，对应预计中国相关零部件公司有望受益。华西证券（002926）也认为，国内燃气轮机技术布局 领先企业有望充分受益于此轮海外需求外溢，订单或持续兑现，看好鹰普精密等核心零部件供应商。 兴业证券此前研报指出，鹰普精密是全球Top10高精密度、高复杂度、高性能铸件及机加工零部件制造 商；公司产能全球布局，墨西哥工厂逐步放量；海外收入占比高，关税顺畅传导美国客户；大马力发动 机、机器人等下游需求高增长，提升公司业绩空间。 ...

赛晶科技(00580)涨超3%，截至发稿，涨3.47%，报2.09港元，成交额625.86万港元。 消息面上，据赛晶科技官微消息，近日，赛晶科技旗下子公司——浙江嘉善科能电力设备有限公司凭借 卓越的技术实力、可靠的产品质量及丰富的行业经验，成功中标United Solar Polysilicon(FZC)SPC(联合 太阳能多晶硅(FZC)有限公司)阿曼年产10万吨高纯硅基材料项目的21KV滤波装置采购项目，为该海外 项目提供关键电力设备支持。 此次中标的21KV滤波装置，是保障项目电力系统稳定运行的关键设备，能够实现无功补偿及谐波抑制 等功能，确保生产过程中电力供应的高效与稳定。该装置严格遵循阿曼当地电力行业标准，结合项目所 在地炎热沙漠气候特点，在绝缘性能、耐温性、抗风沙及防紫外线等方面进行了专项优化设计，可实现 8000小时/年的稳定运行，完全满足项目长期、高效的生产需求。 ...

该行将对该公司的评级降至"中性"而非"沽出"，是因为其2025年预期股息率为6.4%，虽然可以接受，但 仍低于其同行华能国际电力(00902)的8.5%，派息比率40%，也低于华能的50%对于2026年的预测，该行 更倾向于选择中国电力设备供应商而不是运营商，因为后者可能因中国没有电力短缺而面临市场电价下 降带来的利润率下降。 智通财经APP获悉，花旗发布研报称，下调华润电力(00806)目标价11.6%，从21.5港元降至19港元，评 级从"买入"降至"中性"。花旗表示，下调对燃煤电价的预期，2026年现预测将降低3.5%，主要原因是在 广东所签署的合同。同时，燃煤电厂的单位燃料成本上升。因此将该公司2026年纯利预测下调8.3%， 2027年纯利预测下调7.9%。 ...

Core Viewpoint - JD Industrial's successful listing on the Hong Kong Stock Exchange marks a significant milestone in China's industrial digital transformation, raising approximately HKD 28.27 billion with a subscription rate of 60.25 times in Hong Kong and 7.88 times internationally [2][3]. Group 1: Industrial Supply Chain Development - The integration of consumer internet and industrial internet is recognized as a key industry consensus, with industrial internet requiring a deeper understanding of complex business processes and traditional work habits [3][4]. - JD Industrial has established a clear implementation path through horizontal integration, vertical deepening, and technology-driven approaches, successfully linking nearly 160,000 suppliers with diverse customer demands [6][7]. - The company has launched the "Taipu" integrated supply chain solution, which enhances operational efficiency and reduces costs through intelligent decision-making and process optimization [10][11]. Group 2: Financial Performance and Market Position - JD Industrial is projected to be the largest service provider in China's industrial supply chain technology and services market by 2024, with a market share of 4.1%, significantly ahead of its competitors [7][8]. - Revenue is expected to grow from approximately CNY 14.1 billion in 2022 to CNY 20.4 billion in 2024, with a compound annual growth rate of 20.1%, while net profit is forecasted to improve from a loss of CNY 1.27 billion to a profit of CNY 760 million [7][8]. Group 3: Future Growth Strategies - JD Industrial aims to leverage its listing to enhance industrial supply chain capabilities and expand geographically, with 35% of the funds raised allocated for supply chain enhancement and 25% for regional expansion [12][15]. - The company has set an ambitious target to reduce costs in the industrial supply chain by CNY 1 trillion over five years, capitalizing on the digital transformation of the industry [14][15]. - JD Industrial is also focusing on international expansion, providing comprehensive services to Chinese enterprises venturing abroad, addressing challenges in supply chain management [17][18].

Core Viewpoint - 康方生物's stock has increased by over 3%, currently trading at 121.9 HKD with a transaction volume of 271 million HKD, following the announcement of FDA approval for its innovative PD-1/CTLA-4 bispecific antibody, 卡度尼利单抗, for a pivotal clinical trial [1] Group 1: Company Developments - 康方生物 announced the initiation of the COMPASSION-37/AK104-311 international multicenter phase III clinical study, which evaluates 卡度尼利单抗 in combination with chemotherapy for HER2-negative, untreated, unresectable or metastatic gastric or gastroesophageal junction adenocarcinoma [1] - This study represents the second international multicenter registration clinical trial for 卡度尼利, following a previous study focused on immune-resistant hepatocellular carcinoma that has already commenced in the United States [1] - The launch of the COMPASSION-37 study is a significant step forward in the global development of 卡度尼利 and is a key initiative in 康方生物's globalization strategy, reinforcing its leading position in the field of tumor immunotherapy 2.0 [1]

Core Viewpoint - 康方生物's stock has increased by over 3%, currently trading at 121.9 HKD with a transaction volume of 271 million HKD, following the announcement of FDA approval for its innovative PD-1/CTLA-4 bispecific antibody,卡度尼利单抗, for a pivotal clinical trial [1] Group 1 - 康方生物 announced the FDA approval for the international multicenter phase III clinical study (COMPASSION-37/AK104-311) of 卡度尼利单抗 in combination with chemotherapy for HER2-negative, untreated, unresectable or metastatic gastric or gastroesophageal junction adenocarcinoma [1] - The COMPASSION-37 study is the second international multicenter registration clinical study for 卡度尼利单抗, following a previous study for immune-resistant hepatocellular carcinoma [1] - The initiation of the COMPASSION-37 study marks a significant step forward in the global development of 卡度尼利单抗 and is a key initiative in 康方生物's globalization strategy, reinforcing its leading position in the tumor immunotherapy 2.0 field [1]