机构：中金公司 研究员：Yuanfan GU/Wenjie ZHANG/Qibin FENG/Xin YANG Initial Coverage Investment positives We initiate coverage on Sichuan Expressway Company Limited (SichuanExpressway) with an OUTPERFORM rating and a target price of Rmb6.85for A-shares. We assign an OUTPERFORM rating and target price ofHK$5.61 for H-shares. Our valuations imply dividend yields of 4.5% and4.7% for A-shares in 2025 and 2026, and 6.0% and 6.4% for H-shares in2025 and 2026, based on the dividend yield valuation method. Thecompany is the on ...

公司发布2025 年半年报，2025H1 实现营业收入24.97 亿元，同比减少39.58%；实现归母净利润5.75 亿 元，同比减少23.54%。 机构：国投证券 25H1 销售费用率/管理费用率分别同比变化+0.39pct/-1.79pct，剔除以权益结算的股权激励费用后，管理 费用同比提升3.11pct。25H1公司净利率为23.02%，同比提升4.83pct，经调整净利率为24.56%，同比降 低0.08pct。公司净利率提升主要系股权激励费用大幅降低。 研究员：蔡琪/尤诗超 事件： 受行业影响营收下滑幅度较大，李渡表现相对稳定 1）分产品看，25H1 珍酒/李渡/湘窖/开口笑/其他营收分别为14.92/6.11/2.77/0.81/0.36 亿元，分别同比变 化-44.8%/-9.4%/-38.7%/-63.9%/-54.7%；吨价分别为32.3/34.9/58.6/13.7/2.1 万元/吨，分别同比变 化-17.0%/-29.1%/-3.6%/-4.0%/-5.3%；销量分别为4612/1752/473/590/1698 吨， 分别同比变 化-33.5%/+27.8%/-36.4%/-62.4% ...

Group 1: Market Performance - In August, the Hong Kong stock market experienced an overall increase, with the Hang Seng Index and Hang Seng Tech rising by 25.0% and 27.0% respectively compared to the end of 2024 [1] - The monthly average daily turnover (ADT) for the Hong Kong Stock Exchange reached HKD 279.1 billion, reflecting a month-on-month increase of 6.2% and a year-on-year increase of 192.1% [1] - Northbound trading ADT was HKD 322.8 billion, with month-on-month and year-on-year increases of 45.2% and 204.9% respectively, while southbound trading ADT was HKD 155.2 billion, with increases of 7.4% and 448.3% [1] Group 2: Derivatives Market - In August, the average daily volume (ADV) for futures was 627,000 contracts, showing month-on-month and year-on-year increases of 9.6% and 5.3% respectively [1] - The ADV for options was 962,000 contracts, with month-on-month and year-on-year increases of 2.1% and 34.5% [1] - As of the end of August, the ADT for structured products such as bull and bear certificates and derivative warrants was HKD 17.5 billion, reflecting increases of 11.9% and 58.6% year-on-year [1] Group 3: Initial Public Offerings (IPOs) - In August, there were 6 new IPOs in Hong Kong, with a total scale of HKD 5.4 billion, representing a month-on-month decrease of 73% but a year-on-year increase of 189% [2] - The number of newly listed derivative warrants and bull and bear certificates was 941 and 2,386 respectively, with year-on-year increases of 75% and 40% [2] Group 4: Investment Income and Economic Environment - As of the end of August, the HIBOR rates for 6 months, 1 month, overnight, and the US overnight bank funding rate were 3.27%, 3.30%, 4.00%, and 4.33% respectively, with month-on-month increases across the board [2] - The domestic economic environment showed signs of recovery, with the manufacturing PMI at 49.40%, indicating a slight improvement [3] - The overseas economic outlook suggests a strengthening of interest rate cut expectations, with the Federal Reserve expected to cut rates by 25 basis points in September 2025 [3] Group 5: Valuation and Future Outlook - As of the end of August, the company's price-to-earnings (PE) ratio was 37.02x, positioned at the 52nd percentile historically since 2016, indicating potential value for investors [4] - The company is expected to achieve revenues of HKD 30.3 billion, HKD 33.2 billion, and HKD 35.6 billion for the years 2025 to 2027, with corresponding net profits of HKD 19.4 billion, HKD 20.6 billion, and HKD 22.3 billion [4] - The projected PE ratios for 2025, 2026, and 2027 are 29.3x, 27.7x, and 25.4x respectively, suggesting a favorable investment opportunity [4]

机构：天风证券 研究员：杨松/曹文清 事件：近日，公司发布2025 年中报。2025H1，公司总收入74.34 亿元，同比增长14.3%；归母净利润为 31.35 亿元，同比增长15.02%。创新药产品收入为61.45 亿元，同比增长22.1%，在总收入中的占比提升 至82.7%。 盈利预测与投资评级 考虑到公司2025 年有多笔大额BD 交易款项到账，我们将2025 年的营业收入从137.41 亿元上调至146.68 亿元，预计2026 年和2027 年的营业收入分别为158.35 亿元和177.79 亿元；将2025 年的归母净利润从 47.46 亿元上调至51.67 亿元，预计2026-2027 年归母净利润分别为53.25 亿元和61.33 亿元。维持"增 持"评级。 风险提示：行业政策风险、市场竞争风险、药物研发失败风险、专利和知识产权风险、销售不及预期风 险 业绩稳健，创新品种持续放量，仿制药业务风险基本出清阿美替尼作为国产首款三代EGFR TKI，销售 增长迅速，适应症持续拓展。 样本医院销售数据显示，从2020 年的1841 万增长到2024 年的17.84 亿元，年度复合增长率为214%， ...

机构：国盛证券 研究员：夏君/刘玲 微盟发布2025H1 财报业绩。微盟2025H1 录得收入7.8 亿元，同比下降10.6%。按业务类型角度，1）订 阅解决方案收入4.4 亿元，同比下降10.0%。 毛利2.7 亿元，同比下降6.3%，毛利率达62.6%，同比上升2.5 个百分点；2）商家解决方案收入3.4 亿 元，同比下降11.3%。毛利3.1 亿元，同比上升8.7%，毛利率达91.3%，同比上升16.8 个百分点。公司半 年度经营利润与non-GAAP 归母净利均实现扭亏转盈，分别录得27 万/2380 万元，营业利润率与non- GAAP 归母净利率同比上升33.2/23.3 个百分点。 聚焦智慧零售，大客合作与场景拓展并进。微盟持续聚焦智慧零售等大客业务，本半年度智慧零售收入 已占订阅解决方案的65.2%，商家数量达到7323 家。公司推出的"零售+企微"和"零售+企微+会员"一体 化解决方案得到客户的广泛认可，推动智慧零售GMV 增长13.4%、百万级/亿级GMV 同比增加 34%/60%。集团型企业多品牌、多业务线合作趋势上扬，多账号合作客户数同比增加22.2%，相关收入 同比增加19.3%。在 ...

1、恆指：看多投資者表示下星期27000點，持有牛證，收回價25900點。同時也有投資者認為，週一迎來新一輪回調趨勢，此輪回調測試26000點支撐位，持 有熊證，收回價26900點和27100點。 Simon:上週五（12日）指數越升越有，收市價26388點，盤中最高見26585點。根據技術系統分析，26800點是第一個阻力位，27400點是第二阻力位。下方支 持位25700點，比投資者提及的點位再低一點。短線信號總結為"賣出"。 恆指 (HSI) 2、小米集團-W (01810.HK)：投資者問股價55元是否壓力比較大？同時也有看淡投資者認為下週跌回53元。窩輪市場上關注行使價61.05元的認購證。 Simon:星期五的走勢有上升，收55.15元。目前短線技術信號為"中立"，56.7元是第一個阻力位。支持位在53.1元，接近投資者的觀點。如果跌穿則有機會去 到51元。窩輪市場上，有不少產品的行使價在55-59元左右，而投資者選擇的61.05元的產品，價外幅度比較高，不過槓桿會高一些，槓桿有7.7-8倍左右。這 點需要投資者注意。價內產品也是可以的選擇的，不過實際槓桿高，但到期日會比較短，時間值損耗也會比較高 ...

和铂医药内景图 和铂医药科研人员正在进行抗体分析 从最初的"走出去"寻路，到在国际舞台"起舞"，和铂医药以坚持创新的长期主义描绘中国创新药出海的 新样本。近日，和铂医药创始人、董事长兼首席执行官王劲松在接受上海证券报记者专访时表示，BD 交易从来不是和铂医药的终点，而是推动研发循环的"加速器"。和铂医药将以跨国合作与自主布局的双 轮驱动，为公司的长期持续发展注入新动能。 从"出海"到"出圈" 今年上半年，中国创新药出海迎来爆发式增长，半年内license-out（对外授权）总额逾600亿美元，一举 越过2024年全年水平。和铂医药更是其中的领跑者：半年内与全球合作伙伴达成4项授权交易，单笔金 额屡破1亿美元，通过"出海"实现"出圈"。 在多项合作中，和铂医药3月与阿斯利康达成的全球战略合作尤为引人注目。根据协议，双方将基于和 铂医药专有的Harbour Mice全人源抗体技术平台，共同开发用于免疫性疾病、肿瘤等领域的新一代多特 异性抗体疗法。该合作涵盖多项目授权，和铂医药已获得1.75亿美元首付款，阿斯利康另以1.05亿美元 认购和铂医药9.15%的新发行股份。双方还计划在北京共建联合创新中心，推动前沿研究落 ...

事实上，港股科技指数目前正处于估值相对低位（低于历史上约87%的时间），其成份中不少权重科技股仍处于年内低位。因为前段时间各 种内卷的短期扰动，它们的估值一直被压着没起来。但现在，这些干扰因素正在快速解除。 但如果大家觉得"没赶上阿里"就错过了所有，那可能低估了这波刚刚开始的港股行情。 也正因为如此，资金近期正在重新集结，南向资金开始疯狂扫货——阿里已经连续15个交易日被南向资金买入，截至9月11日净流入超过371 亿港元；不光阿里，腾讯、美团、比亚迪、小米也全部获大额流入，这说明资金不是在挑个股，而是在系统性增配港股科技板块。 一、【为什么现在是港股科技股的时间？】 1.宏观层面：流动性双宽松来了 国内货币政策持续适度宽松，而美国8月非农数据不及预期，9月降息概率拉满——市场甚至已在交易降息50bp的预期。中美流动性同时转向 宽松，历来就是科技股行情的温床。 2.产业叙事彻底扭转 9月15日早盘，阿里股价持续拉升，刷新2022年以来阶段高点，带领港股科技板块"多点开花"。目前，港股汽车、半导体、医药板块内多股拉升，蔚 来、理想、华虹半导体、药明生物等纷纷涨超3%。 二、【怎样布局胜率更高？】 港股科技股这一 ...

Group 1 - The stock price of *ST Jintai (300225) closed at 5.49 yuan on September 15, 2025, down 3.0% with a turnover rate of 4.01% and a trading volume of 190,400 shares, amounting to a transaction value of 105 million yuan [1] - On September 15, 2025, the main funds experienced a net outflow of 11.21 million yuan, while retail investors saw a net inflow of 8.64 million yuan [1][3] - The company received an administrative penalty notice from the China Securities Regulatory Commission for failing to disclose the 2024 annual report within the legal timeframe, facing a proposed fine of 2 million yuan [1][3] Group 2 - The company has acknowledged the penalty and committed to improving its information disclosure management [1] - The penalties include a warning and a fine of 1 million yuan for the chairman and president, and fines of 800,000 yuan each for the executive director and the financial director [1]

Core Viewpoint - The company, Xin Dazheng, is planning a significant asset restructuring involving the acquisition of at least 51% of the equity of Jiaxin Liheng Facility Management (Shanghai) Co., Ltd. through a combination of issuing shares and cash payments, along with raising supporting funds [2][5]. Group 1: Transaction Details - The transaction is expected to constitute a major asset restructuring and will not lead to a change in the actual controller of the company [4]. - The stock of Xin Dazheng has been suspended from trading since September 15, with a plan to disclose the transaction scheme within 10 trading days, or it will resume trading on September 29 [4]. - The preliminary agreement for the transaction was signed on September 14 with TS Capital Facility Management Holding Company Limited and Beijing Xinrunheng Equity Investment Partnership [5]. Group 2: Target Company Overview - Jiaxin Liheng, established in 2020 and backed by CITIC Capital, operates in various engineering construction activities and facility management services, aiming to become a leading zero-carbon integrated facility management service provider in China [6]. - The company holds a significant market presence with brands such as Dussmann and Anruimeng, focusing on carbon neutrality solutions, environmental management, and digital management [6]. Group 3: Company Performance - In the first half of the year, Xin Dazheng reported a revenue of 1.503 billion yuan, a year-on-year decrease of 12.88%, and a net profit attributable to shareholders of 71.18 million yuan, down 12.96% [6]. - The company is undergoing a strategic restructuring to adapt to the industry's transition from scale expansion to quality improvement, which includes exiting low-efficiency projects and accelerating digital transformation [7][8]. - Despite short-term challenges, the strategic changes are expected to enhance the company's resilience and core competitiveness for long-term high-quality development [8]. Group 4: Market Performance - Xin Dazheng's stock price has increased by over 46% year-to-date [10].