6月17日，港股三大指数震荡走弱。截至收盘，恒生指数跌0.34%，恒生国企指数跌0.4%，恒生科技指 数跌0.15%。其中，医药股普遍回调，创新药方向跌幅居前。受板块情绪影响，药师帮（9885.HK）下 挫6.31%，收盘价报10.4港元。尽管股价波动明显，但仍属于短期市场震荡的正常范畴，该公司基本面 与行业长期趋势仍被市场看好。 面对股价波动，药师帮持续通过回购及高管增持以稳定市场预期。根据最新披露，6月17日公司继续回 购10万股股份，总代价约为103万港元，平均每股10.31港元。自5月7日启动亿元回购计划以来，公司已 连续回购553万股，总回购金额超4334.6万港元。公司执行董事陈飞也于6月17日增持10万股，连续增持 累计超90万股，进一步彰显董事及管理层对公司前景的坚定信心。 今年以来，药师帮持续释放积极信号。2024业绩报告显示，公司首次实现全年盈利转正，经调净利润 1.57亿元，同比增20.1%。高毛利业务增长提速，今年1-4月厂牌首推业务成交规模达7.17亿元，同比增 长108.1%；自有品牌业务规模达5.6亿元，同比增长532.3%，逐步形成新的增长势能。 同时，紧跟未来药店业态升级趋势 ...

6月16日，知名珠宝集团周大福(01929.HK)在港交所公告，宣布拟发行88亿港元可转换债券，用于黄金 首饰业务扩张、门店升级及全球化布局。 提质增效显成效 2024年以来，周大福在面临宏观经济挑战及高金价波动的情况下，通过优化产品组合和严格成本管理等 一系列提质增效举措，实现了经营溢利的逆势增长。 近期，周大福发布截至2025年3月31日止年度的业绩公告，2025财年，宏观经济外部因素及黄金价格高 企，持续影响消费意欲以至珠宝销售，该集团取得营业额896.56亿港元，同比减少17.5%，但经营溢利 维持韧性，同比增长9.8%至147.46亿港元。高毛利的产品带来产品组合的改善，加上黄金价格高企及严 谨的成本和资本管控，经营溢利率扩大至16.4%。 长江商报记者注意到，通过优化产品组合和一系列提质增效举措，周大福2025年财年(截至2025年3月31 日)实现了经营溢利的逆势增长。 近期，周大福发布截至2025年3月31日止年度的业绩公告，2025财年，宏观经济外部因素及黄金价格高 企，持续影响消费意欲以至珠宝销售，该集团取得营业额896.56亿港元，同比减少17.5%，但经营溢利 维持韧性，同比增长9.8 ...

习近平总书记指出："绿色发展是高质量发展的底色，新质生产力本身就是绿色生产力。"这一重要论断 为环保产业的转型升级指明了方向，深刻揭示了环保产业走出传统基建思路、在服务全社会绿色低碳转 型中实现产业升级的必然规律。绿色生产力之于环保产业，并非简单的技术升级，而是技术范式革命、 要素配置重构、制度创新协同的系统性变革，目的是将企业参与生态治理的底层驱动力由外部委托转化 为内生创造，以推动环保产业朝着高质量发展方向迈进。 绿色生产力是环保产业升级的力量之源 党的二十大以来，环保产业开启了一场从定位、逻辑到内涵的全方位变革，产业定位突破传统末端治理 的范畴，产业逻辑告别粗放低效的模式，产业内涵迈向人与自然和谐共生的价值重构。环保产业正以绿 色生产力为支点，撬动经济社会全面绿色转型中的产业价值，在美丽中国建设与全球气候治理的双重坐 标系中，锚定产业升级的新方位、开辟高质量发展的新境界。 产业基础能力更加完备。研发投入快速增加，近5年我国环保产业研发经费年均增长率达12%，2023年 突破800亿元，重点企业研发投入占比超5%。基本实现重大装备国产化，国产环保装备自给率从2018年 的65%提升至2023年的82%，拥 ...

拿地金额排名第四，土地质量提升显著 根据克而瑞数据，公司1-5 月拿地金额331.6 亿元，同比+53%，排名行业第四；新增土地货值650.3 亿 元，新增土地建面105.7 亿元，拿地均价31381 元/平，拿地均价超过销售均价，主要由于拿地主要位于 北京、上海、杭州、宁波等高能级城市，土地质量提升显著；拿地强度38.2%，保持较高水平。 经常性收入稳健增长，退出低效资产聚焦核心资产2025 年5 月，公司经常性收入40.9 亿元，同比 +6.2%；其中经营性不动产业务租金收入26.9 亿元，同比+13.0%。1-5 月公司累计经常性收入204.4 亿 元，同比+9.6%；累计经营性不动产业务租金收入132.8 亿元，同比+12.9%。公司旗下位于上海市嘉定 销售维持行业前三，不动产租金收入稳健增长，维持"买入"评级华润置地发布2025 年5 月经营数据，公 司销售维持行业前三，拿地强度较高，经常性收入稳健增长。我们维持盈利预测，预计公司2025-2027 年归母净利润为289.9、317.0、349.1 亿元，对应EPS 为4.07、4.45、4.90 元，当前股价对应PE为6.1、 5.6、5.1 倍， ...

Core Viewpoint - AIA Group is a leading life insurance company in the Asia-Pacific region, achieving significant growth in new business value and profitability, with a strong market presence and a robust agent network [1][2]. Group 1: Company Overview - AIA Group, headquartered in Hong Kong, has a century-long history and became an independent entity in 2009 after AIG's restructuring [1]. - The company is the largest independent listed life insurance group in the Asia-Pacific region, covering 18 markets [1]. - As of 2024, AIA reported an annualized new premium income of $8.606 billion, a net profit of $6.883 billion, and a new business value of $4.712 billion, ranking second among listed insurance companies [1]. Group 2: Business Performance - AIA maintains a high growth rate in new business value, with contributions from mainland China and Hong Kong consistently exceeding 50% [1]. - The new business value distribution as of 2024 is as follows: Mainland China 24.0%, Hong Kong 34.8%, Thailand 16.1%, Singapore 9.0%, Malaysia 6.9%, and other markets 9.2% [1]. Group 3: Agent Strategy and Quality - AIA adheres to a "best agents" strategy, establishing a benchmark for the industry in agent recruitment and retention [2]. - As of July 2024, AIA has 4,656 MDRT agents, leading globally and significantly surpassing domestic competitors [2]. - The company employs a comprehensive talent selection system focusing on educational background, professional experience, and certifications to ensure high-quality agents [2]. Group 4: Financial Outlook and Valuation - AIA's current valuation is at the 39th percentile since 2017, indicating a historical low, with potential for significant upside compared to past high-growth periods [3]. - Projected embedded value per share (EVPS) for 2025 to 2027 is $6.83, $7.46, and $8.22, respectively, with current P/EV ratios of 1.30, 1.19, and 1.08 [3]. - The target price is set between HKD 87.13 and HKD 94.10 per share, suggesting over 25% upside potential from current levels [3].

Core Viewpoint - The resilience of the insurance main business is highlighted, with four ecosystems driving high-quality growth. ZhongAn Online, as the first internet insurance company in China, continues to achieve high premium growth through its "insurance + technology" dual-engine strategy, with total premiums expected to reach 33.42 billion yuan in 2024, reflecting a CAGR of 19.9% from 2018 to 2024, ranking eighth in the domestic property insurance industry and first in the internet property insurance market [1] Ecosystem Performance - Digital Life Ecosystem: Contributes 48.5% of premiums, benefiting from high e-commerce activity and innovative products (e.g., pet insurance, screen damage insurance), with premiums expected to grow by 28.9% year-on-year to 16.197 billion yuan in 2024, and innovative business growth reaching 77.2%. The combined cost ratio remains stable at 99.7%, with the expense ratio optimized to 31.7% [2] - Health Ecosystem: Accounts for 30.9% of premiums, centered around the "Zunxiang e-Sheng" product matrix, with premiums projected at 10.338 billion yuan in 2024, reflecting a CAGR of 23.8%. The claims ratio is optimized to 39.0%, with inclusive products (e.g., Zhongminbao) seeing a year-on-year premium increase of 177% [2] - Consumer Finance Ecosystem: Actively reducing scale while improving quality and efficiency, with a significant cost ratio optimization of 6.3 percentage points to 90.1% in 2024, maintaining controllable asset quality [2] - Automotive Ecosystem: Leveraging the co-insurance model with Ping An and obtaining compulsory insurance qualifications, premiums are expected to grow by 29.8% year-on-year to 2.051 billion yuan, with new energy vehicle insurance growth reaching 188.4% [2] Technology Business Development - ZhongAn Technology is building a second growth curve by empowering the entire insurance value chain and achieving external output. Internal efficiency improvements include a cumulative R&D investment of 7.244 billion yuan, accounting for 4.8% of premiums, and an automation rate of 99% for underwriting processes [3] - External output has seen a six-year CAGR of 43%, with 2024 revenue projected at 956 million yuan, a year-on-year increase of 15.3%, marking the first profitable year with a net profit of 78 million yuan [3] Digital Banking and Web3 Initiatives - ZA Bank, a digital bank, leads in scale with total assets of 22.3 billion HKD in 2024, a year-on-year increase of 60%, and deposits of 19.4 billion HKD, up 66% [4] - The bank's net income is projected at 548 million HKD, a year-on-year increase of 52.6%, with net losses narrowing by 42% to 232 million HKD, the smallest loss in the industry [4] - In Web3, ZhongAn is the first stablecoin issuer in Hong Kong, serving over 200 Web3 enterprises, with partnerships to provide fiat reserves and settlement services, which are expected to drive non-interest income growth [4] Investment Outlook - The company is expected to maintain high growth in premium income from health ecosystem products, with continued expansion in digital ecosystems and innovative businesses. The consumer finance ecosystem may recover to positive growth as the macro environment improves, while the automotive ecosystem is anticipated to continue high growth [5]

Core Viewpoint - China Life Insurance (02628.HK) has shown strong technical performance, breaking out of a previous sluggish phase and establishing a mid-term upward trend, with significant trading volume indicating increased investment in the financial insurance sector [1][3]. Technical Analysis - The stock price has surpassed key resistance levels of 16.00 to 16.14 HKD and is approaching a short-term resistance level of 17.10 HKD. A solid hold above this level could pave the way for challenges to previous highs of 19 HKD and even 20.50 HKD [3]. - The technical structure displays a typical W-bottom rebound, supported by ideal trading volume, indicating market consensus on the rebound and suggesting the potential for a new mid-term upward trend [3]. - Technical indicators such as the MACD show a bullish momentum with a golden cross and increasing histogram, while the RSI is above 70, indicating overbought conditions but without clear signs of weakness [3][6]. Market Signals - Currently, the market has set a short-term target price for China Life at 18.42 HKD, suggesting approximately 2.91% upside potential, with mid-term potential to challenge above 20 HKD [6]. - The market sentiment remains highly bullish, with 16 strong buy signals identified, reflecting a strong technical buying consensus [6]. Investment Strategy - Investors are advised to monitor the consolidation platform between 16.10 and 16.30 HKD. If the stock price maintains stability and breaks above 17.20 HKD with increased volume, it will confirm the breakout, allowing for incremental buying with targets set between 19 and 20.50 HKD [9].

Core Viewpoint - The Hong Kong stock market showed strong performance in May, with active trading and positive growth expectations for the Hong Kong Stock Exchange's (HKEX) earnings [1][2] Market Performance - The Hang Seng Index and Hang Seng Tech Index increased by 16.1% and 15.7% respectively compared to the end of 2024 [1] - The monthly average daily turnover (ADT) for HKEX was HKD 210.3 billion, down 23.4% month-on-month but up 50.4% year-on-year [1] - The monthly ADT for the Shanghai-Shenzhen Stock Connect was HKD 906.13 billion, down 6.9% month-on-month but up 22.4% year-on-year [1] - The monthly ADT for the Hong Kong Stock Connect was HKD 147.42 billion, down 22.9% month-on-month but up 50.1% year-on-year [1] Derivatives and Commodity Markets - In the derivatives market, both futures and options trading volumes decreased month-on-month and year-on-year [1] - The average daily volume (ADV) for futures was 586,000 contracts, down 30.3% month-on-month and 14.6% year-on-year [1] - The ADV for options was 805,000 contracts, down 19.8% month-on-month and 23.7% year-on-year [1] - The London Metal Exchange (LME) saw a decrease in trading volume, with a daily average of 707,000 contracts, down 19.7% month-on-month and 8.5% year-on-year [1] IPO Market - The Hong Kong IPO market experienced significant growth, with 10 new listings in May totaling HKD 55.8 billion, representing increases of 1830.4% month-on-month and 3150.6% year-on-year [1] Investment Income - Investment income rates for HKEX showed a decline month-on-month and year-on-year as of the end of May [1] - The 6-month HIBOR was 2.16%, down 1.86 percentage points month-on-month and down 2.66 percentage points year-on-year [1] - The 1-month HIBOR was 0.59%, down 3.37 percentage points month-on-month and down 3.89 percentage points year-on-year [1] - The overnight HIBOR was 0.03%, down 4.47 percentage points month-on-month and down 4.44 percentage points year-on-year [1] - The US overnight bank funding rate was 4.33%, unchanged month-on-month [1] Macroeconomic Environment - Domestic economic conditions showed signs of recovery, with the manufacturing PMI at 49.50%, up 0.50 percentage points month-on-month [1] - New orders and new export orders indices were at 49.8% and 47.5%, respectively, with increases of 0.60 percentage points and 2.80 percentage points month-on-month [1] - The manufacturing production index was at 50.7%, up 0.90 percentage points month-on-month [1] - Internationally, the Federal Reserve maintained its interest rate at 4.25%-4.50%, with expectations for rate cuts being postponed [1][2] Investment Outlook - As of the end of May, the company's PE ratio was 35.45x, positioned at the 44th percentile historically since 2016, indicating potential value for investment [2] - The company is expected to achieve revenues of HKD 29.8 billion, HKD 31.0 billion, and HKD 32.5 billion for 2025-2027, with net profits of HKD 17.9 billion, HKD 18.6 billion, and HKD 19.6 billion respectively [2] - Corresponding PE valuations are projected to be 29.2x, 28.0x, and 26.6x for the same period, suggesting a "buy" rating [2]

Core Viewpoint - The company plans to revise the annual cap for last-mile delivery services for the years ending December 31, 2025, and 2026, in response to the increasing demand for these services, with significant year-on-year growth expected [1][2]. Summary by Relevant Sections Last-Mile Delivery Service Demand - The demand for last-mile delivery services has exceeded expectations, with historical transaction amounts reaching 6.369 billion in 2024, a year-on-year increase of 33.3% from 4.777 billion in 2023 [1]. - The revised annual caps for related transactions are set at 12.845 billion for 2025 and 20.551 billion for 2026, representing year-on-year increases of 101.7% and 60.0%, respectively [1][2]. Company Capabilities - The company possesses a flexible transportation network and strong delivery capabilities, which enable it to better meet customer demands for last-mile delivery [1]. - Revenue growth in last-mile delivery services is driven by several factors, including the development of e-commerce return collection capabilities, continuous expansion of service networks and rider teams, and the provision of diverse delivery services [1]. Collaboration with SF Express - The company anticipates strong growth in SF Express's express delivery business and plans to deepen collaboration across various logistics service segments, particularly during peak periods [2]. - The company’s flexible transportation network is capable of providing minute-level service, supporting SF Express's needs for expedited delivery [2]. Financial Projections - The company is expected to achieve revenues of 23.6 billion, 33.75 billion, and 42.18 billion for the years 2025 to 2027, with net profits of 340 million, 620 million, and 870 million, respectively [3]. - The earnings per share (EPS) are projected to be 0.37, 0.67, and 0.95 for the same period, with corresponding price-to-earnings (PE) ratios of 38, 21, and 15 [3].

1、恆指（HSI）：看多方向的投資者認為指數震盪橫行仍會繼續上升。也有投資者認為盤整等待消息，上不去24000點走勢偏弱，牛證見好就收。走勢上， 牛熊證的投資者偏短炒為主，指數波幅比較窄，沒有明顯的方向。參考支持位23444點，阻力位在24368點。暫時維持窄幅波動，於過往走勢差不多。 2、泡泡瑪特 (09992.HK)：今日股價下跌6%,是否上車的良機？目前比較走勢反復。從客觀數據看，技術信號總結為"買入"。雖然整體偏好但賣出與買入的 信號的數量都旗鼓相當。如果等低位入場的話，參考數據系統分析的支持位233元。同時留意保利加通道中線241元。窩輪市場上，投資者買入認購證和認沽 證都有，保守投資者則考慮回到250元再撈底。 | 信號總結 | 賣出信號 中立信號 買入信號 | | --- | --- | | 1 員人 | 8 6 10 | 3、周大福 (01929.HK)：投資者問什麼價位入場比較合適？從走勢看，5月初至今，昨日（16日）升穿保利加通道的頂部，今日出現調整，但走勢整體維持 向上趨勢。技術信號總結為"買入"。支持位可關注保利加通道中線11.79元。與系統數據分析的支持位11.7元比較近。 | 信號 ...