国证国际港股晨报-2025-03-18

Investment Rating - The report maintains a bullish outlook on the market, emphasizing the positive economic data from January to February and the impact of policy measures [2][8]. Core Insights - Economic data for January and February exceeded expectations, with a focus on the performance of technology giants as earnings reports are released [2][8]. - The report highlights the significant inflow of capital into the Hong Kong stock market, with a net inflow of nearly 10.5 billion HKD from northbound trading [2][3]. - The report notes that 10 out of 12 Hang Seng Composite Industry Indices rose, with utilities, finance, consumer staples, industrials, and information technology leading the gains [3]. Economic Data Summary - The National Bureau of Statistics reported that retail sales increased by 4% year-on-year in January and February, while industrial output rose by 5.9% [4]. - Fixed asset investment grew by 4.1%, marking the highest level since April of the previous year, with infrastructure investment up by 5.6% and manufacturing investment up by 9% [4][5]. - The report indicates that the government is implementing a comprehensive plan to boost consumption, focusing on increasing household income and reducing economic burdens [5][8]. Company Analysis - The report discusses the IPO of Weisheng Pharmaceutical (2561.HK), which focuses on treatments for endocrine diseases in China and is nearing commercialization [11]. - The company has no commercialized products yet and reported losses of 290 million, 250 million, and 130 million CNY for the years ending in 2022, 2023, and September 30, 2024, respectively [12]. - The Chinese growth hormone market is projected to grow from 4 billion CNY in 2018 to 11.6 billion CNY in 2023, with a compound annual growth rate of 23.9% [13]. Competitive Advantages - The company has a strong pipeline nearing commercialization, with its lead product, Longpei Growth Hormone, already under review by the National Medical Products Administration [14]. - The management team is noted for its commercial capabilities and strong support from shareholders and investors [14]. Use of Proceeds - Approximately 84% of the IPO proceeds will be allocated to the BLA registration of the core product, while 7.6% will support the Phase III trial of another product [15].