交银国际每日晨报-20250721

Group 1: China Biopharmaceutical (1177 HK) - The company announced a proposed acquisition of 95.09% of Lixin Pharmaceutical for a transaction price of up to $951 million, with a net payment of approximately $501 million after accounting for Lixin's estimated cash and bank deposits of $450 million on the closing date [1][2] - The acquisition will integrate Lixin's four differentiated technology platforms and eight clinical-stage drug candidates, including PD-1/VEGF bispecific antibody and GPRC5D ADC, which have licensing agreements with Merck and AstraZeneca totaling $4 billion [2] - The target price has been raised to HKD 8.00 based on the acquisition and cost reduction efforts, reflecting a potential upside of 17.3% [1][2] Group 2: Flat Glass (6865 HK) - The company expects a significant quarter-on-quarter increase in earnings for 1H25, with a projected profit of RMB 230-280 million, and a midpoint increase of 41% for 2Q25 [3] - The photovoltaic glass industry has seen substantial production cuts since June, with inventory accumulation slowing down, and prices are expected to bottom out and recover starting in August [3] - The target price has been slightly adjusted to HKD 11.45 due to the weaker-than-expected price trends, maintaining a buy rating [3] Group 3: Securities Industry - The securities industry is experiencing strong growth in earnings, with a projected year-on-year increase of 65%-80% for the first half of 2025, averaging a growth of 72% [6][7] - The brokerage business is expected to rebound significantly due to a low base from the previous year, with self-investment income being a major driver of profit growth [6] - The sector's valuation remains attractive, with the A-share securities industry index trading at a price-to-book ratio of 1.38, indicating potential for further valuation increases supported by strong earnings growth [6]