国债收益率跟踪：收益率触底反弹，收益率重回上升

Market Overview - On September 3, the Hang Seng Index fell by 0.6% to close at 25,343 points, while the Hang Seng Tech Index dropped by 0.8% to 5,683 points, indicating weak market sentiment[1] - The total market turnover was HKD 267.6 billion, significantly lower than the previous two trading days which exceeded HKD 300 billion, reflecting increasing market caution[1] - Net inflow from the Stock Connect was HKD 5.51 billion, showing a decrease in enthusiasm from mainland investors[1] Sector Performance - Major tech stocks declined, with Xiaomi down 2.1%, NetEase down 1.8%, and Alibaba, Tencent, and Meituan also closing lower[1] - The financial sector was notably weak, with ICBC down 1.2% and China Pacific Insurance down 2.5%[1] - Conversely, biopharmaceutical stocks performed well, with WuXi AppTec rising over 9% and Hengrui Medicine up over 8%[1] Global Economic Indicators - The 30-year bond yields in Germany, France, and the Netherlands reached their highest levels since the 2011 Eurozone crisis, while the UK’s 30-year bond yield hit its highest since 1998[1] - The US 30-year bond yield approached the psychological level of 5%, contributing to rising global debt concerns and increased risk aversion, pushing gold prices to new historical highs[1] US Manufacturing Sector - The ISM Manufacturing PMI for August slightly increased to 48.7%, remaining below the neutral line for six consecutive months, with the output index dropping to 47.8%[2] - The new orders index rose to 51.4%, marking the first time since January that it surpassed the neutral line, indicating a faster recovery in domestic demand compared to external demand[2] Company-Specific Insights - Haijia Medical reported a 16.5% year-on-year decline in revenue to RMB 1.99 billion for the first half of 2025, with net profit down 36.2% to RMB 250 million, attributed to a challenging macro environment and stricter medical insurance controls[5][6] - Despite the revenue decline, Haijia Medical's accounts receivable decreased by 9.1%, and net cash from operating activities increased by 29.9%, indicating potential recovery signs[6] Future Outlook - The long-term outlook for the oncology sector in private healthcare is positive due to supportive policy changes, including immediate settlement of medical insurance funds and innovation in commercial insurance drug directories[8] - The target price for Haijia Medical is set at HKD 13.55, maintaining a "neutral" rating, with revenue forecasts for 2025-2027 adjusted downwards by 15.5%, 12.9%, and 13.2% respectively[9]