中金公司港股晨报-20260113

Market Overview - The Hang Seng Index (HSI) is expected to face short-term resistance at 27,188 points, with the Federal Reserve's recent interest rate cut of 0.25% aligning with market expectations for a dovish monetary policy stance post-2026 leadership transition [2] - The market anticipates that the first quarter of 2026 will see policy initiatives aimed at expanding domestic demand and achieving technological self-reliance, with potential for further interest rate cuts and reserve requirement ratio reductions [2] - The China Securities Regulatory Commission (CSRC) has reiterated its commitment to increasing the scale of medium- to long-term capital entering the market, which is expected to positively impact A-share liquidity [2] Sector Focus - The report highlights a positive outlook for the biotechnology sector, noting that the value of new drug licensing transactions in mainland China reached a record high last year, indicating sustained demand [8] - The semiconductor sector is also noted, with domestic GPU companies expected to list on the Hong Kong stock exchange [8] - The insurance sector is projected to benefit from strong A-share performance, leading to improved investment returns [8] Corporate News - XPeng Motors has confidentially submitted an IPO application for its flying car division, XPeng Huaitian, in Hong Kong, with plans to list as early as this year [11] - Strong Brain Technology has also submitted a confidential IPO application in Hong Kong, potentially becoming the first company from Hangzhou's "Six Little Dragons" to go public [11] - Honor Mobile is set to launch the industry's first "trendy toy" smartphone in collaboration with Pop Mart, targeting young consumers [11] - Alibaba's Tmall platform saw over 150,000 new merchants join last year, marking a record high, with significant growth opportunities identified in various sectors [11] Financial Performance - Rongchang Biopharmaceutical has signed an exclusive licensing agreement with AbbVie for its RC148 drug, which includes an upfront payment of $650 million and potential milestone payments of up to $4.95 billion [12] - WuXi AppTec expects a 103% increase in net profit for 2025, driven by its integrated CRDMO business model and investment gains from divesting certain business segments [11] - Huazhong Holdings reported a 6% year-on-year decline in solar power generation, with total generation at approximately 300,736 MWh [12] - China Resources Land reported a 10.5% decrease in total contract sales for the previous year, amounting to approximately 233.6 billion yuan [12]