[Table_scodeMsg1] 港股研究丨公司深度丨映恩生物-B（09606.HK） [Table_Title] ADC 领域的闪耀新星，携手 BioNTech 共赴"二 代 IO+ADC"肿瘤治疗新时代 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 我们认为，"二代 IO+ADC"有望成为肿瘤治疗的下一个风口，目前吸引多家 MNC 积极布局， 包括默沙东、BMS 和 BioNTech、阿斯利康和辉瑞等。在这场全新的全球竞赛中，专注于 ADC 药物研发的映恩生物凭借强劲的创新实力和差异化且进展迅速的创新管线迅速脱颖而出，公司 已经与该领域的核心玩家 BioNTech 完成深度绑定，而 BioNTech 又与一代 IO 的资深玩家百时 美施贵宝（BMS）达成战略合作，借助 BioNTech 和 BMS 二者的全球化临床开发和后续商业 化能力，映恩生物的 ADC 管线有望得到全球价值的最大化。 分析师及联系人 [Table_Author] 彭英骐 刘长洪 SAC：S0490524030005 SAC：S0490525070007 ...

证券研究报告 | 公司更新 | 航空装备Ⅱ 消费品中稀缺的业绩可见度高+量价齐升品种 ——西锐更新报告 投资要点 ❑ 核心推荐逻辑：消费品中稀缺的业绩可见度高+量价齐升品种，估值性价比突 出，伴随核心机型持续迭新，我们认为 26 年业绩存在超预期可能性。 ❑ 行业β： 私人飞机行业平稳增长，高端机型（喷气机）增速更快。公共卫生事件后高净值 人群对私密性出行方式偏好提升，关税波动导致竞对份额下降。供给端持续推出 有竞争力的新机型，驱动订单增长。 ❑ 公司α： 西锐依托优质的产品力+C 端服务属性快速提升份额。公司当前为活塞式私人飞 机行业龙一，且份额仍在持续提升。产品安全性+定制化构筑核心竞争壁垒，服 务差异化、系统性布局，且长期的 C 端布局已构筑深入的品牌效应。25 年 SR 系 列 G7+推出后订单快速增长，我们预计公司有望于 26 年推出新机型，在新品催 化下，26 年订单有望延续超预期释放，奠定业绩高增兑现基础。 ❑ 主要预期差： 后续新品储备丰富，26 年新产品有望推出，伴随产品力进一步提速，预计能够 带动订单进一步超预期增长；同时规模效应显著，后续净利率具备弹性。市场预 期销量平稳增长，价格逐年小 ...

个股表现 0% 50% 100% 150% 200% 250% 2025-01-09 2025-01-24 2025-02-18 2025-03-05 2025-03-20 2025-04-07 2025-04-22 2025-05-12 2025-05-27 2025-06-12 2025-06-27 2025-07-14 2025-07-29 2025-08-13 2025-08-28 2025-09-12 2025-09-29 2025-10-22 2025-11-06 2025-11-21 晶泰控股 恒生科技 资料来源：Wind，中邮证券研究所 公司基本情况 | 最新收盘价（港元） | 11.35 | | --- | --- | | 总股本/流通股本（亿股）43.03 / 43.03 | | | 总市值/流通市值（亿港 | 488 / 488 | | 元） | | | 52 周内最高/最低价 | 3.85 / 15.12 | | 资产负债率(%) | 8.9% | | 市盈率 | -226.34 | | 第一大股东 | WSH Family Holdings | | Limited | | 证券研究报 ...

证券研究报告 hyzqdatemark 2026 年 01 月 10 日 证券分析师 查浩 SAC：S1350524060004 zhahao@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 豆鹏超 doupengchao@huayuanstock.com | | | | 基本数据 | 2026 | 年 | 01 月 | 08 | 日 | | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | 10.25 | | | 一年内最高/最低（港 | | | | 10.31/5.31 | | | 元） | | | | | | | 总市值（百万港元） | | | | 20,808.94 | | | 流通市值（百万港元） | | | | 20,808.94 | | | 资产负债率（%） | | | | 56.67 | | | 资料来源：聚源数据 | | | | | | 中集安瑞科(03899.HK) 机械设备 | 专用设备 港股|首次覆盖报告 投资评级： 买入（首次） ——在手 ...

证券研究报告 | 首次覆盖报告 gszqdatemark 2026 01 09 年 月 日 同程旅行（00780.HK） 下沉市场 OTA 龙头，用户价值提升驱动增长 同程旅行：强强联合优势互补，打造在线旅游旗舰。公司由在线旅行平台 同程网络及艺龙于 2018 年合并而成，彼时同程优势在于交通票务，艺龙 聚焦酒店预订。腾讯携程两大股东对同程深度赋能，同程在独占腾讯旗下 微信及 QQ 支付界面交通出行以及酒店服务入口的同时也可共享携程的酒 店库存，实现快速发展，成长为年付费用户超 2.5 亿的下沉市场 OTA 龙 头。出行放开后，公司业绩迎来兑现期，25 年前三季度收入/归母净利/经 调利润为 145.6/22.9/26.2 亿元，同比+11%/41%/23%，其中收入构成为 28%住宿+42%交通+15%度假+15%其他。公司各项费率呈稳中有降趋 势，经调利润率从 24Q1-Q3 的 16.2%明显提升至 25 年同期的 18.0%。 OTA：旅游业强确定性赛道，格局稳定各分天下。1）旅游大盘：截至 25 年前三季度，国内旅游人数/收入分别恢复至 19 年同期 109%/111%，今 年出境游人次亦有望恢复至 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 14.00, corresponding to a PE ratio of 14.6 times FY2026E [1][4]. Core Insights - The company showcased its significant position in the global AI industry during the Lenovo Tech World event, highlighting collaborations with major chip manufacturers like NVIDIA, AMD, Intel, and Qualcomm [1]. - The launch of the Lenovo Qira personal AI superintelligence marks a strategic shift from application-level to system-level AI, enhancing user engagement and creating a differentiated software ecosystem [3]. - The company is expected to benefit from the global upgrade of the AI hardware and software ecosystem, with projected non-HKFRS net profits of USD 1.664 billion, USD 1.854 billion, and USD 2.083 billion for FY26, FY27, and FY28 respectively, reflecting growth rates of 15.5%, 11.4%, and 12.4% [4]. Summary by Sections AI Infrastructure - The company launched a new AI inference server, ThinkSystem SR675i, in collaboration with AMD, optimized for large-scale data center scenarios [2]. - A partnership with NVIDIA was announced to establish an AI cloud super factory, leveraging NVIDIA's accelerated computing platform [2]. Personal AI Development - The Lenovo Qira personal AI superintelligence integrates seamlessly across Lenovo PCs, tablets, and Motorola devices, enhancing user experience with capabilities like context awareness and task switching [3]. Financial Projections - The company forecasts revenues of USD 75.844 billion, USD 83.447 billion, and USD 91.865 billion for FY26, FY27, and FY28, with respective growth rates of 9.8%, 10.0%, and 10.1% [9]. - Non-HKFRS EPS is projected to be USD 0.12, USD 0.14, and USD 0.15 for FY26, FY27, and FY28 [4].

9 Jan 2026 研究报告 Research Report 沪上阿姨 Auntea Jenny (Shanghai) Industrial (2589 HK) 首次覆盖：平凡中孕育不凡，集众志能书新章 Greatness Arises From The Ordinary, Collective Will Writes New Chapters: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$86.10 目标价 HK$105.00 HTI ESG 4.6-4.6-5.0 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$5.12bn / US$0.66bn 日交易额 (3 个月均值) US$4.45mn 发行股票数目 59.43mn 自由流通股 (%) 19% 1 年股价最高最低值 HK$158.40-HK$82.70 注：现价 HK$ ...

Investment Rating - The investment rating for OSL Group is "Buy" (maintained) [1][7] Core Insights - The strategic acquisition of Banxa Holdings Inc. enhances OSL Group's compliance capabilities and global payment infrastructure, positioning the company for significant growth in the B2B sector [4][6] - OSL Group's revenue is projected to grow significantly, with estimates of HKD 514 million in 2025, HKD 873 million in 2026, and HKD 1.172 billion in 2027, reflecting growth rates of 37.12%, 69.91%, and 34.29% respectively [5][6] - The acquisition is expected to improve OSL's payment business revenue substantially, with Banxa's revenue for the first half of 2025 estimated at HKD 53.93 million [6] Financial Projections - Revenue projections for OSL Group are as follows: HKD 375 million for 2024, HKD 514 million for 2025, HKD 873 million for 2026, and HKD 1.172 billion for 2027 [5][7] - The forecasted net profit for OSL Group shows a loss of HKD 75.74 million in 2025, a slight loss of HKD 2.56 million in 2026, and a profit of HKD 194 million in 2027 [5][6] - The Price-to-Sales (P/S) ratio is expected to decrease from 29.90 in 2024 to 9.56 in 2027, indicating improved valuation as revenue grows [5][7]

Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Insights - The company is expected to see new developments in the upcoming Olympic cycle, with the launch of new store formats and product lines aimed at enhancing brand engagement and meeting diverse consumer needs [2][9]. - The earnings per share (EPS) forecasts for 2025, 2026, and 2027 have been slightly adjusted to 0.95, 1.07, and 1.22 RMB respectively, with a target price set at 25.41 HKD based on a 24x valuation for 2025 [3][10]. - The company has shown resilience in a challenging consumer environment, with expectations for slight revenue growth driven by specific product categories and improved operational efficiency [9]. Financial Summary - Revenue projections for the company are as follows: - 2023: 27,598 million RMB - 2024: 28,676 million RMB (growth of 3.9%) - 2025: 29,101 million RMB (growth of 1.5%) - 2026: 30,640 million RMB (growth of 5.3%) - 2027: 32,747 million RMB (growth of 6.9%) [4]. - Operating profit and net profit forecasts indicate a decline in 2025, with operating profit expected to be 3,331 million RMB and net profit at 2,465 million RMB, before recovering in subsequent years [4]. - The company’s gross margin is projected to remain stable, with estimates of 48.8% in 2025 and gradually increasing to 49.2% by 2027 [4]. - The price-to-earnings (P/E) ratio is forecasted to be 18.6 in 2025, decreasing to 14.6 by 2027, indicating a potential improvement in valuation over time [4].

美丽田园医疗健康（02373.HK） 双美+双保健生态成型，内生外延驱动高成长 2026 年 01 月 08 日 证券研究报告·海外公司深度·其他医疗保健(HS) 买入（首次） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,145 | 2,572 | 3,037 | 3,915 | 4,578 | | 同比(%) | 31.16 | 19.91 | 18.07 | 28.92 | 16.93 | | 归母净利润（百万元） | 215.66 | 228.46 | 312.24 | 411.49 | 517.92 | | 同比(%) | 109.15 | 5.94 | 36.67 | 31.79 | 25.86 | | EPS-最新摊薄（元/股） | 0.86 | 0.91 | 1.24 | 1.64 | 2.06 | | P/E（现价&最新摊薄） | 26.84 | 25.33 | 18.54 | 14.07 | 11.1 ...