执业证书编号：S0740519040001 Email：zhujq@zts.com.cn 执业证书编号：S0740524070001 Email：muys@zts.com.cn 仅重链抗体 HBM4003 出海，CTLA-4 经典靶点开新花 ——和铂医药点评报告 生物制品 | 基本状况 | | | --- | --- | | 总股本(百万股) | 869.59 | | 流通股本(百万股) | 869.59 | | 市价(港元) | 12.09 | | 市值(百万港元) | 10,513.36 | | 流通市值(百万港元) | 10,513.36 | 加速兑现》2026-01-11 BD 之王开启新篇章》2025-06-21 和铂医药-B（02142.HK） 证券研究报告/公司点评报告 2026 年 02 月 26 日 | 买入（维持） 评级： | | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：祝嘉 ...

证券研究报告·海外公司点评·其他金融(HS) 香港交易所（00388.HK） 股价走势 2025 年年报点评：市场交投活跃，IPO 募资 金额全球第一，全年业绩创历史新高 买入（维持） | [盈利预测与估值 Table_EPS] | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 22,374 | 29,161 | 30,582 | 32,734 | 35,332 | | 同比（%） | 9.06% | 30.33% | 4.87% | 7.04% | 7.94% | | 归母净利润（百万港元） | 13,050 | 17,754 | 18,966 | 20,512 | 22,415 | | 同比（%） | 10.02% | 36.05% | 6.83% | 8.15% | 9.28% | | EPS-最新摊薄（港元/股） | 10.29 | 14.00 | 14.96 | 16.18 | 17.68 | | P/E（现价&最新摊薄） | 40.36 | 29.66 | ...

研究报告 Research Report 27 Feb 2026 百济神州 BeiGene (6160 HK) 2025 业绩快报：泽布放量符合预期，26 年收入利润有望稳步提升 First look on FY25 results: BRUKINSA sales ramp-up in line; mgmt expects robust sales/NP growth in FY26F [Table_yemei 观点聚焦 1] Investment Focus [Table_Info] 维持优于大市 Maintain OUTPERFORM 评级 优于大市 OUTPERFORM 现价 HK$194.40 目标价 HK$212.09 HTI ESG 1.8-1.6-3.5 E-S-G: 0-5, (Please refer to the Appendix for ESG comments) 市值 HK$334.08bn / US$42.72bn 日交易额 (3 个月均值) US$85.83mn 发行股票数目 1,541mn 自由流通股 (%) 94% 1 年股价最高最低值 HK$229.00-HK$125.70 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [1]. Core Insights - The company's profit forecast for 2025 exceeds expectations, with projected net profits ranging from 680 million to 820 million RMB, representing a year-on-year increase of 647% to 801% [6]. - The significant increase in net profit is attributed to higher battery sales, increased investment income from joint ventures, improved product yield and capacity utilization through AI-driven algorithms, and effective cost control measures leading to higher gross margins [6]. - The company is expected to benefit from a favorable market environment for electric vehicles (EVs) and energy storage, with the lithium battery market projected to see a 30% year-on-year increase in total shipments by 2026 [6]. Financial Data and Profit Forecast - Revenue projections for the company are as follows: - 2023: 4,162 million RMB - 2024: 5,130 million RMB - 2025: 8,341 million RMB - 2026: 12,981 million RMB - 2027: 18,041 million RMB - Year-on-year growth rates for revenue are projected at 26.48% for 2023, 23.28% for 2024, 62.57% for 2025, 55.64% for 2026, and 38.98% for 2027 [5][7]. - The net profit attributable to ordinary shareholders is expected to be: - 2023: -590 million RMB - 2024: 91 million RMB - 2025: 733 million RMB - 2026: 1,297 million RMB - 2027: 1,897 million RMB - The projected earnings per share (EPS) are -0.31 RMB for 2023, 0.04 RMB for 2024, 0.29 RMB for 2025, 0.51 RMB for 2026, and 0.74 RMB for 2027 [5][7].

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 26 Feb 2026 环球富盛理财有限公司 米高集团 MIGAO Group (9879.HK) 25Q2-Q3 净利润同比增长 22.1%，拓展越南市场和中东市场 25Q2-Q3 Net Profit +22.1% YoY & Expand the Vietnamese and Middle Eastern markets 最新动态 ➢ 2026 财年六个月净利润同比增长 22.1%。2026 财年六个月，集团继续巩固其作为中国领先钾肥企业的地位。于该期 间，集团收入同比增长约 10.5%至人民币 23.52 亿元，该增长主要受集团在钾肥市场所提供产品的整体平均售价上升 所推动，增幅足以抵消集团所提供产品及生产服务总销量下降约 15.0%（由 2025 财年六个月的约 103.70 万吨降至 2026 财年六个月的约 88.10 万吨）。收入增长反映尽管集团上调钾肥产品的整体平均售价以应对全球钾肥市场波动， 但对集团所提供产品及生产服务的市场需求持续上升。20 ...

[Table_Page] 跟踪研究|运输 证券研究报告 | [Table_Title] 【广发交运&海外】美兰空港 | | --- | | (00357.HK) | 1 月季节性修复，看好自贸港机场长期潜力 [Table_Summary] 核心观点： ⚫ 风险提示。自然灾害，经济下行，自贸港政策不及预期等。 盈利预测： | [Table_ 单位:Finance] 人民币百万元 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 主营收入 | 2,086 | 2,171 | 2,165 | 2,510 | 2,810 | | 增长率（ % ） | 82.7% | 4.1% | -0.3% | 15.9% | 12.0% | | EBITDA | -128 | 7 | 368 | 671 | 984 | | 归母净利润 | -136 | -381 | -50 | 282 | 538 | | 增长率（ % ） | -12.4% | 180.5% | -86.8% | -659.7% | 90.8% | | ...

费类收入同比双位数高增,保证金投资量增价减 报告原因: 有业绩公布需要点评 婴入(维持) | 市场数据: | 2026 年 02 月 25 日 | | --- | --- | | 收盘价（港币） | 412.20 | | 恒生中国企业指数 | 9034.75 | | 52 周最高/最低（港币） | 466.00/283.20 | | H 股市值（亿港币） | 5,226.02 | | 流通 H 股（百万股） | 1,267.84 | | 汇率（港币/人民币） | 0.8861 | 曲公司 非領令融 2026 年 02 月 26 日 一年内股价与基准指数对比走势： 45% 25% 5% 资料来源：Bloomberg 相关研究 《香港交易所 (00388) 深度：成长性可验 证，有望迎来重估》 2025/07/24 证券分析师 罗钻辉 A0230523090004 luozh@swsresearch.com 金黎丹 A0230525060004 jinld@swsresearch.com 联系人 金黎丹 A0230525060004 jinld@swsresearch.com 申万宏源研究微信服务号 合并利润表 ...

❑ 一级市场：赴港上市公司背景、投资者结构、行业构成更加多元，香港重登 全球新股市场榜首。25 年港市新上市公司 119 家，募集资金达 2869 亿港元， 为 24 年的 3 倍多；上市后再融资规模达 5146 亿港元，为 24 年度的 2 倍多， 创 21 年以来最高纪录。从上市公司背景看，25 年共有 7 名国际发行人来港 上市，分别来自新加坡、泰国、阿联酋等地；从投资者结构看，主权财富基 金、亚洲/欧洲北美的 LO 投资者在前 20 大最活跃股权资本市场基金投资者中 占据半壁江山；从行业构成看，工业及新能源板块新股集资规模排名全球第 一，TMT 企业在港发行规模创 21 年来新高，医疗保健和生物科技板块股权 资本发行规模位列全球第二。往后看，截至 25 年底，处理中的 IPO 申请数目 增至 345 宗，为 24 年底的 4 倍多。 证券研究报告 | 公司点评报告 2026 年 02 月 26 日 香港交易所（00388.HK） 一二级火热、营收再创新高 总量研究/非银行金融 港交所公布 25 年年报：25 年营业总收入 292 亿港元，同比+30%；归母净利润 为 178 亿港元，同比+36%；EB ...

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 26 Feb 2026 环球富盛理财有限公司 米高集团 MIGAO Group (9879.HK) 25Q2-Q3 净利润同比增长 22.1%，拓展越南市场和中东市场 25Q2-Q3 Net Profit +22.1% YoY & Expand the Vietnamese and Middle Eastern markets 最新动态 ➢ 2026 财年六个月净利润同比增长 22.1%。2026 财年六个月，集团继续巩固其作为中国领先钾肥企业的地位。于该期 间，集团收入同比增长约 10.5%至人民币 23.52 亿元，该增长主要受集团在钾肥市场所提供产品的整体平均售价上升 所推动，增幅足以抵消集团所提供产品及生产服务总销量下降约 15.0%（由 2025 财年六个月的约 103.70 万吨降至 2026 财年六个月的约 88.10 万吨）。收入增长反映尽管集团上调钾肥产品的整体平均售价以应对全球钾肥市场波动， 但对集团所提供产品及生产服务的市场需求持续上升。20 ...

Investment Rating - The investment rating for Nine Dragons Paper Holdings Limited (2689.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on performance metrics and market conditions [1]. Core Insights - The report highlights that Nine Dragons Paper achieved a revenue of 37.221 billion yuan for FY26H1, representing a year-on-year increase of 11.2%, and a net profit attributable to shareholders of 1.966 billion yuan, which is a significant increase of 318.8% year-on-year [1]. - The company's sales volume reached 12.4 million tons during the reporting period, with an average price of 3002 yuan per ton, reflecting increases of 100 thousand tons and 66 yuan per ton year-on-year, respectively [2]. - The report emphasizes the synergy between pulp and paper operations, which has contributed to profit recovery, with a notable increase in profitability despite rising costs [2][3]. Financial Performance Summary - For FY2025, total revenue is projected at 63.241 billion yuan, with a year-on-year growth rate of 6%. By FY2026, revenue is expected to rise to 71.392 billion yuan, reflecting a growth rate of 13% [5]. - The net profit attributable to shareholders is forecasted to be 1.767 billion yuan for FY2025, with a substantial increase to 4.039 billion yuan in FY2026, indicating a growth rate of 135% [5]. - Earnings per share (EPS) is projected to increase from 0.38 yuan in FY2025 to 0.86 yuan in FY2026, with corresponding price-to-earnings (P/E) ratios of 7.48 and 9.35, respectively [5]. Product Segment Analysis - The report details that the cultural paper segment saw a revenue increase of 40.9% year-on-year, while the white card paper sales surged by 133.3% [2]. - The pricing for boxboard and corrugated paper increased, contributing to improved average prices and profitability [2]. - The company is expected to enhance its pulp self-sufficiency, which will support profitability in pressured product categories, particularly as new production capacities come online [3]. Capacity and Future Outlook - As of December 2025, the company's design capacity for paper production reached 25.4 million tons, with raw material capacity at 8.2 million tons [3]. - Future expansions include the production of chemical pulp, with new capacities expected to come online in Chongqing and Tianjin in Q4 2026, and further expansions planned for Beihai and Dongguan in 2027 [3]. - Capital expenditures are anticipated to decrease to 11 billion yuan in FY26 from 12.8 billion yuan in the previous year, easing mid-term depreciation and interest expense pressures [3].