国金证券发布研报称，中国创新药在全球供给端持续提供产能，管线数量已跃居世界首位，逐渐成为全 球新药开发的中心。近年来，中国企业密切参与技术创新，多家头部创新药企不断开启头对头研究、并 相较于外国竞品取得优效，用严格临床数据证明中国创新药巨大产品力。同时，近几年国家层面及各省 市颁布多项创新药支持性政策，从审评审批、招采准入等多维度全链条支持创新药发展。推荐公司：恒 瑞医药（600276）(600276.SH)、百济神州(688235.SH)、翰森制药(03692)等。 化药集采已完成十批，新一批集采提高质量要求并反"内卷"，边际影响减弱。Pharma集采逐步出清，步 入创新转型收获期。近几年国家层面及各省市颁布多项创新药支持性政策，从审评审批、招采准入等多 维度全链条支持创新药发展。此外，医保政策倾斜，友好的支付端有望助力创新药快速放量，多元化医 疗保障体系加速建设中，商保为创新药支付带来的新增量未来可期。 推荐公司：恒瑞医药、百济神州、翰森制药、信达生物、康方生物、石药集团、科伦博泰生物-B、华东 医药（000963）、三生制药、荣昌生物、甘李药业（603087）、诺诚健华。 风险提示：业绩不及预期风险，研 ...

美银证券发布研报称，石药集团(01093)次季总收入为63亿元人民币，同比下降14.3%，应占净利润同比 下降24%至11亿元人民币。该行将2025至27年收入预测下调25%、2%及11%;因核心药品降价及原料产 品收入占比提升，下调2025年毛利率预测，同时降2025年每股盈利预测42%，但分别升2026及27年每股 盈利预测32%及8%。因此，目标价由6.9港元升至8.1港元，重申跑输大市评级，因主要药物减价。 ...

智通财经APP获悉，美银证券发布研报称，石药集团(01093)次季总收入为63亿元人民币，同比下降 14.3%，应占净利润同比下降24%至11亿元人民币。该行将2025至27年收入预测下调25%、2%及11%;因 核心药品降价及原料产品收入占比提升，下调2025年毛利率预测，同时降2025年每股盈利预测42%，但 分别升2026及27年每股盈利预测32%及8%。因此，目标价由6.9港元升至8.1港元，重申跑输大市评级， 因主要药物减价。 ...

摩根士丹利发布研报称，石药集团(01093)最新的指引，将2025至27年的总收入预测分别下调6.2%、 4.8%及2.6%。根据最新指引和年度至今的趋势，该行下降集团的毛利率和销售开支比率预测，并提高 了研发开支比率预测，将2025年至26年的经常性纯利预测分别下调10%和6%，并上调2027年预测2%， 而2028至30年的纯利预测则因许可收入的贡献而上调。该行将集团目标价由9.6港元升至11港元，续 予"增持"评级。 ...

智通财经APP获悉，摩根士丹利发布研报称，石药集团(01093)最新的指引，将2025至27年的总收入预测 分别下调6.2%、4.8%及2.6%。根据最新指引和年度至今的趋势，该行下降集团的毛利率和销售开支比 率预测，并提高了研发开支比率预测，将2025年至26年的经常性纯利预测分别下调10%和6%，并上调 2027年预测2%，而2028至30年的纯利预测则因许可收入的贡献而上调。该行将集团目标价由9.6港元升 至11港元，续予"增持"评级。 ...

| 名称 | 最新价 | 涨跌幅 | | --- | --- | --- | | 恒生指数 | 25773.56 | -0.22% | | 800000 | | | | 国企指数 | 9237.89 | -0.11% | | 800100 | | | | 恒生科技指数 | 5840.71 | +0.27% | | 800700 | | | 格隆汇8月26日｜港股上午盘三大指数低开高走，恒生科技指数率先翻红，午间收涨0.27%再度刷新阶 段新高，恒生指数、国企指数分别下跌0.22%及0.11%，市场情绪总体平稳。 盘面上，大型科技股部分由跌转涨，网易、快手、小米、腾讯均翻红，阿里巴巴仍跌超1%，美团、百 度小幅走低；美联储转"鸽"，降息预期下金价上涨逻辑更为清晰，黄金股带领有色金属股齐涨，中国黄 金国际涨7%，灵宝黄金涨超6%；9月新品催化苹果概念股普升，高伟电子、蓝思科技(300433)领涨；濠 赌股拉升，金界控股绩后放量大涨超20%表现最佳，且刷新阶段新高，汽车股、纸业股、乳制品股、航 空股多数上涨。 | 代码 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | --- | | ...

Market Overview - The Hong Kong stock market opened lower but showed signs of recovery, with the Hang Seng Index down 0.22% at 25,773.56 points, while the Hang Seng Tech Index rose 0.27% to 5,840.71 points [1] - Major tech stocks like NetEase, Kuaishou, Xiaomi, and Tencent turned positive, while Alibaba fell over 1% [1] - Gold prices increased due to dovish signals from the Federal Reserve, benefiting gold and non-ferrous metal stocks, with China Gold International and Lingbao Gold rising over 6% [1] - The gaming sector saw a significant rise, with Kingsoft Holdings surging over 19% post-earnings [1] Company Earnings - Haidilao reported a revenue of 20.703 billion yuan, a decrease of 3.7% year-on-year, and a net profit of 1.76 billion yuan, down 13.7% [2] - Times Electric's revenue was approximately 12.594 billion yuan, down 7.7%, with a net profit of about 264 million yuan, a decrease of 20.2% [2] - China Software International achieved a revenue of approximately 8.51 billion yuan, up 7.3%, and a net profit of 316 million yuan, up 10.4% [2] - CIFI Holdings reported a revenue of approximately 7.09 billion yuan, an increase of 3.7%, and a net profit of about 769 million yuan, up 4.3% [3] - BOE Technology Group's revenue was 6.671 billion yuan, an increase of about 8%, with a net profit of approximately 180 million yuan, up 5% [3] - JunDa Holdings reported a revenue of approximately 3.656 billion yuan, a decrease of 42.5%, with a net loss of about 264 million yuan, widening by 58.5% [3] - Yihai International maintained stable performance with a revenue of approximately 2.927 billion yuan and a net profit of about 310 million yuan [4] - Innovent Biologics reported a revenue of approximately 2.82 billion yuan, up 2.7%, and a net profit of about 390 million yuan, up around 1% [5] - Maoyan Entertainment achieved a revenue of approximately 2.472 billion yuan, up 13.9%, but adjusted net profit fell by 33.2% to 235 million yuan [5] - Green Tea Group reported a revenue of approximately 2.29 billion yuan, up 23.1%, and a net profit of about 234 million yuan, up 34% [6] - Hopson Development issued a profit warning, expecting a mid-term net loss exceeding 1.6 billion yuan, marking a shift from profit to loss [7] Institutional Insights - Huatai Securities noted that foreign capital still has room to increase allocation to the Chinese market, with a focus on improving domestic fundamentals and potential appreciation of the RMB [8] - China Merchants Securities remains optimistic about the Hong Kong stock market, highlighting a high earnings pre-announcement rate and suggesting a focus on sectors with differentiation from A-shares [8] - Shenwan Hongyuan indicated that the recent underperformance of the Hong Kong index is a phase of consolidation, with previously low earnings expectations likely to regain market favor [9] - GF Securities emphasized the long-term value of the Hong Kong market, supported by improved liquidity and continued inflow of southbound funds [9] - Guotai Junan projected that undervalued Hong Kong stocks could rise further, driven by technology breakthroughs, potential foreign capital return, and additional southbound fund inflows [9]

Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Tech Index rising by 0.27%, reaching a new high for the period [1] - The Hang Seng Index and the China Enterprises Index fell by 0.22% and 0.11% respectively, indicating overall stable market sentiment [1] Sector Performance - Major tech stocks such as NetEase, Kuaishou, Xiaomi, and Tencent turned positive, while Alibaba dropped over 1% and Meituan and Baidu saw slight declines [1] - Gold stocks surged, led by China Gold International, which rose by 7%, and Lingbao Gold, which increased by over 6%, as the Federal Reserve shifted to a dovish stance, making the logic for rising gold prices clearer [1] - Apple-related stocks saw a broad increase due to new product catalysts in September, with companies like GoerTek and Lens Technology leading the gains [1] - Gaming stocks also performed well, with Kwan Hung Holdings surging over 20% post-earnings, marking a new high for the period [1] - Other sectors such as automotive, paper, dairy, and aviation stocks mostly experienced gains [1] Declines in Specific Sectors - Biopharmaceutical stocks generally declined following Trump's announcement of potential tariffs on drugs, with companies like Innovent Biologics and CSPC Pharmaceutical Group seeing drops [1] - The recent adjustment of purchase limits in Shanghai led to a decline in previously strong domestic property stocks, while military, Chinese brokerage, and semiconductor stocks showed weak performance [1]

摩根士丹利发表研报指，石药集团最新指引将2025至27年的总收入预测分别下调6.2%、4.8%及2.6%。 根据最新指引和年度至今的趋势，该行下降集团的毛利率和销售开支比率预测，并提高了研发开支比率 预测，将2025年至26年的经常性纯利预测分别下调10%和6%，并上调2027年预测2%，而2028至30年的 纯利预测则因许可收入的贡献而上调。该行将集团目标价由9.6港元上调至11港元，维持"增持"评级。 ...

Core Viewpoint - The report from CMB International raises the target price for CSPC Pharmaceutical Group (01093) to HKD 9.3 while maintaining a "Neutral" rating, reflecting adjustments in revenue forecasts due to sales pressures on core products [1] Financial Performance - The revenue forecasts for 2025-2026 have been lowered to account for ongoing sales pressures on core products, although the increase in high-margin BD revenue and continuous cost reduction efforts are expected to improve the expense ratio [1] - The company announced an interim dividend of HKD 0.14 per share, with an expected full-year dividend of no less than HKD 0.28 per share, compared to HKD 0.26 per share last year [1] Market Outlook - The company’s prescription drug business faced continued pressure in Q2, but there may be opportunities for sequential improvement in the second half of the year [1] - Despite ongoing challenges from centralized procurement and hospital-end medical insurance fees, there is optimism for a recovery in performance in the second half of 2026-2027, driven by the resolution of these pressures and the positive impact of significant BD upfront payments [1]