野村发表报告，预计京东健康2025年下半年业绩将好过市场预期，主要因第四季流感病例激增带动药品 需求上升。野村预估京东健康2025年第四季营收将达200亿元，按年增长22%，受惠来自药品/营养品/医 疗器材业务分别实现30%、20%及10%按年销售增长。第四季流感病例扩散带动相关药品，占药品销售 额高单位数百分比，及医疗设备如家用氧气浓缩机销售。与此同时，营养品牌在第四季持续推行有效营 销活动，强化其稳健增长态势。 ...

业绩预期方面，花旗预测摩根大通2026年调整后每股收益为21.10美元，2027年将进一步增至22.95美 元;2026年净利息收入预计达1019.08亿美元，费用及佣金收入将达939.95亿美元，总营业利润有望达到 1959.03亿美元。花旗还预计，摩根大通将维持全年净利息收入和费用指引不变。 花旗表示，增长动力主要来自企业与投资银行业务，预计银行业务和交易收入将在2026年保持强劲势 头，摩根大通凭借其市场地位将充分受益于这一有利环境。此外，公司贷款和存款业务预计将实现 3%-4%的同比增长，到2026年底期末累计利率贝塔值约为54%，略低于加息周期中的贝塔水平。 花旗发布研报表示，尽管摩根大通(JPM.US)早些时候给出的2026年1050亿美元的支出指引超出市场此 前约1010-1020亿美元的普遍预期，但受益于有利的费用收入环境，摩根大通2025年第四季度及2026年 全年业绩仍有望实现稳健增长。不过，该行补充道，当前3倍有形账面价值的估值已反映其行业领先表 现，相对估值吸引力有限，因此维持摩根大通"中性"评级，目标价为325美元。 以Keith Horowitz为首的分析师团队在报告中指出，摩根大 ...

证券研究报告 | 2026年01月04日 2026年01月03日 港股市场速览 优于大市 开年整体上涨，风格概念分化 股价表现：整体开年上涨，风格概念分化 本周，恒生指数+2.0%，恒生综指+1.7%。风格方面，大盘（恒生大型股+2.0%） ＞中盘（恒生中型股+0.8%）＞小盘（恒生小型股-0.3%）。 主要概念指数表现分化。上涨的主要有恒生汽车（+4.8%）；下跌的主要有 恒生生物科技（-1.4%）。 国信海外选股策略多数上涨。上涨的主要有自由现金流 30（+2.7%）；下跌 的主要有 ROE 策略进攻型（-2.1%）。 22 个行业上涨，7 个行业下跌，1 个基本持平。上涨的主要有：国防军工 （+8.9%）、石油石化（+5.6%）、电子（+4.4%）、汽车（+4.2%）、传媒（+4.1%）； 下跌的主要有：基础化工（-2.1%）、食品饮料（-2.0%）、农林牧渔（-1.9%）、 医药（-1.3%）、电力及公用事业（-1.1%）。 估值水平：行业分化较大，科技与汽车拉升 本周，恒生指数估值（动态预期 12 个月正数市盈率，后同）+1.4%至 11.7x； 恒生综指估值+2.2%至 11.7x。 主要概念指数 ...

Core Insights - VAREX IMAGING reported revenue of $228.9 million for the quarter ended September 2025, reflecting an 11.3% increase year-over-year and surpassing the Zacks Consensus Estimate of $220.45 million by 3.83% [1] - The company's EPS for the quarter was $0.37, significantly higher than the $0.19 reported in the same quarter last year, and exceeded the consensus EPS estimate of $0.18 by 105.56% [1] Revenue Breakdown - Industrial revenue reached $76.8 million, exceeding the average estimate of $65.39 million by analysts, marking a 25.3% increase compared to the previous year [4] - Medical revenue was reported at $152.1 million, slightly below the average estimate of $155.08 million, but still showing a year-over-year increase of 5.3% [4] Profit Metrics - Gross profit from Industrial operations was $29.8 million, surpassing the average estimate of $22.05 million [4] - Gross profit from Medical operations was $48 million, which was below the average estimate of $49.24 million [4] Stock Performance - Over the past month, VAREX IMAGING shares have returned -1.7%, contrasting with a +0.2% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3]

Core Viewpoint - Bernstein has indicated that demand for Pop Mart in both China and overseas markets has generally slowed down in October, despite the stock's year-to-date increase of approximately 140% [1][5]. Group 1: Demand and Market Performance - In October, various data sources, including transaction data, social media trends, and search interest, show a general decline in demand for Pop Mart, which has intensified since the peak levels observed in June [3]. - The report suggests that the decline in demand is significant and consistent enough to indicate that fourth-quarter performance may disappoint market expectations [3]. - Bernstein maintains a target price of HKD 225 for Pop Mart, reflecting a cautious outlook based on the observed demand trends [3]. Group 2: Stock Price and Market Sentiment - Following Bernstein's warning, Pop Mart's stock faced pressure, with a notable drop of 3.7% on November 12, making it one of the worst performers in the market [3]. - Despite a remarkable year-on-year sales growth of 250% in the third quarter, there are concerns regarding the sustainability of demand for its popular products, particularly the Labubu toys [3]. - The stock has experienced a significant correction, falling nearly 40% from its record high in late August, resulting in a market capitalization loss of USD 20 billion [5]. - Bernstein is the only one among over 40 brokerages covering Pop Mart to assign an "underperform" rating, indicating a notable divergence in market sentiment regarding the company's future performance [5].

Core Viewpoint - Bernstein's report raises concerns about Pop Mart's fourth-quarter performance, suggesting it may fall short of market expectations, leading to a decline in the company's stock price in the Hong Kong market [3]. Group 1: Market Performance - Bernstein's report indicates a general slowdown in demand for Pop Mart's products in both domestic and overseas markets since June, which analysts believe signals a fundamental demand deceleration rather than temporary market noise [3]. - Following the report, Pop Mart's stock experienced a drop of 3.7% on November 12, becoming one of the biggest losers in the market, with the stock having already declined nearly 40% from its peak in late August [3]. - Despite the recent downturn, Pop Mart's stock has seen a cumulative increase of approximately 140% year-to-date [3]. Group 2: Analyst Ratings - Among over 40 brokerages covering Pop Mart, Bernstein is the only firm to issue an "underperform" rating, while the majority remain optimistic about the company's prospects [4]. - As of November 13, Pop Mart's stock opened down 1.6% but closed slightly up at 220.4 HKD per share, reflecting mixed market sentiment [4]. Group 3: Sales Performance - Pop Mart reported a staggering 250% year-on-year increase in sales for the third quarter, yet there are ongoing concerns regarding the sustainability of demand for its popular products, particularly the Labubu dolls [4].

Core Viewpoint - UBS has downgraded Uni-President China (00220) earnings per share estimates for 2025 to 2027 by 1% to 3%, and reduced the target price from HKD 11.5 to HKD 10.5 while maintaining a "Buy" rating [1] Financial Performance - Uni-President's net profit for the first three quarters increased by 23% year-on-year, indicating a third-quarter net profit rise of 8% to RMB 726 million, aligning with UBS and market expectations [1] - The company aims for a revenue growth target of 6% to 8% for the year [1] Management Strategy - To address intensified competition in the beverage sector, the management plans to maintain stable pricing and focus on expanding well-performing sales points [1] - UBS believes that both Uni-President's performance and management outlook are in line with expectations, although the recent sluggish trend in the beverage business poses greater pressure and uncertainty for the company [1]

Core Viewpoint - Bilibili-W (09626.HK) is expected to announce its Q3 2025 financial results on November 13, 2025, with optimistic revenue and profit forecasts indicating significant growth compared to the previous year [1]. Financial Performance Expectations - The consensus forecast for Q3 2025 indicates expected revenue between 76.00 billion and 77.78 billion CNY, representing a year-on-year growth of 4.0% to 6.5% [2][4]. - Net profit is projected to be between 2.36 billion and 3.61 billion CNY, showing a substantial year-on-year increase of 396.8% to 554.0% [2][4]. - Adjusted net profit is anticipated to range from 5.91 billion to 6.93 billion CNY, reflecting a year-on-year growth of 150.2% to 193.4% [2][4]. Business Segment Performance - Mobile gaming revenue is expected to reach 16 billion CNY, with a remarkable year-on-year growth of 60.1% [5][6]. - Advertising revenue is projected at 24 billion CNY, showing a year-on-year increase of 20.2%, with effective advertising revenue growing by 30% [5][6]. - The user base continues to expand, with daily active users reaching 109 million, an increase of 7% year-on-year, and monthly active users at 363 million, up 8% year-on-year [7]. User Engagement and Growth - Monthly paying users have surpassed 31 million, reflecting a year-on-year growth of 9% [7]. - The platform has achieved record highs in user traffic and engagement, with both MAU and DAU showing significant increases [7].

花旗称，新易盛三季度净利润低于投资者预期，预计股价将出现负面反应，但很可能是一次性事件，净 利润预计将在第四季度大幅增长，因此若股价下跌或为一个买入的机会。分析师Louis Tsang等人在报告 中表示，管理层称客户订单交付延迟影响了业绩。但花旗预计新易盛第四季度净利润增长将得益于1.6T 产品的订单交付以及延迟订单收入的确认。第四季度及2026年订单强劲且确定性高，公司正在扩产以满 足需求。公司管理层相信其供应链管理将帮助满足客户需求；维持买入评级。 ...

Core Insights - The company, Yingke Medical, reported a total revenue of 7.425 billion yuan for Q3 2025, reflecting a year-on-year increase of 4.6%, while the net profit attributable to shareholders reached 924 million yuan, up 34.47% year-on-year [1] - In Q3 alone, the total revenue was 2.511 billion yuan, showing a decline of 2.9% year-on-year, but the net profit for the quarter surged by 113.04% to 214 million yuan [1] - The company's expense ratio has increased significantly, with total financial, sales, and management expenses rising by 43.08% year-on-year, amounting to 818 million yuan, which represents 11.01% of total revenue [1] Financial Performance - Gross margin stood at 23.7%, an increase of 5.65% year-on-year, while net margin improved to 12.82%, up 30.01% year-on-year [1] - Earnings per share (EPS) reached 1.45 yuan, reflecting a year-on-year increase of 38.1% [1] - Operating cash flow per share was reported at 1.69 yuan, a significant increase of 121.26% year-on-year [1] Business Evaluation - The company's Return on Invested Capital (ROIC) for the previous year was 4.65%, indicating a relatively weak capital return, while the net profit margin was 15.66%, suggesting high added value in products or services [3] - Historical data shows a median ROIC of 11.49% since the company went public, with the worst year being 2023, where ROIC was only 1.01% [3] - The company has a healthy cash asset position, but its business model relies heavily on capital expenditures, necessitating careful monitoring of capital spending projects [3] Debt and Cash Flow - The average operating cash flow to current liabilities ratio over the past three years is only 4.87%, indicating potential liquidity concerns [3] - The interest-bearing asset liability ratio has reached 44.57%, and the ratio of interest-bearing debt to the average operating cash flow over the past three years is 20.19% [3] - Accounts receivable have reached 94.81% of profits, suggesting potential issues with cash collection [3] Fund Holdings - The company is held by two prominent fund managers who have recently increased their positions, with notable interest from Wang Bin of Huazheng Fund, who ranks among the top fifty fund managers in 2024 [4] - The largest fund holding in Yingke Medical is the Nord Value Advantage Mixed Fund, with a total scale of 2.481 billion yuan and a recent net value of 2.9899, which has increased by 41.77% over the past year [5]