消息面上，易鑫集团上月发布公告，宣布与精真估续订二手车服务战略合作协议，为期三年。西部证券 （002673）指出，腾讯为公司控股股东，精真估为腾讯的附属公司，公司与腾讯系合作持续深化。续订 协议下，精真估将继续为公司提供二手车估值及相关服务，公司将支付相应的服务费。现有协议的现有 年度上限为5000万元，续订后新年度上限提升至6000万元，上限提升体现出公司对二手车业务需求增长 的信心。 值得注意的是，港交所推出港交所科技100指数，公司获纳入该指数。该行指出，港交所已授权易方达 基金在内地推出追踪港交所科技100指数的ETF，公司流动性有望进一步提升。此外，Q3运营数据增速 优于市场，全年业绩有望维持高增。 易鑫集团(02858)尾盘涨超7%，截至发稿，涨6.36%，报2.51港元，成交额6564.91万港元。 ...

Key Takeaways UiPath is set to join the S&P MidCap 400 index on Friday, replacing Synovus Financial.S&P Dow Jones Indices also announced changes to the index slated for early January. Shares of UiPath rose Wednesday on news that the business software company will join the S&P MidCap 400 Index. S&P Dow Jones Indices said UiPath (PATH) would become part of the index prior to the opening of trading on Friday. It will replace Synovus Financial (SYN), which is being acquired by Pinnacle Financial Partners ...

Group 1 - U.S. stock futures were mostly flat, with Nasdaq 100 futures slipping around 0.01% [1] - Sidus Space, Inc. announced a public offering of 19,230,800 shares at $1.30 per share, leading to a 39.2% decline in its shares to $1.39 in pre-market trading [1] Group 2 - Starfighters Space Inc shares dipped 23.2% to $24.19 after a significant gain of over 370% on Monday [2] - ECD Automotive Design, Inc. fell 15.4% to $0.1650 following a 1-for-5 reverse stock split announcement [2] - CapsoVision Inc dipped 5.6% to $12.35, while Rocket Lab Corp fell 5.3% to $73.46 after a previous 10% jump [2] - Intuitive Machines Inc declined 5.2% to $15.82 despite a price target increase from $14 to $20 by B. Riley Securities [2] - Firefly Aerospace Inc shares declined 4.4% to $27.33 after a 16% increase due to joining the Russell 2000 and Russell 3000 indexes [2] - AST SpaceMobile Inc shares declined 3.1% to $83.82 after a 14% surge related to new satellite details [2]

瑞银认为，上述消息带来的积极影响主要包括:预计新产品（IGF-1R、EGFR、BTK、ROS1、KRAS G12C、RET等靶点）销售额将在2026年实现快速增长;同时，替尔泊肽糖尿病适应症进入医保目录，对 预计于2026年上市的玛仕度肽具有正面影响，但需关注其价格下调。此外，公司股票纳入恒指有望进一 步提升流动性。 智通财经APP获悉，瑞银发布研报称，信达生物(01801)旗下六款新产品及信迪利单抗新适应症已被纳入 最新版《国家基本医疗保险、生育保险和工伤保险药品目录（2025年）》。此外，信达生物已于今日(8 日)起正式纳入恒生指数。瑞银维持其"买入"评级，目标价137.4港元。 ...

中国宏桥(1378.HK)盘初一度涨超4%，报34.32港元。消息面上，富时罗素(FTSE Russell)公布2025年12 月富时中国指数系列(FTSE China Index Series)季度审核结果，所有变动将于12月22日起生效。其中，中 国宏桥获纳入富时中国50指数(FTSE China 50 Index)。 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a potential relative price increase of over 15% [16]. Core Insights - The company has announced a share buyback plan with a total amount between 300 million to 500 million RMB, aimed at reducing registered capital by canceling the repurchased shares [2][3]. - The company has been included in the CSI A500 Index, which is expected to enhance its visibility and attract more investments from index funds [3][8]. - The construction of the Haizetang coal mine is progressing steadily, with expectations to begin trial production in July 2026, which is anticipated to significantly improve the company's operational performance [3][9]. Summary by Sections Share Buyback Plan - The company plans to repurchase shares at a maximum price of 2.5 RMB per share, with the buyback period lasting 12 months from the approval date by the shareholders [2][3]. - The estimated number of shares to be repurchased ranges from 120 million to 200 million, accounting for approximately 0.55% to 0.92% of the total share capital [3]. Index Inclusion - The company has been added to the CSI A500 Index, which has a total scale of 195.401 billion RMB, and index funds related to this index are expected to rebalance around December 15, potentially leading to increased holdings in the company [3][8]. Haizetang Coal Mine Project - The Haizetang coal mine is expected to produce high-quality coal with a calorific value of over 6500 kcal and low extraction costs, projected to generate an additional annual revenue of approximately 6.5 billion RMB and a net profit of around 3 billion RMB once fully operational [9]. - The company forecasts net profits of 316 million RMB, 854 million RMB, and 1.558 billion RMB for the years 2025 to 2027, respectively, with corresponding EPS of 0.01 RMB, 0.04 RMB, and 0.07 RMB [10].

Core Viewpoint - Zijin Mining International (02259) saw a significant increase of over 6%, specifically a rise of 6.62%, reaching a price of 135.3 HKD with a trading volume of 243 million HKD [1] Group 1: MSCI Index Changes - On November 6, 2023, MSCI announced the results of its November index review, which included the addition of 17 new stocks to the MSCI China A-share index and the removal of 16 stocks [1] - The changes from this review will take effect after the market closes on November 24, 2025 [1] - In addition to A-share stocks, the MSCI China Index also added 9 Hong Kong stocks, including Zijin Mining International [1]

Core Viewpoint - The inclusion of Baker Hughes (02149) in the Hang Seng Semiconductor Index is expected to provide structural benefits, leading to potential passive fund inflows and increased market liquidity, while attracting active management funds [1] Group 1: Company Analysis - Baker Hughes has been added to the Hang Seng Semiconductor Industry Theme Index, effective from November 7, 2025 [1] - The company is projected to experience a 21% growth in net profit by 2025, with a net profit margin maintained above 25% [1] - Current valuation stands at 14.7 times and 11.6 times the forecasted price-to-earnings ratio for 2025/26, indicating a significant discount compared to A-share and global peers [1] Group 2: Market Implications - The reclassification of the Hang Seng Semiconductor Index is expected to drive valuation improvements for Baker Hughes [1] - The report emphasizes the importance of monitoring potential passive fund inflows related to the index inclusion [1] - The company's high profitability has shown resilience during previous industry downturns, highlighting its unique business model and operational excellence [1]

Group 1 - The Hang Seng Index has officially renamed the "Hang Seng Information Technology Index" to "Hang Seng Semiconductor Industry Theme Index," with Baker Hughes (02149) included in the constituent stocks effective from November 7, 2025 [1] - The report suggests that this change will provide structural benefits to Baker Hughes, potentially leading to passive capital inflows that enhance market liquidity and attract active management funds [1] - The firm maintains a "Buy" rating on Baker Hughes with a target price of HKD 93, based on a forecasted price-to-earnings ratio of 26.6 times for 2025 [1] Group 2 - The company's valuation is expected to benefit from favorable factors such as the reclassification of the Hang Seng Semiconductor Index, presenting a revaluation opportunity [1] - Investors are advised to closely monitor potential passive capital inflows related to the index inclusion [1] - During the previous industry downturn, the company's high profitability demonstrated resilience, highlighting its unique business model and excellent operational capabilities [1] Group 3 - The company is projected to achieve a 21% growth in net profit for 2025, with a net profit margin expected to remain above 25% [1] - Currently, the company's valuation stands at 14.7 times and 11.6 times the forecasted price-to-earnings ratio for 2025/26, which is significantly discounted compared to A-shares and global peers [1]

Core Viewpoint - China Gold International (02099) has seen a significant increase in stock price, rising by 3.31% to HKD 146.7, with a trading volume of HKD 7.1883 million, following the announcement of its inclusion in the Hang Seng Hong Kong Chinese Enterprises Index effective October 27, 2025 [1] Group 1 - The stock price of China Gold International opened over 3% higher and is currently up 3.31% [1] - The company will be included in the Hang Seng Hong Kong Chinese Enterprises Index after market close on October 24, 2025 [1] - The inclusion in the index is expected to enhance the company's visibility and attract more investors [1] Group 2 - According to招商证券, the company's Jia Ma Mine has significant expansion potential [1] - Exploration activities in the Bayi Ranch and Zhegu Langbei areas have shown substantial resource potential [1] - These exploration efforts are likely to support larger-scale expansions in the future [1]