Core Viewpoint - Cinda Biologics (01801) has announced a global strategic collaboration with Takeda Pharmaceutical, covering several key oncology assets, including the next-generation IO cornerstone therapy IBI363, and has reached licensing agreements for IBI343 and IBI3001 [1] Group 1: Strategic Collaboration - The collaboration includes a total upfront payment of $1.2 billion, which consists of a $100 million equity investment at a price of HKD 112.56 per share [1] - Potential milestone payments could increase the total value of the deal to $11.4 billion, in addition to extra licensing fees [1] Group 2: Future Development Goals - Cinda Biologics aims to develop into a fully integrated biopharmaceutical company with global R&D and commercial capabilities, targeting at least five assets to enter global Phase III multi-regional clinical trials (MRCTs) by 2030 [1] - The company has established a discovery research laboratory in the U.S. and plans to expand its U.S. R&D team to 100-200 people by 2026 [1] Group 3: Financial Position - As of June 2025, Cinda Biologics has a solid financial foundation with a cash balance of $2.1 billion, supporting its global ambitions [1] - The expected investment for the strategic goals is substantial, but if successfully executed, the long-term strategy and commercial prospects are considered very promising [1]

信达生物将收到总额12亿美元的预付款，包括以每股112.56港元进行的1亿美元股权投资。交易还包括 潜在里程碑付款，令总价值达到114亿美元，外加额外授权费。 招银国际表示，信达生物目标发展成为具全球研发、商业能力的全方位整合生物制药公司，目标至2030 年至少五项资产，进入全球III期多区域临床试验(MRCTs)。信达生物已在美国设立发现研究实验室，并 计划在2026年前，将美国研发团队扩至100至200人。虽然相关投资预期将相当庞大，但若成功执行，长 期策略及商业前景将相当可观。截至2025年6月，信达生物资金状况稳健，现金余额为21亿美元，为其 全球野心提供稳固财务基础。 智通财经APP获悉，招银国际发布研报称，信达生物(01801)宣布与日本武田制药展开全球战略合作，涵 盖多项关键肿瘤资产，包括新一代IO基石疗法IBI363，并就在研项目IBI343及IBI3001达成授权合作。 招银国际表示，期待IBI363及IBI343在全球进一步发展。为反映新合作，基于现金流折现法(DCF)将信 达生物目标价从109.48港元升至110.62港元，维持"买入"评级。 ...

该行将微软2026年至2027年营收及营业利润预测分别上调2%至4%，以及3%，以反映云服务及生产力与 业务流程(PBP)业务收入的超预期增长。基于盈利增长潜力及现金流生成能力的提升，该行将现金流折 现法(DCF)目标价上调18%，从510.3美元上调至601.5美元，对应预测2026及2027财年市盈率分别为38.8 倍及33.6倍，维持"买入"评级。 招银国际发表研究报告指，微软截至6月底止第四财季营收达到764亿美元，按年增长18.1%，较该行及 市场共识预估分别高出3.6%及3.5%，三大业务部门全面超出预期；净利润按年增长23.6%，达到272亿 美元，受益于各业务营运效率提升，较该行预期及市场共识分别高出9%及8%。受大型客户推动核心基 础设施业务加速增长，Azure及其他云服务收入于第四财季按年增长39%，优于先前指引的34%至35%。 ...