瑞银重申康希诺生物为疫苗板块的首选股，看好其盈利增长加快，认为其早期管线产品及对外授权潜力 未完全反映。该行将其目标价从47港元上调至66.6港元，重申"买入"评级，将2025至2027年每股盈利预 测从0.01、1.16及2.39元，上调至0.24、1.16及2.55元。 瑞银发表研报指，康希诺生物第二季表现略胜预期，收入增长加快至38%，对比首季为20%；净亏损收 窄至200万元，上半年净亏损1300万元，较去年同期收窄94%，少过该行预测的亏损3100万元。管理层 重申全年收入指引10亿元。 ...

中国智能健康(00348)发布公告，集团预期截至2025年6月30日止六个月取得公司拥有人应占溢利介于约 10万港元至200万港元，而于截至2024年6月30日止六个月则取得公司拥有人应占亏损约2900万港元。 公司拥有人应占亏损转为盈利主要是由于(1)集团于2025半年期间的应收贷款根据预期信贷亏损模型项 下确认的减值亏损拨回约300万港元，而2024半年期间则为减值亏损约600万港元;(2)一般及行政费用从 2024半年期间的约1800万港元减少至2025半年期间的约800万港元，乃由于集团于2025半年期间实施有 效的成本节约措施所致;(3)按公平值计入损益的金融资产的未实现公平值收益于2025半年期间取得约 1200万港元，而2024半年期间则为未实现公平值亏损约500万港元。 ...

投资策略专题 截至 2025 年 8 月 23 日，A 股 5423 家上市公司中，共有 1657 家已披露中报。目 前来看，2025 年 H1 的利润端表现整体优于营收，经营性现金流改善的行业正 在增加。A 股已披露公司的上半年盈利同比增速为 4.09%，较同口径下 Q1 的 2.50%有所增长；上半年累计营收同比增速为-0.14%，较同口径下 Q1 的 0.34% 略有下滑；上半年的经营性现金流净额同比增长 44.86%。 结构上，我们聚焦于 2 类问题：剔除少数影响权重极高的公司后，从更普适的视角 观测各行业的业绩表现如何？以及业绩增速较高的行业和公司中，哪些股价尚未反 映？ 盈利视角：科技制造业高增长、周期和地产建筑仍在筑底 （1）中报盈利增速较高的行业：计算机、通信、电子、机械设备、农林牧渔、 汽车、钢铁和综合；结合资产价格表现来看，正式财报发布后，股价涨幅较显著 的行业：通信、计算机、电子、汽车和综合；高盈利增速、但前期涨幅相对较小 的行业：农林牧渔和钢铁。 2025 年 08 月 24 日 中报线索：科技制造业的盈利和现金流显著增长 策略研究团队 ——投资策略专题 韦冀星（分析师） 曹晋（联系人 ...

智通财经APP讯，仁恒实业控股(03628)发布公告，预期集团于截至2025年6月30日止六个月将取得除税 后溢利介于约1200万港元至约1500万港元，相比截至2024年6月30日止六个月取得除税后溢利约750万港 元。 董事会认为，上述盈利增加的主要原因是定制设备项目中应用优化的技术工艺，令原材料成本以及直接 及间接成本减少，进而带动毛利增加。 ...

Core Viewpoint - CNOOC Oilfield Services (02883) is experiencing a stock price increase of over 4%, attributed to expectations of improved net profits driven by high utilization rates of its drilling platforms [1] Group 1: Company Performance - CNOOC Oilfield Services plans to hold a board meeting on August 27 to consider and approve its interim results [1] - Citigroup has initiated a 90-day upward catalyst observation for the company, anticipating improved net profits in the second and third quarters due to high utilization of drilling platforms [1] Group 2: Operational Expansion - The company currently operates four drilling platforms in the North Sea and Europe, with an additional platform starting operations in Brazil in collaboration with Petrobras [1] - Increased overseas expansion is expected to lead to higher day rates and better profit margins compared to the domestic market [1] Group 3: Revenue Expectations - With rising regional day rates, Citigroup forecasts an improvement in the company's average daily revenue, which should drive higher profit growth [1]

Group 1 - The company, Chow Sang Sang, expects its profit attributable to shareholders from continuing operations for the six months ending June 30, 2025, to be between HKD 900 million and HKD 920 million, compared to HKD 520 million for the same period in 2024 [2] - The growth in profit is primarily attributed to the continuous rise in gold prices, which has improved the gross profit margin on gold product sales [2] - Cost control measures and the integration of retail networks have contributed to a reduction in costs [2]

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) has announced a significant increase in expected profits for the fiscal year ending June 30, 2025, projecting earnings between RMB 2.1 billion and RMB 2.3 billion, representing a growth of 165% to 190% compared to last year's RMB 794 million [1] Group 1 - The company's profit growth is primarily attributed to an increase in sales and a notable decline in raw material costs, which decreased at a faster rate than product prices, leading to an increase in gross profit [1] - The company plans to issue USD 400 million in perpetual capital securities in June 2024, with an expected attributable profit of approximately RMB 400 million for the current year from these securities [1] - The projected attributable profit for equity holders is estimated to be between RMB 1.7 billion and RMB 1.9 billion, marking an increase of 126% to 153% from last year's RMB 751 million [1]

Core Viewpoint - Nine Dragons Paper Holdings Limited (玖龙纸业) has announced a significant increase in expected profits for the fiscal year ending June 30, 2025, projecting earnings between RMB 2.1 billion and RMB 2.3 billion, representing a growth of 165% to 190% compared to last year's RMB 794 million [1] Group 1 - The company's profit growth is primarily attributed to an increase in sales and a notable decline in raw material costs, which decreased at a faster rate than the drop in product prices, thereby boosting gross margins [1] - The company plans to issue USD 400 million in perpetual capital securities in June 2024 [1] - The expected profit attributable to perpetual capital securities holders for the current year is approximately RMB 400 million, leading to an anticipated profit attributable to equity holders of around RMB 1.7 billion to RMB 1.9 billion, an increase of 126% to 153% from last year's RMB 751 million [1]

Core Viewpoint - Morgan Stanley's research report indicates that the overall net profit of China's three major telecom operators recorded an approximately 5% year-on-year increase in the first half of this year, primarily supported by cost optimization measures [1] Group 1: Financial Performance - The three major telecom operators' operating expenses, capital expenditures, and depreciation have decreased, contributing to the profit growth [1] - The estimated dividend yield for the H-shares of the three telecom operators remains attractive at 5% to 6%, with China Mobile having the highest yield at 6% [1] Group 2: Cloud Revenue Trends - The year-on-year growth of cloud revenue for the three telecom operators has significantly slowed from an estimated 17% to 35% in 2024 to 5% to 10% in the first half of this year [1] - This slowdown is attributed to the increasing market share of internet companies and a deceleration in the digitalization demands of state-owned enterprises [1] Group 3: Investment Outlook - Morgan Stanley maintains a positive outlook on China Mobile, China Telecom, and China Unicom, giving them an "overweight" rating due to strong dividend returns, profit growth, and potential upside in cloud revenue [1] - China Telecom is highlighted as the preferred stock due to its highest proportion of cloud business and the resilience of its traditional mobile and broadband services [1]

Group 1 - The company expects to achieve a profit of approximately RMB 2.1 billion to RMB 2.3 billion for the fiscal year ending June 30, 2025, representing a growth of 165% to 190% compared to last year's profit of RMB 794 million [1] - The profit increase is primarily attributed to a rise in sales, with the decline in raw material costs occurring at a rate and magnitude that significantly outpaces the decrease in product prices, thereby boosting gross profit [1] - The company issued USD 400 million perpetual capital securities in June 2024, with the attributable profit for perpetual capital securities holders estimated at approximately RMB 400 million for the current year [1] Group 2 - The company anticipates that the attributable profit for equity holders will be around RMB 1.7 billion to RMB 1.9 billion for the current year, an increase of 126% to 153% from last year's RMB 751 million [1]