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永金证券晨会纪要-20250917
永丰金证券· 2025-09-17 01:14
Core Insights - The report highlights a 100% probability of a 0.25% interest rate cut by the Federal Reserve during the upcoming FOMC meeting on September 16-17 [9] - U.S. consumer confidence has declined, with the University of Michigan's September index dropping to 55.4, below the previous month's 58.2 and the expected 58.0 [9][11] - The People's Bank of China is set to conduct a 600 billion yuan reverse repurchase operation with a 182-day term [9] - Investment strategies favor sectors such as smart manufacturing, cloud computing, AI, and medical innovation, which are attracting foreign institutional interest [9] - Recommendations include incorporating new targets into the southbound trading scheme, adjusting weightings, and early positioning [9] Market Overview - The Hang Seng Index has surpassed the 26,000-point mark, closing at 26,388 points, marking a weekly increase of 970 points or 3.82% [13] - The market anticipates a likely interest rate cut in the U.S., with discussions around whether the cut will be 0.25% or 0.5% [13] - The Hong Kong government's issuance of silver bonds has begun, with a guaranteed interest rate of 3.85%, which remains attractive compared to local deposit rates [13] - China's credit data showed a modest recovery in August, with new loans of 590 billion yuan, reversing a decline from July [13] - The People's Bank of China is seeking public opinion on cross-border RMB financing, aiming to enhance the offshore RMB market [13] Company Focus - Weili Zhibo (9887) is focused on the high-growth biopharmaceutical sector, with a narrowed mid-year loss of 166 million yuan, reflecting improved operational efficiency [20] - Hansoh Pharmaceutical (3692) has successfully expanded its oncology product line in China and launched in the UK, indicating significant future potential [20] - Lenovo Group (992) reported a 22% year-on-year revenue growth to 18.83 billion USD, driven by AI strategy and strong cash returns [20] Global Market Summary - The Hang Seng Index closed at 26,388.16, up 301.84 points or 1.16% [15] - The Dow Jones Industrial Average fell by 273 points or 0.59%, while the Nasdaq Composite rose by 98.03 points or 0.44% [15] - The S&P 500 Index experienced a slight decline of 3.18 points or 0.05% [15] Economic Data Releases - Key economic data releases include China's new housing prices for 70 major cities and industrial production figures for August [18] - The unemployment rate in China for August is reported at 5.2% [18] - The U.S. New York Federal Reserve manufacturing index for September is estimated at 4.3 [18]
石药集团(01093) - 自愿公告 - KN026(安尼妥单抗注射液)的新药上市申请获国家药品监督...
2025-09-11 11:31
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準 確性或完整性亦不發表任何聲明,並明確表示概不就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 該產品是一種抗HER2雙特異性抗體,可同時結合HER2的兩個非重疊表位,導致HER2信號 阻斷。在2024年歐洲腫瘤內科學會(ESMO)大會上,該產品的II期臨床研究結果首次公布。 該研究結果顯示,該產品聯合化療的客觀緩解率為40.0 %,經獨立評審委員會(IRC)評估的 中位無進展生存期為8.6個月,中位總生存期為13.2個月。本次上市申請主要是基於一項關 鍵II╱III期臨床試驗( KC -WISE )。III期臨床研究的首次期中分析結果顯示,與目前的標準 治療相比,該產品聯合化療可顯著提高臨床療效,延長無進展生存期和總生存期,且在安 全性方面無新發安全性風險,心臟毒性發生率低,免疫原性低。 該 產 品 本 次 按 照 治 療 用 生 物 製 品 1 類 新 藥 申 報 , 其 適 應 症 為 聯 合 化 療 用 於 至 少 接 受 過 一 種 系統性治療( 必須包含曲妥珠單抗聯合化療 )失敗,HER ...
劲方医药-B(02595) - 全球发售
2025-09-10 22:59
獨家保薦人、獨家保薦人兼整體協調人、聯席全球協調人、 聯席賬簿管理人及聯席牽頭經辦人 勁方醫藥科技 ( 上海 ) 股份有限公司 GenFleet Therapeutics (Shanghai) Inc. 股份代號 : 2595 (於中華人民共和國註冊成立的股份有限公司) 全球發售 重要提示 重要提示:閣下如對本招股章程的任何內容有任何疑問,應尋求獨立專業意見。 GenFleet Therapeutics (Shanghai) Inc. 勁 方 醫 藥 科 技( 上 海 )股 份 有 限 公 司 (於中華人民共和國註冊成立的股份有限公司) 全球發售 | 全球發售的發售股份數目 | : | 77,600,000股H股(視乎發售量調整權 | | --- | --- | --- | | | | 及超額配股權行使與否而定) | | 香港發售股份數目 | : | 7,760,000股H股(可予重新分配) | | 國際發售股份數目 | : | 69,840,000股H股(可予重新分配及 | | | | 視乎發售量調整權及超額配股權 | | | | 行使與否而定) | | 發售價 | : | 每股發售股份20.39港元,另加 ...
康方生物股價震盪,背後基本面有何變化?
Ge Long Hui· 2025-09-10 19:18
Market Overview - The Hong Kong stock market showed a soft trend, with the Hang Seng Index (HSI) maintaining fluctuations and overall market sentiment being cautious [1] - The pharmaceutical sector exhibited mixed performance, with Kangfang Biopharma (09926) being a notable focus, closing at 140.1 HKD, down 1.68% for the day, with a trading volume of 29.57 billion HKD [1] Company Insights - Kangfang Biopharma's core product, AK112, is expected to release follow-up clinical data at the end of the month during an international medical conference, which has garnered market attention regarding its potential in cancer treatment [1] - The stock has experienced significant short-term volatility, with a 5-day price fluctuation of 21.6% [1] Technical Analysis - Technical indicators suggest a "buy" signal with a strength of 10, while multiple moving averages indicate a "strong buy" signal [3] - The Relative Strength Index (RSI) is at a relatively low level of 35, with several oscillators showing neutral signals, but some indicators indicate oversold conditions, suggesting a potential bottoming phase with a 57% probability of price increase [3] Support and Resistance Levels - The first support level for Kangfang Biopharma is at 128.3 HKD, with a second support level at 109.6 HKD [5] - The first resistance level is at 155.9 HKD, and if this level is surpassed, the second resistance level at 170.6 HKD may be challenged [5] - The current stock price of 140.1 HKD is positioned between the support and first resistance levels, making stability and movement towards the resistance level crucial for future trends [5] Investment Products - For investors optimistic about a rebound, the Huatai call warrant (18380) is recommended, offering a leverage of 3 times with an exercise price of 158.98 HKD, noted for its low premium and implied volatility [5][6] - The Bank of China call warrant (18157) is also worth considering, with a lower leverage of 2.6 times and a similar exercise price, but it has the highest implied volatility among similar products [6] - In terms of bull certificates, UBS's bull certificate (53839) has a high leverage of 4.6 times with a redemption price of 120 HKD, while JPMorgan's bull certificate (55333) offers an even higher leverage of 5.2 times with a redemption price of 124 HKD, suitable for investors confident in a short-term rebound [7][8]
聖諾醫藥 :通過一般授權認購新股募資約2.1億港元 加強財務及促進業務增長
Xin Lang Cai Jing· 2025-09-07 23:33
Group 1 - The core announcement is that Sanofi Pharmaceutical (stock code: 2257) plans to raise approximately HKD 210 million through a general authorization to issue new shares, totaling 17,352,421 shares at a subscription price of HKD 12.00 per share, which represents a discount of about 19.8% compared to the closing price of HKD 14.97 on September 5, 2025 [1] - The subscription price is at a premium of approximately 1.6% compared to the average closing price of HKD 11.82 over the last five trading days prior to the subscription agreement date [1] - The newly issued shares will represent about 16.5% of the existing issued share capital of the company as of the announcement date, and approximately 14.2% of the enlarged issued share capital after the issuance [1] Group 2 - The funds raised will be used for general working capital purposes [1] - The completion of the subscription agreement A is subject to certain conditions and is expected to be finalized no later than November 7, 2025, while agreements B, C, and D are expected to be completed by December 7, 2025 [1] - Sanofi Pharmaceutical focuses on RNA therapy and aims to develop innovative drugs targeting unmet medical needs and significant market opportunities [1]
君实生物(01877) - 自愿性公告 -抗IL-17A单抗治疗中重度斑块状银屑病的III期临床研究...
2025-09-07 10:34
香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性 或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 上海君實生物醫藥科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) (股份代號:1877) 自願性公告- 抗IL-17A單抗治療中重度斑塊狀銀屑病的III期臨床研究 達到主要研究終點 本公告由上海君實生物醫藥科技股份有限公司(「本公司」)自願作出。請亦參見本 公司於2025年9月7日刊發的海外監管公告。 本公司董事(「董事」)會(「董事會」)欣然宣佈,本公司產品重組人源化抗 IL-17A單克隆抗體(代號:JS005)在治療中重度斑塊狀銀屑病的一項多中 心、隨機、雙盲、平行、安慰劑對照的關鍵註冊性III期臨床研究(研究編號: JS005-005-III-PsO)中取得陽性結果,共同主要研究終點和關鍵次要終點均具有統 計學顯著性和臨床意義的改善。本公司計劃將於近期向監管部門遞交該產品的上 市許可申請。 關於JS005-0 ...
君实生物(01877) - 自愿性公告 - JT118获得药物临床试验批准通知书
2025-09-02 13:13
自願性公告- JT118獲得藥物臨床試驗批准通知書 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性 或完整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 SHANGHAI JUNSHI BIOSCIENCES CO., LTD.* 上海君實生物醫藥科技股份有限公司 (於中華人民共和國註冊成立的股份有限公司) (股份代號:1877) 本公告由上海君實生物醫藥科技股份有限公司(「本公司」)自願作出。請亦參見本 公司於2025年9月2日刊發的海外監管公告。 本公司董事(「董事」)會(「董事會」)欣然宣佈,本公司附屬公司上海君拓生物醫 藥科技有限公司收到國家藥品監督管理局核准簽發的《藥物臨床試驗批准通知 書》,JT118注射液(項目代號「JT118」)的臨床試驗申請獲得批准。現將相關情況 公告如下: 關於JT118 藥品名稱:JT118注射液 申請事項:境內生產藥品註冊臨床試驗 受理號:CXSL2500478 申請人:上海君拓生物醫藥科技有限公司 審批結論:根據《中華人民共和國藥品管理法》《中華人民共和國疫苗管 ...
恒指跌202點,滬指升43點,標普500升20點
宝通证券· 2025-08-29 02:40
Market Index Performance - The Hang Seng Index dropped 202 points or 0.8% to close at 24,998 points, affected by individual stock performance on the futures settlement day [1]. - The Shanghai Composite Index rose 43 points or 1.14% to close at 3843 points, while the Shenzhen Component Index rose 276 points or 2.25% to 12571 points, and the ChiNext Index rose 103 points or 3.82% to 2827 points. The STAR 50 Index rose over 7%, hitting a 3 - year high [2]. - The S&P 500 Index rose 20 points or 0.3% to 6,501 points, the Dow Jones Industrial Average rose 71 points or 0.2% to 45,636 points, and the Nasdaq Composite rose 115 points or 0.5% to 21,705 points, all hitting record - closing highs [2]. Central Bank Operations - The People's Bank of China conducted 416.1 billion yuan of seven - day reverse repurchase operations on the 28th, with an operating rate unchanged at 1.4%. With 253 billion yuan of reverse repurchases maturing, the net injection was 163.1 billion yuan [2]. - The central parity rate of the RMB against the US dollar was raised by 45 points to 7.1063, reaching the highest level since November 6 last year [2]. Company Performance - China National Offshore Oil Corporation's domestic natural gas daily output exceeded 100 million cubic meters, hitting a new high [3]. - Haier Smart Home (06690.HK) reported a 10.2% year - on - year increase in revenue to 156.469 billion yuan, a 10.6% increase in gross profit to 41.24 billion yuan, and a 15.6% increase in net profit to 12.033 billion yuan in the six - month interim results ending in June. It will pay a dividend of 2.69 yuan per 10 shares [3]. - China Feihe (06186.HK) reported a 9.4% year - on - year decrease in revenue to 9.151 billion yuan, a 17.8% decrease in gross profit to 5.635 billion yuan, and a 46.7% decline in net profit to 1 billion yuan in the six - month interim results ending in June. It will pay an interim dividend of 12.09 HK cents [3]. - ZTE Corporation (00763.HK) reported a 14.5% year - on - year increase in operating revenue to 71.553 billion yuan, but a 11.8% decline in net profit attributable to shareholders to 5.058 billion yuan in the six - month interim results ending in June. It will not pay a dividend [3]. - Li Auto - W (02015.HK) reported a 2% year - on - year decrease in revenue to 56.172 billion yuan, a 0.7% decrease in gross profit to 11.385 billion yuan, and a 2.8% increase in net profit to 1.743 billion yuan in the interim results ending at the end of June [4]. - BeiGene (06160.HK) reported a 44.5% year - on - year increase in revenue to 2.411 billion US dollars in the interim results ending at the end of June this year. It turned from a loss to a profit of 95.59 million yuan, compared with a loss of 372 million yuan in the same period last year. It will not pay a dividend [4]. Policy News - The Office of the United States Trade Representative announced the extension of the exemption period for the 301 investigation into China's actions, policies, and practices regarding technology transfer, intellectual property, and innovation. The original expiration date on the 31st was extended to November 29 [2].
恒指跌323點,滬指跌68點,標普500升15點
宝通证券· 2025-08-28 08:03
Market Performance - The Hang Seng Index opened 101 points higher on the 27th, rose 129 points to a high of 25,653 points in the early session, then fell back, and closed down 323 points or 1.3% at 25,201 points [1] - The H-shares Index fell 128 points or 1.4% to close at 9,020 points, and the Hang Seng Tech Index fell 84 points or 1.5% to close at 5,697 points [1] - The total turnover of the market increased to HK$371.376 billion, the highest in nearly four months [1] - A-share market opened slightly higher, the ChiNext Index once rose more than 2%, but all three major indices fell in the afternoon. The Shanghai Composite Index closed down 68 points or 1.8% at 3,800 points, with a turnover of RMB 1.33 trillion; the Shenzhen Component Index closed down 178 points or 1.4% at 12,295 points, with a turnover of RMB 1.84 trillion; the ChiNext Index closed down 18 points or 0.7% at 2,723 points, with a turnover of RMB 878.3 billion [2] - In the US stock market on Wednesday, the Nasdaq rose 45 points or 0.2% to 21,590 points, the S&P 500 Index rose 15 points or 0.2% to 6,481 points, and the Dow Jones Industrial Average rose 147 points or 0.3% to 45,565 points [2] Central Bank Operations - The People's Bank of China conducted RMB 379.9 billion of seven-day reverse repurchase operations on the 27th, with the operating rate remaining unchanged at 1.4%. There were RMB 616 billion of reverse repurchases maturing, resulting in a net withdrawal of RMB 236.1 billion [2] - The central parity rate of the RMB against the US dollar was raised by 80 points to 7.1108 [2] Company Earnings - Ctrip Group - S (09961.HK) reported a turnover of RMB 28.714 billion for the six months ended June this year, up 16.2% year-on-year. Net profit was RMB 9.123 billion, up 12% year-on-year, and non-GAAP net profit was also RMB 9.123 billion, up 12% year-on-year. Earnings per share were RMB 13.82. No dividend was declared [3] - Maogeping (01318.HK) reported revenue of RMB 2.588 billion for the six months ended June, up 31.3% year-on-year; gross profit was RMB 2.179 billion, up 30.2%. Net profit was RMB 670 million, up 36.1%, and earnings per share were RMB 1.37. No dividend was declared [4] - China Mengniu Dairy Company Limited (02319.HK) reported revenue of RMB 41.567 billion for the six months ended June, down 6.9% year-on-year due to the oversupply of raw milk and the slower-than-expected recovery of demand. Net profit was RMB 2.046 billion, down 16.4%, and earnings per share were 52.3 cents. No dividend was declared [4] - People's Insurance Company (Group) of China, Ltd. (01339.HK) reported total operating income of RMB 324.122 billion for the six months ended June this year, up 10.9% year-on-year. Net profit was RMB 26.671 billion, up 14% year-on-year, and earnings per share were RMB 0.6. An interim cash dividend of RMB 0.075 per 10 shares was declared, compared with RMB 0.063 per 10 shares in the same period last year [4] - Innovent Biologics, Inc. (01801.HK) reported revenue of RMB 5.953 billion for the six months ended June this year, up 50.6% year-on-year. It turned from a loss to a profit of RMB 834 million, compared with a loss of RMB 393 million in the same period last year. Earnings per share were RMB 0.51. No dividend was declared. Non-IFRS profit was RMB 1.213 billion, compared with a loss of RMB 160 million last year; non-IFRS EBITDA was RMB 1.413 billion, compared with a loss of RMB 161 million last year [5] - Meituan (03690.HK) reported a profit of RMB 365 million for the second quarter ended June 2025, down 96.8% year-on-year. Non-IFRS adjusted EBITDA was RMB 2.782 billion, down 81.5% year-on-year, and adjusted net profit fell 89% to RMB 1.493 billion. Revenue in the second quarter was RMB 91.84 billion, up 11.7% year-on-year, slightly lower than the forecast range of RMB 92.067 billion to RMB 94.534 billion by 8 brokers [5]
中国生物制药(01177) - 自愿公告 - 选择性HER2 TKI「宗艾替尼」再次获得CDE突破性...
2025-08-20 12:39
(於開曼群島註冊成立之有限公司) 網站:www.sinobiopharm.com (股份編號:1177) 自願公告 選擇性HER2 TKI「宗艾替尼」再次獲得CDE突破性治療資格認定 中國生物製藥有限公司(「本公司」,連同其附屬公司統稱「本集團」)董事會(「董事會」)宣佈,選擇性 HER2酪氨酸激酶抑制劑(TKI)「宗艾替尼」再次獲得中國國家藥品監督管理局藥品審評中心(CDE)突破 性治療資格認定,用於治療攜帶HER2酪氨酸激酶結構域(TKD)激活突變的不可切除或轉移性非小細 胞肺癌(NSCLC)成人患者的一線治療。 此次突破性治療資格認定是基於其Beamion LUNG-1臨床試驗數據。這是一項Ia/Ib期首次人體開放 標籤試驗,以確定宗艾替尼在HER2突變實體瘤患者中的安全性、最大耐受劑量(MTD)、藥代動力學 (PK)、藥效學(PD)及初步療效(NCT04886804)。最新數據將於今年晚些時候公布。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責,對其準確性或完 整性亦不發表任何聲明,並明確表示,概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責 ...