上周五下午17:00后各券商陆续公布三只新股的中签结果，但详细信息要等明天暗盘交易结束后，晚上22点港交所官方网站披露易发布的新股配发结果公 告。 | | 西普尼(02583.HK)-分配结果 | | | --- | --- | --- | | 定价 | HK$29.60 | | | 一手股数 | 100 | | | 一手市值 | HK$2960 | | | 申购股数(股) | 最小中签股数(股) | 最大中签股数() | | 甲组 | | | | 100-100,000 | 0 | 100 | | 乙组 | | | | 200,000 | 0 | 100 | | 300,000 | 100 | 200 | | 400,000 | 100 | 200 | | 530,000 | 100 | 200 | | | 仅供参考,详细结果可阅读港交所的通告! | | 西普尼以招股上限定价29.6港元，一手市值2960港元。甲组全部抽签，乙二才能稳中一手，申购顶头槌用10倍融资还需要158万本金，最多也就中签2手， 货值6000港元。 | | 博泰车联(02889.HK)-分配结果 | | | --- | --- | - ...

Core Viewpoint - Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. announced the acquisition of 11.04% shares of Nanjing Pharmaceutical Co., Ltd. from Alliance Healthcare Asia Pacific Limited for 749 million RMB, making Baiyunshan the second-largest shareholder of Nanjing Pharmaceutical [1][2] Group 1 - The acquisition price is based on the average closing price of Nanjing Pharmaceutical's shares over the previous 60 trading days, set at 5.18 RMB per share [1] - The strategic investment agreement signed includes collaboration in capital cooperation, distribution channels for proprietary industrial products, and cooperation in traditional Chinese medicine [1][2] Group 2 - This transaction is expected to enhance Baiyunshan's business cooperation with Nanjing Pharmaceutical, optimize regional industrial layout, and strengthen competitive advantages in the pharmaceutical distribution business [2] - The Baiyunshan-funded Guangzhou Traditional Chinese Medicine Phase II Fund was established with a total investment of 1.499 billion RMB, focusing on investments in the biopharmaceutical and health sectors [2]

Core Insights - Nanjing Pharmaceutical (600713) signed a strategic investment agreement with Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. and Guangzhou Traditional Chinese Medicine Equity Investment Partnership (Limited Partnership) [2] - Baiyunshan's subsidiary plans to acquire 144,557,431 shares from Alliance Healthcare Asia Pacific Limited, representing 11.04% of Nanjing Pharmaceutical's total shares [2] Group 1: Transaction Details - The share transfer price is set at 5.18 CNY per share, totaling approximately 748.81 million CNY [4] - Nanjing Pharmaceutical's current stock price is 4.88 CNY per share, indicating a slight premium over the transfer price [4] Group 2: Company Profiles - Baiyunshan is an A+H listed company with a market capitalization of approximately 41.3 billion CNY, engaged in the research, development, manufacturing, and sales of various pharmaceutical products [4][5] - Nanjing Pharmaceutical has a market capitalization of around 6.4 billion CNY and focuses on pharmaceutical distribution and healthcare services [6] Group 3: Strategic Implications - Baiyunshan aims to enhance business cooperation with Nanjing Pharmaceutical, optimizing its industrial layout in East China and strengthening its competitive advantage in pharmaceutical distribution [6] - The collaboration is based on principles of mutual benefit, resource sharing, and long-term strategic partnership [6]

Group 1: Securities Industry - The 2025 classification evaluation results for securities companies have been released, with 53 classified as A, 43 as B, and 11 as C [1] - A total of 107 companies were evaluated, with A-class companies making up approximately 50% of the total, B-class around 40%, and C-class about 10% [1] - Among A-class companies, 14 are rated as AA, representing about 25% of A-class firms [1] Group 2: Nonferrous Metals Industry - The Ministry of Industry and Information Technology and eight other departments have issued a plan for the nonferrous metals industry, projecting an average annual growth of around 5% in value added from 2025 to 2026 [1] - The production of ten types of nonferrous metals is expected to grow by approximately 1.5% annually, with significant progress in domestic resource development for copper, aluminum, and lithium [1] - The plan also anticipates that the production of recycled metals will exceed 20 million tons, with continuous improvements in high-end product supply capabilities and advancements in green, low-carbon, and digital development [1] Group 3: Jewelry Industry - Major jewelry brands such as Chow Tai Fook and Chow Sang Sang are set to increase the prices of their gold jewelry due to rising international gold prices, with some products seeing price hikes of up to 40% [2] - The price of gold jewelry has surpassed 1100 yuan per gram, prompting brands to adjust their pricing strategies to maintain profit margins [2] - Specific products are expected to see price increases ranging from 10% to 40%, with a notable example being a gold bracelet that may rise from 38,600 yuan to 53,800 yuan [2] Group 4: Alcohol Industry - The overall sales of white liquor during the Mid-Autumn Festival are expected to decline by over 20% year-on-year, aligning with previous broker forecasts [3] - Feedback from various provinces indicates a sales drop of 20-30%, with only a few brands like Moutai experiencing slight sales recovery [3] Group 5: Beverage Industry - Wahaha Group's Shanghai factory, which generated over 120 million yuan in revenue last year, is facing closure and has launched a new brand "Hu Xiao Wa" for bottled water amid brand authorization disputes [5] - The factory's shift to a new brand is described as a desperate measure to survive, with management acknowledging the challenges ahead [5] Group 6: Automotive Industry - The founder of Leap Motor, Zhu Jiangming, addressed the company's recent business disputes and the temporary restrictions placed on him, expressing confidence in the company's future [6] - GAC Fiat Chrysler's core assets are being sold at a significant discount after multiple failed auctions, with the latest auction set to start at approximately 6 billion yuan for land and buildings [7] Group 7: Real Estate Industry - Vanke is actively selling off assets from the Guangxin asset package, with multiple properties listed for auction in recent months [8] - The company has been working to dismantle and revitalize the Guangxin asset package, which was acquired for 55.1 billion yuan in 2017 [8] Group 8: Technology Industry - Starry Technology has submitted its prospectus for a Hong Kong IPO, aiming to raise funds for business expansion and enhance brand recognition [9] - The company reported a revenue of approximately 1.385 billion yuan in the first half of the year, marking a year-on-year growth of about 19.18% [9]

截至发稿，片仔癀市值为1190亿元。 每经头条（nbdtoutiao）——去美国的"打工人"天塌了！特朗普10万美元签证费击碎"美国梦"，美企加 速外包，加拿大趁机"抢人" （记者 王晓波） 每经AI快讯，片仔癀（SH 600436，收盘价：197.26元）9月28日晚间发布公告称，杨海鹏先生因工作调 整原因，辞去公司董事及总会计师等职务。辞职后，杨海鹏先生仍担任顾问职务。 2025年1至6月份，片仔癀的营业收入构成为：医药制造业占比55.5%，医药流通业占比36.76%，化妆品 和护肤品占比5.95%，其他占比1.53%，其他业务占比0.25%。 ...

（责任编辑：宋政 HN002） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任何明示或暗示 的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com 格隆汇9月28日｜中国8月工业企业利润超预期高增长，由负大幅转正至20.4%，一举录得2023年12月以来的最高增速。民生证券分析认为，低基数 解释了营收利润率的大幅改善，8月经济数据显示出"反内卷"政策成效已初露锋芒，上游行业利润的改善幅度最为醒目，中游利润增速更多是持 稳，而下游行业中，曾经身为"主力军"的医药制造业、汽车制造业利润增速表现平淡。 ...

Core Insights - The recruitment event in Shanghai is part of Hunan Province's "Wisdom Gathering Hunan" initiative, featuring 511 employers offering nearly 18,000 job positions [1][2] - The job offerings are diverse, including positions in government agencies, state-owned enterprises, and private companies, with a focus on high-quality roles [2] - The event highlights a strong demand for technical positions, with 60.7% of the roles being technical in nature [2] Group 1 - The recruitment event is the first out-of-province initiative aimed at promoting employment and entrepreneurship for college graduates from Hunan [1] - A significant portion of the job openings requires advanced degrees, with 3,824 positions (23.06%) requiring a PhD and 4,202 positions (25.34%) requiring a Master's degree [2] - High salary offerings are notable, with over 2,800 positions offering annual salaries above 200,000 yuan, and more than 60 positions exceeding 500,000 yuan [2] Group 2 - Hunan Province signed cooperation agreements with several prestigious universities, including Fudan University and Shanghai Jiao Tong University, to explore new collaborative pathways [3] - The event was well-attended, with a nearly full venue, indicating strong interest from students and job seekers [2] - The arrangement of seating at the event emphasized the importance of the students, who were placed in the front rows, while employers were seated behind [2]

Group 1 - A total of 234 listed companies disclosed institutional research records this week, with nearly 40% of them achieving positive stock returns [1] - The stock price of Jingzhida (688627) increased by 17.68% after receiving 138 institutional inquiries, focusing on its storage testing and semiconductor testing equipment [1][2] - Xintai's stock rose by 15.81% after hosting a roadshow with 77 institutional investors, with its core revenue source being over 80% from its formulation business [2] Group 2 - Mengke Pharmaceutical announced a stock issuance plan at a price of 6.3 yuan per share, raising up to 1.033 billion yuan, with Haiqing Pharmaceutical becoming the controlling shareholder [3] - Haiqing Pharmaceutical will leverage its experience in raw material drug development to enhance Mengke's product cost efficiency and profitability [3] - Gaowei Technology received attention from over 40 institutions due to its strategic partnership with Ant Group, focusing on AI and financial technology [4][5]

Group 1 - As of September 26, 234 listed companies disclosed institutional research minutes, with nearly 40% of these companies experiencing positive stock returns during the week [1] - Notable stock price increases included Haibosi Chuang up 32.19%, New Coordinates up 25.03%, and World up 20.81% [1] - Jingzhida (688627) received attention from 138 institutions, with a stock price increase of 17.68%, focusing on display panels and semiconductor testing equipment [1] Group 2 - Jingzhida's executives reported that the high-speed FT testing machine met its annual goals ahead of schedule, and the aging testing machine is in high demand [3] - The company is strategically expanding its product line to meet AI era demands, focusing on storage, computing power, and human-computer interaction [3] - Xintai, a pharmaceutical company, hosted a roadshow and received 77 institutional investors, with a stock price increase of 15.81% [3] Group 3 - Xintai addressed investor inquiries regarding the impact of geopolitical factors on its U.S. subsidiary and the role of AI in research efficiency [5] - Mengke Pharmaceutical announced a stock issuance plan to raise up to 1.033 billion yuan, with a new controlling shareholder [7] - Mengke's collaboration with Haiqing Pharmaceutical aims to enhance product cost efficiency and profitability through shared expertise in raw material drug development [7] Group 4 - Xinghui Entertainment, Gaoweida, and Dansheng Technology received attention from over 40 institutions, with Gaoweida's partnership with Ant Group being a focal point [9] - The strategic partnership aims to enhance innovation in smart customer acquisition, big data risk control, and AI technology [9] - Gaoweida emphasized its strengths as a leading financial technology company with extensive service networks in the financial sector [9]

Quantitative Models and Construction Methods - **Model Name**: Guosen JinGong Hong Kong Stock Selection Portfolio **Model Construction Idea**: The model is based on a dual-layer selection process that combines fundamental and technical analysis of stocks recommended by analysts. The goal is to identify stocks with both fundamental support and technical resonance, which are expected to outperform[14][15] **Model Construction Process**: 1. Construct an analyst-recommended stock pool based on the following events: - Analysts upgrading earnings forecasts - Analysts initiating coverage - Analyst report titles indicating unexpected events 2. Perform dual-layer screening on the stock pool: - **Fundamental analysis**: Evaluate the fundamental support of the stocks - **Technical analysis**: Assess the technical resonance of the stocks 3. Select stocks that meet both fundamental and technical criteria to form the Hong Kong Stock Selection Portfolio 4. Backtesting period: 2010-01-01 to 2025-06-30, considering full position and transaction costs **Model Evaluation**: The model demonstrates strong performance with significant annualized returns and excess returns over the Hang Seng Index[15] - **Model Name**: Stable New High Stock Screening **Model Construction Idea**: The model leverages momentum and trend-following strategies, which have been shown to be effective in the Hong Kong stock market. Stocks that reach new highs are considered market leaders and are expected to deliver higher future returns[20] **Model Construction Process**: 1. Define the 250-day new high distance as: $ 250 \text{ day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max}(\text{Close}, 250)} $ - $\text{Close}_{t}$: Latest closing price - $\text{ts\_max}(\text{Close}, 250)$: Maximum closing price over the past 250 trading days - If the latest closing price reaches a new high, the 250-day new high distance is 0; if it falls from the new high, the distance is positive, indicating the degree of decline 2. Screen stocks that have reached a 250-day new high in the past 20 trading days based on the following criteria: - Analyst attention: At least 5 buy or overweight ratings in the past 6 months - Relative stock strength: Top 20% in terms of 250-day price change within the sample pool - Price stability: Evaluate using two indicators: - Price path smoothness: Stock price displacement ratio - New high persistence: Time-series average of the 250-day new high distance over the past 120 days - Trend continuation: Time-series average of the 250-day new high distance over the past 5 days 3. Select the top 50 stocks based on the above criteria, ensuring at least 50 stocks are included[22][23] Model Backtesting Results - **Guosen JinGong Hong Kong Stock Selection Portfolio**: - Annualized return: 19.11% - Excess return over Hang Seng Index: 18.48% - Maximum drawdown: 23.73% - Information ratio (IR): 1.22 - Tracking error: 14.55% - Return-to-drawdown ratio: 0.78[19] - **Stable New High Stock Screening**: - The model identified 14 stocks in the pharmaceutical sector, 11 in the cyclical sector, 8 in technology, 6 in consumer, and 4 in manufacturing as stable new high stocks for the week[22][23] Quantitative Factors and Construction Methods - **Factor Name**: 250-Day New High Distance **Factor Construction Idea**: This factor measures the distance of the latest closing price from the 250-day high, capturing the momentum and trend-following characteristics of stocks[22] **Factor Construction Process**: - Formula: $ 250 \text{ day new high distance} = 1 - \frac{\text{Close}_{t}}{\text{ts\_max}(\text{Close}, 250)} $ - $\text{Close}_{t}$: Latest closing price - $\text{ts\_max}(\text{Close}, 250)$: Maximum closing price over the past 250 trading days - Interpretation: A value of 0 indicates the stock is at its 250-day high, while a positive value indicates the percentage drop from the high[22] Factor Backtesting Results - **250-Day New High Distance Factor**: - The factor was used to identify stable new high stocks, with the pharmaceutical sector having the highest number of selected stocks (14), followed by cyclical (11), technology (8), consumer (6), and manufacturing (4)[22][23]