配售事项下的2842.4万股配售股份相当于公司于本公告日期现有已发行股本约5.61%。配售价每股配售 股份3.80港元较11月17日(即紧接配售协议签订前的最后交易日)在联交所所报收市价每股4.69港元折让 约18.98%。配售股份由公司根据一般授权配发及发行。 假设配售股份总数已悉数配售予承配人，预计配售事项的所得款项总额合共约为1.08亿港元，并预计配 售事项所得款项净额合共约为1.063亿港元。公司拟按以下方式分配配售事项所得款项净额：约70%拟 用于拨付集团医疗保健相关业务计划的研发活动，例如AIoT技术及开发核心个人医疗保健管理产品(包 括穿戴式监控设备、智能交互产品及综合控制终端)；约20%拟用于支持集团医疗保健相关业务的实施 及营运，例如产业研究、业务分析、合规管理及寻求战略合作机会；约10%拟用于补充营运资金及用于 一般企业用途。 格隆汇11月18日丨HOME CONTROL(01747.HK)发布公告，2025年11月18日(交易时段前)，公司与配售 代理(即麦格理)订立配售协议，据此，公司已委任配售代理，而配售代理已有条件同意按竭尽所能基准 促使不少于6名承配人认购最多2842.4万股配售 ...

Core Points - The announcement states that Li Shao will no longer serve as the fund manager for the Da Cheng CSI All-Share Healthcare Equipment and Services ETF (516610) effective November 5, 2025 [1] - The new fund managers will be Sun Yu and Zheng Shaofang [1] - As of November 4, 2025, the net asset value of the ETF was 0.5080, reflecting a decrease of 1.47% from the previous day, while it has increased by 1.8% over the past year [1]

Group 1 - A total of 22 stocks received "buy" ratings from brokerages on October 15, with 4 stocks announcing target prices [1] - Based on the highest target prices, New城控股, 小商品城, and 吉比特 ranked highest in target price increase potential, with increases of 45.27%, 42.78%, and 19.97% respectively [1] - Among the rated stocks, 18 maintained their ratings, while 4 received ratings for the first time [1] Group 2 - 小商品城 received the most attention from brokerages, with 4 firms providing ratings [1] - The sectors with the highest number of stocks receiving "buy" ratings include Commercial and Professional Services, Healthcare Equipment and Services, and Software and Services, with 5, 4, and 4 stocks respectively [1]

Group 1 - On October 14, a total of 29 stocks received buy ratings from brokerages, with 2 stocks announcing target prices [1] - Based on the highest target price, Xinhua Insurance and Xugong Machinery ranked first in target price increase, with expected increases of 29.45% and 17.65% respectively [1] - Among the rated stocks, 25 maintained their ratings, while 4 received initial ratings [1] Group 2 - Two stocks, Zhongchong Co. and Xinhua Insurance, attracted attention from multiple brokerages, receiving the highest number of ratings at 4 and 3 respectively [1] - In terms of industry distribution, the sectors with the most buy-rated stocks were Healthcare Equipment and Services, Food, Beverage and Tobacco, and Capital Goods, with 6, 6, and 4 stocks respectively [1]

Group 1 - On October 13, a total of 23 stocks received buy ratings from brokerages, with 4 stocks announcing target prices [1] - Based on the highest target prices, Zhongchong Co., Ltd., Huguang Co., Ltd., and Anfu Technology ranked highest in target price increase, with expected increases of 40.3%, 33.69%, and 24.74% respectively [1] - Among the rated stocks, 18 maintained their ratings, while 5 received their first ratings [1] Group 2 - Zhongchong Co., Ltd. received the most attention from multiple brokerages, with 2 brokerages providing ratings [1] - The sectors with the highest number of stocks receiving buy ratings include Healthcare Equipment and Services, Capital Goods, and Automotive and Auto Parts, with 8, 4, and 3 stocks respectively [1]

Core Viewpoint - On October 10, a total of 28 stocks received buy ratings from brokerages, with three stocks announcing target prices, indicating a positive sentiment in the market [1] Group 1: Stock Performance - The stocks with the highest target price increases are Qibin Group, Kema Technology, and Guiguan Electric, with target price increases of 80.7%, 44.2%, and 16.36% respectively [1] Group 2: Rating Adjustments - Out of the 28 stocks, 25 maintained their ratings, while 3 received their first ratings, showing a stable outlook for the majority of the stocks [1] Group 3: Industry Distribution - The sectors with the most stocks receiving buy ratings are Healthcare Equipment and Services (9 stocks), Pharmaceuticals (5 stocks), and Biotechnology and Life Sciences (3 stocks), highlighting strong interest in these industries [1]

Core Insights - Morgan Stanley emphasizes that the market is significantly underestimating the speed of "non-linear" improvements in AI capabilities and their disruptive impacts [1][7] - The comprehensive adoption of AI is projected to generate approximately $920 billion in long-term benefits for S&P 500 companies, with potential market value creation ranging from $13 trillion to $16 trillion, exceeding 25% of the expected pre-tax total revenue for S&P 500 companies in 2026 [2][6] Economic Potential of AI Adoption - Morgan Stanley quantifies the economic benefits of AI adoption, predicting around $920 billion in long-term gains for S&P 500 companies and a potential market value increase of $13 trillion to $16 trillion [2][5] - This opportunity is equivalent to over 25% of the adjusted pre-tax total revenue forecast for S&P 500 companies in 2026 [2] Key Beneficiary Industries - The value creation potential from AI is expected to be most significant in essential consumer goods distribution/retail, real estate management and development, transportation, and healthcare equipment and services [8][14] - Manufacturing applications are highlighted as a major area of benefit, with a conservative estimate of value creation that does not fully account for future non-linear improvements in AI capabilities [6] Non-linear Capability Improvements - Morgan Stanley believes that the market generally underestimates the "non-linear" speed of AI capability improvements, which is crucial for generating significant alpha opportunities [7] - The report cites independent AI assessment data indicating that the length of tasks AI agents can complete has been growing exponentially, doubling approximately every seven months over the past six years [7][10] Employment Market Transformation - The report highlights that around 90% of jobs will be affected by AI automation and enhancement, leading to a fundamental restructuring of the employment market [14][16] - Historical precedents show that technological changes, like the introduction of spreadsheets, can eliminate certain jobs while creating new ones, suggesting a similar but potentially more drastic transformation due to AI [14] Job Market Trends - In sectors most impacted by AI, there has been a notable slowdown in hiring for entry-level positions, with software development jobs for 22 to 25-year-olds declining by nearly 20% from late 2022 to mid-2025 [15][16] - Customer service roles are experiencing similar downward trends, indicating a shift in job availability due to automation [15] Cost Efficiency in Manufacturing - Human-like robots are expected to further reduce costs in manufacturing, with AI-enhanced robots costing approximately $5 per hour compared to the average wage of $36 per hour for factory workers in the U.S. [18]

Investment Rating - The report maintains a "Underperform" rating for the U.S. stock market [1] Core Insights - The U.S. stock market continues to reach new highs, with small-cap stocks showing strong performance [3] - The S&P 500 index increased by 0.9%, while the Nasdaq rose by 0.8% [3] - 18 out of 24 sectors experienced gains, with notable increases in pharmaceuticals, biotechnology, and life sciences (+5.5%) and healthcare equipment and services (+4.2%) [3] Price Trends - The report highlights that small-cap value stocks (Russell 2000 Value) outperformed small-cap growth stocks, with a rise of 3.4% compared to 2.8% [3] - The sectors with the largest gains include pharmaceuticals and biotechnology (+5.5%), healthcare equipment and services (+4.2%), and durable goods and apparel (+3.6%) [3] - Conversely, sectors that declined include food and staples retailing (-2.4%) and commercial and professional services (-1.4%) [3] Fund Flows - Estimated fund flows for S&P 500 constituents showed a significant increase to +$7.58 billion this week, up from +$1.70 billion last week [4] - The healthcare equipment and services sector saw the highest inflow at +$2.76 billion, followed by media and entertainment (+$1.31 billion) and pharmaceuticals (+$1.09 billion) [4] - Notably, the software and services sector experienced an outflow of -$476 million [4] Earnings Forecast - The report indicates a 0.2% upward adjustment in the 12-month forward EPS expectations for S&P 500 constituents [5] - 22 sectors saw an increase in earnings expectations, with semiconductor products and equipment leading at +0.6% [5] - The energy sector was the only one to experience a downward revision, with a decrease of -0.3% [5] Global Asset Overview - The S&P 500 index closed at 6,450, reflecting a 0.9% increase for the week and a 16.1% increase year-to-date [11] - The Russell 2000 index, representing small-cap stocks, rose by 3.1% this week, indicating strong performance in this segment [11] Sector Observations - The healthcare sector recorded a price return of 5.0% this week, outperforming other sectors [16] - The materials sector also performed well, with a 1.8% increase, while the energy sector lagged with only a 0.5% increase [16] - The report notes that the pharmaceutical and biotechnology sector had the highest price return at 5.5% [16]

Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown significant growth, with a 9.79% increase over the past month and a 13.13% increase over the past three months, indicating a strong performance in the healthcare sector [1]. Group 1: Index Performance - The China Securities Index for Healthcare Equipment and Services rose by 0.76% to 15,136.64 points, with a trading volume of 38.83 billion yuan [1]. - Year-to-date, the index has increased by 9.74% [1]. Group 2: Index Composition - The index is composed of listed companies in the healthcare sector, reflecting the overall performance of these companies [1]. - The top ten weighted companies in the index include: - Mindray Medical (9.04%) - United Imaging (7.59%) - Aier Eye Hospital (7.05%) - Aimeike (3.3%) - Huatai Medical (2.95%) - Lepu Medical (2.79%) - New Industry (2.64%) - Yuyue Medical (2.52%) - Meinian Onehealth (1.93%) - Yingke Medical (1.92%) [1]. Group 3: Market Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (59.62%) and the Shanghai Stock Exchange (40.38%) [1]. - The healthcare sector accounts for 100% of the index's holdings [1]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]. - Public funds tracking the healthcare index include various Southern and Tianhong funds, as well as ETFs from multiple financial institutions [2].

Core Viewpoint - The China Securities Index for Healthcare Equipment and Services has shown positive performance, with significant increases over various time frames, indicating a strong market trend in the healthcare sector [1]. Group 1: Index Performance - The CSI Healthcare Equipment and Services Index rose by 1.0% to 14,660.02 points, with a trading volume of 28.788 billion yuan [1]. - Over the past month, the index has increased by 6.65%, and over the last three months, it has risen by 10.76%. Year-to-date, the index is up by 6.04% [1]. Group 2: Index Composition - The index is composed of listed companies in the healthcare sector, reflecting the overall performance of these companies [1]. - The top ten weighted companies in the index include Mindray Medical (9.06%), United Imaging (7.85%), Aier Eye Hospital (7.26%), and others, with a total weight of 32.2% for the top three [1]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (59.99%) and the Shanghai Stock Exchange (40.01%) [1]. Group 3: Industry Focus - The index exclusively represents the pharmaceutical and healthcare sector, with a 100% allocation to this industry [1]. Group 4: Index Adjustment and Fund Tracking - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2]. - Various public funds track the CSI Healthcare Equipment and Services Index, including multiple Southern and Tianhong funds [2].