2025 年 9 月 2 日 星期二 每日大市点评 9 月 1 日，港股大盘取得良好开局，恒生指数在权重股阿里巴巴(9988 HK)带领下最终上涨 539 点或 2.2%，收报 25,617 点；恒生科指上升 2.2%，收报 5,798 点。大市成交金额达到 3,802 多亿港元，港股通也净流入 119.4 亿港元。值得注意 的是，尽管恒指大升，但港股市宽调整，资金明显集中于科技、生物医药及有色金属股份。受惠于阿里云增速回升及管 理层乐观预期，阿里巴巴单天大升 18.5%，是升幅最强的蓝等股，成交金额达到 549.2 亿港元，创上市以来最多。阿里二 季度增加对 AI 的资本开支投入，也刺激国产半导体股造好，中芯国际(981 HK)上升 4.9%。生物医药及有色金属股继续强 势，紫金(2899 HK)、招金(1818 HK)、洛阳钼业(3993 HK)分别上升 6.7%至 8.9%不等。中银香港(2388 HK)业绩后上升 6.7%，再创上市新高。新世界发展(17 HK)股价出现异动，股价上升 6.8%。 港股大盘情绪总体保持稳定，交投保持活跃，资金围绕绩优股交易，呈现结构性行情为主。基本面方面，8 月中国官方 ...

2025 年 9 月 2 日 星期二 每日大市点评 9 月 1 日，港股大盘取得良好开局，恒生指数在权重股阿里巴巴(9988 HK)带领下最终上涨 539 点或 2.2%，收报 25,617 点；恒生科指上升 2.2%，收报 5,798 点。大市成交金额达到 3,802 多亿港元，港股通也净流入 119.4 亿港元。值得注意 的是，尽管恒指大升，但港股市宽调整，资金明显集中于科技、生物医药及有色金属股份。受惠于阿里云增速回升及管 理层乐观预期，阿里巴巴单天大升 18.5%，是升幅最强的蓝等股，成交金额达到 549.2 亿港元，创上市以来最多。阿里二 季度增加对 AI 的资本开支投入，也刺激国产半导体股造好，中芯国际(981 HK)上升 4.9%。生物医药及有色金属股继续强 势，紫金(2899 HK)、招金(1818 HK)、洛阳钼业(3993 HK)分别上升 6.7%至 8.9%不等。中银香港(2388 HK)业绩后上升 6.7%，再创上市新高。新世界发展(17 HK)股价出现异动，股价上升 6.8%。 港股大盘情绪总体保持稳定，交投保持活跃，资金围绕绩优股交易，呈现结构性行情为主。基本面方面，8 月中国官方 ...

这把火，始于今年5月的一场交易。三生国健宣布与辉瑞签署协议，向辉瑞独家授予突破性PD-1/VEGF 双特异性抗体 SSGJ-707在全球（不包括中国大陆）的开发、生产、商业化权利。为此，辉瑞支付12.5 亿美元不可退还且不可抵扣的首付款，后续还有最高可达48 亿美元的里程碑付款，以及根据销售额的 梯度销售分成。 这笔交易的影响，远超市场想象。一方面，交易刷新国产创新药出海首付款纪录。另一方面，国产创新 药被国际大厂认可，引发资本市场的追逐热情。Wind数据显示，今年6月万得创新药指数、恒生创新药 指数的涨幅分别为23.93%、60.27%。 三生国健点燃的这把星星之火，几乎一夜燎原。今年上半年，国内创新药企的交易总额608亿美元，同 比增长129%，超过2024年全年。其中，对外授权的交易超90%，海外资金流入国内药企的趋势十分明 显。各家创新药企通过披露，甚至预告海外交易，市值不断上涨。经典的案例，包括恒瑞医药与GSK达 成120亿美元合作、翰森制药与再生元的GLP-1/GIP 双激动剂授权、荣昌生物以"股权+授权"方式海外授 权泰它西普等。 截至7月31日，A股市值超千亿的创新药企有恒瑞医药、百济神州，两 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved total revenue of 5.953 billion yuan in H1 2025, representing a year-on-year increase of 50.6%. The net profit reached 834 million yuan, a significant turnaround from a loss of 393 million yuan in H1 2024. The Non-IFRS net profit was 1.213 billion yuan, compared to a loss of 160 million yuan in the same period last year [6] - The company has successfully commercialized five new drugs during the reporting period, marking a significant breakthrough in its product line. The approval of Masitide (a GLP-1/GCG dual-target agonist) for long-term weight management in adults and the approval of Tezotuzumab for thyroid eye disease fill a 70-year treatment gap in the domestic market [7] - The company is advancing its global innovation pipeline, with IBI363 (a next-generation IO therapy) receiving FDA approval for a pivotal clinical trial, and IBI343 (an ADC) entering a Phase III clinical trial for pancreatic cancer, showcasing the global value of its ADC platform [8] Financial Summary and Valuation Metrics - For 2025, the company is projected to achieve a net profit of 988 million yuan, with earnings per share (EPS) of 0.6 yuan. The price-to-earnings (P/E) ratio is expected to be 137.8 times [9] - The company's revenue is forecasted to grow to 11.55 billion yuan in 2025, with a year-on-year growth rate of 22.6%. The gross margin is expected to be 83.5% [9] - The company’s total assets are projected to reach 24.567 billion yuan by 2025, with total liabilities of 11.156 billion yuan, indicating a healthy balance sheet [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company experienced a 9.16% year-on-year decline in total revenue for H1 2025, amounting to $278 million, primarily due to intensified domestic market competition and adjustments in the sales team and marketing strategy [6] - The core product, Furmonertinib, continues to show strong growth in overseas markets, with sales increasing by 25% year-on-year to $163 million [6] - The company has adjusted its net profit forecasts for 2025-2027 to $236.7 million, $50.1 million, and $68.2 million respectively, with corresponding EPS of $2.7, $0.6, and $0.8 [6] - The company maintains a strong competitive position with several core products and is set to submit an IND application for its ATTC product by the end of 2025 [6][8] Financial Summary and Valuation Metrics - Total revenue projections for 2025 are $427.4 million, with a year-on-year decline of 5.5% [10] - The net profit for 2025 is projected at $236.7 million, reflecting a significant increase of 774.2% compared to 2024 [10] - The company’s gross margin is expected to be 39% in 2025, with a net margin of 58.3% [10] - The current P/E ratios for 2025, 2026, and 2027 are projected at 8.1, 38.1, and 28.0 respectively [10] Product Development and Clinical Progress - The FRUSICA-2 Phase III study for Furmonertinib in combination with Dabrafinib for renal cell carcinoma has yielded positive results, with the new drug application accepted by CDE in June 2025 [7] - The company’s first hematological oncology drug, Tazemetostat, has been commercialized in mainland China [7] - The ATTC platform, a new generation of antibody-drug conjugates, is expected to initiate clinical trials by the end of 2025, with additional candidates planned for IND submission in 2026 [8]

Investment Rating - The report assigns a rating of "Buy" to Hansoh Pharmaceutical (3692 HK) with a target price of HKD 29.30 [6][8]. Core Insights - Hansoh Pharmaceutical has successfully entered into an overseas licensing agreement with Regeneron, which includes an upfront payment of USD 80 million and potential milestone payments of up to USD 1.93 billion, along with royalties on sales [6][8]. - The report highlights the strong performance of the new consumption stocks, particularly the significant price increases of companies like Blok (325 HK) and the mixed performance of Gu Ming (1364 HK) and Mixue Group (2097 HK) after being included in the Hong Kong Stock Connect [3][4]. - The healthcare sector, particularly the biotech companies, has shown robust growth, with the Hang Seng Healthcare Index rising by 4.8%, outperforming the Hang Seng Index [4]. Summary by Sections Macro Dynamics - The new housing transaction volume in major cities has seen a year-on-year decline of 18.1%, indicating a weakening real estate market [2]. Industry Dynamics - The new consumption sector has been positively impacted by the inclusion in the Hong Kong Stock Connect, with notable stock price increases [3]. - The AI sector is gaining traction, with Fourth Paradigm (682 HK) seeing a 9.7% increase due to positive quarterly results and new AI solutions for the healthcare industry [3]. Healthcare Sector - The healthcare index has outperformed the broader market, with significant gains from companies like Innovent Biologics (1801 HK) and others, driven by new drug approvals and clinical trial successes [4]. - The report emphasizes the potential of Hansoh Pharmaceutical's new drug HS-20094, which has completed several Phase II clinical trials and is recognized for its quality by Regeneron [6][8]. Energy Sector - The report suggests a cautious approach towards the new energy sector, with mixed performances observed in solar stocks and a positive outlook for coal-fired power generation due to low coal prices [10][11]. - The nuclear energy sector is expected to benefit from increased demand for uranium, driven by U.S. initiatives to boost domestic nuclear energy production [13][15].

Group 1 - The article highlights the stark contrast between high executive salaries and the financial performance of companies in the innovative drug sector, where many firms are still unprofitable [2][10][11] - Li Xiang, the founder and CEO of Li Auto, received a salary of 639 million RMB in 2024, sparking discussions about excessive executive compensation in the context of ongoing company losses [2][3] - Companies like InnoCare Pharma and Sihuan Pharmaceutical have reported significant executive salaries while simultaneously posting substantial losses, raising questions about the sustainability of such compensation structures [5][10] Group 2 - The article provides examples of high executive salaries in the innovative drug industry, including Zhu Zhongyuan of InnoCare Pharma with a salary of 85.56 million RMB in 2024, despite the company losing over 1 billion RMB [3][10] - Other notable salaries include Yu Dechao of Innovent Biologics, who earned approximately 136 million RMB, and Gong Zhaolong of Sihuan Pharmaceutical, whose total compensation exceeded 500 million RMB over six years [5][10] - The trend of high salaries persists even among companies that have not yet commercialized their products, such as Yingxi Intelligent and Weili Zhibo, which have reported significant losses [11]

Market Overview - On May 7, the Hang Seng Index opened significantly higher due to policy support from the "One Bank, One Commission, One Bureau" press conference, reaching a peak of 23,197 points before closing at 22,691 points, a slight increase of 30 points or 0.1%[1] - The Hang Seng Tech Index fell by 0.8%, closing at 5,200 points, with total market turnover exceeding HKD 240.1 billion and a net outflow of HKD 7.87 billion from the Stock Connect[1] Sector Performance - Major state-owned enterprises in banking, insurance, and telecommunications supported the market, with four major banks rising between 0.4% and 2.0%[1] - AIA (1299 HK) saw its stock price increase by 2.9% over four consecutive trading days following the release of Q1 operational data[1] - REITs like Link REIT (823 HK) and Prosperity REIT (778 HK) rose by 6.7% and 2.7%, respectively, after the announcement of including REITs in the Shanghai-Hong Kong Stock Connect[1] Policy Impacts - The People's Bank of China announced a 0.25 percentage point reduction in the personal housing provident fund loan rate, lowering the five-year first home loan rate from 2.85% to 2.6%[3] - The China Securities Regulatory Commission emphasized enhancing the role of the National Social Security Fund to stabilize the market, indicating a proactive approach to financial regulation[2] Real Estate Market Dynamics - New home transaction volume in 30 major cities reached 149 million square meters, a year-on-year increase of 42.2%, indicating a rebound in the real estate market[9] - The inventory-to-sales ratio for major cities was 98.4, higher than last year but lower than the previous week, suggesting a tightening market[11] Automotive Sector Insights - Li Auto (2015 HK) reported sales of 11,400 vehicles for the week ending May 4, up from 8,600 the previous week, indicating strong demand ahead of the launch of new models[4] - Geely Auto (175 HK) proposed a privatization offer for Zeekr (ZK US) at a 20% premium to its 30-day average price, which is expected to positively impact Geely's stock price[4]

Market Overview - The A-share market shows resilience, with a focus on technology growth and domestic demand expansion [7][10] - As of May 5, 2025, the total market capitalization of the Shanghai Composite Index is 631.28 billion, with a PE ratio of 11.54 [3] Industry Dynamics - Apple reported a revenue of $95.36 billion for Q2 2025, a 5% year-on-year increase, with a net profit of $24.78 billion, also up 5% [47] - Xinda Biopharmaceuticals (1801.HK) achieved product revenue exceeding 2.4 billion in Q1 2025, reflecting a growth of over 40% year-on-year [49] - The China National Railway Group reported a revenue of 1.283 trillion in 2024, a 3% increase, with Q1 2025 revenue at 281.4 billion, showing a 5.9% year-on-year growth in passenger transport [51][52] - Unisplendour (000938.SZ) reported a slight revenue increase of 2.22% in 2024, but a significant profit decline of 25% [56] Company Tracking - Xinda Biopharmaceuticals launched four new drugs in Q1 2025, contributing to its strong revenue growth [49] - Unisplendour's Q1 2025 revenue grew by 22%, but profits still declined by 16% [56]