药明生物（2269 HK） | 2026 年 2 月 12 日 香港股市 | 医药 药明生物（2269 HK） 预计 2025-27 年将维持快速增长 2025 年业绩将超预期 注：剔除股权激励开支、股权投资损益、附属公司上市开支与汇兑损益的 Non-IFRS 经调整净利润 分别为 47.0 亿、47.8、65.9、74.0、86.5 亿元 公司表示 2025 年收入将同比增加 16.7%至 217.9 亿元（人民币，下同），毛利率将同比 提升约5个百分点，股东净利润将同比增加46.3%至49.1亿元，反映核心业务盈利的Non- IFRS 经调整净利润将同比增加 22.0%至 65.9 亿元，业绩将超预期。公司获取订单的能力 不断增强，2025 年总共新增 209 个项目并创历史新高（2023 与 24 年分别为 132 个与 151 个），推动收入快速增加。此外，公司的产能利用率不断提升，而且相对收费较高的 III 期临床及商业化项目不断增加，导致毛利率大幅升高，盈利增速显著快于收入。 北美业务新增订单情况理想，中国业务稳步回暖 市场早前担忧公司可能受美国生物法案的影响，但公司表示 2025 年新增的 20 ...

美股方面，美国上周首领失业救济人数由23.2万人回落至22.7万人，略高于预期；持续申领失业救济金人数 186.2万， 高于预期的 185 万人。等待周五通胀数据公布前，科技股遭抛售。美光（MU US）CFO 强调今年 HBM 需求强劲，周四股价 先升后回落，收盘仅升 0.9%。收盘道琼斯指数下跌 669 点（1.3%），报 49,451 点；纳斯达克指数跌 469（2.0%），报 22,597 点；标普 500 指数跌 108 点，收报 6,832 点。金价和银价分别下跌 3%和 8%。投资者关注周五公布的通胀数据， 以判断联储局未来利率政策走向。 宏观动态： 乘联会公布 1 月全国乘用车零售同比-13.9%，其中新能有车零售量同比-20.0%。1 月数据受到市场因素影响，1 月新能源 购置税政策有所调整，部分消费者在去年 12 月已经提前享受政策红利，导致 1 月出现透支效应。 行业动态： 2026 年 2 月 13 星期五 ➢ 每日大市点评 2 月 12 日，周四港股低开低走，最后 27,000 点失而复得。恒生指数收盘跌 233 点（0.8%），收报 27,032 点；恒生科技 指数跌 91 点（1. ...

Market Overview - On February 11, Hong Kong stocks opened higher and expanded gains, with the Hang Seng Index closing up 83 points (0.3%) at 27,266 points[1] - The Hang Seng Tech Index rose by 48 points (0.9%) to close at 5,499 points, with total market turnover reaching HKD 217.2 billion[1] - Southbound capital saw a net inflow of HKD 4.82 billion, compared to a previous day's net inflow of HKD 84.66 million[1] Key Stock Movements - Semiconductor company SMIC reported a 61% year-on-year increase in Q4 net profit, but its Q1 gross margin guidance fell short of expectations, leading to a 2.1% drop in its stock price[1] - Precious metal stocks saw gains, with Zijin Mining up 2.8%, Shandong Gold up 4.4%, and Zijin Gold International up 9.1%[1] - Xiaomi's stock rose 4.3% after it invested in a humanoid robot parts supplier, while other automotive stocks like BYD and Geely also saw increases of 2.7% to 3.9%[4] Economic Indicators - In the U.S., January non-farm payrolls increased by 130,000, significantly above the expected 65,000, with the unemployment rate dropping to 4.3% from 4.4% in December[2] - China's January PPI fell by 1.4% year-on-year, slightly better than the expected 1.5% decline, while CPI rose by 0.2% year-on-year, below the expected 0.4%[3] Sector Performance - The healthcare sector saw a 0.7% increase in the Hang Seng Healthcare Index, with WuXi Biologics forecasting a 16.7% revenue growth to HKD 21.79 billion for 2025[4] - The renewable energy and utilities sector generally rose, with Huaneng International and Datang Power increasing by 1.7% to 2.4%[5]

2026 年 2 月 11 日 星期三 ➢ 每日大市点评 2026 年 2 月 11 日 星期三 不承担责任声明 2月10日，周二港股走势先升后收窄。恒生指数早上高开175点，升幅曾一度扩大至370点，最终收盘涨155点（0.6%）， 收报 27,138 点；恒生科技指数涨 33 点（0.6%），收盘报 5,451 点；全天大市成交额 2,340 亿元。南向资金净流入 8， 466 万元（前一天净流出 18.9 亿元）。港股科技股走势分化，美团（3690 HK）下跌 2.5%；阿里巴巴（9988 HK）涨 1.6%； 腾讯（700 HK）下跌 1.6%。农历新年长假期前，投资者态度审慎。AI 板块继续收到追捧，智谱（2513 HK）涨 14.8%； MiniMax（100 HK）涨 4.7%。中芯国际（981 HK）涨 1.7%。招金矿业（1818 HK）跌 5.8%。根据内地媒体报道，招金旗 下山东招远市蚕庄金矿上庄矿段一个竖井发生事故，造成 7 人死亡，公司涉嫌瞒报被查。 美股方面，美国去年 12 月零售销售数据不及预期，增强联储局今年减息次数的预期，道琼斯指数初段时间上升。AI 板 块走势反复，Alph ...

2026 年 2 月 10 日 星期二 ➢ 每日大市点评 新能源/公用事业：昨日新能源及公用事业板块普遍上升。电力设备板块涨幅较突出。东方电气(1072 HK)、哈尔滨电气 (1133 HK)、上海电气(2727 HK)分别上升 14.3%、9.3%、4.6%。消息面上，美国数据中心用电需求支持燃气行业发展。 近期资本市场关注，中国燃气轮机生产商或可从中大幅受惠。目前美国燃气轮机市场仍然由欧美日三大生产商主导，但 是中国生产商的产品售价相对较合理。 1 2026 年 2 月 10 日 星期二 不承担责任声明 2 月 9 日，周一港股跟随外围早好，三大指数集体上涨。恒生指数大涨 467 点（1.7%），收报 27,027 点；恒生科技指数 涨 71 点（1.3%），收盘报 5,417 点；全天大市成交额 2,551 亿元。南向资金净流出 18.9 亿元。内险股上涨，1 月 79 家人身险公司银保渠道新单规模保费同比+27.6%。中国人寿（2628 HK）获中国平安（2318 HK）增持，中国人寿和平安 分别上升 4%和 4.9%；中国太平（966 HK）、中国人民保险（1339 HK）和中国财险（2328 HK ...

Market Overview - The Hong Kong stock market experienced a decline last Friday, with the Hang Seng Index closing at 26,559.95 points, down 1.2%, and the Hang Seng China Enterprises Index at 9,031.38 points, down 0.7% [1] - The total turnover in the Hong Kong market was HKD 247.9 billion, a decrease of 21.3% from HKD 315.1 billion the previous Thursday, indicating a lack of investor confidence in the outlook [1] - In sector performance, energy and consumer staples indices rose by 1.3% and 0.1%, respectively, while financials, consumer discretionary, and information technology sectors fell by 1.8%, 1.6%, and 1.3% [1] Company Dynamics - NIO (9866 HK) announced a forecast for Q4 2025 operating profit between RMB 200 million and RMB 700 million, exceeding market expectations. The company also reported a Q4 Non-GAAP operating profit of RMB 700 million to RMB 1.2 billion, marking its first quarterly profit under both Non-GAAP and GAAP measures [4] - The strong performance of NIO is attributed to an improved product mix and increased economies of scale, leading to a 6.9% rise in its stock price, which positively influenced other electric vehicle companies like Li Auto (2015 HK) and Leap Motor (9863 HK), which saw stock increases of 3% to 6% [4] - In the healthcare sector, the Hang Seng Healthcare Index fell by 0.4%, with major companies showing little volatility. However, Hansoh Pharmaceutical (3692 HK) is expected to maintain rapid sales growth, with potential increases in promotional efforts in the second half of 2025 [4] Industry Trends - The new energy vehicle sector showed strength last Friday, driven by NIO's positive earnings forecast, which is expected to lead to a broader recovery in the automotive industry [4] - The uranium market has seen a decline, with prices dropping from USD 102 at the end of January to USD 86 last week, impacting companies like China General Nuclear Power (1164 HK), which fell by 4.3% [5] - The new energy and utilities sectors are currently experiencing mixed performance, lacking a clear direction, but may benefit from increased energy demand driven by developments in the AI industry [5]

预计公司产品销售收入将维持快速增加 我们近期审视了公司的产品销售情况，预计主要创新药产品 2025 年下半年销售情况顺 利。公司的肿瘤领域主要创新药产品阿美替尼在 2025 年底顺利新增两项适应症纳入国家 医保目录，2026 年初在全球顶级肿瘤学期刊《Lancet Oncology》上发布的研究结果显示 该产品对 EGFR 敏感突变的非小细胞肺癌（NSCLC）安全有效。肝病领域创新药恒沐也于 2026 年初被纳入《中国高危人群乙型肝炎病毒再激活防治指南》的推荐用药，因此我们 认为创新药将引领公司的产品销售收入维持较快增长。 产品推广力度可能加强，但发行可转债将夯实资金实力 随着阿美替尼 2025 年中在英国上市等，我们预计下半年公司可能加强销售推广，因此销 售费用可能有所增加。尽管如此，公司日前宣布按 57.39 港元的换股价发行 46.8 亿港元 的零息转股债，我们认为将夯实资金实力。 长远看公司有望收获更多授权费收入 公司 2025 年底曾公告与印度制药公司 Glenmark Specialty 达成授权协议，允许其在授权 区域（中东与非洲、东南亚与南亚、澳大利亚、新西兰、俄罗斯与其他独联体国家，以 及协 ...

翰森制药（3692 HK）| 2026 年 2 月 6 日 香港股市 | 医药 翰森制药（3692 HK） 产品销售收入将快速增加，推广力度可能略加强 预计公司产品销售收入将维持快速增加 我们近期审视了公司的产品销售情况，预计主要创新药产品 2025 年下半年销售情况顺 利。公司的肿瘤领域主要创新药产品阿美替尼在 2025 年底顺利新增两项适应症纳入国家 医保目录，2026 年初在全球顶级肿瘤学期刊《Lancet Oncology》上发布的研究结果显示 该产品对 EGFR 敏感突变的非小细胞肺癌（NSCLC）安全有效。肝病领域创新药恒沐也于 2026 年初被纳入《中国高危人群乙型肝炎病毒再激活防治指南》的推荐用药，因此我们 认为创新药将引领公司的产品销售收入维持较快增长。 产品推广力度可能加强，但发行可转债将夯实资金实力 随着阿美替尼 2025 年中在英国上市等，我们预计下半年公司可能加强销售推广，因此销 售费用可能有所增加。尽管如此，公司日前宣布按 57.39 港元的换股价发行 46.8 亿港元 的零息转股债，我们认为将夯实资金实力。 长远看公司有望收获更多授权费收入 公司 2025 年底曾公告与印度制药公 ...

Investment Rating - The report indicates a positive outlook for the pharmaceutical industry, with a recommendation for investment based on favorable fundamentals [17]. Core Insights - The Hong Kong pharmaceutical sector outperformed the Hang Seng Index in January, with the Hang Seng Healthcare Index rising by 8.6%, exceeding the index by 1.7 percentage points. This was driven by several factors, including profit warnings from CXO sector companies, advancements in internet healthcare, and supportive policies from the National Healthcare Security Administration (NHSA) for high-quality surgical robots [1][7]. - The NHSA has issued guidelines to support the pricing of high-quality surgical robots, allowing for premium pricing based on their advanced capabilities and precision in complex surgeries [3][15]. - The State Drug Administration continues to back the development of high-quality innovative drugs, emphasizing clinical value and providing market exclusivity for certain medications, including those for rare diseases and pediatric use [2][14]. Summary by Sections Industry Performance - The pharmaceutical industry in Hong Kong showed strong performance in January, with significant contributions from the CXO sector and internet healthcare companies like JD Health and Ark Health, which reported positive earnings forecasts [1][7]. Policy Support - Recent revisions to the Drug Administration Law emphasize support for innovative drug development, including streamlined approval processes and enhanced regulatory oversight to ensure drug safety and quality [2][14]. - The NHSA's new pricing guidelines for surgical robots aim to incentivize the use of advanced medical technologies, potentially leading to increased revenue for companies involved in this sector [3][15]. Company Recommendations - China Biologic Products (1177 HK) is expected to see double-digit sales growth by 2025, bolstered by its acquisition of Haogiya Biotech, which specializes in small nucleic acid drugs [4][16]. - WuXi AppTec (2359 HK) and WuXi Biologics (2269 HK) have also shown promising earnings forecasts, indicating a recovery in demand within the CXO sector [4][16]. - The report highlights the potential of leading medical AI platform companies, such as Insilico Medicine (3696 HK), which has secured multiple overseas licensing deals, reflecting high industry recognition for its capabilities in enhancing pharmaceutical R&D efficiency [4][16].

Market Overview - The Hang Seng Index closed at 26,885 points, up 0.1%, while the Hang Seng China Enterprises Index rose 0.5% to 9,093 points[1] - Total turnover in Hong Kong stocks was HKD 315.1 billion, a 10.4% increase from HKD 285.4 billion the previous day, indicating a rotation trading phenomenon[1] - Consumer staples, telecommunications, and discretionary consumer indices rose by 1.6%, 1.1%, and 1.0% respectively, while materials, energy, and financials fell by 4.6%, 1.1%, and 0.4%[1] Stock Performance - Haidilao (6862 HK) and Lenovo Group (992 HK) led the blue-chip gainers, rising by 4.0% and 3.7% respectively[1] - Zijin Mining (2899 HK) and New Oriental (9901 HK) were the biggest losers, falling by 4.8% and 3.1% respectively[1] U.S. Market Impact - The Dow Jones Industrial Average closed at 48,909 points, down 1.2%, indicating potential pressure on Hong Kong stocks today[2] - The Hang Seng Index futures closed at 26,510 points, reflecting a discount of 375 points[2] Sector Dynamics - The gaming sector in Hong Kong showed upward movement, with MGM (2282 HK) reporting a 21.4% year-on-year increase in net profit for the last three months of the previous year, exceeding market expectations[4] - Average daily hotel rates during the upcoming Lunar New Year are expected to be approximately 30% higher than last year, supporting revenue and sentiment in the gaming industry[4] Healthcare Sector - The Hang Seng Healthcare Index rose by 0.6%, with Innovent Biologics (1801 HK) projecting product sales revenue of approximately RMB 11.9 billion for 2025, reflecting a strong year-on-year growth of 45%[5] - The company reported a more than 60% year-on-year increase in Q4 sales revenue, aligning with expectations[5] Energy Sector - The energy and utilities sectors showed mixed performance, with gas and Hong Kong utilities slightly rising by 0.7% to 1.1%[5] - Recent declines in overseas natural gas wholesale prices have contributed to the defensive strength of these sectors[5]