股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 和黃醫藥（中國）有限公司 呈交日期: 2026年3月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00013 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,500,000,000 | USD | | 0.1 | USD | | 150,000,000 | | 增加 / 減少 (-) | | | 0 | | | | USD | | | | 本月底結存 | | | 1,500,000,000 | USD | | 0.1 | USD | | 150,000,000 | 本月底法定/ ...

交银国际研究 行业更新 行业评级 领先 2026 年 2 月 27 日 医药行业周报 ASCO GU 大会召开在即，板块波动中持续看好低估创新标的 行业与大盘一年趋势图 资料来源： FactSet 2/25 6/25 10/25 2/26 -20% -10% 0% 10% 20% 30% 40% 50% 60% 70% 行业表现 恒生指数 丁政宁 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Gloria.Zhuge@bocomgroup.com (852) 3766 1845 估值概要 | 公司名称 | 股票代码 评级 | | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY26E | | | FY27E FY26E FY27E FY26E FY27E FY26E | | | | | | | | | ...

交银国际研究 每日晨报 2026 年 2 月 27 日 今日焦点 | 药明合联 | | 2268 HK | | --- | --- | --- | | XDC 赛道融资/BD | 开年延续较高热情，公司有望 | 评级: 买入 | | 持续获益，维持买入 | | | | 收盘价: 港元 58.35 | 目标价: 港元 91.00 | 潜在涨幅: +55.9% | | 丁政宁 | Ethan.Ding@bocomgroup.com | | 全球 XDC 赛道投融资/BD 交易持续活跃：据我们统计，2026 年前两个月 全球 XDC 赛道共发生 25 项投融资事件，相比 2025 年同期的 18 项显著 增长；XDC 候选药物 BD 交易呈现类似趋势，交易数量保持稳定、合计 首付款总额大幅增长。2024 年年初以来，XDC 领域投融资事件数、BD 交易数和首付款总额呈逐步上升态势。投融资和 BD 交易持续活跃，将 进一步拉动 XDC CRDMO 行业下游需求改善，药明合联作为技术实力和 一体化交付能力布局的龙头企业，有望持续受益于这一重要趋势、并扩 大市场份额。 维持目标价和买入评级：我们基于公司 2025 年盈利 ...

Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv Panama's government recently annulled CK Hutchison's contracts to operate two port terminals at either end of the Panama Canal, a move that the company has disputed. Reporting by Emily Green, Writing by Daina Beth Solomon Our Standards: The Thomson Reuters Trust Principles., opens new tab Panama officials search CK Hutchison's subsidiary office, source says February 27, 20261:50 AM UTCUpdated ...

"当前创新药销售费用中，基本医保承担44%，商业保险承担7%，其余近半数需由患者自费或通过其他 途径解决。"国家医疗保障局医药管理司司长黄心宇在医保目录解读会上公布的这组数据，直指创新药 支付端的现实痛点。 2026年以来，创新药产业迎来政策密集赋能，支付体系优化与药品可及性提升的双重利好同步落地，国 家打通创新药落地"最后一公里"的力度空前。1月1日，2025年新版国家医保药品目录与首版商保创新药 目录在全国正式实施；1月22日，商务部等9部门联合印发《关于促进药品零售行业高质量发展的意 见》，明确鼓励创新药、参比制剂等进入零售药店销售渠道。一系列新政落地，正从支付、渠道等多维 度重构创新药行业生态，为产业发展注入全新动力。 一次规模扩容 2025年新版国家医保药品目录的调整，堪称医保目录诞生以来创新药规模最大的一次扩容。黄心宇介 绍，本次目录新增114种药品，同步调出29种临床无供应或可被更好替代的药品，新增药品111种为5年 内新上市品种、50种为I类新药，数量与占比均创历年新高。 此次新增的医保药品，均具备填补临床空白、同类疗效更优、性价比突出三大核心特征，精准对接临床 未满足的治疗需求。黄心宇说：" ...

Core Viewpoint - The Panamanian government has annulled key port contracts held by CK Hutchison's subsidiary, transferring operations to A.P. Moller-Maersk and Mediterranean Shipping Co. [1][2] Group 1: Contract Annulment - The Panamanian Supreme Court ruled that the concessions for the Balboa and Cristobal terminals, held by Panama Port Company (a CK Hutchison subsidiary) for over 20 years, were unconstitutional [2] - The government has formally assumed control of the port facilities, including cranes, vehicles, and software, to ensure uninterrupted operations until a new concession is awarded within 18 months [2] Group 2: Interim Operations - APM Terminals, a Maersk unit, will operate Balboa port, while MSC's Terminal Investment will manage Cristobal port under the interim arrangement [3] - Following the announcement, CK Hutchison's shares fell by 0.9% at market open, although the stock has increased over 20% year-to-date [3]

Core Viewpoint - The U.S. has raised global tariffs to 15%, impacting trade relations with various countries differently, with the U.K., EU, and Singapore facing higher tariffs while Brazil, China, and India see reductions [1][2][3]. Tariff Changes - The U.K. experiences a 2.1 percentage point increase in its average tariff rate, while the EU sees a 0.8 point rise [3]. - Brazil's tariff rate decreases by 13.6 points, and China's drops by 7.1 points [3]. - Japan and South Korea face increases of 0.4 and 0.6 percentage points, respectively [5]. Legal and Trade Implications - The U.S. Supreme Court ruled that the president improperly invoked the IEEPA for tariffs, leading to the implementation of a 10% duty under Section 122, which was later raised to 15% [2]. - The EU Commission is seeking clarity on the ruling, emphasizing that previously agreed tariff ceilings should be honored [4]. Reactions from Affected Countries - Asian countries, including China and India, are assessing the implications of the Supreme Court ruling, with India postponing trade negotiations with the U.S. [14]. - South Korea plans to engage in consultations to maintain favorable export conditions under its trade agreement with the U.S. [15]. Confusion in Trade Landscape - There is significant confusion regarding the actual implementation of the new tariffs, as the White House's fact sheet still lists Section 122 tariffs at 10% [18]. - Experts express uncertainty about the impact on bilateral trade agreements, as previous deals were based on IEEPA rates that are no longer enforceable [19][20].

春节的热闹还未褪去，一场围绕全球黄金航道的暗战，已经在巴拿马运河打响了。原本以为巴拿马港口续约事件会随着舆论的冷却慢慢消散，但谁也没想 到，李嘉诚旗下的长江和记实业，却在大年初四这个重要时刻，突然出招，打出了一套精准且狠辣的组合拳，直接将这场持续一个多月的商业与地缘博弈 推向了最前沿。 面对这种不讲规则、近乎明抢的打压，长江和记并没有选择硬碰硬对抗，也没有忍气吞声，而是采取了极具智慧的策略。2月19日，长和正式对外宣布： 主动向巴拿马政府提出召开圆桌会议，愿意就合同的所有条款重新进行谈判。所有条款重新谈判这一句话，乍一看似乎是让步，实则字字千钧。这意味 着：运营年限可以重新谈判、收益分成比例可以调整、股权结构可以重新商讨，甚至引入第三方合作也在可谈范围内。 许多人把这件事当成了普通的商业纠纷，实在是小看了这条运河的战略地位，也低估了李嘉诚的深远布局。巴拿马运河，作为全球近三分之一海运贸易的 枢纽，谁能够在这里稳固立足，谁便掌握了全球贸易的关键咽喉。这一次，长和主动出击，表面看似是商业谈判，但实则是一招退为进、反守为攻的策 略，不仅保住了几十年来的巨大财富，也为中国在拉美地区进行了一个重要的战略试探。这场较量， ...

Core Viewpoint - The article discusses the increasing tensions between the United States and China regarding influence in Latin America, particularly focusing on the U.S. concerns over Chinese investments in critical infrastructure, such as ports, which are perceived as threats to national sovereignty and security in the region [1][2]. Group 1: U.S. Concerns and Actions - The U.S. State Department expressed concerns over Peru potentially losing control of the Chancay port to a "predatory" Chinese owner, emphasizing support for Peru's sovereignty over critical infrastructure [1]. - The U.S. has escalated its rhetoric against Chinese investments in Latin America, framing them as a threat to regional security and sovereignty, and has proposed high tariffs on Chinese goods entering through these ports [2]. - U.S. Southern Command officials have continuously highlighted the dangers posed by Chinese infrastructure projects in Latin America, aiming to create a political and legal environment to hinder Chinese operations [2]. Group 2: Strategic Responses and Political Dynamics - The U.S. has been actively promoting alternative investments in Peruvian ports to counterbalance China's growing presence, particularly in strategic areas like the Panama Canal [2]. - The U.S. strategy has included legal actions against Chinese interests in ports, as seen in Panama, where the government sought to revoke port concessions amid U.S. pressure [3]. - The rise of conservative forces in Latin America, influenced by U.S. narratives against China, has not fully translated into a complete shift away from Chinese economic partnerships, indicating a complex political landscape [5]. Group 3: China's Position and Influence - Despite U.S. efforts, China has solidified its position as a key trade partner for countries like Venezuela, providing substantial loans without political conditions, which contrasts with U.S. strategies that often involve sanctions and pressure [9]. - China's support for countries facing U.S. sanctions, such as Cuba and Venezuela, highlights its role as a reliable partner in the region, countering U.S. narratives of Chinese predation [7][9]. - The article argues that the U.S. framing of Chinese investments as a geopolitical threat is misleading, as these relationships are based on mutual agreements rather than coercion [10].

Group 1 - The mainland internet healthcare sector is entering a new phase driven by tech giants accelerating AI innovation and government policy support, such as the online initial diagnosis pilot program launched in Beijing [1] - Despite challenges in profitability, leading companies are leveraging AI ecosystems and innovative strategies for long-term sustainable growth [1] Group 2 - The company maintains a "Buy" rating for Alibaba Health (00241) with a target price of HKD 7.8, expecting a compound annual growth rate (CAGR) of 13% in revenue and 24% in adjusted net profit from FY2026 to FY2028, driven by growth in innovative drugs and healthcare products, deepening synergy with Alibaba Group (09988), and increasing AI application [1] - The company also favors Ping An Good Doctor (01833) with a "Buy" rating and a target price of HKD 20, anticipating a CAGR of 16% in revenue and 56% in adjusted net profit from FY2025 to FY2027, supported by deepening synergy with Ping An Insurance (02318) and ongoing AI empowerment [1] Group 3 - The company maintains an "Overweight" rating for the mainland healthcare sector, preferring leading innovative pharmaceutical companies and contract research, development, and manufacturing organizations (CRDMOs) [2] - The company is optimistic about internet healthcare firms that effectively utilize real-world data to optimize AI algorithms and enhance service quality [2] - Preferred stocks include BeiGene (06160), Innovent Biologics (01801), Hansoh Pharmaceutical (03692), China Biologic Products (01177), Hutchison China MediTech (00013), WuXi Biologics (02269), WuXi AppTec (02359), and Alibaba Health [2]