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每日晨报
金色香江晨报 20180615 - 6月 15, 2018 (5 页)  
于上交易日,恒指收盘跌0.93%,收于30,440 点,交易量961 亿; 恒生国企指数收盘跌0.71%,收于11,951 点,成交额336 亿港元。 成份股见能源业领跌。
 

中国宏观 余晶晶
宏观经济周报 货币供应增长趋稳,中美利差仍继续扩大 - 5月 25, 2018 (5 页)  
2018年4月,M2同比增速略增至8.3%,M1增速也略增至7.2%,今年前四个月的货币供给增速均有所回升。此外,4月银行信贷总量为11800亿元,高于基于12.5%信贷增长率的预期。此外,全球主要经济体的央行政策都趋于正常化,但美元的加息节奏将会明显快于其它经济体。美国与其它主要经济体的利差仍有进一步扩大的趋势,因此美元指数整体上仍有上行空间。
 

三生制药(1530 HK) | 买入 | HK$24.8 萧智舜
3SBIO Inc (1530 HK) CITIC stake sales do not change fundamental - 6月 13, 2018 (9 页)  
On 5 Jun, 3SBio announced that CITIC Private Equity China had sold 149m shares, c.6% of the company’s issued shares, likely to the institutional investors. Post transaction, CITIC’s holding in 3SBio will be cut to 18.6% from 24.5% of total issued shares. We see CITIC will likely take at least a couple of years to dispose its 3SBio stakes under well plan. We now factor in Bydureon sales at RMB70m/RMB162m in FY18F/19F, and move 3SBio’s DCF valuation base year to 2019. Maintain BUY with higher TP at HKD24.80.
 
金蝶国际(268 HK) | 中性 | HK$8.6 林卓彥
Kingdee Intl Sft (268 HK) Clear turnaround timeline; Fairly Valued - 6月 11, 2018 (6 页)  
This report marks the transfer of coverage to Raymond Lam. Kingdee (KD) is the first mover to China cloud market and topped SaaS ERP market with 18% shares. On 15th May, it announced its strategic cooperation with China Greatwall (CG) on the adaptation of KD’s cloud service to China’s domestic-developed computing platform. We are upbeat with KD’s migration to cloud computing with promising turnaround schedule while keeping its robust ERP business advantage. Maintain NEUTRAL with our higher SOTP-PT at HKD8.60, implying a 46.8x FY19F P/E, already at 1.6x PEG.
 
萧智舜
China Healthcare On the way to on-line prescription drug sales - 6月 1, 2018 (3 页)  
Sina News, on 25 May, cited that China will likely relax the rules for internet sales of prescription drugs, contrary to the market and our previous view on 20 Nov 2017. While the market expects these restricted medicines should be sold in condition of good surveillance. Certain on-line healthcare platforms had already appended their system with on-line doctors and pharmacy chains, such as (1) Ping An Healthcare and Technology(平安好医生)(1833.HK, NR); and (2) WeDoctor (微医).
 
金斯瑞生物科技(1548 HK) | 买入 | HK$48.45 萧智舜
Genscript Biotech (1548 HK) Lifting TP on CAR-T’s IND approval in US - 5月 31, 2018 (5 页)  
On 30 May, Genscript announced its collaborative CAR-T drug with Janssen, namely JNJ-68284528, had received IND (Investigational New Drug) approval by US’ FDA to conduct phase 1B/2 clinical trials for white blood cell cancers (multiple myeloma). This JNJ-68284528 is regarded to be identical to Genscript’s CAR-T drug LCAR-B38M. On (1) higher success probability for US’ CAR-T work; and (2) moving valuation base year to FY19F, our TP rises to HKD48.45. Keep BUY.
 

 
专题报告
 
China/HK Stock Connect 28 May-1 Jun: SH-HK net sell continued - 6月 15, 2018 (10 页)   林卓彥
During last week (4 – 8 June), overall southbound turnover stayed flat w-o-w with a mean value at HKD12.4bn. In particular, the consecutive net sell in Shanghai (SH)-HK Connect continued with its average at –HKD1.4bn while Shenzhen (SZ)-HK Connect was trading within -HKD0.6bn to HKD0.8bn.
 
China/HK Stock Connect 28 May-1 Jun: SH-HK net sell continued - 6月 5, 2018 (9 页)   林卓彥
During last week (28 May – 1 June), overall southbound turnover fell 6.7% w-o-w on average compared to previous week, at HKD12.5bn. Besides, we see consecutive net sell in Shanghai (SH)-HK Connect whose mean value was –HKD0.9bn while Shenzhen (SZ)-HK Connect was trading between -HKD0.7bn to HKD0.3bn.
 
China-HK Stock Connect 21-25May SH-HK net sells widened - 5月 29, 2018 (9 页)   林卓彥
During last week (21 May – 25 May), overall southbound turnover were at HKD13.4bn in average, rose 5.7% w-o-w compared to that of previous period. Besides, we see wider net sell in Shanghai (SH)-HK Connect with its turnover’s mean value at -HKD1.7bn while Shenzhen (SZ)-HK Connect was trading between -HKD0.3bn to HKD0.6bn.
 
           
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