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最新十个研究报告
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。

China/HK Stock Connect 28 May-1 Jun: SH-HK net sell continued - 6月 15, 2018 (10 页)  
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.

金色香江晨报 20180614 - 6月 14, 2018 (5 页)  
于上交易日,恒指收盘跌1.22%,收于30,725 点,交易量844 亿; 恒生国企指数收盘跌1.40%,收于12,036 点,成交额249 亿港元。 成份股见能源业领跌。

金色香江晨报 20180613 - 6月 13, 2018 (5 页)  
于上交易日,恒指收盘涨0.13%,收于31,103 点,交易量877 亿; 恒生国企指数收盘涨0.28%,收于12,207 点,成交额231 亿港元。 成份股见消费品制造业领跌。

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.

金色香江晨报 20180612 - 6月 12, 2018 (5 页)  
于上交易日,恒指收盘涨0.34%,收于31,064 点,交易量774 亿; 恒生国企指数收盘涨0.05%,收于12,172 点,成交额230 亿港元。 成份股见消费者服务业领跌。

金色香江晨报 20180611 - 6月 11, 2018 (5 页)  
On the last trading day, HSI closed at 30,958 (-1.76%) with trading volume at HKD99.8bn; HSCEI closed at 12,166 (-1.95%) with trading volume at HKD36.0bn. Constituent stocks were dragged by information technology sector.

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.

金色香江晨报 20180608 - 6月 8, 2018 (5 页)  
于上交易日,恒指收盘涨0.81%,收于31,513 点,交易量1,055 亿; 恒生国企指数收盘涨1.01%,收于12,408 点,成交额367 亿港元。 成份股见金融业领涨。

- 6月 7, 2018 (5 页)  
于上交易日,恒指收盘涨0.53%,收于31,259点,交易量974亿;恒生国企指数收盘涨0.20%,收于12,284点,成交额285亿港元。成份股见原材料业领涨。