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每日晨报
金色香江晨报 20180425 - 4月 25, 2018 (5 页)  
于上交易日,恒指收盘升1.26%,收于30,636 点,交易量975 亿; 恒生国企指数收盘升2.04%,收于12,245 点,成交额288 亿港元。 成份股见地产建筑业领涨。
 

中国宏观 余晶晶
宏观经济周报 一季度投资偏弱,央行降准增加流动性 - 4月 20, 2018 (6 页)  
2018年一季度GDP增长6.8%,与去年四季度持平,较去年全年的6.9%略有下滑,符合市场预期,但名义GDP增速已开始下行。尤其是2018年一季度出口增长和基建投资增速明显下滑,这将对今年的经济增长带来较大压力。4月17日,央行决定从4月25日起,下调人民币存款准备金率1个百分点。在美元指数疲弱的背景下,人民币汇率也不再成为货币政策略有放松的掣肘,因此我们认为央行可能在二季度再进行一次降准或降息政策。
 

山东威高(1066 HK) | 买入 | HK$7 萧智舜
Shandong Weigao (1066 HK) Eyes on Argon as the new driver - 4月 23, 2018 (9 页)  
Shandong Weigao had completed its acquisition of Argon Medical Devices in US on 24 Jan 2018. In 2018, we see Weigao sales from consumables/ orthopaedic and total revenue growth y-o-y at 11%/13%/36%, expecting Argon to turn net profit in 2020 and having Weigao’s EPS CAGR (FY17-20F) at 15.2%. Adding Argon’s valuation, our SOTP-TP rises to HKD7.00 (from HKD6.35). Upgrade to BUY.
 
萧智舜
Cancer drugs: No import tax but price cut - 4月 17, 2018 (4 页)  
On 12 April, the State Council of China cited the details of the executive meeting hosted by Premier Li Keqiang. The limelight was to cut import tax for foreign anti-cancer drugs to zero from 2%-5% in the past, effective 1 May 2018. With all the associated measures such as centralised procurement, we expect these foreign drugs need to sacrifice their selling price for bigger sales volume boost in China, similar to the case in Beijing for Herceptin. However, local anti-cancer drugs would have more pricing advantage than these imported drugs.
 
金山软件(3888 HK) | 买入 | HK$34 林卓彥
Kingsoft 3888HK Healthy 2018 Outlook - 4月 13, 2018 (7 页)  
On 21 Mar, Kingsoft Corp (Kingsoft) announced FY17 net profit at RMB3.2bn, while core profit of RMB1,036m (+48% yoy) exceeded our estimate by 9%. Post analyst briefing, we are upbeat on 2018 outlook and tweak FY18F-19F core earnings growth to 35%/41% yoy (from 32%/40%) on (1) New self-developed titles to be released by 2H18 and (2) Cloud business and office software continuing to shine with wider margin. Keep BUY with higher SOTP-TP of HKD34.00 on cloud business higher valuation (+36.0% Upside).
 
绿叶制药(2186 HK) | 买入 | HK$11.46 萧智舜
Luye Pharma Group (2186 HK) Jan-Feb 18 on track and R&D on progress - 4月 12, 2018 (6 页)  
On 10 April, Luye Pharm announced its LY03003 (Rotigotine Extended Release Microsphers) has been approved from the CFDA to proceed to China’s Phase III clinical trial. From Jan to Feb 2018, based on IQVIA, existing core products sales of Lipusu, Beixi and Xuezhikang at 26%/22%/11% y-o-y growth appear to be broadly on-track with our full-year growth at 17%/29%/15% y-o-y. Maintain BUY with higher TP at HKD11.46 on bigger LY03003’s success rate for R&D valuation.
 

 
专题报告
 
China-HK Stock Connect More net sells in southbound connect - 4月 24, 2018 (9 页)   林卓彥
During last week (16 Apr – 20 Apr), we saw southbound market continued to shrink with average turnover falling 14.9% w-o-w to HKD13.3bn (from HKD15.6bn). For Shanghai (SH)-HK Connect, the net sell trend widened, averaged at -HKD1.48bn from HKD1.08bn previously while Shenzhen (SZ)-HK Connect saw more net sell during the same period.
 
China/HK Stock Connect 9 - 13 Apr: Southbound turnovers shrank - 4月 18, 2018 (10 页)   林卓彥
During last week (9 Apr – 13 Apr), we saw a smaller Southbound turnover, with average turnover at HKD15.6bn, fell 16.8% versus that of last week (HKD18.76bn). For Shenzhen (SZ)-HK Connect, we saw bigger average net buy (HKD1.08bn per day) while Shanghai (SH)-HK Connect turned to net sell (-HKD1.08bn) over the same period.
 
China -HK Stock Connect 26 -29 Mar: Kept net sell in SH-HK Connect - 4月 4, 2018 (9 页)   林卓彥
During last week (26 Mar – 29 Mar), we saw net sell for Southbound Shanghai (SH)-HK Stock Connect on an average of HKD~1.0bn, similar to previous week. On the other hand, we only saw a small net buy (HKD0.5bn-0.6bn per day) for Shenzhen (SZ)-HK Connect over the same period. On Bloomberg data, China Oilfield (2883.HK, NR), Wuxi Biologics (2269.HK, NR) and Hengten Networks (136.HK, NR) were the top three HK-listed stocks with highest trailing P/E for both SH-/SZ- HK Connect.
 
           
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萧智舜

研究部主管
+852 2899 6747


余晶晶

宏观经济分析师
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林卓彥

股票分析师
+852 2899 3141


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