HUBEONE@EC2611A

UNI HEALTH

QUANTGROUP

AE LOGISTICS

XUNCE

KINTOR PHARMA-B

XunZhong

ILUVATAR COREX

HP LIVING TECH

NANFANG COMM

ZHAOWEI

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On March 10, 2026, Hong Kong stocks collectively rose during the trading session, with the Hang Seng Index up 1.19% at 25,709.86 points, and the Hang Seng Tech Index approaching the 5,000-point mark. The internet content and retail sectors led the gains, with major stocks like Tencent Holdings, Alibaba, and JD.com significantly rising, boosting market risk appetite. Meanwhile, the oil and gas sector was pressured by weakening oil prices, with China National Offshore Oil Corporation falling over 2%. On the macro front, employment and foreign exchange remained stable, with funds focusing on the pace of domestic demand recovery

- As of March 10, 2026, Hong Kong stocks rose collectively, with the Hang Seng Index gaining 1.19% to 25,709.86 points amidst improved risk appetite, yet falling short of breaking through previous highs.  
- Key sectors included internet content, where Tencent increased by 3.10%, and retail, reflected by gains from Alibaba and JD.com, while oil and gas stocks fell sharply due to declining international prices.  
- Macroeconomic indicators showed stability in forex reserves and unemployment, prompting investor focus on retail sales and manufacturing for potential growth opportunities.

Market Heartbeat

TENCENT

BABA-W

JD-SW

CNOOC

UNITEDENERGY GP

CHK OIL

HORIZONROBOT-W

DRINDA

BEONE MEDICINES

BABA 2x Long Daily ETF - GraniteShares

KraneShares 2x Long BABA Daily ETF

Tencent

Tencent Holdings Limited

Hong Kong Stock Market Update | Hang Seng Index rises 1.19%, Tencent and Alibaba lead the market

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IBBQ

ARKG

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CICC released a research report stating that Beigene's performance last year met expectations, with revenue of USD 5.343 billion, a year-on-year increase of 40%. Product revenue was USD 5.282 billion, and GAAP net profit was USD 287 million. Although net profit was slightly below expectations, mainly due to one-time equity investment impairment and non-recurring tax impacts in the fourth quarter, the adjusted full-year net profit met expectations. CICC lowered its revenue forecast for 2026 by 2.7%, maintained its profit forecast at USD 610 million, and introduced a profit forecast for 2027 at USD 870 million for the first time, maintaining an "outperform" rating with a target price of HKD 250 for H shares

AASTOCKS

Minsheng Royal CSI Biotechnology Theme ETF

iShares US Pharma

Guotai SSE STAR Brand Name Drug ETF

VG Health

ChinaAMC SSE Health Care ETF Initiating Fund

BeOne Medicines

Founder Fubon CSI Medicine and Medical Device Innovation ETF

Tianhong CNI BIOMEDICINE ETF

Invesco Nasdaq Biotechnology ETF

Ark Genomic Revolution ETF

Guotai CSI Bio-medicine ETF

SPDR S&P Biotech

E Fund CSI Biotechnology Theme ETF

Proshares Ultra Nasdaq Biotech

ICBCCS SSE STAR Biology and Medicine ETF

ALPS Medical Breakthrough

First Trust NYSE Arca Biotech Index Fd

Beigene

Penghua SSE STAR Biology and Medicine ETF

China Merchants CSI Biotechnology Theme ETF

E Fund CSI 300 Health Care ETF

Invesco Biotechnology & Genome ETF

Ping An CSI Medicine and Medical Device Innovation ETF

ChinaAMC SSE STAR Biology and Medicine ETF

VanEck Biotech ETF

ChinaAMC CSI Biotechnology Theme ETF

China Universal 800 Health Care ETF

In "Major Banks," China International Capital Corporation: Beigene's performance last year met expectations, maintaining an "Outperform Industry" rating

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The Citigroup research report pointed out that Beigene's performance in the fourth quarter of 2025 was mixed, with sales increasing by 32.8% year-on-year, exceeding market expectations, but net profit fell short of expectations due to a one-time impairment. Management expects sales in 2026 to be between USD 6.2 billion and USD 6.4 billion, representing an annual growth of approximately 20%. Based on performance, the target price has been adjusted: the Hong Kong stock price has been lowered from HKD 288 to HKD 286.2, the US stock price from USD 491.2 to USD 485.1, and the A-share price from CNY 423.4 to CNY 384.5, maintaining an "outperform" rating

Yinhua CSI Innovative Drugs Industry ETF

Fullgoal Hang Seng SCHK Innovative Drug & Healthcare ETF

E Fund Hang Seng SCHK Innovative Drug ETF

Huaan Hang Seng Biotech ETF

Hwabao WP Hang Seng SCHK Innovative Drug Select ETF

Bosera Hang Seng SCHK Innovative Drug Select ETF

China Southern Hang Seng Biotech ETF(QDII)

iShares Global Healthcare

Bosera Hang Seng Health Care ETF(QDII)

Direxion S&P Biotech Bear 3X

iShares Biotechnology ETF

Health Care Select Sector SPDR

Penghua CSI HK Connect Health Care Composite ETF

GF CSI HK Innovative Drugs Industry ETF(QDII)

ChinaAMC Hang Seng Biotechnology Technology ETF(QDII)

In "The Big Banks," Citigroup lowered the target price for Beigene to 286.2 yuan, with last quarter's net profit falling short of expectations

Jiangyin International released a report stating that BeOne Medicines' sales of Zebutini reached USD 1.1 billion in the fourth quarter of last year, a year-on-year increase of 38%. The gross profit margin improved to 90.5%, and non-GAAP net profit surged to USD 225 million. The company expects revenue of USD 6.2 billion to USD 6.4 billion in 2026, with GAAP operating expenses of USD 4.7 billion to USD 4.9 billion. The company focuses on chronic lymphocytic leukemia, other hematological malignancies, solid tumors, and inflammation/immunity fields, slightly lowering its earnings forecast for 2026 to 2027, with a target price reduced to HKD 229.2, maintaining a "Buy" rating

"Large Banks" CMB International: Beigene's product sales were strong last season, with slight fluctuations on the profit side

Citi raised the target price for Beigene to $430, with a rating of "Buy." The report pointed out that Beigene will continue to maintain its dominance in the chronic lymphocytic leukemia field and is expected to expand its market share. Total revenue is expected to reach $5.3 billion by 2025, with free cash flow of approximately $942 million. Management's revenue guidance for 2026 is between $6.2 billion and $6.4 billion, indicating strong growth potential

Citigroup raises the target price of Beigene to $430, rating it as "Buy"

Bank of America Securities raised the target price for Beigene to 243.83 yuan, expecting total revenue to grow by 40% to 5.34 billion USD in 2025, achieving GAAP profitability for the first time with a net profit of 286.9 million USD. BRUKINSA is the main growth driver, with global sales increasing by 49% to 3.9 billion USD in 2022. Management expects total revenue to be between 6.2 billion and 6.4 billion USD in 2026. The firm reiterated its "Buy" rating, supported by the continued growth of BeiYueZe and multiple pipeline catalysts

According to "The Big Bank," Bank of America Securities raised the target price for Beijie Shenzhou to 243.83 yuan, driven by continuous growth in its main products

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Hong Kong-listed Chinese pharmaceutical companies are poised for profitability due to rising drug sales and lucrative licensing deals. Innovent Biologics expects its first full-year profit of 984 million yuan in 2025, driven by a 45% revenue increase. BeOne reported a net profit of US$286.93 million, fueled by its successful blood cancer drug Brukinsa. Other firms like Jiangsu Hengrui and Hansoh Pharma are also projected to see significant profit growth. The trend of out-licensing early-stage drugs to global firms is strengthening, with investors increasingly interested in China's healthcare sector.

SCMP

INNOVENT BIO

HANSOH PHARMA

Hong Kong-listed Chinese drug firms set to turn corner on rising sales, deals

Guotai Haitong has reaffirmed its Buy rating for BeOne Medicines Ltd (6160), setting a price target of HK$212.09, while the stock closed at HK$192.30. The analyst consensus is a Strong Buy with an average target of HK$244.52, indicating a potential upside of 27.16%. Additionally, DBS also maintains a Buy rating with a higher price target of HK$290.00.

Tip Ranks

Guotai Haitong Sticks to Their Buy Rating for BeOne Medicines Ltd (6160)

BeOne Medicines Returns to Profit in 2025 on 40% Revenue Jump

marketscreener

BeOne Medicines Returns to Profit in 2025 on 40% Revenue Jump

BeOne Medicines announced its 2025 annual results, with a GAAP net profit of USD 287 million, turning around from a net loss of USD 645 million in the previous year. Total revenue reached USD 5.343 billion, a year-on-year increase of 40%. Earnings per share were 20 cents, with product revenue of USD 5.282 billion and global sales of USD 3.9 billion, growing by 49%. Free cash flow was USD 942 million. The guidance for fiscal year 2026 expects total revenue to be between USD 6.2 billion and USD 6.4 billion, with a GAAP gross margin expected to be at the high end of the 80% range

"Performance" BeOne Medicines achieved a GAAP net profit of USD 287 million for the year, turning a loss into a profit

Beigene's total revenue for the full year of 2025 is expected to be USD 5.343 billion, a year-on-year increase of 40%. The flagship drug, Brukinsa, achieved global sales of USD 3.9 billion, maintaining its position as the leader in the field. The company's operating cash flow and net profit have both turned positive, completely bidding farewell to the "burning money" model. Looking ahead to 2026, with new drugs nearing commercialization, the total revenue guidance has been raised to USD 6.4 billion, entering a new phase of high-quality growth

- BeiGene reported its Q4 and full-year 2025 financial results, crossing breakeven and ending a prolonged cash burn period.  
- Total revenue for the year reached $5.343 billion, a 40% increase year-over-year, with a net profit of $287 million compared to a loss of $645 million in 2024.  
- The company forecasts total revenue of $6.2 to $6.4 billion for 2026, driven by upcoming blood cancer products and significant improvements in profitability.

Wallstreetcn

Beigene's Q4 revenue increased by 33% year-on-year, turning a profit for the full year, with Baiyueze achieving a record high of 1.1 billion in a single quarter｜Financial Report Insights

BeOne Medicines Ltd, a biopharmaceutical company based in Switzerland and listed in Hong Kong, has released its unaudited consolidated results for Q4 and audited results for the full year 2025. The company provided a cautious financial outlook for 2026, emphasizing that the guidance is preliminary and subject to change due to clinical and regulatory risks. The latest analyst rating for BeOne Medicines (HK:6160) is a Buy, with a price target of HK$290.00. The company focuses on hematology and innovative therapies, aligning its reporting with U.S. GAAP and international standards.

BeOne Medicines posts 2025 results and issues cautious 2026 outlook

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DONGFANG ELEC(01072) rose 15.52%, with a trading turnover 1.4 Billion HKD, and a year-to-date rose 62%. OMNIVISION(00501) rose 6.91%, with a trading turnover 175.0 Million HKD, and a year-to-date rose 4.8%. BEONE MEDICINES(06160) fell 9.16%, with a trading turnover 1.2 Billion HKD, and a year-to-date rose 8.4%. WUXI BIO(02269) fell 7.45%, with a trading turnover 1.9 Billion HKD, and a year-to-date rose 21.8%.

Top Gainers & Losers

DONGFANG ELEC

OMNIVISION

MINIMAX-WP

CKI HOLDINGS

CKH HOLDINGS

WUXI BIO

CONCH CEMENT

CATL

GTHT

Top 5 HK Stock Gainers/Losers (>100B) (2.26)

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ZHONGSHENG HLDG(00881) fell 10.76%, with a trading turnover 324.3 Million HKD, and a year-to-date fell 10.8%. DRINDA(02865) fell 9.32%, with a trading turnover 451.5 Million HKD, and a year-to-date rose 51.2%. CALB(03931) fell 9.26%, with a trading turnover 179.9 Million HKD, and a year-to-date fell 0.1%.

ZHONGSHENG HLDG

CALB

INGDAN

WUXI XDC

QYUNS-B

BAO PHARMA-B

SIMCERE PHARMA

Top 10 HK Stock Losers (2.26)

XPEV

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Pharmaceutical stocks fell sharply, with WUXI XDC down about 9% and BEONE MEDICINES down about 9%. Technology stocks and automotive stocks also declined, with Bilibili down about 5% and XPeng down about 5%. Semiconductor stocks fell, with HUA HONG SEMI down about 5%

XPeng

Hua Hong

HUA HONG SEMI

The Hang Seng Index closed down 1.44%, the Hang Seng Tech Index fell 2.87%, and CATL dropped about 6%

$Beigene(ONC.US)$Zai Lab(ZLAB.US)Trump administration plans to impose strict controls on Chinese pharmaceuticalsmp.weixin.qq.com/s/gihUP-...

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Zai Lab

ZAI LAB

The Hang Seng Index opened higher, refreshing its nearly four-year high; Tencent's performance exceeded expectations, receiving collective bullish calls from major banks; Chip stocks strengthened on the logic of domestic substitution, with SMIC leading the gains; Ping An's stake increase in China Taiping H-shares ignited the insurance sector; Cryptocurrency concept stocks surged as Bitcoin hit a new high; In the pharmaceutical sector, Jingtai Holdings reported its first profit, rising over 11%, while East Buy saw a sudden 12% increase.

TENCENT-R

Tencent HK SDR 10to1

Ping An Insurance

PING AN

PING AN-R

Ping An Ins HK SDR2to1

Ping An

SMIC

SMIC HK SDR 5to1

CPIC

CHINA TAIPING

SUNSHINE INS

Life and Health Insurance

REMEGEN

RemeGen

WuXi Biologics

FI2 CSOP HSI

INNOCARE

InnoCare Pharma

GRANDSHORES

AKESO

ZA ONLINE

SINOHOPE TECH

GUOTAI JUNAN I

Hot Trades in Hong Kong Stocks (8.14) | Hang Seng Index Hits Four-Year High at Opening, Morgan Stanley Says Foreign Capital Accelerated Inflows into Chinese Stock Market in July

HUBEONE@EC2611A(26818.HK)

Hong Kong Stock Market Update | Hang Seng Index rises 1.19%, Tencent and Alibaba lead the market

In "Major Banks," China International Capital Corporation: Beigene's performance last year met expectations, maintaining an "Outperform Industry" rating

In "The Big Banks," Citigroup lowered the target price for Beigene to 286.2 yuan, with last quarter's net profit falling short of expectations

"Large Banks" CMB International: Beigene's product sales were strong last season, with slight fluctuations on the profit side

Citigroup raises the target price of Beigene to $430, rating it as "Buy"