輪證日報|醫藥股領漲，信達認購證漲70%
今日市場短評
港股三大指數弱勢收跌，恆指跌0.82%，國指跌1.05%，恆生科技指數跌0.22%。盤面上，醫藥外包概念、醫美概念股表現強勢，內銀股、內險股、石油股下挫。個股方面，昭衍新藥收漲13.14%，藥明康德收漲12.13%，時代天使收漲10.41%，中銀香港收跌4.09%，龍光集團收跌12.04%，中國石油股份收跌3.53%，衆安在線收跌4.57%。
窩輪（認股證）焦點
信達生物（01801）
信藥認購證（19600）到期日：2022年12月
槓桿：9.91倍港股醫藥股漲幅擴大，信達生物盤中漲潮15%
信達生物(01801.HK)與馴鹿醫療共同開發BCMA CAR-T候選產品獲美國FDA孤兒藥資格
信達生物(01801.HK)宣佈，與創新生物製藥公司馴鹿醫療共同開發的候選產品全人源自體B細胞成熟抗原(BMCA)嵌合抗原受體自體T細胞(CAR-T)注射液，近日獲得美國食品藥品監督管理局(FDA)授予孤兒藥資格認定，用於治療復發/難治性多發性骨髓瘤。 信達生物高級副總裁周輝表示，FDA授予孤兒藥認證爲公司開發BCMA靶向CAR-T的一個裏程碑，將進一步加快產品臨牀開發和註冊上市。
牛熊證焦點
中芯國際（00981）
中芯牛證（52082）到期日：2022年12月
回收價：18.58槓桿：6.98倍
華泰證券上調中芯國際目標價14.3%至40港元 維持“買入”評級
華泰證券發研報指，中芯國際4Q21業績表現強勁，4Q21收入環比增長11.6%，符合公司指引（11%-13%）。毛利率爲35.0%，高於彭博一致預期（33.8%）。其中，其4Q21實現資本開支環比上升97%，這意味着美國實體清單的影響正在消退；1Q22指引強勁，收入預計環比增長15%-17%，毛利率預計36%-38%。該行表示，中芯國際在4Q21資本開支爲21億美元（環比增長97%），並在公告中指引2022年資本支出預算爲50億美元。這意味着由於2020年12月被列入美國實體名單而面臨的業務連續性問題已基本解決。此外，中芯國際也透露出產能擴張計劃將順利進行，重申了在三個新晶圓廠滿負荷運行後的未來幾年內總產能翻番（4Q21已達到62.1萬片/月）的目標。儘管全球芯片短缺有望在2022年開始緩解，但受到終端客戶強勁的國產化需求推動，預計公司將在2022全年保持接近滿載的稼動率，其2022年收入有望增長39%。該行上調2022/2023年收入預測9.8%/16.2%至75.8/89.8億美元，預測2024年收入爲107.4億美元，當前代工行業2022年PB均值爲3.0倍。考慮到實體清單影響尚未完全消除，該行將目標價從35港元，上調14.3%至40港元，維持買入評級。
衍生品資金流入/流出
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