Investment Rating - The report maintains a "Buy" rating with a target price of HKD 10.38, indicating a potential upside of 56% from the current price of HKD 6.65 [1][6][16]. Core Insights - The company has shown a quarter-on-quarter increase in performance, with five innovative drugs starting to gain traction. In the first half of 2024, the company achieved revenue of RMB 4.288 billion, a year-on-year decrease of 22.6% but a quarter-on-quarter increase of 8.9%. Net profit was RMB 903 million, down 52.8% year-on-year but up significantly by 92.8% quarter-on-quarter [4][9][10]. - The innovative drug pipeline is robust, with 30 drugs in global development, including the rapid advancement of Lucofenib, which has a large market potential. The company is also actively pursuing registration and commercialization in Southeast Asia, aiming to establish a strong foothold in the region [5][11][15]. Summary by Sections Financial Performance - In the first half of 2024, the company reported revenue of RMB 4.288 billion, a year-on-year decline of 22.6% but an increase of 8.9% from the previous quarter. The net profit was RMB 903 million, reflecting a year-on-year decrease of 52.8% but a quarter-on-quarter increase of 92.8% [4][9][10]. - The company expects revenue for 2024-2026 to be RMB 79.25 billion, RMB 89.49 billion, and RMB 108.85 billion, respectively, with EPS projected at 0.71, 0.80, and 1.01 [6][16]. Innovative Drug Pipeline - The company has launched five innovative drugs in the past year, including three that have been included in the national medical insurance directory. These drugs are expected to contribute RMB 400-500 million in revenue in 2024 [4][10]. - The company is advancing Lucofenib, which has a significant market opportunity, particularly in treating vitiligo and atopic dermatitis, with a potential market size of RMB 5 billion [5][12]. Market Expansion - The company is focusing on expanding its presence in Southeast Asia, leveraging the region's growing demand for pharmaceuticals. It aims to establish a management center in Singapore and expand into countries like Indonesia, the Philippines, and Vietnam [15][16].

Investment Rating - The report does not provide a specific investment rating for the companies mentioned [1][4]. Core Insights - The primary issuance in the primary market last week came from the materials and financial sectors, with a total of 4 new bonds issued amounting to $1.265 billion [1][4]. - The largest issuance was by China Aluminum Group, which issued $650 million in senior bonds, marking the highest issuance scale of the week [1][4]. - The secondary market saw a decline, with the Bloomberg Barclays Chinese dollar bond index dropping by 0.55% week-on-week [2][5]. Summary by Sections 1. Primary Market - Last week, 4 new bonds were issued in the Chinese dollar bond primary market, totaling $1.265 billion, primarily from the materials and financial sectors [1][4]. - China Aluminum Group issued $650 million in senior bonds, the largest issuance of the week [1][4]. - Yancheng High-tech Zone Investment issued two bonds with a coupon rate of 5.2%, the highest pricing for new bonds last week [1][4]. 2. Secondary Market 2.1 Index Performance - The Bloomberg Barclays Chinese dollar bond index fell by 0.55% week-on-week, with the investment-grade index at 186.8465, down 0.6%, and the high-yield index at 147.4328, down 0.19% [2][5]. - The Markit iBoxx Chinese dollar bond return index also declined by 0.36%, with the investment-grade return index at 226.0153, down 0.38%, and the high-yield return index at 220.237, down 0.21% [5][6]. 2.2 Industry Performance - Non-essential consumer and healthcare sectors led the gains, while real estate and energy sectors saw declines [10][11]. - The non-essential consumer sector's yield decreased by 66.8 basis points, influenced by companies like Pinduoduo [10][11]. - The real estate sector's yield increased by 6790.0 basis points, affected by companies like Contemporary Land [10][11]. 2.3 Rating Performance - Investment-grade names showed mixed results, with A-rated yields increasing by 19.0 basis points, while BBB-rated yields decreased by 22.9 basis points [12][13]. - High-yield names generally declined, with BB-rated yields rising by 20.8 basis points [12][13]. 3. Market Events - Shenzhen Longguang Holdings reported a failure to repay debts totaling approximately 19 billion yuan as of July 31, 2024 [14]. - CIFI Group announced that it is still in the process of securing funds for the repayment of its MTN001 bond due on August 14, 2024 [15]. - Gemdale Group confirmed that it has deposited $492 million to fully repay its maturing dollar medium-term notes [16]. 4. Rating Adjustments - The report includes various rating adjustments for companies, reflecting changes in their creditworthiness based on recent financial activities and market conditions [17][19].

Investment Rating - The report maintains a "Hold" rating for Advanced Micro Devices (AMD) with a target price of $161.09, indicating an expected upside of 18.17% from the current price of $136.32 [1][3][12]. Core Insights - AMD's Q2 2024 revenue reached $5.835 billion, surpassing the previous year's $5.359 billion, with a net profit of $265 million, reflecting a year-over-year growth of 881% and a quarter-over-quarter growth of 115% [1][3]. - The company is experiencing significant growth in its data center segment, primarily driven by the increased shipments of the Instinct MI300 GPU and strong sales of EPYC CPUs [1][5]. - The rapid growth in AI demand is positioning AMD as a key competitor to Nvidia, with the company actively expanding its AI hardware and software capabilities [1][6][8]. Financial Performance Summary - For Q2 2024, AMD reported a gross profit of $2.864 billion, a year-over-year increase of 17% and a quarter-over-quarter increase of 12% [1][5]. - Operating profit for the same period was $269 million, showing a substantial year-over-year increase of 1445% and a quarter-over-quarter increase of 647% [1][5]. - The report forecasts AMD's revenue for 2024 and 2025 to be $25.476 billion and $32.688 billion, respectively, with growth rates of 12.33% and 28.31% [12]. Segment Performance - The data center GPU revenue for Q2 2024 exceeded $1 billion for the first time, driven by increased usage of MI300 chips by major clients like Microsoft [5][10]. - The client segment also saw nearly a 50% increase in revenue, contributing to overall growth [1][3]. - AMD's strategic acquisitions, including the purchase of Silo AI for approximately $665 million, aim to enhance its AI software capabilities and complement its hardware offerings [6][7]. Market Position and Competitive Landscape - AMD's MI300 series is expected to generate significant revenue, with projections of $4 billion, and future products like MI325 and MI350 are planned to further strengthen its market position [8]. - The company has established a solid customer base, including major players like Microsoft, Meta, and Oracle, which enhances its market reach and product testing opportunities [8]. - The report highlights the competitive landscape, noting that while Nvidia currently dominates the data center GPU market, AMD and Intel are beginning to capture market share due to the growing AI demand [11].

Investment Rating - The report recommends a cautious subscription for Tongyuan Kang Pharmaceutical (2410.HK) [3] Core Viewpoints - Tongyuan Kang Pharmaceutical focuses on discovering, acquiring, developing, and commercializing differentiated targeted therapies to meet urgent medical needs in cancer treatment. Since its establishment in 2017, the company has built a pipeline of 11 candidate drugs, including the core product TY-9591, which is currently undergoing critical clinical trials in China for non-small cell lung cancer (NSCLC) brain metastases [3] - The company is conducting a key Phase II clinical trial for TY-9591 as a monotherapy for first-line treatment of EGFR mutation NSCLC brain metastases and a registrational Phase III clinical trial for EGFR L858R mutation locally advanced or metastatic NSCLC. Despite multiple third-generation EGFR-TKIs being approved globally, no drugs have been approved specifically for NSCLC brain metastases, indicating a significant unmet clinical need [3] - The results from the Phase Ib and II clinical studies of TY-9591 demonstrated strong clinical efficacy, with a 100% intracranial objective response rate (ORR) observed in 29 evaluable patients with NSCLC brain metastases [3] - The company has invested significantly in R&D, with research costs amounting to RMB 229.8 million, RMB 249.3 million, and RMB 64.7 million for the years 2022, 2023, and the three months ending March 31, 2024, respectively. Post-IPO, the company's market capitalization is expected to reach HKD 4.487 billion, showcasing its innovative potential and competitive advantages in treating small cell lung cancer brain metastases [3] Company Valuation Analysis - The report includes a valuation comparison of listed companies in the sector, highlighting Tongyuan Kang Pharmaceutical's position relative to peers such as Innovent Biologics (1801.HK), WuXi Biologics (2269.HK), and Junshi Biosciences (1877.HK) [4]

Group 1 - The investment rating for Intel (INTC.O) is under pressure due to multiple challenges, suggesting potential structural and operational adjustments [3][33] - The core viewpoint indicates that Intel's Q2 2024 revenue was $12.833 billion, a year-over-year decline of -1%, which was below Bloomberg consensus expectations by approximately $100 million [33] - Intel's Q3 2024 revenue guidance is projected to be between $12.5 billion and $13.5 billion, with the midpoint also falling short of Bloomberg consensus expectations [33] Group 2 - The report highlights that Intel plans to cut costs by $10 billion and anticipates a 15% workforce reduction while lowering revenue expectations for 2024-2026 [33] - The analysis notes that despite challenges in the consumer and enterprise markets, as well as intense competition, there are still growth potentials in the DCAI and CCG segments driven by AI trends [33][37] - The semiconductor sector is currently experiencing a cyclical adjustment, with the Philadelphia Semiconductor Index showing a weekly increase of 4.20% [37]

Investment Rating - The report does not explicitly provide an investment rating for the covered company Core Views - The report highlights that food prices have driven a rebound in the domestic CPI growth for July, with a year-on-year increase of 0.5%, surpassing expectations of 0.3% and the previous value of 0.2% [2] - The report indicates that while food prices showed improvement, non-food prices experienced a general decline in growth rates [4] - The PPI-CPI gap has narrowed, indicating ongoing price transmission issues between upstream and downstream sectors [4] Summary by Sections CPI and Food Prices - In July, food prices saw a year-on-year growth of 0%, an improvement from the previous month's decline of 2.1%. Pork prices rose by 20.5%, while beef and lamb prices fell by 12.9% and 6.3%, respectively. Vegetable prices returned to positive growth at 3.3%, and fruit prices improved to a decline of 4.2% from the previous month's 8.7% [3] Non-Food Prices - Non-food price growth rates generally declined in July, with housing prices at 0.1%, down from 0.2% in the previous month. Prices for daily necessities and services grew by 0.7%, down from 0.9%. Education and entertainment prices remained stable at 1.7%, while healthcare prices slightly decreased to 1.4% from 1.5%. Transportation and communication prices fell by 0.6% [4] PPI Analysis - The PPI for production materials showed a year-on-year decline of 0.7%, an improvement from the previous month's 0.8%. The raw materials PPI increased to 1.8%, and the mining industry PPI rose to 3.5%. However, the manufacturing PPI remained at -2.1%, indicating a lack of significant improvement in downstream consumer sectors [4]