Monetary Policy and Economic Indicators - Federal Reserve Governor Bowman supports starting interest rate cuts in September, with three cuts expected by year-end[4] - U.S. June imports saw a significant decline, exceeding expectations[4] - Japan's central bank may resume interest rate hikes by year-end if U.S. tariffs have limited impact[4] - The UN Food and Agriculture Organization reported that global food prices reached a two-year high in July[4] Market Performance - 2-year U.S. Treasury yield increased by 3.45 basis points to 3.762%[4] - 5-year U.S. Treasury yield rose by 4.15 basis points to 3.833%[4] - 10-year U.S. Treasury yield climbed by 3.49 basis points to 4.287%[4] Economic Data - China's Q2 current account surplus was 971.5 billion yuan[4] - China's July CPI rose by 0.4% month-on-month, while PPI's decline narrowed[4] - China's robot industry revenue grew by 27.8% year-on-year in the first half of the year[4] Stock Market Indices - Nasdaq index closed at 21,450.02, up 0.98%[6] - Dow Jones Industrial Average closed at 44,175.61, up 0.47%[6] - Hang Seng Index closed at 24,858.82, down 0.89%[6]

Investment Rating - The report suggests a cautious subscription for the company [2]. Core Insights - The company focuses on the research and commercialization of drugs for diabetes (T2D) and obesity, with its core product being Isuparaglutide α, which received NMPA approval in January 2025 and was launched in China in February 2025 [2][4]. - The company has a comprehensive pipeline targeting metabolic diseases, including other candidates like YN202, YN203, and YN209 [2]. - The global obesity/overweight drug market is projected to grow to USD 36.9 billion from 2024 to 2028, with a CAGR of 21.5%, while the Chinese market is expected to reach RMB 12.2 billion with a CAGR of 30.6% during the same period [3]. - The company reported revenue of RMB 38.1 million for the five months ending May 31, 2025, with a gross margin of 89.3% [4]. Summary by Sections IPO Details - The company plans to raise HKD 610 million through its IPO, with a share price of HKD 18.68 and a total offering of 3,655,000 shares [1]. Financial Performance - The company recorded a net loss of RMB 175 million in 2024, indicating it is still in a loss-making phase despite being in a rapidly growing market [4]. Market Potential - The Chinese GLP-1 receptor agonist market is expected to grow from RMB 400 million to RMB 9.5 billion from 2024 to 2028, with a CAGR of 123.3% [3].

Economic Indicators - U.S. 2-year Treasury yield decreased by 1.26 basis points to 3.708%[4] - U.S. 5-year Treasury yield decreased by 0.35 basis points to 3.772%[4] - U.S. 10-year Treasury yield increased by 1.77 basis points to 4.226%[4] Market Performance - Nasdaq Index closed at 21,169.42, up by 1.21%[5] - Dow Jones Industrial Average closed at 44,193.12, up by 0.18%[5] - S&P 500 Index closed at 6,345.06, up by 0.73%[5] Commodity Prices - ICE Brent crude oil price decreased by 1.01% to $66.96[5] - London gold price decreased by 0.35% to $3,368.81[5] - CME Bitcoin futures increased by 1.31% to $115,650.00[5] Corporate Earnings - McDonald's Q2 revenue reached $6.84 billion, a year-on-year increase of 5.4%[4] Industry Trends - China's industrial robot production increased by 35.6% year-on-year in the first half of the year[4] - China's service robot production increased by 25.5% year-on-year in the first half of the year[4] - The consumer gaming laptop market in China saw a year-on-year growth of 24.3% in Q2[4]

Group 1: Clinical Trial Progress - ASC30's Phase IIa trial in the US has completed patient enrollment, with data expected in Q4 2025[2] - The trial involves 125 participants, all of whom are either obese (BMI ≥ 30 kg/m²) or overweight with at least one weight-related comorbidity (27 kg/m² ≤ BMI < 30 kg/m²)[2] - The primary endpoint is the percentage change in average weight from baseline at week 13[2] Group 2: Product Efficacy and Market Position - ASC30 demonstrated a 6.5% average weight reduction relative to baseline over a 4-week treatment period in the Phase Ib trial[3] - ASC30 is the first and only small molecule GLP-1 receptor agonist that can be administered both as a monthly injection and a daily oral tablet for obesity treatment[3] - The company holds global compound patent protection until 2044, enhancing its competitive edge in the obesity treatment market[3] Group 3: Future Prospects and Recommendations - The company is positioned as an innovative biotech firm with a strong pipeline, including ASC30 and ASC47 for obesity treatment[4] - ASC40's Phase III trial data is expected in June 2025, showing significant efficacy compared to existing therapies[4] - The company has sufficient cash reserves to support multiple ongoing research projects, indicating a robust financial position[4]

Economic Data - The US trade deficit in June was $60.2 billion, the smallest since September 2023 [4] - The ISM non-manufacturing index in the US dropped from 50.8 to 50.1 in July, below expectations [4] - China's services PMI rose to 52.6 in July [4] Market Performance - The Nasdaq index closed at 20,916.55, down 0.65% [5] - The Dow Jones Industrial Average closed at 44,111.74, down 0.14% [5] - The S&P 500 index closed at 6,299.19, down 0.49% [5] - The Hang Seng Index closed at 24,902.53, up 0.68% [5] - The Shanghai Composite Index closed at 3,617.60, up 0.96% [5] Bond Market - The US Treasury plans to issue a record $100 billion in four-week bills this week [4] - The 2-year Treasury yield rose by 4.9 basis points to 3.720% [4] - The 10-year Treasury yield increased by 1.17 basis points to 4.208% [4]

Core Insights - The report highlights that the US non-farm payrolls increased by 73,000 in July, significantly below expectations [4] - Moody's indicates that the US economy is on the brink of recession [4] - OPEC+ has agreed to a substantial increase in production in September [4] Economic Data Summary - The Baltic Dry Index closed at 2018.00, up by 0.75% [5] - The Nasdaq Index closed at 20650.13, down by 2.24% [5] - The Dow Jones Industrial Average closed at 43588.58, down by 1.23% [5] - The S&P 500 closed at 6238.01, down by 1.60% [5] - The ICE Brent crude oil price was at 69.52, down by 3.04% [5] - The London gold spot price was at 3362.64, up by 2.22% [5] - The US dollar to RMB exchange rate (CFETS) was at 7.21, up by 0.24% [5] Market Performance - The Hang Seng Index closed at 24507.81, down by 1.07% [5] - The Hang Seng China Enterprises Index closed at 8804.42, down by 0.88% [5] - The Shanghai Composite Index closed at 3559.95, down by 0.37% [5] - The Shenzhen Composite Index closed at 2175.49, up by 0.02% [5]

Economic Indicators - The Federal Reserve has maintained interest rates unchanged for the fifth consecutive time[4] - The ADP employment report for July showed an increase of 104,000 jobs, exceeding expectations[4] - The preliminary annualized GDP growth rate for Q2 2025 was 3%, higher than anticipated[4] Market Performance - The 2-year U.S. Treasury yield rose by 7.38 basis points to 3.941%[4] - The 5-year U.S. Treasury yield increased by 6.25 basis points to 3.960%[4] - The 10-year U.S. Treasury yield climbed by 4.57 basis points to 4.368%[4] Corporate Earnings - Microsoft's Q4 net profit reached $27.2 billion, a year-on-year increase of 24%[4] - CATL reported a net profit of 30.512 billion yuan for the first half of the year, up 33.02% year-on-year[4] Stock Market Indices - The Nasdaq index closed at 21,129.67, up 0.15%[5] - The Dow Jones Industrial Average closed at 44,461.28, down 0.38%[5] - The S&P 500 index closed at 6,362.90, down 0.12%[5]

Economic Data - The U.S. trade deficit in June narrowed to $86 billion, a decrease from previous figures[4] - India's preparation for potential U.S. tariffs ranging from 20% to 25% indicates significant trade tensions[4] - The IMF has raised China's economic growth forecast for this year by 0.8 percentage points[4] Market Performance - The average daily trading volume in Hong Kong's stock market increased by 118% year-on-year in the first half of the year[4] - The 2-year U.S. Treasury yield fell by 5.66 basis points to 3.867%[4] - The 10-year U.S. Treasury yield decreased by 8.75 basis points to 4.322%[4] Index Movements - The Nasdaq index closed at 21,098.29, down 0.38%[5] - The Dow Jones Industrial Average closed at 44,632.99, down 0.46%[5] - The Hang Seng Index closed at 25,524.45, down 0.15%[5]

2025 年 7 月 29 日星期二 【实时热点】 【美国债市】 资料来源：BLOOMBERG、AASTOCKS、WIND、格隆汇、国元证券经纪（香港）整理 请务必阅读免责条款 1 证 券 研 究 报 告 特朗普：全球关税将在 15-20%左右 美国财政部大幅上调季度借款规模预估 以补充现金储备 国家育儿补贴制度实施方案正式公布 造纸行业首封"反内卷"倡议书来了 上海：发放 6 亿元算力券 降低智能算力使用成本 香港证券市场下调最低上落价位将于下周一生效 药明康德：预计 2025 年整体收入从 415-430 亿元上调至 425-435 亿元 恒瑞医药宣布与葛兰素史克达成重磅协议 "深圳造"测序仪破译基孔肯雅病毒 智谱发布新一代旗舰模型 GLM-4.5 2 年期美债收益率跌 0.41 个基点报 3.923% 5 年期美债收益率涨 1.77 个基点报 3.966% 10 年期美债收益率涨 2.20 个基点报 4.410% 【经济数据】 | 重要指数 | 收市价 | 涨跌(%) | 海外市场重要指数 | 收市价 | 涨跌(%) | | --- | --- | --- | --- | --- | --- | | 波 ...

Report Industry Investment Rating No information provided in the report. Core Viewpoints - The primary market issuance of Chinese offshore bonds declined last week, while the secondary market continued to rise slightly. The 10-year US Treasury yield fluctuated downward, and there were multiple macroeconomic events and data changes in the US and other regions [1][4]. Summary by Directory 1. Primary Market - Last week, the primary market issuance of Chinese offshore bonds declined, with 12 bonds issued, totaling approximately $1.988 billion, mainly in the financial and urban investment sectors [6]. - Mengniu Dairy issued two sustainable development bonds totaling RMB 3.5 billion, the largest issuance scale last week, with a final subscription over 5 times; Dazhou Kaisheng Construction and Development Group issued a $70 million green bond with a coupon rate of 7%, the highest - priced new bond last week [1][9]. 2. Secondary Market 2.1 Chinese US Dollar Bond Index Performance - Last week, the Chinese US dollar bond index (Bloomberg Barclays) rose 0.26% week - on - week, the emerging market US dollar bond index rose 0.56%. The investment - grade index of Chinese US dollar bonds was at 196.273, with a weekly increase of 0.26%; the high - yield index was at 161.38, with a weekly increase of 0.23% [8]. - The Chinese US dollar bond return index (Markit iBoxx) rose 0.21% week - on - week. The investment - grade return index was at 237.5951, with a weekly increase of 0.21%; the high - yield return index was at 240.6378, with a weekly increase of 0.23% [14]. 2.2 Chinese US Dollar Bond Industry Performance - In terms of industries, the healthcare and materials sectors led the gains, while the real estate and communication sectors led the losses. The healthcare sector's yield decreased by 515.7bps, and the materials sector's yield decreased by 35.4bps; the real estate sector's yield increased by 1.3Mbps, and the communication sector's yield increased by 6.9bps [19]. 2.3 Chinese US Dollar Bond Different Rating Performance - According to Bloomberg's comprehensive rating, investment - grade names all rose, with the A - grade weekly yield down 4.4bps and the BBB - grade weekly yield down 10.4bps; most high - yield names fell, with the BB - grade yield down 11.8bps, the DD + to NR - grade yield up about 25.7bps, and the unrated names' yield up 762.0bps [21]. 2.4 Last Week's Bond Market Hot Events - Shanghai Shimao Construction Co., Ltd.'s controlling shareholder, Shimao Group, had its overseas debt restructuring take effect on July 21, 2025 [24]. - Guangzhou R&F Properties Co., Ltd. was added to the list of dishonest被执行人, but it has not had a significant adverse impact on the company's daily operations and onshore bond repayment ability for now [25]. 2.5 Last Week's Subject Rating Adjustments - Multiple companies' ratings or outlooks were adjusted, including Zhangzhou Transportation Group, Bank of Communications Financial Leasing, and others, mainly due to factors such as government support, parent - company relationships, and company fundamentals [27]. 3. US Treasury Bond Quotes - The report provides quotes for 30 US Treasury bonds with maturities over 6 months, sorted by yield to maturity from high to low [28]. 4. Macroeconomic Data Tracking - As of July 25, the 1 - year US Treasury yield was 4.0932%, up 2.99bps from last week; the 2 - year yield was 3.9232%, up 5.41bps; the 5 - year yield was 3.9573%, up 1.08bps; the 10 - year yield was 4.3878%, down 2.77bps [33]. 5. Macroeconomic News - The US July S&P Global manufacturing PMI preliminary value dropped to 49.5, a new low since December 2024, but the service PMI and composite PMI reached new highs since December 2024 [31]. - The number of initial jobless claims in the US last week was 217,000, dropping for the sixth consecutive week [32]. - US existing - home sales in June decreased by 2.7% [33]. - There were also multiple international trade, policy, and economic events, such as the EU's plan to impose counter - tariffs on US products, and Japan's 40 - year Treasury auction with record - low demand [43][44].