Investment Rating - The report suggests a positive outlook for the T-cell engager (TCE) bispecific antibody industry, indicating it as a potential investment focus within the immunotherapy sector [2][3][12]. Core Insights - The TCE bispecific antibodies are positioned as "magic missiles" that activate T-cells to target tumor cells, offering advantages over traditional antibody-drug conjugates (ADCs) and CAR-T therapies in terms of convenience, accessibility, and production costs [2][4]. - The market for TCE bispecific antibodies is expected to grow significantly, with projections indicating a potential market size of $30 billion by 2027 [4]. - The report highlights the rapid development of TCE bispecific antibodies, with seven products approved in the blood cancer segment, and significant sales expectations for key products like Talquetamab and Teclistamab, each projected to reach nearly $5 billion in sales [2][6][12]. Summary by Sections Market Potential - The blood cancer market is projected to exceed $50 billion, with TCE bispecific antibodies showing clinical value in multiple myeloma and diffuse large B-cell lymphoma [2][3]. - TCE bispecific antibodies are also making strides in solid tumors, with promising data emerging from clinical trials targeting small cell lung cancer [2][3]. Clinical Evidence - TCE bispecific antibodies have demonstrated superior safety and efficacy profiles compared to CAR-T therapies, particularly in relapsed/refractory multiple myeloma (RRMM) [15][20]. - The report notes that TCE bispecific antibodies like Teclistamab and Elranatamab show overall response rates (ORR) of 62-63% in RRMM, significantly higher than traditional therapies [15][18]. Development Pipeline - The report outlines a robust pipeline for TCE bispecific antibodies, with a focus on key targets such as BCMA, CD19, and CD20 in blood cancers, and DLL3 and PSMA in solid tumors [10][12]. - Notable companies in the TCE bispecific antibody space include Johnson & Johnson, Roche, and AbbVie, with several products already in late-stage clinical trials [13][20]. Future Directions - The report emphasizes the need for ongoing research to optimize the design and efficacy of TCE bispecific antibodies, particularly in overcoming challenges related to immune suppression in tumor microenvironments [3][4]. - The potential for TCE bispecific antibodies to expand into autoimmune diseases is also highlighted, with ongoing clinical trials exploring their efficacy in conditions like systemic lupus erythematosus [2][3].

Investment Rating - The report does not explicitly state an investment rating for the oil industry, but it provides insights into market trends and forecasts that may influence investment decisions. Core Insights - The average price of Brent crude oil in August 2024 was $77.8 per barrel, a decrease of $6.1 month-on-month and $7.3 year-on-year. The average price for 2024 is projected to be $83.4 per barrel, an increase of $1.2 year-on-year [4]. - Global crude oil production in 2023 was 101.79 million barrels per day (mb/d), with consumption at 101 mb/d. For 2024, production is expected to rise to 102.36 mb/d (up 0.6% year-on-year), while consumption is projected to reach 102.94 mb/d (up 1% year-on-year), indicating a demand-supply gap of -0.59 mb/d [6]. - OPEC's production in 2023 averaged 32.19 mb/d, a decrease of 2.2% year-on-year. In the first seven months of 2024, OPEC's production was 31.95 mb/d, down 1.6% year-on-year but up 0.3% month-on-month [9]. - U.S. crude oil production in 2023 was 21.91 mb/d, an increase of 7.9% year-on-year. In the first seven months of 2024, production averaged 22.3 mb/d, up 3.8% year-on-year but down 0.3% month-on-month [11]. - Russian crude oil production in 2023 was 10.76 mb/d, a decrease of 2.0% year-on-year. In the first seven months of 2024, production averaged 10.5 mb/d, down 1.3% year-on-year and 2.4% month-on-month [13]. - U.S. crude oil consumption in 2023 was 20.24 mb/d, an increase of 1.2% year-on-year. In the first seven months of 2024, consumption averaged 20.25 mb/d, down 0.7% year-on-year and 1.2% month-on-month [16]. - Indian crude oil consumption in 2023 was 5.3 mb/d, an increase of 5.7% year-on-year. In the first seven months of 2024, consumption averaged 5.61 mb/d, up 5.6% year-on-year and 7.1% month-on-month [18]. - Chinese crude oil consumption in 2023 was 16.06 mb/d, an increase of 6% year-on-year. In the first seven months of 2024, consumption averaged 16.4 mb/d, up 1.9% year-on-year and 2.5% month-on-month [20]. Summary by Sections Supply - Global crude oil production is projected to increase slightly in 2024, with OPEC and Russian production declining [6][9][13]. - U.S. production shows a mixed trend with year-on-year growth but a slight month-on-month decline [11]. Demand - Overall global demand is expected to grow, particularly in India, while U.S. consumption shows signs of decline [16][18][20].

Investment Rating - The report maintains an "OUTPERFORM" rating for Zangge Mining [3][6][13] Core Insights - In Q2 2024, the recurring net profit increased by 21.11% quarter-on-quarter, and the company plans to distribute a cash dividend of approximately RMB 408.33 million [4][9][12] - The company reported a significant decline in revenue and net profit for the first half of 2024, with operating revenue of RMB 1.762 billion, down 37% year-on-year, and net profit of RMB 1.297 billion, down 35.99% year-on-year [4][9][10] - The company is actively pursuing key projects, including the Mamiguo Salt Lake Project and various potash mine projects in Laos, which are progressing as planned [11][12] Financial Performance - For H1 2024, the company achieved potassium chloride production of 522,800 tonnes and lithium carbonate production of 5,809 tonnes, with respective revenue declines of 32.70% and 43.39% year-on-year [10][11] - The forecast for net profit from 2024 to 2026 is adjusted to RMB 2.778 billion, RMB 3.289 billion, and RMB 4.438 billion, with corresponding EPS of RMB 1.76, RMB 2.08, and RMB 2.81 [13][14] - The target price is set at RMB 33.12, reflecting a potential upside of 26.90% based on a P/E ratio of 18.82 for 2024 [6][13] Share Repurchase Plan - The company intends to conduct a new round of share repurchase, with a budget of RMB 150 million to RMB 300 million, and plans to cancel all repurchased shares [6][12][13]

Investment Rating - The report maintains an "Outperform" rating for Zangge Mining [3][6][13] Core Insights - In Q2 2024, the recurring net profit increased by 21.11% quarter-on-quarter, and the company plans to distribute a cash dividend of approximately RMB 408.33 million [2][9] - The company reported a significant decline in revenue and net profit year-on-year for the first half of 2024, with operating revenue of RMB 1.762 billion, down 37%, and net profit of RMB 1.297 billion, down 35.99% [9][10] - The company is actively pursuing share repurchase plans, with a budget of RMB 150 million to RMB 300 million for the buyback [6][12] Financial Performance - For H1 2024, the company achieved operating revenue of RMB 1.762 billion, a decrease of 37% year-on-year, and a recurring net profit of RMB 1.278 billion, down 36.10% year-on-year [9][10] - In Q2 2024, the company reported operating revenue of RMB 1.147 billion, an increase of 86.76% quarter-on-quarter, but a decrease of 19.36% year-on-year [9][10] - The company’s net profit for H1 2024 was RMB 1.297 billion, with a recurring net profit of RMB 1.278 billion [9][10] Business Segments - Potassium chloride production in H1 2024 was 522,800 tonnes, completing 52.28% of the annual target, with a revenue of RMB 1.122 billion, down 32.70% year-on-year [10][11] - Lithium carbonate production reached 5,809 tonnes, completing 55.32% of the annual target, with sales of 7,630 tonnes, up 56.83% year-on-year [10][11] - The copper business generated revenue of RMB 6.117 billion, with a net profit contribution of RMB 2.778 billion from Julong Copper, accounting for 65.94% of the company's net profit [10][11] Future Outlook - The company has adjusted its profit forecast for 2024-2026, expecting net profits of RMB 2.778 billion, RMB 3.289 billion, and RMB 4.438 billion respectively [13] - The target price for the stock is set at RMB 33.12, reflecting a potential upside of 26.90% based on a P/E ratio of 18.82 for 2024 [13]

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies within it [12]. Core Insights - The price of Bitcoin (BTC) and the global stock market experienced simultaneous declines, with long-term holders of BTC increasing their purchasing volume, which contributed to a price rebound [9]. - Ethereum (ETH) is facing concentrated selling pressure, with significant amounts of ETH being moved from wallets associated with the Plus Token Ponzi scheme [9]. - The US BTC spot ETF recorded a weekly net outflow of $160 million, while the ETH spot ETF saw a net inflow of approximately $105 million [9]. - Tether plans to double its workforce by mid-2025, focusing on compliance and finance departments [9]. - A US court has ordered the cryptocurrency exchange FTX to pay $12.7 billion in compensation to affected customers [9]. - Mox, a digital bank under Standard Chartered, has begun offering BTC and ETH ETFs to its clients in Hong Kong [9]. - Legislative members in Hong Kong are advocating for the relaxation of restrictions on cryptocurrency companies opening bank accounts [9]. Summary by Sections Price Movements - From August 5 to August 9, BTC decreased by 3.1%, ETH fell by 13.8%, while SOL increased by 1.8% [2]. - BTC reached a six-month low of $49,729 before rebounding to $59,762 on August 8, marking an increase of 8.4% [3]. Market Dynamics - The increase in purchasing activity by BTC "permanent holders" is noted, indicating a potential bullish sentiment among long-term investors [3]. - The report highlights the significant ETH selling pressure linked to the Plus Token Ponzi scheme, with over 789,533 ETH remaining unchanged in ownership since April 2021 [3]. ETF Performance - The BTC spot ETF experienced a net outflow of $160 million during the reporting period, contrasting with the ETH spot ETF, which recorded a net inflow of $105 million [3]. Regulatory and Corporate Developments - Tether's CEO announced plans to expand the company's workforce significantly, focusing on compliance and finance [3]. - The US court ruling against FTX highlights ongoing regulatory scrutiny in the cryptocurrency sector [3]. - Mox's introduction of BTC and ETH ETFs represents a growing acceptance of cryptocurrency products in traditional finance [3]. - Legislative efforts in Hong Kong aim to improve banking access for cryptocurrency companies, reflecting a shift towards a more accommodating regulatory environment [3].

Market Performance - MSCI China index increased by 55.8% year-to-date, with a daily change of 0.80%[1] - Hang Seng index at 17,090, showing a year-to-date increase of 0.25%[1] - BSE Sensex up by 10.33% year-to-date, while MSCI India increased by 17.48%[1] - Taiwan Talex index at 21,469, with a year-to-date increase of 19.73%[1] Company Insights - Onto Innovation (ONTO US) reported Q2 revenue of $242 million, with guidance for Q3 between $245-255 million, exceeding market expectations[6] - Quanta Services (PWR US) achieved Q2 revenue of $5.59 billion, a year-on-year increase of 10.8%, with adjusted EBITDA of $523.23 million[9] - Bloom Energy (BE US) reported Q2 revenue of $335.8 million, surpassing market expectations, and maintained its 2024 revenue guidance of $1.4-1.6 billion[12] Financial Adjustments - Array Technologies (ARRY US) revised its 2024 revenue guidance down by 30-40%, now expecting $900 million to $1 billion[6] - Wharf Holdings (4 HK) reported a 14% decline in revenue but a 9% increase in underlying profit, raising its target price by 30%[12] Risks and Challenges - Array Technologies faces project delays impacting its revenue guidance, with average delays of 5-7 months for major utility-scale solar projects[8] - Quanta Services highlighted risks including lower-than-expected electricity demand and regulatory changes affecting growth[11]

Investment Rating - The report does not explicitly provide an investment rating for the industry [1]. Core Insights - The price of Bitcoin (BTC) and the global stock market decline occurred simultaneously, with long-term holders of BTC increasing their purchasing volume to boost the price rebound [10]. - Ethereum (ETH) selling pressure is centrally released, with significant amounts of ETH being moved from wallets associated with the Plus Token Ponzi scheme [10]. - The US BTC spot ETF recorded a weekly net outflow of $160 million, while the ETH spot ETF experienced a net inflow of approximately $105 million [3][10]. - Tether plans to double its workforce by mid-2025, focusing on compliance and finance departments [10]. - A US court ordered the cryptocurrency exchange FTX to pay $12.7 billion in compensation [10]. - Mox, a digital bank under Standard Chartered Bank, began offering BTC and ETH ETFs to its Hong Kong clients [10]. - Hong Kong Legislative Council members are calling for the relaxation of restrictions on cryptocurrency companies opening bank accounts [10]. Summary by Sections Price Movements - From August 5 to August 9, BTC decreased by 3.1%, ETH decreased by 13.8%, while SOL increased by 1.8% [2]. - BTC reached a six-month low of $49,729 before rebounding to $59,762 on August 8, with a peak increase of 8.4% [3]. Market Dynamics - The increase in BTC long-term holders' purchasing activity has contributed to the price recovery amidst a broader market decline [3]. - The ETH selling pressure was highlighted by the movement of 789,533 ETH linked to the Plus Token Ponzi scheme, valued at approximately $2 billion [3]. ETF Performance - The BTC spot ETF saw a net outflow of $160 million, while the ETH spot ETF recorded a net inflow of $105 million during the same period [3][10]. Corporate Developments - Tether's CEO announced plans to double the company's workforce by mid-2025, primarily in compliance and finance [3][10]. - The US court ruling against FTX mandates a total compensation of $12.7 billion to affected customers [3][10]. Regional Developments - Mox digital bank has started offering BTC and ETH ETFs to clients in Hong Kong, with competitive fee structures [3][10]. - Legislative efforts in Hong Kong are underway to ease banking restrictions for cryptocurrency companies [3][10].

Investment Rating - The report does not explicitly state an investment rating for the oil industry, but it provides detailed insights into supply and demand dynamics, which can inform investment decisions. Core Insights - The average price of Brent crude oil in August 2024 was $77.8 per barrel, a decrease of $6.1 per barrel month-on-month and a decrease of $7.3 per barrel year-on-year. The average price for 2024 is projected to be $83.4 per barrel, an increase of $1.2 per barrel year-on-year [4]. - Global crude oil production in 2023 was 101.79 million barrels per day (mb/d), with consumption at 101 mb/d. For 2024, production is expected to rise to 102.36 mb/d (up 0.6% year-on-year), while consumption is projected to reach 102.94 mb/d (up 1% year-on-year), indicating a demand-supply gap of -0.59 mb/d [6]. - OPEC's production in 2023 averaged 32.19 mb/d, a decrease of 2.2% year-on-year. In the first seven months of 2024, OPEC's production was 31.95 mb/d, down 1.6% year-on-year but up 0.3% month-on-month [9]. - U.S. crude oil production in 2023 was 21.91 mb/d, an increase of 7.9% year-on-year. In the first seven months of 2024, production averaged 22.3 mb/d, up 3.8% year-on-year but down 0.3% month-on-month [11]. - Russian crude oil production in 2023 was 10.76 mb/d, a decrease of 2.0% year-on-year. In the first seven months of 2024, production averaged 10.5 mb/d, down 1.3% year-on-year and 2.4% month-on-month [13]. - U.S. crude oil consumption in 2023 was 20.24 mb/d, an increase of 1.2% year-on-year. In the first seven months of 2024, consumption averaged 20.25 mb/d, down 0.7% year-on-year and 1.2% month-on-month [16]. - Indian crude oil consumption in 2023 was 5.3 mb/d, an increase of 5.7% year-on-year. In the first seven months of 2024, consumption averaged 5.61 mb/d, up 5.6% year-on-year and 7.1% month-on-month [18]. - Chinese crude oil consumption in 2023 was 16.06 mb/d, an increase of 6% year-on-year. In the first seven months of 2024, consumption averaged 16.4 mb/d, up 1.9% year-on-year and 2.5% month-on-month [20]. Summary by Sections Supply - Global crude oil production is projected to increase slightly in 2024, with OPEC and Russian production declining [6][9][13]. - U.S. production shows a modest increase, while the number of drilling rigs has decreased [11]. Demand - U.S. crude oil consumption is experiencing a slight decline, while Indian consumption is growing significantly [16][18]. - Chinese consumption shows a slower growth rate compared to previous years [20].

Investment Rating - The report suggests a positive outlook on the autonomous driving and vehicle-road-cloud industries, indicating that the commercialization of driverless vehicles is becoming a reality in Shanghai and Wuhan [2][4]. Core Insights - Shanghai has issued the first batch of driverless passenger licenses, allowing companies like Baidu and AutoX to operate driverless vehicles for public use, marking a significant step towards the commercialization of autonomous driving [1][4]. - The development of autonomous driving technology is being accelerated in Shanghai, with policies aimed at expanding open test roads and facilitating the integration of autonomous vehicles into urban environments [1][4]. - Baidu's "Apollo Go" service has seen substantial growth in Wuhan, completing over 600,000 orders and achieving a 25% year-on-year increase in ride services in the first quarter of 2023 [2][4]. Summary by Sections Shanghai's Driverless Passenger Licenses - The first batch of driverless passenger licenses was issued during the 2024 World AI Conference, allowing for free public rides in designated areas [1][4]. - The licenses are valid from July 4, 2024, to January 4, 2025, and require vehicles to complete at least 5,000 kilometers of demonstration applications before commercial operation [1][4]. Development of Autonomous Driving in Shanghai - Shanghai has opened 1,003 test roads, totaling over 2,000 kilometers, to facilitate the testing and development of autonomous driving technology [1][4]. - The city aims to gradually open expressways for autonomous driving, laying the groundwork for broader integration into urban transport systems [1][4]. Baidu's "Apollo Go" in Wuhan - "Apollo Go" has successfully navigated complex road scenarios in Wuhan, achieving full coverage of the city and providing over 600,000 rides as of April 2023 [2][4]. - The service has demonstrated significant growth, with a reported 82.6 million rides in the first quarter of 2023, reflecting a 25% increase year-on-year [2][4]. Investment Recommendations - The report highlights the importance of the vehicle-road-cloud solution to address challenges faced by single-vehicle intelligence in complex road conditions [2][4]. - Companies to watch in the vehicle-road-cloud space include Wanji Technology, Tongxingbao, and Genvict Technologies, while key players in autonomous driving include Thunder Software Technology and Huizhou Desay SV Automotive [2][4].

[Table_MainInfo] 行业研究/信息服务 证券研究报告 行业跟踪报告 [Table_InvestInfo] 科技金融系列观察 5： 投早、投小、投长期、投硬科技，扎实推 动科技创新和产业创新深度融合 [Table_Summary] 投资要点： 深化科创板改革八条措施，服务科技创新和新质生产力发展。 2024 年 6 月 19 日，中国证监会主席吴清在 2024 陆家嘴论坛开幕式上的主旨演 讲指出，服务新质生产力发展，是资本市场义不容辞的责任，也是难得的机遇。 代表新质生产力发展方向的优质企业，能够为资本市场带来更多源头活水，让 投资者更好分享经济高质量发展的成果。 吴清指出证监会拥抱新质生产力发展的下一步工作，一是要提升多层次市场的 服务覆盖面和精准度。发展新质生产力不仅包括培育壮大新兴产业、布局建设 未来产业，也包括传统产业的改造提升。当务之急是深入研究相关企业的特点、 发展规律及其在投融资、激励约束、公司治理等方面的需求，有针对性地丰富 资本市场的工具、产品和服务。二是要壮大耐心资本。证监会将和有关方面一 道，积极创造条件吸引更多中长期资金进入资本市场，围绕创业投资、私募股 权投资"募投管退" ...