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]