Core Viewpoint - Morgan Stanley has initiated coverage on Innovent Biologics (01801) with an "Overweight" rating and a target price of HKD 130, indicating a positive outlook for the company in the context of the Chinese biotechnology sector's stabilization and resilience in innovation fundamentals [1] Industry Summary - The Chinese biotechnology sector is entering a turning point this year, with fundamentals stabilizing and ongoing licensing deals, alongside a recovery in financing activities [1] - Despite a scarcity of catalysts in the first half of the year, there are limited high-conviction investment themes, and risk appetite remains unstable [1] - Increased geopolitical uncertainties are expected to lead to a broader rotation away from high-beta sectors, with biotechnology facing greater allocation pressure [1] - The sector is anticipated to experience range-bound fluctuations in the first half of the year, driven by events, while the second half is expected to establish a clearer price direction due to accumulating catalysts and increased foreign capital flows [1] Company Summary - The next growth phase for the company may begin with significant data releases, business development activities, and increased visibility in licensing deals, with most events concentrated in the second half of 2026 [1] - Further industry re-evaluation is expected to be delayed rather than interrupted, as the company prepares for a more sustained upward trend in the second half of the year [1]
大摩：中国生科板块催化剂集中下半年 重新覆盖信达生物(01801)予“增持”评级