海外消费行业周报：港股医药集中发布1H24业绩，再生元CD3/CD20双抗获欧盟批准上市

Investment Rating - The report maintains a positive outlook on the Hong Kong stock market, particularly on the technology sector, indicating a favorable investment environment post mid-year earnings reports [3][4]. Core Insights - The report emphasizes the potential for liquidity improvement in the Hong Kong market following the release of mid-year earnings, with expectations for a rebound in large-cap company fundamentals and a favorable global interest rate environment [4][5]. - The healthcare sector, particularly the Hong Kong pharmaceutical companies, has shown strong performance with significant revenue growth reported in the first half of 2024 [7][8]. - The report highlights the positive earnings results from major companies in the consumer services and education sectors, indicating a recovery in consumer demand and industry profitability [12][20]. Summary by Sections Overseas Consumption Services - The report notes the performance of major companies like Haidilao, which reported a 14% increase in revenue to 21.5 billion RMB in the first half of 2024, and a core operating profit growth of 13% [13][15]. - Ctrip's second quarter 2024 revenue grew by 14% to 12.8 billion RMB, with a significant recovery in outbound travel bookings [16]. Overseas Pharmaceuticals - The Hong Kong healthcare index rose by 3.72%, outperforming the Hang Seng Index by 1.58 percentage points [7]. - Notable earnings from companies include: - Innovent Biologics: 1H24 revenue of 3.952 billion RMB, up 46% year-on-year [8]. - Hansoh Pharmaceutical: 1H24 revenue of 6.506 billion RMB, up 44% year-on-year [8]. - The report also mentions the approval of innovative drugs like Regeneron's CD3/CD20 bispecific antibody in the EU [10]. Overseas Education - The report indicates a positive trend in the education sector, with companies like New Oriental and TAL Education showing potential for revenue growth as regulatory conditions stabilize [20][25]. - The report suggests focusing on companies with nationwide reach and those adapting to new educational policies [20]. Market Outlook - The report anticipates a favorable macroeconomic environment characterized by a potential soft landing for the US economy and the commencement of a Federal Reserve rate-cutting cycle, which could enhance liquidity in the Hong Kong market [4][5].