交银国际每日晨报-2025-04-02

Macro Strategy - The report emphasizes a balanced allocation strategy while waiting for opportunities for elastic rebounds after recent market pressures due to tariff policies and macroeconomic uncertainties [3][4] - The market is currently experiencing a lack of clear narrative themes, leading to divergent capital flows and a technical adjustment in the Hang Seng Tech Index, which has fallen over 10% from its peak [2][3] - Anticipation of new tariffs, potentially reaching up to 20%, is expected to maintain high volatility in major assets, with cautious market sentiment prevailing [3] Heng Rui Pharmaceutical (600276 CH) - The company is projected to achieve a revenue and net profit growth of 34% and 107% respectively in 2024, driven by 2.7 billion RMB in licensing income [4][8] - Product sales continue to grow significantly, with a 31% increase in innovative drug sales, contributing to a 14% growth in product sales revenue excluding collaboration income [4][8] - The target price has been raised to 51 RMB, reflecting an upward adjustment in net profit forecasts for 2025-2026 by 8-14% [8] Jin Xin Reproductive Medicine (1951 HK) - The company’s 2024 performance met expectations, with a 1% increase in revenue and a 12% decrease in adjusted net profit, driven by strong demand in obstetrics and gynecology services [9][10] - The report highlights the gradual realization of policy benefits, with new fertility support measures expected to be implemented across various regions [9] - The target price has been increased to 3.75 HKD, with a potential upside of 20.7%, supported by favorable fertility policies and anticipated cash returns post-loan renewal [10]