中泰国际：港股上周再度上攻，恒生指数全周上升1.6%，报收22.9%

Market Overview - The Hong Kong stock market showed a strong performance last week, with the Hang Seng Index rising 1.6% to close at 22,867 points, marking the fourth consecutive week of gains and fully recovering from the declines since the "reciprocal tariffs" in early April [1] - The average daily trading volume increased by 17.4% week-on-week to over 200.2 billion HKD, with net inflows from the Stock Connect amounting to 7.27 billion HKD [1] - The banking, real estate, and REITs sectors performed well, while technology stocks, particularly chip stocks, faced pressure due to uncertainties surrounding tariff policies [1] Economic Policies - The People's Bank of China announced new policies to inject liquidity into the market and reduce financing costs for enterprises through measures such as reserve requirement ratio cuts and interest rate reductions [1][2] - The market is anticipating further fiscal policy support to bolster economic stability [1] Industry Dynamics - The healthcare sector underperformed, with the Hang Seng Healthcare Index dropping 3.8%, lagging behind the Hang Seng Index by 5.4 percentage points [4] - Notable companies in the pharmaceutical sector, such as WuXi AppTec and Innovent Biologics, reported strong first-quarter operational results, with BeiGene achieving a revenue of 8.048 billion CNY, a year-on-year increase of 50.2% [4] Investment Strategies - The report recommends focusing on high-value innovative drug manufacturers within the pharmaceutical industry, as the overall impact of U.S. tariffs on the sector is relatively limited [6] - The report highlights the potential for the technology sector, particularly in AI computing and semiconductor equipment, despite short-term pressures [3] Company Highlights - Innovent Biologics reported a first-quarter product sales revenue exceeding 2.4 billion CNY, driven by strong sales of its oncology drug [11] - The company expects rapid revenue growth from new product approvals, with projections for 2025-2027 showing significant increases in sales [12][13] - The report maintains a "Buy" rating for Hansoh Pharmaceutical and an "Overweight" rating for Innovent Biologics, with target prices set at 25.00 HKD and 60.00 HKD, respectively [8][11]