每日投资策略-20250606

Macro Commentary - The US economy is facing stagflation risks as the May services PMI unexpectedly contracted, indicating a significant drop in demand and the highest inflation rate in 22 years [5][4] - The manufacturing PMI also showed a widening contraction, with delivery times lengthening and tariffs disrupting both demand and supply chains [5] - A slight stagflation is expected in the US economy in the second half of the year, with the policy environment remaining unfriendly for the next three months [5][4] Industry Commentary - In the Chinese automotive industry, the average discount rate in May expanded by 0.7 percentage points to approximately 15%, primarily driven by German brands [5] - Major Chinese brands maintained relatively stable average discounts, with the exception of NIO, which saw an increase in its discount rate [6] - BYD's average discount rate in May increased by 1.9 percentage points to 8.2%, raising concerns about its promotional activities amid high inventory levels [6] Company Commentary - DualityBio is positioned to become a global leader in ADC (Antibody-Drug Conjugate) technology, with a diverse product pipeline and strategic collaborations [11][12] - The company has established multiple strategic partnerships, with total transaction amounts exceeding $6 billion, enhancing its global market presence [11] - The projected total revenue for DualityBio is expected to reach RMB 2 billion, RMB 1.5 billion, and RMB 1.5 billion in 2025E, 2026E, and 2027E respectively, primarily from licensing and collaboration income [12] Company Commentary (Continued) - Innovent Biologics' IBI363 shows significant potential as a next-generation immunotherapy, with promising survival benefits in NSCLC [12][13] - IBI363 demonstrated a median progression-free survival (mPFS) of 9.3 months in squamous NSCLC, outperforming other candidates in the same category [12] - The company plans to initiate a Phase III clinical trial for IBI363 in the second half of 2025, targeting IO-treated squamous NSCLC [13]