交银国际每日晨报-20250609

New Energy Industry - The report highlights that despite uncertainties, opportunities still exist in the new energy sector, particularly focusing on dividend stability [1] - The preferred investment order is operators > photovoltaic glass > polysilicon > inverters > battery cells, with China Power (2380 HK) and Jingneng Clean Energy (579 HK) being top picks [1] - The photovoltaic sector is expected to see significant earnings improvement in Q1 2025, with Fuyat (6865 HK) and GCL-Poly Energy (3800 HK) also recommended for investment [1] Wind Power - The report anticipates a 23% year-on-year increase in new wind power installations in 2025, although adjustments may occur post-installation [2] - A conservative estimate suggests a slight decline in new installations in 2026, contingent on new policy impacts and project pricing [2] Zhiwen Group - The company is projected to experience a revenue turning point in the second half of 2025, driven by accelerated overseas growth [3] - Revenue and adjusted net profit forecasts for 2025 have been raised by 5% and 13% respectively, with a target price increase to $8.30 [3][4] - The first quarter of 2025 showed a revenue of 2.52 billion yuan, exceeding market expectations by 4%, primarily due to a 72% year-on-year growth in overseas business [3] IBI363 by Innovent Biologics - Early clinical data for IBI363 in treating I/O resistant NSCLC shows promising results, with an overall response rate (ORR) of 26-37% and median progression-free survival (PFS) of 5.5-9.3 months [7][8] - The potential market for IBI363 is significant, especially given the limited effective therapies available for post-PD-(L)1 treatment [8] - The target price for IBI363 has been raised to 84 HKD, reflecting its strong market potential [8] Economic Data - Upcoming economic data releases include the Consumer Price Index and unemployment claims in the US, with expectations set for various metrics [9]