招银国际每日投资策略-20250708

Market Overview - Global markets experienced a mixed performance, with the Hang Seng Index closing at 23,888, down 0.76% for the day but up 40.13% year-to-date [1] - The S&P 500 and Nasdaq also saw declines of 0.79% and 0.92% respectively, while the DAX in Germany rose by 0.58% [1] - The report highlights a rise in risk aversion due to escalating trade tensions, particularly with new tariffs imposed by the U.S. on several countries [3] Industry Insights - The Chinese pharmaceutical sector has shown strong performance, with the MSCI China Healthcare Index up 41.4% year-to-date, outperforming the MSCI China Index by 16.2% [4] - The report emphasizes the need for a rational perspective on the valuation of innovative drugs, as the market anticipates higher transaction frequencies and scales for overseas deals [4] - Recent policy measures from the National Healthcare Security Administration are expected to enhance the long-term payment landscape for innovative drugs, with commercial health insurance projected to reach 977.3 billion yuan in 2024, a growth of 8.2% [5] Investment Recommendations - The report identifies several companies within the healthcare sector as attractive investment opportunities, including: - Giant Bio: Expected sales recovery driven by product and brand expansion [6] - Guo Shengtang: Rapid expansion of stores and strong cash flow [6] - Angelalign: Improving profitability in overseas markets [6] - Other recommended stocks include: - Sangfor Technologies (1530 HK), Giant Bio (2367 HK), Guo Shengtang (2273 HK), Angelalign (6699 HK), BeiGene (ONC US), and Innovent Biologics (1801 HK) [6] Focus Stocks - The report lists several focus stocks with potential upside, including: - Geely Automobile (175 HK): Target price of 24.00, representing a 47% upside [7] - Xpeng Motors (XPEV US): Target price of 28.00, representing a 56% upside [7] - Sany International (631 HK): Target price of 8.70, representing a 32% upside [7] - Other notable mentions include Luckin Coffee (LKNCY US), Polaire (603605 CH), and Tencent (700 HK), all rated as "Buy" with significant upside potential [7]