招银国际每日投资策略-20250904

Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 25,343, down 0.60% for the day but up 26.34% year-to-date [1] - The Shanghai Composite Index fell by 1.16% to 3,814, while the Shenzhen Composite Index decreased by 1.41% to 2,380 [1] - In the US, the Dow Jones Industrial Average decreased slightly by 0.05% to 45,271, while the S&P 500 rose by 0.51% to 6,448 [1] Sector Performance - The Hang Seng Financial Index fell by 0.72% to 44,195, while the Hang Seng Real Estate Index dropped by 1.23% to 18,116 [2] - The healthcare sector showed resilience, with medical devices and innovative drugs performing well [3] Company Analysis: VILIZHIBO (9887 HK) - VILIZHIBO focuses on developing next-generation immuno-oncology therapies, with a broad product pipeline including immune checkpoint inhibitors and T-cell engagers [4] - The company has established proprietary platforms for drug innovation, including the LeadsBody platform for CD3 T-cell engagers and the X-body platform for 4-1BB agonists [4] - LBL-024, targeting PD-L1/4-1BB, is in the registration clinical stage and shows promising clinical data, with an overall response rate (ORR) of 33.3% in specific cancer patients [5] Company Analysis: China Life (2628 HK) - China Life reported a net profit increase of 7% to 40.9 billion RMB for the first half of 2025, despite a 31% decline in Q2 due to rising insurance service costs [7] - The new business value grew by 20.3% to 28.5 billion RMB, driven by significant growth in bancassurance channels [8] - The company’s core equity assets increased, benefiting from realized capital gains and dividend income [8] Company Analysis: JS Global (1691 HK) - JS Global's SharkNinja brand continues to see high growth in the Asia-Pacific region, with market share in Australia and New Zealand increasing significantly [10] - The company is shifting focus from scale to profitability, with expectations of improved gross and net margins due to product upgrades and SKU optimization [11] - Despite a slight decline in sales, the company anticipates a recovery in overseas sales and improved profitability in the coming years [12]