招银国际每日投资策略-20250910

Group 1: Market Overview - Global markets showed mixed performance, with the Hang Seng Index closing at 25,938, up 1.19% year-to-date, while the Shanghai Composite Index fell by 0.51% [1][3] - Southbound capital recorded a net inflow of HKD 10.231 billion, indicating strong interest in Hong Kong stocks [3] - Commodities displayed divergence, with precious metals, coal, and steel prices rising, while chemicals and agricultural products declined [3] Group 2: Company Analysis - 康方生物 (Summit) - 康方生物's AK112 showed improved overall survival (OS) data in long-term follow-up, with a median OS of 16.8 months compared to 14.0 months for chemotherapy alone, indicating a positive trend [6][7] - The company is expected to present further OS data from the HARMONi-2 study in the next six months, which could enhance investor confidence [6][7] - The target price for 康方生物 is maintained at HKD 182.12, reflecting a strong outlook for its first-line indications in NSCLC [7] Group 3: Company Analysis - 江南布衣 - 江南布衣 reported encouraging retail sales growth, improving from low single-digit growth in Q1 to double-digit growth in July-August, driven by low base effects and strong performance in outlet channels [8][9] - The management provided a conservative sales growth guidance for FY26, aiming for high single-digit growth, supported by multiple drivers including new brand contributions [8][9] - The target price for 江南布衣 has been raised to HKD 23.30, based on a 12x FY26 forecast P/E ratio, reflecting confidence in its sales and profit resilience [9][10]