GUOTAI HAITONG SECURITIES·2025-10-21 06:08Group 1: Market Strategy - The report emphasizes that external disturbances will not end the upward trend, and market adjustments present opportunities to increase holdings in Chinese assets [2][28] - The current market volatility is attributed to concerns over major power dynamics, but the report maintains a more optimistic outlook compared to consensus [28] - The report suggests that the current adjustment in the A-share technology sector is nearing historical averages, indicating potential for market structure improvement [28][30] Group 2: Earnings Insights - The report highlights the importance of the upcoming Q3 earnings reports, noting that performance during this period significantly impacts stock prices [30] - It identifies sectors with high earnings growth potential, particularly in the AI industry chain, equipment manufacturing, and certain resource sectors [30] Group 3: Industry Comparisons - The report asserts that there will be no style switch in investment focus, with emerging technology remaining the main line and cyclical finance as a dark horse [31] - It recommends focusing on sectors such as internet, semiconductor, defense, and robotics, as well as financial stocks like brokers and banks [31] Group 4: Company Focus - Lepu Biopharma - Lepu Biopharma is recognized as a leading domestic innovative drug company in the ADC combined IO layout, with expectations for rapid market penetration following the approval of MRG003 [10][12] - The company has a robust pipeline of oncology products covering immunotherapy, ADC targeted therapy, and oncolytic virus drugs, positioning it well for future growth [10][12]