招银国际每日投资策略-20251023

Market Overview - The global stock markets experienced a decline, with the Hang Seng Index falling by 0.94% and the Hang Seng Tech Index dropping by 1.41%. Year-to-date, the Hang Seng Index is up 28.52% [1][2] - In the A-share market, sectors such as non-ferrous metals and electrical equipment saw significant declines, while oil, banking, and real estate sectors showed the largest gains [3] Hong Kong Market Insights - The Hong Kong market is considering easing conditions for private equity funds to open to retail clients, which may enhance its position as an international asset and wealth management center [3] - Southbound capital saw a net inflow of HKD 10.018 billion, with notable net purchases in the Tracker Fund of Hong Kong, CNOOC, and SMIC, while stocks like Hua Hong Semiconductor, Xiaomi, and Alibaba faced net selling [3] Company Analysis: Meituan - For Q3 2025, Meituan is expected to achieve revenue of RMB 97.8 billion, reflecting a year-on-year growth of 4.6%. However, the adjusted net loss is projected to be RMB 16.6 billion, exceeding market expectations due to intense competition in the food delivery sector [4] - The target price for Meituan has been adjusted from HKD 164.0 to HKD 154.4, maintaining a "Buy" rating [4] Company Analysis: Innovent Biologics - Innovent Biologics has established a global strategic collaboration with Takeda Pharmaceutical for several key oncology assets, including IBI363 and IBI343, aimed at enhancing its global footprint and strengthening Takeda's oncology pipeline [5][6] - The collaboration is valued at up to USD 1.14 billion, including an upfront payment of USD 1 billion and potential milestone payments [5] - Innovent aims to transition into a comprehensive biopharmaceutical company with global R&D capabilities, targeting to advance at least five assets into global Phase III multi-regional clinical trials by 2030 [5] Clinical Development Updates - IBI363 and IBI343 are entering global late-stage development, with IBI363 showing competitive progression-free survival in various cancer types. Global Phase III trials are planned for both assets [6][7] - The strategic partnership with Takeda is expected to introduce new immuno-oncology assets to Takeda's portfolio, enhancing its revenue potential in the oncology sector [5][6]