Zhao Yin Guo Ji·2025-10-27 04:02Macro Commentary - The US September CPI year-on-year growth rate continues to rise slightly but is below market expectations, with core CPI showing a month-on-month slowdown [2] - The Federal Reserve is expected to focus more on employment risks, with a potential interest rate cut in October or December, targeting a year-end federal funds rate of 3.75%-4% [2] - The Chinese stock market saw gains, with sectors like materials, consumer discretionary, and information technology leading, while utilities, consumer staples, and real estate lagged [4] Industry Commentary - The MSCI China Healthcare Index has risen 58.6% since the beginning of 2025, outperforming the MSCI China Index by 24.2%, indicating a recovery in the pharmaceutical sector [5] - The CXO industry is expected to see performance recovery in the second half of 2025 due to a resurgence in demand for innovative drug development and a rebound in capital market financing [5] - The report highlights the importance of clinical progress for authorized innovative drug pipelines overseas as a catalyst for stock price increases [7] Company Commentary - Great Wall Motors reported a slight decline in gross margin in Q3 2025, with a 3.6% increase in average selling price, but net profit fell 50% to 2.3 billion yuan due to delays in tax refunds [9] - The company maintains a sales forecast of 1.35 million units for 2025, with expectations for Q4 sales to reach 430,000 units, reflecting an 11% year-on-year growth [9] - Xiaomi is expected to report a strong Q3 2025 performance, with a projected 60% year-on-year increase in adjusted net profit, driven by robust electric vehicle sales [14] - Weibo anticipates a 5% decline in total revenue for Q3 2025, primarily due to weaker advertising demand from certain industries [15]