Group 1 - Company Gilead Sciences-B (01672) saw a significant stock increase of over 18%, currently trading at 10.96 HKD with a transaction volume of 79.907 million HKD [1] - Gilead announced that its oral small molecule fatty acid synthase (FASN) inhibitor, ASC40, achieved all primary, key secondary, and secondary endpoints in a Phase III clinical trial for moderate to severe acne [1] - Dongwu Securities highlighted that ASC40's clinical trial results are promising, indicating it may become an effective, patient-compliant, and safe treatment for acne, with plans to submit for regulatory approval in 2025 and potential revenue contribution in 2026 [1] Group 2 - Gilead will present early research data on its oral small molecule GLP-1 receptor agonist ASC30 and fat-targeting weight loss candidate ASC47 at the 85th American Diabetes Association (ADA) Scientific Sessions in Chicago [2] - ASC30 is noted as the only GLP-1 small molecule that can be administered both orally daily and via monthly subcutaneous injection, catering to diverse market needs [2] - ASC47 targets the THRβ receptor in fat cells and has potential for fat loss without muscle loss, being the first small molecule weight loss drug targeting THRβ, with Phase I SAD study data already released [2]

Group 1: Macro Strategy Insights - The report indicates that exchange rates and non-tariff barriers may become more critical tools in trade conflicts, potentially replacing tariffs as the primary means of trade engagement [1][9][10] - Domestic foreign trade enterprises believe that due to fundamental conflicts, the Sino-US trade negotiations may experience significant ups and downs, necessitating ongoing risk management for exports to the US [1][9] - If tariffs fail to achieve their intended competitive goals, the US government may resort to non-tariff barriers and currency manipulation, drawing parallels to historical trade competition phases [1][9] Group 2: Currency and Economic Indicators - The report suggests that the RMB exchange rate may gradually decline to the range of 7.17-7.18, with expectations of a dual-directional fluctuation between 7.15 and 7.22 [11][12] - The ECI index indicates a slight recovery in supply and demand, but the manufacturing PMI remains in a contraction zone, reflecting weak overall economic momentum [13] - The report highlights that the US trade deficit has narrowed significantly, with April imports showing a historic decline of 19.8%, indicating a slowdown in the "import rush" effect driven by tariff policies [16][17] Group 3: Fixed Income and Structured Financing - The report notes that the valuation of city investment ABS is less correlated with duration compared to credit bonds, suggesting that shorter-duration ABS may offer better risk-return profiles [3][4] - The weighted average coupon rate of city investment ABS is approximately 3.25%, which is lower than the overall market for credit bonds, indicating a favorable financing environment for structured products [18] - The report emphasizes the importance of the quality of underlying assets and the issuing entity's qualifications in determining the valuation of city investment ABS [4][18] Group 4: Company-Specific Insights - Pinduoduo's Q1 2025 performance fell short of expectations, leading to a downward adjustment in profit forecasts for 2025-2027, reflecting a strategic focus on ecosystem investment for sustainable growth [6] - Gilead Sciences' ASC40 acne treatment achieved all primary and secondary endpoints in Phase III trials, demonstrating superior efficacy compared to FDA-approved alternatives [7] - The report on SOTON Robotics indicates a significant drop in revenue for Q1 2025, but an increase in gross margin, suggesting potential for recovery through new product launches and market expansion [8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has successfully completed all primary and secondary endpoints in the Phase III clinical trial for ASC40, a treatment for moderate to severe acne, demonstrating excellent efficacy [7] - ASC40's treatment success rate was 33.2% compared to 14.6% in the placebo group, with a significant reduction in total lesions and inflammatory lesions [7] - The company is expected to submit for regulatory approval in 2025, with projected revenues starting in 2026 [7] Financial Projections - Total revenue is projected to be 1.28 million in 2024, with a significant increase to 40 million in 2026 and 100 million in 2027 [1] - The net profit attributable to the parent company is expected to decline to (300.94) million in 2024 and further to (454.44) million in 2025, before slightly improving to (445.21) million in 2027 [1] - The earnings per share (EPS) is forecasted to be (0.31) in 2024, (0.47) in 2025, and (0.46) in 2027 [1] Market Data - The closing price of the stock is 8.07 HKD, with a market capitalization of approximately 7,169.28 million HKD [5] - The company has a price-to-book ratio of 3.81 and a price-to-earnings ratio of (54.06) [5][1]