更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 M Foundation | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------|-----------------------------------------------|-------|--------------------------------------------------------------------------------------------------------------------------------------------|-------|----------------------------------------------------------------------------------------| | | | | | | | | November 3, 2024 08:23 PM ...

30 October 2024 | 11:47PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 Innovent Biologics (1801.HK): Tyvyt-led 3Q beat with eyes on next wave of approvals 3Q sales beat with strong momentum maintained: Innovent reported 3Q24 product revenue to exceed Rmb2.3bn (vs. GSe of c.Rmb2bn, +40% y/y, c.15% q/q), maintaining its strong sales performance in the past few quarters (average teens growth q/q since 1Q23) amid the lingering industry-wide anti-corruption disruptions. With accelerated qoq growth, Tyvyt became the majo ...

Action | 30 Oct 2024 00:52:42 ET │ 10 pages Hengli Hydraulic (601100.SS) Adding Downside 90-Day Catalyst Watch View original report on this Catalyst Watch | --- | --- | |------------|--------------------------------------| | | | | Direction: | Downside | | Duration: | Within 90 Days (expires 29 Jan 2025) | | Catalyst: | Earnings | We open a 90-Day downside catalyst watch on Hengli as we are concerned that the market may not be fully aware that 4Q24 could still be a weak quarter after weakerthan-expected 3Q2 ...

31 October 2024 | 10:14PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 Key numbers: Main points: Bottom line: The preliminary reading of 2024 Q3 Hong Kong GDP growth came in at +1.8% yoy, significantly below consensus expectations. In quarter-over-quarter seasonally-adjusted non-annualized terms, real GDP fell by 1.1% in Q3 2024 (vs. +0.3% in Q2 2024). The moderation of year-over-year growth is primarily due to a larger goods trade deficit in Q3, driven by slowed goods export growth. Looking ahead, goods export gro ...

29 October 2024 | 10:01PM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------| | | | | Global Tech Server TAM: Introducing rack-level AI server forecasts | | | Post the launch of our global server TAM estimates in Oct 2023 (report link), to better cap ...

Action | 31 Oct 2024 14:26:55 ET │ 9 pages Global FX Strategy Exiting tactical AUDNZD short CITI'S TAKE We exit our tactical AUDNZD short for no gain (spot ref: 1.1011, 1:36 PM ET, 10/31). We initiated the short at 1.1010 on 10/28 as hawkish RBA pricing and stretched positioning created attractive asymmetry for AUDNZD downside. But catalysts did not prove supportive, and even as leveraged AUD longs have steeply unwound, the pair has chopped around a tight range amid stickier real money longs. We exit near o ...

31 October 2024 | 12:48AM HKT 2131d4eaf4cb4d50b1d51c8af07b64b4 Bloomage Biotechnology Corp. (688363.SS): First take: 3Q24 NI miss on weaker sales of both skincare and medical device Bloomage reported 3Q24 net profit decline of 77% yoy, missing GSe and VA consensus by 80%/84%, mainly driven by weaker sales of both functional skincare and medical device business (incl. medical aesthetics) and higher expenses on admin for restructuring and R&D, partially offset by sell expenses savings. Cathy Chen, CFA +852-29 ...

Flash | 31 Oct 2024 06:00:46 ET │ 13 pages China Cement Analysis of the 2024 Cement Industry Capacity Replacement Regulations CITI'S TAKE The MIIT issued the revised Measures for the Implementation of Capacity Replacement in the Cement and Glass Industries (2024 Edition) recently, which will come into effect on Nov 1, 2024. We compared and summarized the key differences between 2024 Edition and previous 2021 Edition in cement management. The 2024 Edition of the implementation measures introduces stricter co ...

Flash | 31 Oct 2024 11:39:10 ET │ 10 pages China Auto Manufacturers Weekly EV/ICE Retail Sales Update (21-27 Oct, with 100% sector samples) CITI'S TAKE Weekly sales (NEV & ICE) beat: Weekly sales data suggests (21-27 Oct) full EV sector at 6% WoW (slightly ahead our forecast) with MTD MoM at 7%. If we assume 7% WoW momentum lasts until final week Oct, Oct full month EV sales should be 1.175mn units (6.3% MoM) and ahead consensus' 0-4% MoM expectation. Among different energy type, ICE MTD MoM at 10%, BEV at ...

31 Oct 2024 10:20:09 ET │ 8 pages China Materials 2024 On-ground Demand Monitor Series #125– Funding Availability Rate Data Tracker CITI'S TAKE In this series of notes, we aim to track and analyze high-frequency, onground demand trends in China – market expectation of demand recovery has been mostly cautious. We have shifted our near-term pecking order to Gold, Cement, Coal, Copper, Aluminum and Steel stocks (see our note: China Materials – 2024 Strategy: Diverging Demand, Selective Winners, China Materials ...