对于医药板块，医药创新是医药增长的核心动力。此外，在「医保+商保」模式不断推进、政策支持等因素驱动下，行业规模有望进一步扩大。加之随着美联储开启降息周期，叠加AH高溢价率下港股性价比凸显，港股流动性趋于改善。看好歌礼制药-B公布，同类首创治疗肥胖症的减重不减肌候选药物ASC47与司美格鲁肽联合用药在饮食诱导肥胖(DIO)小鼠模型研究中显示令人鼓舞的疗效。ASC47是歌礼自主研发的脂肪靶向，具有独特的差异化特性，能够靶向脂肪，从而在脂肪组织中产生剂量依赖性的高药物浓度。ASC47当前正在澳洲进行肥胖症患者临床试验，IIa期研究顶线数据预计将于2025年第二季度公布。未来成功推出市场及大规模量产化，相信能很好的帮助集团提升利润。目标价$4.2，止蚀价$2.2。Jinwu Financial News | The Hang Seng Index closed at 19752 on Thursday (19th), down 112 points or 0.56%. The market had a total turnover of 142.8 billion yuan for the day. The National Index fell by 28 points or 0.4%, closing at 7152. The Technology Index dropped by 29 points or 0.7%, ending at 4439. Local real estate stocks in Hong Kong are concerned that interest rates may remain relatively high for a longer period, putting pressure on property shares. New World Development (00016) fell by 2.2%; Henderson Land Development (00012) dropped by 3.3%; the offshore Renminbi depreciated to 7.3270 overnight before rebounding slightly, while Mainland Real Estate stocks generally trended downwards, with SUNAC (01918) falling by 2.4%.
The Dow Jones Industrial Average closed at 42342 points on Thursday (19th), up 15 points or 0.04%. The S&P 500 fell by 0.09% to 5867 points; the NASDAQ declined by 0.1% to 19372 points. Among major stocks, Tesla fluctuated and fell by 0.9%, while Nvidia and Netflix both rose by 1.4%. Micron Technology's (Micron) earnings outlook fell short of expectations, and its stock price dropped by 16.2%. Boeing rebounded by 2.6%, becoming the biggest gainer in the Dow. American Express and VISA rose 1.8% and 1.7%, respectively. Asian Pacific stock markets were mixed this morning (20th), with the Nikkei 225 Index currently at 38841 points, up 28 points or 0.07%. The South Korean Composite Index is currently at 2411 points, down 24 points or 1.02%. The Fed's pause in interest rate cuts has weighed down on the Hong Kong stocks.
Market Focus: ASCLETIS-B (01672)
For the pharmaceutical Sector, medical innovation is the core driving force of pharmaceutical growth. In addition, with the continuous advancement of the "medical insurance + commercial insurance" model and policy support, the Industry scale is expected to further expand. Coupled with the beginning of the Fed's rate-cutting cycle and the high premium rate of AH shares highlighting the cost-effectiveness of Hong Kong stocks, market liquidity is expected to improve. Bullish on ASCLETIS-B’s announcement, the novel anti-obesity candidate drug ASC47 and semaglutide displayed encouraging efficacy in a diet-induced obesity (DIO) mouse model study. ASC47, developed independently by ASCLETIS, targets fat with unique differentiated characteristics, enabling high drug concentration in adipose tissues in a dose-dependent manner. Currently, ASC47 is undergoing clinical trials for obesity patients in Australia, with top-line data from the Phase IIa study expected to be released in the second quarter of 2025. A successful market launch and large-scale mass production in the future is believed to significantly help the group improve profits. Target Price is $4.2, Stop Loss Price is $2.2.
(The author is a licensed person of the China Securities Regulatory Commission and does not hold any of the above stocks.)
Author: Dr. Tang Shengxing, Chairman of the Hong Kong Stock Analysts Association.
