Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights positive topline results from the clinical trial of STSA-1002 for ARDS, indicating a significant reduction in clinical relief time and mortality rates compared to the control group [6] - The application for the market approval of Bomitase α has been accepted, and the company has completed changes to its drug production license [6] - Revenue projections for 2025-2027 are estimated at 294 million, 448 million, and 1.096 billion respectively, with a forecasted net profit of -76 million, -56 million, and 289 million [6] Financial Performance Summary - Revenue for 2023 is reported at 364 million, with a projected decline to 294 million in 2025 before increasing to 1.096 billion by 2027 [5][8] - The net profit is expected to improve from -399 million in 2023 to a positive 289 million in 2027 [5][8] - The earnings per share (EPS) is projected to rise from -0.84 in 2023 to 0.61 in 2027 [5][8] Clinical Trial Results - The clinical trial for STSA-1002 showed that the low-dose and high-dose groups had risk ratios of 1.04 and 1.55 respectively, with a reduction in the time to clinical relief by 2 to 5 days [6] - The 28-day all-cause mortality rates were 26.67% for the low-dose group, 5.88% for the high-dose group, and 40% for the control group, indicating a significant reduction in mortality [6] Market and Regulatory Developments - The company has received acceptance for the market application of STSP-0601 (Bomitase α), which is a significant regulatory milestone [6] - The report emphasizes the importance of the drug production license changes, which allow for the contracted production of Bomitase α [6]

宏观月报 / 2025.05.31 ——5 月 PMI 数据解读 证券研究报告 分析师 陈兴 SAC 证书编号：S0160523030002 chenxing@ctsec.com 分析师 马骏 SAC 证书编号：S0160523080004 majun@ctsec.com 相关报告 1. 《PMI 节前还比较弱——1 月 PMI 数 据解读》 2024-01-31 2. 《PMI 节后表现如何？——2 月 PMI 数据解读》 2024-03-01 3. 《出口带动需求回暖——3 月 PMI 数 据解读》 2024-03-31 4. 《生产高位扩张，价格持续上行—— 4 月 PMI 数据解读》 2024-04-31 5. 《成本压力上升——5 月 PMI 数据解 读》 2024-05-31 6. 《PMI 还是弱了些——6 月 PMI 数据 解读》 2024-06-30 7. 《出口订单创同期新高——7 月 PMI 数据解读》 2024-07-31 8. 《外需仍有回升——8 月 PMI 数据解 读》 2024-08-31 9. 《PMI 再现背离，经济景气如何？— —9 月 PMI 数据解读》 2024-09 ...

影石创新(688775) / 消费电子 / 新股研究报告 / 2025.05.29 AI 驱动创新引领，智能影像龙头扬帆起航 证券研究报告 核心观点 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 联系人 黄梦龙 huangml@ctsec.com | 财务指标 | 2024 年 | | --- | --- | | 销售毛利率(%) | 52.20 | | 销售净利率(%) | 17.85 | | ROE(%) | 37.07 | | 营业收入增幅(%) | 53.29 | | 净利润增幅(%) | 19.91 | | 资产负债率(%) | 36.64 | | 流动比率 | 2.24 | | 速动比率 | 1.68 | | 每股经营性净现金流量 | 3.26 | | 每股净资产（元/股） | 8.84 | 请阅读最后一页的重要声明！ ❖ 智能影像设备领军者，创新驱动成长：公司 2015 年成立于深圳，以全景 技术为基点专注于运动相机、全景相机等智能影像设备研发、生产、销售，公 司产品不断推陈出新，2019-2024 年公司收入从 5.88 亿元增长至 5 ...

Group 1: Monetary Policy and Market Rates - Since May, policy interest rates have been lowered, leading to a further easing of liquidity, but after the reserve requirement ratio (RRR) cut, funding rates have risen[3] - In May, the average funding rates R007 and DR007 decreased by 16.1 basis points and 14.5 basis points to 1.61% and 1.58% respectively[11] - The central bank's operations included a net liquidity injection of approximately 1 trillion yuan following the RRR cut, but funding rates did not decline further[13] Group 2: Government Debt Issuance - In June, the government is expected to issue approximately 1.38 trillion yuan in treasury bonds, with a net financing scale of around 490 billion yuan[34] - The total issuance of government bonds in June is projected to be nearly 2.3 trillion yuan, with a net financing scale of about 920 billion yuan[42] - The cumulative net financing progress of treasury bonds has reached 40.1%, significantly higher than the historical average for the same period[33] Group 3: Local Government Debt and Financing - Local government debt issuance has been slower, with a total of 1.98 trillion yuan issued in the first five months of the year, which is above last year's pace but below the five-year average[40] - In June, local government debt issuance is expected to total around 9 billion yuan, with a net financing scale of approximately 4.3 billion yuan[42] - Special refinancing bonds issuance is projected to be around 400 billion yuan in June, as issuance slows to accommodate special treasury bonds[42]

证券研究报告 投资评级:看好(维持) 农林牧渔 / 行业投资策略周报 / 2025.05.25 宠物 618 预售亮眼，需求承接一般猪价下行 分析师 肖珮菁 SAC 证书编号：S0160524070005 xiaopj@ctsec.com 相关报告 1. 《大猪出栏增加猪价下行，贸易会谈 缓和宠食出口干扰》 2025-05-18 2. 《惜售情绪猪价震荡偏强，供应偏紧 毛鸡价格上涨》 2025-05-17 3. 《缓和宠食出口订单短期扰动，国货 高端化趋势不变》 2025-05-13 农业重点数据跟踪周报 核心观点 数据来源：wind 5 月 23 日数据，财通证券研究所 请阅读最后一页的重要声明！ 最近 12 月市场表现 -27% -18% -9% 0% 8% 17% 农林牧渔 沪深300 ❖ 风险提示：原材料价格波动风险，动物疾病风险，极端灾害风险。 表 1：重点公司投资评级: 代码 公司 总市值 （亿元） 收盘价 （05.23） EPS（元） PE 投资评级 2024A 2025E 2026E 2024A 2025E 2026E 002714 牧原股份 2,158.34 39.51 3.27 3.63 ...

建筑装饰 / 行业投资策略周报 / 2025.05.25 4 月基建增速环比放缓，资金改善仍需等待 证券研究报告 投资评级:看好(维持) 最近 12 月市场表现 -20% -13% -5% 3% 11% 18% 建筑装饰 沪深300 分析师 毕春晖 SAC 证书编号：S0160522070001 bich@ctsec.com 联系人 陈悦明 chenym01@ctsec.com 请阅读最后一页的重要声明！ 流同比改善》 2025-05-05 单击或点击此处输入文字。 ❖ 4 月基建增速环比有所放缓，建筑业订单依旧承压。根据统计局数据， 2025 年 1-4 月狭义/广义基建投资额分别同增 5.80%/10.85%，环比 1-3 月分别 持平/-0.65pct；4 月单月狭义/广义基建投资额分别同增 5.80%/9.57%，增速环 比 1-3 月分别-0.14pct/-3.02pct，基建投资增速相较于一季度有所放缓。细分来 看，2025 年 1-4 月电力、热力、燃气及水生产和供应业投资同增 25.5%，较前 值回落 0.5pct；交通运输、仓储和邮政业投资同增 3.9%，较前值提升 0.1pct； 水利、环 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The expectation of interest rate cuts is rising, which is likely to support gold prices in the short term [1][6] - Recent market performance shows a significant decline in various sectors, with the SW Nonferrous Index increasing by 1.26% [4][6] - Concerns over the deteriorating fiscal situation in the U.S. have led to a drop in the dollar index, providing buying support for gold [6] Summary by Relevant Sections Recent Market Performance - The Shanghai Composite Index fell by 0.57%, while the SW Nonferrous Index rose by 1.26% [6] - COMEX gold and silver prices increased by 4.99% and 4.16%, respectively [6] Industrial Metals - Copper prices are supported by a tight supply of copper concentrate, while demand is affected by high prices and slowing investment in real estate and infrastructure [6] - Aluminum production is increasing, with a slight rise in operating rates [6] Precious Metals - Gold prices are expected to rise in the short term due to increasing interest rate cut expectations [6] - COMEX silver inventory decreased by 0.45% compared to the previous week, while Shanghai Futures Exchange silver inventory increased by 2.32% [6] Energy Metals - Rare earth prices are experiencing fluctuations, with a decline in prices for various rare earth elements [6] - Lithium carbonate prices have dropped due to high inventory levels and reduced demand [6]

Domestic Demand - New home sales growth rate continues to narrow, while second-hand home sales decline[4] - Retail sales of passenger cars have decreased, while wholesale sales have increased[4] - Hotel occupancy rates and revenue per available room have both increased, indicating recovery in the tourism market[4] External Demand - Direct exports to the U.S. have rebounded, with container booking volumes showing year-on-year growth[4] - U.S. imports from China have also turned positive, indicating strong support for direct exports[4] - Trump's proposal to impose a 50% tariff on European goods may benefit China's exports to Europe, particularly in the machinery sector[4] Production and Prices - Weak terminal construction demand has led to a decline in steel prices and production rates[4] - Chemical chain products have seen price increases due to maintenance and rising oil prices[4] - Gold prices have rebounded amid geopolitical tensions, while copper and oil prices are fluctuating within a range[4]

财通证券 CAITONG SECURITIES 席分析师:李美岑 E S0160521120002 分析师:张洲驰 ·· S0160524070004 S /A 60524070003 025年 lli . UWLEN 国内母婴行业在政策支持、消费升级与供给变革的驱动下，呈现结构性增长机遇： 1、政策端，中央与此方政府持续推出生育补贴及降伟表育成本政策、有望推动生育率企稳回升。1从海外经验看，生育相关公共支出增加停望支持生育率回升，1980年后， 日、韩和南欧国家生育率急展下降。相比之下!(欧以及部分英语系国家的生育率出现最著的目元，这部分枢普遍先经历了家庭平均公共支出的僧长，表明外贴政策的生育率 的回升起到了一定的作用。2近年来中央球舞出台补贴、降低生养育成本等方面欧策鼓励生育，地方政府也纷纷出台生育、育儿孙、部分地区区对多家家庭会予任房外贴， 真金白银支持地方生育率提升。 2、帮求端，生育增量消费力增加、助力母婴市场在生育率下行背景下规模逆势增加：马婴市场增速超30P，家庭平均消费增返近10%更高于整体市场增速，背后是三大生育 增量解体消费意愿增加：1）生育多胎群体；当前多指占比逐步抬开，已至60+%；这 ...

计算机 / 行业专题报告 / 2025.05.18 AI 算力：数字经济的基石，大国博弈的焦点 证券研究报告 投资评级:看好(维持) 分析师 杨烨 SAC 证书编号：S0160522050001 yangye01@ctsec.com 联系人 陈梦笔 chenmb01@ctsec.com 相关报告 1. 《 4 月车市稳增，滴滴 L4 新车亮相》 2025-05-14 2. 《破局与增长：IDC 行业竞争战略与 市场格局重塑 》 2025-05-11 3. 《2025 年一季度总结：业绩企稳，AI 提速，加仓正当时》 2025-05-05 核心观点 请阅读最后一页的重要声明！ 最近 12 月市场表现 -21% -6% 8% 23% 38% 53% 计算机 沪深300 上证指数 ❖ 美国芯片管制法案体系脉络：从"全面防扩散"到"强制 AI 芯片位置 验证"。2025 年 5 月 13 日，美国商务部宣布撤销拜登政府此前发布的《人工 智能扩散规则》（AI Diffusion Rule）。同日，美国工业安全局（Bureau of Industry and Security，简称 BIS）颁布 General Proh ...