Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8]. Core Views - The company is expected to benefit significantly from the "Jiutian" drone's broad application prospects, as it is involved in the development and production of this drone through its subsidiary, Chida Aircraft [5][8]. - The low-altitude economy is continuously developing, with policies and commercial applications evolving, indicating a promising future for the drone's civil market [5][8]. - Geopolitical events have validated the tactical advantages of drones, establishing a trend for special applications in emergency and military contexts [6][8]. Financial Summary - The company’s projected revenues for 2025-2027 are estimated at 62.14 billion, 76.24 billion, and 90.71 billion yuan, respectively, with corresponding net profits of 4.26 billion, 6.30 billion, and 8.52 billion yuan [8][9]. - The earnings per share (EPS) for the same period are expected to be 0.17, 0.25, and 0.34 yuan, with price-to-earnings (PE) ratios of 66.87, 45.22, and 33.45 times [8][9]. - The company’s total assets are reported at 20,017.26 million yuan, with a total market capitalization of 28,789.27 million yuan [7][8].

[Table_Main] 证券研究报告 | 公司点评 海格通信(002465.SZ) 2025 年 05 月 21 日 买入（维持） 所属行业：国防军工/军工电子Ⅱ 当前价格(元)：11.60 证券分析师 李宏涛 资格编号：S0120524070003 邮箱：liht＠tebon.com.cn 研究助理 市场表现 沪深300对比 1M 2M 3M -34% -23% -11% 0% 11% 23% 34% 2024-05 2024-09 2025-01 海格通信 沪深300 | 绝对涨幅(%) | 10.48 | -4.53 | -0.26 | | --- | --- | --- | --- | | 相对涨幅(%) | 7.15 | -2.59 | 0.52 | | 资料来源：德邦研究所，聚源数据 | | | | 相关研究 1.《海格通信(002465.SZ)：短期业绩 承压，特种信息化、卫星互联网有望打 开长线空间》，2025.4.23 2.《海格通信(002465.SZ)：受益北斗 规模化应用，中国移动终端芯片项目 落地》，2024.12.13 3.《海格通信（002465.SZ）：中国移动 注资开启全面 ...

Investment Strategy - The report highlights that the recent adjustments in US chip export policies are expected to create opportunities for domestic chips in China, as the restrictions may push AI model manufacturers to shift towards local solutions despite the current technological gap [10][11][12] - It is noted that the long-term impact of US chip restrictions may lead to the establishment of an independent Chinese computing ecosystem, potentially enhancing competition against US firms [11][12] - The report indicates a decline in capital expenditures among major cloud vendors, which may accelerate the demand for domestic computing power as unmet needs from the first quarter are likely to be deferred to the second quarter [12][13] Industry News - The US has imposed new export controls, prohibiting the global use of Huawei's Ascend AI chips, which may compel Chinese model manufacturers to explore domestic computing options [14][15] - China Mobile has announced a centralized procurement project for AI general computing devices (inference type) with an estimated scale of 7,058 units, indicating strong demand in the inference segment [15][16] - Sichuan Province has introduced significant policies to support the low-altitude economy, which may lead to accelerated development in this sector [17][18] - The 2025 legislative work plan includes the preparation of regulations for satellite services, which could provide a legal basis for the large-scale construction of satellite internet [18] Market Review and Focus - The communication sector saw a slight increase of 0.02% this week, underperforming compared to major indices, with specific attention drawn to the performance of optical communication and RF indices [19][20] - The report suggests focusing on domestic computing and related sectors, including companies like Cambricon, Haiguang Information, and ZTE, as well as long-term attention on major operators and infrastructure providers [24]

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector is experiencing a recovery in fundamentals due to price increases and cost improvements, driven by eased US-China tariff policies, which have boosted global economic confidence and chemical product demand [32][33] - The current period is seen as an optimal configuration window for leading chemical companies, with significant projects coming online and improving valuation expectations [33] - The capital expenditure in the chemical industry has shown a downward trend, confirming a turning point in the capacity cycle, with expectations for marginal improvements in supply [34] Summary by Sections 1. Core Viewpoints - Policies aimed at improving supply-demand dynamics are expected to lead to investment opportunities in the chemical sector [16] - Core assets are entering a long-term value configuration, with potential for valuation and profit recovery [16] - Supply constraints in certain sectors are likely to lead to price elasticity, with specific companies poised to benefit [17] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.8% during the week, outperforming both the Shanghai Composite Index and the ChiNext Index [19][20] - Year-to-date, the basic chemical industry index has risen by 5.1%, significantly outperforming the broader market indices [19] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 303 stocks rose, with notable gainers including Yushansha A (+50.6%) and Jitai Co. (+47.1%) [27][28] - The report highlights the top ten gainers and losers in the sector, indicating a diverse performance landscape [29] 4. Key News and Company Announcements - Recent US-China tariff adjustments are expected to positively impact chemical product prices and demand [31][32] - Major projects from leading companies are coming to fruition, enhancing their market positions and valuations [33] - Several companies have announced significant financial maneuvers, including capital increases and strategic partnerships [36]

Market Performance - Major global stock markets experienced collective gains, with the NASDAQ, S&P 500, and Dow Jones increasing by +7.2%, +5.3%, and +3.4% respectively[3] - European indices also rose, with France's CAC40, UK's FTSE 100, and Germany's DAX increasing by +1.8%, +1.5%, and +1.1% respectively[3] - The Taiwan Weighted Index led gains in the Asia-Pacific region[3] Trade Relations - The temporary suspension of high tariffs in US-China negotiations has boosted market risk appetite, although uncertainty remains after the 90-day period[3] - The average tariff imposed by the US on China remains above 40%, despite the temporary suspension of certain tariffs[3] - The strategic pause in US-China trade tensions may be aimed at facilitating negotiations with Southeast Asian countries, which could impact US inflation and economic conditions[3] Economic Indicators - The Federal Reserve's willingness to cut interest rates has decreased, with market expectations shifting towards maintaining current rates in June and July[3] - Recent economic data indicates signs of recession, with April PPI growth below expectations and a decline in consumer confidence[3] Legislative Concerns - The failure of the Republican tax and spending proposal highlights internal divisions, raising concerns about potential delays in tax relief and its impact on the economy[3] - The division within the Republican party may hinder fiscal measures aimed at restoring balance, leading to long-term economic concerns[3] Investment Strategy - Investment strategies should adapt to fluctuating market expectations between trade negotiations and economic downturns[3] - Short-term opportunities may arise from increased inventory accumulation in the US, particularly in sectors like apparel and accessories[3] - Attention should be given to long-term investment opportunities in US Treasuries following potential interest rate rebounds[3] Risk Factors - Risks include unexpected inflation rebounds, weaker-than-expected global economic conditions, and geopolitical tensions that could lead to market volatility[3]

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - This week (from May 12th to May 16th), the funds rate increased, the large - scale banks' lending increased, and the funds leverage decreased. The net financing of certificates of deposit decreased, and the yields to maturity of certificates of deposit at all tenors increased. In the cash bond trading, the main buyers were rural commercial banks, mainly increasing their holdings of 7 - 10Y interest - rate bonds. The scale of funds' increased holdings decreased, insurance companies increased their holdings of 15 - 30Y ultra - long interest - rate bonds, and wealth management products increased their allocation of certificates of deposit [3]. 3. Summary by Relevant Catalogs 3.1 Monetary Fundamentals - This week, there were 961.1 billion yuan of reverse repurchases and 125 billion yuan of 1 - year MLF maturing. From Monday to Friday, the central bank respectively injected 43, 180, 92, 64.5, and 106.5 billion yuan of reverse repurchases, with a total injection of 486 billion yuan during the period. The net liquidity injection for the whole week was - 475.1 billion yuan [3][8]. - The funds price increased. As of May 16th, R001, R007, DR001, and DR007 were 1.65%, 1.63%, 1.63%, and 1.64% respectively, with changes of 12.92BP, 4.46BP, 14.05BP, and 9.65BP compared to May 9th, and were at the 26%, 10%, 26%, and 7% historical quantiles respectively [3][13]. - The net borrowing scale of the main funds lenders increased. The main lending institutions (large - scale commercial/policy banks and joint - stock banks) had a net borrowing of - 1.76 billion yuan for the whole week, with an increase of 446.3 billion yuan in the net borrowing scale compared to the previous week. The trading volume of pledged repurchase increased, with an average daily trading volume of 7.14 trillion yuan and a single - day maximum of 7.51 trillion yuan, an increase of 4.85% compared to the previous week's average daily value. The proportion of overnight repurchase transactions increased, with an average daily proportion of 88.4% and a single - day maximum of 89.6%, an increase of 2.57 percentage points compared to the previous week's average daily value [3]. - The leverage ratio of broad - based funds decreased slightly. As of May 16th, the leverage ratios of banks, securities firms, insurance companies, and broad - based funds were 103.1%, 196.0%, 125.8%, and 105.4% respectively, with changes of 0.71BP, - 11.18BP, - 2.19BP, and - 0.29BP compared to May 9th, and were at the 12%, 11%, 52%, and 35% historical quantiles respectively [3][28]. 3.2 Certificates of Deposit and Bills - This week, the issuance scale of certificates of deposit decreased, and the net financing decreased month - on - month. The total issuance was 513.24 billion yuan, a decrease of 344.49 billion yuan compared to the previous week; the total maturity was 576.2 billion yuan, an increase of 68.87 billion yuan compared to the previous week. The net financing was - 62.96 billion yuan, a decrease of 413.36 billion yuan compared to the previous week [3][32]. - By bank type, large - scale commercial banks had the highest issuance scale. This week, the issuance scales of certificates of deposit by state - owned banks, joint - stock banks, city commercial banks, and rural commercial banks were 197.63 billion yuan, 67.47 billion yuan, 161.99 billion yuan, and 73.49 billion yuan respectively, with changes of - 71.06 billion yuan, - 220.22 billion yuan, - 46.49 billion yuan, and 15.48 billion yuan compared to the previous week [32]. - By tenor type, the 3M issuance scale was the highest. The issuance scales of 1M, 3M, 6M, 9M, and 1Y certificates of deposit were 21.83 billion yuan, 290.03 billion yuan, 80.39 billion yuan, 2.85 billion yuan, and 118.44 billion yuan respectively, with changes of - 7 billion yuan, 74.02 billion yuan, - 102.04 billion yuan, - 107.36 billion yuan, and - 202.11 billion yuan compared to the previous week [33]. - This week, the bill rates increased. As of May 16th, the 3M direct discount rate and transfer discount rate of state - owned shares, and the 6M direct discount rate and transfer discount rate of state - owned shares were 1.19%, 1.19%, 1.13%, and 1.18% respectively, with changes of 4BP, 5BP, 1BP, and 5BP compared to May 9th [48]. 3.3 Institutional Behavior Tracking - This week, the main buyers in the cash bond market were rural commercial banks, with a net purchase of 154 billion yuan, an increase compared to the previous week; the main sellers were securities companies, with a net sale of 250.5 billion yuan, an increase compared to the previous week [3][50]. - This week, funds had a net purchase of 63.9 billion yuan in cash bonds, including a reduction of 67.9 billion yuan in interest - rate bonds, an increase of 62.4 billion yuan in credit bonds, an increase of 50.4 billion yuan in other (including Tier 2 capital bonds and perpetual bonds), and an increase of 18.8 billion yuan in certificates of deposit. By tenor, interest - rate bonds were mainly reduced in the 7 - 10 - year range, and credit bonds were mainly increased in the less - than - 1 - year range [50]. - This week, wealth management products had a net purchase of 111.1 billion yuan in cash bonds, including an increase of 16.5 billion yuan in interest - rate bonds, an increase of 13.3 billion yuan in credit bonds, a reduction of 1.3 billion yuan in other (including Tier 2 capital bonds and perpetual bonds), and an increase of 82.4 billion yuan in certificates of deposit. By tenor, interest - rate bonds were mainly increased in the 20 - 30 - year range, and credit bonds were mainly increased in the less - than - 1 - year range [50].

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has shown better performance than the market, with a year-to-date increase of 5.1%, outperforming the Shanghai Composite Index by 4.7 percentage points [19] - Recent easing of US-China tariff policies has boosted global economic confidence, leading to a recovery in chemical product demand and prices [32] - Key projects in leading companies are gradually coming online, which is expected to restore valuation expectations [33] - The capital expenditure in the chemical industry has shown a downward trend, confirming the turning point in the capacity cycle [34] Summary by Sections 1. Core Viewpoints - Policy initiatives are expected to improve supply-demand dynamics, creating investment opportunities in the chemical sector [16] - Core assets are entering a long-term value zone, with potential for valuation and profit recovery [16] - Supply constraints in certain sectors are likely to lead to price elasticity and performance improvements for specific companies [17] - Demand certainty is expected to rise in sectors like civil explosives and modified plastics, which are poised for growth [18] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.8% during the week, outperforming both the Shanghai Composite Index and the ChiNext Index [19] - Year-to-date, the basic chemical industry index has increased by 5.1%, significantly outperforming the broader market indices [19] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 303 stocks rose while 110 fell during the week [27] - The top ten performing stocks included Yushansha A (+50.6%) and Jitai Co. (+47.1%) [27] 4. Key News and Company Announcements - Recent US-China tariff adjustments are seen as a potential best configuration window for leading chemical companies [31] - The easing of tariffs is expected to stimulate export demand and improve the pricing environment for various chemical products [32] - Major projects from leading companies are expected to come online, enhancing their market positions [33]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [2]. Core Insights - The report highlights the significant market potential for tricuspid regurgitation treatments due to a large patient base and increasing surgical volumes, with a notable rise in procedures from 257 in 2017 to 17,232 in 2024 [4][8]. - The report emphasizes the high technical barriers in developing tricuspid valve products, with few approved products globally, suggesting a focus on companies like Jianshi Technology, which has promising clinical data for its LuX-Valve Plus product [4][21]. - The report notes the overall positive performance of the pharmaceutical sector, with the Shenwan Pharmaceutical and Biotechnology Index rising by 1.27% in the week of May 12-16, 2025, outperforming the CSI 300 Index by 0.16% [25][39]. Summary by Sections 1. Tricuspid Regurgitation Market Potential - The prevalence of valvular heart disease in China is significant, with a weighted prevalence rate of 3.8% [7]. - Among patients aged 60 and above with moderate to severe valvular heart disease, mitral and tricuspid regurgitation account for 57.2% and 42.8%, respectively [11]. - The rapid increase in commercial surgical procedures indicates a growing market, with a jump from 257 surgeries in 2017 to 17,232 in 2024 [8][9]. 2. Market Performance and Trends - The pharmaceutical sector's index has increased by 2.48% year-to-date, outperforming the CSI 300 Index by 3.64% [25]. - The top-performing stocks in the pharmaceutical sector during the week included Tuoxin Pharmaceutical (+45.03%) and Jiao Da Ang Li (+35.59%) [39]. - The report suggests a focus on companies leveraging AI in healthcare, particularly those with substantial patient data and innovative drug development [4][21]. 3. Clinical Data and Product Development - Jianshi Technology's LuX-Valve Plus shows promising one-year follow-up data, with a composite event rate of 12.50% and an all-cause mortality rate of only 4.17% [20][24]. - The product has completed its domestic registration clinical one-year follow-up and is actively submitting data for approval, potentially becoming the first domestic and second global TTVR product [20][21]. - The report encourages monitoring the upcoming clinical data presentation at the European Cardiovascular Congress on May 22, 2025 [20].

Investment Rating - The report maintains an "Outperform" rating for the non-ferrous metals industry [2]. Core Viewpoints - Precious metals are expected to remain favorable in the long term despite recent fluctuations in gold prices, which saw a slight decline of 0.38% during the week of May 12-16. The easing of international trade tensions is contributing to this outlook, although uncertainties remain [4]. - Industrial metal prices have mostly declined, with notable changes in aluminum prices due to regulatory actions in Guinea affecting mining rights [4]. - The report highlights a positive trend in rare metals, particularly praseodymium-neodymium oxides, and tungsten prices, driven by a recovery in manufacturing demand [4]. - Energy metals, particularly lithium, have seen price declines, prompting a focus on future demand growth in this sector [4]. - The report suggests a favorable investment environment for the non-ferrous metals sector, driven by anticipated monetary easing from the Federal Reserve and domestic fiscal policies [4]. Summary by Sections 1. Industry Data Review 1.1 Precious Metals - Gold prices are expected to stabilize and potentially rise due to ongoing global trade uncertainties and the weakening position of the US dollar [4]. 1.2 Industrial Metals - Recent price movements include copper at 78,140 CNY/ton (+0.4%), aluminum at 20,130 CNY/ton (+3.4%), and nickel at 124,060 CNY/ton (-0.3%) [27]. 1.3 Rare Metals - Prices for praseodymium-neodymium oxides have increased by 5.1% week-on-week, indicating a recovery in demand [29]. 1.4 Energy Metals - Lithium carbonate prices have decreased, with industrial-grade lithium carbonate at 63,150 CNY/ton (-3.1%) and battery-grade at 64,800 CNY/ton (-3.0%) [34]. 2. Market Data - The non-ferrous metals sector saw a weekly increase of 0.61%, with specific segments like metal new materials and small metals performing variably [35]. 3. Key Events of the Week - Guinea's government has reclaimed mining rights for 51 mining licenses, including bauxite and gold, which may impact global supply chains [42].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology industry [2]. Core Insights - The report highlights the significant market potential for tricuspid regurgitation treatments due to a large patient base and increasing surgical volumes. The prevalence of valvular heart disease in China is reported at 3.8%, with a notable increase in surgical procedures from 257 in 2017 to 17,232 in 2024 [4][7][8]. - The report emphasizes the high technical barriers in developing tricuspid valve products, with few approved products globally. As of January 2025, only the Edwards EVOQUE system has received CE and FDA approval, while domestic companies like Jianshi Technology and Qiming Medical are making progress [4][13][21]. - Jianshi Technology's LuX-Valve Plus shows promising one-year follow-up data, indicating a composite event rate of 12.50% and an all-cause mortality rate of only 4.17%. If approved, it could become the first domestic and second global TTVR product [4][20][24]. Market Performance - The report notes that the pharmaceutical and biotechnology sector index rose by 1.27% from May 12 to May 16, 2025, outperforming the CSI 300 index by 0.16%. Year-to-date, the sector index has increased by 2.48%, again outperforming the CSI 300 by 3.64% [25][36]. - The top-performing stocks during this period included Tuoxin Pharmaceutical (+45.03%), Jiao Da Ang Li (+35.59%), and Yong'an Pharmaceutical (+32.05%) [39][42]. Monthly Investment Strategy - The report suggests focusing on companies leveraging AI in healthcare, particularly those with substantial patient data and insurance data, as they are expected to have significant application potential. Additionally, attention is recommended for innovative drugs and companies showing fundamental improvements [4][36]. - The monthly investment portfolio includes companies such as Kangfang Biotech, Zai Ding Pharmaceutical, and Tianjin Pharmaceutical [4].