[晨Tabl会e_N纪ewT要itle] 20240530 1.行业政策频出，关注相关投资机会——医药生物行业周报（2024/5/20-2024/05/26） 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 证券研究报告 HTTP://WWW.LONGONE.COM.CN 1.1.行业政策频出，关注相关投资机会——医药生物行业周报 （2024/5/20-2024/05/26） 市值方面，当前A股申万医药生物板块总市值为6.12万亿元，在全部A股市值占比为 6.91%。成交量方面，上周申万医药板块合计成交额为2537亿元，占全部A股成交额的6.33%， 板块单周成交额环比下降27.28%。主力资金方面，上周医药行业整体的主力资金净流出合 计为70.9亿元。 个股推荐组合：特宝生物、贝达药业、千红制药、博雅生物、老百姓、安杰思、微电生 理-U； 1.2.储能项目招标稳步提升，大电芯逐步起量——电池及储能 行业周报（2024/05/20-2024/05/26） （1）电动车下乡提前，行业需求向好。5 月国内狭义新能源汽车零售预计 77.0 万辆左 右，同/环比 ...

[Table_Reportdate] 2024年05月29日 [证Ta券b分le析_A师u：thors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人： 吴康辉 wkh@longone.com.cn 1.板块盈利短时承压，创新巩固龙头地位——锂电池行业2023年报及2024一季报综述 财经要闻 正文目录 1.1. 板块盈利短时承压，创新巩固龙头地位――锂电池行业 2023 年报及 2024 ― 证券研究报告 HTTP://WWW.LONGONE.COM.CN 2/9 1.2.英伟达第一财季营收再超预期，微软 Build 大会为 AI 大 厦添砖加瓦——行业周报（2024/5/20-2024/5/26） 电子板块观点：英伟达连续三个季度收入同比增速超过 200%，AI 芯片需求旺盛有望引 领行业发展；微软 Build 大会推出 Copilot 自定义版，覆盖 AI 基础设施搭建到模型产品落 地。当前电子行业供需处于底部平衡回暖阶段，行业估值处于历史低位，建议关注 AI 芯片 及光模块、周期筑底、国产替代、IOT 四大投资主线。 电子行业本周跑输大盘。本周沪深 300 指数下 ...

4. 市场数据 晨会纪要 联系人：高旗胜，gqs@longone.com.cn 证券研究报告 HTTP://WWW.LONGONE.COM.CN 3/8 请务必仔细阅读正文后的所有说明和声明 本周 A 股风格：光伏、电力等表现较好，但风险偏好整体回落。本周，A 股震荡下跌， 电力板块逆市走强，带动主板表现略强于科创。热点方面，欧美制造业 PMI 初值走强，美联 储首次加息时间再次推迟至 12 月，全球权益同步承压；此外，地缘政治因素影响市场情绪， 整体风险偏好下降。行业板块上，光伏板块受供给侧改革预期影响，表现较好；猪价上涨， 周期向上趋势确定性逐步走强。根据 Wind 热门概念指数分类，本周涨幅居前的是鸡产业 （+7.37%）、水电（+4.43%）、猪产业（+4.38%）、央企煤炭（+3.12%）、BC 电池（+2.84%）、 近端次新股（+2.57%）、光伏屋顶（+2.51%）等。 餐饮增速高于商品零售，体育、娱乐用品类表现亮眼。1）分商品及服务：餐饮、商品 零售增长平稳，商品零售略弱于餐饮。4月社零餐饮服务总额3915亿元，同比上涨4.4%（环 比-2.5pct），在去年高基数下仍保持稳健增长。4月社零 ...

[Table_Report] [Table_Reportdate] 2024年05月28日 [晨Tabl会e_N纪ewT要itle] 20240528 4.行业政策频出，关注相关投资机会——医药生物行业周报（2024/5/20-2024/05/26） 6. 储 能 项 目 招 标 稳 步 提 升 ， 大 电 芯 逐 步 起 量 — — 电 池 及 储 能 行 业 周 报 （2024/05/20-2024/05/26） 1.李强：开启中日韩合作新征程，为地区繁荣稳定作出更大贡献 [证Ta券b分le析_A师u：thors] 姚星辰 S0630523010001 yxc@longone.com.cn 联系人： 吴康辉 wkh@longone.com.cn [table_main] 重点推荐 2.板块盈利短时承压，创新巩固龙头地位——锂电池行业2023年报及2024一季报综述 财经要闻 2.中共中央政治局召开会议审议《新时代推动中部地区加快崛起的若干政策措施》《防范 化解金融风险问责规定（试行）》 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 1.1. 工业企 ...

东海证券 DONGHAISECURITIES 底部夯实，逐季向好 医药生物行业2023年报和2024年一季报综述 证券分析师：杜永宏执业证书编号：S0630522040001 证券分析师：伍可心执业证书编号：S0630522120001 联系人：付婷联系方式：futing@longone.com.cn 联系人：林子超联系方式：Izc@longone.com.cn 2024年05月17日 东海证券 DHS 核心观点 ...

Group 1: Profit Growth Insights - In April 2024, the total profit of industrial enterprises above designated size increased by 4.3% year-on-year, maintaining the previous value of 4.3%[1] - The month-on-month profit growth returned to positive at 4.0%, with a two-year average growth rate showing a smaller decline compared to the previous month[2] - The profit margin slightly improved due to a decrease in expense ratio by 0.33 percentage points, despite a slight increase in cost ratio by 0.26 percentage points[2] Group 2: Revenue and Cost Dynamics - Revenue growth improved from -1.2% in March to 3.3% in April, driven by both volume and price increases, with industrial added value rising by 6.7% year-on-year[2] - The Producer Price Index (PPI) showed a year-on-year decrease of 2.5%, but improved by 0.3 percentage points compared to March[2] - The cost ratio has reached a high level, which may impact future profit growth[2] Group 3: Sector Performance - The profit share of midstream raw material manufacturing has increased significantly, while upstream mining and downstream manufacturing have seen declines[3] - Downstream consumer goods manufacturing profits have shown a notable recovery, with all 13 consumer goods manufacturing sectors reporting positive growth[3] - The recovery in profits for non-ferrous metal processing and other midstream sectors is attributed to strong demand and improved product value[3] Group 4: Inventory Trends - As of the end of April, finished goods inventory increased by 3.1% year-on-year, up from 2.5% previously, indicating a slight replenishment trend[4] - Actual inventory also rose by 5.6% year-on-year, reflecting a structural replenishment focus amid insufficient domestic demand[4] Group 5: Risks and Outlook - Potential risks include slower-than-expected policy implementation and demand recovery, which could pressure profit margins in downstream industries[5] - The base effect in May may disrupt profit growth rates due to higher comparative figures from the previous year[5]

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Overweight" [3]. Core Insights - The pharmaceutical and biotechnology sector experienced an overall decline of 3.74% last week, underperforming the CSI 300 index by 1.66 percentage points. Year-to-date, the sector has dropped 12.78%, lagging behind the CSI 300 index by 17.75 percentage points. The current PE valuation for the sector stands at 26.4 times, which is at a historical low, with a valuation premium of 128% compared to the CSI 300 index [4][11][16]. - Key sub-sectors that saw the largest declines include biological products, medical services, and chemical pharmaceuticals, with respective drops of 4.61%, 4.58%, and 3.90% [4][11]. - The total market capitalization of the A-share pharmaceutical and biotechnology sector is 6.12 trillion yuan, accounting for 6.91% of the total A-share market capitalization [20]. Market Performance - The pharmaceutical and biotechnology sector's performance last week was weak, with all sub-sectors declining. The largest drop was in medical services, which fell by 30.23% year-to-date [11][16]. - The sector's trading volume last week was 253.7 billion yuan, representing 6.33% of the total A-share trading volume, with a week-on-week decrease of 27.28% [20]. Industry News - Guangzhou's medical insurance bureau announced 21 measures to support the development of innovative pharmaceuticals, focusing on accelerating the use of innovative drugs in hospitals and enhancing clinical applications [5][29]. - The National Medical Insurance Administration issued a notice to strengthen regional collaboration for the 2024 centralized procurement of pharmaceuticals, aiming to enhance the scale and standardization of alliance procurement [27][28]. - Beijing's government released an action plan to accelerate collaborative innovation in the pharmaceutical and health sectors, targeting a total industry scale of 1.25 trillion yuan by 2026 [31]. Investment Recommendations - Given the weak performance of the pharmaceutical and biotechnology sector, the report suggests monitoring policy changes and exploring investment opportunities in niche segments such as innovative drug chains, specialty medical devices, branded traditional Chinese medicine, chain pharmacies, medical services, and blood products [6][33]. - Recommended stocks include Teva Biopharmaceuticals, Betta Pharmaceuticals, Qianhong Pharmaceutical, Boya Bio-Pharmaceutical, and others [6][33].

Investment Rating - The report rates the non-bank financial sector as "Overweight" [5][26]. Core Insights - The report highlights that the recent implementation of share reduction regulations has boosted market confidence, which is expected to enhance the stability of the capital market and protect the rights of small and medium investors [6][7]. - The insurance sector is seeing improvements in asset-liability management, with New China Life Insurance planning to implement mid-term dividends, indicating a positive outlook for high dividend opportunities in the financial blue-chip sector [7]. - The report suggests that the capital market's long-term logic remains unchanged, with recommendations to focus on mergers and acquisitions, high financial ratios, and return on equity (ROE) improvements in brokerage firms [7]. Summary by Sections Market Review - The non-bank financial index fell by 3.3% last week, underperforming the CSI 300 by 1.2 percentage points, with brokerage and insurance indices also declining by 3.57% and 2.52% respectively [6][10]. - Average daily trading volume for stock funds was 970.1 billion yuan, a 0.9% increase week-on-week, while the margin trading balance decreased slightly by 0.3% to 1.53 trillion yuan [21]. Brokerage Insights - The implementation of new share reduction regulations is expected to enhance market stability and investor confidence, with stricter rules on major shareholder reductions [6][7]. - The report emphasizes the importance of a mature regulatory framework for the long-term health of the capital market [6]. Insurance Insights - New China Life Insurance's proposal for mid-term dividends aligns with regulatory encouragement for multiple dividend distributions, enhancing investor returns [7]. - The insurance sector is expected to benefit from a decline in deposit rates, which may stimulate savings demand, and improvements in the cost of liabilities due to ongoing reforms [7]. Investment Recommendations - For brokerages, the report suggests focusing on large, financially strong firms with stable operations, particularly in the context of the new capital market policies [7]. - In the insurance sector, the introduction of a tiered agent system is anticipated to improve the quality of the workforce, and the report remains optimistic about the growth potential of major comprehensive insurance companies [7].

Investment Rating - The industry investment rating is "Overweight" for leading companies in engineering machinery, general machinery, and cultural tourism equipment sectors [31]. Core Viewpoints - The engineering machinery sector is expected to see a recovery in demand due to government policies and an improving economic environment, with excavator sales projected to grow by approximately 5% year-on-year in May 2024 [4][12]. - The general machinery sector is benefiting from macroeconomic stabilization, with manufacturing PMI at 50.4% in April 2024, indicating expansion [21][23]. - The cultural tourism equipment sector is set to receive a boost from government initiatives aimed at upgrading facilities and equipment in the tourism industry [5][25]. Summary by Sections Engineering Machinery - Excavator sales in April 2024 reached 10,782 units domestically, a year-on-year increase of 13.3%, exceeding previous expectations [9][12]. - The market is expected to benefit from the issuance of 1 trillion yuan in special bonds for major national strategies, which will improve funding for infrastructure projects [4][13]. - The replacement of older machinery is anticipated, with a significant portion of equipment nearing the end of its lifecycle, creating a substantial market for upgrades [16][17]. General Machinery - The general machinery sector is showing signs of recovery, with a manufacturing PMI indicating positive growth [21][23]. - The demand for general automation equipment is expected to improve as the macroeconomic environment stabilizes [4][21]. Cultural Tourism Equipment - The National Development and Reform Commission has issued a plan to upgrade cultural and tourism equipment, focusing on enhancing safety and operational standards [5][25]. - Investment in this sector is projected to grow steadily, with a focus on modernizing amusement and performance equipment [5][25].

Investment Rating - The report provides a standard investment rating for the battery and energy storage industry, indicating a cautious outlook due to recent market fluctuations [2]. Core Insights - The report highlights a positive trend in the demand for electric vehicles, with an estimated retail sales of 770,000 units in May, reflecting a year-on-year increase of over 123% from last year's rural sales [7]. - The energy storage sector is experiencing a significant increase in project bidding, with a total scale of 1.18GW/12.38GWh for new projects, marking a substantial week-on-week improvement [10][28]. - The report emphasizes the importance of leading companies in the industry, such as CATL and Shuneng Electric, which are expected to benefit from their strong market positions and technological capabilities [9][12]. Summary by Sections Battery Sector - The domestic retail sales of narrow-sense new energy vehicles are expected to reach approximately 770,000 units in May, with a penetration rate of 46.7%, supported by new product iterations from various manufacturers [7]. - The supply side of the industry is undergoing orderly adjustments, with lithium salt prices experiencing fluctuations and the pricing of cathode materials remaining under pressure due to oversupply [8]. - CATL is projected to ship 480GWh in 2024, with an estimated profit of around 46 billion yuan, while increasing its self-supply ratio of lithium salts [9]. Energy Storage Sector - A total of 16 new bidding projects were added this week, with a total bidding scale of 1.18GW/12.38GWh, indicating a significant increase in market activity [10]. - The first quarter of 2024 saw a year-on-year increase of 160% in domestic energy storage project bidding scale, with a notable rise in the market concentration of leading suppliers [11]. - The average bidding price for energy storage EPC projects this week was 1.26 yuan/Wh, reflecting an 8% decrease from the previous week [10][28].