Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology sector [4]. Core Insights - The pharmaceutical and biotechnology sector experienced an overall increase of 2.09% last week, ranking 31st among 31 industries, underperforming the CSI 300 index by 1.62 percentage points. Year-to-date, the sector has declined by 11.57%, ranking 26th and underperforming the CSI 300 index by 13.28 percentage points. The current PE valuation for the sector is 25.0 times, at a historical low, with a premium of 126% compared to the CSI 300 index [4][12][17]. - The report highlights the performance of sub-sectors, with chemical pharmaceuticals, medical services, and traditional Chinese medicine showing the highest increases of 3.60%, 2.80%, and 2.08%, respectively. A total of 379 stocks (79.5%) in the sector rose last week, with the top five performers being Jingfeng Pharmaceutical (60.9%), Changshan Pharmaceutical (41.0%), and others [4][22]. - The total market capitalization of the A-share pharmaceutical and biotechnology sector is 6.17 trillion yuan, accounting for 7.18% of the total A-share market capitalization. The sector's trading volume last week was 341.5 billion yuan, representing 7.56% of the total A-share trading volume, with a week-on-week decrease of 5.58% [4][24]. Market Performance - The pharmaceutical and biotechnology sector's overall performance last week was characterized by a 2.09% increase, ranking 31st among 31 industries, and underperforming the CSI 300 index by 1.62 percentage points. Year-to-date, the sector has seen an 11.57% decline, ranking 26th and underperforming the CSI 300 index by 13.28 percentage points [12][17]. - The PE valuation for the sector is currently at 25.0 times, which is historically low, with a relative valuation premium of 126% compared to the CSI 300 index. The sub-sectors' PE valuations are as follows: medical devices (29.8 times), chemical pharmaceuticals (27.5 times), medical services (25.1 times), biological products (24.9 times), traditional Chinese medicine (21.5 times), and pharmaceutical commerce (16.3 times) [17][20]. Industry News - AstraZeneca and Daiichi Sankyo announced the acceptance of their biologics license application (BLA) for TROP2-ADC Datopotamab deruxtecan (Dato-DXd) by the FDA for the treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) who have previously received systemic therapy. The PDUFA date is set for Q4 2024 [5][35]. - The report notes that the global sales of Gilead's TROP2-ADC drug Trodelvy are expected to exceed $1 billion in 2023, with significant sales growth since its launch [36][38]. - The report emphasizes the potential investment opportunities in high-growth sub-sectors such as innovative pharmaceuticals, chain pharmacies, branded traditional Chinese medicine, medical services, second-class vaccines, and blood products [7].

行 业 研 究 [Table_Reportdate] 2024年02月26日 [table_invest] [2Ta0ble2_3Ne年wTit国le] 内钒电池项目建设提速，储能 标配 行 招标稳步推进 业 周 ——电池及储能行业周报（2024/02/19-2024/02/25） 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 周啸宇 S0630519030001 zhouxiaoy@longone.com.cn 电 ➢ 市场表现：本周（02/19-02/25）申万电池板块整体上涨0.94%，跑输沪深300指数2.76个 联系人 力 张帆远 百分点。主力净流入前五为宁德时代、当升科技、新宙邦、德业股份、锦浪科技；净流出 设 zfy@longone.com.cn 前五为德方纳米、湖南裕能、金盘科技、上海电气、恩捷股份。 备 联系人 ➢ 电池板块 与 赵敏敏 新 zmmin@longone.com.cn （1）销量短时承压，行业需求向好。2月国内新能源零售预计38.0万辆左右，环比-43.0%， 能 渗透率约33.0%，较1月略有恢复。春节刚过，锂电板块开工率仍处于低位。车 ...

行 业 研 究 [Table_Reportdate] 2024年02月26日 [table_invest] [英Tabl伟e_N达ewT第itle] 四财季业绩远超预期，国内厂 标配 行 商持续加码AI大模型 业 ——电子行业周报2024/2/19-2024/2/25 周 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 方霁 S0630523060001 fangji@longone.com.cn ➢ 电子板块观点：英伟达第四财季业绩超指引，2025财年第一财季业绩展望大幅高于市场预 电 [table_stockTrend] 期，数据中心部门成为营收增长核心发力点；Xiaomi 14 Ultra发布，搭载小米首个AI大模 子 20% 15% 型计算摄影平台“Xiaomi AISP”，同时支持双向卫星通信，成为国内厂商加码AI的又一有 10% 力佐证。整体产业处于逐步回暖阶段，建议关注AI芯片及光模块、周期筑底、国产替代、 5% 0% 工控及汽车电子四大投资主线。 -5% -10% ➢ 英伟达第四财季业绩超指引，2025财年第一财季业绩展望大幅高于市场预期。北京时间2 -1 ...

行 业 研 究 [Table_Reportdate] 2024年02月26日 [table_invest] [白Tabl酒e_N春ewT节itle] 动销回暖，市场情绪修复 超配 行 ——食品饮料行业周报（2024/2/19-2024/2/25） 业 [table_main] 周 [证Ta券b分le析_A师u thors] 投资要点： 报 姚星辰 S0630523010001 yxc@longone.com.cn ➢ 二级市场表现：上周食品饮料板块上涨3.32%，跑输沪深300指数0.39个百分点，在31个 联系人 申万一级板块中排名第24位。子板块方面，上周预加工食品板块上涨9.50%，相对表现较 陈宜权 食 chenyq@longone.com.cn 优。个股方面，上周涨幅前五为惠发食品、麦趣尔、佳隆股份、兰州黄河、庄园牧场，分 品 联系人 别上涨33.0%、25.9%、22.3%、21.8%、21.5%。跌幅前五为养元饮品、洽洽食品、盐津 饮 陈涛 铺子、古越龙山、涪陵榨菜，分别下跌3.3%、2.6%、2.1%、1.7%、1.6%。 料 cht@longone.com.cn ➢ 白酒：春节动销略超预期， ...

[Table_Reportdate] 2024年02月25日 | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------|-------| | | | | 正文目录 | | | 1. 上市公司质量有望提高，权益市场投资价值显现 ............................................................................................... 4 | | | 2. 短期内多举措集中出台，市场风险偏好明显回升 ................................................................................. 5 | | | 3. 证监会密集回应市场关切，平准基金呼声较高......................... ...

行 业 研 究 [Table_Reportdate] 2024年02月23日 [table_invest] [寿Tabl险e_N开ewT门itle] 红首月承压，但结构改善有望 超配 行 提升业务品质 业 简 ——上市险企2024年1月保费点评 评 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 陶圣禹 S0630523100002 tsy@longone.com.cn 非 ➢ 寿险1月开门红承压，源于政策影响下的业务节奏放缓。上市寿险2024年1月总保费累计 银 [table_stockTrend] 同比增速排序为：中国人寿（+2.2%） >阳光人寿（+1.5%）>平安寿险（-3.9%）>太保寿 19% 金 险（-14.7%）>新华保险（-15.0%）>人保寿险（-18.5%），除中国人寿、阳光寿险外均呈 11% 融 现不同程度的负增长。我们认为保费增速低迷主要源于：一是银保渠道“报行合一”推进 2% 下的网点重新签约与产品定价重新厘定，销售节奏整体放缓，使得开门红阶段以银保为主 -6% 的产品销售力度减弱；二是监管对于严禁大幅提前收取保费的约束也打乱了业务节奏，进 -14 ...

行 业 研 究 [Table_Reportdate] 2024年02月22日 [table_invest] [历Tabl周e_N期ewT模itle] 拟芯片稳中维良，拓新域国内 标配 行 厂商辟土开疆 业 深 ——半导体行业深度报告（九） 度 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 方霁 S0630523060001 fangji@longone.com.cn 电 ➢ 全球模拟芯片市场进入平稳扩张阶段，2022年模拟芯片市场规模845亿美元，占比半导体 子 [table_stockTrend] 市场总规模15.5%，同比增速14.0%。模拟芯片细分种类众多，按照功能划分，模拟芯片 22% 主要有电源管理芯片和信号链芯片，电源管理芯片负责电能转换、控制与保护，信号链芯 11% 片用于模拟信号的收发、放大、转换与滤波。在传感器、音频、通信和控制等领域，模拟 1% 芯片发挥关键作用，与数字芯片共同完成信号的整体处理。为满足不同应用需求，模拟芯 -10% 片使用各种工艺，包括CMOS、BMOS、BCD等。受全球宏观经济影响，全球模拟芯片市 -20% 场在经历周期性波动后目前增 ...

行 业 研 究 [Table_Reportdate] 2024年02月21日 [table_invest] [宠Tabl物e_N食ewT品itle] 出口明显改善，自主品牌出海 超配 行 新机遇 业 ——消费出海系列研究（二） 深 度 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 姚星辰 S0630523010001 yxc@longone.com.cn ➢ 宠物食品出口规模同比延续高增，出口拐点已至。（1）我国宠物食品出口明显改善。我国 农 [table_stockTrend] 是全球宠物食品的主要出口国家之一。根据海关总署数据，2023年我国宠物食品出口金额 林 10% 为12.26亿美元，同比下降1.47%，出口量为26.6万吨，同比下降1.15%。2017年至2021 牧 4% 年，我国宠物食品出口规模快速增长，其中2019年受中美贸易摩擦的影响，宠物食品出口 渔 -3% 规模增速明显下降。2022年9月至2023年8月，受海外客户压缩库存的影响，国内宠企出 -9% 口订单下滑，宠物食品出口业务承压。2023年12月，我国宠物食品出口金额1.13亿美元， -16% ...

公 司 研 究 [Table_Reportdate] 2024年02月21日 [Table_invest] [长Tabl安e_N汽ewT车itle] （000625.SZ）：固本焕新耀 买入（首次覆盖） 公 “民族智惠”，扬帆海外展自主雄心 司 ——公司深度报告 深 度 [table_main] [证Ta券b分le析_A师u：th ors] 投资要点： 黄涵虚 S0630522060001 hhx@longone.com.cn 汽 ➢ 以燃油车混动化“增存量”，纯电车多品牌覆盖全价位市场“抢增量”。公司加快燃油车新能 车 [数Ta据b日le_期c ominfo] 2024/02/20 源转型步伐，“P2+P13+增程式”方案同时发力，根据产品定义选择适配的混动方案，以 收盘价 13.10 满足用户差异化的需求。“启源+深蓝+阿维塔”三品牌并行，实现“低中高”细分市场全 总股本(百万股) 9,917 覆盖，有助建立清晰的品牌认知，提高公司在纯电领域的市占并开启新一轮高端化探索。 流通A股/B股(百万股) 8,171/1,642 其中，启源聚焦10-20万主流家用电动市场，旨在为“长安”主品牌塑造全新数智形象来与 ...

Industry Investment Rating - The report maintains a "Standard Allocation" rating for the industry [1] Core Views - The global cosmetics market is experiencing rapid growth, with skincare and makeup remaining the primary categories The skincare market is projected to reach $2161 billion by 2026, while the makeup market is expected to hit $933 billion [1] - The Southeast Asian market is particularly promising, with a projected CAGR of 101% from 2021 to 2026, significantly higher than the global average of 7% [1] - Chinese cosmetics exports have been steadily increasing, with a 4-year CAGR of 1891% in export value and 623% in export volume [8] - International brands like L'Oréal, Estée Lauder, and Shiseido have successfully expanded globally through diversified brand portfolios, strong R&D capabilities, and localized strategies [15][22] Domestic Cosmetics Export Growth - Chinese cosmetics exports have shown consistent growth, with 2023 export values reaching $6506 billion and export volumes hitting 1103 million tons [8] - The Asia-Pacific region, particularly Southeast Asia, is a key focus for Chinese cosmetics brands due to its high growth potential and favorable demographic and economic conditions [10][12] International Brand Expansion Strategies - International brands have successfully expanded through diversified brand portfolios, with L'Oréal, Estée Lauder, and Shiseido each managing over 20 brands across multiple categories [15] - Key products, such as Estée Lauder's "Advanced Night Repair" and L'Oréal's "Lancôme Génifique," have played a crucial role in building brand recognition and loyalty [18][19] - Strong R&D capabilities and localized research centers have enabled these brands to adapt to regional consumer needs [22] Successful Domestic Brand Case Studies - ZEESEA has successfully entered the Japanese market by leveraging IP collaborations, strong online and offline distribution channels, and localized product development [27][28] - FlowerKnows has carved out a niche in the Japanese market with its "girl's heart" makeup line, targeting Gen Z consumers through rapid product launches and effective marketing strategies [29][30] - Florasis has differentiated itself with its "Oriental Beauty" branding, incorporating Chinese cultural elements into its products and marketing, which has resonated well with international consumers [32][34] Domestic Cosmetics Industry Advantages - The domestic cosmetics industry benefits from a well-established supply chain, enabling shorter development cycles and faster response to consumer trends [36] - Chinese brands are increasingly focusing on proprietary ingredients, such as Betaine's "Portulaca Oleracea Extract" and Proya's "Hexapeptide-8," which are gaining recognition both domestically and internationally [36][37] - Chinese cosmetics brands offer high cost-performance ratios, making them particularly competitive in price-sensitive markets like Southeast Asia [37] Strategies for Overseas Expansion - Brands should leverage a mix of online, offline, and independent platforms to expand overseas, with a focus on platforms like TikTok, Shopee, and Lazada [38][39] - Establishing a strong brand identity and maintaining consistent positioning are crucial for long-term success in international markets [41] - Localized product development and marketing strategies are essential to meet the unique needs of consumers in different regions [42] Investment Recommendations - Proya is recommended for its strong brand portfolio, extensive channel experience, and early entry into the Southeast Asian market [43] - Betaine is highlighted for its focus on functional skincare and Chinese ingredients, with a growing presence in Southeast Asia through platforms like Shopee and Lazada [43]