调研行业：化学制药 参与调研的机构：参加"创新启航王者时刻--第20届医药百家上 市公司交流会(北京站)" 、国盛证券、北京鸿道、益民基金、中 信证券资管等 吉林敖东分析师会议 调研日期：2025年07月17日 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | ...

[Table_Page] 跟踪分析|计算机 证券研究报告 识别风险，发现价值 请务必阅读末页的免责声明 1 / 4 [Table_Title] 计算机行业 美国越南达成贸易协议，利好产能布局越南的中国厂商 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2025-07-04 | [Table_PicQuote] 相对市场表现 -14% 4% 21% 39% 56% 74% 07/24 09/24 11/24 02/25 04/25 07/25 计算机 沪深300 | [分析师： Table_Author]刘雪峰 | | | --- | --- | | | SAC 执证号：S0260514030002 | | SFC CE No. BNX004 | | | 021-38003675 | | | | gfliuxuefeng@gf.com.cn | | 分析师： | 吴祖鹏 | | | SAC 执证号：S0260521040003 | wuzupeng@gf.com.cn 请注意，吴祖鹏并 ...

[Table_Page] 宏观经济研究报告 2025 年 7 月 4 日 证券研究报告 怎么看美国 6 月非农就业数据 | [Tabl 分析师： | 郭磊 | 分析师： | 陈嘉荔 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260516070002 | | SAC 执证号：S0260523120005 | | | SFC CE.no: BNY419 | | | | | 021-38003572 | | 021-38003674 | | | guolei@gf.com.cn | | gfchenjiali@gf.com.cn | | | 请注意，陈嘉荔并非香港证券及期货事务监察委员会的注册持牌人，不可在香港从事受监管活动。 | | | [Table_Summary] 报告摘要： ⚫ 根据美国劳工部 7 月 3 日公布数据1，6 月新增非农 14.7 万人，高于预期的 10.6 万人。失业率回落至 4.1%， 低于预期的 4.3%和前值 4.2%。前两月数据共上修 1.6 万人。简单来看，美国就业市场短期仍延续粘性特征。 6 月新增非农 14.7 万人 ...

Core Insights - The report highlights the acceleration of deep-sea wind power development in China, with a significant increase in both onshore and offshore wind installations expected in 2025, projecting 100GW for onshore and 15GW for offshore [5][15][19] - The transition from a "price war" to a "value war" in the wind turbine market is noted, emphasizing the importance of technology development and cost control to achieve a reasonable price recovery for equipment [5][15] - The global wind power market is expected to add 170GW in new installations in 2025, with China contributing 115GW, reflecting a year-on-year growth of 32.20% [5][15] Policy Support and Market Dynamics - Domestic policies are driving the rapid development of offshore wind power, with various provinces setting ambitious targets for wind energy installations under the 14th Five-Year Plan [15][19] - The report indicates that the bidding volume for wind projects has exceeded expectations, particularly in offshore wind, which is expected to be a highlight for growth in the coming years [5][19] - The report anticipates a structural price increase in the supply chain, particularly in the casting and forging segments, due to tight supply and increasing demand [5][15] Supply Chain and Component Analysis - The demand for large-scale wind turbine components, such as cast and forged shafts, is expected to tighten, with market sizes projected at 6.874 billion CNY for forged shafts and 2.077 billion CNY for cast shafts in 2025-2026 [5][15] - The report emphasizes the importance of production capacity for large blades, as companies with such capabilities are expected to gain significant pricing power [5][15] - The offshore wind market is experiencing a shift towards floating wind farms, with various countries enhancing policies to boost offshore wind installation demand [5][15] Investment Recommendations - The report suggests focusing on companies that are advancing in offshore wind deployment and have a high proportion of overseas customers, including major manufacturers like Mingyang Smart Energy, Goldwind Technology, and Sany Heavy Energy [5][15] - Specific segments to watch include complete turbine manufacturers, casting and forging companies, and those involved in the supply of cables and transformers [5][15] - The investment strategy emphasizes the potential for structural price increases in the supply chain, particularly in components that are currently in high demand [5][15]

Core Insights - The report indicates that the home appliance industry is under pressure but aims for steady progress, with a focus on the impact of policies such as the old-for-new program [1] 2025 Mid-Year Summary - The home appliance sector has experienced a slight decline in valuation, with the industry index down 3.8% from January 1 to June 23, 2025, underperforming the CSI 300 index by 1.9 percentage points [7][18] - Domestic sales have shown significant improvement, with a year-on-year increase of 30.2% in retail sales of home appliances from January to May 2025, driven by the old-for-new policy [27][28] - The export market has also demonstrated resilience, with a cumulative year-on-year increase of 2.2% in appliance exports from January to May 2025, despite tariff concerns [27][28] 2025 Second Half Outlook - The domestic market is expected to benefit from the continuation of the old-for-new policy, with a total of 300 billion yuan allocated for subsidies in 2025, of which 162 billion yuan has already been utilized [39][40] - The report anticipates that the cost pressures from raw materials will remain manageable, with only copper prices showing a significant increase of 15.5% year-to-date [46][49] - The white goods sector is projected to maintain stable growth, benefiting from the old-for-new policy, with recommended stocks including Midea Group, Gree Electric, and Haier Smart Home [8][10] Long-Term Outlook - The report highlights trends towards diversification, globalization, and smart home technology in the home appliance industry, with a focus on high-end consumer potential and cost-performance considerations [39][43]

[本报告联系人： Table_C ontacter] [Table_Title] 铜行业专题之一 [Table_Page] 行业专题研究|有色金属 2025 年 7 月 1 日 证券研究报告 全球铜矿产量增速已近拐点，重视铜价弹性 | 分析师： [Tabl | 宫帅 | 分析师： | 陈琪玮 | | --- | --- | --- | --- | | e_Author] | SAC 执证号：S0260518070003 | | SAC 执证号：S0260524040003 | | | SFC CE.no: BOB672 | | SFC CE.no: BTE650 | | | 010-59136660 | | 021-38003631 | | | gongshuai@gf.com.cn | | chenqiwei@gf.com.cn | [Table_Summary] 核心观点： 识别风险，发现价值 请务必阅读末页的免责声明 1 / 25 铜矿：全球长期资本开支压制增量，老矿品位下滑、地缘风险上升使得存量难稳产。据彭博、公司财报，从全 球约 450 个铜矿项目的统计看，我们预计乐观情况下，2025、2026、2 ...

[Table_Page] 投资策略报告|传媒 证券研究报告 | 年中期策略 | [Table_Title] 传媒行业 2025 | | | | --- | --- | --- | --- | | 关注 | | | AI | | | | 产业进展 | | | 紧扣景气度主线，重视确定性资产，乐观 | | | | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]旷实 SAC 执证号：S0260517030002 SFC CE No. BNV294 010-59136610 kuangshi@gf.com.cn 分析师： 廖志国 SAC 执证号：S0260525060001 15201876785 liaozhiguo@gf.com.cn 分析师： 徐呈隽 SAC 执证号：S0260519110002 021-38003663 xuchengjun@gf.com.cn 分析师： 周喆 SAC 执证号：S0260523050003 SFC CE No. BJD408 010-59136890 zhouzhe@gf.com.cn 分析师： 章驰 SAC 执证号：S026052308 ...

证券研究报告 [Table_Page] 跟踪分析|机械设备 [Table_Title] 锂电设备行业 固态电池产业化加速，设备环节率先受益 [Table_Summary] 核心观点： [Table_Grade] 行业评级 买入 前次评级 买入 报告日期 2025-06-20 [Table_PicQuote] 相对市场表现 [分析师： Table_Author]代川 SAC 执证号：S0260517080007 SFC CE No. BOS186 021-38003678 daichuan@gf.com.cn 分析师： 朱宇航 SAC 执证号：S0260520120001 021-38003676 zhuyuhang@gf.com.cn 分析师： 范方舟 SAC 执证号：S0260522080001 021-38003750 fanfangzhou@gf.com.cn 请注意，朱宇航,范方舟并非香港证券及期货事务监察委员 会的注册持牌人，不可在香港从事受监管活动。 -14% -3% 8% 18% 29% 40% 06/24 08/24 11/24 01/25 04/25 06/25 机械设备 沪深300 [Ta ...

Investment Rating - The report maintains a "Buy" rating for multiple companies in the pharmaceutical and biotech industry, indicating a positive outlook on their growth potential and market performance [6]. Core Insights - The ASCO conference showcased significant advancements in domestic innovative drugs, highlighting the competitive edge of Chinese pharmaceutical companies in the global market [4][12]. - The report emphasizes the clinical value and market potential of several key drugs presented at ASCO, including promising results from various companies [4][12]. Summary by Relevant Sections Domestic Key Research Overview - BaiLi Tianheng's BL-B01D1 demonstrated a 35.3% confirmed overall response rate (cORR) in patients with non-small cell lung cancer (NSCLC) and small cell lung cancer (SCLC) [18]. - DiZhe Pharmaceutical's DZD6008 achieved over 80% overall response rate (ORR) in heavily treated chronic lymphocytic leukemia (CLL) patients, indicating its potential as a new treatment option [4][12]. - FuHong HanLin's PD-L1 ADC showed excellent performance in immune-resistant squamous NSCLC patients, while HLX22 is expected to redefine first-line treatment for advanced gastric cancer [4][12]. - KeLun BoTai's sac-TMT data confirmed long-term survival benefits in third-line EGFR-mutant NSCLC and first-line triple-negative breast cancer (TNBC) [4][12]. - KangNing JieRui's HER2 bispecific ADC demonstrated comparable efficacy and better safety than existing treatments [4][12]. - MaiWei Biotech's 9MW2821 combined with toripalimab is anticipated to be a strong contender in first-line urothelial carcinoma treatment [4][12]. - SanSheng Pharmaceutical updated data on SSGJ-707 for first-line treatment of wild-type NSCLC, with a significant partnership with Pfizer [4][12]. - XinDa Biotech's IBI363 showed potential in activating "cold" tumors, aiming to become a cornerstone drug in immunotherapy [4][12]. - YaSheng Pharmaceutical's Lisaftoclax achieved positive results in patients resistant to venetoclax, filling a treatment gap in myeloid malignancies [4][12]. - ZhengDa TianQing's "DeFu combination" was selected for LBA, potentially offering a new first-line treatment for PD-L1 positive NSCLC [4][12]. - ZeJing Pharmaceutical and ZaiDing Pharmaceutical presented excellent data on ZG006 and ZL-1310 for late-line SCLC treatment, showcasing the global competitiveness of domestic drugs [4][12].

Investment Rating - The report indicates a positive investment outlook for the short drama industry, highlighting significant growth potential in both domestic and overseas markets [4]. Core Insights - The domestic short drama market in China is projected to reach 686 billion yuan in 2025, with a year-on-year growth of 36% [8]. - Free short dramas are becoming the main growth driver, with a market size expected to grow from 250 billion yuan in 2024 to 350 billion yuan in 2025, marking a 40% increase [8]. - The competition landscape is increasingly concentrated, with leading platforms like Tomato expanding their market share significantly [20]. - The user engagement metrics for the leading short drama app, Hongguo, show a remarkable increase, with MAU reaching 173 million in March 2025, a 220% year-on-year growth [51]. Summary by Sections Domestic Short Drama Market - The market size for short dramas exceeded 500 billion yuan in 2024, with a user penetration rate of nearly 60% [8]. - The free short drama segment is expected to grow by 150% in 2024, while the paid segment remains stable [8]. - The number of brands investing in short dramas has increased significantly, with 348 brands participating in 2024 [15]. Overseas Short Drama Market - The overseas short drama market is in a rapid growth phase, with over 300 apps competing for market share [4]. - Companies like Zhongwen Online maintain a leading position in overseas short drama layouts [20]. AI and Short Dramas - AI models are continuously evolving, aiding in the production of short dramas, although commercial viability remains weak [23]. - The application of AI in animation short dramas is accelerating, contributing to cost reduction and efficiency [25]. Competitive Landscape - The competitive dynamics are shifting towards a head-to-head concentration, with Tomato leading the market [20]. - Hongguo's user engagement metrics are significantly higher than those of traditional long video platforms, indicating a shift in viewer preferences [51]. User Engagement and Content Production - The average daily usage time for users on Hongguo has reached 19.36 hours per month, surpassing that of long video platforms [51]. - The number of new short dramas being produced is steadily increasing, with a peak of 5,849 new dramas launched in February 2025 [33]. Brand Investment and Advertising - The advertising investment in short dramas has seen a substantial increase, with beauty and personal care brands dominating the market [15]. - The trend of brand-customized short dramas is becoming mainstream, with significant growth in the number of brand collaborations [15].