[Table_Page] 公告点评|房地产Ⅱ 证券研究报告 [Table_Title] 【广发地产&海外】中国海外发展 (00688.HK) 6 月销售超预期,23 年核心拿地效果显现 [Table_Summary] 核心观点: ⚫ 6 月销售超预期。根据公司经营公告,中海地产(含宏洋)24 年 6 月 销售金额 466.8 亿元,同比+41%,其中中国海外发展贡献 426 亿元, 同比+49%,中国海外宏洋集团贡献 40.8 亿元,同比-12%。24 年上半 年,中海地产、中海发展、中海宏洋销售金额分别为 1484 亿元、1294 亿元、190 亿元,同比分别-18%、-16%、-27%。 ⚫ 6 月红盘集中入市,增加确定性。根据中指院,24 年上半年公司红盘 集中入市,24 年 3 月在上海推出顺昌玖里(高层)首开销售额 197 亿 元,占单月销售的 52%,6 月末集中推出上海领邸玖序、深圳深湾玖 序、北京京华玖序三个"玖"系高端住宅,首开销售额分别为 66、100、 62 亿元,合计销售 228 亿元,占 6 月销售的 54%。此外,公司 6 月末 推出低密产品(顺昌/恒昌玖里)首开 49 套 100 ...

Investment Rating - The report rates the industry as "Buy" for key companies such as 恒瑞医药 (Hengrui Medicine), 翰森制药 (Hansoh Pharmaceutical), 石药集团 (Shijiazhuang Yiling Pharmaceutical), 信立泰 (Xianlittai), 信达生物 (Innovent Biologics), and 君实生物 (Junshi Biosciences) [4]. Core Insights - siRNA drugs demonstrate significant clinical advantages and the industry is entering a rapid development phase. siRNA drugs utilize the RNAi mechanism to target almost any gene in the genome, including targets that are "undruggable" by small molecules and antibodies. They exhibit strong specificity, long-lasting effects, good safety profiles, short development cycles, and high clinical success rates. Recent breakthroughs in the RNAi field have accelerated growth, with the first siRNA drug Patisiran approved by the FDA in 2018, followed by Givosiran in 2019 and Inclisiran in 2020, marking a new era for siRNA drugs in chronic disease treatment [2][36]. - The value of siRNA platforms is becoming more prominent, with continuous iterations in delivery technology. The emergence of GalNAc delivery technology has become a significant milestone in siRNA drug development, particularly for liver targeting. Companies like Alnylam have established a clear first-mover advantage in this area, while others like Arrowhead and Dicerna are also building their own GalNAc platforms [2][40]. - The RNAi field has a rich pipeline of drugs under development, expanding treatment boundaries from rare diseases to common chronic diseases. Currently, there are over a hundred siRNA drugs in clinical research globally, with six approved and one in the application stage. The number of drugs in clinical phases II and III is also increasing, indicating broad applications of RNAi technology in treating conditions like hyperlipidemia, hypertension, and NASH [2][55]. Summary by Sections Section 1: Rapid Development of siRNA Industry - The siRNA industry is experiencing rapid growth, with significant advancements in technology and production processes leading to an acceleration in drug approvals and market entry [32]. Section 2: Highlighting the Value of siRNA Platforms - siRNA drugs can target any known gene sequence once a delivery platform is established, showcasing the platform's value. The GalNAc delivery system has proven effective for liver-targeted siRNA drugs, with several companies developing their own platforms [40][41]. Section 3: Expanding Treatment Boundaries in RNAi - The global pipeline for siRNA drugs is rich, with a focus on both rare and common diseases. The increasing number of clinical trials indicates a growing interest and investment in RNAi therapies [55]. Section 4: Investment Recommendations - The report suggests focusing on companies with mature platform technologies, strong clinical development capabilities, differentiated competitive advantages, and potential for international expansion [2].

Investment Rating - The report assigns a "Buy" rating for companies such as CATL, BYD, EVE Energy, and Guoxuan High-Tech, indicating a positive outlook for their stock performance in the coming year [4]. Core Insights - The new policy cycle and the onset of affordable private car pricing are driving the electrification turning point in the U.S. electric vehicle market. The report highlights the significant growth in electric vehicle penetration, particularly driven by Tesla's Model S and Model 3, which helped the market achieve a compound annual growth rate (CAGR) of 36.8% from 2017 to 2021 [2][10]. - The report anticipates that by 2025, Tesla's entry-level electric vehicle will lead to a compact private car pricing cycle, pushing penetration rates from 10% to 20%. It predicts U.S. electric vehicle sales will reach 2.58 million units in 2025, a year-on-year increase of 48.24% [2][10]. - General Motors (GM) is positioned to leverage its Ultium platform to enhance scale advantages and accelerate the transition to hybrid vehicles. The report notes GM's strong sales performance and its plans to introduce several new electric models, including the Equinox EV and Silverado EV, which are expected to drive demand [2][38]. Summary by Sections Section 1: U.S. Market Dynamics - The report discusses the supply-demand mismatch that has constrained potential releases in the U.S. market, emphasizing the importance of new policy cycles and the introduction of affordable electric vehicles [10][19]. - It highlights the impact of the Inflation Reduction Act (IRA) on accelerating the electrification transition, with significant subsidies and regulatory changes expected to boost sales [10][19]. Section 2: GM's Ultium Platform - GM's Ultium platform is noted for its ability to create a diverse range of electric vehicles, enhancing production efficiency and reducing development time by approximately 50% [46][50]. - The report outlines GM's strategy to introduce multiple new models, including the Equinox EV, which is expected to be competitively priced against traditional fuel vehicles, thus enhancing its market position [51][52]. Section 3: Investment Recommendations - The report recommends focusing on companies that are well-positioned in the U.S. market, such as CATL, BYD, EVE Energy, and Guoxuan High-Tech, as well as key material suppliers like Tinci Materials and PuTaiLai [2][65].

[Table_Page] 跟踪分析|证券Ⅱ 证券研究报告 [Table_Title] 证券Ⅱ行业 6 月公募新发延续增长,债基仍为新发主力 [Table_Summary] 核心观点: ⚫ 概览:6 月新成立基金 119 只,新发基金热度上涨。据 Wind 统计,以 基金成立日口径统计,2024 年 6 月新成立基金 119 只,环比上涨 26.60%,同比上涨 9.27%;该月新发行份额为 1751.50 亿份,环比上 涨 70.55%,同比上涨 63.29%。 (1)债基仍然是新发基金主力。6 月新发基金中,债券型基金发行 44 只,发行份额达 1525.08 亿份,环比上涨 80.11%,占新发基金截止日 份额的 87.06%,相较于今年 5 月抬升明显。股票型基金发行 38 只, 发行份额达 105.09 亿份,受 5 月股票型基金份额基数较高影响,6 月 股票型基金发行份额环比略有下降,环比下降 0.33%,占新发基金截 止日份额的 6.00%。主动权益基金的阶段性跑输,投资者更加偏好被 动指数基金,避险需求仍较为旺盛,一段时间内指数化工具避险仍为核 心诉求,此外,债券型产品,如利率债的需求依然旺盛。 ...

[Table_Page] 投资策略周报|通信 证券研究报告 [Table_Title] 通信行业 2024 世界人工智能大会召开,应用端落地进程加速 [Table_Summary] 核心观点: 事件:7 月 4 日至 6 日,2024 世界人工智能大会暨人工智能全球治理 高级别会议(WAIC 2024)在上海举办。会议开放 AI 基础设施、AI 大 模型行业应用趋势与创新探索、智能汽车、人形机器人与具身智能、产 业发展等论坛,强化 AI 基础设施建设重要性的同时,凸显了大模型和 AIGC 在行业和终端的加速落地。 大模型:模型深度调优,应用场景升级、应用行业持续拓展。根据 C114 网,中国移动发布移动云智算产品体系,依托"天穹算网大脑"编排调 度全域资源、九天千亿参数模型深度调优和海量国产化算力布局。目前 移动云智算产品已为教育、能源、互联网等行业提供算力、工具服务。 阿里云通义灵码提供行级/函数级实时续写、自然语言生成代码、异常 报错排查等能力,并针对阿里云服务使用场景调优。根据《IT 时报》, 目前通义灵码下载量超 350 万,每日辅助开发者生成代码超 3000 万 次,已广泛应用于金融、制造、互联网、 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance in the next 12 months [3]. Core Views - The company is expected to achieve a net profit attributable to shareholders of between 459 million to 516 million yuan for the first half of 2024, representing a year-on-year increase of 60% to 80%. The net profit after deducting non-recurring gains and losses is projected to be between 383 million to 437 million yuan, reflecting a significant increase of 180% to 220% compared to the same period last year [1][2]. - The report highlights strong growth in the company's performance for the first half of 2024, driven by an increase in sales volume and orders in the diesel engine segment, as well as improved pricing and gross margins for key products [1]. - The company is benefiting from the replacement of aging ships and the low-carbon transformation of shipping, which is expected to enhance the penetration rate of high-value dual-fuel engines [1]. Financial Forecasts - The expected earnings per share (EPS) for the company from 2024 to 2026 are projected to be 0.54 yuan, 0.77 yuan, and 1.17 yuan, respectively [1][2]. - The report anticipates revenue growth rates of 8.6% in 2024, 10.4% in 2025, and 13.3% in 2026, with a significant increase in net profit expected in the coming years [2][5]. - The company’s estimated price-to-earnings (P/E) ratio for 2024 is 45 times, leading to a target price of 24.41 yuan per share [1][3].

Investment Rating - The report assigns an "Accumulate" rating to the company with a current price of 73.95 CNY and a target value of 76 CNY [2]. Core Insights - The company benefits from the rapid iteration of capital market innovation and the ongoing transformation of its B-end business, which is expected to contribute to stable revenue growth [1][22]. - The C-end business, although starting from a low base, shows significant growth potential, with a 48% CAGR in MAU over the past five years [1]. - The development of AI technologies is expected to enhance the company's business capabilities, particularly in C-end applications [4]. Summary by Sections B-end Business Performance - The company primarily provides securities trading system software and information services, covering over 90% of domestic securities firms [22]. - Software sales and maintenance services have seen a compound annual growth rate (CAGR) of 18% and 16% respectively over the past three years, with software sales revenue reaching 2.1 billion CNY in 2023, up from 1.2 billion CNY in 2022 [1][42]. - The company is positioned as a key supplier in the securities trading system software market, with a focus on enhancing customer stickiness and adapting to market demands [57]. C-end Business Growth - The C-end business has shown rapid growth, with the Tongdaxin app's MAU increasing from approximately 200,000 in early 2018 to 2.13 million by April 2024, representing a 48% CAGR [1]. - The company offers competitive pricing for its mobile services, which aids in market penetration and revenue growth [1]. AI Development - The company is actively developing an open AI platform, which is expected to drive innovation in its trading software and enhance user experience [4]. Profit Forecast and Valuation - The net profit for 2024 is projected to be 310 million CNY, a slight decrease of 1% year-on-year, with a reasonable valuation set at 45x PE, leading to a target price of 76 CNY per share based on an EPS of 1.69 CNY [1].

[Table_Page] 跟踪分析|医药生物 证券研究报告 [Table_Title] 医药生物行业 政策利好,看好高质量创新药资产价值 [Table_Summary] 核心观点: ⚫ 新华社报道,国务院总理李强 7 月 5 日主持召开国务院常务会议,审 议通过《全链条支持创新药发展实施方案》,要全链条强化政策保障, 统筹用好价格管理、医保支付、商业保险、药品配备使用、投融资等 政策,优化审评审批和医疗机构考核机制,合力助推创新药突破发展。 ⚫ 政策层面持续向好,优质创新管线潜在估值提升。近年来,我国出台 了一系列促进创新药发展的政策,覆盖创新药临床开发、审评审批以 及商业化落地全流程,为我国创新药的蓬发发展给予全链条支持。(1) 供给侧,加快新药审批审评速度,提高药品监管质量标准,优化国内 创新药竞争格局,加快创新药医院准入。(2)支付端,医保规则逐渐 清晰,降价幅度趋缓,新药定价体系趋稳且不断优化;同时,通过探 索多元化支付方式更好地支持新药研发和创新企业长远发展。我国医 药改革逐渐步入深水区,本次国常会审议通过《全链条支持创新药发 展实施方案》,有望进一步促进我国创新药行业高质量发展。 ⚫ 创新提质,国 ...

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[Table_Page] 跟踪分析|计算机 证券研究报告 [Table_Title] 智能网联驾驶月报(2024 年 6 月) 详解车路云一体化,继续推荐交通信息化 [Table_Summary] 核心观点: ⚫ 继续看多交通信息化,24H2 投资有望加速落地。近年走势复盘来看, 政策利好往往是交通信息化板块行情的核心驱动力,2018 年至今,交 通信息化板块行情主要由 ETC、车路协同及 L3 立法等政策驱动。 2024H1 期间,相继出台车路云一体化试点、公路水路交通基础设施数 字化转型升级两大政策,且实施周期皆为 2024-2026 年,有望驱动交 通领域投资共振。从产业进展来看:(1)公路交通基础设施数字化转型 升级有望 24H2 逐步开启实施,相关上市公司 2025 年有望规模化贡献 业绩;(2)结合目前披露的北京、武汉等地车路云一体化项目进展来 看,车路云一体化相关项目 24Q2-24Q3 有望开启项目可行性研究、备 案、招标等相关举措,相关公司 2025 年有望规模化贡献业绩。 ⚫ 详解车路云一体化:(1)从产业背景来看,安全是自动驾驶发展的基 础,在目前国内主机厂技术及算力条件下,基于车路云一 ...