Investment Rating - The investment rating for the company is "Buy" with a current price of 162.10 CNY and a target value of 190.94 CNY [1]. Core Views - The report highlights the global potential of SKB264, which was showcased at ASCO, indicating its potential to become a Best-in-Class (BIC) treatment [1]. - Two studies presented at ASCO show promising results for SKB264 in treating TNBC and NSCLC, with significant improvements in progression-free survival (PFS) and overall response rates (ORR) compared to chemotherapy [1]. - The company is advancing its global clinical trials for SKB264, including multiple Phase III studies for various cancers [1]. Financial Summary - Revenue projections for the company from 2024 to 2026 are estimated at 12.45 billion CNY, 11.81 billion CNY, and 22.08 billion CNY respectively, indicating a strong growth trajectory despite a projected decline in 2024 and 2025 [1][2]. - The company reported a significant increase in revenue from 804 million CNY in 2022 to 1.54 billion CNY in 2023, reflecting a growth rate of 2,387.3% [3]. - The EBITDA is projected to worsen from -399 million CNY in 2023 to -1.08 billion CNY in 2025, indicating increasing operational challenges [2][3]. Clinical Development - SKB264 is currently undergoing multiple Phase III clinical trials for various indications, including NSCLC and TNBC, with promising early results [1]. - The report notes that SKB264 has been accepted for priority review by the CDE for first-line treatment in PD-L1 positive TNBC [1]. Analyst Team - The report is prepared by a team of analysts from GF Securities, including lead analysts with extensive backgrounds in finance and medicine [4].

[Table_Page] 行业专题研究|食品饮料 2024年5月30日 证券研究报告 [保Table_健Title] 品渠道专题研究 新兴渠道份额提升，代工龙头有望受益 分析[T师ab：l 符蓉 分析师： 高鸿 e_Author] SAC 执证号：S0260523120002 SAC 执证号：S0260522010001 SFC CE.no: BUQ312 021-38003552 021-38003690 furong@gf.com.cn gfgaohong@gf.com.cn 请注意，符蓉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] 核心观点： ⚫ 保健品渠道复盘：监管趋于规范，电商占比提升。根据彭博，2023年国内保健食品行业收入达2534亿元，20 13-2023 年复合增速为 8.88%，近年来保持稳健增长。对标发达国家来看，我国保健食品渗透率和人均消费均 有差距。随着我国居民营养健康意识不断提升，未来保健品渗透率和人均消费均有提升空间。复盘国内保健品 渠道变化来看，随着行业监管逐步完善，传统的直销和药店渠道份额收缩；而电商传播和交付效率快 ...

[Table_Page] 跟踪分析|环保 证券研究报告 [环Table_保Title] 行业政策跟踪 [Table_G行rade] 业评级 买入 前次评级 买入 24-25 年节能降碳方案印发，关注再生资源&节能改造 报告日期 2024-05-30 核心[T 观able 点_Sum ：mary] [相Tab对le_P市icQ场uote表] 现 ⚫ 国务院印发《2024-2025年节能降碳行动方案》，每年节能量5000万 4% -4%05/23 08/23 10/23 01/24 03/24 05/24 吨标准煤、减排二氧化碳约1.3亿吨。5月29日，国务院印发《2024- -11% 2025年节能降碳行动方案》，在此前2024年政府工作报告的基础上重 -19% 申2024年单位国内生产总值能源消耗和二氧化碳排放分别降低2.5% -26% 左右、3.9%左右，规模以上工业单位增加值能源消耗降低3.5%左右， -34% 环保 沪深300 在此前《2030 年前碳达峰行动方案》基础上重申 2025 年非化石能源 消费占比达到20%左右，并首次提出2024-2025年每年重点领域和行 业节能降碳改造形成节能量约500 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 8.87 CNY per share based on a 12x P/E ratio for 2024 [59]. Core Viewpoints - The company is expected to see a performance turnaround in 2024, with projected revenue growth driven by increased production capacity and stable pricing [14][59]. - The company has a stable shareholding structure, with the largest shareholder holding 17.17% of the shares [11]. - The company has been expanding its overseas production capacity, which is expected to mitigate risks associated with U.S.-China trade tensions [31][58]. Company Overview - The company operates a full industry chain from spinning to garment manufacturing, primarily producing high-end colored woven fabrics and garments [1]. - The company has consistently ranked among the top ten in China's cotton textile industry in terms of main business revenue [1]. Financial Performance - From 2010 to 2023, the company's revenue CAGR was 1.23%, indicating stable performance despite fluctuations in net profit due to factors like exchange rates and cotton prices [2]. - The company experienced significant revenue and net profit declines in 2020, attributed to the pandemic and reduced demand from Europe and the U.S. [2]. - The company has maintained a leading position in profitability, solvency, and operational efficiency within the A-share cotton textile industry over the past five years [20]. Production Capacity and Utilization - The company’s fabric production capacity is projected to reach 307 million meters by 2024, with utilization rates expected to be 76%, 78%, and 80% from 2024 to 2026 [40]. - The company has a diversified production capacity across regions, including significant operations in Vietnam and Cambodia [30][31]. Revenue Projections - The company’s revenue is projected to grow to 6.725 billion CNY in 2024, with net profit expected to reach 604 million CNY, reflecting a year-on-year growth of 12.8% and 49.8%, respectively [59]. - The company anticipates stable pricing for its products, with fabric prices expected to remain at approximately 3.30 USD per meter from 2024 to 2026 [40]. Market Position - The company is recognized as a leader in the colored woven fabric industry, with a strong competitive edge due to its product quality and market presence [59]. - The company has a robust patent portfolio, holding 288 patents, which supports its innovation capabilities in the textile sector [54].

[Table_Page] 深度分析|证券Ⅱ 证券研究报告 [证Table_券Title] Ⅱ行业 [Table_行Grade] 业评级 买入 前次评级 买入 建设一流投行启示录之三：并购艺术与价值实现 报告日期 2024-05-28 核心[T 观able 点_Su ：mmary] [相Tab对le_P市icQ场uote表] 现 ⚫ 建设金融强国背景下，监管及政策多次发声，支持证券公司通过并购 20% 12% 重组做优做强。本篇报告通过梳理海外一流投行并购之路，提供相关借 4% 鉴启示，并复盘中国投行的并购历史，以总结经验与教训。 -4%05/23 08/23 10/23 12/23 03/24 05/24 ⚫ 全球化并购是海外一流投行做大做强的重要抓手。美国投行并购由政 -12% 策驱动并逐渐向市场化发展，投行头部化趋势显著，顶级投行高盛、摩 -20% 证券Ⅱ 沪深300 根士丹利和瑞银集团通过并购实现业务转型升级。高盛通过并购 J.Aron & Company发展FICC业务，从传统投行业务向发展资本中介 等重资产业务转型；金融危机后，以资产管理、零售科技为系列并购重 [分Ta析ble师_A：uth or] ...

[Table_Page] 投资策略周报|有色金属 证券研究报告 [金Table_属Title] 及金属新材料行业 [Table_行Grade] 业评级 买入 前次评级 买入 预期低点，布局良机 报告日期 2024-05-26 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现  基本金属：海外需求改善，预计基本金属价格震荡上行。虽然市场推后 14% 对美联储降息时点预期，但其他国家降息或早于美国，海外高利率缓和 6% -1% 方向不变。欧洲制造业需求边际修复，国内铜线缆出口需求明显改善， 05/23 08/23 10/23 12/23 03/24 05/24 -9% 内需有稳增长政策托底，铜矿、阴极铜供给均紧张，预计随边际需求改 -16% 善，下周基本金属价格震荡，不改中期上行方向。建议关注：紫金矿业、 -24% 洛阳钼业（A+H）、西部矿业、金诚信、中国铝业（A+H）、云铝股份、 有色金属 沪深300 天山铝业等。  钢铁：淡季弱需求延续，成本支撑钢价上行。供给端，低盈利率有望压 [分Ta析ble师_A：uth or]宫 帅 制铁水供给。需求端，淡季线螺采购环比继 ...

Investment Rating - The investment rating for the company is "Buy," indicating an expected stock performance that will exceed the market by more than 15% over the next 12 months [3][18]. Core Views - The company has successfully showcased its innovative drug 9MW2821 at the 2024 ASCO conference, highlighting its potential in treating various solid tumors [18]. - The company is progressing well with its research pipeline, with several products entering commercialization, including three biosimilars [18]. - Revenue forecasts for the company are optimistic, with projected revenues of 241 million in 2024 and 1,007 million in 2025, reflecting significant growth rates of 88.3% and 318.3% respectively [18][19]. Financial Summary - The company reported a revenue of 128 million in 2023, with a substantial growth rate of 361% compared to the previous year [19]. - The projected EBITDA for 2024 is -956 million, indicating ongoing investment in research and development [19]. - The net profit for 2023 was -1,059 million, with expectations of a slight improvement to -1,094 million in 2024 [19]. Research and Development - The company is advancing its innovative antibody-drug conjugate platform, with multiple candidates in clinical trials [18]. - The safety profile of 9MW2821 shows common treatment-related adverse events such as leukopenia and anemia [18]. Market Position - The company is positioned to capitalize on the growing market for innovative therapies, with a focus on oncology [18]. - The company has received regulatory recognition for several of its products, enhancing its competitive edge in the market [18].

Industry Investment Rating - The report maintains a **Buy** rating for the media industry, with a focus on AI-driven applications and emotional companionship products [2] Core Views - AI companionship products are evolving towards **personality-driven and emotional interactions**, with significant potential for commercialization [2] - Overseas markets, particularly in the US, have seen faster commercialization due to a more relaxed regulatory environment, while the domestic market is still in its early stages [2][12] - The target user base for AI companionship products includes **anime, gaming, and otome game players**, with potential for further market penetration [13] Overseas Market Analysis - **Character AI** leads in daily visits and average session duration, with a strong focus on IP-driven character interactions and community-driven UGC content [15][19] - **Talkie** differentiates itself by integrating card game mechanics, targeting female users and offering innovative monetization through in-app purchases [26][27] - Overseas products like **Replika** and **AI Dungeon** focus on deep emotional engagement and narrative-driven experiences, respectively [32] Domestic Market Analysis - Domestic AI companionship products, such as **Xingye** and **Maopao Duck**, are still in the early stages, with **Xingye** leading in downloads but facing challenges in user penetration and functional diversity [36][38] - **Maopao Duck** combines entertainment and productivity features, targeting a broader user base but requiring further product refinement [41][43] - **Doubao** leverages its multi-modal capabilities to enhance user experience, with over 26 million MAUs and 8 million user-created AI agents [44] Investment Recommendations - Companies with strong IP portfolios, such as **Mango TV**, **iQiyi**, and **Huace Film & TV**, are well-positioned to leverage AI companionship features to extend IP lifespans and create new monetization channels [48] - Marketing companies like **BlueFocus** and **Yeahmobi** may benefit from the increasing demand for user acquisition and engagement in the competitive AI companionship market [49] Key Data Points - **Character AI** has a monthly subscription fee of $9.9, while **Xingye** offers a monthly card for 12 RMB [13] - **Talkie** generated over $840,000 in revenue within six months of its launch [29] - **Doubao** has over 26 million MAUs and 8 million user-created AI agents [44]

[Table_Page] 行业专题研究|计算机 2024年5月29日 证券研究报告 [计Table_算Title] 机行业 医疗 IT 订单跟踪：24 年 1-4 月订单量额齐升，验证复苏预期 分析[T师ab：l 刘雪峰 分析师： 李婉云 e_Author] SAC 执证号：S0260514030002 SAC 执证号：S0260522120002 SFC CE.no: BNX004 021-38003675 liwanyun@gf.com.cn gfliuxuefeng@gf.com.cn 请注意，李婉云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] 核心观点： ⚫ 我们选取了11家A股上市医疗信息化公司，从中国招标网（www.bidchance.com）摘录订单数据，统计汇总后 进行分析。由于部分医疗信息化项目未经公开招标流程，因此公开订单往往少于实际订单，但从历史来看，公开 统计订单的定性趋势仍有一定的参考意义。 ⚫ 从多维度看，24年1-4月的公开订单相较于23年实现稳健增长： (1) 累计订单数据：24年1-4月医疗IT行业订单数量较去年同期 ...

图 17: 估值拐点与 ROE 拐点: 伊利股份 图 19: 估值拐点与 ROE 拐点: 晨光文具 . 图 21: 食品饮料 ROE 波动率与 PB 估值的动态变化………………………………………… 16 图 23: 高速公路 ROE 波动率与 PB 估值的动态变化…………………………………………… 17 图 27: 石油石化 ROE 波动率与 PB 估值的动态变化…………………………………………………… 19 图 30: 美股行业 PB-ROE: 必需消费品 . 表 1: ROE 的动态变化与估值的敏感性 识别风险，发现价值 [Table_PageText] 投资策略|专题报告 也就是说，过去中国经济总需求的两轮爆发，推动了当时许多龙头公司EPS提 升（做大ROE分子），从而提升了这些公司的ROE，成就了一个时代的核心资产。 ②相应地，市场将更多地关注通过分红回购降低净资产的方式（降低ROE分母）。 而实现上述传导逻辑的关键是公司具备可持续、可预见的自由现金流，背后是对行 业格局的要求。这一点在《大变局》系列报告里已有较多深入讨论。 本文将从估值定价角度，系统地讨论下一代核心资产所应具备的ROE稳定性来 自哪 ...