Group 1 - The report highlights a "risk-on" environment following the easing of tariffs between China and the US, leading to a significant rebound in global risk assets, particularly in the US stock market [1][9][51] - The A-share market has shown a mixed performance, with the Shanghai Composite Index rising by 0.76% and the ChiNext Index increasing by 1.38%, while the Hang Seng Index fell by 2.09% [1][13] - The report emphasizes the importance of focusing on structural opportunities within the market, particularly in the small-cap sector, which has seen significant gains since the bottom of the "golden pit" [2][26][60] Group 2 - The report notes that the small-cap index and micro-cap stocks have rebounded significantly, with the micro-cap index achieving a 36% increase since the bottom of the "golden pit" [2][60] - It is observed that the performance of sectors closer to the "pit edge" has slowed down, while those further away have experienced larger gains, indicating a rotation in market sentiment [26][30] - The report suggests that the technology sector is expected to continue its recovery, supported by a "second wave" of technology investments, particularly in high-dividend and tech stocks [3][7] Group 3 - The report discusses the impact of external factors, such as the US inflation data and the Federal Reserve's interest rate policies, on market dynamics, indicating a potential delay in rate cuts due to persistent inflation [5][7][9] - The report highlights the importance of monitoring the performance of various sectors, particularly those that have completed their "fill pit" process, such as consumer electronics and machinery, which are now showing signs of recovery [26][27] - The report also emphasizes the need for investors to be cautious of potential downward pressure from unexpected increases in the US dollar index, which could affect market sentiment [2][5] Group 4 - The report outlines the recent trends in fund flows, noting that there has been a significant outflow from major ETFs, indicating a shift in investor sentiment and a potential weakening of support for large-cap indices [20][22][23] - It is noted that the banking sector has shown strong performance, attributed to the influx of incremental capital, which has helped the sector achieve excess returns independent of dividend assets [20][25][26] - The report emphasizes the ongoing structural changes in the public fund industry, with new regulations aimed at enhancing the performance of active equity funds and aligning management fees with fund performance [61][62][63]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [7] Core Insights - The treatment of sepsis has significant unmet clinical needs, with recent success in the Phase II clinical trial of STC3141 by Yuan Da Pharmaceutical, marking a breakthrough in sepsis treatment [2][19] - Sepsis is a high-mortality clinical syndrome caused by infection, with an estimated 48.9 million cases and 11 million deaths globally in 2017 according to WHO [2][21] - Current treatments for sepsis primarily focus on symptomatic care, with no effective therapeutic options available [23] - The market for sepsis treatment is vast due to the severe unmet clinical needs, highlighting the potential for new drug developments [2][26] Summary by Sections 1. Weekly New Drug Market Review - From May 12 to May 16, 2025, the top five companies in the new drug sector by stock price increase were Junshengtai (19.78%), Deqi Pharmaceutical (18.34%), Jiahe Biotech (14.48%), Keji Pharmaceutical (14.46%), and Fuhong Hanlin (12.34%) [1][15] - The top five companies by stock price decrease included Gilead Sciences (-17.10%), CanSino Biologics (-8.72%), Yunding New Medicine (-7.77%), Zai Lab (-7.18%), and Chuangsheng Group (-6.96%) [1][15] 2. Key Analysis of the New Drug Industry - Sepsis treatment faces serious unmet clinical needs, with Yuan Da Pharmaceutical's STC3141 achieving clinical endpoints in its Phase II trial in China [2][19] - Sepsis is characterized by a dysregulated host response to infection, leading to life-threatening organ dysfunction [20] - In China, approximately 2.93 million cases of sepsis occur annually, with around 709,315 related deaths [21] - Current therapies are mainly symptomatic, including antibiotics, vasopressors, and supportive care, with no effective treatment options available [23] - The development of new drugs for sepsis is challenging, with many innovative therapies failing in clinical trials [26] 3. New Drug Application Approvals and Acceptances - No new drug or new indication applications were approved this week, but eight new drug applications were accepted [4] 4. New Drug Clinical Application Approvals and Acceptances - This week, 40 new drug clinical applications were approved, and 30 new drug clinical applications were accepted [5] 5. Key Domestic Market Events - Notable events included the initiation of a Phase III trial by BeiGene for its BTK-targeting drug BGB-16673 and the priority review application for a new indication by Kelun-Biotech for SKB264 [11] 6. Key Overseas Market Events - AbbVie announced FDA approval for its c-Met-targeting ADC drug Telisotuzumab Vedotin, marking a significant milestone in the treatment of non-small cell lung cancer [12]

Investment Rating - The industry investment rating is maintained as "Outperform the Market - A" [6] Core Viewpoints - The report highlights the gradual implementation of "existing house sales" in Xinyang, which is expected to improve the current supply-demand environment in the real estate market and enhance residents' confidence in home purchases [1] - The report suggests focusing on distressed real estate companies such as China Vanke and New Town Holdings, as well as leading companies maintaining land acquisition intensity like China Merchants Shekou, Greentown China, Poly Developments, and Binjiang Group [1] Sales Review (5.10-5.16) - The total number of monitored transactions in 32 cities reached 16,300 units, a week-on-week increase of 27.3% - Cumulative transactions for 2025 stand at 296,000 units, a year-on-year decrease of 2.6% - First-tier cities recorded 5,319 units sold, a week-on-week increase of 43.6%, with a cumulative total of 85,000 units for 2025, reflecting a year-on-year increase of 13% - Second-tier cities saw 9,045 units sold, a week-on-week increase of 22%, with a cumulative total of 176,000 units for 2025, a year-on-year decrease of 8.9% - Third-tier cities recorded 1,966 units sold, a week-on-week increase of 15.1%, with a cumulative total of 35,000 units for 2025, a year-on-year decrease of 2% [2][13] Land Supply (5.5-5.11) - The planned construction area for residential land supply in 100 cities is 2.62 million square meters, with a cumulative supply of 68.33 million square meters for 2025, reflecting a year-on-year decrease of 16% - The average floor price for land supply in 100 cities is 4,186 CNY/sqm, with a recent four-week average of 5,983 CNY/sqm, showing a week-on-week decrease of 2.3% and a year-on-year increase of 33.1% [3][22][24] Land Transaction (5.5-5.11) - The total planned construction area for residential land transactions in 100 cities is 2.62 million square meters, with a cumulative transaction area of 64.42 million square meters for 2025, reflecting a year-on-year increase of 6.6% - The average transaction floor price for residential land in 100 cities is 6,877 CNY/sqm, with a week-on-week decrease of 34.5% and a year-on-year increase of 90.2% - The overall premium rate is 9.8%, with an average floor price of 8,017 CNY/sqm for 2025, and a premium rate of 14%, which is an increase of 9.4 percentage points compared to the same period last year [4][37][39]

2025 年 05 月 18 日 或仅是整理，蓄势以待机 本期要点：或仅是整理，蓄势以待机 上期提到，全天候模型发出了技术面上的风险提示信号，从这个角度 看未来一段时间市场或将进入技术上的震荡整理期。事后来看，走势 基本符合预期。 对于大盘，从走势形态看，本轮反弹已经涨了两波，第二波是从五一 之后开始的。从周期分析模型对不同级别趋势的监控分析结果来看， 当前潜在的调整仅是针对于五一之后上涨过程的调整，而四月初以来 的上行趋势或并没有已经结束的充分证据。从这个角度看，本轮调整 或最多回到 4 月底 5 月初的震荡区间，随后有望重新开始一波上行 走势，只有在那波上行趋势再次衰竭的时候才能判断本轮反弹是否真 正结束了。 在当前潜在的蓄势震荡过程中，四轮驱动模型建议关注军工、家电、 农林牧渔、汽车、电子、计算机、非银等板块。整体风格上可以适当 偏小盘，结构上可以适当偏均衡一些。 风险提示：根据历史数据构建的模型在市场变化时可能失效。 金融工程定期报告 证券研究报告 杨勇 分析师 SAC 执业证书编号：S1450518010002 yangyong1@essence.com.cn 相关报告 结构重于仓位，继续关注先 进 ...

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 12-month target price of 399.56 CNY [4][7]. Core Views - The report highlights the potential of the company's EGFR×HER3 bispecific antibody ADC in the overseas market, especially due to its collaboration with BMS, which is expected to drive significant sales growth [1][2]. - The company has established a strong pipeline in ADC and bispecific antibody fields, with multiple innovative products entering clinical stages, indicating promising future developments [1][3]. Summary by Sections Company Overview - The company is positioned as an innovative drug development enterprise with a global perspective, focusing on ADC and bispecific antibody platforms. It has 15 candidate drugs in clinical stages and over 80 clinical trials globally [12]. Core Product - The core product, BL-B01D1, is the world's first EGFR×HER3 bispecific antibody ADC, currently in collaboration with BMS. The product has shown excellent clinical data and is in advanced clinical trials both domestically and internationally [2][3]. ADC Pipeline - The company has eight ADC drugs in clinical development, including BL-M07D1, which is in phase 3 trials. New generation linker-payload drugs BL-B16D1 and BL-M17D1 have also entered clinical stages [3][21]. Financial Projections - Revenue is expected to improve significantly from 2024 onwards, primarily due to the collaboration with BMS, which includes an upfront payment of 800 million USD and potential milestone payments [21][31]. - The company has faced losses in recent years due to heavy investments in R&D, but profitability is anticipated to improve as core products progress towards commercialization [21][22]. R&D Investment - R&D expenses have increased significantly, reaching 744 million CNY in 2023, with a projected 1.443 billion CNY in 2024, reflecting the company's commitment to advancing its clinical pipeline [27][28]. Management Team - The management team comprises experienced professionals from various fields, providing strong leadership and expertise in drug development and commercialization [15][16]. Market Position - The company has a concentrated ownership structure, with the top ten shareholders holding 88.36% of the shares, indicating strong control by core stakeholders [18][19]. Clinical Development Strategy - The company is actively pursuing overseas development through collaborations with multinational corporations and its subsidiary SystImmune, enhancing its global reach [31][32].

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a target price of 60.08 CNY [5][8]. Core Views - The company is positioned as a leading manufacturer of high-end paper equipment, with expectations for significant revenue and profit growth in 2025 due to industry demand recovery and new product orders [1][3]. - The company has established a strong technological barrier in the domestic market, leading the way in the replacement of imported equipment with its own [2][3]. - The company is expanding into new materials and robotics, which are expected to contribute to revenue growth alongside its core business [2][3]. Summary by Sections Company Overview - The company is a leader in high-end paper equipment manufacturing, providing fully automated intelligent equipment and solutions for paper production, processing, and packaging [16][21]. - The actual controller holds 69.58% of the shares, indicating a concentrated ownership structure [21]. Market Demand and Technology - The demand for high-end paper equipment is steadily increasing, with a significant portion of the market expected to shift towards domestic manufacturers [2][45]. - The company has a competitive edge with its advanced manufacturing technology, achieving a 42% domestic replacement rate in the post-processing equipment sector by 2021 [2][3]. Growth Strategy - The company is pursuing a dual strategy of "equipment + materials," expanding into new business areas such as palletizing robots and lithium battery separator equipment [2][3]. - The company has made several acquisitions to enhance its capabilities in emerging markets, supported by a substantial industry fund of 1.9 billion CNY [2][3]. Financial Projections - Revenue is projected to grow significantly from 1.26 billion CNY in 2025 to 1.91 billion CNY by 2027, with corresponding net profits expected to rise from 160 million CNY to 257 million CNY during the same period [3][9]. - The company anticipates a recovery in its core business in 2025, driven by new orders and the expansion of its second growth curve in new energy equipment and film materials [1][27]. Competitive Landscape - The company is positioned to benefit from the ongoing consolidation in the paper manufacturing industry, with leading players expanding their market share and improving operational efficiencies [64][65]. - The market for paper products in China is expected to continue growing, with significant room for per capita consumption to increase compared to developed countries [45][53].

2025 年 05 月 13 日 农林牧渔 产能环比增加，5 月猪价或稳定微涨 生猪养殖：产能稳定微增，猪价短期内或小幅上涨 价格端：本周生猪均价 14.81 元/kg，周环比+0.14%，两周环比-0.50%； 仔猪价格 647 元/头，周环比-0.31%，两周环比-0.15%。根据 iFinD 数据，本周猪肉批发价格 20.82 元/kg，周环比+0.15%。 供给端：本周生猪日均屠宰量为 17.34 万头，周环比变动+1.89%。 周观点：根据涌益咨询数据，4 月能繁母猪存栏量环比+0.96%，同比 +5.21%，上月环比数值-0.25%。部分中型规模母猪场布局扩产，本月 新增母猪产能略有增加，计划根据下半年卖仔猪或明年自繁自养卖育 肥猪灵活操作。据 Mysteel 点评，5 月份出栏计划较四月份实际完成 微增 1.22%，出栏压力增加不明显，散户和二育集中出栏所造成的影 响有限，加上二育入场托底，大概率月度价格重心上移，均价水平或 高于四月。不过终端需求无明显改善，阶段性拉涨动力不足，因此价 格稳步小涨为主。 家禽养殖：白羽肉鸡持续稳定，分割品价格大稳小落 周观点：据我的钢铁网显示，本周种蛋价格下行调 ...

Economic Outlook - The joint statement indicates that the most pessimistic expectations for the macro economy are passing, with effective control over tail risks of economic slowdown[2] - The economy is likely to show a V-shaped recovery this year, with a continuation of recovery expected in the second half[2] Trade and Tariffs - The US-China joint statement on May 12, 2025, includes a 90-day suspension of most tariff increases, maintaining US tariffs on China at approximately 42%[4] - April exports decreased by 4.3 percentage points to a year-on-year growth of 8.1%, supported by "transshipment" during the tariff suspension period[7] Sector Performance - High-tech manufacturing products, such as ships and automobiles, showed strong growth, with ship exports increasing by 67.8% in April[7] - Exports to the US fell sharply, with a year-on-year decline from 9.1% in March to -21.0% in April, while exports to ASEAN and India grew significantly, at 22.5% and 21.7% respectively[8] Inflation and Prices - April's Producer Price Index (PPI) year-on-year decreased by 2.7%, while the Consumer Price Index (CPI) remained stable at -0.1% year-on-year[11][13] - The recovery of consumer prices is expected to be gradual, heavily reliant on the implementation of growth-stimulating policies[14] Market Trends - The equity market has been on an upward trend, driven by factors such as military performance in recent conflicts and timely monetary policy responses[16] - The market's focus is shifting back to domestic economic fundamentals, with signs of recovery in consumption, real estate, and manufacturing sectors[18]

Economic Outlook - The joint statement indicates that the most pessimistic expectations for the macro economy are passing, with effective control over tail risks of economic slowdown[2] - The economy is likely to show a V-shaped recovery this year, with a rebound expected in the second half[2] Trade and Tariffs - The US-China trade talks resulted in a 90-day suspension of most tariff increases, maintaining US tariffs on China at approximately 42%[4] - April exports decreased by 8.1% year-on-year, but this was less than market expectations, supported by a "rush to re-export" during the tariff suspension period[7] Sector Performance - High-tech manufacturing products, such as ships and automobiles, showed strong growth, with ship exports increasing by 67.8% in April[7] - Exports to the US fell sharply, with a year-on-year decline from 9.1% in March to -21.0% in April, while exports to ASEAN and India grew significantly[8] Inflation and Prices - April's PPI was -2.7% year-on-year, with significant declines in coal and oil prices contributing to this[11] - April's CPI was -0.1% year-on-year, with food prices, particularly beef and seafood, showing strong performance[13] Market Trends - The equity market has been on an upward trend, driven by factors such as military performance in recent conflicts and timely monetary policy responses[16] - The market's focus is shifting back to domestic economic fundamentals, with signs of recovery in consumption and real estate[18]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 6.75 CNY, maintaining the rating [4]. Core Views - The company has shown significant growth in Q1 2025, with revenue reaching 5.574 billion CNY, a year-on-year increase of 56.96%, and net profit of 666 million CNY, up 137.91% [1]. - The acquisition of COFCO Packaging has been successfully completed, contributing to a substantial increase in total assets by 66.56% to 30.137 billion CNY as of Q1 2025 [3]. - The company is expected to benefit from a stabilizing supply-demand dynamic in the two-piece can industry, further enhancing its market position and international expansion efforts [9]. Revenue and Profitability - In 2024, the company achieved a revenue of 13.673 billion CNY, a slight decline of 1.23% year-on-year, while net profit increased by 2.06% to 791 million CNY [1]. - The gross margin for 2024 was 16.31%, showing a year-on-year increase of 1.07 percentage points, although Q1 2025 saw a decline to 13.60% [4][8]. - The net profit margin improved significantly in Q1 2025 to 11.99%, up 4.21 percentage points year-on-year, primarily due to investment income from the acquisition [9]. Product and Regional Performance - The revenue from metal packaging products and services in 2024 was 12.123 billion CNY, reflecting a year-on-year growth of 0.70% [2]. - Domestic revenue accounted for 91.34% of total revenue in 2024, while international revenue represented 8.66%, both showing slight declines [2]. Future Projections - Revenue projections for 2025-2027 are 19.180 billion CNY, 21.142 billion CNY, and 24.121 billion CNY, with expected growth rates of 40.28%, 10.23%, and 14.09% respectively [9]. - Net profit forecasts for the same period are 1.227 billion CNY, 1.254 billion CNY, and 1.341 billion CNY, with growth rates of 55.16%, 2.26%, and 6.89% respectively [9].