Investment Rating - The report maintains a "Buy-A" investment rating with a target price of 27.00 CNY per share for the next six months [4][6]. Core Insights - The company has shown a recovery in new orders and project deliveries, leading to improved performance in Q1 2025, with revenue reaching 3.099 billion CNY, a year-on-year increase of 16.03%, and a net profit of 306 million CNY, up 32.54% year-on-year [1][2][3]. Revenue and Profit Growth - The revenue breakdown for Q1 2025 includes laboratory services at 1.857 billion CNY (+15.74%), CMC at 693 million CNY (+19.05%), clinical research services at 447 million CNY (+14.25%), and large molecule and cell & gene therapy services at 99 million CNY (+7.94%) [2][3]. - The company expects a revenue growth of 10%-15% year-on-year for 2025, driven by a recovery in the innovative drug investment and financing sector [3]. Financial Projections - The projected net profits for 2025, 2026, and 2027 are 1.928 billion CNY, 2.148 billion CNY, and 2.389 billion CNY respectively, with an expected EPS of 1.08 CNY per share for 2025 [4][5]. - The report anticipates a steady increase in revenue from 13.792 billion CNY in 2025 to 17.759 billion CNY in 2027 [5][11]. Market Performance - As of April 25, 2025, the company's stock price was 23.19 CNY, with a market capitalization of approximately 41.236 billion CNY [6][7]. - The stock has shown a 12-month absolute return of 27.1% [7].

Investment Rating - The industry investment rating is "Outperform the Market - A" [10] Core Insights - The retail pharmacy industry is experiencing a recovery in sales, with a 2.97% month-on-month increase in average daily sales per store in March 2025 [4][17] - The structure of listed pharmacy stores is gradually optimizing, which is expected to lead to stable performance growth for several companies [5][29] - The market size of domestic retail pharmacies decreased by 1.77% year-on-year in 2024, reaching 611.9 billion yuan [14] Summary by Sections Macro Perspective - In March 2025, the average daily sales per store in retail pharmacies showed a month-on-month increase, with average sales of 3,020.1 yuan [4][17] - The average daily sales for January to March 2025 were 2,973.8 yuan, 2,933.1 yuan, and 3,020.1 yuan respectively [17] Micro Perspective - The retail pharmacy industry has seen a slowdown in growth, but the concentration of the industry is expected to increase significantly. The market share of the top six listed pharmacies was only 16.89% in 2023 [23] - The revenue growth rates for the retail pharmacy industry and the top six listed pharmacies in 2023 were 1.83% and 11.83% respectively [23] - The proportion of new stores (2-3 years old) for major listed pharmacies in Q1-Q3 2024 was as follows: Yifeng Pharmacy 30%, Dazhenglin 25%, Laobaixing 30%, Yixintang 15%, Jianzhijia 38%, and Shuyupingmin 34% [5][29]

Investment Rating - The report maintains an investment rating of "Outperform the Market-B" for the construction industry [9] Core Insights - The fiscal policy for 2025 is expected to be more proactive, with an emphasis on increasing deficits and expanding the issuance of special bonds, which will support steady growth in infrastructure investment [10][12] - The approval of 10 new nuclear power units indicates a positive trend in the nuclear power sector, with a total investment expected to exceed 200 billion yuan [4][18] - The construction industry is anticipated to benefit from improved government investment and debt resolution measures, leading to a marginal improvement in the industry's fundamentals [3][10] Summary by Sections Industry Dynamics - The political bureau meeting on April 25 emphasized the need for proactive macro policies, including the timely introduction of incremental reserve policies and enhanced counter-cyclical adjustments [3][16] - Infrastructure investment is expected to accelerate, driven by increased domestic demand and government support for local government debt issuance [3][17] Market Performance - The construction sector saw a weekly increase of 0.76%, underperforming the Shenzhen Composite Index but outperforming the CSI 300 and Shanghai Composite Index [20] - The chemical engineering sector performed notably well with a weekly increase of 5.34% [20] Company Announcements - The report highlights significant contract wins, including China Energy Construction winning a project worth approximately 5.118 billion yuan [33] - The report also notes the financial performance of various companies, with some showing substantial year-on-year growth in revenue and net profit [34][35] Key Focus Stocks - The report suggests focusing on undervalued construction state-owned enterprises such as China State Construction, China Communications Construction, and China Railway Construction, which are expected to benefit from improved financial metrics and market conditions [10][11][12] - It also recommends attention to construction design firms and international engineering service providers that are expanding their overseas presence [11][12]

Investment Rating - The investment rating for Gree Electric Appliances is "Buy-A" with a target price of 61.64 CNY for the next six months [5]. Core Views - Gree Electric Appliances reported a strong operational performance in Q1 2025, with a year-on-year revenue increase of 13.8% and a net profit increase of 26.3% [1][4]. - The company is expected to benefit from the ongoing "old-for-new" air conditioning subsidy policy, which is anticipated to boost sales during the peak season [2]. - Gree's profitability has significantly improved, with a net profit margin of 24.0% in Q4 2024, marking a new high since its listing [3]. Financial Performance Summary - In 2024, Gree achieved total revenue of 1900.4 billion CNY, a decrease of 7.3% year-on-year, while net profit reached 321.8 billion CNY, an increase of 10.9% [1]. - For Q4 2024, the company reported a revenue of 426.2 billion CNY, down 13.4% year-on-year, but net profit increased by 14.5% to 102.2 billion CNY [1]. - In Q1 2025, Gree's revenue was 416.4 billion CNY, up 13.8% year-on-year, with a net profit of 59.0 billion CNY, reflecting a 26.3% increase [1]. - The operating cash flow for Q1 2025 improved significantly, reaching 110.0 billion CNY, a year-on-year increase of 474.1% [4]. Profitability and Efficiency - Gree's net profit margin for Q4 2024 was 24.0%, an increase of 5.8 percentage points year-on-year, attributed to improved tax efficiency and reduced impairment losses [3]. - The management expense ratio decreased by 1.0 percentage points in Q4 2024, indicating effective cost control measures [3]. - The company has maintained stable product gross margins and marketing efficiency, with a slight decrease in gross sales difference in Q1 2025 [3]. Dividend Policy - Gree plans to distribute a cash dividend of 20 CNY per 10 shares, totaling 117.7 billion CNY, resulting in a dividend payout ratio of 52.1%, which is an increase of 6.8 percentage points year-on-year [8].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 115.85 CNY per share, maintaining the rating [5][9]. Core Views - The company achieved record high performance in Q4 2024, with revenue of 6.49 billion CNY, a year-on-year increase of 27.13%, and a net profit of 0.95 billion CNY, a year-on-year increase of 213.09% [1]. - The company has made significant breakthroughs in the semiconductor equipment sector, securing orders from leading domestic clients in both front-end and back-end equipment [2][3]. - The strategic investment from Northern Huachuang, which will become the largest shareholder with a 17.88% stake, is expected to enhance the company's competitiveness in the semiconductor industry [4]. Financial Performance - In 2024, the company reported total revenue of 1.754 billion CNY, a slight increase of 2.13% year-on-year, and a net profit of 203 million CNY, a decrease of 19.08% year-on-year [1][11]. - The projected revenues for 2025, 2026, and 2027 are 2.648 billion CNY, 3.429 billion CNY, and 4.183 billion CNY respectively, with net profits expected to be 339 million CNY, 493 million CNY, and 653 million CNY [9][11]. Market Position and Growth Potential - The company has established itself as a leader in the domestic semiconductor equipment market, particularly in photoresist coating and developing products, with strong order growth from both domestic and international clients [2][3]. - The introduction of new products, such as the KS-CM300/200 chemical cleaning machine, has broken foreign monopolies and is expected to drive further growth [3]. Valuation Metrics - The company is valued at a price-to-sales (PS) ratio of 8.8 for 2025, reflecting its leading position in the front-end equipment market and promising growth in back-end products [9][12].

Group 1 - The report emphasizes that the market is approaching a "golden pit" phase, indicating a potential recovery after a significant drop, with the Shanghai Composite Index recently breaking through 3300 points, suggesting that the market is close to exiting this phase [1][32][36] - The report highlights that the recent political bureau meeting indicated a commitment to proactive macro policies to stimulate consumption and counter external shocks, reflecting confidence in the economic outlook [1][2][32] - The report notes that the EPMI index for April dropped to 49.4%, marking a significant decline of 10.2 percentage points from the previous month, indicating potential negative impacts from tariff adjustments on the domestic economy [2][6][12] Group 2 - The report identifies a rotation in market performance, where sectors further from the "exit" point, such as technology and small-cap stocks, are experiencing larger gains compared to those closer to recovery [1][32][40] - The report suggests a "barbell strategy" focusing on high-dividend stocks and technology, particularly in the semiconductor sector, which is viewed as a key growth area [2][60][66] - The report indicates that the technology sector's trading volume has decreased, currently accounting for 31.57% of total trading, reflecting a shift in market dynamics [61][62] Group 3 - The report discusses the impact of U.S.-China tariff negotiations, noting that recent comments from U.S. officials suggest a potential easing of tensions, which could positively influence market sentiment [56][57][58] - The report highlights that the banking sector has shown strong performance, attributed to significant inflows into passive index funds, indicating a shift in investor sentiment towards stability [26][32][46] - The report mentions that the overall market is experiencing a phase of stabilization, with a notable correlation between trading volume and the performance of dividend assets, suggesting a cautious but optimistic outlook [12][23][24]

2025 年 04 月 27 日 美元阶段见底，科技有望崛起 本期要点：美元阶段见底，科技有望崛起 上期提到，市场有望维持底部震荡格局，下行风险有限，事后来看， 市场不但没有下跌，反倒小幅上涨。从纯技术面的角度看，一般下行 破位之后都存在二次探底的隐忧，但一旦破位之时下跌较为充分，那 么二次探底的风险以及探底的程度都相对较小。进一步，如果此时存 在支持反弹的其他逻辑变量，那么短期甚至不太容易出现二次探底。 从短期视角看，这两个支持市场不太容易二次大幅探底的因素或都存 在，因此当下的潜在下行风险或有限。 因为近期仍存在不少结构性机会，所以我们的仓位模型在原来低仓位 的基础上对仓位的判断适当有所提升。在风格上，我们的风格轮动模 型在原来大盘占优的基础上偏向了均衡风格甚至略偏小盘风格。 在具体行业结构上，我们的四轮驱动模型建议关注电子、计算机、农 林牧渔、纺织服饰、汽车、机械设备等板块。在具体指标维度上，我 们观察到从成交金额占比的角度看，过去两周内 TMT 板块的成交占 比已有从低点小幅回升的迹象，消费板块的成交占比则已经从底部回 升了近两个月。 对于海外市场尤其是美元指数，我们的模型上周多次发出了美元见底 的信 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the biopharmaceutical sector [6]. Core Insights - The ASCO 2025 conference is set to take place from May 30 to June 3, 2025, and several domestic pharmaceutical companies are expected to present new clinical data, with potential for exceeding expectations [2][14]. - A total of 13 new drugs or new indications were approved for market launch in the past week, alongside 50 new drug IND approvals and 27 IND applications accepted [3][17]. Weekly New Drug Market Review - From April 21 to April 27, 2025, the top five companies in the new drug sector by stock price increase were: - Yiming Oncology: +40.20% - Ascentage Pharma: +38.63% - Genscript Biotech: +27.13% - JACOB: +24.52% - Kedi: +24.02% - The top five companies by stock price decrease were: - Boan Biotech: -23.11% - ZhiXiang JinTai: -7.30% - Maibo Pharmaceutical: -7.07% - Aidi Pharmaceutical: -6.30% - Haizhi Pharmaceutical: -3.76% [10][11]. Weekly New Drug Industry Key Analysis - The ASCO 2025 conference will feature multiple oral presentations from domestic companies, including: - Innovent Biologics: PD-1/IL-2 dual antibody with three oral reports and Claudin18.2 ADC with one oral report. - Other companies such as Kelun Biotech, BaiLi TianHeng, and Hengrui Medicine are also expected to present various new drugs and indications [2][14][15]. Weekly New Drug Approvals & Acceptance - The report highlights the approval of 13 new drugs or new indications, including: - Canfuo Biotech's PD-1/VEGF dual-specificity tumor immunotherapy drug approved for new indications. - AstraZeneca's Dupixent for chronic spontaneous urticaria in patients aged 12 and older [4][18]. - Additionally, 50 new drug INDs were approved, and 27 IND applications were accepted [3][17]. Domestic New Drug Industry Focus - Key highlights include: - Canfuo Biotech's PD-1 monoclonal antibody approved by the FDA for metastatic nasopharyngeal carcinoma. - Canfuo Biotech's new indication for its PD-1/VEGF dual-specificity drug approved by NMPA for non-small cell lung cancer. - Novartis' BTK inhibitor approved for chronic lymphocytic leukemia [4][18]. Overseas New Drug Industry Focus - Notable developments include: - Sanofi's Dupixent for chronic spontaneous urticaria approved by the FDA. - AstraZeneca's Enhertu showing positive results in clinical trials for HER2-positive metastatic breast cancer. - Gilead Sciences' Trodelvy achieving positive results in clinical studies [5][7].

Investment Rating - The industry is rated as "Leading the Market - A" indicating an expected investment return that will exceed the CSI 300 index by 10% or more over the next six months [7]. Core Views - The report emphasizes the ongoing stabilization of the real estate market, driven by improved sales, stabilized new home prices, and a rebound in second-hand housing transactions. The political bureau meeting has set a loose policy direction, which is expected to enhance the industry's fundamentals and create investment opportunities [1][2]. - The report suggests focusing on companies that are reversing their difficulties, such as China Vanke and New Town Holdings, as well as leading firms maintaining land acquisition intensity like China Merchants Shekou, Greentown China, Poly Developments, and Binjiang Group. Additionally, local state-owned enterprises with diversified operations like Pudong Jinqiao and Waigaoqiao are recommended for stable development [1]. Sales Review (April 19-25) - A total of 14,103 units were sold across 32 monitored cities, representing a week-on-week increase of 9.1%. Cumulatively, 249,000 units have been sold in 2025, reflecting a year-on-year decrease of 2.9%. Specifically, first-tier cities sold 4,251 units (up 4.9% week-on-week), second-tier cities sold 8,452 units (up 13.3%), while third-tier cities sold 1,400 units (down 1.3%) [15][20]. Land Supply (April 13-20) - The planned land supply for residential land across 100 cities is 2.5 million square meters, with a cumulative supply of 57.58 million square meters in 2025, showing a year-on-year decrease of 9.3%. The average floor price for land supply is 5,154 CNY per square meter, with a recent four-week average of 7,552 CNY per square meter, reflecting a week-on-week increase of 0.2% and a year-on-year increase of 28.7% [3][24][26]. Land Transactions (April 13-20) - The total planned area for residential land transactions across 100 cities is 1.91 million square meters, with a cumulative transaction area of 52.97 million square meters in 2025, indicating a year-on-year increase of 5.7%. The average transaction floor price for residential land is 3,022 CNY per square meter, with an overall premium rate of 5% [4][31][33].

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 17.74 CNY per share [6]. Core Views - The company achieved a revenue of 581 million CNY in 2024, a decrease of 39.72% year-on-year, and a net profit of 108 million CNY, down 28.85% year-on-year [1]. - In Q1 2025, the company reported a revenue of 192 million CNY, an increase of 94.09% year-on-year, but a net loss of 20 million CNY, a decrease of 23.22% year-on-year [1]. - The integrated circuit equipment business has seen significant growth, with cumulative orders reaching 1.9 billion CNY since 2020, and new customer acquisitions in 2024 [2]. - The company has successfully launched bismuth materials and deep processing businesses, enhancing its competitive edge in the semiconductor equipment and materials sector [3]. Financial Summary - Revenue projections for 2025, 2026, and 2027 are 1.22 billion CNY, 1.6 billion CNY, and 1.9 billion CNY respectively, with net profits expected to be 164 million CNY, 247 million CNY, and 303 million CNY [4][11]. - The company’s revenue growth rate is projected to rebound significantly in 2025, with an expected increase of 110.3% [12]. - The company’s net profit margin is forecasted to be 13.4% in 2025, improving to 15.4% in 2026 and 15.9% in 2027 [12].