Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the biopharmaceutical sector [4]. Core Insights - The report highlights that Heng Rui Medicine has updated its innovative drug pipeline, entering a harvest period with 19 Class 1 innovative drugs approved for market, 11 in NDA stage, and 16 in Phase 3 clinical trials [2][18]. Summary by Sections Weekly New Drug Market Review - From March 31 to April 4, 2025, the top five companies in the new drug sector by stock price increase were: Hai Chuang Pharmaceutical (20.74%), Yi Ming An Ke (17.89%), Jia He Bio (15.20%), Kang Fang Bio (15.15%), and Mai Wei Bio (12.25%). The top five companies with the largest declines were: Chuang Sheng Group (-24.18%), Teng Sheng Bo Yao (-19.92%), He Bo Pharmaceutical (-17.76%), Mai Bo Pharmaceutical (-17.19%), and Ge Li Pharmaceutical (-12.75%) [1][14]. Key Analysis of the New Drug Industry - Heng Rui Medicine's 2024 annual report reveals its latest research pipeline as of March 2025, with 19 Class 1 innovative drugs approved, 11 in NDA stage, and 16 in Phase 3 clinical trials. The approved drugs include various treatments across oncology, metabolism, immunology, and cardiovascular fields [2][18][20]. New Drug Approvals and Acceptance - In the week, 10 new drugs or new indications were approved for market, 37 new drugs received IND approval, 19 new drugs had IND applications accepted, and 5 new drugs had NDA applications accepted [9][22]. Domestic New Drug Industry Focus - Key highlights include Heng Rui Medicine's JAK1 inhibitor, Aima Xitini (SHR0302), receiving approval for a new indication for adult patients with moderate to severe active rheumatoid arthritis. Additionally, the company has initiated Phase 3 clinical trials for its GLP-1 receptor agonist, HRS-7535, aimed at weight loss [10][30].

2025 年 04 月 06 日 这是一个"黄金坑"！ 本周上证指数跌 0.28%，沪深 300 跌 1.37%，创业板指跌 2.95%，恒生指数跌 2.46%；本周全 A 日均交易额 11367 亿，环比上周进一步下降。在上周周报《4 月：要防一把！》中，我们谈到：一方面要审慎评估国内经济在二季度边际走弱 的概率，一方面美 4 月 2 日对等关税出台，使得全球资金避险谨慎情绪浓厚。 随着本周美对等关税超预期落地，以我国为代表的强硬贸易反制浪潮掀起，我 们认为对于大盘指数有望面临"年内黄金坑"，背后的逻辑在于：一个基本原则 是反制过程中市场经历阵痛，对冲政策落地则风险偏好回升，要相信中美新一 轮政策博弈可以看到国内反制在前，但也要相信对冲在后，类似于国内去年 A 股九月下旬时候，当前全球经济大衰退的情绪存在过度演绎的较大可能，只要 不是全球经济大衰退，国内对冲政策对于大盘指数的积极定价就值得期待。 美特朗普现在不负责任的关税举动确实是在"走钢丝"，但对于当前美关税本质 我们依然放在筹码谈判，而不是引发全球经济大衰退。1、3 月非农新增就业人 数大超预期，当前美国经济还并未明确步入衰退，后续美经济利好政策还包含 ...

2025 年 04 月 06 日 生物医药Ⅱ 新药周观点：恒瑞医药创新药管线更 新，产品布局进入收获期 本周新药行情回顾： 2025 年 3 月 31 日-2025 年 4 月 4 日，新药板块涨幅前 5 企业： 海创药业（20.74%）、宜明昂科（17.89%）、嘉和生物（15.20%）、 康方生物（15.15%）、迈威生物（12.25%），跌幅前 5 企业：创 胜集团（-24.18%）、腾盛博药（-19.92%）、和铂医药（-17.76%）、 迈博药业（-17.19%）、歌礼制药（-12.75%）。 本周新药行业重点分析： 近日恒瑞医药发布 2024 年年报，年报中公布了其最新研发管线。截 止 2025 年 3 月恒瑞医药已有 19 款 1 类创新药上市，11 款创新药处 于 NDA 阶段，16 款创新药处于 3 期临床。 （1）已上市创新药：已有 19 款 1 类创新药在国内获批上市，包括艾 瑞昔布、甲磺酸阿帕替尼、硫培非格司亭、马来酸吡咯替尼、卡瑞利 珠单抗、甲苯磺酸瑞马唑仑、氟唑帕利、海曲泊帕乙醇胺、CDK4/6 抑 制剂达尔西利、脯氨酸恒格列净、AR 抑制剂瑞维鲁胺、PI3Kδ抑制剂 林普利塞、P ...

2025 年 04 月 06 日 美指的第一试金石或是 800 日均线 本期要点：美指的第一试金石或是 800 日均线 上期提到，全天候择时模型尚未发出止跌看多的信号，因此或仍有必 要保持继续观望，等待转机出现。但在这一过程中，美国新的关税政 策或将对全球经济、贸易以及股市造成冲击，尤其是清明节期间美股 跌幅较大，无疑将对 A 股带来压力。 从当前各国股市的反应来看，新的关税政策出来之后，美股的调整幅 度最为剧烈。基于美股过去 10 年来的历史经验看，除了 2020 年疫情 之外，美股每次大的调整往往能在 800 日均线处得到初步支撑，然后 最多出现反复筑底的底部形态。从这个意义看，除非本轮调整的力度 和级别比过去 10 年的若干次调整都要剧烈，否则本轮美股调整的第 一试金石或将是 800 日均线。其背后潜在的逻辑是：800 个交易日大 体相当于一个完整的库存周期长度，价格来到这一对应均线附近时， 往往有可能得到库存周期级别的支持力度，从而有望止跌。 对于 A 股及港股，虽然全天候择时模型仍未发出看多信号，但是我们 的低吸模型却对机器人主题指数以及恒生科技指数发出了提示信号。 考虑到当前美国关税政策出来之后， ...

Investment Rating - The investment rating for the company is "Accumulate-A" with a 12-month target price of 3.62 CNY [6]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue at 7.82 billion CNY, down 32.08% year-on-year, and a net profit of -2.98 billion CNY, down 34.61% year-on-year [2][3]. - Despite the short-term pressure on core business, cash flow improved in Q4 2024, turning positive at 748 million CNY, indicating reduced financial pressure [3]. - The company is actively responding to government policies promoting "old-for-new" exchanges, which boosted sales in Q4 2024, with 724,000 orders and sales amounting to 6.69 billion CNY [4]. Summary by Sections Financial Performance - In 2024, the company operated 77 self-operated malls and 257 managed malls, with self-operated business revenue at 5.36 billion CNY, down 21.0% year-on-year, accounting for 68.5% of total revenue [3]. - The average occupancy rate for self-operated malls was 83.0%, with over 80% located in prime locations in first and second-tier cities [3]. - The overall gross margin for 2024 was 58.26%, an increase of 1.52 percentage points year-on-year, while the net profit margin was -40.79%, a decrease of 20.20 percentage points year-on-year [10][11]. Strategic Initiatives - The company is expanding its "3+Star Ecosystem" strategy, focusing on high-end appliances and home decoration, with plans to establish 100 high-end appliance stores nationwide over the next two years [4]. - The company has also entered the automotive sector, collaborating with 25 car brands and expanding its operational area to 164,000 square meters, a year-on-year increase of 60,000 square meters [4]. Future Outlook - The company aims to gradually recover profitability, with projected revenues of 8.39 billion CNY, 8.78 billion CNY, and 9.12 billion CNY for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 7.21%, 4.70%, and 3.90% [12]. - The net profit is expected to improve, with estimates of -290 million CNY in 2025, turning profitable in 2026 with a net profit of 372 million CNY [12].

Investment Rating - The report assigns a "Buy-A" rating to the company, maintaining this rating with a 6-month target price of 20 CNY [5]. Core Insights - The company achieved a revenue of 2.748 billion CNY in 2024, representing a year-over-year increase of 6.79%, with a net profit of 492 million CNY, up 13.91% year-over-year [2][3]. - The company's core business in surveying and design saw a revenue increase of 5.57%, while the engineering general contracting business surged by 75.25%, increasing its revenue share to 9.26% [2]. - The company has demonstrated strong operational resilience, with consistent year-over-year revenue and profit growth since 2017, even amidst industry cycles [2][4]. Financial Performance - The gross profit margin for 2024 was 38.40%, an increase of 1.17 percentage points year-over-year, driven by the opening of major projects and cost control measures [3]. - The net profit margin for the year was 18.23%, reflecting a year-over-year increase of 1.15 percentage points, with a return on equity (ROE) of 19.25% [3]. - The operating cash flow significantly improved, with a net inflow of 567 million CNY in Q4 2024, compared to a net outflow of 530 million CNY in the previous three quarters [3]. Business Strategy and Growth Prospects - The company is a leading player in urban rail transit design in A-shares, with high barriers to entry and strong competitive advantages [4]. - The company is actively expanding into new business areas, including energy-saving renovations and non-rail projects, while also pursuing international opportunities [8]. - Future revenue projections estimate growth to 3.008 billion CNY in 2025, 3.266 billion CNY in 2026, and 3.519 billion CNY in 2027, with corresponding net profits of 543 million CNY, 598 million CNY, and 652 million CNY [9][10].

2025 年 04 月 04 日 石头科技(688169.SH) 全球收入高速增长，盈利能力承压 事件：公司发布 2024 年年报。公司 2024 年实现收入 119.4 亿 元，YoY+38.0%，实现归母净利润 19.8 亿元，YoY-3.6%；经折算， 公司 2024Q4 单季度实现收入 49.4 亿元，YoY+66.5%，实现归母净 利润 5.0 亿元，YoY-27.0%。公司国内、海外收入高速增长，但是 因为竞争加剧，盈利能力有所下降。 2024Q4 公司收入高速增长：根据奥维数据，2024Q4 石头扫地机 国内线上销售额 YoY+104%，销量 YoY+104%，均价 YoY+0%。在国 补刺激下，公司内销增速环比 2024Q3 大幅提升（Q3 石头扫地机 国内线上销售额 YoY+43%，奥维）。在海外市场，公司主动调整销 售结构，提高自营渠道比例，海外业务亦实现较快增长。展望后 续，我们认为公司收入有望保持较快增长，因为：1）公司国内业 务在国补拉动下有望维持高增长，根据奥维数据，石头扫地机 1~2 月国内线上销售额 YoY+100%；2）公司在海外市场拓宽产品价格 段，深耕当地市场（已在美国、 ...

2024 年，公司实现营业收入 400.33 亿元，同比增长 2.36%；归母净 利润 47.49 亿元，同比增长 16.02%；扣非归母净利润 45.23 亿元， 同比增长 20.18%。Q4 单季度，公司实现营业收入 101.18 亿元，同比 增长 7.38%；归母净利润 4.23 亿元，扣非归母净利润 2.58 亿元，同 比扭亏。2024 年，公司各项提质增效举措成效显著，实现毛利率 27.90%，同比增长 1.39pct；净利率 11.91%，同比增长 1.37pct；费 用端管控良好，销售费用率为 12.19%，同比下降 0.58pct，管理费用 率为 2.59%，同比下降 0.11pct。 四大事业群经营稳健，药品事业群表现亮眼。 公司以药品、健康品、中药资源、云南省医药公司四大事业群为生产 经营核心底座。2024 年公司业绩整体实现平稳增长，主要得益于四 大事业群的稳健经营，其中药品事业群表现亮眼。 2025 年 04 月 03 日 云南白药(000538.SZ) 业绩稳健增长，药品事业群表现亮眼 事件：公司发布 2024 年年报。 SAC 执业证书编号：S1450524080002 huyq4 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company achieved a total revenue of 19.19 billion yuan in 2024, representing a year-on-year increase of 12%, and a net profit attributable to shareholders of 3.35 billion yuan, up 22% year-on-year [1]. - The company's self-operated income doubled, while credit business income declined due to reduced interest income from stock pledge repurchase business [3]. - The asset management business shows significant advantages, and the progress in fund advisory services is notable, indicating potential long-term benefits from the wealth management market [4]. Business Performance Summary - **Brokerage**: The company had a net income of 2.5 billion yuan in brokerage services, down 10% year-on-year [1]. - **Investment Banking**: The company completed 4 equity financing projects totaling 1.33 billion yuan, ranking 8th in the industry for the number of projects [2]. - **Asset Management**: The total management scale of Dongzheng Asset Management reached 216.6 billion yuan, with 257 products managed [2]. - **Credit Business**: The net income from credit business decreased by 25% year-on-year, primarily due to reduced interest income from stock pledge repurchase [3]. - **Self-Operated Business**: The self-operated business net income increased by 106% year-on-year, driven by gains from other debt investments and trading financial assets [3]. Financial Forecast Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are projected at 20.623 billion yuan, 22.966 billion yuan, and 25.099 billion yuan respectively [5][10]. - **Net Profit Forecast**: Projected net profits for the same years are 3.68 billion yuan, 4.187 billion yuan, and 4.672 billion yuan respectively [5][10]. - **Earnings Per Share (EPS)**: Expected EPS for 2025, 2026, and 2027 are 0.43 yuan, 0.49 yuan, and 0.55 yuan respectively [4][10].

袁方1 魏薇（联系人）2 国投证券宏观事件点评 上升的基准线 ——美国对等关税政策点评 当地时间 4 月 2 日，特朗普援引《国际紧急经济权利法》（IEEPA）规定颁布 总统令，宣布对全球国家加征 10%的对等关税，于美东时间 4 月 5 日凌晨生效； 对中国、欧洲等对美贸易顺差较大的国家和地区额外征收最高 38%的关税，于美 东时间 4 月 9 日凌晨生效。 2025 年 04 月 03 日 内容提要 美国政府于 2025 年 4 月依据《国际紧急经济权利法》对全球加征对等关税， 针对中国、欧盟等贸易顺差地区额外征收最高 38%关税（中国出口税率升至 66%），此举使美国进口实际有效税率达 25%，超过 1930 年历史峰值，大幅推 升滞胀风险。短期效应已显现：美股市下跌、美元走弱，经济数据疲软预示需求 收缩。长期将加速全球贸易体系重构，欧盟、亚太正酝酿反制，多边规则面临重 塑。 对中国而言，尽管关税冲击远超预期，但三大因素缓冲影响：其一，中国对 美出口依赖度已大幅下降，分散贸易渠道逐步形成；其二，企业资本开支处于低 位，出口减速衍生冲击有限；其三，政府可通过扩大内需等稳增长政策对冲企业 压力。考虑到企业生 ...