Investment Rating - The report maintains an investment rating of "Outperform" [6] Core Insights - The report highlights that several newly included innovative drugs in the medical insurance directory are rapidly entering hospitals, with some drugs exceeding 100 hospital entries [2][20] - The new drug market saw significant fluctuations, with top gainers including Tengsheng Bo Pharmaceutical (22.17%) and He Bo Pharmaceutical (20.38%), while top losers included Yiming Anke (-23.51%) and Kexi Pharmaceutical (-20.80%) [1][15] Summary by Sections Weekly New Drug Market Review - From March 10 to March 14, 2025, the new drug sector experienced notable gains, with the top five companies showing significant increases in stock prices [1][15] Key Analysis of the New Drug Industry - The National Healthcare Security Administration updated the hospital entry data for innovative drugs included in the medical insurance directory as of the end of January 2025, indicating a rapid entry of several new domestic innovative drugs [2][20] New Drug Approvals and Applications - This week, 13 new drugs or new indications were approved for market entry, 77 new drugs received IND approvals, 40 new IND applications were accepted, and 5 new NDA applications were accepted [3][22] Domestic New Drug Industry Focus - Key highlights include the approval of a new indication for a targeted ADC drug by Kelun Bo Pharmaceutical, the acceptance of a joint application for a targeted ADC by Zai Lab and Seagen, and the approval of a new drug by Innovent Biologics for treating thyroid eye disease [4][22] Overseas New Drug Industry Focus - Significant developments include the announcement of clinical data for an oral peptide inhibitor for ulcerative colitis by Johnson & Johnson and Protagonist, and a collaboration between Roche and Zealand Pharma for a long-acting insulin analog [12]

国投证券研究报告 2025年3月16日 2025W11 国投家电 一周看图 格 力 计划推出 子品牌 晶 弘 空 调 分析师 李奕臻 S1450520020001 韩星雨 S1450522080002 余昆 S1450521070002 陈伟浩 S1450523050002 陆偲聪 S1450522100001 格力计划推出子品牌晶弘空调 家电行业首席分析师李奕臻： 格力将推出子品牌晶弘空调，主要面向学校、医院 等工程机市场。近年美的、海尔通过子品牌华凌、 统帅持续抢占中低端空调市场份额。格力在空调市 场的价格带较高，晶弘空调的推出将补齐格力在中 低端市场的布局。如果后续晶弘空调进入To C市场， 有望凭借母公司的供应链和渠道优势快速打开中低 端市场。 行业评级： 领先大市-A 风险提示： 行业竞争风险、原材料价格波动风险等。 格力计划推出晶弘品牌空调 ◼ 格力晶弘品牌空调将面市。晶弘是此前格力在冰箱市场使用的品牌。根据第一财经新闻，格力将 推出子品牌晶弘空调，主要面向学校、医院等工程机市场，暂时不会进入To C市场。 图： 晶弘品牌 资料来源： 第一财经， 值得买，国投证券证券研究所 晶弘空调将补足格力在中 ...

2025 年 03 月 16 日 理想汽车-W(02015.HK) 24Q4 业绩符合预期，智驾布局加速、期待纯电新品周期 事件：理想汽车发布 2024Q4 业绩，2024Q4 实现营业收入 443 亿元（符 合此前指引中枢），同比+6%、环比+3%；净利润 35 亿元，同比-39%、环比 +25%；Non-GAAP 净利润 40 亿元，同比-12%、环比+5%。全年实现营业收入 1445 亿元，同比增加 17%，实现净利润 80 亿元、同比-32%，Non-GAAP 净 利润 107 亿元、同比-13%。 营业利润再创历史新高，单车利润环比增长。 受益补贴和权益放大，Q4 交付量提升带动营收增长。 2024Q4 公司汽车业务实现营收 426 亿元，同比+6%，环比+3%。24Q4 汽车交 付量为 15.9 万辆，同比+20%，环比+4%，报告期内受益于国补地补政策以 及终端权益放大（11 月 29 日推出全系 3 年 0 息方案），交付量及汽车业务 营收实现同环比增长。 受产品结构及权益放大影响，单车 ASP、毛利率有所下滑。 2024Q4 单车 ASP 约为 26.9 万元，同比下滑 3.8 万元、环比下 ...

2024 年 3 月 16 日 谁在买顺周期？ 本周上证指数涨 1.39%，沪深 300 涨 1.59%，恒生指数跌 1.12%。价值风格表 现强于成长风格，本周全 A 日均交易额 16557 亿，环比上周有所下降。2 月下 旬以来我们陆续外发《98℃的科技》、《准备好！"高切低"》与《低位的回 旋》强调：98 度的科技意味着短期科技行情逐渐走向过热，多项客观统计数据 使暗示高切低的可能性在大幅度提升。从目前来看，"高切低"的判断依然是是 准确且前瞻的：在过去 2-3 周时间低位顺周期获得相对收益回升（涨价线（例 如：部分有色金属））同时低位高股息绝对收益有望阶段性得以修复，相对于眼 下科技缺乏普涨动力但也未出现大面积退潮。 对于本轮高切低的过程中，一个重要问题是"谁在买顺周期？"。在此，通过测 算近期重仓不同行业的基金净值超额回报和行业指数超额回报的相关系数，可 以模拟各类风格的基金对于特定的行业的暴露。发现：1、本轮以食品饮料为代 表消费上涨，可能主要以消费风格基金和红利风格资金小幅加仓消费的迹象； 2、本轮以有色金属为代表的涨价线行情，可以观察到红利风格资金的存在调仓 行为，3、没有观察到科技成长资金明 ...

2025 年 03 月 16 日 平安银行(000001.SZ) 零售规模仍在降，但风险已现改善 ——平安银行 2024 年报点评 事件：平安银行公布 2024 年报，2024 年营收同比增速为-10.93% （2024 年前三季度为-12.58%），拨备前利润同比增速为-10.83% （2024 年前三季度为-13.69%），归母净利润同比增速为-4.19% （2024 年前三季度为 0.24%）。 当前平安银行改革转型之路尚未走完，导致其业绩增长呈现一定 压力，与市场认知基本一致，对于去年四季度基本面表现，平安 银行营收增长跟随银行同业趋势缓慢回升，但利润增速却明显下 降，营收与利润增速有所分化，我们点评如下： 平安银行去年四季度归母净利润同比增速为-29.93%，其中非息 收入增长、成本压降是主要支撑因素，而生息资产同比下降、净 息差持续收窄、拨备计提力度加大、税收增加则对业绩增长形成 拖累。 生息资产扩张继续放缓。去年四季度，平安银行生息资产（日 均余额）同比下降 2.03%，余额连续两个季度均有所下行，其中信 贷、债券资产增速均有不同程度的下降，仅低风险的同业资产增 速表现尚可。从信贷内部结构观察， ...

本期要点：短期顺周期+消费为主，成长关注军工 上期提到，市场或已有企稳回升的迹象，并且倾向于将当时的走势格 局和 2024 年 4 月初进行类比。事后来看，这一判断已基本被证实。 周五的阳线出来之后，我们的全天候择时模型再次发出看多信号，如 果继续类比 2024 年的相关走势，那么当前或可参考的是 2024 年 4 月 中下旬及之后的走势，后续震荡向上的概率较大。 在大小盘风格上，我们的风格轮动模型已经明确指出，由于前期大小 盘分化较为极端，当前有风格收敛的诉求，后续大盘风格占优的概率 更大。这一特点与 2024 年 4 月及之后的大盘风格占优的现象或许也 将保持一致。 行业上，上周四轮驱动模型除了顺周期板块（有色金属等）之外，还 发出了消费板块（家电、零售、食饮等）相关的行业多头信号。除此 之外，我们前期提示过而且当前仍在有效期内的军工板块或仍然值得 关注。历史数据表明，近 10 年来，除 2015 年四季度外，在大部分牛 市氛围行情的后半段，军工板块或都有望跑赢市场指数。 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 2025 年 03 月 15 日 短期顺周期+ ...

2025 年 03 月 14 日 胜宏科技(300476.SZ) 长 事件： 3 月 11 日公司发布 2025 年一季度业绩预告，预计归属于上市公司股 东的净利润 78,000 万元–98,000 万元，比上年同期增长 272.12% - 367.54%。 精准把握 AI 历史新机遇，高价值产品订单规模快速上升： 公司坚定深耕 AI 大客户不动摇，精准把握 AI 算力技术革新与数据 中心升级浪潮带来的历史新机遇，占据全球 PCB 制造技术制高点， 凭借研发技术优势、制造技术优势和品质技术优势，驱动公司高价值 量产品的订单规模急速上升，盈利能力进一步增强。2024 年公司高 多层、HDI 实现了量产，并突破超高多层板、高阶 HDI 相结合的新 技术，实现了 PTFE 等新材料的应用。报告期内，公司经营业绩突破 历史新高，净利润同比成倍增长。 产品良率不断提升，高端新品持续突破： 公告披露，公司 2024Q4 开始真正实现大客户量产交付，经过不断的 技术攻关梳理，至 2025Q1 产品良率有明显提高，净利润环比大幅增 长。新产品方面，随着芯片密度提升，公司不断加大 AI 相关的产品 研发，包括高密度高精度的混合 ...

Investment Rating - The report assigns a "Buy-A" rating to the company with a target price of 15.0 CNY for the next six months [3][8]. Core Views - The company is recognized as a global leader in fiberglass production, with a strong competitive moat and resilience in operations, indicating a recovery in profitability starting in 2024 [1][8]. - The report highlights the expected improvement in demand from the wind power and automotive sectors, which will drive the recovery of fiberglass prices and profitability in 2025 [2][3][8]. Summary by Sections Company Overview - The company, China Jushi Co., Ltd., is a leading fiberglass manufacturer with six production bases globally and an annual production capacity of nearly 3 million tons, ranking first in the world [1][17]. - The company has demonstrated strong operational resilience, with a compound annual growth rate (CAGR) of 12.79% in revenue and 33.52% in net profit from 2010 to 2022 [1][26]. Business Expansion - The company has expanded its production capacity significantly over the years, establishing a global presence and becoming the largest fiberglass supplier in the U.S. and Egypt [23][24]. - The company has initiated a transition towards smart manufacturing and zero-carbon production, enhancing its competitive edge [17][25]. Operational Performance - In 2023, the company faced challenges with a decline in revenue and net profit due to weakened industry demand and price drops, with revenues of 14.88 billion CNY and a net profit of 3.04 billion CNY [1][26]. - The report anticipates a gradual recovery in 2024, with quarterly improvements in revenue and net profit as the market stabilizes [28]. Product Segments - The demand for roving and electronic fabrics is expected to grow, driven by the wind power and automotive sectors, with a projected increase in fiberglass production to 7.56 million tons in 2024 [2][3]. - The electronic fabric segment is poised for recovery in 2025, supported by advancements in AI and increased demand for electronic components [3][6]. Financial Forecast - The report forecasts revenues of 15.93 billion CNY, 19.22 billion CNY, and 20.77 billion CNY for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.04 billion CNY, 3.00 billion CNY, and 3.56 billion CNY [9][8]. - The company is expected to maintain a leading gross margin of 29.77% in 2023, outperforming its peers [7][8].

Investment Rating - The report indicates a positive outlook for the market, suggesting a potential upward trend after a period of adjustment [1][10]. Core Insights - The current market conditions are compared to early April 2024, where a similar pattern of adjustment followed by a rebound is observed. The market is expected to experience a style shift from small-cap to large-cap stocks [1][10]. - The report's style rotation model has signaled a shift towards large-cap stocks, indicating that they may outperform in the near future. The copper-gold ratio is nearing a 10-year low, suggesting that small-cap stocks may face pressure if this ratio begins to rise [2][10]. - The four-wheel drive model highlights sectors such as non-ferrous metals, military industry, and food and beverage as areas of potential investment interest [11]. Summary by Sections Market Highlights - The market has shown signs of stabilization with a three-day upward trend following a minor adjustment. The all-weather timing model has issued a bullish signal, indicating a potential recovery [1][10]. - The report draws parallels between the current market and the situation in early April 2024, suggesting limited downside risk and a higher probability of a gradual upward movement [1][10]. Market Judgment Logic - The style rotation model has confirmed a shift towards large-cap stocks, which are expected to dominate in the upcoming period. The copper-gold ratio's proximity to historical lows may indicate a challenging environment for small-cap stocks [2][10].

Investment Rating - The report maintains an "Outperform" rating for the industry [2]. Core Insights - AstraZeneca's oral selective estrogen receptor degrader (SERD) camizestrant has shown significant clinical improvement in progression-free survival (PFS) for HR+/HER2- breast cancer patients in the SERENA-6 trial, indicating potential market expansion for oral SERDs [4][17]. - Currently, only Menarini's elacestrant is approved for HR+/HER2- breast cancer treatment, while several other oral SERDs, including camizestrant, are in phase 3 trials, suggesting a promising future for this drug class in the domestic market [18]. Summary by Sections New Drug Market Review - From March 3 to March 9, 2025, the top five companies in the new drug sector by stock performance were: Maibo Pharmaceutical (78.79%), Hengrui Medicine (30.19%), CloudTop New Drug (29.49%), Heyu Biotech (26.04%), and Deqi Medicine (24.90%). The bottom five were: Youzhiyou (-23.28%), Beihai Kangcheng (-13.33%), Junshengtai (-12.17%), Baili Tianheng (-9.44%), and Maiwei Biotech (-7.96%) [3][14]. Key Industry Analysis - AstraZeneca's camizestrant, in combination with CDK4/6 inhibitors, has demonstrated statistically significant improvements in PFS for HR+/HER2- breast cancer patients, marking a breakthrough in first-line treatment options [4][17]. - The report highlights that the oral SERD market is currently underdeveloped in China, with no approved products, but several candidates are in advanced clinical stages, indicating a potential for market growth [18]. New Drug Approval & Acceptance - This week, 64 new drugs received IND approval in China, 39 new drug IND applications were accepted, and 3 new drug NDA applications were accepted [5][21]. Domestic New Drug Industry Highlights - On March 4, BeiGene's anti-PD-1 monoclonal antibody, Tislelizumab, received FDA approval for a new indication in combination with platinum-based chemotherapy for adult patients with unresectable or metastatic esophageal squamous cell carcinoma expressing PD-L1 [6][30]. - On March 4, the new PD-1, VEGF, and CTLA-4 tri-specific antibody CS2009 from CStone Pharmaceuticals completed its first patient dosing in a global phase 1 clinical trial [6][30]. - On March 7, the siRNA drug SGB-9768 targeting complement C3 from Saintin Biopharma initiated a phase 2 clinical trial in China [10][30].