Investment Rating - The report maintains a "Recommended" rating for Jiangsu Bank, with a target price of 11.66 CNY [2][6]. Core Views - Jiangsu Bank achieved a revenue of 80.815 billion CNY in 2024, representing an 8.78% year-on-year growth, and a net profit attributable to shareholders of 31.843 billion CNY, up 10.76% year-on-year [2][6]. - The bank's non-performing loan (NPL) ratio remained stable at 0.89%, while the provision coverage ratio decreased to 350.10%, down 39.43 percentage points from the beginning of the year [2][6]. - The bank's governance structure is stable, with clear strategic planning and solid operational metrics, indicating strong asset quality and a high current dividend yield [2][6]. Financial Performance Summary - **Revenue Growth**: The bank's revenue growth accelerated to 8.78% in 2024 from 6.18% in the previous three quarters, driven by a robust expansion in interest-earning assets and effective cost control [5][6]. - **Net Profit**: The net profit for 2024 was 31.843 billion CNY, reflecting a 10.76% increase, supported by revenue growth and effective cost management [5][6]. - **Loan Growth**: Total loan balance reached 2,095.203 billion CNY, a 10.67% increase year-on-year, with corporate loans growing by 18.82% [5][6]. - **Interest Margin**: The net interest margin for the group was 1.86%, with a slight decrease in the average yield on interest-earning assets [5][6]. Asset Quality Summary - **NPL Ratio**: The NPL ratio remained at 0.89%, the lowest since the bank's listing, indicating stable asset quality [5][6]. - **Provision Coverage**: The provision coverage ratio was 350.10%, still above industry standards, despite a decrease from the previous year [5][6]. - **Loan Quality**: The report highlights a slight increase in the personal loan NPL ratio, which rose to 0.88% [5][6]. Future Projections - **Profit Growth**: The projected net profit growth rates for 2025, 2026, and 2027 are 7.4%, 8.0%, and 7.8%, respectively [6][7]. - **Valuation Metrics**: The current stock price corresponds to a 2025E price-to-book (PB) ratio of 0.72X, with a target PB of 0.85X for 2025 [6][7].

金融工程 证 券 研 究 报 告 市场形态周报（20250414-20250418） 本周指数多空不一 本周市场回顾与最新信号 从本周的指数表现来看，本周指数多空不一，其中沪深 300 上涨 0.59%，中证 500 下跌 0.37%，中证 1000 下跌 0.52%。 当前，上证 50 的隐含波动率为 14.97%，相对于上周下跌了 3.38%。上证 500 的隐含波动率为 20.36%，相对于上周下跌了 2.99%。中证 1000 的隐含波动率 为 25.52%，相对于上周下跌了 4.01%。沪深 300 的隐含波动率为 16.44%，相 对于上周下跌了 3.07%。 我们统计了最近信号的次数和胜率。2025 年 4 月 7 日到 2025 年 4 月 11 日正 面信号共出现了 3020 次，未来高点平均胜率为 76.71%，负面信号出现 2149 次，未来低点平均胜率为 24.53%。 从宽基择时策略来看，沪深 300、中证 2000、Wind 全 A、上证 50、万得微盘 股指数、国证 2000、恒生可持续发展企业指数、恒生香港 35、恒生中国企业 指数、恒生指数、恒生等权重出现看多信号，其余宽基信 ...

证 券 研 究 报 告 华创交运|低空经济周报（第 36 期） 国家发展改革委召开推动低空经济发展工作 推荐（维持） 会议；金融正在支持低空产业发展 行业研究 交通运输 2025 年 04 月 20 日 华创证券研究所 证券分析师：吴一凡 电话：021-20572539 邮箱：wuyifan@hcyjs.com 执业编号：S0360516090002 证券分析师：梁婉怡 邮箱：liangwanyi@hcyjs.com 执业编号：S0360523080001 证券分析师：吴晨玥 邮箱：wuchenyue@hcyjs.com 执业编号：S0360523070001 证券分析师：霍鹏浩 邮箱：huopenghao@hcyjs.com 执业编号：S0360524030001 证券分析师：卢浩敏 邮箱：luhaomin@hcyjs.com 执业编号：S0360524090001 联系人：李清影 邮箱：liqingying@hcyjs.com 行业基本数据 | | | | 占比% | | --- | --- | --- | --- | | 股票家数(只) | | 122 | 0.02 | | 总市值(亿元) | | 32 ...

证 券 研 究 报 告 【策略周报】 黄金坑的行业配置——策略周聚焦 市场韧性仍强，短期情绪淡化等待内（政策）、外（贸易合作）催化。 本轮关税影响的金本位视角下（排除汇率波动等因素对股价的影响，更为真实 地反映资本市场的实际定价情况），A 股相对已妥协国家地区展现韧性。 过去一周全 A 日均成交额 1.1 万亿，较此前一周 1.6 万亿显著下滑，我们认为 成交缩量的背后是市场进入观测期，即对于关税风险的定价从第一阶段突发的 情绪恐慌，转向对于国内对策的跟踪和等待，目前看来无论是对内政策的落地， 还是对外贸易合作的进展都仍需观测。从资金结构上来看，4 月以来杠杆资金 净流出 1086 亿，"平准基金"托底，ETF 净流入 1905 亿，回购 515 亿，增持 537 亿。 对内：等待财政&货币政策落地，4 月政治局会议重要窗口期。财政方面，围 绕既有工具的加速落地展开，如地方专项债发行进一步提速、以及超长期特别 国债的扩容进度，截至 4/18 地方专项债发行进度 24%，Wind 预期 4 月底达 30%。货币方面，降准降息是比财政宽松更为务实、且有望落地更快的，近期 央行持续表达"择机降准降息"态度，二季度货 ...

Quantitative Models and Construction Methods - **Model Name**: Volume Model **Construction Idea**: This model evaluates market trends based on trading volume dynamics[11][67] **Evaluation**: The model currently signals a neutral stance for the short term[11][67] - **Model Name**: Low Volatility Model **Construction Idea**: This model assesses market conditions by analyzing low volatility patterns in the market[11][67] **Evaluation**: The model currently signals a neutral stance for the short term[11][67] - **Model Name**: Institutional Feature Model (Dragon Tiger List) **Construction Idea**: This model incorporates institutional trading features from the Dragon Tiger List to predict market movements[11][67] **Evaluation**: The model currently signals a neutral stance for the short term[11][67] - **Model Name**: Feature Volume Model **Construction Idea**: This model evaluates market trends based on specific volume-related features[11][67] **Evaluation**: The model currently signals a bearish stance for the short term[11][67] - **Model Name**: Intelligent CSI 300 Model **Construction Idea**: This model uses intelligent algorithms to analyze the CSI 300 index for market predictions[11][67] **Evaluation**: The model currently signals a neutral stance for the short term[11][67] - **Model Name**: Intelligent CSI 500 Model **Construction Idea**: This model applies intelligent algorithms to the CSI 500 index to predict market trends[11][67] **Evaluation**: The model currently signals a bullish stance for the short term[11][67] - **Model Name**: Limit-Up and Limit-Down Model **Construction Idea**: This model analyzes the frequency and patterns of limit-up and limit-down events to predict market movements[12][68] **Evaluation**: The model currently signals a neutral stance for the mid-term[12][68] - **Model Name**: Calendar Effect Model **Construction Idea**: This model incorporates calendar-based patterns to predict market trends[12][68] **Evaluation**: The model currently signals a neutral stance for the mid-term[12][68] - **Model Name**: Long-Term Momentum Model **Construction Idea**: This model evaluates long-term market momentum across broad-based indices[13][69] **Evaluation**: The model currently signals a neutral stance for all broad-based indices in the long term[13][69] - **Model Name**: A-Share Comprehensive Weapon V3 Model **Construction Idea**: This composite model integrates multiple signals to provide a comprehensive market outlook[14][70] **Evaluation**: The model currently signals a bearish stance for the A-share market[14][70] - **Model Name**: A-Share Comprehensive Guozheng 2000 Model **Construction Idea**: This composite model focuses on the Guozheng 2000 index to provide a market outlook[14][70] **Evaluation**: The model currently signals a bearish stance for the A-share market[14][70] - **Model Name**: Turnover-to-Volatility Model **Construction Idea**: This model evaluates the Hong Kong market by analyzing turnover relative to volatility[15][71] **Evaluation**: The model currently signals a bearish stance for the mid-term[15][71] Model Backtesting Results - **Volume Model**: Neutral signal, no specific backtesting results provided[11][67] - **Low Volatility Model**: Neutral signal, no specific backtesting results provided[11][67] - **Institutional Feature Model (Dragon Tiger List)**: Neutral signal, no specific backtesting results provided[11][67] - **Feature Volume Model**: Bearish signal, no specific backtesting results provided[11][67] - **Intelligent CSI 300 Model**: Neutral signal, no specific backtesting results provided[11][67] - **Intelligent CSI 500 Model**: Bullish signal, no specific backtesting results provided[11][67] - **Limit-Up and Limit-Down Model**: Neutral signal, no specific backtesting results provided[12][68] - **Calendar Effect Model**: Neutral signal, no specific backtesting results provided[12][68] - **Long-Term Momentum Model**: Neutral signal, no specific backtesting results provided[13][69] - **A-Share Comprehensive Weapon V3 Model**: Bearish signal, no specific backtesting results provided[14][70] - **A-Share Comprehensive Guozheng 2000 Model**: Bearish signal, no specific backtesting results provided[14][70] - **Turnover-to-Volatility Model**: Bearish signal, no specific backtesting results provided[15][71] Quantitative Factors and Construction Methods - **Factor Name**: Double-Bottom Pattern **Construction Idea**: This factor identifies stocks forming a double-bottom pattern, which is a bullish technical signal[43][49] **Construction Process**: The factor is constructed by identifying stocks that meet specific criteria for double-bottom formation, including two distinct troughs and a breakout above the resistance level[43][49] **Evaluation**: The factor underperformed the Shanghai Composite Index this week, with a relative return of -6.34%[43][49] - **Factor Name**: Cup-and-Handle Pattern **Construction Idea**: This factor identifies stocks forming a cup-and-handle pattern, which is a bullish technical signal[43][44] **Construction Process**: The factor is constructed by identifying stocks that meet specific criteria for cup-and-handle formation, including a rounded bottom followed by a smaller consolidation[43][44] **Evaluation**: The factor underperformed the Shanghai Composite Index this week, with a relative return of -0.6%[43][44] Factor Backtesting Results - **Double-Bottom Pattern**: Weekly return of 0.35%, underperforming the Shanghai Composite Index by -6.34%[43][49] - **Cup-and-Handle Pattern**: Weekly return of 0.59%, underperforming the Shanghai Composite Index by -0.6%[43][44]

| | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 3,070 | 3,773 | 4,316 | 4,812 | | 同比增速(%) | 36.5% | 22.9% | 14.4% | 11.5% | | 归母净利润(百万) | 301 | 527 | 597 | 666 | | 同比增速(%) | -33.6% | 75.1% | 13.4% | 11.7% | | 每股盈利(元) | 0.65 | 1.13 | 1.28 | 1.43 | | 市盈率(倍) | 26 | 15 | 13 | 12 | | 市净率(倍) | 1.7 | 1.6 | 1.5 | 1.4 | 证 券 研 究 报 告 瑞普生物（300119）2024 年报点评 强推（维持） 畜禽主业经营稳健，加码宠物生态战略布局 目标价：22.6 元 事项： 公司发布 2024 年报：实现营收 30.7 亿，同比增长 13.32%，归母净利 3.01 亿， 同比下降 33.70%，扣非后归母净利 2.81 亿，同比下降 11.84%。 ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating an expected outperformance of the benchmark index by 10%-20% over the next six months [16]. Core Insights - The company achieved a total revenue of 2.663 billion yuan in 2024, representing a year-on-year growth of 34.43%. The net profit attributable to shareholders reached 226 million yuan, up 87.38% year-on-year [2]. - The automotive parts segment is identified as a new growth driver, contributing 18.91% to total revenue in 2024, with products primarily used in the electric vehicle sector [8]. - The company plans to continue optimizing its product structure in the steel pipe business while expanding its footprint in the automotive parts market, which is expected to provide a second growth curve [8]. Financial Performance Summary - **2024 Financials**: - Total Revenue: 2,663 million yuan - Year-on-Year Growth: 34.4% - Net Profit: 226 million yuan - Year-on-Year Growth: 87.4% - Earnings Per Share: 2.05 yuan [4][9] - **2025-2027 Projections**: - Expected Net Profit: 277 million yuan in 2025, 307 million yuan in 2026, and 321 million yuan in 2027, with respective growth rates of 22.6%, 10.9%, and 4.4% [8][9]. - **Valuation Metrics**: - Target Price: 32.76 yuan - Current Price: 28.87 yuan - Price-to-Earnings Ratio: 14 for 2024, projected to decrease to 10 by 2027 [4][8]. Business Segment Insights - **Steel Pipe Business**: - The company reported a production and sales volume of 158,200 tons and 154,700 tons respectively in 2024, with year-on-year growth of 16.50% and 11.35% [8]. - The gross margin for the steel pipe business improved to 17.48%, an increase of 4.34 percentage points year-on-year [8]. - **Automotive Parts Business**: - The company has made strategic acquisitions to enter the automotive parts market, focusing on components for electric vehicles, which are expected to drive future growth [8]. Dividend Policy - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 109 million yuan, which represents 48% of the net profit attributable to shareholders for 2024 [8].

www.hczq.com 证券研究报告 | 医药生物 | 2025年4月19日 华创医药投资观点&研究专题周周谈 · 第122期 对美关税反制，国产白蛋白市场展望 本周周专题联系人：朱珂琛 | 华创医药团队： | | --- | | 首席分析师 郑辰 | | 联席首席分析师 刘浩 | | 医疗器械组组长 李婵娟 | | 中药和流通组组长 高初蕾 | | 分析师 万梦蝶 | | 分析师 王宏雨 | | 分析师 朱珂琛 | | 执业编号：S0360520110002 | 邮箱：zhengchen@hcyjs.com | | --- | --- | | 执业编号：S0360520120002 | 邮箱：liuhao@hcyjs.com | | 执业编号：S0360520110004 | 邮箱：lichanjuan@hcyjs.com | | 执业编号：S0360524070002 | 邮箱：gaochulei@hcyjs.com | | 执业编号：S0360523080008 | 邮箱：wanmengdie@hcyjs.com | | 执业编号：S0360523080006 | 邮箱：wanghongyu@hcyj ...

1. Report Industry Investment Rating No information provided in the content. 2. Core Viewpoints of the Report - In the third week of April, real estate sales rebounded after a decline at the beginning of the month. New home sales were still weaker than the same period, while second - hand home sales showed an expanding year - on - year increase and remained resilient. Tariffs began to affect the transportation demand of Sino - US routes and the industrial production rhythm. Food prices changed from rising to falling due to the drop in vegetable prices. The SCFI index continued to decline month - on - month, with the cargo volume of Sino - US routes decreasing and the freight rate of the US - West route dragging down the overall index. In the industrial sector, the impact of tariffs on exports and industrial production was evident, while investment demand remained strong. In the investment field, the demand and price of cement and rebar continued to improve, supported by key infrastructure projects. Real estate transactions showed a seasonal increase, but new home sales were still negative year - on - year. [4][40] - For the bond market, although the economic data in the first quarter showed a "good start" and many sub - items exceeded expectations, the short - term bond market focused on the second - quarter fundamental month - on - month pricing, as well as the rhythm and space of subsequent incremental policies. The impact of tariffs on exports and industry had emerged in April's high - frequency data, which might be reflected in foreign trade and economic data later. On the other hand, the domestic fiscal policy was implemented ahead of schedule, and the issuance of ultra - long - term special treasury bonds was advanced. High - frequency data of investment products indicated that the physical workload of infrastructure investment was accelerating. The counter - cyclical adjustment policies in the second quarter would be implemented more quickly. The bond market entered a new policy effect observation period, and attention should be paid to high - frequency economic data verification, marginal changes, and the statements of the Politburo meeting in April regarding boosting consumption, the equity market, and the real estate market. [4] 3. Summaries According to Relevant Catalogs (1) Inflation - related: Food prices changed from rising to falling - The average wholesale price of national pork increased by 0.14% month - on - month. The 200 - index of agricultural product wholesale prices and the wholesale price index of basket products decreased by 0.56% and 0.64% respectively month - on - month, mainly due to a 3.8% month - on - month decline in vegetable prices. [9] (2) Import and export - related: The cargo volume of Sino - US routes continued to decline - The export container shipping market was basically stable. The SCFI index decreased slightly, and the cargo volume of Sino - US routes declined further. The CCFI index increased by 0.3% month - on - month, while the SCFI index decreased by 1.7% month - on - month. The market began to adjust the overall shipping capacity, and the freight rate of the US - West route decreased slightly. [10] - The decline of dry - bulk freight rates narrowed but continued to fall. The BDI index decreased by 3.6% month - on - month on average, and the CDFI index decreased by 3.0% month - on - month. The international dry - bulk shipping market was relatively stable, but the freight rate was under pressure due to the large available shipping capacity in the two - ocean market of cape - size ships. [10] (3) Industry - related: Export disturbances emerged, and investment demand remained strong - The price of thermal coal decreased slightly. The price of thermal coal (Q5500) at Qinhuangdao Port decreased by 0.1% month - on - month. Due to the rise in temperature, residential electricity consumption decreased, and the electricity consumption of non - power industries was affected by some export - manufacturing enterprises cutting production, resulting in a weakening of the electricity demand. The coal price continued to decline due to stable supply and weak demand. [13] - The price of rebar stopped falling and stabilized. The spot price of rebar (HRB400 20mm) decreased by 0.01% month - on - month. The steel market saw an increase in both supply and demand, and inventory continued to decline. However, due to weak domestic real estate investment demand and weak export expectations, the short - term rebar price continued to fluctuate slightly. The blast furnace operating rate was 90.1%, slightly lower than the previous week, and the apparent demand for rebar was 276.7 tons, a 9.4% month - on - month increase, indicating strong investment and construction sentiment. [17] - The copper price stopped falling and rebounded. The average prices of Yangtze River Non - ferrous copper and LME copper increased by 3.1% and 2.7% respectively month - on - month. The market sentiment improved due to the Trump administration's exemption of some electronic products from 125% reciprocal tariffs, and the domestic refined copper inventory continued to decline. However, due to high macro - uncertainty, the copper price rebound was highly volatile. [22] - The glass market adjusted slightly and remained stable overall. Some glass manufacturers promoted sales by raising prices, which stimulated the purchasing sentiment of downstream demand. However, the prices in some regions were under pressure. The glass inventory continued to decline, and downstream demand was mainly for rigid needs, lacking incremental stimulation factors. [22] (4) Investment - related: Real estate transactions increased seasonally, but new home sales were still weaker than the same period - The decline of cement prices widened. The weekly average of the cement price index decreased by 0.67% month - on - month. From April 9th to 15th, the national cement delivery volume increased by 4.78% month - on - month but decreased by 27.55% year - on - year. The demand in the East China region was weak due to the sluggish real estate market and slow infrastructure investment, while the demand in North, Southwest, and Northwest China was supported by key projects and infrastructure construction. [23] - The transaction area of new homes in 30 cities increased month - on - month after stopping the decline. From April 11th to 17th, the transaction area was 142.4 million square meters, a 16% month - on - month increase but a 22% year - on - year decrease, still weaker than in 2023 and 2024. [28] - Second - hand home sales entered a sprint stage in the second half of the month. From April 11th to 17th, the transaction area of second - hand homes in 17 cities was 288.8 million square meters, a 23.4% month - on - month increase and a 15.8% year - on - year increase, showing improvement compared with the previous week. Second - hand home sales usually increase seasonally from mid - April to the end of the month, and attention should be paid to the rebound slope. [31] (5) Consumption: The year - on - year increase in passenger car retail sales expanded in the first two weeks of April - From April 1st to 13th, passenger car retail sales increased by 8% year - on - year, a 14% month - on - month decrease compared with the previous month, the same as the decline in the previous week. The momentum of automobile consumption continued to weaken. [37] - Crude oil prices rebounded. As of Friday, Brent crude oil and WTI crude oil prices increased by 4.9% and 5.2% respectively compared with the previous Friday. US sanctions on Iranian oil exports and the OPEC+ production - cut plan supported the strong rebound of oil prices, and the market's expectation of tightened crude oil supply strengthened, which might continue to support oil prices in the short term. [37]

Investment Rating - The report maintains an optimistic outlook for the pharmaceutical industry, projecting growth opportunities across various segments by 2025 [10][12]. Core Insights - The current valuation of the pharmaceutical sector is low, with public funds under-allocating to this sector. Positive macroeconomic factors are expected to drive growth [10]. - The report emphasizes a shift from quantity to quality in the domestic innovative drug sector, highlighting the importance of differentiated and internationalized pipelines [10]. - The medical device market is showing signs of recovery, particularly in imaging equipment and home medical devices, with significant growth potential [10]. - The report identifies a favorable environment for the CXO and life sciences services sectors, anticipating a rebound in domestic investment and a return to high growth by 2025 [10]. - The traditional Chinese medicine sector is expected to benefit from policy changes and market dynamics, with specific companies recommended for investment [12]. - The report highlights the potential for the blood products industry to grow, particularly in the context of domestic production capabilities and the impact of U.S. tariffs on imported products [30][43]. Market Overview - The report notes that the Chinese albumin market is heavily reliant on imports, with 2024 projections indicating a market size of approximately 235 billion yuan, reflecting an 8.4% decline from the previous year [15][30]. - The domestic albumin market is expected to see a shift towards increased local production due to changing tariff structures and supply chain dynamics [30][43]. - The report outlines the competitive landscape for albumin, indicating that domestic products are poised to capture market share as U.S. imports decline [30][39]. Specific Company Insights - The report identifies several key companies in the innovative drug space, including 恒瑞, 百济, and 贝达, which are expected to lead in product development and profitability [10]. - In the medical device sector, companies like 迈瑞 and 联影 are highlighted for their growth potential due to ongoing equipment upgrades and international expansion [10]. - The report also discusses the emerging opportunities for companies involved in recombinant human albumin production, particularly those utilizing innovative production methods [50][55].