Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [4][18]. Core Insights - The company reported a revenue of 889 million (down 8.04% year-on-year) and a net profit of 110 million (up 10.7% year-on-year) for Q1 2025, with a gross margin of 57.61% (up 15.11 percentage points) and a net margin of 12.45% (up 2.12 percentage points) [1][2]. - The decline in revenue is attributed to the ongoing optimization of the pharmaceutical commercial segment, while the increase in net profit is driven by higher revenues from the pharmaceutical industrial segment and improved product revenue structure [2]. - The company has made significant progress in cash flow, with net cash flow from operating activities increasing by 51.74% year-on-year, primarily due to increased sales collections from its pharmaceutical commercial subsidiaries [2]. Financial Performance and Forecast - The company’s revenue projections for 2025, 2026, and 2027 are 3.79 billion, 4.14 billion, and 4.56 billion respectively, with growth rates of 8%, 9%, and 10% [4][6]. - Net profit forecasts for the same years are 510 million, 650 million, and 800 million, with growth rates of 41%, 27%, and 23% [4][6]. - The report highlights a significant improvement in profitability metrics, with EPS expected to rise from 2.36 in 2024 to 5.20 in 2027 [6][12]. Strategic Initiatives - The company is reforming its marketing system to enhance performance, including implementing a profit contribution assessment alongside sales assessments, optimizing organizational structure, and advancing digitalization efforts [3]. - The company plans to accelerate the commercialization of new products in the prescription line and expand its market coverage, particularly in grassroots healthcare [3]. - The introduction of innovative traditional Chinese medicine products is expected to contribute to future revenue growth [3].

1. Report Industry Investment Rating - No specific industry investment rating is provided in the report. 2. Core View of the Report - The cultural and tourism sector is worthy of attention due to the upgrade of consumer infrastructure. Multiple policy documents indicate that cultural and tourism and logistics projects may be the focus of consumer - type infrastructure. The domestic tourism market in 2024 showed significant growth in tourist numbers and spending, with a local and short - distance travel trend, which may increase the cultural and tourism attractiveness of cities near large population centers [2][10][14]. 3. Summary by Related Catalogs 3.1 Policy Background of Consumer - Related Infrastructure Construction - In April 2025, the "Notice on the Central Government Financial Support for the Implementation of Urban Renewal Actions in 2025" proposed consumer - type infrastructure construction, aiming to improve urban infrastructure. In February 2025, the State Council Executive Meeting proposed to promote high - quality development of service consumption and improve relevant standards in cultural tourism and other fields [2][10]. - Since 2020, there have been a series of policies promoting the construction of consumer - related infrastructure, including the development of new consumption models, the construction of international logistics systems, and the digital transformation of cultural and tourism industries [11]. 3.2 Case of Tianjin - In 2024, Tianjin planned to promote the overall improvement of the cultural industry through "Three New" (technological innovation, industrial renewal, urban renewal) and "Three Quantities" (revitalizing stock, cultivating increment, improving quality). From 2023 to August 2024, Tianjin revitalized a large amount of land and real estate, achieving an income of 72.68 billion yuan. The protection and utilization of intangible cultural heritage and historical and cultural blocks increased the cultural and tourism attractiveness of Tianjin [11][13]. - In 2024, the number of tourists in Tianjin increased significantly. In the first half of the year, it received 1.3 billion domestic tourists, with a 18.5% year - on - year increase in the number of tourists and a 7.9% increase in tourist spending. During the National Day holiday, the number of tourists increased by 14% compared with 2023, and tourist spending increased by 36.9% [13]. 3.3 Domestic Tourism Market in 2024 - According to the "China Domestic Tourism Development Annual Report 2024", domestic tourism spending reached 5.75 trillion yuan in 2024, a year - on - year increase of 17.1%. The per - capita consumption reached 1024.04 yuan, a year - on - year increase of 2.0%. The growth rate of total tourism spending was much higher than that of per - capita consumption, indicating a significant increase in the number of tourists. Domestic tourism showed obvious local and short - distance characteristics, with short - distance provincial tourism accounting for 74.9% of all domestic tourism [14]. 3.4 Jiangsu Province's Key Projects in 2025 - The Jiangsu Provincial Department of Culture and Tourism announced 79 key cultural and tourism industry projects in 2025, with a total planned investment of 100.416 billion yuan and an annual planned investment of 22.653 billion yuan. There are also multiple modern logistics projects planned [15]. 3.5 Investment Targets - Anhui Jiuhua Mountain Cultural and Tourism Health - Care Group Co., Ltd. (102400591.IB) has 700 million yuan in outstanding bonds. It holds 29.93% of the equity of Jiuhua Tourism (603199.SH). Jiuhua Tourism had an operating income of 760 million yuan in 2024, showing stable growth [20]. - Shaanxi Tourism Group (042480152.IB) is a large - scale state - owned tourism group in Shaanxi Province. In 2024, Xi'an's cultural and tourism market was booming, receiving 306 million tourists and achieving a total tourism revenue of 376 billion yuan, with year - on - year increases of 10.3% and 12.3% respectively [20]. 3.6 Other Tourism - Related Entities - High - valued entities in the tourism industry are listed, including Jilin Changbai Mountain Development and Construction (Group) Co., Ltd., Jiangxi Tourism Group Co., Ltd., Chifeng State - owned Capital Operation (Group) Co., Ltd., etc., with details of their outstanding bonds, remaining terms, and valuations [4][21][24].

Group 1 - The report highlights that the Chinese stem cell market is expected to reach approximately 26.5 billion yuan by 2024, with the collection, preparation, and storage segment accounting for nearly 16 billion yuan [7][10]. - The recent inclusion of "stem cell research and organ repair" in the national key R&D plan by the National Health Commission is seen as a significant positive signal for the development of the stem cell industry [6][10]. - China's stem cell storage rate is currently below 3%, significantly lower than the 15%-20% rates in developed countries, indicating substantial market potential given the annual birth rate of over 10 million newborns [7][10]. Group 2 - The report notes that the pharmaceutical sector's performance was mixed, with only one-third of the six sub-industries showing positive returns during the week of April 14-18, 2025 [12]. - Among the pharmaceutical sub-industries, Traditional Chinese Medicine II and Chemical Pharmaceuticals showed the highest gains, while Medical Devices and Biological Products experienced declines [12][16]. - The report emphasizes the importance of the traceability system for pharmaceuticals, with over 95% of designated medical institutions connected to the traceability code system by March 2025, enhancing the safety and efficiency of medical insurance funds [20].

Group 1 - The report highlights that the recent announcement by the National Health Commission on April 1, 2025, includes "stem cell research and organ repair" in the national key R&D plan, indicating strong governmental support for the stem cell medical field [3][8][9] - According to the report from Qianzhan Research Institute, the Chinese stem cell market is expected to reach approximately 26.5 billion yuan by 2024, with the collection, preparation, and storage segment accounting for nearly 16 billion yuan [9][12] - The current stem cell storage rate in China is below 3%, significantly lower than the 15%-20% rates in developed countries, suggesting substantial market potential given the annual birth rate of over 10 million newborns in China [9][12] Group 2 - The report reviews the performance of the pharmaceutical sector from April 14 to April 18, noting that only two out of six sub-industries recorded positive returns, with Traditional Chinese Medicine II and Chemical Pharmaceuticals leading the gains [15][16] - The report indicates that the chemical pharmaceutical sector has the highest valuation at 63.79 times PE, while the lowest is in the pharmaceutical commercial sector at 19.82 times PE [15][16] - The report tracks various industry hotspots, including the implementation of a traceability code policy for drug procurement and the approval of the nine-valent HPV vaccine for males in China [20][21][23]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - The revision of the No. 3 Guideline in 2025 has increased the requirements for urban investment companies, leading to a decline in the issuance and net financing of urban investment bonds in Q1 2025. The supply of urban investment bonds is expected to continue to shrink, increasing the scarcity of assets in the market and the difficulty of institutional investment [2][17]. - Amid the US "reciprocal tariff" policy, Chinese ministries and local governments are implementing measures to stabilize the foreign trade market and help enterprises find non - US export channels. The impact of tariffs on China's exports to the US may be short - term, and the impact is expected to gradually decrease in the long run [4][37]. - For urban investment bonds, different investment strategies can be adopted based on different regions and durations. For industrial bonds, it is recommended to wait for adjustment to achieve cost - effectiveness before allocation. For financial bonds, short - duration second - tier and perpetual bonds of national and joint - stock banks can be focused on [3][70][75]. 3. Summary According to Relevant Catalogs 3.1 3 - Guideline Revision and Urban Investment Bonds - **Guideline Revision**: On March 28, 2025, the Shanghai Stock Exchange issued the revised No. 3 Guideline, expanding the number of clauses from 56 to 66 and raising requirements for urban investment companies in transformation, bond issuance, and debt management [2][12]. - **Market Situation**: In Q1 2025, the issuance and net financing of urban investment bonds decreased significantly year - on - year. The issuance scale decreased by 14.14% and 14.71% compared with Q1 2023 and Q1 2024 respectively, and the net financing scale decreased by 36.92% and 83.75% respectively. The supply of urban investment bonds is expected to continue to shrink [2][17]. - **Investment Suggestions**: - By remaining maturity, 1 - year - or - less urban investment bonds have the largest scale, and 3 - 5 - year bonds have a convexity with an average valuation of 2.58%, suitable for earning coupon and riding returns. - By implied rating, AA(2) urban investment bonds have the largest scale, and AA - and below bonds have higher valuations. Institutions seeking higher returns by lowering credit quality can focus on bonds maturing within 2 years. - By region, short - term urban investment bonds in key provinces within 2 years can be focused on for coupon income, while 3 - 5 - year urban investment bonds issued by provincial and municipal platforms in non - key provinces can be considered for capital gains [3][23][28]. 3.2 Urban Investment Bonds - Foreign Trade Situation and Policies - **US Tariff Policy**: On April 2, 2025, US President Trump signed an executive order on "reciprocal tariffs", which took effect on April 5 and April 9 for different countries and regions. The US has been continuously adjusting tariff rates [32]. - **Chinese Response**: Chinese ministries and local governments are implementing measures to stabilize the foreign trade market, such as the "one - to - one" assistance for foreign trade enterprises, various exhibitions, and "export - to - domestic - sales" measures. It is expected that more "package incremental foreign trade policies" will be announced in the future [4][37]. - **Expected Impact**: The US tariff policy may have a short - term negative impact on China's exports to the US in Q2, but in the long run, the impact may gradually decrease with the implementation of domestic "hedging" policies and the diversification of foreign trade channels [54]. 3.3 Urban Investment Bonds - Investment Suggestions - **Focus on "Economic Powerhouses"**: Provinces such as Guangdong, Jiangsu, Zhejiang, Fujian, Anhui, Shanghai, and Beijing have relatively good development momentum and debt management. Their provincial, municipal, and district - level platforms are relatively stable, and the duration can be appropriately extended to 5 years [54]. - **Regions with Debt Resolution Policies**: Regions such as Chongqing, Tianjin, Guangxi, Inner Mongolia, Liaoning, Jilin, Heilongjiang, Gansu, Guizhou, and Yunnan, where significant debt - resolution policies or substantial funds have been implemented, can be considered with a duration of 3 - 5 years [55]. - **Cities with Strong Industrial Bases**: Prefecture - level cities with strong industrial bases and financial support, such as those in Guangxi, Hubei, Shanxi, Hunan, Henan, Sichuan, Chongqing, Shaanxi, and Jiangxi, can be focused on with a duration of 2 - 3 years [58][59]. 3.4 Industrial Bonds and Financial Bonds - Weekly Views - **Industrial Bonds**: Last week, most industrial bond yields adjusted. The market may be pre - trading tariff easing. It is recommended to wait for adjustment to achieve cost - effectiveness before allocation. Institutions with stable liability ends can focus on long - term bonds of central or provincial state - owned enterprises in public utilities, transportation, etc., and can appropriately lower the credit quality for bonds within 3 years. Institutions with less stable liability ends can focus on 2 - 3 - year industrial bonds with good liquidity [70]. - **Financial Bonds**: The market is affected by the repeated tariff policy and is in a narrow - range fluctuation. The yield trends of financial bond varieties have diverged, and most yields have declined compared with last week. It is not recommended to chase the rise of second - tier and perpetual bonds currently. Institutions with trading needs can focus on short - duration second - tier and perpetual bonds of national and joint - stock banks. For allocation, individual bonds of weak - quality joint - stock banks with high valuations can be considered [75]. 3.5 Primary Market Tracking - **Credit Bond Issuance**: Relevant charts show the historical issuance and net financing of credit bonds, but no specific analysis is provided in the text [83][84]. - **Financial Bond Issuance**: Relevant charts show the historical issuance and net financing of financial bonds, but no specific analysis is provided in the text [87][88]. - **Subscription and Cost**: Charts show the subscription and issuance costs of urban investment bonds and industrial bonds, but no specific analysis is provided in the text [91][92].

Group 1 - The market index achieved an eight-day winning streak, with the Shanghai Composite Index rising by 0.39%. Micro-cap stocks, the CSI 100, and the SSE 50 led the gains, while the CSI 1000, Shenzhen Component Index, and ChiNext Index lagged behind [2][10] - In terms of sector performance, financials, real estate, and cyclical stocks led the market, while healthcare, advanced manufacturing, and agriculture sectors underperformed [2][10] - The market's valuation spread increased to 1.7%, indicating a divergence in valuations, with the valuation dispersion index rising by 27.7% [20][22] Group 2 - The market sentiment has cooled, with the five-dimensional market sentiment index decreasing by 48.6% to 31.9, indicating a decline in overall market enthusiasm [22] - The trading volume has decreased, with the average daily trading amount of the Stock Connect dropping by approximately 925 million yuan compared to the previous week [29][33] - The sectors showing strong bullish trends include banking, beauty care, and real estate, while sectors like computing, retail, and electronics may present alpha opportunities [26][29] Group 3 - Recent government initiatives emphasize the importance of domestic demand as a countermeasure against overseas tariffs, with activities promoting local consumption gaining momentum [5][12] - The focus on independent technology and domestic alternatives is heightened due to increasing trade frictions, with particular attention on sectors like domestic computing and national defense [5][12] - The low-altitude economy is gaining traction, with the National Development and Reform Commission emphasizing a coordinated approach to its development [4][45] Group 4 - The report highlights the potential for investment in gold and dividend stocks as defensive assets amid a market that is currently experiencing low trading activity [5][50] - The upcoming May Day holiday is expected to catalyze consumer spending, further enhancing the recovery of the domestic demand sector [5][50] - The report suggests that the education sector is poised for growth with the integration of AI technologies into educational processes, presenting investment opportunities [4][46]

电子 2025 年 04 月 21 日 行 业 研 究 车规 CIS 芯片需求爆发，产业链公司业绩亮眼 投资要点： 行 业 定 期 报 告 车厂智驾方案的落地、全球车企对高阶辅助驾驶功能的追逐，将车载 CIS 芯片的供需矛盾推至风口浪尖。随着智能化和电动化的推进，汽车制 造商正不断加大在自动驾驶、车联网和新能源技术领域的投入，比亚迪、 吉利、奇瑞等大厂的智驾方案的发布意味着全民智驾的到来。作为汽车感 知环境的核心"眼睛"，车载摄像头的需求得到了显著提升，正经历单车 搭载量提升和技术升级的双重变革，单车摄像头颗数有望大幅增加至 10-13 个。同时，基于更高级别的自动驾驶功能的需求，车载摄像头正在向高清 化、多功能化、智能化和集成化方向发展，高分辨率 CIS 芯片的需求呈现 爆发式增长。而 CIS 是车载摄像头模组的核心器件，其价值量约占汽车摄 像头模组总成本的 50%，需求正呈现爆发式增长。国内车规级 CIS 芯片产 业链企业相继发布 2024 年年报，成绩亮眼： 韦尔股份 究 思特威 电子 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 分析师： 杨钟(S0210522110003) YZ3979@ ...

Macro Policy and Industry Trends - The report highlights a focus on industrial intelligence upgrades, green transformation, consumption stimulation, and financial innovation to promote high-quality economic development [1][10] - Recent government policies include digital transformation in light industry, energy efficiency improvements in the aluminum industry, and the establishment of an artificial intelligence standard system, emphasizing technological empowerment and low-carbon transformation [1][10] - The capital market shows a mixed performance, with defensive sectors like pharmaceuticals and consumer goods gaining strength, while technology growth sectors face pressure [1][10] Domestic Macro Policy Tracking - The Hainan Free Trade Port held a global industry investment conference, resulting in 265 project signings with a total value of 233.6 billion yuan [8] - The Guangdong-Hong Kong-Macao Greater Bay Area reported a 4.7% increase in foreign trade in Q1, with exports of self-owned brand products rising by 12% [8] - The report notes ongoing international trade tensions, with China urging the U.S. to abandon extreme pressure tactics and resolve issues through dialogue [8] Domestic Industry Policy Tracking Financial Sector - A guideline was issued to promote and regulate cross-border data flow in the financial sector, aiming for efficient and compliant data movement [11] - The China Securities Investment Fund Association emphasized the importance of balancing functionality and profitability in the capital market [11][12] Ecological Environment - The Ministry of Ecology and Environment released opinions to strengthen environmental impact assessments for new pollutants in key industries [14] - New regulations were introduced to combat fraudulent practices in vehicle emissions testing [14] Real Estate - Beijing's housing security meeting outlined plans to focus on revitalizing existing stock and constructing 40,000 units of affordable rental housing by 2025 [15] - The National Bureau of Statistics reported signs of recovery in the real estate market, indicating a need for demand release [15] Electric Appliances - The State Administration for Market Regulation initiated a verification process for electrical product testing capabilities between China and South Korea [17] Tourism - The "Buy in China" campaign was launched to promote consumer spending and tourism in Hainan [18] Foreign Trade - The "Foreign Trade Quality Products" initiative was launched to enhance domestic sales of export products [19] Pharmaceutical Sector - The National Medical Insurance Administration reported that 24 provinces have implemented instant settlement for medical insurance, covering 246,700 medical institutions [20] Service Consumption - A conference emphasized the need to enhance service consumption quality and develop new consumption scenarios [21] Medical Services - A notification was issued to facilitate direct settlement for work-related injuries across provinces, aiming for comprehensive coverage by 2026 [22] Transportation - The Ministry of Industry and Information Technology approved frequency trials for the new generation railway mobile communication system (5G-R) [23] Artificial Intelligence - The report noted a positive trend in the digital industry, with a 8.2% increase in revenue from digital technologies like 5G and AI in the first two months [24] Asset Price Tracking - A-shares showed varied performance, with banks (+4.20%) and real estate (+3.47%) leading the gains, while defense and semiconductor sectors faced declines [26][27] Popular Concepts Tracking - The top-performing concepts included hydropower (+6.18%) and real estate themes, while sectors like animal health and rare earths saw significant declines [29][30]

策略定期研究 2025 年 4 月 21 日 宏观政策与产业风口跟踪（0414-0420） 北京住房保障：盘活存量 投资要点： 本周行业政策聚焦工业智能化升级、绿色转型、消费提振与金融创新， 推动经济高质量发展。国家层面密集出台行业专项规划，如轻工业数字化转 型、铝产业能效提升、人工智能标准体系构建等，强化科技赋能与低碳转 型。资本市场表现分化，医药、消费等防御性板块走强，科技成长板块承 压，热门概念中工业气体、稀土、创新药领涨，AI算力、数据基建等前期热 点回调显著，反映出政策驱动与市场风险偏好变化的双重逻辑。 本周A股各大板块涨跌不一。其中，涨幅排名前五的是银行 (+4.20%)、 房地产Ⅱ (+3.47%)、煤炭Ⅱ (+2.79%)、石油石化 (+2.55%)、工业贸易与综 合 (+1.81%)。跌幅前五的是国防军工 (-1.53%)、日常消费零售 (-0.86%)、 半导体 (-0.77%)、医疗设备与服务 (-0.67%)、软件服务 (-0.66%)。 本周热门概念中，涨幅排名前十的为水电 (+6.18%)、射频及天线 (+5.87%)、一级地产商 (+5.37%)、央企银行 (+5.02%)、城中 ...

注重股东回报，凸显长期投资价值 公司重视投资者回报，凸显长期投资价值。自 2011 年上市以来，公司坚持 实施积极、稳定的利润分配政策，已连续 13 年进行现金分红。2023 年公 司分红比例 90.1%，股息率 3.01%。 华福证券 盈利预测与投资建议 公 华福证券 司 研 究 九牧王（601566.SH） 老牌男装领军企业，战略转型焕新机 投资要点： 九牧王：中国男裤领军品牌 公 司 首 次 覆 盖 公司是中国男裤领军品牌，历经 35 年的沉淀，始终以"打造全球最好的裤 子"为使命。主要从事男裤及男士商务休闲服饰的生产和销售，并实施多 品牌发展战略。目前，拥有男裤领军品牌九牧王、韩国品质时尚男装 ZIOZIA 及源自潮流文化的时尚裤装品牌 FUN 等多个品牌，覆盖多个核心年龄段和 产品风格。2015 年开展零售转型，精细化运营砥砺前行；2020 年至今，公 司逆势谋变开启"男裤专家"战略变革，毛利率整体向上。 品质护航+渠道变革+精细化营销，男裤专家深入人心 公司始终基于"提心智、扩市场、聚品类"三大战略性增长路径，通过：1） 品质护航：公司整合优质面料资源，与国际知名设计师合作，不断推出差 异化新品， ...