医药行业周报 ➢ 1）创新药：关注国产创新药研发及 BD 进展，信念医药的基因疗法波哌达可基（BBM- H901，商品名：信玖凝）获批上市，成为首款获批上市的国产血友病基因疗法；荣昌生物公布 泰它西普用于治疗 gMG III 期研究结果；恒瑞医药将口服 GnRH 受体拮抗剂许可给 Merck KGaA。2）CXO：FDA 发布逐步取消单抗及其他药物动物实验要求计划，一方面我们认为长期 来看新药研发进度及成本将逐步降低，积极关注类器官、基于人工智能的毒性计算模型方向的 新技术突破及应用，另一方面我们认为短期来看该政策对临床前开发及实验动物影响有限。3） 中医药：积极关注内循环相关中医药及中医药服务，关注生育补贴等相关政策推进落地进展。 4）疫苗及血制品：重视地缘政治风险下，稀缺资源厂商强定价能力驱动的业绩改善，血制品下 游需求繁荣行业基本面向好，持续看好静丙行业未来 3-5 年的发展潜力，其次关注浆站数量变 化及头部集中背景下吨浆利润提升驱动的行业上行周期中潜在受益的龙头公司。疫苗方向基本 面整体承压但部分重点公司业绩边际改善，关注重点公司下游库存周期改善带来的业绩拐点及 mcv4 疫苗市场拓展情况。5）医药上 ...

一周解一惑系列： 高端磨床国产替代进程有望加速推进 2025 年 04 月 13 日 ➢ 本周关注：华中数控、津上机床、博众精工 ➢ 磨床属于机床精度最高一档，超精密磨床要求尤其高，技术难度最高。磨 床是利用磨具对工件表面进行磨削加工的机床，主要系使用高速旋转的砂轮、 油石及砂带等磨具研磨工件的多余量，以获取所需形状、尺寸及加工面。按照 工艺的不同，磨床可主要分为外圆磨床、内圆磨床、无心磨床、平面磨床、轧 辊磨床及其它专用磨床等。按照加工对象的不同，磨床则可分为螺纹磨床、齿 轮磨床、叶片磨床、花键轴磨床等。磨床属于机床精度最高一档，超精密磨床 要求尤其高，技术难度最高。磨床行业产业链上游为铸件、精密件、液压系 统、数控系统等；产业链中游为磨床生产企业；磨床行业产业链下游应用领域 广泛，主要为机械设备、汽车、船舶、家电等。磨具为磨床加工核心耗材，包 含砂轮、磨头、油石、砂瓦等磨具是由许多细小的磨粒用结合剂固结成一定尺 寸形状的磨削工具，由磨粒、结合剂和空隙（气孔）三要素组成。 ➢ 人形机器人等新兴市场有望大幅提升高端磨床需求，国产替代进程有望加 速。中国磨床进口额从 2018 年的 12.9 亿美元下滑至 20 ...

非银行业周报 20250413 券商一季度业绩预喜，板块估值修复可期 2025 年 04 月 13 日 ➢ 上市券商陆续发布 25Q1 业绩预增公告，多业务条线边际改善。截至 4/11 已有 10 家上市券商发布 25Q1 业绩预增相关公告，国泰海通（350%~400%）、 东吴证券（100%~120%）归母净利润同比增速超 1 倍，中国银河（70%~90%）、 兴业证券（57%）、华泰证券（50%~60%）、华安证券（80%~100%）、中金公 司（50%~70%）、中信建投（50%）增速保持在 50%及以上。若不考虑吸收合 并后的国泰海通，且净利润区间按下限统计，则 9 家券商平均归母净利润增速达 到 48%。25Q1 市场交投热度保持高位，投行业务收入有所回升，各家公司公告 在说明 25Q1 业绩增长原因时，也相应提到财富管理、交易投资、投行业务收入 大幅增长。除自营投资外，其他业务条线也出现边际改善信号。我们认为，2025 年券商业绩修复向好趋势有望延续。 ➢ 保险集团并表新规发布，防范风险集中和传递。2025 年 4 月 11 日，国家 金融监督管理总局发布《保险集团并表监督管理办法》（以下简称《办 ...

汽车和汽车零部件行业周报 20250413 美国关税落地 关注自主产业链 2025 年 04 月 13 日 ➢ 本周数据：2025 年 4 月第 1 周（3.31-4.6）乘用车销量 33.7 万辆，同比 +25.6%，环比-30.2%；新能源乘用车销量 16.8 万辆，同比+37.8%，环比-30.4%； 新能源渗透率 50.0%，环比-0.1pct。 ➢ 本周行情：汽车板块本周表现弱于市场。本周（4 月 7-4 月 11 日）A 股汽 车板块下跌 5.26%，在申万子行业中排名第 24 位，表现弱于沪深 300（-2.62%）。 细分板块中，乘用车、商用载客车、摩托车及其他、汽车服务、商用载货车、汽 车零部件分别下跌 2.03%、3.96%、5.25%、6.36%、6.85%、7.31%。 ➢ 本周观点：本月建议关注核心组合【比亚迪、吉利汽车、小鹏汽车、小米集 团、伯特利、拓普集团、新泉股份、沪光股份、春风动力】。 ➢ 汽车零部件受美国关税影响较小。北京时间 4 月 3 日凌晨特朗普宣布美国 进入"国家紧急状态"，并在白宫签署两项行政令：1）基准关税 10%：美国对 贸易伙伴设立 10%的"最低基准关税" ...

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, focusing on domestic autonomous industry chains and key companies such as BYD, Geely, and Xpeng [5]. Core Insights - The report highlights the impact of recent U.S. tariffs on the automotive sector, noting that the tariffs have a limited effect on automotive parts, particularly for companies with overseas operations [2][3]. - It emphasizes the importance of monitoring tariff developments and suggests a focus on domestic autonomous vehicle manufacturers that are less affected by U.S. tariffs [3][24]. - The report recommends a selection of companies in the automotive sector, particularly those involved in smart and electric vehicles, as well as automotive parts suppliers [3][4]. Summary by Sections Weekly Data - In the first week of April 2025, passenger car sales reached 337,000 units, a year-on-year increase of 25.6% but a month-on-month decrease of 30.2%. New energy vehicle sales were 168,000 units, up 37.8% year-on-year but down 30.4% month-on-month, with a penetration rate of 50.0% [1][3]. Market Performance - The automotive sector underperformed the market, with the A-share automotive sector declining by 5.26% from April 7 to April 11, ranking 24th among sub-industries [1][3]. Key Recommendations - The report suggests focusing on a core portfolio that includes companies like BYD, Geely, Xpeng, Xiaomi, Berteli, Top Group, and others [1][3]. - It also highlights the potential of companies involved in the new energy vehicle supply chain and those focusing on smart driving technologies [3][4]. Tariff Impact - The U.S. tariffs, particularly the reciprocal tariffs, are expected to have a significant impact on exports and the economy, with a potential drag on GDP growth [10][19]. - The report notes that the automotive parts sector is less affected by the tariffs, especially for companies with production facilities in Mexico and Southeast Asia [2][24]. Company Focus - The report identifies key companies in the automotive parts sector that are well-positioned to benefit from the current market dynamics, including those involved in smart and electric vehicle technologies [3][4][25].

Group 1 - The report indicates that credit bonds are experiencing a downward trend in yields, particularly in short-term credit bonds, ultra-long perpetual bonds, and ultra-long municipal investment bonds, reflecting different allocation logic [1][10][13] - The report highlights that the overall credit spread has widened passively due to the underperformance of short credit bonds compared to interest rate bonds in the latter half of the week [1][11] - The report notes that institutions are cautiously increasing their purchasing power for ultra-long credit bonds, but overall transaction durations have not significantly increased due to strong liquidity demands in the current market environment [2][15] Group 2 - The report maintains the view that after the quarter-end, with seasonal recovery in wealth management scale, the allocation power for credit bonds will strengthen, leading to further narrowing of credit spreads [3][19] - It is observed that the issuance of credit bonds has improved, with a net financing of 830 billion yuan for the week, indicating a positive trend in corporate financing [25][37] - The report suggests that the current supply-demand dynamics favor credit bonds, and it is recommended to continue increasing allocations in this sector [21][22]

量化周报 等待二次测试结果 2025 年 04 月 13 日 ➢ 择时观点：等待二次测试结果。当下流动性保持下行趋势，分歧度快速上行， 景气度保持下行状态，ERP 保持极值状态，三维择时框架保持震荡下跌判断。从 技术形态来看，沪深 300 直接跌破支撑线，市场依次出现了恐慌抛售（4 月 7 日） 和自动反弹（4 月 8 日-11 日），后续关键在于二次测试的力度，如果为缩量并振 幅缩短，可能形成新的盘整区间，否则或继续调整。 ➢ 指数监测：港股通创新药大幅流入。通过对同一指数对应的 ETF 规模进行合 并并剔除涨跌幅影响，我们计算了各指数 ETF 产品总体申购/赎回份额情况。近 1 周 ETF 产品申购流入增速快的有：港股通创新药、H300 金融服务港币、标普 中国新经济行业、SHS 物联网、港股通创新药（987018.CNI）。近 1 周深创 100、 中证 800 汽车、恒指港股通、MSCI CHINA A RMB ESG UNIVERSAL、易盛能 化主题份额流出最多。 ➢ 资金共振：推荐电力及公用事业，医药，食品饮料与石油石化。我们监控两 融与大单资金的共振情绪，选择两类资金都看好的行业。两融资金流上 ...

一周解一惑系列： 高端磨床国产替代进程有望加速推进 2025 年 04 月 13 日 ➢ 本周关注：华中数控、津上机床、博众精工 ➢ 磨床属于机床精度最高一档，超精密磨床要求尤其高，技术难度最高。磨 床是利用磨具对工件表面进行磨削加工的机床，主要系使用高速旋转的砂轮、 油石及砂带等磨具研磨工件的多余量，以获取所需形状、尺寸及加工面。按照 工艺的不同，磨床可主要分为外圆磨床、内圆磨床、无心磨床、平面磨床、轧 辊磨床及其它专用磨床等。按照加工对象的不同，磨床则可分为螺纹磨床、齿 轮磨床、叶片磨床、花键轴磨床等。磨床属于机床精度最高一档，超精密磨床 要求尤其高，技术难度最高。磨床行业产业链上游为铸件、精密件、液压系 统、数控系统等；产业链中游为磨床生产企业；磨床行业产业链下游应用领域 广泛，主要为机械设备、汽车、船舶、家电等。磨具为磨床加工核心耗材，包 含砂轮、磨头、油石、砂瓦等磨具是由许多细小的磨粒用结合剂固结成一定尺 寸形状的磨削工具，由磨粒、结合剂和空隙（气孔）三要素组成。 相关研究 1.一周解一惑系列：固态电池产业进展加 速，设备企业有望受益-2025/03/16 2.一周解一惑系列：可控核聚变最新进展及 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the benchmark index [5]. Core Insights - The company has secured a total of HKD 650 million in term loans from two banks, reflecting its strong financing capabilities as a state-owned developer in Guangzhou [1]. - Revenue for 2024 reached CNY 86.4 billion, a year-on-year increase of 7.7%, while core net profit significantly declined by 54.4% to CNY 1.59 billion due to impairment losses [1][2]. - The company has a robust land bank, with a total area of 19.71 million square meters across 25 cities, primarily in first and second-tier cities [2]. - The financing cost has improved, with a weighted average borrowing rate of 3.49% for 2024, down 33 basis points year-on-year [3]. - The company projects revenue growth of 1.2% to CNY 87.4 billion in 2025, with a target of CNY 120.5 billion in sales [2][4]. Summary by Sections Financing and Loans - The company has successfully signed term loans totaling HKD 650 million, indicating continued access to financing [1]. - The weighted average borrowing rate has decreased to 3.49%, showcasing improved financing costs [3]. Revenue and Profitability - In 2024, the company reported revenue of CNY 86.4 billion, a 7.7% increase from the previous year [1]. - Core net profit fell to CNY 1.59 billion, a decline of 54.4%, primarily due to significant impairment losses totaling CNY 39 billion [1][4]. Land Bank and Sales - The company holds a land bank of 19.71 million square meters, with a focus on major cities, and has added 24 new land parcels in 2024 [2]. - Sales volume decreased by 12% to 3.92 million square meters, with sales revenue down 19% to CNY 115.4 billion [2]. Future Projections - The company forecasts revenue growth of 1.2% in 2025, with a sales target of CNY 120.5 billion, indicating expectations of market stabilization [2][4]. - Projected revenues for 2025-2027 are CNY 87.4 billion, CNY 91.4 billion, and CNY 97.0 billion, respectively, with corresponding PE ratios of 12X, 9X, and 7X [4].

绝味食品（603517.SH）2024 年年报及 2025 年一季报点评 24 年经营承压，静待后续改善 2025 年 04 月 13 日 ➢ 事件：公司发布 2024 年年报及 2025 一季报，24 年实现营业收入 62.6 亿 元，同比-13.8%；实现归母净利润 2.3 亿元，同比-34.0%；实现扣非净利润 2.0 亿元，同比-49.4%。单季度看，24Q4 实现营业收入 12.4 亿元，同比-23.8%； 实现归母净利润-2.1 亿元，前值-0.5 亿元；实现扣非净利润+2.2 亿元，前值+0.3 亿元。25Q1 实现营业收入 15.0 亿元，同比-11.5%；实现归母净利润 1.2 亿元， 同比-27.3%；实现扣非净利润 1.1 亿元，同比-32.1%。 ➢ 门店经营承压，拓店放缓，单店缺口修复在途。分产品看，24 年鲜货/包装 /加盟商管理分别实现收入 48.6/3.6/0.6 亿元，同比-15.8%/+29.1%/-26.3%， 鲜货业务持续承压，预计主因外部需求相对疲软下，门店端客流下滑，同时公司 拓店亦有所放缓 （24H1 门店数量净减少 981 家），单店缺口修复在途。分地 区看，2 ...