Investment Rating - The industry investment rating is "Outperform the Market" [52] Core Views - The report emphasizes the ongoing disruptions caused by the US-China tariff policies and suggests focusing on opportunities in non-US markets and import substitution [4][9] - The report highlights that the adjustment of tariffs is expected to impact the trade of pharmaceutical products between China and the US, while companies primarily exporting to markets outside the US will be less affected [4][9] Summary by Sections Tariff Policy Overview - Since April 2, 2025, the US government has imposed a 34% "reciprocal tariff" on Chinese goods, with frequent adjustments to tariff rates and exemptions for certain pharmaceutical products [4][5] - As of April 11, 2025, the tariff rates for bilateral trade between China and the US have been adjusted to 125%, with China indicating it will not respond to further tariff increases from the US [5] Opportunities in the Biopharmaceutical Sector - The report identifies potential for domestic products to increase market share in the blood products sector due to tariff impacts, particularly for albumin, where US imports are significant [9] - It suggests monitoring companies such as Palin Bio, Tiantan Bio, and Huashan Bio for potential growth in market share as import costs rise [9] Medical Devices - The report notes that the tariff policies and anti-dumping investigations are likely to accelerate the domestic substitution process in medical devices, particularly in electrophysiology and imaging fields [10] - Companies like Yirui Technology and United Imaging are highlighted as making progress in domestic production capabilities [10] Investment Strategies - The report recommends focusing on "innovation," "overseas expansion," "equipment upgrades," and "consumption recovery" as key investment themes [12] - Specific companies to watch include BeiGene, Mindray, and Xiamen Innovax for their innovative products and overseas market potential [12] Key Companies to Watch - Notable companies include: - **Nocera Biopharma**: Expected to achieve significant revenue growth with its core product, demonstrating strong cash flow and reduced losses [13][14] - **Sino Biopharmaceutical**: Rapid revenue growth with a focus on innovative products and a strong pipeline [18] - **Kexing Biopharma**: Stable domestic business with promising overseas expansion [18] - **Wuxi Biologics**: Recognized for its strong technical capabilities and expanding overseas operations [22] Market Performance - The report notes a decline in the pharmaceutical sector, with a 5.61% drop in the past week, while the overall market saw a smaller decline [31][42] - The biopharmaceutical sector is highlighted as having the smallest decline among sub-sectors, indicating relative resilience [44]

Investment Rating - Industry investment rating: Outperform the market (expected to outperform the market by more than 5% in the next 6 months) [36] Core Insights - The global terminal market shipment growth is expected to slow down due to the new round of US tariff policies, with AI servers, servers, smartphones, and notebooks projected to have year-on-year growth rates of 24.5%, 5.4%, 0%, and 3% respectively under the base case scenario for 2025 [3][6] - China's total investment in artificial intelligence is expected to exceed $100 billion by 2028, with generative AI investment growing from 18.9% of total AI investment in 2024 to 30.6% in 2028, amounting to over $30 billion [10][11] - The global semiconductor equipment market revenue is projected to reach $117.14 billion in 2024, a 10% increase from 2023, with China being the largest market [15][17] - The global personal computer shipment volume increased by 9.4% year-on-year in Q1 2025, totaling 62.7 million units, driven by OEMs accelerating shipments before the tariff implementation [19][20] Summary by Sections Industry News and Commentary - The semiconductor industry index rose by 0.56% this week, outperforming the CSI 300 index by 3.43 percentage points; since the beginning of 2024, the semiconductor industry index has increased by 29.53%, outperforming the CSI 300 index by 20.22 percentage points [26][24] Investment Recommendations - The semiconductor industry is currently in a recovery phase, with a rebound in consumer electronics. The report suggests focusing on domestic substitution and AI industry chain opportunities, recommending companies such as Northern Huachuang, Zhongwei Company, Tuojing Technology, and Dinglong Co., while also paying attention to AI + semiconductor investment opportunities [31][31]

核心观点： 2025 年 4 月 13 日 有色金属与新材料周报 避险情绪发酵，中期黄金投资意愿或将持续上升 强于大市（维持） 行情走势图 -30% -20% -10% 0% 10% 20% 30% 24-04 24-06 24-08 24-10 24-12 25-02 沪深300 有色金属 证券分析师 有色金属与新材料 报 告 告 贵金属-黄金： 中期 黄 金投 资 意愿 或 将 持续 上 升。 截 至 4.11， COMEX 金主力合约环比上涨 6.51%至 3254.9 美元/盎司。SPDR 黄 金ETF环比上升 2.2%为 953.15 吨。美国 2 月核心 PCE 同比2.79%， 环比上升 0.13 个百分点。美国 3 月制造业 PMI49，环比下降 1.3 个百 分点。周内特朗普关税政策反复，中国反制措施跟进，全球风险资产 周内现宽幅震荡，黄金避险属性再次提升。我们认为美国贸易政策短 期或仍有反复可能，中长期来看，美国政治不稳定性显现，其贸易政 策对美国自身经济亦带来较大损害，美元信用及国际货币地位或将呈 现加速弱化，美债资产安全性同步下降，此背景下黄金的底层储备属 性放大趋势不变，黄金投资意愿 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [1]. Core Insights - The report highlights significant developments in the wind and solar sectors, including the commencement of China's first large-capacity floating wind turbine project and the termination of a major solar component procurement by China Power Construction [6][7]. - The Australian government's plan to subsidize home energy storage systems is expected to reduce initial costs for consumers and drive installation growth [7]. Summary by Sections Wind Power - The commencement of the 16MW floating wind turbine project by Three Gorges marks a significant milestone in China's offshore wind technology, addressing high costs through larger turbine capacities [11]. - The wind power index fell by 6.67%, underperforming the CSI 300 index by 3.80 percentage points, with a current PE_TTM valuation of approximately 18.89 times [12]. - Key companies to watch include Mingyang Smart Energy, Dongfang Cable, and Yaxing Anchor Chain, as the domestic offshore wind market shows upward momentum [7][16]. Solar Power - China Power Construction's termination of a 51GW solar component procurement reflects the impact of recent adjustments in renewable energy pricing policies, leading to uncertainty in project investment returns [6][7]. - The solar equipment index decreased by 9.56%, with the current PE_TTM valuation around 29.99 times [4]. - Companies of interest include Longi Green Energy and Tongwei Co., as the solar sector faces potential short-term demand weakness post-May 31 [7][16]. Energy Storage & Hydrogen - The Australian Labor Party's proposed AUD 2.3 billion subsidy for home energy storage systems aims to lower costs by 30%, potentially facilitating the installation of over 1 million new batteries by 2030 [7]. - The energy storage index dropped by 9.04%, with a current PE_TTM of 23.9 times, indicating a strong growth outlook for the sector [4]. - Key players in the energy storage market include Sungrow Power Supply and Shuneng Electric, while the hydrogen sector sees interest in companies like Huagong Huaneng and Yihua Tong [7][16].

证券分析师 | 陈骁 | 投资咨询资格编号 | | --- | --- | | | S1060516070001 | | | chenxiao397@pingan.com.cn | 前瞻性产业研究 2025 年 4 月 14 日 养老金融双周报（2025.04.07-2025.04.13） 关税冲击导致美国公共养老金大规模浮亏 郝博韬 投资咨询资格编号 S1060521110001 haobotao973@pingan.com.cn 石艺 投资咨询资格编号 S1060524070003 SHIYI262@pingan.com.cn 平安观点： 本期重点：美国 25 大公共养老金浮亏1700 亿美元 第一，关税冲击美股市场，美国 25 大公共养老金浮亏约 1700 亿美元。 Equable Institute 发布报告，对特朗普关税政策落地后，美国公共养老金受 到的影响进行了测算。报告中，Equable Institute 将美国的公共养老金的主 要投资分为三大类资产进行讨论：公开市场股票、固收和私募、实物资产 和房地产。他们认为，4 月 3 日至 8 日，美国前 25 大州和地方养老金基金 损失达 1690 ...

Investment Rating - The investment rating for the company is "Strongly Recommended," indicating an expected stock performance that will exceed the market by more than 20% within the next six months [16]. Core Views - The report highlights that the company is strengthening its R&D efforts, which is expected to drive growth in overseas markets and AI applications, forming a second growth curve for the company [10]. - Despite a decline in revenue and net profit for 2024, the company is positioned to recover as project verifications progress, and it is actively expanding its overseas business and AI capabilities [10][9]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 1.222 billion yuan, a year-on-year decrease of 22.31%, and a net profit of 175 million yuan, down 11.77% year-on-year [5][10]. - The company plans to distribute a cash dividend of 2.1 yuan per 10 shares [5]. Revenue Breakdown - The revenue from the smart port inspection system solutions was 1.03 billion yuan, down 27.37% year-on-year, while revenue from intelligent transportation and other businesses increased by 26.22% to 186 million yuan [8]. R&D Investment - The company increased its R&D investment to 153 million yuan in 2024, accounting for 12.5% of revenue, up 3.2 percentage points from 2023 [8][10]. Profitability Metrics - The gross margin improved to 42.7% in 2024, an increase of 3.5 percentage points year-on-year, with specific segments showing varied performance [8]. Market Position and Strategy - The company is a leader in the smart port industry, successfully winning several large projects and completing key regulatory model projects [9]. - It is expanding its overseas market presence, particularly in the Middle East, Africa, and Southeast Asia, and has established a regional headquarters in Saudi Arabia [9]. Future Projections - The company forecasts net profits of 208 million yuan, 256 million yuan, and 319 million yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.80 yuan, 0.98 yuan, and 1.22 yuan [10][14].

——优化险资权益资产监管比例，全面监管体系完善 证券分析师 证券研究报告 金融行业周报 王维逸S1060520040001（证券投资咨询） 袁喆奇S1060520080003（证券投资咨询） 李冰婷S1060520040002（证券投资咨询） 韦霁雯S1060524070004（证券投资咨询） 许 淼S1060525020001（证券投资咨询） 研究助理 李灵琇S1060124070021（一般证券业务） 请务必阅读正文后免责条款 2025年4月13日 1 核心观点 优化险资权益资产监管比例，全面监管体系完善 1、优化险资权益资产监管比例，发挥"耐心资本"优势。 4月8日，国家金融监督管理总局发布《关于调整保险资金权益类资产监管比例有关事项的通 知》（以下简称《通知》） 。根据1月23日国新办举行新闻发布会，目前，保险资金投资股票和权益类基金的金额已经超过4.4万亿元。从保险资金运 用看，资本市场和未上市企业股权是主要的投资方向，目前股票和权益类基金投资占比是12%，未上市企业股权投资占比是9%，两项加起来是21%。截 至2024年末，中国人寿、中国平安、中国太保、新华保险的核心权益资产（股票和基金）配置比例 ...

Investment Rating - The industry investment rating is "Outperform the Market" [1][30][35] Core Insights - The report highlights the impact of the escalating US-China "tariff war" on the market, with China responding with equivalent measures [3][6] - Recent policies aimed at promoting consumption, such as the "Special Action Plan for Promoting Healthy Consumption," are expected to boost domestic demand [7][8] - The retail sector is actively assisting foreign trade enterprises in expanding domestic sales channels, with major players like JD.com and Alibaba launching initiatives to support this transition [11][13] Summary by Sections Macro and Industry Dynamics - The US has increased tariffs on Chinese imports, with rates reaching up to 145% [6] - China has implemented measures to promote healthy consumption and enhance the shopping experience for foreign tourists [7][8] - The domestic travel market is showing growth, with significant increases in tourist numbers during the Qingming holiday [9][10] Company Dynamics - Jinbo Biotech has received approval for a new collagen product, marking a significant innovation in the medical aesthetics field [16] - Proya has announced the recruitment of several high-profile R&D experts to enhance its global research capabilities [16] - Xiaogoods City reported a revenue increase of 17.93% year-on-year for Q1 2025, indicating strong performance in essential consumer goods [17] Investment Recommendations - The report notes that the social service sector has shown resilience, with key companies trading at a PE ratio of 20-30 times for 2025, indicating stable operations [30] - The report emphasizes the strong performance of domestic retail companies amidst the tariff disruptions, with notable stock price increases for companies like China Duty Free and Yonghui Supermarket [28][30]

Investment Rating - The report maintains a "Recommendation" rating for Kexing Pharmaceutical (688136.SH) [3][10] Core Viewpoints - Kexing Pharmaceutical achieved a revenue of 1.407 billion yuan in 2024, representing an increase of 11.75%, and turned a profit with a net profit of 31 million yuan [4][7] - The company plans to distribute a cash dividend of 0.8 yuan per 10 shares to all shareholders [4] - The overseas sales revenue is expected to grow significantly, with a projected increase of 62% in 2024 [7] - The company is focusing on new emerging markets and has submitted over 120 registration applications for its products in more than 60 countries [7] - Kexing's innovative drug pipeline is progressing, with multiple projects in clinical trials, including two in Phase III [8] Summary by Sections Financial Performance - In 2024, Kexing Pharmaceutical reported a revenue of 1.407 billion yuan, up 11.75% from the previous year, and a net profit of 31 million yuan [4][7] - The company’s operating expenses showed a decrease in sales expense ratio by 12.33 percentage points to 42.42% [7] - The R&D expense ratio decreased by 15.45 percentage points to 11.94% due to reduced clinical and trial costs [7] Market Expansion - The company’s flagship product, albumin paclitaxel, received EU approval in July 2024, with increasing sales orders [7] - Kexing is targeting emerging markets, achieving over 15% sales growth in these regions during the reporting period [7] Innovation Pipeline - Kexing is advancing several projects in clinical trials, including GDF15 monoclonal antibody and dual-specific antibodies targeting VEGF/ANG-2 and IL-4R/IL-31 [8] - The GDF15 project is aimed at treating cancer cachexia and has received IND application acceptance from the Chinese regulatory authority [8] Future Projections - Revenue forecasts for 2025-2027 have been adjusted to 1.935 billion, 2.288 billion, and 2.807 billion yuan respectively [8] - Net profit projections for the same period are revised to 123 million, 243 million, and 357 million yuan respectively [8]

证券分析师 魏伟 投资咨询资格编号：S1060513060001 陈骁 投资咨询资格编号：S1060516070001 张亚婕 投资咨询资格编号：S1060517110001 靳旭媛 一般从业资格编号：S1060124070018 请务必阅读正文后免责条款 2025年4月13日 1 证券研究报告 策略周报：关税博弈，叙事切换 ※ 核心观点|关税博弈，叙事切换 2 • 上周大类资产剧烈波动。海外方面，特朗普关税表态不断反复之下，资产价格波动剧烈，美股先跌后涨再跌的过山车行情，三大股指全周 收涨4%-8%，10Y美债收益率上行近50BP至4.5%，美元指数下破100，COMEX黄金上涨6.9%。国内方面，A股波动增大，上证指数下跌 3.1%。资本市场稳市强信号密集释放支撑市场信心企稳，全周A股日均成交额环比提高12.2%至1.6万亿元，股票型ETF净流入1698.5亿元， 主要流向沪深300ETF为主的宽基ETF。农林牧渔/商贸零售/国防军工/食品饮料等自主可控与内需消费板块上涨0%-4%。 • 海外方面，美国通胀暂时降温，但关税扰动仍在持续，滞胀压力仍存。基本面上，美国通胀降温，但后续关税影响将显现。美国3月C ...