生物医药 创新药动态更新 领先大市-B(维持) iza-bren 肺癌更新：EGFR 野生型、EGFR 突变等 NSCLC 疗效突出，SCLC 后线 OS 疗效显著 2025 年 6 月 25 日 行业研究/行业快报 生物医药行业近一年市场表现 药物点评： 首选股票 评级 iza-bren（BL-B01D1）是百利天恒自主研发的 EGFR×HER3 双抗 ADC。 iza-bren 由 EGFR×HER3 双特异性抗体组成，通过可裂解连接子连接至新型 TOP-1 抑制剂 Ed-04。DAR 为 8。iza-bren 与在肿瘤细胞上共表达的 EGFR 及 HER3 结合来缓解抗药性，喜树硷类衍生物 Ed-04 被内化并转运至溶酶体释 放促使细胞凋亡。iza-bren 正在中美进行约 30 项肿瘤临床试验，进行 10 项 III 期临床，并和合作伙伴 BMS 推进美国 III 期临床。iza-bren 在 EGFR 野生 型、EGFR 突变型、经典 EGFR 突变外的驱动基因突变 NSCLC 及 SCLC 患 者中均有良好安全性和抗肿瘤活性。 相关报告： iza-bren 在 EGFR 野生型、EGFR 突变 N ...

研究早观点 2025 年 6 月 25 日 星期三 市场走势 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,420.57 | 1.15 | | 深证成指 | | 10,217.63 | 1.68 | | 沪深 | 300 | 3,904.03 | 1.20 | | 中小板指 | | 6,426.48 | 1.38 | | 创业板指 | | 2,064.13 | 2.30 | | 科创 | 50 | 978.71 | 1.79 | | 资料来源：最闻 | | | | 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 研究早观点 邮箱：lizhaoqi@sxzq.com 【今日要点】 【宏观策略】海外市场周观察（20250616~20250622） 【行业评论】化学原料：新材料周报（250616-0620）-财政部下达可再 生能源补贴，推动风电行业维持高速发展 【行业评论】基础化工：行业周报（20250616-0622）-地缘冲突加剧不 可逆，重点布局军工材料核心 ...

Investment Rating - The report maintains a "Synchronize with the market - A" rating for the basic chemical industry [1] Core Viewpoints - The intensification of geopolitical conflicts is irreversible, suggesting a focus on core assets in military materials. The ongoing "strike-reprisal" cycle due to nuclear issues between Israel and Iran, combined with the Russia-Ukraine conflict and Western sanctions, is leading to a deepening of systemic crises. Global military spending is projected to increase by 9.4% year-on-year in 2024, the highest growth rate since 1993, indicating a significant shift in defense-related investments [2][4][12] Summary by Relevant Sections Chemical Market Performance - The basic chemical sector has experienced a recent pullback, with a recommendation to focus on core military materials assets. The report highlights the ongoing geopolitical tensions and their impact on resource channels, which are expected to solidify conflict patterns [12][25] Investment Recommendations - The report suggests focusing on companies with significant changes in fundamentals due to geopolitical risks. Key companies include: 1. **昊华科技 (HaoHua Technology)**: High technical barriers and irreplaceable supporting products in aerospace materials and military equipment, with a strong market share [2][12] 2. **同益中 (Tongyi Zhong)**: A key player in the UHMWPE fiber market for military applications, benefiting from increased global military spending [2][12] - Additionally, attention is drawn to chemical products imported from Iran and Israel, which may face supply disruptions due to geopolitical tensions [13][25] Market Data - The report provides data on China's imports from Iran, with polyethylene, methanol, and sulfur being the top imported chemicals, valued at 95.5 billion, 30.8 billion, and 5.3 billion respectively for 2024. Imports from Israel include potassium chloride and bromine, valued at 13.3 billion and 6.6 billion respectively [13][25]

Core Insights - The report highlights the significant growth in e-commerce sales during the "618" shopping festival in 2025, with total sales reaching 855.6 billion yuan, a year-on-year increase of 15.2% [5] - Major platforms such as Taobao, JD.com, Pinduoduo, Douyin, and Kuaishou experienced an overall transaction growth of 10.4% during the festival period [5] - The report emphasizes the strong performance of the beauty sector, with a total GMV of 65.9 billion yuan, reflecting a growth of over 10% [5] Market Trends - The Shanghai Composite Index closed at 3,381.58, with a gain of 0.65%, while the Shenzhen Component Index rose by 0.43% to 10,048.39 [4] - The textile and apparel sector saw a decline of 5.12% in the SW index, underperforming the broader market [6] E-commerce Performance - Taobao and Tmall's GMV, excluding refunds, grew by 10%, marking the largest increase in three years, with 453 brands achieving over 100 million yuan in sales [5] - JD.com reported a record high in user orders, with over 2.2 billion orders placed during the festival, and a 285% increase in live-streaming sales [5] - Douyin's sales increased by 77%, with over 60,000 brands doubling their sales [5] - Kuaishou's GMV for the festival grew by over 53%, indicating a robust performance across various product categories [5] Industry Dynamics - Uniqlo's collaboration with Pop Mart's IP "THE MONSTERS" is set to launch new products, indicating a trend towards brand collaborations in the apparel sector [6] - The opening of the first overseas store by Lao Pu Gold in Singapore marks a significant step in global expansion for the company [6] Investment Recommendations - The report recommends focusing on sports brands like Anta Sports and 361 Degrees, which are expected to benefit from the growing demand in the sports and outdoor sector [7] - It also suggests monitoring home textile companies such as Luolai Life and Mercury Home Textile, which are likely to benefit from government subsidies [7] - In the textile manufacturing sector, companies like Shenzhou International and Yuyuan Group are highlighted for their low valuation and growth potential [9]

纺织服装 行业周报（20250615-20250621） 同步大市-A(维持) 电商"618"大促落幕，老铺黄金海外首店 6 月 21 日于新加坡开业 来源：最闻，山西证券研究所 相关报告： 【山证纺织服装】周大福公布 2025 财 年年度业绩，经营质量显著提升-【山证 纺服】行业周报 2025.6.16 【山证纺织服装】5 月国内社零同比增 长 6.4%，限上纺织服装品类增速环比回 升-【山证纺服】5 月社零数据点评 2025.6.16 分析师： 王冯 执业登记编码：S0760522030003 邮箱：wangfeng@sxzq.com 孙萌 执业登记编码：S0760523050001 邮箱：sunmeng@sxzq.com 本周观察：电商"618"大促数据 根据星图数据，2025 年 "618"购物节综合电商销售总额为 8556 亿元，同比增长 15.2%；即时零售销售额达 296 亿元，同比增长 18.7%；社区团购销售额为 126 亿元， 同比增长-9.1%。（同比时间为：2025 年 5 月 13 日-6 月 18 日 VS 2024 年 5 月 20 日- 2024 年 6 月 18 日）。 20 ...

研究早观点 2025 年 6 月 23 日 星期一 市场走势 【今日要点】 【山证专精特新】山高控股深度研究-"新能源+新基建"双赛道耐心 资本，打造电算一体化生态典范 资料来源：最闻 国内市场主要指数 | 指数 | | 收盘 | 涨跌幅% | | --- | --- | --- | --- | | 上证指数 | | 3,359.90 | -0.07 | | 深证成指 | | 10,005.03 | -0.47 | | 沪深 | 300 | 3,846.64 | 0.09 | | 中小板指 | | 6,311.12 | -0.42 | | 创业板指 | | 2,009.89 | -0.84 | | 科创 | 50 | 957.87 | -0.53 | 资料来源：最闻 分析师： 李召麒 执业登记编码：S0760521050001 电话：010-83496307 邮箱：lizhaoqi@sxzq.com 2019 年 2 月 21 日 星期四 请务必阅读最后股票评级说明和免责声明 1 研究早观点 请务必阅读最后股票评级说明和免责声明 2 算力电力协同是绿色算力发展的必然选择和进阶路径。据国家能源局数据，2024 ...

Investment Rating - The report initiates coverage with an "Add-B" rating for the company [6] Core Insights - The company is positioned in the "new energy + new infrastructure" dual-track strategy, aiming to create an integrated ecosystem for digital computing and energy [1][4] - The synergy between computing power and green energy is seen as a critical trend for the development of the digital economy [3][56] - The company has successfully transitioned from financial investments to industrial investments, significantly increasing its asset scale in emerging industries [4][23] Summary by Sections Company Overview - The company has transformed its business model since 2021, focusing on industrial investments and holding significant stakes in key subsidiaries [16][18] - As of December 31, 2024, the total asset scale is approximately 661.7 billion, with emerging industry investments accounting for 78.6% [23] Financial Performance - In 2024, the company achieved a revenue of 55.8 billion, a year-on-year increase of 11.38%, and a net profit of 539 million [24][25] - The gross profit reached approximately 26.36 billion, with a gross margin of about 47% [25][29] Market Trends - The renewable energy sector is experiencing rapid growth, with a 23% year-on-year increase in new installed capacity in 2024 [31] - The integration of green electricity and computing power is reshaping the energy landscape of the digital economy [31][41] Strategic Initiatives - The company is actively expanding its presence in the renewable energy market, having significantly increased its project indicators in 2024 [69] - It aims to leverage its dual-track strategy to optimize asset allocation and enhance investment returns [5][6]

Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,362.11, down 0.79%, and the Shenzhen Component Index at 10,051.97, down 1.21% [4] Macro Insights - The 2025 Lujiazui Forum emphasized high-quality development and deepening financial reform and opening up, with key speeches from leaders of major financial institutions discussing global financial governance and the challenges facing the international monetary system [6][7] - The report highlighted the need for a diversified cross-border payment system and the importance of a robust global financial safety net to address regulatory fragmentation and emerging financial risks [6][7] Industry Commentary: Biopharmaceuticals - The report provided updates on the innovative drug HLX43, which has shown significant anti-tumor efficacy in early clinical trials for non-small cell lung cancer (NSCLC), with an overall response rate (ORR) of 36.8% in phase Ia and 38.1% in phase Ib [11][13] - HLX43 is a novel antibody-drug conjugate (ADC) targeting PD-L1, demonstrating a favorable safety profile with low hematological toxicity, supporting its potential for first-line therapy and combination treatment [11][13] Industry Commentary: Communications - AMD showcased its Helios ultra-node cabinet, indicating advancements in AI infrastructure, while East Mountain Precision announced plans to acquire Source Photonics, reflecting ongoing consolidation in the optical communication sector [12][14][16] - The report noted that the optical communication industry is experiencing a trend of mergers and acquisitions, with a focus on integrating upstream capabilities to enhance competitive advantages [16] Company Analysis: Jiao Cheng Ultrasound - Jiao Cheng Ultrasound reported a significant turnaround in performance, with a 2024 revenue of 585 million yuan, up 11.3%, and a net profit of 86 million yuan, up 29.04% [17] - The company is benefiting from strong growth in its automotive and semiconductor businesses, driven by trends in energy storage and electric vehicles, with expectations for continued revenue growth in the coming years [17][18] - The report forecasts a net profit of 130 million yuan for 2025, representing a 54.9% year-on-year increase, with a projected EPS of 1.2 yuan [18]

Investment Rating - The report maintains an investment rating of "Leading the Market-B" for the biopharmaceutical industry [1][10]. Core Insights - HLX43, a novel PD-L1 ADC candidate developed by Junshi Biosciences, shows significant anti-tumor efficacy in NSCLC based on preliminary results from Phase I clinical trials [3][5]. - The drug combines a fully human IgG1 anti-PD-L1 antibody with a novel linker-topoisomerase inhibitor payload, achieving a drug-to-antibody ratio (DAR) of approximately 8 [3]. - HLX43 demonstrates a dual mechanism of action, providing both targeted cytotoxicity and immune modulation, which may enhance its therapeutic potential [3][5]. Summary by Sections Clinical Trial Results - In the Phase I trial, HLX43 was administered to 21 patients with a median prior treatment line of 2 and 3 for Ia and Ib phases, respectively [4]. - The overall response rate (ORR) for the Ia phase was 36.8%, while the Ib phase at 2.0 mg/kg showed an ORR of 38.1% [5]. - The median progression-free survival (PFS) was 4.2 months for Ia and 5.4 months for Ib [5]. - Adverse events were primarily low-grade, with grade 3 or higher treatment-related adverse events (TRAE) occurring in 28.6% and 42.9% of patients in Ia and Ib phases, respectively [5]. Future Development - HLX43 is currently in over seven Phase II clinical trials exploring its synergistic anti-tumor effects in combination with immune checkpoint inhibitors [6]. - The drug has shown promising results across various NSCLC subtypes, including those with and without EGFR mutations and brain/liver metastases [6]. - HLX43 is positioned as a leading global PD-L1 ADC candidate, potentially addressing issues of non-response or resistance to PD-1/L1 therapies [6].

通信 周跟踪（20250609-20250615） 领先大市-A(维持) ——AMD 展示 Helios 超节点机柜，东山精密拟收购索尔思 2025 年 6 月 19 日 行业研究/行业周报 通信行业近一年市场表现 投资要点 行业动向： 1）AMD 发布 MI350 系列并展示 MI400 系列超节点规划，北美"AI 三强" 算力竞争白热化 资料来源：最闻 相关报告： 【山证通信】山西证券通信行业周 跟踪：海外强业绩引领下算力仍是最强 主线，移动普缆招标平稳落地 2025.6.12 【 山 证 通 信 】 英 伟 达 财 报 加 速 GB200 出货预期，算力互联行动计划发 布 - 周 跟 踪 （ 20250526-20250601 ） 上周，AMD 在美国召开"Advancing AI 2025 大会"，正式发布了 Instinct MI350 系列 GPU，基于最新 CDNA4 架构，加入 FP4/FP6 支持，晶体管数量达到 1850 亿颗，同时集成 288GB HBM3e。AMD 宣称，MI350 系列 AI 性能较 MI300 提升 1 倍以上，在采用 FP4 优化的 Llama 3.1 405B ...