Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 0.98%, outperforming the Wind All A index, which decreased by 1.29%, and the CSI 300 index, which remained flat at 0.01% [4][9] - The report highlights the continuous rise in large overseas business development (BD) activities for innovative drugs, indicating an acceleration in the domestic innovative drug pipeline and an enhancement in global competitiveness [4][13] - A new policy from the Sichuan Provincial Health Commission aims to streamline the clinical application of innovative drugs, addressing barriers to hospital admission and clinical use [4][12] Market Weekly Review - The pharmaceutical and biotechnology sector increased by 0.98% from March 24 to March 28, outperforming the Wind All A index (-1.29%) and the CSI 300 index (0.01%) [9] - The chemical preparations sector led the gains with a 4.59% increase, while hospitals (-3.58%), pharmaceutical distribution (-0.99%), and medical devices (-0.94%) experienced declines [9][10] - Top-performing stocks included Yihe Jiaye (28.58%), Rundu Co. (21.83%), and Zhixiang Jintai (18.34%), while the largest declines were seen in Xiangxue Pharmaceutical (-40.82%), Innovation Medical (-22.74%), and Dongfang Ocean (-22.34%) [9][12] Industry News and Key Company Announcements Important Industry Events - On March 26, a notification was issued by the Sichuan Provincial Health Commission and other departments to promote the clinical application of innovative drugs, outlining nine measures to facilitate the process [4][12] Industry News - On March 25, Heng Rui Medicine announced an exclusive licensing agreement with Merck for its oral small molecule project HRS-5346, with an upfront payment of $200 million and potential milestone payments of up to $1.77 billion [4][13] - On March 24, Federated Pharmaceuticals signed an exclusive licensing agreement with Novo Nordisk for UBT251, a long-acting GLP-1R/GIPR/GCGR triple agonist, with similar financial terms [4][14] Company Announcements - Maiwei Bio signed a supplementary agreement with Junshi Biosciences regarding the marketing rights for Adalimumab injection in mainland China [4][14] - Notai Bio expects a net profit of 130 million to 170 million yuan for Q1 2025, representing a year-on-year increase of 96% to 156% [4][14] - Mai Pu Medical received EU MDR certification for its dura mater medical glue, enhancing its product offerings in neurosurgery [4][14]

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 0.98%, outperforming the Wind All A index which decreased by 1.29% and the CSI 300 index which remained flat at 0.01% [4][9] - The report highlights the continuous rise in overseas business development (BD) activities for innovative drugs, with significant licensing agreements being made, indicating an acceleration in the domestic innovative drug pipeline and an enhancement in global competitiveness [4][13] - A new policy from the Sichuan Provincial Health Commission aims to streamline the clinical application of innovative drugs, addressing barriers to hospital admission and encouraging the inclusion of innovative drugs in commercial insurance [4][12] Weekly Market Review - The pharmaceutical and biotechnology sector increased by 0.98% from March 24 to March 28, outperforming the Wind All A index which fell by 1.29% and the CSI 300 index which saw a slight increase of 0.01% [9] - The chemical preparations sector led the gains with a 4.59% increase, while hospitals, pharmaceutical distribution, and medical devices experienced declines of -3.58%, -0.99%, and -0.94% respectively [9][10] - Top-performing stocks included Yihe Jiaye (28.58%), Rundu Co. (21.83%), and Zhixiang Jintai (18.34%), while the largest declines were seen in Xiangxue Pharmaceutical (-40.82%), Innovation Medical (-22.74%), and Dongfang Ocean (-22.34%) [9][12] Industry News and Key Company Announcements - On March 26, a joint notice was issued by the Sichuan Provincial Health Commission and other departments to promote the clinical application of innovative drugs, outlining nine measures to facilitate the process [4][12] - On March 25, Heng Rui Medicine announced an exclusive licensing agreement with Merck for its Lp(a) oral small molecule project, HRS-5346, with an upfront payment of $200 million and potential milestone payments of up to $1.77 billion [4][13][14] - On March 24, Federated Pharmaceuticals signed an exclusive licensing agreement with Novo Nordisk for UBT251, a long-acting GLP-1R/GIPR/GCGR triple agonist, with similar financial terms [4][13][14]

大消费 [Table_ReportDate] 2025 年 3 月 31 日 [T分析师able_A：uthor 罗鹏 ] 执业证书号：S1030523040001 电话：0755-23602217 邮箱：luopeng@csco.com.cn 研究助理：赵靖 电话：0755-23602217 邮箱：zhaojing2@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 头部潮玩品牌年报展现强劲增长 [Table_ReportType] 大消费行业周报（3 月第 4 周） [Table_Summary] 行业观点： 风险提示：政策落地不及预期、国际消费环境波动、市场风格切 换风险。 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 计算机 2019 年 Q3 综合毛利率（%） 9.7 综合净利率（%） 6.9 行业 ROE（%） 25.6 行业 ROA（%） 5.2 利润增长率（%） 4.21 资产负债率（%） 149 期间费用率（%） 4.54 存货周转率（%） 42.56 讯 [T ...

Investment Rating - The report does not explicitly state an investment rating for the industry [30]. Core Insights - The TMT sector experienced a decline in the week from March 24 to March 28, with the overall sector underperforming the CSI 300 index. The media sector fell by 1.39%, electronics by 2.07%, communications by 3.87%, and computers by 4.89%. Notably, the education publishing and electronic chemicals III sub-industries saw gains of 2.65% and 2.43%, respectively, while communication engineering and services dropped by 8.41% [3][11]. - Recent updates from leading AI models, including DeepSeek, Google, and OpenAI, indicate significant advancements in model capabilities. DeepSeek's new version V3-0324 shows improvements in reasoning tasks and cost control, outperforming competitors in certain areas while maintaining lower API costs. Google's Gemini 2.5 Pro has achieved top rankings in various benchmarks, showcasing its multi-modal capabilities. OpenAI's GPT-4o has introduced image output features, enhancing its competitive edge [3][16][18]. - The rapid advancements in AI models are expected to create investment opportunities in application sectors such as AI office solutions, education, and gaming, as the performance gap between domestic and international models narrows [3][16]. Weekly Market Review - The TMT sector's performance from March 24 to March 28 showed a decline across major industries, with specific stocks like 泰凌微 (25.48%), 至纯科技 (23.92%), and 读客文化 (21.60%) leading in gains, while others like *ST 东晶 (-13.78%) and *ST 迪威 (-10.86%) faced significant losses [3][10][12][13]. Industry News and Key Company Announcements - Key events in the industry include the launch of new AI models and significant company announcements, such as OpenAI's expected revenue growth to $12.7 billion in 2025 and the introduction of various AI applications by companies like Xiaomi and Huawei [16][19][25]. - The report highlights the increasing investment in AI infrastructure and applications, with various companies announcing new projects and collaborations aimed at enhancing their AI capabilities [19][24].

Investment Rating - The report does not explicitly state an investment rating for the industry, but it suggests a focus on certain sectors and companies that may benefit from recent policies and market trends [2]. Core Insights - The consumer sector has shown mixed performance recently, with specific segments like food and beverage, home appliances, and beauty care showing positive growth, while others like textile and apparel have declined [4]. - Leading brands in the trendy toy market have reported strong growth, with Bubble Mart achieving a revenue of 13.038 billion yuan in 2024, a year-on-year increase of 106.9%, and a net profit of 3.403 billion yuan, up 185.9% [4]. - The "Guzi Economy" market in China is projected to grow from 168.9 billion yuan in 2024 to 308.9 billion yuan by 2029, with a compound annual growth rate of approximately 13% [4]. - Recent government policies aim to support the development of international consumption centers in major cities, which is expected to stimulate growth in retail, tourism, and other consumer sectors [4]. Summary by Sections Market Weekly Review - The consumer sector's performance varied, with food and beverage and home appliances showing positive weekly changes, while textiles and retail experienced declines [4]. - Notable stock performances included Miaokelan Duo (+28.66%) and Rongtai Health (+31.65%) leading in gains, while stocks like Yanshi Co. (-31.24%) and Ocean King (-25.00%) faced significant losses [4]. Industry News and Key Company Announcements - The report highlights the strong financial performance of leading trendy toy brands, with significant revenue and profit increases reported for Bubble Mart and other companies [4]. - The government has introduced measures to enhance the consumer environment in key cities, which is expected to create growth opportunities for related industries [4]. - Specific company announcements include Haier's investment in a washing machine production project and the financial results of various companies, indicating a mix of growth and challenges across the sector [4].

[Table_ReportDate] 2025 年 3 月 24 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 装备制造 [Table_Title] 工程机械出口持续增长 [Table_ReportType]装备制造行业周报（3 月第 3 周） 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn [Table_S 市场行情回顾 ummary] ： 本周 5 个交易日机械设备、电力设备及汽车行业指数涨跌幅 分别为-0.81%、-1.72%及-0.75%，在 31 个申万一级行业中排 名分别为第 11、22、10 位；同期沪深 300 涨跌幅为-2.29%。 行业观点： 4) 风险提示：宏观经济风险、产业政策风险、行业竞争加剧风险。 请务必阅读文后重要声明及免责条 ...

宏观 [Table_ReportDate] 2025 年 03 月 17 日 执业证书：S1030520060001 电话：0755-83199599-9055 邮箱：chenjy@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 2 月金融数据低于预期 [Table_ReportType] 宏观周报（3 月第 2 周） [Table_S 核心观点： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Author] 分析师：陈江月 [Table_Title] [Table_Report] [Table_BaseData] 经济预测（一致预期） 单位（%） 2409E 24E GDP（Q3E） CPI PPI 工业增加值增速 固定投资增速 社消增速 出口增速 进口增速 M2 增速 社融增速 数据来源：万得资讯 1) 权益：上周市场缩量上涨。政策方面，国务院新闻办公室将 于 3 月 17 日（星期一）下午 3 时举行有关提振消费新闻发布 会。另外呼和浩特育儿补贴政策额度超市场预期，对后续地方 育儿补贴政策预期抬升。政策层面整体提振消费预期。基本 面 ...

宏观 [Table_ReportDate] 2025 年 03 月 17 日 [Table_Author] 分析师：陈江月 执业证书：S1030520060001 电话：0755-83199599-9055 邮箱：chenjy@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 2 月金融数据低于预期 [Table_ReportType] 宏观周报（3 月第 2 周） [Table_S 核心观点： ummary] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] [Table_BaseData] 经济预测（一致预期） 单位（%） 2409E 24E GDP（Q3E） 数据来源：万得资讯 1) 权益：上周市场缩量上涨。政策方面，国务院新闻办公室将 于 3 月 17 日（星期一）下午 3 时举行有关提振消费新闻发布 会。另外呼和浩特育儿补贴政策额度超市场预期，对后续地方 育儿补贴政策预期抬升。政策层面整体提振消费预期。基本 面方面，2 月金融数据整体数据低于预期，或主要受到化债置 换和 1 月开门红冲量消耗有关。从已经公布 ...

[Table_ReportDate] 2025 年 03 月 17 日 [Table_Author] 分析师：李时樟 执业证书：S1030522060001 电话：18065826333 邮箱：lisz@csco.com.cn 分析师：罗晴 执业证书：S1030524110001 电话：13603091122 邮箱：luoqing@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 TMT [Table_Title] 关注英伟达 GTC 大会 TMT 行业周报（3 月第 2 周） [Table_S 行业ummary 观点：] 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_ReportType] [Table_BaseData] 1) 周度市场回顾。TMT 板块内一级行业周涨跌幅为：传媒 （1.78%）、通信（0.60%）、电子（-0.62%）、计算机（-1.36%）， TMT 板块除传媒外跑输沪深 300（1.59%）。TMT 板块内涨幅 靠前的三级子行业分别为印制电路板（8.63%）、通信线缆 及配套（5.29%）、电视广播Ⅲ（4.26%），跌幅靠前的三级 ...

装备制造 [Table_ReportDate] 2025 年 3 月 17 日 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 抢装潮下光伏行业排产上调 [Table_ReportType]装备制造行业周报（3 月第 2 周） [T分析师： able_Author 赵晓闯] 1) 工程机械：塔机市场景气继续走弱。据中国工程机械工业协会 统计的塔机租赁行业景气指数(TPI)， 2025 年 1 月份塔机台 天利用率和最大起重力矩利用率较上月低 11.3pct 和 11.1pct，同时低于去年同期的 2024 年 1 月 5.6pct 和 7.3pct； 价格方面看，1 月份租赁价格指数继续走低至 426.5 点，低于 去年同期 225.4 点。从塔机设备销售看，1 ...