Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - Bayer's Sevabertinib has received FDA priority review status for treating advanced non-small cell lung cancer (NSCLC) with HER2 mutations, highlighting significant advancements in drug development [5]. - The pharmaceutical sector showed a slight increase of +0.37% on May 30, 2025, outperforming the CSI 300 index by 0.85 percentage points, ranking third among 31 sub-industries [4]. - Among sub-industries, in vitro diagnostics (+0.44%), pharmaceutical distribution (+0.27%), and medical research outsourcing (+0.22%) performed well, while hospitals (-0.68%), medical devices (-0.49%), and other biological products (-0.42%) lagged [4]. Sub-industry Summary - Chemical Pharmaceuticals: No rating [3] - Traditional Chinese Medicine: No rating [3] - Biopharmaceuticals II: Neutral [3] - Other Pharmaceutical Industries: Neutral [3]

Investment Rating - The industry is rated as "Neutral," indicating that the expected overall return in the next six months will be between -5% and 5% compared to the CSI 300 index [10]. Core Insights - The model assumes that the price movements of the underlying assets exhibit good local continuity, with trend reversals occurring less frequently than trend continuations. It also posits that during narrow consolidations, the previous trend will likely continue [3]. - The model's performance from March 7, 2023, to January 26, 2024, showed fluctuations around the original value without achieving significant cumulative returns. However, a short-term sharp increase was observed from January 26 to February 6, 2024, followed by a prolonged downtrend [4]. - The model's annualized return was -7.36%, with a volatility of 16.87%, a Sharpe ratio of -0.44, and a maximum drawdown of 27.58% [3]. Summary by Sections Model Overview - The model is designed to track the relative value of the Shenwan Level 1 Light Industry Manufacturing Index against the CSI 300 index, using a multi-directional signal approach [3]. - The tracking period for the model is set from March 7, 2023, to March 18, 2025 [3]. Performance Evaluation - The model's net value fluctuated around the original value during the initial tracking period, indicating a lack of strong cumulative returns. The model is deemed unsuitable for direct application to the Shenwan Level 1 Light Industry Manufacturing Index relative value [4]. - The model's performance metrics include a total return rate of -15.60% during the index period [3].

Quantitative Models and Construction Methods 1. Model Name: Industry Crowdedness Monitoring Model - **Model Construction Idea**: This model is designed to monitor the crowdedness levels of Shenwan First-Level Industry Indices on a daily basis, identifying industries with high or low crowdedness levels to guide investment focus[4] - **Model Construction Process**: The model calculates the crowdedness levels of various industries based on daily data. It identifies industries with significant changes in crowdedness levels and tracks the inflow and outflow of main funds over different time windows (e.g., one day, three days)[4] - **Model Evaluation**: The model provides a useful tool for identifying industries with significant fund movements, which can help in making tactical allocation decisions[4] 2. Model Name: Premium Rate Z-Score Model - **Model Construction Idea**: This model is used to screen ETF products with potential arbitrage opportunities by calculating the Z-score of their premium rates over a rolling window[5] - **Model Construction Process**: The Z-score is calculated as follows: $ Z = \frac{(P - \mu)}{\sigma} $ - Where $ P $ is the premium rate of the ETF, $ \mu $ is the mean premium rate over the rolling window, and $ \sigma $ is the standard deviation of the premium rate over the same window[5] - **Model Evaluation**: The model is effective in identifying ETFs with significant deviations from their historical premium rates, which may indicate arbitrage opportunities or potential risks[5] --- Backtesting Results of Models 1. Industry Crowdedness Monitoring Model - **Top crowded industries (previous trading day)**: Textile & Apparel, Light Manufacturing, Environmental Protection[4] - **Least crowded industries (previous trading day)**: Real Estate, Electronics, Coal, Social Services, Steel[4] - **Industries with significant changes in crowdedness (previous trading day)**: Agriculture, Forestry, Animal Husbandry & Fishery; Petroleum & Petrochemicals; Computers[4] - **Main fund flows (previous trading day)**: - Inflows: Computers, Electronics, Non-Banking Financials - Outflows: Machinery Equipment, Electrical Equipment, Retail[4] - **Main fund flows (last 3 trading days)**: - Increased allocation: Computers, Beauty & Personal Care, Environmental Protection - Decreased allocation: Machinery Equipment, Electrical Equipment, Electronics[4] 2. Premium Rate Z-Score Model - **Application**: The model identifies ETFs with potential arbitrage opportunities and highlights the need to be cautious of potential pullback risks[5] --- Quantitative Factors and Construction Methods No specific quantitative factors were explicitly mentioned in the report content provided --- Backtesting Results of Factors No specific backtesting results for quantitative factors were explicitly mentioned in the report content provided

Group 1: Major Asset Tracking - The bond market shows an overall increase in interest rate bonds, with long-term bonds rising more than short-term ones. The outlook suggests that due to the fluctuating trade disputes, the government bond futures are expected to enter a consolidation phase [16] - The A-share market experienced a day of fluctuation and adjustment, with the ChiNext index dropping nearly 1%, leading the market decline. The total trading volume for the day was 1.16 trillion, slightly down from the previous day, with nearly 4,000 stocks declining. The market is expected to enter a consolidation phase, with technology, dividend, and consumer sectors rotating upwards [19][21] - The U.S. stock market saw slight gains, with the Dow Jones up 0.28%, Nasdaq up 0.39%, and S&P 500 up 0.4%. The narrative of recession may become a focal point for market trading in the future, especially if the volatility of U.S. stocks can be successfully amplified [23] - The foreign exchange market indicates that the onshore RMB against the USD closed at 7.1963, up 75 basis points from the previous day. The RMB is expected to rise to around 7.1 [26] - The commodity market saw the Wenhua Commodity Index drop by 0.91%, with most sectors declining. The overall technical structure remains bearish, suggesting a wait-and-see approach [27] Group 2: Important Policies and News - The Ministry of Human Resources and Social Security and other departments issued a notice to enhance the salary distribution incentives for skilled talents in state-owned enterprises [32] - The Shanghai Stock Exchange and the China Securities Index Company will officially launch the SSE 580 Index on June 16, 2025, providing a richer set of investment targets [33] - China's shipbuilding industry leads globally in new orders, with some companies' orders extending to 2029, indicating strong market resilience and competitiveness [35]

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 57.05 CNY per share, compared to the last closing price of 44.31 CNY [1]. Core Insights - The company, Bid Pharma, specializes in providing drug molecular building blocks and scientific reagent products and services, focusing on early-stage drug development. It has established a strong market presence and aims to enhance its product offerings through horizontal and vertical expansion strategies [4][15]. - The global and Chinese pharmaceutical R&D market is expected to grow significantly, reaching 417.7 billion and 76.6 billion USD by 2030, respectively. The molecular building block market is projected to expand to 54.6 billion USD by 2026, driven by continuous R&D investments [5][51]. - The company's overseas revenue has been increasing, with a notable rise from 1.02 billion CNY in 2019 (41.12% of total revenue) to 6.16 billion CNY in 2024 (55.89% of total revenue), indicating improved profitability potential [5][67]. Summary by Sections Company Overview - Bid Pharma was established in 2007 and focuses on the front end of the new drug development industry chain, providing a wide range of drug molecular building blocks and scientific reagents [4][15]. - The company has developed a comprehensive technical system for drug molecular building blocks, ensuring a large and diverse product library to meet customer demands [14][17]. Market Potential - The molecular building block market is expanding, with a significant shift towards domestic alternatives in the high-end scientific reagent market, where foreign brands currently dominate [5][59]. - The company is positioned to benefit from the increasing demand for innovative drugs and the ongoing trend of domestic substitution in the pharmaceutical industry [51][59]. Financial Performance - The company has shown rapid revenue growth, with a compound annual growth rate (CAGR) of 34.69% from 2019 to 2024, and is projected to continue this trend with expected revenues of 13.42 billion CNY in 2025 [19][77]. - Profit margins are stabilizing, with gross margins expected to improve as the company increases its overseas market share [5][67]. Investment Highlights - The company is expanding its product categories and enhancing its brand system, serving a diverse range of clients including multinational pharmaceutical companies, domestic enterprises, CROs, and academic institutions [6][72]. - The report forecasts significant growth in both revenue and net profit from 2025 to 2027, with net profit expected to reach 2.33 billion CNY by 2027 [77].

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - Gilead's SG (TROP2 ADC) combined with Keytruda (K drug) has achieved a significant improvement in progression-free survival (PFS) compared to chemotherapy combined with Keytruda in the treatment of PD-L1+ triple-negative breast cancer (TNBC) [4][5]. - The ASCENT-04 study, a global phase III clinical trial, included 443 patients with untreated locally advanced or metastatic TNBC, demonstrating that the experimental group had a statistically and clinically significant extension in PFS [4]. - SG is expected to become the new standard for first-line treatment of mTNBC, with potential expansion into adjuvant and neoadjuvant settings [5]. Summary by Sections Sub-industry Ratings - Chemical Pharmaceuticals: No rating - Traditional Chinese Medicine: No rating - Biopharmaceuticals II: Neutral - Other Pharmaceuticals: Neutral [3]. Recommended Companies and Ratings - Specific company ratings were not provided in the report [3]. Market Competition - The first-line treatment market for PD-L1 negative TNBC is highly competitive, with major competitors including Dato, SKB264, and BL-B01D1 [6]. - SG has been approved for later-line TNBC and HR+/HER2- indications, with projected sales of $1.3 billion in 2024, reflecting a 24% year-over-year growth [6].

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next 6 months [6] Core Insights - Xiaomi Group reported a record high revenue of RMB 111.3 billion for Q1 2025, a year-on-year increase of 47.4%, with adjusted net profit reaching RMB 10.7 billion, up 64.5% year-on-year [1] - Xiaomi's electric vehicle, the SU7, has surpassed the Model 3 in sales, with 75,869 units delivered in Q1 2025, making it the best-selling vehicle in its price range [1] - The new luxury SUV, YU7, is set to challenge the Model Y, featuring three versions with a maximum power of 690PS and advanced charging capabilities [2][3] Summary by Sections Financial Performance - Total revenue for Xiaomi in Q1 2025 was RMB 111.3 billion, with a net profit of RMB 10.7 billion, marking significant growth compared to the previous year [1] Product Development - The SU7 series has achieved cumulative deliveries of over 258,000 units, with a strong monthly delivery rate exceeding 20,000 units for six consecutive months [1] - The YU7 features a maximum range of 835 km and can accelerate from 0-100 km/h in 3.23 seconds, showcasing its competitive performance [2] Technological Advancements - The YU7 is equipped with the NVIDIA DRIVE AGX Thor™ platform, providing 700 TOPS of computing power, enhancing its autonomous driving capabilities [3]

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [11]. Core Insights - The report highlights that the real estate market is experiencing a positive trend, with the Shanghai Composite Index and Shenzhen Composite Index rising by 0.70% and 1.40% respectively on May 29, 2025, and the Shenwan Real Estate Index increasing by 0.96% [4]. - The report notes that Hefei will continue its housing subsidy policy until May 14, 2026, which aims to support new home purchases [7]. - A significant land acquisition occurred in Hangzhou, where Greentown secured a residential land parcel for 1.374 billion yuan, with a premium rate of 40.33% [6]. Summary by Sections Market Performance - On May 29, 2025, the equity market saw most sectors rise, with the Shenwan Real Estate Index increasing by 0.96% [4]. Individual Stock Performance - The top five gainers in the real estate sector included Xinda Zheng (10.00%), Guangyu Group (5.36%), Nandu Property (5.18%), China Communications Real Estate (5.05%), and Sunshine Shares (3.85%). Conversely, the largest decliners were Nanguo Real Estate (-5.02%), Yuehongyuan A (-1.89%), China International Trade (-1.64%), Shen Zhenye A (-1.13%), and China Merchants Jiyu (-1.10%) [5]. Industry News - The report mentions that Shanghai Real Estate plans to issue asset-backed securities (ABS) totaling 2.801 billion yuan, which has received feedback from the Shanghai Stock Exchange [7]. - The report also discusses the ongoing land sales and acquisitions, emphasizing the competitive nature of the market [6].

Investment Rating - The industry rating is neutral for the biopharmaceutical sector and other pharmaceutical sectors, while the chemical pharmaceutical sector has no rating [2][9]. Core Insights - The pharmaceutical sector experienced a rise of 2.37% on May 29, 2025, outperforming the CSI 300 index by 1.81 percentage points, ranking second among 31 sub-industries in the Shenwan classification. The best-performing sub-industries included medical research outsourcing (+5.34%), other biological products (+3.79%), and in vitro diagnostics (+2.33%), while offline pharmacies (-1.61%), medical devices (+0.65%), and pharmaceutical distribution (+0.66%) lagged behind [3][4]. - Notable individual stock performances included Rui Zhi Pharmaceutical (+20.06%), Yi Fang Bio (+20.00%), and Shu Tai Shen (+20.00%) leading the gainers, while Yong An Pharmaceutical (-9.99%), Jia Ying Pharmaceutical (-7.46%), and Yi Sheng Pharmaceutical (-3.62%) were among the biggest losers [3]. Summary by Sections Market Performance - On May 29, 2025, the pharmaceutical sector's performance was +2.37%, surpassing the CSI 300 index by 1.81 percentage points, with medical research outsourcing, other biological products, and in vitro diagnostics showing the highest gains [3]. Industry News - Novartis announced that its oral monotherapy, Ipratropium Bromide, received approval from the National Medical Products Administration (NMPA) in China for a new indication to treat adult patients with paroxysmal nocturnal hemoglobinuria (PNH). This drug is a complement pathway inhibitor that selectively inhibits the upstream complement pathway, addressing the shortcomings of anti-complement C5 therapies [4]. - Hai Chuang Pharmaceutical announced that its self-developed new drug, Deutero Enzalutamide soft capsules, has been approved for treating metastatic castration-resistant prostate cancer (mCRPC) in adult patients who have progressed after receiving Abiraterone acetate and chemotherapy [4]. - Sunshine Novo announced that its subsidiary, Novo Sheng Tai, achieved expected goals in the Phase II clinical trial of STC007 injection for moderate to severe pain after abdominal surgery [4]. - Te Bao Bio announced that its product, Yipei growth hormone injection, has been approved for marketing, utilizing a long-acting growth hormone modification technology [4]. - Zejing Pharmaceutical announced that its new drug application for Jikaxitinib tablets has been approved for adult patients with intermediate or high-risk primary myelofibrosis, secondary myelofibrosis due to polycythemia vera, and essential thrombocythemia [5].

Quantitative Models and Construction Methods - **Model Name**: Relative Index Trend Tracking Model for Home Appliances [2] - **Model Construction Idea**: The model assumes that the price movement of the target has strong local continuity, always following a certain trend. Reversal periods are shorter than trend continuation periods. In cases of narrow-range consolidation, the model assumes the continuation of the previous trend. By observing a short-term window, the price movement is expected to extend the local trend. When reversals occur, the price change direction at the start and end of the observation window will exceed the range caused by random fluctuations, eliminating the impact of randomness [3] - **Model Construction Process**: 1. Calculate the difference between the closing price on day T and day T-20, denoted as `del` 2. Calculate the volatility (`Vol`) during the period from day T-20 to day T (excluding day T) 3. If the absolute value of `del` exceeds N times `Vol`, the current price is considered to have exited the original oscillation range and formed a trend. The trend direction (long/short) corresponds to the sign of `del`. If the absolute value of `del` is less than or equal to N times `Vol`, the current movement is considered to continue the previous trend direction (same as day T-1) 4. For tracking, N is set to 1, considering the higher volatility of the stock market compared to the bond market, which provides more small-wave opportunities 5. The model evaluates returns in both long and short directions for home appliances and combines the results for final assessment Formula: $ \text{If } |del| > N \cdot Vol, \text{trend direction} = \text{sign}(del) $ $ \text{Else, trend direction} = \text{trend direction of } T-1 $ [3] - **Model Evaluation**: The model is not suitable for direct application to the relative value of the SW First-Level Home Appliances Index due to prolonged periods of drawdown and lower annualized returns compared to the index's total return rate during the tracking period [4] Model Backtesting Results - **Annualized Return**: -4.09% [3] - **Annualized Volatility**: 14.89% [3] - **Sharpe Ratio**: -0.27 [3] - **Maximum Drawdown**: 18.49% [3] - **Total Return Rate of Index During Period**: 28.86% [3]