Group 1 - Wuxi Jinghai (836547) focuses on amino acids primarily for the pharmaceutical sector, with applications in food, health products, and cosmetics [1] - The company is making significant progress in expanding its customer base and business, particularly in the overseas pharmaceutical and health product markets, including efforts for EU CFP registration and Japan IP registration [1] - Tress (834014) has repurchased 2.602 million shares, accounting for 2.1% of its total share capital, with a total expenditure of 5.23 million yuan [1] Group 2 - The North Exchange has seen updates from five companies regarding their IPO projects, with four under inquiry and one submitted for registration [2][3] - The North Exchange's overall performance was strong, with the North Certificate 50 index rising by 0.1% as of July 12, 2024, although it lagged behind the ChiNext index by approximately 1.7 percentage points [40][44] - The average market capitalization of companies on the North Exchange is 1.22 billion yuan, significantly lower than the average market capitalization of companies on the ChiNext and Sci-Tech Innovation Board [45][60] Group 3 - Kang Le Wei Shi announced plans to issue up to 108 million overseas listed ordinary shares, marking a significant step in the "North + H" model, which aims to enhance financing channels for companies listed on the North Exchange [7] - The North Exchange's theme funds performed weakly overall, with the Huaxia North Exchange Innovation Small and Medium Enterprises Fund showing a notable increase of approximately 4.4% [14][15] - The North Exchange's trading volume for the week was 13.74 billion yuan, with an average weekly trading amount of 0.55 billion yuan and a turnover rate of 12.91% [43][60]

[Table_IndustryInfo] 2024 年 07 月 14 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报(0708-0714) 协作机器人龙头上市提速,中国电信与优必选合作 行情回顾: [Table_Summary 本周(]7 月 8 日-7 月 14 日)机器人指数跑输大盘。中证机器人指 数下跌 0.4%,跑输上证指数 1.1个百分点,跑输沪深 300指数约 1.6个百分点, 跑输创业板指约 2.1个百分点;国证机器人指数上涨 0.2%,跑输上证指数 0.5 个百分点,跑输沪深 300指数约 1.0个百分点,跑输创业板指约 1.5个百分点。 中国电信与优必选合作打造首款"AI 大模型家庭桌面人形机器人",力争未来 销量不低于 10万台。7月 10日,中国电信陕西公司与优必选签署战略合作协 议,此次合作将打造首款"AI 大模型家庭桌面人形机器人",以优必选悟空机 器人为原型、以中国电信星辰大模型为底座,进行全方位 AI升级和硬件升级。 中国电信陕西公司将积极开放在陕西省内的销售渠道,力争该机器人在陕西省 内销量不低于 10 万台。 谷歌使用 Gemini AI 训练机器人 ...

[2024 Table_IndustryInfo 年 07 月 13 日 ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业周报(7.8-7.12) 关注低估值板块超跌反弹 [行情回顾: Table_Summary 本周医药生物指数下跌 ] 0.08%,跑输沪深 300 指数 1.29 个百分 点,行业涨跌幅排名第 21。2024 年初以来至今,医药行业下跌 21.07%,跑 输沪深 300 指数 22.27 个百分点,行业涨跌幅排名第 26。本周医药行业估值 水平(PE-TTM)为 24 倍,相对全部 A 股溢价率为 74.39% (+1.06pp),相对剔 除银行后全部 A 股溢价率为 30.05% (+1.04pp),相对沪深 300 溢价率为 107.42% (+1.11pp)。本周相对表现最好的是医院,上涨 2.3%。 关注低估值板块超跌反弹。7 月 10 日,为全面贯彻落实《中共中央国务院关 于促进中医药传承创新发展的意见》,进一步加强中药标准管理,建立符合中 医药特点的中药标准管理体系,推动中药产业高质量发展,根据相关法律、法 规、规章和规范性文件,国家药监局组织制定了《中药标准管 ...

Monetary Trends - M2 balance reached 305.02 trillion yuan, with a year-on-year growth of 6.2%, down by 0.8 percentage points from the previous month and 5.1 percentage points from the same period last year[1] - M1 balance stood at 66.06 trillion yuan, with a year-on-year decline of 5.0%, down by 0.8 and 8.1 percentage points from the previous month and the same period last year, respectively[1] - The M1-M2 spread remained at 11.2 percentage points, unchanged from the previous month[1] Deposit Trends - RMB deposits increased by 11.46 trillion yuan in the first half of the year, with household deposits rising by 9.27 trillion yuan and non-financial corporate deposits decreasing by 1.45 trillion yuan[1] - In June, RMB deposits increased by 2.46 trillion yuan, a year-on-year decrease of 1.25 trillion yuan, mainly due to a significant drop in corporate deposits, which increased by 1 trillion yuan, down by 1.06 trillion yuan year-on-year[1] - Household deposits increased by 2.14 trillion yuan in June, down by 533.6 billion yuan year-on-year, possibly linked to early mortgage repayments[1] Social Financing - Social financing stock grew by 8.1% year-on-year in June, down by 0.3 percentage points from May[11] - In June, social financing increased by 3.3 trillion yuan, a year-on-year decrease of 928.3 billion yuan, with RMB loans to the real economy increasing by 2.2 trillion yuan, down by 1.05 trillion yuan year-on-year[11] - Direct financing accounted for a larger share of social financing, with government bond financing increasing by 848.7 billion yuan, up by 311.6 billion yuan year-on-year[16] Corporate and Household Loans - Corporate short-term loans increased by 670 billion yuan in June, down by 74.9 billion yuan year-on-year, while medium- and long-term loans increased by 970 billion yuan, down by 623.3 billion yuan year-on-year[22] - Household loans increased by 570.9 billion yuan in June, down by 393 billion yuan year-on-year, with short-term loans increasing by 247.1 billion yuan, down by 244.3 billion yuan year-on-year, and medium- and long-term loans increasing by 320.2 billion yuan, down by 142.8 billion yuan year-on-year[23] Policy and Market Outlook - Monetary policy is expected to remain stable, with structural tools being deployed precisely, potentially leading to a steady M2 growth and a rebound in M1 growth as corporate expectations improve[1] - The "squeezing out water" effect in financial data is expected to gradually release, and with policy-driven financial precision, social financing growth is likely to stabilize and recover[12]

进、出口走势缘何继续分化？ | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of HKD 7.30, based on a current price of HKD 4.82 [1]. Core Insights - The company is experiencing a gradual improvement in commercialization, with projected revenue growth from HKD 738.54 million in 2023 to HKD 872.42 million in 2024, driven by the renewal of medical insurance for Obinutuzumab and the expansion of the MZL indication [2][3]. - The company has a strong pipeline with multiple drugs in critical clinical stages, including Obinutuzumab for various cancer indications and autoimmune diseases, and TYK2 inhibitors leading in domestic research and development [2][3]. - The company reported a significant increase in revenue from HKD 6.3 billion in 2022 to HKD 7.4 billion in 2023, with a notable rise in Obinutuzumab sales [14]. Summary by Sections 1. Commercialization and Clinical Development - The company has one drug approved for market, Obinutuzumab, and has submitted a market application for Tafasitamab, indicating strong R&D capabilities [12]. - Revenue from Obinutuzumab reached HKD 6.7 billion in 2023, reflecting an 18.5% year-on-year growth [16]. 2. Obinutuzumab's Market Position - Obinutuzumab is the third BTK inhibitor approved in China, with a growing market presence amidst competition from other BTK inhibitors [16][17]. - The drug has been included in medical insurance since the end of 2021, which is expected to enhance its market penetration [17]. 3. TYK2 Inhibitors - The company is at the forefront of TYK2 inhibitor development in China, with two candidates in clinical trials, ICP-332 and ICP-448, showing promising results [2][3]. - The global market for TYK2 inhibitors is expanding, with peak sales estimates for the first approved TYK2 inhibitor reaching USD 4 billion [2]. 4. Financial Projections - Revenue forecasts for the company are optimistic, with expected revenues of HKD 8.7 billion in 2024, HKD 12.8 billion in 2025, and HKD 18.3 billion in 2026 [3][4]. - The company maintains a strong cash position, with cash reserves reaching HKD 82 billion as of Q1 2024 [14].

Investment Rating - The report assigns a "Buy" rating to the company with a current price of 27.17 CNY and a target price of 33.30 CNY over the next six months [1]. Core Views - The report emphasizes that the company is a leading player in high-performance carbon fiber, driven by both demand growth and capacity expansion. Key factors include the anticipated increase in military aviation composite material penetration, the ramp-up in commercial aircraft production (specifically the C919), and the release of new production capacities in both military and civilian sectors [2][3]. Summary by Sections 1. Company Overview - The company is recognized as a leader in high-performance carbon fiber in China, with a comprehensive industry chain that supports long-term development. It has established a dominant position in high-end fields such as aerospace [2][15]. 2. Market Demand and Growth Drivers - The report highlights a significant upcoming growth period for military carbon fiber demand, particularly with the introduction of new models like T800H, which will enhance the application of carbon fiber in military aircraft [2][8]. - The commercial aviation sector is also expected to see substantial demand growth, with the C919 aircraft projected to require over 400 tons of carbon fiber annually as production ramps up [2][3]. 3. Production Capacity and Expansion - The company is actively expanding its production capacity, with a new 4000-ton civil production line in Baotou that began operations in June 2024. Additionally, the T800H production line is undergoing equivalency verification, which will significantly increase output once completed [2][3][19]. 4. Financial Performance and Projections - The report forecasts earnings per share (EPS) of 1.11 CNY, 1.34 CNY, and 1.75 CNY for 2024, 2025, and 2026, respectively, with corresponding dynamic price-to-earnings (PE) ratios of 24, 20, and 15 [3][4]. - Revenue is expected to grow from 2,518 million CNY in 2023 to 3,011 million CNY in 2024, reflecting a growth rate of 19.61% [4][19]. 5. Competitive Landscape - The report notes that while there are concerns about the growth rate of high-end carbon fiber demand, the transition to new military aircraft and the increasing share of carbon fiber in commercial aviation will provide significant growth opportunities [8][9]. 6. Investment Risks - The report does not include specific risk factors but emphasizes the potential for accelerated growth in the company's performance due to favorable market conditions and production capacity expansions [3][9].

Q2 业绩超预期，环比持续提升 主要客户销量增长，业绩环比持续提升：本期业绩变化的主要原因包括：（1） 客户订单明显放量：新能源汽车的快速发展带动了汽车线束行业市场规模增长， 公司凭借高标准、严要求，长期配套优质客户等竞争优势，积极拓展新客户并 取得了持续稳定的订单，公司量产项目放量及新项目量产推动了营业收入迅速 增长。24H1公司主要客户销量均实现大幅增长，其中赛力斯同比+637%，理想 +34%。（2）期间费用率下降：一方面公司持续推进智能制造与数字化转型，降 本增效；另一方面受益于新能源客户项目的持续放量，销量增长促使公司规模 效应更加显著。公司的折旧/摊销和销售、管理、研发、财务等费用率大幅下降， 盈利能力大幅提升。 行业规模增长，市占率有望提升：与传统燃油车相比，新能源汽车需要采用高 压线束连接各电路单元，带动新能源汽车线束单车价值达到 5000元以上，显著 高于燃油车 3000元，自动驾驶功能提升对于高速传输数据线提出了新的要求， 行业规模不断增长。随着国际汽车厂商越发重视成本控制，汽车零部件的本土 化采购日益加强，公司有望实现规模扩张及国产替代。 风险提示：竞争加剧风险；客户开拓不及预期的风险； ...

点评：从供给端来看，尽管俄罗斯在 6 月份明显减产原油，但俄罗斯、伊拉克、哈萨克 斯坦这三个 OPEC+的主要成员国每天的原油供应量仍比今年初设定的配额高出十几万桶， 也没有如早先承诺那样进行额外减产，以弥补之前多出来的产量。比如，俄罗斯 6 月将日产 量削减了 11.4 万桶，至 913.9 万桶，仍然比其指定配额高出 16.1 万桶；伊拉克的日产量仅 减少了 2.5 万桶，至 418.9 万桶，仍比其限额高出 18.9 万桶。IEA 表示，二季度因美国原因， 全球原油供应环比增长 91 万桶/日，因非 OPEC+预计三季度全球原油产出将增长 77 万桶/ 日；从需求端来看，OPEC 认为，今年上半年主要经济体的经济增长势头保持强劲，还将今 年全球经济增长预测从 2.8%上调至 2.9%，并表示这一数字还有上行潜力，因为 OECD 发 达国家以外的增长势头强劲。IEA 则在月报中表示，全球石油需求增长在上个季度放缓至一 年多以来的最低水平，第二季度全球石油日均消费量仅增加 71 万桶/天，2024 年和 2025 年 全球需求仍有望各增长不到 100 万桶/天；从库存端来看，美国能源信息署（EIA）公布数据 ...

机械行业2024年中期投资策略 布局确定性,聚焦新经济 西南证券研究发展中心 机械研究邰桂龙团队 2024年7月 核心观点 1 轨交装备:2024年轨交投资维持高位且具有持续性,下半年是铁路投资加速窗口期,叠加新一轮大规模设 备更新政策影响,2024年下半年铁路装备将有望迎来订单与估值双升。2024年1-5月全国铁路固定资产投 资2285亿元,同比增长11%,预计全年投资增速维持10%左右。重点推荐思维列控、中国通号、中国中车。 油服行业:油价高位,油服资本开支维持相对高位,行业高景气,油服产业链受益。2021年以来,布伦特 原油维持在80美元/桶上下,高油价助推油企收入利润增长,在利润驱动下油企资本开支扩大,油服与装备 类企业受益。重点推荐杰瑞股份、中海油服、海油工程。 工程机械:短期国内数据边际改善,海外出口数据超预期,中长期国内需求筑底,国际化战略稳步推进。 全球工程机械万亿市场,2024年国内筑底企稳,龙头企业海外战略进入收获期,电动化趋势加强。中长期 维度,2024年是工程机械布局最佳窗口期,国内挖机销持续超预期。重点推荐核心主机厂和零部件公司。 出口链:海外需求韧性强,出口链相关企业受益。中国对外 ...