[2T0a2b4l年e_I0n5d月ust2ry5In日fo ] 强于大市(维持) 证券研究报告•行业研究•公用事业 公用事业与环保行业周报（5.20-5.26） 电力体制改革加速，煤价持续上涨 投资要点 西南证券研究发展中心  本[Ta周bl秦e_皇Su岛m动m力ar煤y]价 小幅上涨，预计后期逐渐企稳。截至 5月 24日，秦皇岛 [分Ta析bl师e_：Au池th天or惠] Q5500动力煤价格为890元/吨，周环比上涨4.7%。截至 2024年 5月 16日， 执业证号：S1250522100001 全国重点电厂煤炭库存为10757万吨，周环比库存增加262万吨，增速达2.5%， 电话：13003109597 库存可用天数为 27.6天，同比增长 1.5天；5月20日，CCTD北方港口库存 邮箱：cth@swsc.com.cn 为 3182万吨，周环比库存减少 691万吨，降幅达 17.8%。截至 2024年5月 分析师：刘洋 16日，全国重点电厂日耗量为377.6万吨，较上周下降6.2%。 执业证号：S1250523070005 电话：18019200867  电力体制改革未来可能方向：新能源装机大 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of May 26, 2024 [1]. Core Insights - The report highlights that the penetration rate of new energy vehicles (NEVs) is expected to reach 46.7% in May 2024, driven by government policies such as the "old-for-new" vehicle replacement program and initiatives to promote NEVs in rural areas [2][20]. - The automotive sector experienced a decline of 4.2% last week, while the broader market (CSI 300) fell by 2.1%. The price-to-earnings (P/E) ratio for the automotive industry is reported at 20 times, down 4.3% from the previous week [2][11]. - The report suggests that the implementation of the "old-for-new" policy and the promotion of NEVs will gradually strengthen the automotive market, with a forecast of 1.65 million retail sales of narrow-sense passenger vehicles in May, reflecting a month-on-month increase of 7.5% but a year-on-year decrease of 5.3% [2][20]. Summary by Sections Market Review - The SW automotive sector closed at 5398.65 points, down 4.2%, with the passenger vehicle segment declining by 3.4% and the commercial vehicle segment showing mixed results [7][20]. - The report notes that the automotive sector's performance ranked among the bottom five across industries during the week [7]. Investment Recommendations - The report recommends focusing on opportunities arising from the "old-for-new" policy and the NEV promotion activities, particularly in the complete vehicle segment and the natural gas heavy truck sector [2][20]. - Key stocks to watch include GAC Group, BYD, and other companies involved in the NEV supply chain [2][20]. Key Company Performance - In April, major automotive companies reported varied sales figures, with BYD showing a significant year-on-year increase of 49% in passenger vehicle sales, while GAC Group experienced a decline of 24.8% [22][25]. - The report emphasizes the strong performance of pure electric heavy trucks, which accounted for 95.05% of the sales in the new energy heavy truck market [3][20]. Industry News - The report discusses the implementation of policies across 25 provinces to promote the "old-for-new" vehicle replacement initiative, which is expected to invigorate the commercial vehicle market [20]. - Audi and SAIC have announced a strategic partnership to develop a new "smart digital platform" aimed at accelerating electric vehicle transformation in the Chinese market [20].

Investment Rating - The report maintains an "Outperform" rating for the utility and environmental protection industry [1]. Core Insights - The report highlights the acceleration of power system reforms and the continuous rise in coal prices, indicating a potential stabilization in the future [2]. - It emphasizes the increasing pressure on renewable energy consumption in provinces with significant wind and solar installations, suggesting that future reforms may focus on enhancing power source regulation capabilities and accelerating UHV (Ultra High Voltage) construction [2][10]. - The report suggests a focus on high-elasticity thermal power companies and defensive hydro and nuclear power enterprises as key investment opportunities [2]. Summary by Sections 1. Power System Reform - A review of past reforms indicates a shift towards a more competitive electricity market, with the current focus on addressing green electricity consumption issues [7][9]. - Future reform directions include improving auxiliary service market pricing and promoting the market entry of renewable energy [9][10]. 2. Industry High-Frequency Data Tracking - Coal prices have shown slight increases, with the Qinhuangdao Q5500 coal price at 884 RMB/ton as of May 23, 2024 [11]. - Key power plants' coal inventory reached 107.57 million tons, with a week-on-week increase of 2.5% [15]. - The daily coal consumption of key power plants was reported at 3.776 million tons, down 6.2% from the previous week [22]. 3. Market Review - The A-share market experienced an overall decline, but the utility sector showed resilience with a weekly increase of 1.59% [33]. - The report notes that the utility sector has outperformed the broader market since the beginning of the year, with a 5.49% increase relative to the CSI 300 index [35]. 4. Investment Strategy and Key Focus Stocks - The report recommends focusing on companies with high elasticity in thermal power and those with defensive attributes in hydro and nuclear power [2]. - Specific companies highlighted for investment include Guodian Power, Huaneng International, and China Nuclear Power, among others [2].

[2T0a2b4le年_I0n5du月str2y6In日fo ] 证券研究报告•行业研究•医药生物 医药行业创新药周报（5.20-5.26） 2024 年 5 月第四周创新药周报 （附小专题 PD-1/VEGF 双抗研发概况） A股和港股创新药板块及XBI指数本周走势 西南证券研究发展中心 20 2[T4a年ble5_S月u第mm4a周ry，] 陆港两地创新药板块共计 6个股上涨，56个股下跌。其中 [分Ta析bl师e_：Au杜th向or阳] 涨幅前三为和铂医药-B(+8.70%)、复宏汉霖-B(+4.78%)、东曜药业-B(+2.07%)。 执业证号：S1250520030002 跌幅前三为康方生物-B(-23.92%)、荣昌生物-B(-17.10%)、圣诺医药-B(-16.20%)。 电话：021-68416017 邮箱：duxy@swsc.com.cn 本周A股创新药板块下跌5.11%，跑输沪深300指数3.03%，生物医药下跌4.37%。 近6个月A股创新药累计下跌5.40%，跑输沪深300指数 6.62%，生物医药累计 分析师：汤泰萌 下跌14.59%。 执业证号：S1250522120001 电 ...

2024年 05月 26日 强于大市(维持) [证T券a研bl究e报_告In•行d业u研st究r•y汽In车f o] 汽车行业周报（5.20-5.24） 车市政策持续发力，5 月新能源渗透率预计 46.7% 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾S：um上m周ar，y]S W汽车板块下跌4.2%，沪深300下跌 2.1%。估值上，截 分析师：郑连声 止 5月 24日收盘，汽车行业PE（TTM）为20倍，较前一周下跌4.3%。 执业证号：S1250522040001  投资建议：乘用车方面，5 月乘联会预测狭义乘用车零售 165.0 万辆，环比 电话：010-57758531 邮箱：zlans@swsc.com.cn +7.5%，同比-5.3%。随着国家“以旧换新”的政策落地实施、各地相应政策措 施出台与跟进，有益于车市逐步走强。5月 15日，工业和信息化部办公厅等印 分析师：冯安琪 发《五部门关于开展2024年新能源汽车下乡活动的通知》，公布2024年新能 执业证号：S1250524050003 源汽车下乡活动车型。在以旧换新政策以及新能源汽车下乡活动的推动下，新 电话：021-5835 ...

[2T0a2b4le年_I0n5du月str2y5In日fo ] 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（5.20-5.24） 积极把握医药回调良机 投资要点 西南证券研究发展中心  [行Ta情bl回e_顾Su：m本m周ar医y]药 生物指数下跌3.74%，跑输沪深300指数 1.66个百分点， [分Ta析bl师e_：Au杜th向or阳] 行业涨跌幅排名第20。2024年初以来至今，医药行业下跌12.78%，跑输沪深 执业证号：S1250520030002 300 指数 17.75 个百分点，行业涨跌幅排名第 28。本周医药行业估值水平 电话：021-68416017 (PE-TTM)为 26倍，相对全部A股溢价率为85.44% (-8.76pp)，相对剔除银行 邮箱：duxy@swsc.com.cn 后全部 A 股溢价率为 36.93% (-3.69pp)，相对沪深 300 溢价率为 127.63% 联系人：陈辰 (-16.08pp)。本周相对表现最好的是中药Ⅲ，下跌3.1%。 电话：021-68416017  骨科关节国采续标各企业报价价差较小，基本贴近规则二复活价。初次集 ...

[2T0a2b4l年e_I0n5d月ust2ry6In日fo ] 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（0520-0526） 特斯拉 6 月召开 24 年度股东大会， 哈默纳科预计 25 财年人形机器人收入占比达到 10% 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m本m周ar（y]5 月 20日-5月26日）机器人指数跑输大盘。中证机器人指 [分Ta析bl师e_：Au邰th桂or龙] 数下跌4.3%，跑输沪深300指数约2.2个百分点，跑输创业板指约1.8个百分 执业证号：S1250521050002 点；国证机器人指数下跌 4.2%，跑输沪深 300指数约 2.1个百分点，跑输创 电话：021-58351893 业板指约1.7个百分点。 邮箱：tgl@swsc.com.cn  特斯拉预计 6月 13日召开 2024年度股东大会，预计发布 Optimus新的进展。 分析师：周鑫雨 股东大会预告片中多次出现人形机器人 Optimus，此前马斯克曾在推特发布 执业证号：S1250523070008 电话：021-58351893 “Optimus will ...

【集采专题】第七批落地，降价趋于理性，首次引入备供 2022-07-21 【集采专题】第六批落地，规则逐步温和完善 2021-12-30 【集采专题】集采重塑仿制药竞争格局，重视创新及医保免疫方向 2020-12-15 【中药】中药集采专题：中成药集采逐步扩面，集采规则相对温和 2022-12-16 【中药】中药配方颗粒专题：国标切换加速，行业迎来发展拐点 【中药】政策边际向好，三维度看中药细分领域 【中药】"穿越医保"主线之——中药消费品迎来三大机遇(行业篇)2021-12-27 【中药】中药创新药八问，行业长期成长可期 2022-02-13 14）5 月 21 日，泰恩康全资子公司山东华铂凯盛生物科技有限公司收到国家药监局签 发的枸橼酸西地那非口崩片《药品注册证书》和甲磺酸雷沙吉兰片《药品注册证书》。 【基金持仓】2021Q4：医药占比持续下降 2022-01-28 【基金持仓】2021Q3：医药仓位小幅下降，CXO 板块占比增加 2021-11-03 【基金持仓】2021Q2：医药仓位持续回升，核心资产继续分化 2021-07-23 【基金持仓】2021Q1：医药仓位略有回升，核心资产有所分化 2021 ...

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青霉素、咖啡因价格环比下滑，肝素提价明显 ——原料药板块2024M1-4跟踪报告 西南证券研究发展中心 2024年5月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 核心观点 2024年原料药最新报价及行情回顾（报价截至2024年4月30 日）：  价格上涨品种：大宗原料药中，维生素类：维生素B1在4月价格为167.5元/千克(环比+6.3%，同比+45.7%)，维生 素B2价格为104元/千克(环比+2%，同比+20.2%)，维生素A价格为87元/千克(环比+1.8%，同比-3.3%)，维生素E ...