Investment Rating - The report suggests a focus on companies such as Jianyou Co., Borui Pharmaceutical, and Jiuzhou Pharmaceutical for potential investment opportunities in the raw material pharmaceutical sector [4]. Core Insights - In April 2024, VB1 and Sulfacycline prices saw significant year-on-year increases, while Heparin and its salts experienced a notable month-on-month decline. It is recommended to closely monitor the price trends of vitamins, antibiotics, and heparin [4]. - Long-term growth potential for specialty raw materials is identified through three pathways: integration of raw materials and formulations, strong capabilities in the M-end leading to performance elasticity, and high-barrier businesses based on innovative technology platforms [4]. Summary by Sections Raw Material Prices Overview - Vitamin B2 price is 104 CNY/kg (up 20.2% YoY), Vitamin B6 is 150 CNY/kg (down 1.6% MoM, up 15.4% YoY), Sulfacycline is 550 CNY/kg (up 10.0% YoY), and Dexamethasone Sodium Phosphate is 45,000 CNY/kg (up 361.5% YoY) [2][6]. - Heparin and its salts are priced at 3,833.2 USD/kg (down 29.8% MoM, down 57.8% YoY) [2][6]. Vitamin Market Analysis - The vitamin market remains stable, with Vitamin B6 showing a month-on-month price decrease. Prices for Vitamin A, E, B1, and B2 increased slightly in April 2024 [7][9]. - Major producers of Vitamin E include Zhejiang Medicine, which held an 81.79% market share in 2023 [9]. Antibiotics and Intermediates - 7-ACA and Sulfacycline prices increased to 480 CNY/kg (up 3.2% MoM, up 6.7% YoY) and 550 CNY/kg (up 5.26% MoM, up 10.0% YoY) respectively [28]. - Prices for 6-APA and Penicillin Industrial Salt decreased to 320 CNY/kg (down 3.0% MoM, down 13.5% YoY) and 130 CNY/BOU (down 13.3% MoM, down 23.5% YoY) [28]. Analgesics and Antipyretics - Prices for Anodyne, Aspirin, and Paracetamol remained stable, while Ibuprofen and Caffeine prices decreased to 170 CNY/kg (down 5.6% MoM, down 10.5% YoY) and 125 CNY/kg (down 10.7% MoM, down 26.5% YoY) respectively [30][31]. Hormonal Drugs - Dexamethasone Sodium Phosphate and Soap prices remained unchanged, with Dexamethasone showing a significant year-on-year increase of 361.5% [36]. Cardiovascular Raw Materials - Prices for cardiovascular raw materials such as Maleate Enalapril and Lisinopril remained stable, with slight year-on-year decreases for some products [39][42].

1.1 深耕绿色化工领域近二十年，围绕核心技术业务两翼发展 精细化工产品与技术解决方案两翼发展，下游应用广泛。公司以绿色制造技术的研发、 产业化及技术服务为主业，依托绿色化工催化、反应、分离等自研技术，目前已实现在四氢 呋喃、甲苯氧化系列产品等领域的产业化，生产并销售相关精细化学品。同时，公司通过技 术许可、关键设备、催化剂等形式为能源化工、新材料等领域客户提供解决方案，帮助客户 提高资源能源利用效率，提升绿色发展水平。公司持续开发新技术、不断拓展产业化领域， 形成了有梯次的技术及产品储备。 公司研究报告 / 美邦科技（832471） | --- | --- | --- | --- | --- | |----------|-------|--------------------------------------------------------------------------|------------------------------------------------------------|----------------------------------------------------- ...

低空经济专题（二） 飞行器大脑——飞控系统 西南证券研究发展中心 通信研究团队 2024年5月 ...

低空经济专题（二） 飞行器大脑——飞控系统 西南证券研究发展中心 通信研究团队 2024年5月 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings with a target price of 491.40 HKD, based on a 20x PE for 2024 [2][4][17]. Core Insights - Tencent's revenue for Q1 2024 reached 159.5 billion RMB, a year-on-year increase of 6%, while Non-IFRS net profit surged to 50.3 billion RMB, reflecting a 54% growth [2][4]. - The company continues to optimize its revenue structure, with high-margin businesses driving profitability [2][4]. - The active user base of WeChat and Weixin reached 1.359 billion, marking a 3% year-on-year increase, indicating sustained engagement within its ecosystem [4]. Revenue and Profit Summary - Q1 2024 revenue was 1595 billion RMB, up 6% year-on-year, and Non-IFRS net profit was 503 billion RMB, up 54% year-on-year [2][4]. - The revenue from value-added services was 786 billion RMB, a slight decline of 1% year-on-year, while gaming revenue in the domestic market was 345 billion RMB, down 2% [3]. - Advertising revenue grew by 26% year-on-year to 265 billion RMB, driven by strong performance in WeChat's advertising platforms [3][4]. Business Segment Performance - Value-added services, including gaming and social networking, remain the primary revenue source, with expected growth rates of 5.5% to 6.0% from 2024 to 2026 [11][12]. - Financial technology and enterprise services are projected to grow at rates of 10.0% to 9.0% during the same period, supported by strong demand for wealth management and cloud services [11][12]. - The advertising business is anticipated to maintain robust growth, with expected order volume increases of 20.0% to 18.0% from 2024 to 2026 [11][12]. Financial Forecast - The forecast for Non-IFRS net profit is 214.26 billion RMB for 2024, 238.27 billion RMB for 2025, and 262.11 billion RMB for 2026, with corresponding EPS of 22.75 RMB, 25.30 RMB, and 27.83 RMB respectively [4][17]. - The report highlights a continuous focus on core business areas, with improvements in revenue structure and operational efficiency expected to drive future growth [4][17].

2024Q1血制品行业跟踪报告（附批签发） 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 分析师：王彦迪 执业证号：S1250524040001 电话：021-68416017 邮箱：wydi@swsc.com.cn 38322 2024Q1血制品行业跟踪报告  批签发：进口人白增长、静丙持续下降。分品种来看，人血白蛋白：2024Q1，人血白蛋白批签发1174批(+11%)， 其中国产人白获批352批(+0%)，占比为30%，进口人白获批822批(+17%)，占比为70%。免疫球蛋白：2024Q1静 ...

Investment Rating - The report maintains a "Market Perform" rating for the media industry as of May 18, 2024 [1]. Core Insights - The media sector experienced a slight decline of 0.57% this week, outperforming the ChiNext index by approximately 0.13 percentage points and underperforming the market by about 0.89 percentage points [11]. - The gaming index fell by 0.84%, while the advertising index decreased by 0.16%. The sports index dropped by 0.11%, and the education index rose by 2.26%, outperforming the broader market [13][17]. - The box office for the week totaled 422 million yuan, with the top film being "末路狂花钱" (End of the Road) grossing 96.1 million yuan [21][22]. Summary by Sections Market Overview - The media sector's performance was generally weak, with a 0.57% decline, while the ChiNext index fell by 0.70% and the Shanghai Composite Index rose by 0.32% [11]. Gaming Industry - The gaming index underperformed the market, with a 0.84% drop compared to the Shanghai Composite's 0.32% increase. The top three gainers in the A-share gaming sector were 文投控股, 星辉娱乐, and 汤姆猫, while the biggest losers were 天神娱乐, 惠程科技, and 世纪华通 [13]. Advertising Industry - The advertising index also lagged, decreasing by 0.16% against the Shanghai Composite's rise. The top gainers in the A-share advertising sector included ST联建, 聚力文化, and 北巴传媒, while the largest declines were seen in 恩美传媒, 每日互动, and 紫天科技 [15]. Sports Industry - The sports index fell by 0.11%, underperforming the Shanghai Composite by 0.43% [17]. Education Industry - The education index rose by 2.26%, outperforming the Shanghai Composite by 1.95%. In the A-share education sector, the top gainers were 昂立教育, 开元教育, and 视源教育, while the biggest losers included 美吉姆, ST勤上, and 学大教育 [17][18]. Film Industry - The box office for the week was 422 million yuan, with "末路狂花钱" leading at 96.1 million yuan. Upcoming films include "密室逃脱" and "三叉戟," set to release on May 24, 2024 [21][24]. Television and Variety Shows - The top-ranking web series included "庆余年第二季" with a viewership index of 88, while the leading variety show was "歌手 2024" with an index of 80.3 [27][28].

[2T0a2b4l年e_I0n5d月ust1ry8In日fo ] 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0512-0518） 《歌手 2024》维持高热度，OpenAl 推出 GPT-4o 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]传 媒板块表现一般，下跌 0.57%，跑赢创业板约 0.13个百 [分Ta析bl师e_：Au刘th言or ] 分点（创业板指下跌 0.70%）；跑输市场约 0.89 个百分点（沪深 300 上涨 执业证号：S1250515070002 0.32%）。 电话：023-67791663 邮箱：liuyan@swsc.com.cn  细分行业：（1）游戏指数跑输市场：中信游戏指数（CI005577）下跌 0.84%， 沪深 300上涨0.32%。中信游戏指数相对于沪深300指数下跌1.16%；（2） 分析师：苗泽欣 广告指数跑输市场：中信广告指数（CI005847）下跌 0.16%，沪深 300上涨 执业证号：S1250524030004 电话：13608650525 0.32%。中信广告指数相对于沪深 300指数下跌 ...

[2T0a2b4l年e_I0n5d月ust1ry9In日fo ] 强于大市(维持) 证券研究报告•行业研究•国防军工 军工行业周报（5.13-5.19） 北京、南京方案继续催化，低空经济持续景气 行情回顾： 西南证券研究发展中心 [上Ta周bl（e_5S月um1m3a日ry-]5 月19日），SW军工板块报收1306.9点，下跌1.3%，板块排 [分Ta析bl师e_：Au刘th倩or倩] 名第26。同期沪深300指数上涨0.3%，创业板指数下跌0.7%。 执业证号：S1250522070003 研究速递： 电话：15001276860 邮箱：lqqyf@swsc.com.cn  低空经济——政策持续催化，景气持续 [行Ta业bl相e_对Qu指o数te表Pic现] （1）北京方案意见稿起草，带来千亿新预期 国防军工 沪深300 5月15日，为推动北京低空经济产业发展，北京经济和信息化局起草了《北京 3% 市促进低空经济产业高质量发展行动方案（2024-2027 年）（征求意见稿）》， -4% 向社会公开征求意见。 -12% 目标带动超 1000亿经济增长、突破 5000家相关企业。《方案（征求意见稿）》 -2 ...

[2T0a2b4l年e_I0n5d月ust1ry9In日fo ] 强于大市(维持) 证券研究报告•行业研究•国防军工 军工行业周报（5.13-5.19） 北京、南京方案继续催化，低空经济持续景气 行情回顾： 西南证券研究发展中心 [上Ta周bl（e_5S月um1m3a日ry-]5 月19日），SW军工板块报收1306.9点，下跌1.3%，板块排 [分Ta析bl师e_：Au刘th倩or倩] 名第26。同期沪深300指数上涨0.3%，创业板指数下跌0.7%。 执业证号：S1250522070003 研究速递： 电话：15001276860 邮箱：lqqyf@swsc.com.cn  低空经济——政策持续催化，景气持续 [行Ta业bl相e_对Qu指o数te表Pic现] （1）北京方案意见稿起草，带来千亿新预期 国防军工 沪深300 5月15日，为推动北京低空经济产业发展，北京经济和信息化局起草了《北京 3% 市促进低空经济产业高质量发展行动方案（2024-2027 年）（征求意见稿）》， -4% 向社会公开征求意见。 -12% 目标带动超 1000亿经济增长、突破 5000家相关企业。《方案（征求意见稿）》 -2 ...