| --- | --- | --- | --- | --- | --- | |-----------|----------|-----------------------------|-----------|----------|-----------------------------| | 证券代码 | 证券简称 | 区间融资买入额 ( 百万元 ) | 证券代码 | 证券简称 | 区间融券卖出额 ( 百万元 ) | | | | | | | | | 600276.SH | 恒瑞医药 | 383.68 | 002432.SZ | 九安医疗 | 17.82 | 15）5 月 14 日，汇宇制药收到国家药监局核准签发的克拉屈滨注射液和注射用盐酸罗 沙替丁醋酸酯《药品注册证书》。 16）5 月 13 日，万东医疗全资子公司万东百胜（苏州）于近期收到国家药监局颁发的 《中华人民共和国医疗器械注册证》、江苏省药监局颁发的《中华人民共和国医疗 器械注册证》。 17）5 月 13 日，新华医疗收到山东省药监局颁发的牙科气动马达手机（二类医疗器械） 和全程 C-反应蛋白(hsCRP+常规 CRP)检测试剂盒(量子点荧光免疫层 ...

[2T0a2b4le年_I0n5du月str1y8In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（5.13-5.17） 精选医药个股行情 投资要点 西南证券研究发展中心  行[T情ab回le_顾S：um本m周ar医y]药 生物指数下跌 2.12%，跑输沪深 300 指数 2.44 个百分 [分Ta析bl师e_：Au杜th向or阳] 点，行业涨跌幅排名第 31。2024 年初以来至今，医药行业下跌 9.4%，跑输 执业证号：S1250520030002 沪深 300 指数 16.59 个百分点，行业涨跌幅排名第 29。本周医药行业估值水 电话：021-68416017 平(PE-TTM)为27倍，相对全部A股溢价率为94.2% (+2.81pp)，相对剔除银 邮箱：duxy@swsc.com.cn 行后全部A股溢价率为40.62% (+0.06pp)，相对沪深300溢价率为143.71% 联系人：陈辰 (+7.04pp)。本周相对表现最好的是线下药店，下跌0.2%。 电话：021-68416017 邮箱：chch@swsc.com.cn  恒瑞医药 GLP-1 产品组合授 ...

[2T0a2b4le年_In0d5us月try1In9f日o] 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（5.13-5.17） 车市政策陆续落地，新能源整车板块可期 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1.8%，沪深300上涨 0.3%。估值上，截 [分Ta析bl师e_：Au郑th连or声] 止 5月 17日收盘，汽车行业PE（TTM）为21倍，较前一周下跌1.7%。 执业证号：S1250522040001 电话：010-57758531  投资建议：乘用车方面，随着国家“以旧换新”的政策落地实施、各地相应政 邮箱：zlans@swsc.com.cn 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 分析师：冯安琪 年新能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 执业证号：S1250524050003 下，新能源乘用车渗透率有望持续提升。商用车方面，3月13日，国务院正式 电话：021-58351905 ...

[2T0a2b4le年_I0n5du月str1y9In日fo ] 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（5.13-5.19） 2024 年 5 月第三周创新药周报 (附小专题 syk 抑制剂研发概况) 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 [2T0a2b4le年_S5um月m第ar3y周] ，陆港两地创新药板块共计24个股上涨，37个股下跌。其中 [分Ta析bl师e_：Au杜th向or阳] 涨幅前三为基石药业-B（+21.30%）、圣诺医药-B(+20.46%)、开拓药业-B 执业证号：S1250520030002 (+16.96%)。跌幅前三为乐普生物-B (-15.09%)、云顶新耀-B (-10.36%)、艾迪药 电话：021-68416017 业(-9.57%)。 邮箱：duxy@swsc.com.cn 本周A股创新药板块下跌3.60%，跑输沪深300指数3.92%，生物医药上涨0.50%。 分析师：汤泰萌 近6个月A股创新药累计下跌3.05%，跑输沪深300指数 5.16%，生物医药累计 执业证号：S1250522120001 下跌12.9 ...

[2T0a2b4l年e_I0n5d月ust1ry9In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（0513-0519） 宇树发布人形智能体 G1，售价仅 9.9 万元大超预期 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 13日-5月19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1.3%，跑输沪深300指数约1.6个百分点，跑输创业板指约0.6个百分 执业证号：S1250521050002 点；国证机器人指数下跌 1.8%，跑输沪深 300指数约 2.2个百分点，跑输创 电话：021-58351893 业板指约1.1个百分点。 邮箱：tgl@swsc.com.cn  宇树发布人形智能体 G1，售价仅 9.9万元大超预期。5月12日，宇树发布人 分析师：周鑫雨 形智能体Unitree G1，身高127cm，体重35kg，移动速度2m/s，单手臂最大 执业证号：S1250523070008 电话：021-58351893 负载 3kg，续航时间约 2h。G1拥有超越常人的灵活性、超大关节 ...

| --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------| | | | | 摘要 | 西南证券研究发展中心 | | [Table_Summary] 一周大事记 | [Table_Author] 分 ...

Investment Rating - The report suggests to pay attention to the company as it is expected to benefit from the stable development of the automotive logistics industry [2] Core Viewpoints - The automotive logistics industry is expected to gradually recover due to increased demand in the automotive market, supported by government policies aimed at promoting consumption and stabilizing growth [27][59] - The company has established itself as a regional leader in combined transportation logistics, leveraging its position in Chongqing to build a nationwide logistics network [4][77] - The company's main business, automotive logistics, contributed over 80% of its revenue in 2023, with a significant focus on comprehensive logistics services [23][49] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 980 million yuan, a year-on-year increase of 21.8%, and a net profit attributable to shareholders of 20.12 million yuan, up 29% [51] - The company forecasts net profits of 25.8 million, 31.9 million, and 36.12 million yuan for 2024, 2025, and 2026 respectively [2] Business Model and Market Position - The company primarily engages in automotive logistics, with a focus on combined rail and road transportation, which enhances efficiency and reduces costs [100] - The company has built strong relationships with major automotive manufacturers, creating significant barriers to entry for competitors [5][100] Industry Outlook - The automotive industry in China is projected to maintain steady growth, with policies supporting the development of new energy vehicles and infrastructure [59][84] - The logistics market is expected to expand, providing valuable opportunities for automotive logistics companies [88]

[Table_StockInfo] 2024 年 05 月 17 日 证券研究报告•公司动态跟踪报告 买入 （维持） 当前价：18.35 元 国邦医药（605507）医药生物 目标价：——元（6 个月） 积极回购，展现长期发展信心 [Table_Summary 事件：公司发布关于以集中竞价交易方式回购股份的进展公告，截止 ] 2024 年 4 月 30日，公司通过集中竞价交易方式累计回购股份 346.8万股，已回购股份占 公司总股本的比例为 0.62%，成交的最高价为 15.69元/股，最低价为 13.05元/ 股，已支付的总金额为 5146 万元。 积极回购，展现长期发展信心。公司于 2024 年 1月 26审议通过了《关于以集 中竞价交易方式回购股份方案的议案》，根据股份回购方案，公司将采用集中 竞价交易的方式从二级市场回购股份，本次回购股份的资金总额将不低于人民 币 1 亿元且不超过人民币 2 亿元；回购价格不超过 25 元/股，本次回购股份将 用于后续实施股权激励或员工持股计划。 养殖业周期反转或带动动保板块量价齐升。近年来下游养殖行业持续亏损，市 场需求低迷，客户价格敏感，对公司开拓市场造成一定影响 ...

Investment Rating - The report gives a "Buy" rating for the company with a target price of 40.80 CNY, indicating a potential upside of over 20% in the next six months [48][50]. Core Insights - The company has shown significant revenue growth, achieving 2.65 billion CNY in 2023, a 76.4% increase year-on-year, and 600 million CNY in Q1 2024, a 33.8% increase year-on-year [51][78]. - The net profit attributable to the parent company reached 400 million CNY in 2023, up 80.2% year-on-year, with Q1 2024 net profit at 70 million CNY, a 6.0% increase year-on-year [10][51]. - The company is well-positioned in the rapidly growing new energy sector, particularly in energy storage and electric vehicle charging solutions, benefiting from favorable government policies and increasing market demand [12][23][82]. Financial Performance - The company’s revenue and net profit have shown consistent growth, with a projected revenue of 3.46 billion CNY in 2024, representing a 30% increase, and a net profit of 530 million CNY, a 31.2% increase [30][32]. - The earnings per share (EPS) are expected to rise from 1.29 CNY in 2023 to 1.70 CNY in 2024, with a corresponding price-to-earnings (PE) ratio of 16 [30][32]. Business Segments - The energy storage segment has seen a remarkable increase, with revenue from new energy conversion equipment reaching 910 million CNY in 2023, a 255.7% increase, accounting for 34.3% of total revenue [51][78]. - The electric vehicle charging business also experienced substantial growth, with revenue of 850 million CNY in 2023, a 99.6% increase, making up 32.1% of total revenue [51][78]. Market Outlook - The charging infrastructure market is expected to grow significantly, with projections indicating that the market size could reach 2870.2 billion CNY by 2026, with a compound annual growth rate (CAGR) of 48.4% from 2021 to 2026 [23][24]. - The company is actively expanding its overseas market presence, particularly in Europe and the United States, to capitalize on the growing demand for charging solutions [51][78]. Competitive Position - The company maintains a competitive edge in the energy storage market with its advanced technology and product offerings, including the world's first silicon carbide modular energy storage inverter [51][78]. - The report highlights the company's strong product certifications and modular design capabilities, enhancing its competitiveness in both domestic and international markets [20][24].

公司近三年资本支出保持在 100 亿美元/年以上，FY2024Q2 公司资本支出为 20 亿美元， 同比减少 31.5%。 请务必阅读正文后的重要声明部分 6 今年以来，苹果已加大了对生成式人工智能（GenAI）的重视和投入。公司于 3 月披露 了大模型 MM1，其涵盖最大 300 亿参数、支持多模态、支持 MoE 架构。MM1 模型支持增 强的上下文学习和多图像推理，在一些多模态基准测试中有较好表现。 苹果公司拥有强劲的产品力、品牌力和供应链管理能力，软件生态粘性高，这些构筑了 苹果极为宽广的护城河，将是苹果在 AI 终端时代竞争的最大底蕴。基于庞大的用户基础、 强大的生态系统、以及优秀的产业定价能力，苹果或成为未来端侧 AI 的重要受益者之一。 | --- | --- | --- | --- | --- | --- | |----------|-------|---------|---------------------------------------------|--------|--------| | | 收入 | | 200,583.00 198,577.17 216,449.12 222,94 ...