Investment Rating - The report indicates a positive outlook for the ophthalmic drug market in China, with specific emphasis on myopia control and dry eye treatment as key growth areas [2][4]. Core Insights - The ophthalmic drug market in China is expected to grow at a faster rate than the global market, with a projected increase from approximately $2.6 billion in 2019 to $20.2 billion by 2030 [2][4]. - Myopia treatment, particularly with low-concentration atropine, is anticipated to become a significant market segment, with a conservative market size estimate of approximately 5.29 billion yuan and an optimistic estimate of 20.39 billion yuan by 2026 [2][17]. - The prevalence of dry eye disease is also on the rise, with the number of patients expected to grow from 210 million in 2019 to 270 million by 2030, indicating a sustained demand for treatment options [25][27]. Summary by Sections Myopia Control Market - The myopia prevalence among children and adolescents in China is alarmingly high, with a current rate of 52.7%, leading to a significant demand for effective control measures [11][14]. - The report highlights that low-concentration atropine has been validated as an effective treatment for slowing myopia progression, with studies showing a reduction in eye axis growth by 19% to 29% [15][16]. - The anticipated market for atropine is substantial, with estimates suggesting that by 2026, around 1.3 billion yuan could be generated from its sales, given the high prevalence of myopia among the youth [17][18]. Dry Eye Treatment Market - The dry eye treatment market is projected to grow significantly, with the market size expected to increase from $430 million in 2019 to $6.7 billion by 2030 [27]. - Artificial tears and cyclosporine are identified as the primary treatment options for dry eye disease, with the market for artificial tears alone expected to reach $1.45 billion by 2030 [27]. - The report notes that the treatment for dry eye disease is characterized by a high rate of recurrence, which supports ongoing demand for these products [25][26]. Regulatory Environment - The regulatory landscape for atropine is stringent, with a history of being sold primarily as a hospital preparation. Recent approvals for commercial sales are expected to enhance market access [19][21]. - The report emphasizes the importance of adhering to medical guidelines when using atropine, particularly in pediatric populations, to mitigate potential risks associated with its use [19][21].

Investment Rating - The report suggests actively monitoring the company due to its broad market potential and expected growth in the regulated bottle market [2]. Core Viewpoints - The pharmaceutical glass market in China is expected to grow significantly, with the market size reaching 246 billion yuan in 2022. The penetration rate of borosilicate glass in drug packaging is currently low at around 8%-9%, indicating substantial room for growth as the industry shifts towards higher quality packaging materials [1][58]. - The company is positioned as a leading player in the regulated bottle sector, with a strong focus on high-end product development and a comprehensive supply chain from glass tube production to bottle manufacturing [13][14]. - The company has shown a compound annual growth rate (CAGR) of 11.9% in net profit from 2023 to 2025, driven by the increasing adoption of generic drug consistency evaluations and the rising share of injectable drugs in national procurement [2][17]. Summary by Sections 1. Company Overview - The company specializes in the research, production, and sales of pharmaceutical glass packaging materials, including borosilicate and sodium-calcium glass bottles. It has established itself as a leading private enterprise in the pharmaceutical packaging sector in China [13][14]. - The company has a stable ownership structure, with the controlling shareholder holding 39.07% of the shares, ensuring consistent management and strategic direction [16]. 2. Market Potential and Growth - The pharmaceutical packaging market in China is projected to recover and grow, driven by an aging population and increasing healthcare consumption. The overall market reached 1,494 billion yuan in 2022, with the pharmaceutical glass segment at 246 billion yuan [53]. - The report highlights a significant opportunity for the company as the market shifts from low borosilicate to borosilicate glass packaging, with a potential market size for borosilicate bottles reaching 100 billion units in the future [1][66]. 3. Financial Performance - The company reported a revenue of 797 million yuan in 2021, marking a year-on-year increase of 58.7%, with net profit reaching 107 million yuan, a growth of 100.95% [17]. - The revenue structure indicates that borosilicate glass bottles contribute significantly to the company's income, with a gross margin of 24.65% in 2022, suggesting further potential for margin improvement as the company focuses on high-margin products [20][44]. 4. Competitive Advantages - The company has established a strong competitive edge through its integrated production process, which includes the entire supply chain from glass tube production to bottle manufacturing. This vertical integration allows for cost efficiency and quality control [21][28]. - The company has invested significantly in R&D, holding 46 patents, which enhances its ability to innovate and maintain a leading position in the market [27][48]. 5. Industry Trends - The report notes a trend towards the upgrading of pharmaceutical packaging materials, with a clear shift towards higher quality borosilicate glass as regulatory standards evolve [34][66]. - The national procurement policies have increasingly favored injectable drugs, which are expected to dominate the market, further driving the demand for borosilicate glass packaging [71].

集装箱运输 u’ku 跨境新时代，美森迈向新征程 西南证券研究发展中心 交通运输研究团队 2024年3月 核心观点  跨境电商方兴未艾，催生海运时效需求。“最低限度条款”（deminimisprovision）目前的含义是 ：凡是通过直邮交付给个人买家的包裹，只要价值低于800美元就可以免税进入美国。Temu在最低 限度条款下“攻城略地”，成为2023年苹果和谷歌应用商店中下载量最大的APP。2018年，亚马逊 ...

[ 2T 0a 2b 4le 年_S 0t 3oc 月kIn 10fo 日] 证券研究报告•公司研究报告 当前价： 58.77元 特宝生物（688278） 医药生物 目标价： ——元（6个月） 乙肝市场空间广阔，聚乙二醇干扰素-α快速放量 投资要点 西南证券研究发展中心 [T a推ble荐_逻Su辑m：ma1）ry]乙 肝患者群体庞大，NAs经治 CHB患者联合 Peg-IFN-α治疗追 [分Ta析bl师e_：Au杜th向or阳] 求临床治愈纳入指南推荐；2）随着罗氏派罗欣 2022 年底退出中国市场，慢性 执业证号：S1250520030002 乙肝适应症的干扰素产品仅有公司派宾格在售，2023 年有望实现更快速的销售 电话：021-68416017 增长；3）在研管线快推进，长效人粒细胞刺激因子产品拓培非格司亭注射液（珮 邮箱：duxy@swsc.com.cn 金）获批上市，有望贡献业绩增量。 [T相ab对le指_Q数u表ot现eP ic]  乙肝患者群体庞大，NAs经治 CHB患者联合 Peg-IFN-α治疗追求临床治愈纳 入指南推荐。全球 2022年估计有 2.575亿人感染乙肝病毒，全球 HBV ...

[Table_StockInfo] 买入 2024年 03月 12日 证券研究报告•2023年年报点评 当前价： 15.52港元 金斯瑞生物科技（1548.HK） 目标价： 32.55港元 Cilta-cel 持续高速放量，四位一体未来可期 投资要点 西南证券研究发展中心 [T ab事le件_S：um公m司a披ry露] 2023年年报，2023年集团实现收益 8.4亿美元（+34.2%）， [分Ta析bl师e_：Au杜th向or阳] 实现毛利4.1亿美元（+34.7%），集团亏损较2022年的约4.3亿美元收窄至约 执业证号：S1250520030002 3.6亿美元，经调整净亏损较2022年的约3.6亿美元收窄至约3亿美元。 电话：021-68416017 邮箱：duxy@swsc.com.cn  细胞疗法：Carvykti商业化持续放量，前线治疗临床试验推进顺利。2023年公 司细胞疗法外部收益约为2.9亿美元（+144.2%），CARVYKTI®（西达基奥仑赛， [相Tab对le指_Q数u表ot现eP ic] cilta-cel）2023Q4和全年净贸易销售额分别约为1.59亿美元和5亿美元。欧洲 ...

[Table_StockInfo] 持有 2024年 03月 12日 （维持） 证券研究报告•2023年年报点评 当前价： 50.78元 飞科电器（603868） 家用电器 目标价： ——元（6个月） 双品牌交接基本完成，毛利率改善明显 投资要点 西南证券研究发展中心 [T ab事le件_S：u公m司m发ar布y] 2023年年报，2023年实现营业收入50.6亿元，同比增长9.4%； [分Ta析bl师e_：Au龚th梦or泓] 实现归母净利润10.2亿元，同比增长23.9%；实现扣非归母净利润8.9亿元， 执业证号：S1250518090001 同比增长 14.9%。Q4单季度实现营收 10.7亿元，同比增长 16.7%；实现归母 电话：023-63786049 净利润 1.9亿元，同比增长 138%；实现扣非归母净利润 1.7 亿元，同比增长 邮箱：gmh@swsc.com.cn 68.6%。 联系人：方建钊  博锐份额提升显著，有序承接性价比市场。分产品看，公司 2023 年个护电器/ 电话：18428374714 生活电器/其他产品分别实现营收 47.7 亿元/1 亿元/1.8 亿元，分别同比 邮 ...

低空经济专题 立体交通新范式，万亿蓝海即将打开 西南证券研究发展中心 通信研究团队 2024年3月 ...

Investment Rating - The report indicates a positive outlook for the CXO industry, suggesting a potential valuation recovery as macroeconomic conditions improve and the market anticipates a shift in the valuation framework [2][5]. Core Insights - The CXO industry is expected to benefit from a favorable investment environment as the Federal Reserve is likely to lower interest rates in Q2, which may enhance liquidity and create valuation recovery opportunities in the innovative drug supply chain [2][4]. - The report highlights a steady growth in global pharmaceutical R&D investment, projecting a 2.6% CAGR from 2021 to 2028, indicating sustained demand for CXO services [11][12]. - The report notes that the valuation of major CXO companies has returned to historical lows, presenting a high value for investment [5][7]. Summary by Sections Macro Dimension - The Federal Reserve's high interest rates are expected to stabilize, with predictions of a rate cut in Q2, which could improve the investment climate for the pharmaceutical sector [2][4]. - The CXO sector has seen a significant decline in valuations, with many companies trading below their historical averages, indicating potential for recovery [7][5]. Industry Dimension - Global pharmaceutical R&D investment is projected to grow steadily, with a forecasted increase from $144 billion in 2014 to $238 billion in 2021, reflecting a compound annual growth rate of 7.3% [11]. - The report notes that the number of new INDs and NDAs in China has shown robust growth, with 1,381 new INDs in 2023, marking a 12% increase [13]. Company Dimension - Major CXO companies have substantial backlogs of orders, particularly in small molecule CDMO services, which have supported strong revenue growth in recent years [19][25]. - The report identifies key players in the CXO space, including WuXi AppTec and Kelun Pharmaceutical, which have significant order volumes and are well-positioned for future growth [23][24]. Future Outlook - Short-term prospects for the CXO industry remain strong, driven by ongoing demand for COVID-related small molecule CDMO orders, while medium-term growth is expected from the commercialization of peptide drugs [3][25]. - The report emphasizes the importance of AI technology in drug development and the potential for emerging businesses in cell and gene therapy to drive future growth [3][15].

原料药市场价格总体平稳 地塞米松磷酸钠价格大涨 ——原料药板块2023Q4跟踪报告 西南证券研究发展中心 2024年3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 2023Q4原料药最新报价及行情回顾（报价截至2023年12月31日）：  价格上涨品种：大宗原料药中，维生素类：维生素B1在12月的价格为151元/千克(环比+16.2%，同比+33%)，维 ...

2024年 03月 10日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（3.4-3.10） 2024 年 3 月第二周创新药周报 （附小专题地舒单抗研发概况） 93134 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 202[4Ta年ble3_月Su第m二m周ary，] 陆港两地创新药板块共计 8个股上涨，54个股下跌。其中涨 [分Ta析bl师e_：Au杜th向or阳] 幅前三为云顶新耀-B（+17.32%）、嘉和生物-B(+10%)、复宏汉霖-B(+5.92%)。 执业证号：S1250520030002 跌幅前三为腾盛博药-B(-41.76%)、基石药业-B(-39.19%)、加科思-B (-34.34%)。 电话：021-68416017 本周 A 股创新药板块下跌 1.53%，跑输沪深 300 指数 1.73pp，生物医药下跌 邮箱：duxy@swsc.com.cn 4%。近 6个月A股创新药累计上涨0.94%，跑赢沪深300指数 4.68pp，生物医药 [行Ta业bl相e_对Qu指o数te表Pic现] 累计下跌5.75%。 医药生物 沪深300 本周港股创 ...