Summary of Key Points Group 1: Market Overview - The overall performance of the Beijing Stock Exchange (BSE) was weak during the week, with the BSE 50 index increasing by 0.9% from December 2 to December 6, 2024, lagging behind the ChiNext index by approximately 1.1 percentage points [33][40]. - The total market capitalization of the BSE reached 688.07 billion yuan as of December 6, 2024, with a weekly trading volume of 170.74 billion yuan, indicating a slight increase from the previous week [33][25]. - Among the 260 listed companies on the BSE, 109 stocks rose, 6 remained flat, and 145 declined during the week [33][40]. Group 2: New Listings - One new stock, Kolon New Materials (920098.BJ), was listed on the BSE on December 5, 2024, with an initial public offering (IPO) price of 14 yuan per share and a total fundraising amount of approximately 210 million yuan [28][31]. - Kolon New Materials experienced a significant price increase of 201.4% on its first trading day, closing at 42.2 yuan per share [28][33]. Group 3: Upcoming Listings - Next week, Lin Tai New Materials (920106.BJ) is scheduled for roadshow, issuance announcement, subscription, and issuance results announcement [31][32]. - Lin Tai New Materials operates in the automotive sector, focusing on the research, production, and sales of automatic transmission friction plates, with a planned IPO price of 19.8 yuan per share and a post-issue price-to-earnings ratio of 17.9 [31][32]. Group 4: Sector Performance - The average market capitalization of BSE companies is 2.65 billion yuan, significantly lower than the ChiNext's average of 9.8 billion yuan and the Sci-Tech Innovation Board's average of 12.16 billion yuan [25][40]. - The sector performance showed that the defense and military industry had a median sector return of 5.7%, while the food and beverage sector had a median return of -11.5% [42][40]. Group 5: Fund Performance - The overall performance of BSE-related thematic funds was weak, with the Wan Jia BSE Wise Selection Fund showing a gain of approximately 2.1%, outperforming the overall fund performance [43][44]. - The BSE index fund products also exhibited weak performance, with the Chang Jin He Xin BSE 50 Enhanced Index A and C showing a slight decline of about -1.8% [43][44].

Investment Rating - The report indicates a positive investment rating for the pharmaceutical industry, with specific buy recommendations for several companies [2][18][19]. Core Insights - The report highlights that government policies are supporting domestic substitution, which is beneficial for leading domestic medical device companies to increase their market share [2][17]. - The pharmaceutical industry index rose by 1.62% in the week, outperforming the CSI 300 index by 0.17 percentage points, but has declined by 7.82% year-to-date, underperforming the CSI 300 by 23.61 percentage points [16][40]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 27.53 times, with a premium of 79.9% relative to the entire A-share market [16][42]. Summary by Sections Investment Strategy and Key Stocks - The report recommends a combination of stocks including Sainuo Medical, Enhua Pharmaceutical, and Shanghai Laishi, among others, as part of the investment strategy [2][19][23]. - The stable combination includes companies like Heng Rui Pharmaceutical and Ji Chuan Pharmaceutical, with a focus on steady growth and innovation [18][31]. Market Performance - The pharmaceutical sector's performance is detailed, showing a weekly increase of 1.62% and a year-to-date decline of 7.82%, with the industry ranking 22nd in weekly performance and 32nd year-to-date [16][40]. - The best-performing sub-sector for the week was medical research outsourcing, which increased by 6.2% [16]. Policy and Market Trends - A recent policy from the Ministry of Finance aims to enhance the market share of domestic products in government procurement, which is expected to benefit leading domestic medical device companies [2][17]. - The report emphasizes the importance of innovation and research in driving growth within the pharmaceutical industry, with several companies showing strong performance in their respective sectors [23][31].

Market Performance - The pharmaceutical industry index increased by 1.62%, outperforming the CSI 300 index by 0.17 percentage points, ranking 22nd in industry performance this week[1] - Year-to-date, the pharmaceutical industry has declined by 7.82%, underperforming the CSI 300 index by 23.61 percentage points, ranking 32nd[1] - The current valuation level (PE-TTM) for the pharmaceutical industry is 27.53 times, with a premium of 79.9% relative to the entire A-share market, down 2.1 percentage points[1] Subsector Performance - The best-performing subsector this week is medical research outsourcing, which rose by 6.2%[1] - The top three performing subsectors year-to-date are pharmaceutical distribution (+4.8%), chemical preparations (+3.5%), and raw materials (+2.9%)[1] Policy Impact - A new policy from the Ministry of Finance supports domestic product standards in government procurement, potentially benefiting leading domestic medical device companies[2] - The policy allows suppliers whose domestic product costs exceed 80% of total costs to receive a 20% price deduction for evaluation purposes[2] Recommended Stocks - Recommended stocks include: Sino Medical (688108), Enhua Pharmaceutical (002262), Shanghai Laishi (002252), Yihe Jiaye (301367), Meihua Medical (301363), and Yifan Pharmaceutical (002019)[2] - Hong Kong stock recommendations include: Rongchang Bio (9995), Hutchison China MediTech (0013), Kelun-Botai Bio (6990), and others[2] Risk Factors - Risks include unexpected policy changes in the pharmaceutical industry, slower-than-expected R&D progress, and performance not meeting expectations[3]

[Table_IndustryInfo] 2024 年 12 月 08 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（12.2-12.6） 年末冲量+政策加持，11 月乘用车零售同比增长 18% | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains an "Outperform" rating for the machinery equipment industry as of December 5, 2024 [1]. Core Insights - The manufacturing PMI for November is reported at 50.3%, indicating a slight recovery in manufacturing activity, with production and new order indices at 52.4% and 50.8% respectively [1]. - Despite weak domestic demand, there is a limited improvement in general equipment orders, with overseas demand showing better performance than domestic [1]. - The report suggests a structural difference in the performance of various sub-sectors, with leading companies in weaker sectors beginning to see a bottoming out of their performance [1]. - A policy turning point is noted, although substantial improvements in demand from policy changes will take time; valuation recovery is underway [1]. - The report recommends a proactive investment strategy in sectors such as tools, machine tools, injection molding machines, forklifts, and reducers for the medium to long term [1]. Summary by Sections Market Review - In November, the general equipment index increased by 2.9%, outperforming the Shanghai Composite Index by 1.0 percentage points [12]. - Sub-sector performance varied, with significant increases in industrial robots, reducers, and industrial control sectors, while the injection molding machine sector saw a decline [12]. Demand Tracking - The general equipment sector shows structural differences in demand, with leading companies in weaker sectors experiencing improved orders; domestic demand is stabilizing while overseas demand is increasing [18]. Data Review - The manufacturing PMI for November is 50.3%, up by 0.2 percentage points from the previous month, indicating a recovery in manufacturing [29]. - Social financing in October increased by 1.4 trillion yuan, with a year-on-year decrease of 0.4 trillion yuan; the total social financing stock grew by 7.8% year-on-year [29]. - Exports in October amounted to 309.1 billion USD, reflecting a year-on-year increase of 12.7% [29]. - The production of metal cutting machine tools in October was 60,000 units, a year-on-year increase of 7.1% [44].

Industry Investment Rating - The report maintains a "Stronger than Market" rating for the robotics industry [1] Core Views - The robotics industry outperformed the broader market indices during the week of December 2-8, 2024, with the CSI Robotics Index rising by 6.6% and the National Robotics Index increasing by 4.0% [1] - Domestic humanoid robot MagicBot demonstrated multi-robot collaboration capabilities in factory settings, with plans for a new product release and small-scale mass production by Q1 2025 [1] - Hyundai and Kia introduced the X-ble Shoulder exoskeleton robot, which reduces shoulder load by 60% and deltoid muscle damage by 30%, with plans for expansion to 27 affiliated companies by 2025 and entry into the European and American markets by 2026 [2] - Toyota's CUE6 humanoid robot set a Guinness World Record for the longest basketball shot by a humanoid robot at 24.55 meters, utilizing AI algorithms for real-time adjustments [2] - Chongqing and Sichuan governments released policies supporting the development of embodied intelligent robotics, including subsidies for R&D, core hardware development, and application scenarios [3][45][46] Industry Performance - The CSI Robotics Index outperformed the Shanghai Composite Index by 4.3 percentage points, the CSI 300 Index by 5.2 percentage points, and the ChiNext Index by 4.7 percentage points [1] - The National Robotics Index outperformed the Shanghai Composite Index by 1.7 percentage points, the CSI 300 Index by 2.6 percentage points, and the ChiNext Index by 2.1 percentage points [1] Key Companies and Products - MagicBot, developed by MagicLab, features 42 degrees of freedom, can carry up to 20 kg with its arms and 40 kg overall, and has a maximum battery life of 5 hours [1] - X-ble Shoulder, developed by Hyundai and Kia, weighs only 1.9 kg and can withstand 700,000 folding and unfolding actions annually without requiring electrical power [2][37] - Toyota's CUE6 robot achieved a record of 2,020 consecutive basketball shots, leveraging AI to learn and optimize its throwing technique [2][41] Government Policies and Support - Chongqing's policy supports the large-scale application of embodied intelligent robots in various sectors, including healthcare, education, and construction [3][45] - Sichuan's policy offers subsidies for AI and robotics industry platforms, core algorithm development, and the creation of industry-specific large models [46][47] Financing Activities - Noematrix completed a Pre-A+ round of financing worth hundreds of millions of RMB, led by Sequoia China, to accelerate product development and commercialization [5][51] - Nuoshi Robotics secured tens of millions of RMB in angel funding for the development of planetary roller screws, with plans to expand production and talent acquisition [5][52] - Titanium Tiger Robotics raised over 100 million RMB in two rounds of Pre-A financing to enhance R&D and market expansion [5][53]

Investment Rating - The report does not provide a specific investment rating for Simcere Pharmaceutical (2096 HK) [1] Core Views - Simcere Pharmaceutical's new drug Xianbixin sublingual tablets have been approved for market, which is expected to synergize with the injectable form to improve stroke treatment accessibility [2] - Two other drugs, Celsera and Enlituo, have been included in the National Reimbursement Drug List (NRDL), significantly enhancing their market accessibility [3] - The company's innovative drug revenue accounted for over 70% of total revenue in H1 2024, with a noticeable increase in gross margin [4] Financial Performance - In H1 2024, Simcere Pharmaceutical's revenue from innovative drugs reached 2 2 billion yuan, accounting for 70 7% of total revenue [4] - The company's gross margin in H1 2024 was 79 1%, an increase of 3 4 percentage points compared to the same period in 2023 [4] - Revenue is projected to grow from 6 64 billion yuan in 2024 to 9 36 billion yuan in 2026, with net profit expected to increase from 714 76 million yuan to 1 78 billion yuan over the same period [6][10] Product Pipeline - Xianbixin sublingual tablets showed a 64 4% functional recovery rate in clinical trials, significantly higher than the placebo group's 54 7% [2] - Celsera, a drug that protects bone marrow during chemotherapy, was successfully included in the NRDL and achieved localization in Hainan Province, potentially improving product gross margin [3] - Enlituo, a domestically developed EGFR monoclonal antibody, was approved in China in June 2024 and also included in the NRDL [3] Market Expectations - Xianbixin sublingual tablets are expected to achieve penetration rates of 0 9% and 3 9% in 2025 and 2026, respectively, with corresponding revenues of 250 million yuan and 650 million yuan [9] - Celsera is projected to reach penetration rates of 4%, 12%, and 16% in 2024, 2025, and 2026, respectively, with revenues of 220 million yuan, 420 million yuan, and 560 million yuan [9] - The company's overall revenue is expected to grow at a compound annual growth rate (CAGR) of 18 8% from 2024 to 2026 [10]

Investment Rating - The report maintains a "Buy" rating for NVIDIA (NVDA.O) [1] Core Views - NVIDIA's Q3 FY2025 revenue reached $35.08 billion, a 94% YoY increase, with GAAP net income of $19.3 billion, up 109% YoY, and Non-GAAP net income of $20 billion, up 100% YoY [1] - Data center revenue grew 112% YoY to $30.8 billion, driven by strong demand for the Hopper computing platform, with cloud service providers contributing approximately 50% of data center revenue [2] - The Blackwell series, set to begin production in Q4, is expected to face supply shortages in FY2026, with a 2.2x performance improvement in LLM benchmarks [2] - Gaming and AI PC revenue grew 15% YoY to $3.3 billion, exceeding market expectations, with 20 new GeForce RTX and DLSS games launched [3] - Professional visualization revenue increased 17% YoY to $486 million, while automotive and robotics revenue grew 72% YoY and 30% QoQ to $450 million [3] - Q4 FY2025 revenue guidance is approximately $37.5 billion, representing a 69.7% YoY increase, with GAAP and Non-GAAP gross margins expected at 73% and 73.5%, respectively [3] Financial Projections - Revenue for FY2025-FY2027 is projected at $131.78 billion, $215.03 billion, and $266.35 billion, respectively, with Non-GAAP net income of $72.48 billion, $120.63 billion, and $151.07 billion [11] - The company's GAAP/Non-GAAP net income CAGR is expected to be 69.9% and 67.2% over the next three years, with P/E ratios of 48x, 29x, and 23x [11] - Data center revenue is forecasted to grow at a CAGR of 144% in FY2025, 70% in FY2026, and 25% in FY2027 [9] - Gaming revenue is expected to grow at a CAGR of 17% in FY2025 and 10% in FY2026 and FY2027 [9] - Automotive revenue is projected to grow at a CAGR of 26.5% in FY2025, 40% in FY2026, and 23.5% in FY2027 [9] Competitive Positioning - NVIDIA maintains a leading market position in AI GPUs, supported by its CUDA software ecosystem and continuous innovation [11] - The company's high-end GPU market share is expected to remain above 80% [8] - NVIDIA's Blackwell series is anticipated to drive significant growth in data center and AI-related markets [2] Industry Comparison - NVIDIA's valuation is favorable compared to peers, with a 2025E P/E of 47.97x, lower than the industry average of 42.27x [14] - Key competitors include AMD, Broadcom, and Intel, with NVIDIA's market cap significantly higher at $347.64 billion [14]

Investment Rating - Buy (Maintained) [1] Core Views - JD Group's Q3 2024 revenue reached 260.4 billion yuan (yoy +5.1%), with Non-GAAP operating profit at 13.1 billion yuan (yoy +17.9%) and Non-GAAP net profit attributable to shareholders at 13.2 billion yuan (yoy +23.9%) [1] - JD Retail's operating margin remained stable at 5.2% yoy, with a sequential improvement of 1.3 percentage points [1] - Free cash flow for the trailing twelve months (TTM) as of September 2024 was 33.6 billion yuan, a decrease of 22 billion yuan from June 2024 and 5.8 billion yuan yoy, primarily due to delayed accounts payable and inventory buildup for the trade-in program [1] - The trade-in policy drove a rebound in 3C and home appliance revenue, with 3C and home appliance sales reaching 122.6 billion yuan (yoy +2.7%), reversing the -4.6% decline in Q2 2024 [1] - JD Logistics saw a significant improvement in profitability, with operating profit surging 624% yoy to 2.09 billion yuan and operating margin increasing to 4.7% from 0.7% in Q3 2023 [1] - JD's Double 11 shopping festival in 2024 exceeded expectations, with active users growing by double digits, daily active buyers increasing by over 20%, and purchase frequency also growing by double digits [1] Business Performance by Segment JD Retail - Revenue: 225 billion yuan (yoy +6.1%) [1] - Operating profit: 11.6 billion yuan (yoy +5.5%) [1] - Operating margin: 5.2% (flat yoy) [1] JD Logistics - Revenue: 44.4 billion yuan (yoy +6.6%) [1] - Operating profit: 2.09 billion yuan (yoy +624%) [1] - Operating margin: 4.7% (up from 0.7% in Q3 2023) [1] New Businesses (Including Dada, Jingxi, Overseas, and JD Property) - Revenue: 5 billion yuan (yoy -25.7%) [1] - Operating loss: 600 million yuan [1] Key Strategies - Low-price strategy: JD has implemented a matrix of low-price activities, including the "JD Super 18" event every month, weekly "Black Friday" promotions, and daily "Midnight Sale" events [1] - Trade-in program: The policy has successfully driven growth in the 3C and home appliance categories [1] Financial Forecasts - Revenue growth for 2024-2026 is projected at 5.26%, 5.09%, and 5.00%, respectively [1] - Non-GAAP net profit attributable to shareholders is expected to be 45.7 billion yuan, 49.2 billion yuan, and 52.9 billion yuan for 2024-2026 [1] - Long-term profit margin target is set at high single digits [1] Revenue Breakdown by Category Electronics and Home Appliances - Revenue: 553.3 billion yuan (2024E), 568.3 billion yuan (2025E), 585.3 billion yuan (2026E) [6] - Growth rate: 2.7% (2024E), 2.7% (2025E), 3.0% (2026E) [6] Daily Necessities - Revenue: 360 billion yuan (2024E), 387 billion yuan (2025E), 414.1 billion yuan (2026E) [6] - Growth rate: 8.3% (2024E), 7.5% (2025E), 7.0% (2026E) [6] Platform and Advertising Services - Revenue: 88 billion yuan (2024E), 91.6 billion yuan (2025E), 95.2 billion yuan (2026E) [6] - Growth rate: 3.9% (2024E), 4.0% (2025E), 4.0% (2026E) [6] Logistics and Other Services - Revenue: 140.3 billion yuan (2024E), 152.9 billion yuan (2025E), 165.2 billion yuan (2026E) [6] - Growth rate: 9.0% (2024E), 9.0% (2025E), 8.0% (2026E) [6] Key Assumptions - Electronics and home appliances: Continued growth driven by trade-in policies and government subsidies, with 3C and home appliance revenue expected to increase in Q4 2024 [5] - Daily necessities: Lower shipping thresholds and optimized platform rules are expected to sustain a 7%+ GMV growth rate for 2025-2026 [5]

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company is initiating a restricted stock incentive plan, granting 12.34 million shares at a price of HKD 6.65 per share, reflecting confidence in its development [1][2]. - The performance targets for the incentive plan are ambitious, with revenue goals set at HKD 1.5 billion, HKD 1.75 billion, and HKD 2 billion for the years 2025-2028, indicating a projected growth rate of 50% to 100% [2]. - Strong sales growth of the drug Acalbrutinib, with Q3 sales reaching HKD 276 million, a 75.5% increase year-over-year, and total sales for the first three quarters at HKD 693 million, a 45% increase [3]. - The company is advancing its pipeline with two TYK2 inhibitors, with ongoing clinical trials showing promising results [3]. Summary by Sections Financial Performance - The company expects revenues of HKD 1.01 billion, HKD 1.54 billion, and HKD 2.09 billion for the years 2024, 2025, and 2026, respectively, with growth rates of 37.08%, 52.53%, and 35.54% [5][10]. - The net profit attributable to the parent company is projected to improve from a loss of HKD 631.26 million in 2024 to a profit of HKD 232.04 million in 2026, indicating a significant turnaround [5][10]. Product Pipeline - Acalbrutinib is the first and only BTK inhibitor approved for MZL in China, with ongoing clinical trials for various indications, including PPMS and ITP [3]. - The company is in the first tier of domestic development for TYK2 inhibitors, with two products making significant progress in clinical trials [3]. Market Position - The report highlights the company's strong market position in the hematology field and its potential to lead in the treatment of autoimmune diseases [3][9].