[Table_IndustryInfo] 2024 年 09 月 08 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（9.2-9.8） 2024 年 9 月第一周创新药周报 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 2024[Table_Summary 年 9月第一周，陆港两地创新药板块共计 ] 25个股上涨，34个股下跌。其中 涨幅前三为圣诺医药-B (+17.5%)、歌礼制药 -B (+14.12%)、云顶新耀-B (+13.53%)。跌幅前三为科济药业-B (-17.23%)、三叶草生物-B(-12.71%)、君实生 物 (-10.08%)。 本周 A股创新药板块上涨 0.5%，跑赢沪深300指数 3.21pp，生物医药下跌3.17%。 近 6个月 A 股创新药累计上涨 2.61%，跑赢沪深 300指数 8.63pp，生物医药累计 下跌 9.67%。 本周港股创新药板块下跌 1.54%，跑赢恒生指数 1.49pp，恒生医疗保健下跌 1.48%。近 6个月港股创新药累计上涨 3.66%，跑输恒生指数 0.34pp，恒生医疗 保健累计下跌 2.8%。 ...

Investment Rating - The report does not specify a clear investment rating for the company [1]. Core Insights - The company, 康方生物 (9926.HK), presented significant positive results for its PD-1/VEGF bispecific antibody, 依沃西, in a Phase III clinical trial (HARMONi-2) against the drug, 帕博利珠单抗, for treating PD-L1 positive non-small cell lung cancer (NSCLC) [2]. - 依沃西 demonstrated a median progression-free survival (mPFS) of 11.14 months compared to 5.82 months for 帕博利珠单抗, with a hazard ratio (HR) of 0.51 (P<0.0001), indicating a statistically significant improvement [2]. - The objective response rate for 依沃西 was 50.0% versus 38.5% for 帕博利珠单抗, and the disease control rate was 89.9% compared to 70.5% [2]. - The company reported revenues of 7.1 billion yuan for 卡度尼利 and 1 billion yuan for 依沃西 in the first half of 2024, with ongoing clinical progress for various indications [2]. Financial Summary - The projected revenues for 康方生物 from 2024 to 2026 are 25.8 billion yuan, 42.4 billion yuan, and 60.4 billion yuan respectively, indicating a strong growth trajectory [2]. - The company's net profit attributable to the parent company is expected to grow from 1.28 billion yuan in 2025 to 2.8 billion yuan in 2026, reflecting a significant increase [3]. - The earnings per share (EPS) is projected to rise from 1.48 yuan in 2025 to 3.23 yuan in 2026 [3]. - The return on equity (ROE) is expected to improve from 22.86% in 2025 to 33.27% in 2026 [3].

[Table_IndustryInfo] 2024 年 09 月 08 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（9.2-9.8） 2024 年 9 月第一周创新药周报 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 2024[Table_Summary 年 9月第一周，陆港两地创新药板块共计 ] 25个股上涨，34个股下跌。其中 涨幅前三为圣诺医药-B (+17.5%)、歌礼制药 -B (+14.12%)、云顶新耀-B (+13.53%)。跌幅前三为科济药业-B (-17.23%)、三叶草生物-B(-12.71%)、君实生 物 (-10.08%)。 本周 A股创新药板块上涨 0.5%，跑赢沪深300指数 3.21pp，生物医药下跌3.17%。 近 6个月 A 股创新药累计上涨 2.61%，跑赢沪深 300指数 8.63pp，生物医药累计 下跌 9.67%。 本周港股创新药板块下跌 1.54%，跑赢恒生指数 1.49pp，恒生医疗保健下跌 1.48%。近 6个月港股创新药累计上涨 3.66%，跑输恒生指数 0.34pp，恒生医疗 保健累计下跌 2.8%。 ...

[Table_StockInfo] 2024 年 09 月 09 日 证券研究报告•公司动态跟踪报告 当前价：58.86 元 泽璟制药（688266）医药生物 目标价：——元（6 个月） ZG006 数据靓眼，凸显 BIC 潜力 [Table_Summary 事件：公司发布] ZG006临床数据及进展，在晚期 SCLC患者中 ORR达 66.7%， 数据靓眼，凸显 BIC 潜力。 ORR 达 66.7%，较其他 DLL3 抗体数据优势明显。泽璟制药披露 ZG006 在晚 期小细胞肺癌患者中的耐受性、安全性、有效性和药代动力学的剂量递增和多 队列扩展的 I/II期临床研究。在接受 ZG006 10 mg及更高剂量的 9例 SCLC 受 试者中（10 mg组 4例、30 mg组 2例、60 mg组 3例），有 6例 PR，其中 10 mg 组 3例、30 mg组 1例、60 mg组 2例，ORR为 66.7%。ZG006 安全性良 好，绝大多数治疗相关不良事件（TRAEs）的严重程度为 1 级或 2 级。与其他 DLL3 双 抗 相 比， ZG006 疗 效 优 势明 显。 由安 进研 发 的 Tarlatama ...

Domestic Economic Insights - The Caixin China Manufacturing PMI for August rose to 50.4%, up from 49.8%, indicating a slight recovery in manufacturing sentiment[5] - The State Council issued a document to promote high-level opening of service trade, proposing 20 key tasks to stimulate new momentum in domestic service trade[6] - The Ministry of Industry and Information Technology announced a coordinated development plan for new information infrastructure, emphasizing cross-regional and cross-industry collaboration[8] Monetary Policy and Market Trends - The People's Bank of China indicated that there is still room for reserve requirement ratio cuts, but further declines in loan and deposit rates face constraints[9] - The overall labor market in the U.S. showed mixed signals, with August non-farm payrolls increasing by 142,000, below expectations, while the unemployment rate fell to 4.2%[15] - The U.S. ISM Manufacturing Index for August rose to 47.2%, but remained below the 50% threshold, indicating continued contraction in the manufacturing sector[14] Commodity Price Movements - Prices for copper, Brent crude oil, and iron ore fell by 2.29%, 6.25%, and 5.85% respectively week-on-week as of September 5[21] - The price index for cement increased by 1.34%, while rebar prices decreased by 1.11% during the same period[21] Real Estate and Consumer Trends - Real estate sales in China saw a week-on-week decline of 20.57%, reflecting ongoing challenges in the housing market[35] - The retail sales of passenger vehicles in August decreased by 11% year-on-year, although there was a 16% increase compared to the previous month[35]

[Table_IndustryInfo] 2024 年 09 月 07 日 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（0901-0907） 腾讯发布混元大模型 Turbo 版本，关注 AI 应用更新迭代 [Table_Summary] 行情回顾：本周，传媒板块表现一般，下跌 0.74%，跑赢创业板约 1.94 个百 分点（创业板指下跌 2.68%）；跑赢市场约 1.97 个百分点（沪深 300 下跌 2.71%）。 细分行业：（1）游戏指数跑赢市场：中信游戏指数（CI005577）下跌 0.37%， 沪深 300下跌 2.71%。中信游戏指数相对于沪深 300指数上涨 2.34%；（2） 广告指数跑赢市场：中信广告指数（CI005847）下跌 0.85%，沪深 300 下跌 2.71%。中信广告指数相对于沪深 300 指数上涨 1.86%；（3）体育指数跑赢 市场：中证体育指数（399804）下跌 1.60%，沪深 300 下跌 2.71%。中证体 育指数相对于沪深 300 指数上涨 1.11%；（4）A股教育公司跑赢沪深 300， 港股教育公司跑赢恒生指数。中信教育指数（CI0058 ...

[Table_IndustryInfo] 2024 年 09 月 07 日 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（0901-0907） 腾讯发布混元大模型 Turbo 版本，关注 AI 应用更新迭代 [Table_Summary] 行情回顾：本周，传媒板块表现一般，下跌 0.74%，跑赢创业板约 1.94 个百 分点（创业板指下跌 2.68%）；跑赢市场约 1.97 个百分点（沪深 300 下跌 2.71%）。 细分行业：（1）游戏指数跑赢市场：中信游戏指数（CI005577）下跌 0.37%， 沪深 300下跌 2.71%。中信游戏指数相对于沪深 300指数上涨 2.34%；（2） 广告指数跑赢市场：中信广告指数（CI005847）下跌 0.85%，沪深 300 下跌 2.71%。中信广告指数相对于沪深 300 指数上涨 1.86%；（3）体育指数跑赢 市场：中证体育指数（399804）下跌 1.60%，沪深 300 下跌 2.71%。中证体 育指数相对于沪深 300 指数上涨 1.11%；（4）A股教育公司跑赢沪深 300， 港股教育公司跑赢恒生指数。中信教育指数（CI0058 ...

[Table_ReportInfo] 2024 年 09 月 09 日 证券研究报告•宏观简评报告 数据点评 CPI 和 PPI 的剪刀差扩大 ——2024 年 8 月通胀数据点评 | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------| ...

Investment Rating - The report maintains a "Buy" rating for Xinhua Wenhui (601811) with a target price of 18.75 CNY over the next six months [1][7]. Core Views - The company's performance in H1 2024 met expectations, with revenue of 5.79 billion CNY, a year-on-year increase of 6.6%, and a net profit attributable to shareholders of 720 million CNY, a decrease of 6.1% year-on-year [1]. - The company is focusing on key publishing projects and promoting high-quality development, with significant revenue contributions from educational materials and general book publishing [1]. - The company is enhancing its educational services and digital transformation, with a notable increase in the number of schools and students served by its digital platform [1]. - The company is expanding its reading services through a combination of online and offline channels, enhancing its competitiveness in the national book e-commerce sector [1]. Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 5.79 billion CNY, up 6.6% year-on-year, and a net profit of 720 million CNY, down 6.1% year-on-year [1]. - The company plans to distribute a cash dividend of 1.9 CNY per 10 shares, totaling 230 million CNY (including tax) [1]. Business Segments - The educational materials and general book publishing segments generated revenues of 2.26 billion CNY and 2.65 billion CNY, respectively, with year-on-year growth of 6.5% and 4.7% [1]. - The company is leveraging local resources and developing key publishing projects, including thematic books and AIGC audiobook production [1]. Digital Transformation - The digital service platform "Wenxuan Youxue" covers 6,036 schools and serves 4.745 million students, driving growth in educational information services [1]. - The company is enhancing its reading service network through a combination of large bookstores, small bookstores, and online reading services, while also expanding its e-commerce operations [1]. Profit Forecast and Investment Suggestion - The forecasted net profits for 2024, 2025, and 2026 are 1.54 billion CNY, 1.71 billion CNY, and 1.89 billion CNY, respectively, with corresponding PE ratios of 12x, 11x, and 10x [1][6]. - The company is expected to benefit from tax incentives under the Western Development Strategy, maintaining a stable and high dividend payout ratio [1][7].

[Table_StockInfo] 2024 年 09 月 06 日 证券研究报告•2024 年半年报点评 当前价：31.12 元 浪潮信息（000977）计算机 目标价：——元（6 个月） 服务器龙头企业，AI 带来新发展机遇 [Table_Summary 事件：公司发布] 2024年半年报，公司 2024年上半年实现营收 420.6亿元，同 比增长 68.7%；实现归母净利润 6亿元，同比增长 90.6%。其中 2024年 Q2实 现营收 244.6 亿元，同比增长 58.8%；实现归母净利润 2.9 亿元，同比增长 152.2%。 服务器业务为主，海外业务大幅增长。2024 年 H1 公司营收实现快速增长，主 要得益于人工智能迅速发展带来的服务器需求增加。分产品看，服务器及部件 为公司营收主要来源，2024 年 H1 服务器及部件实现营收 418.8 亿元，同比增 长 70%；IT终端及散件实现营收 0.6亿元，同比下降 66.5%。分地区看，国内 实现营收298亿元，同比增长46%；海外实现营收 122.6亿元，同比增长171.5%， 海外业务增幅较大。 经营性现金流有所改善，存货处于增长趋势。202 ...