Investment Rating - The report maintains an "Overweight" rating for the innovative drug industry, indicating a positive outlook for investment opportunities in this sector [5][16]. Core Insights - The innovative drug sector is experiencing a recovery phase, with a notable increase in mid-term performance forecasts and a resurgence in the research and development service segment [5][16]. - The report highlights the successful Phase III clinical trial of the dual agonist Masitide (GLP-1R/GCGR) by Innovent Biologics, which achieved all primary and key secondary endpoints, showcasing significant benefits in glycemic control and weight loss [3][7]. - The report emphasizes the importance of internationalization in the domestic innovative drug industry, with a focus on clinical demand, technological platforms, and product capabilities as key investment criteria [5][16]. Summary by Sections 1. Clinical Progress and Product Approvals - Innovent Biologics' Masitide has shown superior efficacy compared to Dulaglutide in glycemic control and weight loss, with plans to submit a new drug application to the NMPA [3][7]. - BAT2206 (Ustekinumab) by Baiyoutai has received acceptance for marketing authorization applications from the FDA and EMA, indicating strong international commercial potential [8]. - Eli Lilly's Tirzepatide has received approval for a new indication in China, further expanding its market presence [9]. 2. Market Performance - The A-share biotechnology sector experienced a 1.4% increase, while the Nasdaq biotechnology index saw a slight decline of 0.7% [4][10]. - As of July 22, the Hang Seng biotechnology sector's price-to-book ratio was 1.62X, indicating a valuation below the historical average [4][10]. 3. Investment Recommendations - The report suggests focusing on value opportunities in the innovative drug sector, particularly in companies transitioning to innovation and those with strong growth potential in overseas registrations [5][16]. - The report identifies two main investment themes: established pharmaceutical companies with resilient performance and biotech firms with validated research platforms [5][16].

Investment Rating - The report maintains an "Overweight" rating for the rare earth permanent magnet materials industry [2]. Core Insights - The rare earth permanent magnet industry experienced a slight decline of 0.94% last week, underperforming the benchmark by 2.86 percentage points [1]. - The prices of light rare earth minerals remained stable, while medium and heavy rare earth mineral prices decreased [1]. - The market for neodymium-iron-boron remains weak due to insufficient downstream orders and significant price pressure from large manufacturers [2]. - The demand side shows positive trends with PMI data indicating a favorable outlook for the equipment manufacturing sector and sustained growth in new energy vehicle demand [2]. - The industry is currently in a bottoming phase, with supply growth outpacing demand, leading to pressure on prices and industry profits [2]. Summary by Sections Market Performance - The rare earth permanent magnet industry saw a weekly decline of 0.94%, with a TTM P/E ratio down by 0.46x to 36.97x, reflecting a historical valuation drop of 40.3% [1]. - The average price of praseodymium-neodymium oxide decreased slightly by 0.55% to 360,000 CNY/ton, while the metal price fell by 0.67% to 446,000 CNY/ton [1]. Price Trends - Heavy rare earth prices, including dysprosium and terbium, have seen significant declines, with dysprosium oxide and dysprosium iron prices dropping by 6.03% and 5.57% respectively [1]. - The average price of sintered neodymium-iron-boron N35 decreased by 6.83% to 95.5 CNY/kg, while H35 dropped by 4.01% to 167.5 CNY/kg [1]. Production Insights - In June 2024, the production of neodymium-iron-boron maintained a high growth rate, with a total output of 27,038 tons, a year-on-year increase of 49.09% [1]. - The first half of 2024 saw a total production of 154,412 tons, reflecting a year-on-year increase of 36.06% [1].

行业研究 医药行业事件点评 % 1 个月 3 个月 12 个月 相对收益 -1 -6 -12 绝对收益 -1 -8 -20 注：相对收益与沪深 300 相比 证券研究报告 2024 年 07 月 24 日 湘财证券研究所 中央定调医改新任务，全方位推动医改深化 核心要点： 中央定调医改新任务，全方位推动医疗卫生体制改革深化 7 月 21 日，《中共中央关于进一步全面深化改革，推进中国式现代化的决 定》（以下简称《决定》）发布。《决定》共 15 个部分、60 条，分三大板块， 提出 300 多项重要改革举措，覆盖经济、民生、教育、科技、民主、法治、 党的建设等领域。其中，关于医药行业政策从深化医药卫生体制改革、完 善发展养老事业、推动生物医药发展等方面做了重点阐述。 完善推动新一代生物医药产业发展政策和治理体系，创新仍是主旋律 政策原文：健全因地制宜发展新质生产力体制机制。加强关键共性技术、 前沿引领技术、现代工程技术、颠覆性技术创新，加强新领域新赛道制度 供给，建立未来产业投入增长机制，完善推动新一代信息技术、人工智能、 航空航天、新能源、新材料、高端装备、生物医药、量子科技等战略性产 业发展政策和治理体系， ...

证券研究报告 2024 年 07 月 23 日 湘财证券研究所 行业研究 锂电材料行业周报 上周正极材料量增但价格仍显弱势，负极需求走弱量跌库增 相关研究： | --- | --- | |----------------------------------------|----------| | 《上周行业反弹，三元材料量增，隔膜库存 | | | 压力推动价格小幅下降》 | 20240716 | | 《上周正负极材料价弱量缩，电解液持续产 | | | 能出清，隔膜供需宽松》 | 20240710 | 行业评级：增持 近十二个月行业表现 -60% -40% -20% 0% 20% 锂电材料行业涨跌幅 对比基准:沪深300累计涨跌幅-右 -30% -15% 0% 15% 30% | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -12 | -17 | -41 | | 绝对收益 | -12 | -17 | -49 | | | | | 300 相比 | 分析师 ...

证券研究报告 2024 年 7 月 23 日 湘财证券研究所 行业研究 药品行业周报 进一步全面深化改革，布局医药高质量发展投资机会 —药品行业周报 7.15-7.21 相关研究： 1.《中报季，关注业绩恢复投资机 | --- | --- | |-------|------------------------------| | 会》 | 2024.7.16 | | 2. | 《国常会通过全链条支持创新药 | | | | | 好》 | 2024.7.8 | 行业评级：增持 近十二个月行业表现 -30% -25% -20% -15% -10% -5% 0% 5% 10% 15% 20% 2023-07-24 2023-10-24 2024-01-24 2024-04-24 医药生物 沪深300 % 1 个月 3 个月 12 个月 相对收益 -4.2 -5.1 -11.3 绝对收益 -4.4 -5.2 -19.4 注：相对收益与沪深 300 相比 分析师：张德燕 证书编号：S0500521120003 Tel：(8621) 50295326 Email：zhangdy@xcsc.com 地址：上海市浦东新区银城路8 ...

Investment Rating - The industry investment rating is "Overweight" [2][23] Core Viewpoints - The current credit demand is weak, but fiscal interest subsidies for equipment updates are expected to boost loan growth in the manufacturing sector. The emphasis on risk prevention in real estate and local government debt will help improve bank asset quality and valuation safety [23] - The banking index rose by 0.36% this week, ranking 10th out of 31 industries, underperforming the CSI 300 index by 1.55 percentage points [2][5] - The market performance of major banks, joint-stock banks, city commercial banks, and rural commercial banks showed fluctuations of -0.03%, +0.83%, +0.25%, and -0.65% respectively, with joint-stock banks performing the best [2][5] Market Review - As of July 21, 2024, the banking index increased by 0.36%, with the top five performing banks being Bank of China (+2.97%), China Construction Bank (+2.44%), Agricultural Bank of China (+2.39%), Shanghai Pudong Development Bank (+2.38%), and Suzhou Rural Commercial Bank (+2.32%) [5][21] - The bottom five performing banks included Wuxi Bank (-1.34%), Zijin Bank (-1.57%), Shanghai Rural Commercial Bank (-1.73%), Suzhou Bank (-2.31%), and Changshu Bank (-3.07%) [5][21] Funding Market - The central bank's net injection in the open market was 1.17 trillion yuan, with a 3-month treasury cash deposit of 70 billion yuan and a winning rate of 2.85%. The average rates for DR001, DR007, overnight, and 7-day borrowing were 1.89%, 1.86%, 1.94%, and 2.00% respectively, indicating a tight funding environment [11][13] - The one-year interbank certificate of deposit rates for state-owned banks, joint-stock banks, city commercial banks, and rural commercial banks were 1.96%, 1.97%, 2.09%, and 2.08% respectively, with a net financing of 46.87 billion yuan this month, indicating weak market demand [11][13] Industry and Company Dynamics - The 20th Central Committee's third plenary session emphasized the need to improve macro-control systems and enhance the consistency of macro policies, focusing on risk prevention in key areas such as real estate and local government debt [20] - The State Council has decided to increase support for large-scale equipment updates and consumer goods replacement policies, including raising the fiscal interest subsidy ratio for equipment update loans [22]

证券研究报告 2024 年 07 月 22 日 湘财证券研究所 行业研究 医疗服务行业周报 中央定调医改新任务,老龄化医疗需求旺盛 --医疗服务行业周报 7.15-7.19 相关研究: | --- | |------------------| | 1. | | 产业链受益》 | | | | 2.《创新技术带来 | | 需求有望回暖》 | | | 行业评级:增持 近十二个月行业表现 -60.00% -40.00% -20.00% 0.00% 20.00% 23/7 23/8 23/9 23/10 23/11 23/12 24/1 24/2 24/3 24/4 24/5 24/6 沪深300 医疗服务II % 1 个月 3 个月 12 个月 相对收益 0 -9 -33 绝对收益 2 -10 -41 注:相对收益与沪深 300 相比 分析师:蒋栋 证书编号:S0500521050001 Tel:021-50295368 Email:jiangdong@xcsc.com 地址:上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点: 上周医药生物上涨 1.29%,位列申万一级行业第 6 位 上周医药生物报收 6 ...

证券研究报告 2024 年 07 月 22 日 湘财证券研究所 行业研究 煤炭行业周报 高温支撑电厂日耗,旺季动力煤支撑较强 相关研究: | --- | |----------| | 1. | | 跌反弹》 | | 2. | | 升》 | 行业评级:增持 近十二个月行业表现 -10% 0% 10% 20% 30% 40% 煤炭(申万) 沪深300 -24% -18% -12% -6% 0% 6% 12% | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 38 | 42 | 25 | | 绝对收益 | 30 | 34 | 17 | | | | | 300 相比 | 分析师:王攀 证书编号:S0500520120001 Tel:(8621) 50293524 Email:wangpan2@xcsc.com 联系人:王逸奇 Tel:(8621) 50293519 Email:wyq06893@xcsc.com 地址:上海市浦东新区银城路88号 中国人寿金融中 ...

证券研究报告 2024 年 07 月 22 日 湘财证券研究所 行业研究 商贸零售行业数据点评 零售业态复苏情况分化,关注相对高景气细分赛道 相关研究: | --- | |------------------| | 1. | | 一季度业绩情况》 | | 2. | | 境电商表现较佳》 | 行业评级:增持 近十二个月行业表现 10.00% -40.00% 沪深300 商贸零售 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 1 | -10 | -26 | | 绝对收益 | 2 | -11 | -33 | | | | | 300 相比 | 分析师:聂孟依 证书编号:S0500524040001 Tel:(8621) 50299667 Email:nmy06967@xcsc.com 地址:上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点: ❑ 6 月社零总额增长 2.0%,增速有所回落 6 月份,社会消费品零售总额 40732 亿元,同比增长 ...

证券研究报告 2024 年 7 月 22 日 湘财证券研究所 行业研究 公用事业行业周报 三中全会进一步全面深化改革,公用事业市场化改革加速 相关研究: 《三峡水库来水大增,大水电绿证获发 彰显水电环境价值》 2024.07.16 《发电行业碳配额方案发布,延续适度 收紧趋势》 2024.07.09 行业评级:增持 近十二个月行业表现 | --- | --- | --- | --- | |----------|--------|--------|----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 1 | 5 | 13 | | 绝对收益 | 2 | 4 | 5 | | | | | 300 相比 | 分析师:孙菲 证书编号:S0500524010002 Tel:(8621) 50293587 Email:sf06902@xcsc.com 地址:上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点: ❑ 本周公用事业(申万)上涨 0.07%,跑输沪深 300 指数 1.85 个百分点 截至 2024 年 7 月 19 日,本周沪深 300 上涨 1.92%,创业 ...