证券研究报告 2025 年 10 月 19 日 湘财证券研究所 行业研究 疫苗行业周报 国产 mRNA 技术在前沿领域持续突破 相关研究： 1. 《在研管线开发与国际市场 拓展继续呈现积极进展》 20251005 2. 《短期关注秋季呼吸系统传 染病叠加流行情况》20251012 行业评级：增持（维持） 近十二个月行业表现 -30 -20 -10 0 10 20 24/10 25/01 25/04 25/07 沪深300_累计 疫苗_累计 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | -5 | -16 | -31 | | 绝对收益 | -4 | -7 | -17 | 注：相对收益与沪深 300 相比 分析师：许雯 证书编号：S0500517110001 Tel：021-50293534 Email：xw3315@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 （1）百克生物：三价流感病毒裂解疫苗（BK-01 佐剂）临床试验申请获批。 百克生物近日收到国家药品监督管理局下发的三价流感病毒裂解疫苗（BK-0 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3][9] Core Insights - The rare earth magnetic materials industry experienced a slight increase of 0.05% this week, outperforming the benchmark (CSI 300) by 2.27 percentage points [5][11] - The industry valuation (TTM P/E) has slightly decreased to 95.79x, currently at 96.1% of its historical percentile [5][11] - The report indicates a downward trend in rare earth concentrate prices, with significant declines in various rare earth mineral prices [6][8][39] Market Performance - Over the past month, the industry has shown a relative return of 4%, a 3-month return of 33%, and a 12-month return of 117% [4] - Absolute returns for the same periods are 3%, 45%, and 136% respectively [4] Price Trends - Domestic mixed rare earth carbonate prices fell by 13.89%, 12.9%, and 15.38% for different types of rare earth minerals [8][12] - The average price of praseodymium and neodymium oxide decreased by 6.11%, while the metal price dropped by 6.63% [8][15] - Dysprosium oxide prices saw a slight increase of 0.62%, while terbium oxide prices declined by 0.57% [18] Investment Recommendations - The report suggests that the supply side of rare earths has limited short-term growth, with stable output from major manufacturers and limited increases in scrap supply [39][40] - It is recommended to focus on upstream rare earth resource companies due to expected supply contraction and strategic value positioning [9][42] - Downstream magnetic material companies are also highlighted for potential profit recovery as rare earth prices are expected to rise [9][42]

Investment Rating - The report maintains an "Overweight" rating for the in vitro diagnostics (IVD) industry [8][9]. Core Views - The IVD market is undergoing a transformative period characterized by complexity and uncertainty, influenced by post-pandemic adjustments and ongoing healthcare reforms. Despite short-term pressures from cost control measures and centralized procurement, the long-term outlook for the IVD industry remains positive, with expectations of a turning point as centralized procurement becomes established [6][9]. - The collaboration between Samsung and Grail in the multi-cancer early detection field is expected to enhance the development of cancer screening technologies, improving accuracy and efficiency, thereby increasing patient survival rates [5][52]. Summary by Sections Industry Performance - The pharmaceutical and biological sector fell by 2.48%, ranking 16th among 31 primary industries, while the IVD sector specifically decreased by 0.43% [2][11]. - The IVD sector's current PE ratio is 36.21X, with a one-year maximum of 39.25X and a minimum of 20.96X. The current PB ratio is 1.82X, with a one-year maximum of 2.01X and a minimum of 1.53X [4][32]. Company Performance - Notable performers in the medical services sector include Tuo Jing Life (+22.9%), Rejing Bio (+12.5%), and Hao Ou Bo (+7.2%). Conversely, companies like Botuo Bio (-6.8%) and Pumen Technology (-6.8%) underperformed [3][27]. Investment Recommendations - The report suggests focusing on the growth potential within the IVD sector, particularly in immunodiagnostics, molecular diagnostics (PCR), and continuous glucose monitoring (CGM). Companies such as San Nu Biotech, Shengxiang Bio, and Yahui Long are highlighted as key areas of interest [9][53].

证券研究报告 2025 年 10 月 19 日 湘财证券研究所 行业研究 银行业周报 银行三季报业绩增长可期 | 1. | 《2025年中期策略-价值重估仍 | | --- | --- | | 在进行时》 | 2025.07.02 | | 2. | 《业绩底部修复，配置价值提 | | 升》 | 2025.09.05 | 近十二个月行业表现 | 相对收益 | 2.3 | -18.8 | -8.4 | | --- | --- | --- | --- | | 绝对收益 | 1.5 | -6.9 | 10.8 | 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@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 相关研究： 核心要点： 银行三季报业绩增长可期 敬请阅读末页之重要声明 行业研究 2. 《业绩底部修复，配置价值提 根据上市银行中期报告，银行上半年营收增速达到 1.0%，归母净利润增速 0.8%，业绩实现超预期转正，呈现出筑底企稳的迹象。展望三季报，银行 业绩有望延续正增长，巩固股息稳定性。 行业评级：增持（维持 ...

Core Insights - The report highlights the increasing risks of the US-China trade conflict, with both sides exhibiting significant differences in trade demands and a high-intensity, fast-paced negotiation environment [2][10][12] - China's exports have shown resilience in the first three quarters of 2025, with a year-on-year growth rate of around 6%, although exports to the US have declined significantly due to the implementation of reciprocal tariff policies by the US [4][5][42] - The report anticipates that export controls on rare earths and related technologies will boost demand for these products in the fourth quarter, positively impacting sectors such as machinery, high-tech products, and integrated circuits [6][8][48] Export Analysis - In September 2025, China's exports maintained a strong performance, with significant contributions from electromechanical products and high-tech products, which grew at rates of 7-8%, while integrated circuits saw a remarkable growth rate exceeding 20% [4][38][40] - The share of exports to the US has been on a downward trend, dropping from 14.74% in January 2025 to 11.41% in September 2025, primarily due to the negative impact of the US's reciprocal tariff policies [5][42][45] - The report notes that the overall export growth is supported by increased exports to ASEAN and stable exports to the EU, despite the challenges posed by US tariffs [45] Fourth Quarter Outlook - The report projects that China's exports will continue to perform relatively strongly in October and November 2025, driven by new export controls on rare earths, which are expected to enhance the export of related products [6][8][48] - However, the high base of exports in the fourth quarter of 2024 may limit the year-on-year growth rate, although the overall outlook is more optimistic than previously anticipated [7][48] Investment Recommendations - The report suggests focusing on sectors that have shown resilience, such as banking and insurance, as well as industries related to environmental protection and rare earths, which may benefit from the ongoing trade tensions [8][50]

Macro Strategy - In September, CPI decreased by 0.3% year-on-year and increased by 0.1% month-on-month, with food prices rising by 0.7% and pork prices falling by 17.0%, contributing to a 0.26 percentage point decline in CPI [2][4] - By the end of September, M2 balance reached 335.38 trillion yuan, growing by 8.4% year-on-year, while the total social financing stock was 437.08 trillion yuan, up 8.7% year-on-year [2][4] Healthcare Services Industry - The pharmaceutical and biological sector fell by 1.20%, ranking 25th among 31 primary industries, with the medical services sub-sector dropping 3.37% [6][9] - WuXi AppTec is highlighted as a CRDMO integrated platform company, with its R&D segment driving growth and D&M capacity release significantly increasing revenue per capita from 542,000 yuan in 2018 to an expected 1,118,000 yuan in 2025 [7][8] - The long-term development trend of the healthcare services industry remains positive despite recent geopolitical tensions, with a "buy" rating maintained for the sector [9] Securities Industry - The securities sector showed active performance post-holiday, with the brokerage index rising by 0.5%, outperforming the CSI 300 index by 1 percentage point [11][15] - Daily average stock trading volume reached 25.87 trillion yuan, a 19% increase from the previous period, indicating a significant recovery in trading activity [12][13] - The investment recommendation for the securities industry is to maintain an "overweight" rating, focusing on internet brokerages and firms with strong performance certainty [15] Electronic Industry - OpenAI's release of Sora 2.0 marks a significant milestone in AI applications, with the new video generation model achieving high realism and user engagement [17][19] - The electronic industry is expected to benefit from ongoing recovery in consumer electronics and AI technology advancements, maintaining an "overweight" rating [19] New Materials Industry - The rare earth magnetic materials sector increased by 10.44%, outperforming the benchmark by 8.97 percentage points, while rare earth prices showed mixed trends [21][24] - The investment outlook remains cautious, with a recommendation to maintain an "overweight" rating, focusing on upstream rare earth resource companies and downstream magnetic material firms [25] Banking Industry - Social financing growth slowed to 8.7% in September, with improvements in credit structure, particularly in long-term loans supported by policy measures [28][32] - The banking sector is expected to maintain stable performance, with a recommendation to focus on state-owned banks and regional banks for their investment value [32]

证券研究报告 2025 年 10 月 16 日 湘财证券研究所 行业研究 银行业数据点评 信贷增量弱、结构改善 | 1. | 《2025年中期策略-价值重估仍 | | --- | --- | | 在进行时》 | 2025.07.02 | | 2. | 《业绩底部修复，配置价值提 | | 升》 | 2025.09.05 | 行业评级：增持(维持) 近十二个月行业表现 % 1 个月 3 个月 12 个月 社融增速趋缓，信贷结构改善 2. 《业绩底部修复，配置价值提 社融增速趋缓，信贷增量弱、结构改善。根据 Wind 数据统计，9 月，社融 增速下行 0.1 pct 至 8.7%，增速继续缓慢回落。金融机构贷款增速与中长期 贷款增速均较前值下降，增速分别为 6.6%和 6.3%，信贷转弱主要由于票据 融资规模大幅减少，企业贷款结构持续改善。 | | | 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@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 相关研究： 核心要点： 注：相对收益与沪深 300 相比 企业贷款结构 ...

Industry Overview - The cooling liquid market is experiencing significant growth, particularly in data center liquid cooling systems, with multiple domestic companies actively expanding their capabilities [4][6] - Companies are focusing on the development of fluorinated cooling liquids, which are essential for efficient thermal management in high-performance computing environments [6][8] Company Summaries - **Juhua Co., Ltd.**: The company has a production capacity of 4,000 tons per year for hydrogen fluoride ether D series products and plans to expand its perfluoropolyether production to 5,000 tons per year, with an initial phase of 1,000 tons already operational [3][4] - **New Chemical Materials Co., Ltd.**: The company has established a production capacity of 3,000 tons per year for hydrogen fluoride ether and 2,500 tons per year for perfluoropolyether, targeting applications in precision instruments, semiconductor equipment cleaning, and data center cooling [3][4] - **Dongyangguang**: The company is integrating the supply chain for liquid cooling solutions and has formed a strategic partnership with Zhongji Xuchuang to promote global market solutions for liquid cooling [3][4] - **Runhe Materials**: The company is focused on providing energy-efficient and low-carbon immersion cooling solutions, with future R&D aimed at developing cost-effective cooling liquids for energy storage and high-frequency communication chips [3][4] - **Changlu Chemical New Materials**: The company has built a production facility with a capacity of 500 tons per year for perfluoropolyether and 300 tons per year for hydrogen fluoride ether, with plans for further expansion [6] - **Zhejiang Noah Fluorochemical**: The company has developed several immersion fluorinated cooling liquid products suitable for different cooling technologies [6] - **Billion Space**: The company holds an 11.5892% stake in Nantong Zhanding, which produces electronic fluorinated liquids for semiconductor manufacturing and immersion cooling applications, benefiting from the growing demand for AI computing [6][8]

Macro Information - In the first three quarters, China's goods trade import and export reached 33.61 trillion yuan, a year-on-year increase of 4%. Exports were 19.95 trillion yuan, up 7.1%, while imports were 13.66 trillion yuan, down 0.2% [2] - Recent media reports indicated that Pakistan is exporting rare earths to the U.S. using Chinese equipment and technology, which the Chinese Foreign Ministry refuted as unfounded speculation [2] - The Nobel Prize in Economic Sciences for 2025 was awarded to Joel Mokyr, Philippe Aghion, and Peter Howitt for their contributions to the understanding of innovation-driven economic growth [2] Gold Market - Gold prices reached a historic high, with New York futures surpassing $4000 per ounce on October 7. The surge is attributed to factors such as the expansion of the U.S. fiscal deficit, escalating geopolitical conflicts, central bank gold purchases, and potential interest rate cuts by the Federal Reserve. Long-term projections suggest gold prices could exceed $4700 per ounce [5] Convertible Bonds - In September, the convertible bond index underperformed the underlying stocks, with the index rising 1.97% compared to a 2.65% increase in the overall market. Year-to-date, the convertible bond index and the overall market have risen 17.11% and 23.68%, respectively [6] - The technology sector saw a slight decline in September, while the financial sector faced pressure, with convertible bonds in the financial sector dropping 2.35% [7] - The dual-low strategy continued to underperform compared to high-priced, low-premium strategies, with the dual-low index only rising 0.24% in September [8] Automotive Industry - The 2025 World Intelligent Connected Vehicle Conference will be held from October 16 to 18 in Beijing, focusing on cutting-edge technologies and applications in the intelligent connected vehicle sector [12][13] - The maturation of intelligent connected vehicle technology and rapid market demand growth present significant development opportunities in the industry. Investors are encouraged to focus on key segments such as autonomous driving technology and smart chips [14] - The automotive sector is expected to benefit from ongoing support for vehicle consumption and the increasing penetration of new energy vehicles, with recommendations for companies like Shuanghuan Transmission and Beite Technology [15] Electronics Industry - AMD has entered a strategic partnership with OpenAI to deploy a total of 6GW of AMD GPU chips for AI infrastructure, which is expected to generate significant revenue for AMD [19][21] - The electronics sector experienced a decline of 2.63% last week, with semiconductor stocks dropping 3.28% [17] - Investment opportunities are seen in AI infrastructure, end-side SOC, and the supply chain for foldable smartphones, with a recommendation to focus on companies like Cambricon and Rockchip [22] Vaccine Industry - The vaccine sector is currently facing challenges, with a focus on the impact of respiratory infections in the upcoming autumn season. Recent approvals for new vaccines indicate ongoing innovation in the sector [24][29] - The vaccine industry is undergoing a transformation towards innovation-driven growth, with a recommendation to focus on companies with strong R&D capabilities and differentiated product lines, such as CanSino and Kanghua Biological [30] Medical Consumables Industry - The medical consumables sector is gradually recovering from performance pressures due to government procurement policies. Companies with innovative products are expected to see growth opportunities [35] - Recent approvals for innovative medical materials, such as absorbable composite bone repair materials, highlight advancements in the sector [34] - The industry maintains an "overweight" rating, with recommendations for companies like Weigao Orthopedics and Huatai Medical [35]

Industry Overview - The humanoid robot industry is experiencing intense competition, with companies like Tesla's Optimus, UTree Technology, and Boston Dynamics' Atlas posing significant challenges to Figure AI [4] - Figure AI has announced a roadmap for hardware cost reduction, self-developed algorithms, and a production capacity of 100,000 units per year, aiming to capture the home robot market by 2026 [4] Company Highlights - Figure AI launched its third-generation humanoid robot, Figure 03, which autonomously performs various household tasks such as serving tea, doing laundry, and folding clothes [2] - The design of Figure 03 features a soft mesh fabric that reduces its weight by 9% compared to the previous model, and the outer fabric is washable and easily replaceable [2][3] - The robot stands 1.68 meters tall, weighs approximately 60 kilograms, and can operate for up to 5 hours on a full charge, utilizing a dedicated platform for wireless charging [3] Technological Advancements - Figure 03 incorporates a Helix neural network, which mimics the human brain's structure in three layers, enabling the robot to perform tasks independently [2] - Each hand of Figure 03 is equipped with cameras to enhance environmental interaction, allowing for precise object manipulation even when the main camera is obstructed [3] - The robot's fingertips can detect a pressure of 3 grams, sufficient to sense the weight of a paperclip, showcasing its sensitivity [4] Investment Recommendations - Investment focus in the humanoid robot sector should be on three main areas: technological breakthroughs, application scenarios, and global expansion [5] - Companies with capabilities in full-chain innovation and ecosystem integration are expected to lead growth in the industry [5] - Specific companies to watch include Greentech Harmonics, which provides high-precision harmonic reducers, and Guomao Co., which ensures stable motion control through gear transmission [5]