Investment Rating - The industry investment rating is "Overweight" (maintained) [3] Core Insights - The heparin industry is experiencing a mild recovery, positively impacting financial reports. The demand side continues to improve, suggesting a potential continuation of the recovery trend [5][7] - The prices of major raw materials have shown a stable trend, with heparin prices increasing by 2% month-on-month. However, prices for some vitamins and caffeine have decreased [5][10] - The vitamin sector shows a mixed price trend, with some products remaining stable while others have seen declines. Iodine prices remained flat, and caffeine prices have dropped by 1.1% [6][10] Summary by Sections 1. Major Raw Material Price Trends - Heparin raw material prices have increased by 2% month-on-month, indicating a mild recovery in the global heparin industry. The supply-demand relationship is showing signs of moderate recovery [5][10] - Vitamin prices are mixed, with some maintaining stability while others, such as Vitamin A and B2, have decreased [5][10] - Iodine prices have remained stable, while caffeine prices have decreased significantly, reaching a near ten-year low [6][10] 2. Investment Recommendations - The raw material drug sector is showing a recovery trend, with inventory depletion nearing its end and a replenishment cycle beginning. The vitamin and steroid sectors are leading the price increases [7][42] - Long-term prospects for raw material drug companies are positive, with ongoing technological upgrades and business model improvements. The industry is entering a phase of high-quality development, warranting an "Overweight" rating [7][42]

Investment Rating - The industry rating is "Buy" (maintained) [7] Core Viewpoints - Multiple regions have announced idle land storage plans, with Guangdong publishing the first batch of storage project lists. This initiative aims to alleviate liquidity and debt pressures for local governments and real estate companies while adjusting the supply-demand relationship in the land market [2][3] - The Ministry of Natural Resources issued a notice in November 2024 regarding the use of local government special bond funds to recover idle land, providing detailed guidelines for the acquisition process and pricing [3] - The characteristics of the storage projects indicate that most are led by local state-owned enterprises, with acquisition discount rates ranging from 10% to 20% [4] Summary by Sections Land Storage Progress - As of February 11, 2025, Guangdong Province has announced plans for 161 parcels of land covering approximately 6.85 million square meters, with a total storage amount of about 35.4 billion [3] - The city with the largest storage fund is Huizhou (12.7 billion), followed by Zhuhai (6.6 billion) [3] Project Characteristics - The announced projects primarily consist of residential (over 50%) and commercial (over 30%) land, with most parcels acquired at or below original transaction prices [4] - Approximately 70% of the parcels have acquisition prices that are 80%-100% of the original transaction price, with an average discount of about 10% for parcels sold between 2020 and 2023 [4] Investment Recommendations - The current core objective of the real estate market policy is to stabilize volume and price. The acceleration of land storage will help ease liquidity and debt pressures for local governments and real estate companies, thus adjusting market supply and demand [5] - It is recommended to focus on leading quality developers with strong financing capabilities, land acquisition abilities, and reasonable land reserve layouts, as well as top second-hand housing intermediaries benefiting from active transactions [5]

证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 机械行业事件点评 2024 年机床工具行业收入下降 5.2%，降幅持续收窄 相关研究： 1《. 20241121湘财证券-机械行业： 机床协会发布9月数据，收入降幅 环比收窄》 2.《20250102湘财证券-机械行 业：协会发布2024年11月数据， 金切机床订单增速回升》 行业评级：买入（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 3.0 9.1 18.1 绝对收益 5.7 7.6 34.4 注：相对收益与沪深 300 相比 -20% -10% 0% 10% 20% 30% 40% 24/02 24/04 24/06 24/08 24/10 24/12 机械设备(申万) 沪深300 分析师：轩鹏程 证书编号：S0500521070003 Tel：(8621) 50295321 Email：xuanpc@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： ❑ 机床工具协会发布 2024 年全年数据，全行业收入同比下降 5.2% 行业研究 1 机床工具行业相关数据 (20 ...

证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 机器人行业周报 Meta 入局具身智能，推动人形机器人产业化落地 ——机器人行业周报（02.10~02.14） 相关研究： 核心要点： 上周机器人行业下跌 3.5%，跑输沪深 300 指数 4.7 个百分点 上周（02 月 10 日-02 月 14 日），机器人行业下跌 3.5%，跑输机械设备 行业 3.4 个百分点，跑输沪深 300 指数 4.7 个百分点。2025 年年初至今，机 器人板块上涨 23.8%，跑赢机械设备 15.4 个百分点。估值方面，截至 2 月 14 日，机器人板块 PE(TTM)为 156.82 倍，位于 2012 年至今 99.1%分位数； PB(LF)约 6.04 倍，位于 2012 年至今 84.8%分位数。 投资建议 Meta 入局具身智能，推动人形机器人产业化落地 Meta 入局具身智能领域，特别是 AI 驱动的人形机器人，对机器人行业 和投资领域都具有深远的意义。从行业发展来看，Meta 凭借其在 AI 技术、 深度学习和自然语言处理方面的深厚积累，将加速人形机器人在感知、交互 和自主学习能力上的技术 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3] Core Viewpoints - The coal price is under pressure due to strong supply and weak demand, with domestic thermal coal prices hitting a low of 750 RMB/ton, down 1.32% week-on-week [6] - The overall market for coal is characterized by recovering supply and low demand, particularly in the downstream construction sector, which is still sluggish [6][7] - Short-term outlook for thermal coal remains weak due to high inventory levels at power plants, while coking coal prices may stabilize as temperatures rise and operations resume post-holiday [8] Market Performance - The coal sector has underperformed, with a relative return of -10% over the past month and an absolute return of -23% [4][5] - The sector's PE valuation stands at 10.8 times, at the 53.5 percentile of the past decade, while the PB valuation is at 1.2 times, at the 29.5 percentile [5] Supply and Demand Analysis - Domestic thermal coal supply is gradually recovering, but demand remains low due to high inventory levels and limited construction activity [6] - Coking coal supply recovery is limited, with weak downstream demand as steel prices decline and many steel mills maintain reasonable inventory levels [7] Investment Recommendations - Focus on coking coal companies with low valuations and potential for marginal improvement in operations, while maintaining an "Overweight" rating for the industry [8]

Investment Rating - The industry rating is "Overweight" [2][9] Core Viewpoints - The vaccine industry is currently experiencing a performance recovery, with a 2.46% increase last week, although it has seen a cumulative decline of 38.94% since the beginning of 2024 [4][9] - Short-term focus should be on annual report performance, while long-term attention should be on innovative vaccines and international expansion [9][10] - The industry is characterized by high competition among Me-too products, leading to pressure on performance due to high bases and price declines of major products [9][30] Market Performance - The vaccine sector reported a closing price of 12,567.97 points, with a weekly increase of 2.46% [4][17] - The overall pharmaceutical and biological sector rose by 2.71%, while the vaccine sector's performance was in the middle range among various sub-sectors [4][17] - The relative performance of the vaccine sector compared to the CSI 300 index showed a decline of 42% over the past 12 months [4][6] Valuation Metrics - The vaccine sector's PE (ttm) is 34.67X, which has increased by 0.82X week-on-week, with a one-year maximum of 41.43X and a minimum of 19.57X [6][21] - The PB (lf) for the vaccine sector is 1.92X, up by 0.05X week-on-week, with a one-year maximum of 2.91X and a minimum of 1.62X [6][21] - The vaccine sector has a valuation premium of 172.07% relative to the CSI 300 index [6][21] Industry Dynamics and Company Announcements - Green Bamboo Biotech's application for a recombinant shingles vaccine has been accepted by the NMPA, marking a significant development in the vaccine landscape [7][27] - The world's first therapeutic HPV vaccine, VGX-3100, has received approval for a new indication for clinical trials [7][29] - GSK's meningitis vaccine has been approved by the FDA, which aims to simplify immunization schedules and increase vaccine coverage [7][29] Investment Recommendations - The report suggests focusing on companies with strong technological and platform advantages, as well as those with a rich pipeline of innovative products [9][30] - The long-term outlook for the vaccine industry remains positive due to supportive policies, increasing demand driven by an aging population, and ongoing technological advancements [9][30]

Investment Rating - The industry investment rating is "Buy" (maintained) [6] Core Views - The refrigerant inventory is at a low level, with prices overall fluctuating at a high level. The market is waiting for the demand peak in the air conditioning production season [5][9] - The supply side of refrigerants is constrained by quota policies, and with factors such as appliance replacement and global warming, the demand for end products like air conditioners is expected to remain stable or increase, leading to a tight supply-demand balance for refrigerants and potential price increases [9][26] Summary by Sections 1. Refrigerant Sector Data - The price of 97% wet fluorite is 3662 CNY/ton as of February 13, 2025, remaining stable compared to one month and one week prior. Supply is tight due to strict regulatory policies on mining enterprises, and the overall operating rate of mining selection plants is low [12][4] - The domestic production of household air conditioners is projected at 15.93 million units in February 2025, with domestic sales increasing by 19.8% and exports increasing by 38.6% compared to February 2024 [13][6] 2. Price Trends of Refrigerants - As of February 13, 2025, the prices for various refrigerants are as follows: R32 at 43500 CNY/ton, R125 at 43000 CNY/ton, and R134a at 44500 CNY/ton, with R134a showing a 1.1% increase compared to one month ago [7][21][15] - The price of R22 is 33500 CNY/ton, reflecting a 1.5% increase compared to one month ago [24]

Investment Rating - The industry is rated as "Overweight" for the first coverage [4][6]. Core Insights - The "New Energy Storage Manufacturing High-Quality Development Action Plan" was jointly issued by eight departments, aiming to enhance the manufacturing of new energy storage products and technologies [1]. - By 2027, China's new energy storage manufacturing industry is expected to significantly improve its innovation and competitiveness, focusing on high-end, intelligent, and green development [2]. - Six major initiatives are proposed to promote high-quality development in new energy storage, including technology innovation, industrial collaboration, upgrading, application expansion, ecosystem improvement, and international cooperation [3]. Summary by Sections Policy Overview - The action plan aims to build a new generation of information technology and renewable energy growth engines, promoting high-quality development in the new energy storage sector [1]. Industry Development Goals - The plan sets a target for 2027 to enhance the performance of new energy storage products, ensuring they meet the demands of various sectors such as electricity, industry, energy, transportation, construction, communication, and agriculture [2]. Strategic Actions - The six strategic actions include: 1. Encouraging diverse new energy storage technologies and focusing on safety and efficiency [3]. 2. Optimizing industrial layout and resource utilization to foster quality enterprises [3]. 3. Promoting green and intelligent manufacturing while enhancing safety production capabilities [3]. 4. Expanding application scenarios for new energy storage in the electricity market [3]. 5. Establishing safety risk assessment systems and enhancing standards for energy storage batteries [3]. 6. Supporting international cooperation and attracting foreign investment in the new energy storage sector [3]. Investment Recommendations - Following the release of the action plan, there is an expectation of increased policy support for the energy storage industry, with a recommendation to focus on leading companies in the energy storage supply chain and emerging technologies such as supercapacitors, lead-carbon batteries, sodium batteries, and flow batteries [4].

证券研究报告 2025 年 2 月 17 日 湘财证券研究所 行业研究 药品行业周报 AI 赋能医药创新加速，关注板块重估投资机会 ——药品行业周报（2.10-2.16） 相关研究： 1.《政策持续支持创新药，首版丙类 医保目录年内推出》 2025.1.22 2.《创新药械支持政策持续推出，看 好创新主线》 2025.1.7 行业评级：增持（维持） 近十二个月行业表现 -20% -10% 0% 10% 20% 30% 医药生物 沪深300 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | 2.9 | -2.4 | -16.2 | | 绝对收益 | 6.5 | -3.2 | 0.9 | 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88号 中国人寿金融中心10楼 核心要点 ❑ 国内医药生物上涨 2.71% 上周医药生物上涨 2.71%，位列全市场一级行业涨幅第 5 位，跑赢万得全 A ...

证券研究报告 2025 年 02 月 17 日 湘财证券研究所 行业研究 证券行业周报 市场交投保持活跃，估值仍有修复空间 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 相对收益 0 -6 11 绝对收益 3 -7 29 -20% -10% 0% 10% 20% 30% 40% 50% 60% 2024/2/8 2024/4/8 2024/6/8 2024/8/8 2024/10/8 2024/12/8 2025/2/8 沪深300 证券Ⅱ(申万) （1）经纪业务：上周（2.10-2.14），沪深两市日均股票成交额为 17168 亿 元，环比增长 7.5%，节后两周环比连续保持增长。春节假期后市场交投活 跃度显著回暖，交易量回升至 12 月的较高水平 新发基金方面，上周（2.10-2.14）基金发行节奏仍未恢复至正常水平，股 票型、混合型、债券型新发份额分别为 5 亿份、0.1 亿份、38 亿份，其中 股票型环比下降 54%，债基发行大幅增加。 注：相对收益与沪深 300 相比 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 E ...