证券研究报告 2024 年 07 月 23 日 湘财证券研究所 行业研究 半导体行业周报 《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》发布，全方位支持科技产业发展 相关研究： | --- | --- | |------------|--------------| | 1.《Sora | AI视频生成的 | | | 2024.03.01 | | 2. | DXI | | 指数回落》 | 2024.05.29 | | 3. | | | 头Q2 | 2024.07.08 | 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 | 2.89 | 14.9 | -7.3 | | 绝对收益 | 2.7 | 14.0 | -15.5 | | | | | | 分析师：王文瑞 证书编号：S0500523010001 Tel：(8621) 50293694 Email：wangwr2@xcsc.com 地址：上海市浦东新区银城路 ...

证券研究报告 2024 年 07 月 24 日 湘财证券研究所 行业研究 医疗耗材行业周报 即将进入财报密集披露期，关注低值耗材企业业绩修复情况 相关研究： 核心要点： ❑ 医药板块整体走势企稳，上周上涨 1.29% | --- | --- | |--------------------|-------------| | 1.《海外库存去化， | 2024年5月低 | | 值耗材出口转暖》 | 2024.07.08 | | 2. | | | 块基本面边际向好》 | 2024.07.10 | 行业评级：增持 近十二个月行业表现 10.00% 沪深300 医疗耗材 | --- | --- | --- | --- | |----------|--------|--------|---------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -2 | -2 | -15 | | 绝对收益 | -2 | -3 | -23 | | | | | | 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@xcsc.com 地 ...

Investment Rating - The investment rating for the company is upgraded to "Buy" [16][67]. Core Views - The company is a leader in the photovoltaic vacuum pump industry in China, with rapid growth in performance and profitability. In 2023, the company's revenue increased by 18.0% to 3.85 billion yuan, and net profit attributable to the parent company rose by 34.2% to 860 million yuan [17][67]. - The implementation of large-scale equipment renewal policies is expected to stabilize industry demand, with the company actively developing energy-efficient products and expanding its market presence [7][18][67]. - The company's revenue is projected to reach 4.02 billion yuan in 2024, with a year-on-year growth of 4.4%, and net profit is expected to be 1.02 billion yuan, reflecting an 18.4% increase [19][38][67]. Summary by Sections Company Overview - The company, Shanghai Hanzhong Machinery Co., Ltd., established in 1998 and listed in 2007, has been focusing on vacuum pumps and compressors, becoming a leading player in the photovoltaic vacuum pump sector [17][67]. Financial Performance - The company reported a 3.7% year-on-year increase in revenue for the first half of 2024, reaching 1.83 billion yuan, with net profit growing by 24.0% to 450 million yuan [35][67]. - The projected financials for 2024-2026 indicate a steady growth trajectory, with revenues of 4.02 billion yuan, 4.62 billion yuan, and 5.39 billion yuan, respectively [19][38][67]. Market Outlook - The demand for industrial energy-saving equipment is anticipated to rise due to government policies promoting equipment upgrades and energy efficiency improvements [7][18][67]. - The company's efforts in expanding its semiconductor product line and stabilizing its photovoltaic business are expected to contribute positively to future revenue [19][67].

Investment Rating - The report initiates coverage on Huadian Power with a "Buy" rating, indicating an expected investment return outperforming the market benchmark by 15% or more over the next 6-12 months [16] Core Views Financial Performance - In 2023, Huadian Power achieved operating revenue of 23.461 billion yuan, a slight decrease of 0.51% year-over-year, while net profit attributable to shareholders increased by 5.58% to 7.638 billion yuan [4] - For Q1 2024, operating revenue grew 3.58% year-over-year to 4.42 billion yuan, with net profit attributable to shareholders surging 17.25% to 1.065 billion yuan [4] - The company's financial expenses decreased by 14.14% in 2023 due to optimized debt financing structure and cost control measures [4] Business Development - Huadian Power is the sole platform for hydropower business integration within the Huadian Group, responsible for developing hydropower and new energy resources along the Lancang River [5] - As of 2023, the company's installed capacity reached 27.53 GW, including 25.6 GW of hydropower and 1.93 GW of new energy [5] - The company is implementing a "wind-solar-hydro-storage" integrated development strategy, planning to build a "double ten-million-kilowatt" clean energy base in Yunnan and Tibet during the 14th Five-Year Plan period [5] Market Environment - Yunnan Province's power demand has been growing rapidly, with electricity consumption increasing by 11.7% in 2022 and 5.1% in 2023 [6] - The company's average settlement price increased by 2.96% in 2023, and tight power supply-demand conditions in Yunnan are expected to continue supporting electricity price increases [6] Financial Projections - The report forecasts net profit attributable to shareholders of 9.33 billion yuan, 9.97 billion yuan, and 10.8 billion yuan for 2024, 2025, and 2026, respectively, representing year-over-year growth rates of 22.2%, 6.9%, and 8.3% [7] - As of July 23, 2024, the company's stock price corresponds to PE ratios of 22.96x, 21.47x, and 19.83x for 2024, 2025, and 2026, respectively [7] Valuation and Investment Thesis - The company's hydropower business provides stable cash flow to support large-scale capital expenditures [7] - Short-term performance elasticity is expected from the commissioning of Tuoba and Yingliangbao hydropower stations [7] - Long-term growth potential is supported by the integrated development strategy of wind, solar, hydro, and storage [7]

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]