Investment Rating - The report maintains an "Overweight" rating for the vaccine industry, indicating a positive outlook for long-term growth driven by policy, demand, and technology factors [8][22]. Core Insights - The vaccine sector experienced a significant increase of 15.01% last week, outperforming other pharmaceutical sub-sectors, reflecting strong market performance [4][10]. - The current Price-to-Earnings (PE) ratio for the vaccine sector is 31.25X, which is a 4.08X increase from the previous period, indicating a rising valuation trend [5][22]. - The vaccine industry is characterized by a strong emphasis on innovation, with companies that possess technological advantages expected to have superior product capabilities [8][22]. Market Performance - The vaccine index closed at 14,780.21 points, with a year-to-date decline of 28.19% [10]. - The overall pharmaceutical sector index rose to 7,825.19 points, with a year-to-date decline of 7.18% [10]. Valuation Metrics - The vaccine sector's Price-to-Book (PB) ratio is currently at 2.28X, reflecting a 0.3X increase, with a historical maximum of 3.32X and a minimum of 1.62X over the past year [5][22]. - The vaccine sector shows a valuation premium of 135.67% relative to the CSI 300 index [5]. Industry Dynamics and Company Announcements - Merck has entered a $1 billion agreement to acquire two vaccine candidates from Evaxion Biotech, highlighting significant investment activity in the sector [6][18]. - Huanuo Tai has made progress in its recombinant shingles vaccine and quadrivalent influenza vaccine, with clinical trials advancing [6][19]. - Aimee's new serum-free rabies vaccine has shown promising results in Phase III trials, potentially marking a significant innovation in the industry [6][21]. Investment Recommendations - The report suggests focusing on innovative vaccines and companies with strong overseas expansion capabilities, as these factors are expected to drive long-term growth in the vaccine industry [8][22]. - The ongoing approval of multiple RSV vaccines and the push for adult vaccines indicate a strategic shift in the market, with companies actively seeking breakthroughs in both domestic and international markets [8][22].

Investment Rating - The industry rating is maintained at "Overweight" [2] Core Views - The banking index increased by 16.24% during the period from September 23 to September 30, 2024, with the performance of joint-stock banks and regional banks leading the market [2][5] - Recent financial policies have been intensively introduced, and the implementation of incremental monetary policies is expected to support stable growth in bank credit [25] - Adjustments to existing mortgage rates may exert pressure on bank interest margins, but the cost-saving effects from previous deposit rate self-discipline are still being realized [25] Market Review - The banking index (Shenwan) rose by 16.24%, ranking 30 out of 31 industries, underperforming the CSI 300 index by 9.28 percentage points [2][5] - The performance of major banks, joint-stock banks, city commercial banks, and rural commercial banks was 9.08%, 19.84%, 18.37%, and 16.93% respectively, with joint-stock and regional banks performing the best [5] - The top five performing banks included Ningbo Bank (+33.78%), Zhengzhou Bank (+31.90%), Guiyang Bank (+27.58%), Qingnong Bank (+25.63%), and Xi'an Bank (+25.34%) [5] Funding Market - The central bank's net injection in the open market was 192.7 billion yuan, with a significant easing of the funding environment [11] - The 7-day reverse repurchase rate was lowered by 20 basis points to 1.50% on September 27, indicating a clear easing of the funding situation [19] - The one-year interbank deposit rates for major banks, joint-stock banks, city commercial banks, and rural commercial banks were 1.92%, 1.92%, 2.07%, and 2.06% respectively, with a net financing of 501.07 billion yuan in September [14][11] Industry and Company Dynamics - The adjustment of the minimum down payment ratio for personal housing loans has been unified to no less than 15%, and the proportion of relending for eligible loans has been increased from 60% to 100% [23] - The applicable period for policies supporting the extension of existing financing for real estate has been extended to December 31, 2026 [23] - The optimization of financial support for the real estate sector is expected to continue mitigating risks and consolidating the asset quality of banks [25] Investment Recommendations - The high dividend configuration advantage of bank stocks is expected to continue, with a focus on regional banks with good asset quality and sustainable performance, as well as state-owned large banks with significant high dividend value [25]

1.《市场回暖，建议关注优质标的 底部配置机会》 2024.9.25 2.《板块呈现震荡，关注药品制造 持续恢复投资机会》 2024.9.10 证券研究报告 2024 年 9 月 30 日 湘财证券研究所 行业研究 药品行业周报 市场重估，首选创新及消费医疗超跌修复投资机会 ——药品行业周报（9.23-9.29） 相关研究： 行业评级：增持（维持） 近十二个月行业表现 -30% -20% -10% 0% 10% 20% 医药生物 沪深300 % 1 个月 3 个月 12 个月 相对收益 -0.3 -1.2 -16.9 绝对收益 11.8 5.8 -16.8 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 ❑ 市场重估，医药生物大幅反弹 上周医药生物上涨 15.3%，位列全市场一级行业涨幅第 15 位，涨幅居中， 跑赢万得全 A 0.15 pct，市场大幅上涨主要受益于多项经济提振政策推动， 市场迎来价值重估行情。三级 ...

Investment Rating - The report maintains an "Overweight" rating for the steel industry, suggesting a positive outlook for investment opportunities in this sector [5][37]. Core Views - The steel sector has shown a significant recovery with a 17.31% increase in the past week, outperforming the benchmark index (CSI 300) by 1.61 percentage points [2][3]. - The macroeconomic policies and the traditional peak season have led to a substantial improvement in demand, with a notable increase in consumption and a decrease in inventory levels [3][4]. - Steel prices have been on the rise, with various steel products experiencing price increases, indicating a strengthening market [4][5]. Summary by Sections Market Review - The steel sector's PE valuation stands at 15.5 times, at the 58.8% percentile over the past decade, while the PB valuation is at 0.9 times, at the 8% percentile, indicating a notable recovery in valuations [2]. Supply and Demand - As of September 27, the operating rate of sample steel mills was stable at 78.25%, with a slight increase in iron water production to 2.2491 million tons, up 0.46% week-on-week [3]. - Weekly consumption of the five major steel products reached 9.1337 million tons, up 8.16% from the previous week, with rebar and wire rod leading the consumption growth [3][27]. - Total inventory of the five major steel products decreased by 1.41% to 13.6287 million tons, indicating a continued trend of inventory reduction [3]. Profitability and Pricing - The profitability of steel mills has improved, with an average profit margin of 18.62%, up 8.65 percentage points week-on-week [4]. - As of September 26, the price indices for various steel products showed increases, with rebar prices rising by 2.84% to 3,475 CNY per ton [4]. Investment Recommendations - The report suggests focusing on companies with low valuations, high dividends, strong risk resistance, and stable performance, particularly those with high energy efficiency and green steel production capabilities [5][37].

相关研究： 1.《存储产品市场走势分化，DXI 指数回落》 2024.05.29 2.《需求结构性复苏，细分板块龙 头Q2业绩向好》 2024.07.08 3.《AI市场预期变动，影响半导体 板块中短期走势》 2024.09.10 % 1 个月 3 个月 12 个月 相对收益 -1.76 -6.3 -8.7 绝对收益 9.7 0.2 -8.4 注：相对收益与沪深 300 相比 证券研究报告 2024 年 10 月 2 日 湘财证券研究所 行业研究 半导体行业周报 政策助力+消费电子新品密集发布，有望进一步提振 市场需求 行业评级：买入（上调） 近十二个月行业表现 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 88 号 中国人寿金融中心 10 楼 核心要点： ❑ 2024 年 9 月 20 日-2024 年 9 月 27 日，申万半导体指数强劲反弹 2024 年 9 月 20 日-2024 年 9 月 27 日，受益于 9.24 一揽子新政发布，申万 半导体指数大幅上涨。同期沪深 300 ...

Investment Rating - The report assigns an "Overweight" rating to the consumer electronics industry, indicating a positive outlook for investment opportunities in the AR glasses supply chain [1]. Core Insights - The Meta Orion prototype was unveiled at the Meta Connect conference, showcasing significant potential for AR glasses as the next generation of mobile computing devices [1]. - The Orion features a split design with three components: the glasses, a gesture-tracking wristband, and a computing module, all connected wirelessly. It utilizes advanced optical technology and can achieve a field of view of up to 70 degrees [1]. - The report highlights the rapid growth in global smartphone and PC sales, with smartphone sales expected to grow by 8.5% in Q4 2023 and 7.8% in Q1 2024, while PC sales are projected to recover in 2024 [1]. Summary by Sections Meta Orion Prototype - The Meta Orion prototype demonstrates impressive performance and vast application potential, including large-screen entertainment and multitasking capabilities [1]. - Meta is currently providing access to Orion for employees and select external users to facilitate learning and iteration for consumer AR glasses, with a consumer version expected to launch post-2027 [1]. Ray-Ban Meta Smart Glasses - The Ray-Ban Meta smart glasses have received significant upgrades, enhancing AI functionalities such as automatic license plate recognition and real-time language translation [1]. - As of May 2024, global sales of Ray-Ban Meta smart glasses have surpassed 1 million units, with further sales growth anticipated due to ongoing AI enhancements [1]. Market Trends - The report notes a gradual recovery in the consumer electronics sector since the second half of 2023, with expectations for a mature and cost-effective AR glasses market to emerge between 2026 and 2027 [1].

Investment Rating - The report maintains an "Overweight" rating for the medical consumables industry [4][19]. Core Insights - The medical consumables sector has experienced a downward trend, with a recent decline of 2.77% [2][4]. - The current Price-to-Earnings (PE) ratio for the medical consumables sector is 28.82X, down 0.88 percentage points from the previous week, while the Price-to-Book (PB) ratio stands at 2.02X, remaining at historical lows [3][11]. - Recent policy changes, including increased tariffs on certain medical products exported from China, have impacted the market, particularly for companies focused on low-value consumables [4][17][19]. Summary by Sections Industry Performance - The medical consumables index closed at 4433.6 points, reflecting a 2.77% decrease [2][7]. - The sector has underperformed compared to the broader market, with relative returns lagging behind the CSI 300 index by 2.11 percentage points [2][7]. Valuation Metrics - The PE ratio has fluctuated over the past year, with a maximum of 56.19X and a minimum of 22.71X, indicating current valuations are below historical highs [3][11]. - The PB ratio has also shown variability, with a maximum of 2.57X and a minimum of 1.42X over the past year [3][11]. Industry Dynamics and Company Announcements - Nanwei Medical plans to acquire a 51% stake in Creo Medical S.L.U. for up to €36.72 million (approximately ¥289 million) [14][15]. - In August, the number of approved medical devices decreased by 9.3% year-on-year, with a total of 2321 items registered [16]. - The U.S. has announced increased tariffs on certain medical products, affecting the export market for low-value consumables [17]. Investment Recommendations - Short-term focus is advised on innovative consumables less affected by medical insurance payment policies [4][19]. - Long-term prospects remain positive for high-value consumables, particularly in interventional and implantable devices, as demand recovers in medical institutions [4][19].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical industry, indicating a positive outlook for investment opportunities in the sector [22][23]. Core Insights - The pharmaceutical sector has experienced a slight decline of 0.8% recently, underperforming the overall market by 2.06 percentage points. The chemical pharmaceuticals and biological drugs have seen declines of 2.7% and 0.7%, respectively, while the raw materials sector has decreased by 0.3% [2][19]. - The report highlights a shift in focus from revenue growth to profitability within the biotech sector, with traditional pharmaceutical companies emerging from a low point in their transition between old and new growth drivers. The recovery in the raw materials sector is also noted, with a positive trend in performance following a period of adjustment [3][19]. - Two main investment strategies are recommended: 1. Focus on innovative drugs driven by internationalization and product strength, suggesting a selection of stocks based on clinical needs, technology platforms, and product capabilities [22]. 2. Emphasize recovery in demand and efficiency improvements, particularly in the raw materials sector, which is beginning to recover after significant asset impairments [22][23]. Summary by Sections Market Performance - The pharmaceutical sector's recent performance has been weak, with a notable decline in the second quarter attributed to overall earnings downturns. The sector is transitioning towards an alpha market phase, with significant performance differentiation among sub-sectors [3][19]. Valuation Metrics - As of September 24, the pharmaceutical sector's PE-TTM (excluding negative values) stands at 22.6X, below one standard deviation, while the PB ratio is at 2.17X, also below two standard deviations [2][19]. Long-term Outlook - The report emphasizes that the domestic innovative drug industry has established a relatively complete ecosystem of policies, talent, and capital during the 13th Five-Year Plan period. The transition into the 14th Five-Year Plan marks a high-quality development phase for the pharmaceutical and biotechnology industries, presenting historical opportunities for transformation and upgrade [22][23].

% 1 个月 3 个月 12 个月 相对收益 0.9 -2.7 -8.4 绝对收益 -4.5 -13.5 -23.3 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 16 日 湘财证券研究所 行业研究 机械行业周报 8 月我国金切机床产量约 6.0 万台，同比增长 9.8% ——机械行业周报（09.09~09.15） 相关研究： 1.《20240902湘财证券-机械行业：8 月我国PMI为49.1%，环比下降0.3个 百分点》 2.《20240909湘财证券-机械行业： 7月全球半导体销售额约513亿美 元，同比增长18.7%》 行业评级：增持（维持） 近十二个月行业表现 -30% -20% -10% 0% 10% 23/09 23/11 24/01 24/03 24/05 24/07 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： ❑ 上周机械设备行业下跌 1.4%，跑赢大盘 0.8 个百分点 ...

Investment Rating - The industry rating is maintained at "Overweight" [5][8][17] Core Viewpoints - The vaccine industry is currently under short-term pressure due to high base effects, price declines of certain major products, and the need for capacity clearance. However, long-term drivers such as policy, demand, and technology remain unchanged, which will promote the industry's long-term growth [8][17] - The approval of innovative vaccines and increased investment in vaccine research and development are expected to accelerate the growth of the vaccine industry in China [8][17] - The demand for vaccines is expected to grow due to increased consumer willingness and an aging population, along with opportunities for vaccine exports [8][17] Market Performance - The vaccine sector saw a 1.14% increase last week, outperforming other sub-sectors in the pharmaceutical industry [2][10] - Year-to-date, the pharmaceutical sector has declined by 27.56%, with the vaccine sector experiencing a decline of over 40% [2][10] Valuation Metrics - The vaccine sector's PE (ttm) is 22.54X, which has increased by 0.23X week-on-week, while the PB (lf) is 1.64X, up by 0.01X [3] - The PE is at the 7.88% percentile over the past decade, and the PB is at the 0.16% percentile, indicating a significant valuation premium of 106% relative to the CSI 300 index [3] Industry Dynamics and Company Announcements - AstraZeneca's FluMist, a needle-free nasal spray flu vaccine, has been approved by the FDA for use in individuals aged 2 to 49 [4][13] - The first domestic clinical trial for a recombinant U-VLP-RSV vaccine by Pino Biotech has been accepted, marking a significant milestone for domestic vaccine development [4][14][16] Product Performance - As of September 18, 2024, the total number of HPV vaccine batches approved has decreased by 63.16% year-on-year, with the four-valent vaccine seeing the largest decline of 94.75% [5][7] - The shingles vaccine has shown the most significant growth, with a year-on-year increase of 225% [5][7]