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]

Investment Rating - The report maintains an "Overweight" rating for the banking sector, indicating a positive outlook for investment opportunities in this industry [6]. Core Insights - The recent adjustment in interest rate policy, including a reduction in existing mortgage rates by approximately 0.5 percentage points, is expected to stabilize the net interest margin for commercial banks [2][3]. - The People's Bank of China has eliminated the lower limit on personal housing loan rates, leading to a further decrease in existing mortgage rates, which aligns with market expectations [2]. - The reduction in the 7-day reverse repurchase rate by 20 basis points is anticipated to facilitate a symmetrical adjustment of the Loan Prime Rate (LPR) and deposit rates, thereby maintaining the stability of banks' net interest margins [3]. Summary by Sections Interest Rate Adjustments - The central bank's recent measures to lower existing mortgage rates and the reverse repurchase rate are aimed at reducing the financial pressure on commercial banks from early mortgage repayments [2][3]. - The average new mortgage rate has decreased from 4% last September to 3.45% in June, reflecting a 57 basis point drop, which is in line with market expectations [2]. Banking Sector Performance - In the first eight months of the year, the increase in RMB loans to the real economy was 13.42 trillion yuan, which is a decrease of 3.57 trillion yuan year-on-year, indicating a weak credit demand [3]. - The net interest margin for commercial banks was reported at 1.54% in the second quarter, showing signs of stabilization due to previous interest rate adjustments and regulatory measures [3]. Investment Recommendations - The report suggests focusing on regional banks with strong asset quality and sustainable performance, as well as state-owned large banks that offer significant dividend yields [6]. - The ongoing improvements in financial support for the real estate sector are expected to mitigate risks and stabilize the asset quality of banks [6].

% 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 2024年09月16日 证券研究报告 湘财证券研究所 事件点评 行业研究 8 月我国高空平台销量约 1.3 万台，同比减少 29.7% 相关研究： 核心要点： | --- | |------------------------------| | | | | | 1 《 . 20240717 湘财证券 - | | | | 6 月我国高空平台销量约 | | 台，同比减少 9.1% 》 | | 2. 《 20240815 湘财证券 - | 7月我国高空平台销量约1.7万 台，同比增长6.7%》 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 注：相对收益与沪深 300 相比 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 ...

年09月23 证券研究报告 2024 日 湘财证券研究所 行业研究 证券行业事件点评 风控指标优化落地，提升优质券商资本空间 行业评级：增持（维持） 近十二个月行业表现 -15% -5% 5% 2023/9/20 2023/11/20 2024/1/20 2024/3/20 2024/5/20 2024/7/20 2024/9/20 -25% | --- | --- | --- | --- | |----------|----------|----------|-----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | 5 | 7 | -2 | | 绝对收益 | 1 | -2 | -15 | 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 Email：zzl6599@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： ❑ 风控指标修订稿正式发布，进一步促进券商功能发挥 为落实新"国九条"及加快建设一流投资银行，证监会于 9 月 20 日正式发 布修订后的 ...

相关研究： 1.《AI成长可期，需求复苏可望》 2023.12.24 2.《Sora内测开启，AI视频生成的 新时代序幕正式拉开》 2024.03.01 3.《存储产品市场走势分化，DXI 指数回落》 2024.05.29 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -4.83 -6.7 -9.4 绝对收益 -10.1 -17.0 -23.9 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 19 日 湘财证券研究所 行业研究 半导体行业事件点评 存储市场下游需求持续分化，企业级 SSD 价格上行 行业评级：增持 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： ❑ Q3 存储原厂价格调涨 三大存储原厂价格调涨趋势未变。Digitimes 统计显示，第三季度受服务 器领域对于 DDR5、HBM 产品的需求景气带动，同时受 DDR5 及 HBM 的产能排挤效应影响，DDR5 及 DDR4 颗粒出厂价格 ...

相关研究： 1.《维生素短期价格大幅上涨，关 注板块相关投资机会》 2024.8.16 2.《维生素D3价格异动，关注该品 种触底回升投资机会》 2024.7.10 % 1 个月 3 个月 12 个月 相对收益 -2.3 4.2 -0.1 绝对收益 -7.1 -4.6 -14.2 注：相对收益与沪深 300 相比 证券研究报告 2024 年 9 月 20 日 湘财证券研究所 行业研究 原料药行业月报 原料药价格保持平稳，关注细分领域龙头机会 核心要点： ❑ 上月原料药价格整体保持平稳 上月原料药价格整体保持平稳，激素类部分品种保持平稳上涨，前期 大幅上涨维生素类部分品种价格有所回调，肝素类价格呈现震荡。 激素类双烯及皂素维持小幅上涨态势，8 月环比价格分别上涨 2%、 2%，同比分别上涨 17%、21%。 VD3 价格保持平稳上涨，VA、VE 价格呈现回调：截止至 9 月 19 日， 前期大幅上涨维生素类部分品种走势呈现一定分化，VD3 价格保持平 稳上涨，环比上涨 4%，同比上涨 369%，VA、VE 价格有所回调，环比 分别下降 32%、15%，同比上涨 194%、99%。 肝素类价格呈现震荡：7 月出口 ...

% 1 个月 3 个月 12 个月 相对收益 2.1 -2.6 -7.4 绝对收益 -2.7 -12.1 -21.5 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 20 日 湘财证券研究所 行业研究 机械行业深度报告 出口增长叠加土方机械复苏，工程机械业绩稳中有升 ——工程机械行业 2024 年中报总结 相关研究： 1.《20231225湘财证券-机械行业 2024年度策略-通用设备复苏延 续，工程机械有望筑底》 2.《20240624湘财证券-机械行业 2024年中期策略-国内需求复苏， 聚焦设备更新》 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 24/09 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： ❑ 市场行情：设备更新政策下，工程机械行业表现领先大盘 今年以来，随着 3 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company is undergoing a transformation and entering a new phase of internationalization in high-end formulations [3] - The company achieved a revenue of 2.14 billion yuan in the first half of 2024, a year-on-year decrease of 6.99%, with a net profit of 405 million yuan, down 35.15% [3] - The second quarter of 2024 showed signs of recovery with a revenue of 1.14 billion yuan, a year-on-year increase of 14.3% [4] - The overseas formulation segment continues to grow rapidly, accounting for 53.60% of total revenue in the first half of 2024 [5] - The company is focusing on developing a pipeline of biosimilars and high-end complex formulations, which are expected to drive new growth [6] Financial Summary - The company forecasts EPS of 0.54 yuan, 0.70 yuan, and 0.91 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 24.27, 18.76, and 14.40 [7][8] - Revenue projections for 2024, 2025, and 2026 are 4.245 billion yuan, 5.096 billion yuan, and 6.310 billion yuan, representing year-on-year growth rates of 8.0%, 20.1%, and 23.8% respectively [8] - The net profit is expected to recover significantly in 2024 with a forecast of 875 million yuan, a year-on-year increase of 561.7% [8]

证券研究报告 2024 年 09 月 20 日 湘财证券研究所 公司研究 中信银行（601998.SH） 战略路径清晰，经营保持稳健 核心要点： 公司特色：股东实力雄厚，战略路径清晰 公司评级：增持（首次覆盖） % 1 个月 3 个月 12 个月 相对收益 -5.36 4.25 22.37 绝对收益 -9.83 -5.61 8.11 注：相对收益与沪深 300 相比 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 中信银行背靠中信集团，集团"金融+实业"多元布局，具有业务协同优 势。中信银行从对公业务起家，逐步走向零售业务与对公业务并行发展， 再到对公、零售、金融市场业务"三驾齐驱"。中信银行在 2024 年开启的 新三年规划中提出实施"五个领先"银行战略，致力于打造差异化的中信 金融服务模式。 业务发展：打造"五个领先"银行，提升价值创造能力 财富管理方面，中信银行通过全量客户数字化经营平台，加强了客户、产 品与各渠道之间的精准适配和协同效能，构建覆盖客户全生命周期的专业 服务。2021 年以来，中信银行财富管理业务规模实现稳健增长。截至 2024 年中期末，零售管理资产规模达到达 4.42 万亿 ...

相关研究： 1《. 业绩分化明显，关注旺季催化》 2024.08.27 2.《需求承压，关注结构性机会》 2024.09.03 3.《需求偏弱，关注旺季动销情况》 2024.09.10 证券研究报告 2024 年 9 月 18 日 湘财证券研究所 行业研究 食品饮料行业周报 中秋需求平淡，白酒表现承压 核心要点： ❑ 9 月 9 日-9 月 13 日，食品饮料行业下跌 5.54% 上周，上证指数下跌 2.23%，深证成指下跌 1.81%，沪深 300 指数下跌 2.23%， 创业板指下跌 0.19%。申万食品饮料行业下跌 5.54%，涨跌幅排名 31/31， 跑输沪深300指数3.31pct，食饮子板块涨跌不一，其中其他酒类上涨0.46%， 调味发酵品下跌 0.99%，保健品下跌 1.34%。 猪价方面，9 月 5 日，全国仔猪平均价为 43.24 元/千克，活猪平均价为 20.23 元/千克，猪肉平均价为 31.77 元/千克，均较前一周有所下降。9 月 14 日， 豆粕现货价为 3117.14 元/吨，较 9 月 9 日下跌 0.80%；玉米现货价为 2335.59 元/吨，较 9 月 9 日下降 1.7 ...