证券研究报告 2024 年 9 月 16 日 湘财证券研究所 行业研究 氟化工行业动态分析 R32 出口有所回暖 相关研究： 核心要点： 上游萤石价格相较于一周前持平 1. 《R32配额调整，短期扰动不改 长期格局》 2024.8.28 2. 《第三代制冷剂配额元年，景 气度上行》 2024.4.11 行业评级：买入（维持） 截至 2024 年 9 月 14 日，萤石 97%湿粉价格 3444 元/吨，相较于一个月前 下跌 2.1%，相较于一周前持平。供给端，萤石矿山开工低位的局面短期难 以改善，整体供应增量有限，加之业内冬季看涨较多，厂商大幅让利的意 愿不强，囤货惜售心态较强。需求端，下游需求延续弱势，需求支撑较为 有限，以按需备货为主。 R32 出口有所回暖 制冷剂终端需求方面，近期空调内需较弱，外需仍然较为强劲。根据产业 在线，9 月家用空调排产 1054.2 万台，其中内销排产 486.4 万台，相较于 去年同期内销量下降 14.4%；出口排产 567.8 万台，相较于去年同期外销量 增长 31.8%。 制冷剂价格有所分化，R32 出口有所回暖。R22 方面，下游空调售后维修 市场需求下降，价格略有下 ...

Investment Rating - The industry rating is maintained at "Overweight" [6][17]. Core Insights - The vaccine industry is currently under short-term pressure due to concerns over declining birth rates and intense competition among certain vaccine products, leading to price reductions and excess capacity. However, the long-term outlook remains positive driven by policy support, increasing demand, and technological innovation [6][17]. - The vaccine sector has seen a significant decline in performance, with a year-to-date drop of 48.74%. The overall pharmaceutical sector has also faced challenges, with a cumulative decline of 26.99% [2][8]. - Recent developments include multiple RSV vaccines receiving clinical approval and domestic companies actively pursuing adult vaccines and essential vaccines, indicating a strategic shift towards new market opportunities [6][17]. Market Performance - The vaccine sector index closed at 10,549.97 points, down 2.61% last week. Other related sectors also experienced declines, with the blood products sector down 8.42% and offline pharmacies down 13.07% [2][8]. - The price-to-earnings (PE) ratio for the vaccine sector is 22.31X, reflecting a decrease of 0.58X week-on-week, while the price-to-book (PB) ratio stands at 1.63X, also down by 0.04X [3][6]. Industry Dynamics and Company Announcements - Notable announcements include a strategic cooperation agreement signed by Kanghua Biological with Sichuan Biopharmaceutical Group and Leading Capital, aimed at resource sharing and capital cooperation [4][12]. - Merck announced positive results from a Phase III study of its nine-valent HPV vaccine Gardasil9, which showed efficacy in reducing the incidence of HPV-related infections [4][12]. - A new mRNA RSV vaccine developed by Deep Trust Bio has initiated clinical trials, targeting respiratory diseases in older adults [4][15]. - The China National Pharmaceutical Group's Shanghai Biological Products Research Institute has received approval for clinical trials of a monkeypox vaccine, demonstrating a commitment to expanding vaccine offerings [4][16].

相关研究： 1. 《70个大中城市房价点评：7 月新房和二手房价格环比降幅收 窄》 2024.08.15 % 1 个月 3 个月 12 个月 相对收益 1 -4 -22 绝对收益 -5 -15 -38 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 18 日 湘财证券研究所 行业研究 房地产行业数据点评 二手房价格环比跌幅扩大，房价仍面临下行压力 核心要点： ❑ 8 月新房和二手房价格环比继续下跌 行业评级：增持（维持） 近十二个月行业表现 -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 2023/9/13 2023/11/12 2024/1/11 2024/3/11 2024/5/10 2024/7/9 2024/9/7 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 新房方面，8 月 70 个大中城市新房价格同比下跌 5.7%（降幅扩大 0.4pct）， 环比下跌 0.7%（降幅扩大 0.1 ...

2024年09月18日 证券研究报告 行业研究 湘财证券研究所 稀土永磁行业周报 | --- | --- | --- | --- | --- | |---------------------|---------------------------------------------------------------------------------------------------------------------------------|-----------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024年9月18日湘财证券研究所 氟化工行业事件点评 证券研究报告 行业研究 制冷剂 $$2 0 2 5$$ 年配额方案征求意见稿出台 相关研究： | --- | --- | |-------------------------------|----------------------| | | | | | | | | | | 1. 《2024 | 年度第三代制冷剂配额 | | 发 放 ， 主 流 | 中 度 高 》 | | 2024.1.16 | | | 2. 《第三代制冷剂景气度有望上 | | | 行，含氟高分子材料、含氟精细 | | 2023.11.20 近十二个月行业表现 | --- | --- | --- | --- | |----------|--------|--------|---------| | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -4.4 | -14.9 | -8.0 | | 绝对收益 | -9.6 | -25.3 | -23.4 | 分析师：顾华昊 证书编号：S0500523080001 Tel： $$( 8 ...

% 1 个月 3 个月 12 个月 相对收益 -2.7 15.5 44.1 绝对收益 -7.9 5.1 28.7 注：相对收益与沪深 300 相比 证券研究报告 2024 年 09 月 13 日 湘财证券研究所 公司研究 惠泰医疗（688617.SH）首次覆盖 电生理业务高速增长，海内外业绩持续向好 核心要点： 公司评级：增持（首次覆盖） 近十二个月公司表现 -20% 0% 20% 40% 60% 惠泰医疗 沪深300 分析师：聂孟依 证书编号：S0500524040001 Tel：(8621) 50299667 Email：nmy06967@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 ❑ 2024 年 H1 业绩稳健增长 2024 年上半年，公司实现营业收入 10.01 亿元，较上年同期增长 27.03%； 实现归属于上市公司股东的净利润 3.43 亿元，较上年同期增长 33.09%；归 属于上市公司股东的扣除非经常性损益的净利润 3.28 亿元，较上年同期增 长 35.20%。2024H1 销售毛利率约 72.75%，销售净利率约 33.77%。公司业 绩稳健，连续 ...

Investment Rating - The industry investment rating is "Overweight" [3] Core Insights - The recent release of the "New National Ten Articles" by the State Council emphasizes high-quality development in the insurance industry, focusing on strong regulation, risk prevention, and enhancing the industry's role as an economic stabilizer and social stabilizer [2][4] - The framework aims for a high-quality development of the insurance industry by 2029, with a comprehensive market system and diverse products and services by 2035 [2] - The new guidelines stress the importance of regulatory measures and risk prevention, enhancing the internal motivation for high-quality development within the industry [2] Summary by Sections Regulatory Focus - The new guidelines highlight strict regulation and risk prevention, addressing market access, institutional supervision, and the rectification of illegal activities [2] - Emphasis on asset-liability linkage regulation and improving interest rate transmission mechanisms to prevent asset-liability mismatches and interest margin losses [2] Development Goals - By 2029, the insurance industry aims to have a stable coverage expansion, comprehensive protection, and robust governance [2] - By 2035, the goal is to establish a complete market system with strong international competitiveness [2] Market Opportunities - The guidelines support the development of third-pillar pension insurance and commercial pension products to address aging trends and social security gaps [2] - There is a focus on aligning insurance services with national priorities such as the "Belt and Road" initiative and supporting technological innovation [2] Performance Outlook - The insurance sector has maintained a growth trend in premium income, with savings-type life insurance products gaining relative advantages following recent bank deposit rate cuts [4] - The expectation for improved asset-side returns is supported by favorable capital market policies [4]

证券研究报告 2024 年 09 月 13 日 湘财证券研究所 行业研究 中药行业事件点评 安徽省中成药集采征求意见稿发布，规则细化、涵盖面较广 相关研究： 事件： 1. 《进入业绩密集披露期，短期 关注中报业绩》 20240827 2. 《中药业绩继续显现承压， OTC及品牌中药表现较好》 20240911 行业评级：增持（维持） 近十二个月行业表现 沪博300 展计 申药 展计 | --- | --- | --- | --- | |----------|----------|----------|-----------| | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -2 | -2 | -3 | | 绝对收益 | -5 | -11 | -18 | | | | | | 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 2024 年 9 月 9 日，黄山市医保局发布关于征求《安徽省 2024 年度中成药集中 带 ...

证券研究报告 2024 年 9 月 13 日 湘财证券研究所 1.《AI端侧落地加速，消费电子 步入新一轮创新周期》 2024.09.06 2.《上半年净利润增长57.89% 域控和HUD收入实现大幅增 长》 2024.08.28 3.《世界机器人大会召开闭幕， 人形机器人汽车工业应用取得进 展》 2024.08.27 消费电子(申万) 沪深300 % 1 个月 3 个月 12 个月 相对收益 3.18 5.58 10.81 绝对收益 -1.83 -5.28 -5.18 注：相对收益与沪深 300 相比 行业研究 消费电子行业点评报告 苹果发布 iPhone16 系列，AI 功能 10 月将推出 相关研究： 行业评级：增持 近十二个月行业表现 -30.00% -20.00% -10.00% 0.00% 10.00% 20.00% 23-0923-1023-1123-1224-0124-0224-0324-0424-0524-0624-0724-0824-09 联系人：李杰 证书编号：S0500521070001 Tel：(8621) 50293525 Email：lijie5@xcsc.com 地址：上海市浦 ...

证券研究报告 2024 年 09 月 12 日 湘财证券研究所 行业研究 事件点评 8 月我国挖机开工小时数为 93.0 小时，同比增长 3.3% | --- | |-----------------------------------------------------------------------| | | | | | 相关研究： | | | | 1 《 . 20240807 湘财证券 - 机械行业： 7 月我国挖机销量同比增长 8.6% | | 装载机电动化率持续提升》 | | 2. 《 20240910 湘财证券 - 机械行 | | 业： 8 月我国挖机销量同比增长 | | 11.8% ，增速继续回升》 | 行业评级：增持（维持） 近十二个月行业表现 -30% -25% -20% -15% -10% -5% 0% 机械设备(申万) 沪深300 | --- | --- | --- | --- | |---------------|--------------------|----------|------------------| | | | | | | | | | | | 23/09 23/11 ...