中国银河证券|CGS 医疗 AI 赋能，大数据价值深度挖掘 Deepseek 冲击波 | 医药首席分析师：程培 医药分析师：宋丽莹、孟熙 研究助理：闫晓松 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 ——Deepseek 冲击波系列报告 维持评级 程培 宋丽莹 孟熙 ⚫ ⚫ ⚫ ⚫ ⚫ 行业深度报告 · 医药生物行业 Catalog | 一、 医疗 AI 应用: 全方位驱动产业升级 . | | --- | | （一） AI 驱动医疗产业智能化升级 | | (二) 医疗 AI 赋能四大应用场景 | | 二、 Deepseek 增强模型推理, 结合专业数据库提升价值 | | (一) 新药早期研发:AI 提高研发效率,多款药物进入临床 | | (二) 诊断服务：多维度赋能各细分领域，驱动行业规模扩容. | | (三) 医疗服务与医疗信息化：场景赋能与创新应用 | | 三、多维度视角看 Deepseek 应用,对医药产业影响深远 . | | （一） 历史视角：AI 技术奇点降临，或将导致生物医药行业范式革新 | | (二) 经济视角：大数据处理能力攀 ...

□国银河证券|CGS 存量地产精准运营，开发物管效能提升 Deepseek 冲击波专题 房地产分析师：胡孝宇 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 行业专题报告 · 房地产行业 存量地产精准运营,开发物管效能提升 Deepseek 冲击波专题 2025年2月18日 房地产行业 推荐 维持评级 分析师 胡孝宇 网: huxiaoyu_yj @chinastock.com.cn 分析师登记编码：S0130523070001 相对沪深 300 表现图 2025-2-17 40% 20% 0% -20% -400% 相关研究 1. 【银河地产】行业点评_房地产行业_积极探索新 模式,助力地产止跌回稳 2. 【银河地产】行业深度_房地产 2025 年度策略: 收储城改齐发力，行业迈向新周期 3. 【银河地产】行业点评_房地产行业_供需两侧齐 发力,推动地产止跌回稳 4. 【银河地产】房地产行业深度报告_收储的平衡支 点与前行之路 5. 【银河地产】行业点评_加快构建新模式,推进地 产新篇章_三中全会专题研究 6. 【银河地产】2024 年中期策略 ...

社融信贷开门红超预期、政策加力支持科技、消费 银行业周报（2025.02.10-2025.02.16） 2025 年 2 月 17 日 核心观点 银行业 | | | 资料来源:ifind. 中国银河证券研究院 相关研究 www.chinastock.com.cn 分析师 张一纬 ☎：010-8092-7617 z:zhangyiwei_yj@chinastock.com.cn 分析师登记编码：S0130519010001 研究助理 袁世麟 网: yuanshilin_yj@chinastock.com.cn 相对沪深 300 表现图 2025-02-17 40% 20% 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 行业周报 银行板块表现优于市场:本周沪深 300 指数上涨 1.19%,银行板块上涨 ● 2.41%。国有行、股份行、城商行、农商行分别+3.57%、+3.20%、+0.20%、 -0.16%。个股方面,青岛银行（+6.12%）、建设银行(+5.54%)、兴业银行 (+5.17%）、招商银行(+4.55%)、工商银行(+4.48%)涨幅居前。截至 2 月 14 日，银行板块 ...

科创板周报 · 科创板 首批科创综指 ETE 已开始发行 科创板周报 (2.10-2.14) 核心观点(2.10-2.14) 2025年2月18日 分析师 吴砚靖 ☎: 010-66568589 网：wuyanjing@chinastock.com.cn 分析师登记编码：S0130519070001 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 上周科创板上涨 1.48%,整体交易活跃度有所下降。上周科创板日均成交 0 额约为 1,448.34 亿元，较前一周的 1,485.17 亿元下降；科创板平均换手率为 17.00%,低于北交所、创业板;相比其他三大板块,科创板涨跌幅弱于北交所、 创业板、沪深主板,上涨1.48%。从行业来看,上周科创板大部分行业上涨, 计算机行业周涨幅最大(+8.58%),有色金属行业跌幅最大(-6.21%)。截至 2025 年 2 月 14 日, 科创板上市公司总数为 585 家, 总市值为 77,459.99 亿 元。其中，永信至诚（+80.79%）涨幅领先,其次是青云科技（+78.36%）、 博睿数据 (+63.1 ...

Summary of Conference Call Records Industry Overview - The A-share market has seen a continuous increase in trading volume, with a record of over 1 trillion yuan for 33 consecutive trading days as of November 15, marking the highest since mid-July 2015 [1] - The total market capitalization of A-shares reached 97 trillion yuan by November 12, indicating a significant recovery in market confidence driven by policy support and improving fundamentals [1] - Key sectors performing well include media and automotive, while real estate and asset management sectors lag behind [1] Policy Insights - Recent monetary and fiscal policies, including debt restructuring for local governments, aim to stimulate economic growth and alleviate market uncertainties [2][3] - The upcoming Central Economic Work Conference in December is anticipated to be a critical policy focus for investors [2] - The impact of U.S. technology restrictions under the Trump administration is expected to catalyze domestic technology sectors, particularly in self-sufficiency and domestic substitution [2][3] Investment Recommendations - The technology sector, particularly TMT (Technology, Media, and Telecommunications), remains a focal point for investment, with a recommendation to focus on growth-oriented value stocks benefiting from policy support [3] - Specific recommendations include: - **New Yishun** in the optical module sector, which is crucial for AI development and has shown increasing market share [5][7] - **China Mobile** as a leading operator, expected to benefit from structural changes in capital expenditure towards IT and CT integration [9][10] Company Highlights - **Qi An Xin**: A leader in the cybersecurity sector, benefiting from the increasing importance of cybersecurity in the context of national security and international tensions. The company holds a strong market position with significant backing from state-owned enterprises [12][13] - **BaoLand**: A leading middleware provider in the domestic software sector, focusing on the critical area of foundational software in the context of domestic substitution. The company has a strong client base, including major banks and telecom operators [14][15] Technology Sector Insights - The electronic industry is currently at an average valuation level, with potential for growth as demand recovers post-downturn. Key sectors showing improvement include passive components, display technologies, and digital ICs [22][23] - The AI infrastructure and terminal markets are expected to drive significant growth, with a focus on domestic manufacturers benefiting from the shift towards AI applications [24][25] Conclusion - The overall sentiment towards the A-share market remains optimistic, with a focus on technology and communication sectors as key investment areas. The upcoming policy developments and market dynamics will be crucial in shaping the investment landscape moving forward [1][2][3]

Summary of Conference Call Industry Overview - The conference call discusses the economic data for the third quarter, focusing on GDP growth rates and market expectations [1] Key Points - The GDP growth rate for the third quarter is reported at 0.9% quarter-on-quarter and 4.6% year-on-year, indicating a slight decline of 0.1 percentage points compared to the second quarter [1] - The reported growth aligns with market expectations and previous reports from the company [1] Additional Important Content - The call includes a preview of insights from the strategy expert Yang Chao, who will share the latest market perspectives following the economic data discussion [1]

Summary of Key Points from Conference Call Industry Overview - The conference call focuses on the **Science and Technology Innovation Board (科创板)** and the **Science and Technology 50 Index (科创 50 指数)**, which includes companies in sectors such as electronics, semiconductors, biotechnology, artificial intelligence, information technology, photovoltaic, and high-end equipment manufacturing [1][5]. Core Insights and Arguments - The **current P/E ratio** of the Science and Technology 50 Index is approximately **82 times**, which is in the upper-middle historical range, while the **price-to-sales ratio** indicates a higher safety level with a percentile of **29.1%** and a median of **4.43**, compared to a historical median of **5.4** [1][2]. - Over the past three years, the **net profit** of companies in the Science and Technology 50 Index has cumulatively increased by **106%**, and future growth is expected due to favorable fiscal policies, tax incentives, and R&D subsidies [1][2]. - China is currently undergoing an **asset value reassessment**, with new momentum enterprises, particularly in technology innovation, expected to receive higher market valuations [3]. - The government is providing extensive support for science and technology enterprises, including prioritizing new industries and technologies for listing and offering financing channels [4]. - The sectors represented in the Science and Technology 50 Index align with national strategies and possess significant technological barriers, positioning them to lead future development trends [5]. Market Performance - Recently, the Science and Technology 50 Index has risen by **8.87%**, while the ChiNext Index increased by **4.49%**, and the CSI 300 Index remained flat [6]. - Key sectors such as electronics, semiconductors, and biomedicine have shown outstanding performance, with core component stocks in artificial intelligence, biopharmaceuticals, and high-end equipment manufacturing driving overall growth [6]. Additional Insights - The **semiconductor industry** is crucial within the Science and Technology 50 Index, accounting for over half of its weight, with a current valuation of approximately **40 times**, indicating potential for further growth [13]. - The **biomedical sector** demonstrates strong technological innovation, with significant achievements in innovative drugs and medical devices, highlighting companies like Junshi Biosciences and United Imaging Healthcare [9][10]. - **Hua Medicine** has a market share exceeding **60%** in the hyaluronic acid sector, with optimistic long-term prospects despite short-term fluctuations in its cosmetics business [11]. - The **mechanical equipment sector** is influenced by government policies aimed at low-carbon development, with a focus on rail transport equipment and significant investment opportunities [19][20]. Conclusion - The Science and Technology 50 Index is positioned as a key investment target due to its alignment with national strategies, strong performance in high-tech sectors, and supportive government policies, indicating a robust outlook for future growth and investment opportunities [5][6].

Summary of Conference Call Industry or Company Involved - The conference call pertains to the "科创50指数" (Science and Technology Innovation 50 Index) and its significant components [1] Core Points and Arguments - The call discusses the rise of the 科创 (Science and Technology Innovation) sector and its market potential [1] - There is an emphasis on the challenges and uncertainties surrounding the 科创50指数 and its key components [1] Other Important but Possibly Overlooked Content - All participants were muted at the beginning of the call, indicating a structured approach to the discussion [1] - The call included a formal statement before the host began speaking, suggesting a professional setting [1]

Summary of Conference Call on Transportation Industry's Overseas Expansion Industry Overview - The focus of the conference call is on the transportation industry's overseas expansion, specifically how it serves the manufacturing sector and enhances global network layout [1]. Core Points and Arguments - The primary purpose of overseas expansion in the transportation sector is to support the manufacturing industry that is going abroad [1]. - The overseas activities of the transportation industry are largely reactive, following the movements of their clients who are expanding internationally [1]. Other Important Content - The call emphasizes the importance of a comprehensive global network for the transportation industry, indicating that this is a strategic necessity for companies involved in international logistics [1].

大家好欢迎参加银河总量事业千字当头万水千山十等闲政策拐点后的投资机会系列目前所有参会者均处于静音状态下面开始播报免责声明声音播报完毕后主持人可直接开始发言谢谢本次会议请面向银河证券专业投资者客户未经银河证券和演讲嘉宾事先书面许可不得以任何 尊敬的各位投资者女士们先生们大家晚上好我是银河证券宏观团队负责人张迪欢迎大家参加我们中国银河证券国庆特别系列电话会议大拐点大机遇 从今天10月1号开始一直到10月8号我们银河证券研究院将连续8天为大家分享最新的市场看法和投资观点今天的第一场会议由我们总量团队先开个头预热一下我们这场会议的题目叫做干字当头万水千山只等闲一会儿我会先给大家分享一下宏观方面的观点 之后还有固收组的刘亚昆老师和地产组的胡孝宇老师给大家做进一步的分享相信大家刚刚都经历了非常不平凡的一周从9月24号货币政策的因出竟出再到9月26号政治局会议的干字当头政策基调发生了重大的变化市场也出现了一个报复式的上涨今天我们总共谈四个方面 第一个方面我们先要回答第一个问题就是为什么政策趋向发生了如此大的一个变化我们认为一个最根本的点就是在于外部目标开始让步于内部目标稳增长 稳就业已经成为当下最重要的首要目标第一点就是经 ...