2024 年 7 月 22 日 行业周报 行业环级: 报告期:2024.7.8-2024.7.19 投资 千级春好 许级 变 动维持评级 行业务部: 分析师: 分析师 胡夏咸 huchenxi@gwgsc.com 执业证书编号:S0200518090001 联系 电话:010-68085205 研究助理 姚岳续 weiyuqi@gwgsc.com 执业证书编号:S0200123060002 联系 电话:010-68099389 公司地址:北京市丰台区凤凰常街 2 今院 1 今接中国长城资产大厦 16 近 证券研究报告 医药生物行业双周报 2024 年第 15 期总第 113 期 替尔泊肽减重适应症获批上市,关注相关投资机会 行业回顾 本报告期医药生物行业指数涨幅为 1.21%,在中方 31 个一级行业中 位居第 8,跑输沪深 300 指数(3.15%)。从子行业未看,疫苗、医 院涨幅居前,涨幅分别为 5.18%、3.00%;线下药店、医药流通跌幅 居前,跌幅分别为 6.06%、0.48%。 体值方面,截至 2024 年 7 月 19 日,医药生物行业 PE (TTM 整体法, 别除 负值)为 24.42x(上 ...

2024 年 7 月 22 日 证券研究报告 行业周报 行业评级: 报告期:2024.7.8-2024.7.19 分析师 胡晨曦 huchenxi@gwgsc.com 执业证书编号:S0200518090001 联系电话:010-68085205 weiyuqi@gwgsc.com 执业证书编号:S0200123060002 联系电话:010-68099389 公司地址:北京市丰台区凤凰嘴街 2 号院 1 号楼中国长城资产大厦 16 层 医药生物行业双周报 2024 年第 15 期总第 113 期 替尔泊肽减重适应症获批上市,关注相关投资机会 行业回顾 投资评级 看好 本报告期医药生物行业指数涨幅为 1.21%,在申万 31 个一级行业中 评级变动 维持评级 位居第 8,跑输沪深 300 指数(3.15%)。从子行业来看,疫苗、医 院涨幅居前,涨幅分别为 5.18%、3.00%;线下药店、医药流通跌幅 行业走势: 居前,跌幅分别为 6.06%、0.48%。 估值方面,截至 2024 年 7 月 19 日,医药生物行业 PE(TTM 整体法, 剔除负值)为 24.42x(上期末为 24.03x),估值上行,低于 ...

硅 行业周报 2024 年 7 月 22 日 证券研究报告/行业研究 电新行业双周报 2024 年第 15 期总第 37 期 二十届三中全会决定:加快规划建设新型能源体系,完善新 能源消纳和调控政策措施 行业评级: 报告期:2024.7.8-2024.7.21 行情回顾: 投资评级 看好 报告期内电力设备行业指数涨幅为 3.18%,跑赢沪深 300 指数 0.03Pct。 评级变动 维持 电力设备申万二级子行业中光伏设备、电池、其他电源设备Ⅱ、风电 设备、电网设备、电机Ⅱ分别变动 7.40%、4.66%、3.19%、-0.98%、-2.28%、 -2.53%。重点跟踪的三级子行业锂电池、电池化学品、风电零部件分 别变动 6.87%、-0.06%、-3.12%。 行业走势: 2024 年初至本报告期末,电力设备行业累计下跌 15.64%,沪深 300 指 数累计上涨 3.14%,电力设备行业累计跑输 18.79Pct。电力设备的六个 申万二级子行业全部下跌,其中风电设备累计跌幅最大,为-29.97%。 重点跟踪的三个三级子行业风电零部件、电池化学品、锂电池变动分 别为-33.70%、-32.00%、5.15%。 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2] Core Insights - The approval of the "Full Chain Support for Innovative Drug Development Implementation Plan" by the State Council is a significant policy benefit for the innovative drug sector [3][21] - The pharmaceutical and biotechnology industry index experienced a decline of 3.37%, ranking 19th among 31 primary industries, underperforming the CSI 300 index, which fell by 1.85% [4][12] - The overall PE (TTM) for the pharmaceutical and biotechnology industry is 24.03x, down from 24.87x in the previous period, indicating a downward trend in valuation [4][16] Industry Review - The report period saw a net reduction of 119 million yuan in shareholdings across 30 listed companies in the pharmaceutical and biotechnology sector, with 21 companies increasing their holdings by 68 million yuan and 9 companies reducing their holdings by 188 million yuan [4] - The top three sub-industries by PE (TTM) are diagnostic services (48.63x), blood products (34.78x), and medical consumables (32.12x), with the lowest valuation in pharmaceutical distribution at 14.52x [4][16] Important Industry News - The National Healthcare Security Administration announced the "2024 National Basic Medical Insurance, Work Injury Insurance, and Maternity Insurance Drug Directory Adjustment Work Plan," which includes adjustments to the drug directory and negotiation rules [23] - The NMPA is seeking public opinion on optimizing the review and approval process for urgently needed overseas drugs, aiming to expedite their market entry in China [24][25] Company Dynamics - Johnson & Johnson's BCMA/CD3 bispecific antibody, Talquetamab, received NMPA approval, marking it as the first of its kind in China for treating relapsed or refractory multiple myeloma [26][27] - Novo Nordisk's semaglutide injection for weight management has been approved by the NMPA, expanding its indications for obesity treatment [28][30] - Fosun Pharma plans to privatize its subsidiary, Fuhong Hanlin, with a cash and/or stock offer totaling up to 5.407 billion HKD [34][36] Investment Recommendations - The report suggests continuous attention to the innovative drug sector, particularly companies with original research capabilities and strong commercialization abilities [7]

Investment Rating - The investment rating for the power equipment industry is "Positive" and the rating has been maintained [2]. Core Insights - The power equipment industry index declined by 6.69% during the reporting period, underperforming the CSI 300 index by 4.84 percentage points [2][10]. - From the beginning of 2024 to the end of the reporting period, the power equipment industry has cumulatively dropped by 18.24%, while the CSI 300 index remained flat, indicating a significant underperformance of 18.24 percentage points [2][10]. - All six sub-industries within power equipment experienced declines, with the photovoltaic equipment sector showing the largest cumulative drop of 32.45% [2][10]. - The report highlights a potential increase in demand due to multiple provinces responding to the national "Wind Control Action" initiative, with projects expected to commence in 2025-2026 [5]. Market Review 1. Market Performance - The power equipment industry index fell by 6.69%, with sub-industries such as grid equipment, motors, and photovoltaic equipment showing declines of -3.66%, -5.60%, and -10.60% respectively [2][10]. - Key tracked sub-industries like lithium batteries, wind power components, and battery chemicals also saw declines of -4.66%, -6.90%, and -8.73% respectively [2][10]. 2. Industry News - The report notes that several provinces have released overall plans for the "Wind Control Action," which is expected to stimulate demand for wind power installations [5]. - The wind power sector is particularly highlighted, with ongoing projects in provinces like Shanxi and Guangdong showing promising progress [5]. Company Dynamics 1. Shareholder Activity - In the reporting period, 17 listed companies in the power equipment sector experienced a net reduction of 235 million yuan in shareholder holdings, with 11 companies increasing their holdings by 57 million yuan and 6 companies reducing by 291 million yuan [3][31]. 2. Key Company Updates - Companies like Rongbai Technology and XWANDA are making strides in solid-state battery technology and partnerships to enhance production capabilities [29][30]. Valuation Metrics - As of July 5, 2024, the price-to-earnings (PE) ratio for the power equipment industry stands at 20.14 times, which is below the negative one standard deviation and ranks 16th among the Shenwan first-level industries [2][18]. - The PE ratios for closely monitored sub-industries such as battery and wind power equipment are 20.65 times and 25.60 times respectively [2][18].

2024 年 07 月 04 日 证券研究报告/公司研究 化学制剂/化学制药/医药生物 诺诚健华-U 688428.SH 基础数据: 截至 2024 年 7 月 3 日 相对市场表现: huchenxi@gwgsc.com 执业证书编号:S0200518090001 联系电话:010-68085205 研究助理 魏钰琪 weiyuqi@gwgsc.com 执业证书编号:S0200123060002 联系电话:010-68099389 血液瘤产品商业化持续推进,自免管线进展可喜 主要观点: ◆聚焦恶性肿瘤和自免领域,开发同类最佳或同类首创药物。公司是 当前股价 8.86 元 一家以卓越的自主研发能力为核心驱动力的创新生物医药企业,目前 投资评级 买入 已构建了从源头创新、临床开发、生产到商业化的全产业链平台,产 评级变动 首次覆盖 品布局聚焦于血液瘤、自身免疫性疾病和实体瘤等存在巨大未满足医 总股本 17.63 亿股 流通股本 2.57 亿股 疗需求和广阔市场空间的领域,覆盖小分子药物、单克隆抗体及双特 总市值 156.20 亿元 异性抗体。公司核心产品奥布替尼已在中国和新加坡获批上市,并纳 流动市值 22.7 ...

基础数据: 相对市场表现: 分析师: zhangyetong@gwgsc.com 执业证书编号:S0200524050001 联系电话:010-68099390 研究助理 朱高天 zhugaotian@gwgsc.com 执业证书编号:S0200123030001 联系电话:010-68099392 楼中国长城资产大厦 16 层 通信线缆及配套/通信设备/通信 中天科技 600522.SH 光通信及电网业务为基石 海风光储打造第二增长曲线 主要观点: ◆中天科技以光纤通信为起点,形成光通信、智能电网、新能源、海 截至 2024 年 6 月 27 日 当前股价 15.18 元 洋装备、新材料等多元化产业格局。电力传输和光通信及网络业务作 投资评级 买入 为公司传统主营业务,始终在公司总营收中占据较高比例,2023 年, 评级变动 首次 总股本 34.13 亿股 电力传输业务占公司总营收的 37.15%,光通信及网络业务占 20.22%。 流通股本 34.13 亿股 海洋系列及新能源材料业务作为公司第二增长曲线,营业收入逐年攀 总市值 518 亿 升,2019-2022 年海洋系列 CAGR 为 17.02%,2 ...

硅 行业走势: 多举措推动行业高质量发展 行情回顾: 分析师: 行业评级: 报告期:2024.4.13-2024.5.26 投资评级 看好 报告期内电力设备行业指数跌幅为 2.90%,跑输沪深 300 指数 1.13Pct。 评级变动 维持 电力设备申万二级子行业中光伏设备、电网设备、其他电源设备Ⅱ、 电机Ⅱ、风电设备、电池分别变动-1.31%、-2.00%、-3.46%、-3.70%、 -3.72%、-4.23%。重点跟踪的三级子行业锂电池、风电零部件、电池 化学品分别变动-2.13%、-3.52%、-8.31%。 2024 年初至本报告期末,电力设备行业累计下跌 5.49%,沪深 300 指 数累计上涨 4.97%,电力设备行业累计跑输 10.46Pct。电力设备的六个 申万二级子行业中有五个在下跌,其中风电设备累计跌幅最大,为 -16.24%。重点跟踪的三个三级子行业锂电池、电池化学品、风电零部 件变动分别为 10.12%、-17.80%、-17.83%。电力设备行业整体表现较 差。 本报告期内重点跟踪三级子行业个股以下跌为主。报告期内,锂电池 分析师 张烨童 行业 31 只 A 股成分股中 6 只上涨 ...

医药生物行业双周报 2024 年第 13 期总第 111 期 2024 医保目录调整启动 创新仍是行业主线之一 行业回顾 行业评级: 报告期:2024.6.10-2024.6.21 投资评级 看好 评级变动 维持评级 行业走势: huchenxi@gwgsc.com 执业证书编号:S0200518090001 联系电话:010-68085205 weiyuqi@gwgsc.com 执业证书编号:S0200123060002 联系电话:010-68099389 2 号院 1 号楼中国长城资产大厦 16 层 本报告期医药生物行业指数跌幅为 3.44%,在申万 31 个一级行业中 位居第 18,跑输沪深 300 指数(-2.20%)。从子行业来看,仅原料 药、血液制品上涨,涨幅分别为 0.55%、0.29%;线下药店、中药跌 幅居前,跌幅分别为 17.78%、6.69%。 估值方面,截至 2024 年 6 月 21 日,医药生物行业 PE(TTM 整体法, 剔除负值)为 24.87x(上期末为 25.86x),估值下行,低于负一倍标 准差。医药生物申万三级行业 PE(TTM 整体法,剔除负值)前三的 XXXX@gw ...

硅 行业周报 报告期:2024.6.11-2024.6.23 行业走势: zhangyetong@gwgsc.com 执业证书编号:S0200524050001 联系电话:010-68099390 zhugaotian@gwgsc.com 执业证书编号:S0200123030001 联系电话:010-68099392 北京市丰台区凤凰嘴街 2 号院 1 号 楼中国长城资产大厦 16 层 2024 年 6 月 24 日 证券研究报告/行业研究 电新行业双周报 2024 年第 13 期总第 35 期 《2024 全球海上风电报告》发布,海上风电增长强劲 行情回顾: 行业评级: 报告期内电力设备行业指数跌幅为 3.34%,跑输沪深 300 指数 1.14Pct。 电力设备申万二级子行业中电网设备、电池、电机Ⅱ、其他电源设备 投资评级 看好 评级变动 维持 Ⅱ、风电设备、光伏设备分别变动-0.25%、-3.40%、-3.42%、-3.66%、 -4.71%、-5.57%。重点跟踪的三级子行业锂电池、电池化学品、风电 零部件分别变动-3.24%、-3.97%、-4.10%。 2024 年初至本报告期末,电力设备行业累计 ...