行业报告: RWA 2025年6月6日 中航证券有限公司 AVIC SECURITIES CO., LTD. RWA：为现实世界资产开启数字金融之门 行业评级： 增持 分析师：卢正羽 证券执业证书号：S0640521060001 分析师：刘牧野 证券执业证书号： S0640522040001 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 l 核心观点及投资建议 2 ■ 行业概览: RWA (Real World Assets)，即现实世界资产代币化。核心为通过区块链技术将传统实体资产（如房产、设备、债券、新能源设施 等）转化为可以线上交易的数字通证（Token），助力现实世界资产实现在区块链数字网络上的实时交易与流转。其有效破解了逆全球化寒潮冲 击之下的传统资产流动性不足、信任缺失、交易成本高等现实难题、为全球经济及金融数字化创新带来全新发展机遇。稳定币，既属于广义的 RWA范畴之一，也是RWA资产实现数字化交易的基础支付、结算媒介。 ■ RWA业务与监管:RWA业务,首先、在将现实世界资产转化为数学化代币产品的过程中,必须要明确标的资产的价值、所有权和法律地位。其 ...

2025年06月07 B 证券研究报告|行业研究|行业点评 社会服务行业·周观点 全国生育支持政策持续加码,出版与母婴产业链受益 政策端持续释放积极信号,地方生育假制度不断突破。2025年6月, 四川省卫生健康委员会发布《四川省人口与计划生育条例（修正草 案征求意见稿）》，提出延长婚假和生育假:婚假由5天延长至20 天，参加婚前医学检查的可再增加5天；生育假在国家规定的98天 基础上,生育一孩、二孩、三孩的女性分别延长90天、120天、150 天。 央地政策形成合力,育儿补贴政策相继落地,部分地区已初见成效。 中央层面,2024年10月28日,国务院办公厅印发《关于加快完善生 育支持政策体系推动建设生育友好型社会的若干措施》,明确提出 完善生育支持政策体系和激励机制;2025年政府工作报告明确"制 定促进生育政策,发放育儿补贴",国家卫健委正起草统一操作方 案,预计年内落地。地方层面,23个省份已开始探索生育补贴,济 南、杭州、长沙、沈阳、哈尔滨、荆门、天门等地生育刺激政策已 经落地。 投资建议:当前全国生育支持政策正从地方试点走向系统落地,"延 产假+育儿补贴+托育支持"等组合机制有望推动生育预期边际修 投 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to exceed that of the CSI 300 index over the next six months [26]. Core Insights - The report emphasizes that national fertility support policies are continuously being strengthened, benefiting the publishing and maternal and infant industry chains. Local maternity leave systems are progressively improving, with significant policy changes such as extending marriage leave from 5 days to 20 days and increasing maternity leave for different birth orders [15][16]. - The combination of central and local policies is creating a synergistic effect, with various regions implementing child-rearing subsidies that have begun to show positive results. For instance, cities like Jinan and Hangzhou have introduced financial incentives for families having more children [16][18]. - There is an initial improvement in birth rates, with 2024 seeing a rise in the number of births to 9.54 million, a 520,000 increase from 2023, marking the first year of growth after a decline [18]. Summary by Sections Market Performance Review - The social services sector index experienced a weekly increase of 2.09%, ranking 9th among 31 sectors in the Shenwan classification. The growth of the sector is supported by favorable policies and market conditions [4][6]. Core Insights - The report identifies key investment themes, including the positive impact of extended maternity leave and child-rearing subsidies on maternal and infant consumption, education publishing, and related sectors. The report suggests that these areas will benefit from policy catalysts and improvements in population structure [19][20]. Industry News Dynamics - The report highlights ongoing developments in the social services sector, including the implementation of various supportive measures for families, which are expected to enhance consumer confidence and spending in related industries [21][22].

◆ | 涨幅前 | 万辰集团 | 邦基科技 | 永顺泰 | 罗牛山 | *ST 佳沃 | | --- | --- | --- | --- | --- | --- | | 五 | 14.6% | 14.1% | 10.5% | 7.8% | 7.6% | | 跌幅前 | 瑞普生物 | 田野股份 | 晓鸣股份 | 天康生物 | 雪榕生物 | | 五 | -14.4% | -10.9% | -5.6% | -4.0% | -3.4% | 资料来源：iFinD，中航证券研究所整理 ◆ ◆ 1 [证券研究报告] 正常节奏出栏,意在推动行业理性经营,以及稳定远期生猪价格和产能。此外,对二 次育肥的约束也将有利于行业减少投机行为、减轻短期价格波动。整体上新的行业举 措将维护行业正常生产经营,也有利于推动产业长期高质量发展。 交易上,生猪板块具备长期配置价值,关注优化行业经营发展举措给板块预期 带来的推动。一是股价先于周期，生猪板块估值水平处于历史低位。截至６月６日， 万得猪产业指数为 926.06 点，整体 PB 估值 2.55 倍，处于近 10 年 2.13%分位点, 估值具备较好性价比。二是生猪行业优势企业红利属性增强 ...

2025年06月07日 证券研究报告|策略研究|策略点评 "TACO 交易"或已过热,全球资金有望持续增配中国资产 报告摘要 核心观点: 作者 董忠云 分析师 SAC 执业证书：S0640515120001 联系电话:010-59562478 邮箱：dongzy@avicsec.com 符肠 分析师 SAC 执业证书: S0640514070001 联系电话:010-59562469 邮箱:fuyyjs@avicsec.com 庞晨 研究助理 SAC 执业证书: S0640124040009 联系电话: 邮箱:pangc@avicsec.com 王警仪 研究助理 SAC 执业证书：S0640123090015 联系电话: 邮箱：wangjybj@avicsec.com 杨子萌 SAC 执业证书:S0640124060008 联系电话: 邮箱:yangzm@avicsec.com 相关研究报告 中航策略周报:《全球配置再平衡,港股估 值重估正在路上》 中航策略周报:《全球市场波动或将加剧, 中国资产有望成为避风港》 中航策略周报:《关税阶段性缓和,市场焦 点或将回归基本面》 中航策略周报:《中美关税战或进入拉锯 ...

2025年06月08 F 证券研究报告|行业研究|军工行业点评 国防军工 军工行业周报：导致变化的变化 报告摘要 全年观点请关注 2025 年军工投资策略《今朝更好看》。 本周,国防军工（申万）上涨 0.41%,在 31个行业中排名 24。 本周,受印尼评估采购歼-10 可行性、卫星互联网低轨 04 组卫星发 射成功等相关事件影响,星图测控、陕西华达、中航成飞等相关个股 涨幅居前。 一、新战争形态催生新需求 近年来,国际局势动荡,以巴以、俄乌等为代表的冲突无一不展 现了新战争形态对于新型武器装备的需求，以"智能化、体系化、信 息化"为代表的新质新域作战力量已成为大国战略竞争的制高点和制 胜未来的关键力量。现代战争作战空间领域已打破传统时空界限,陆、 海、空、天、电、网、认知等各作战领域交叉重叠,带来战场空间多 维、敌情威胁多源、影响制约多因、对抗活动多域等显著变化。此外, 战场态势瞬息万变,对抗行动复杂多样,实现快速控局、精准控局变 动愈发困难。 地缘政治紧张局势的持续升级进一步推动全球军费攀升, 2024 年全球军费开支同比增长 9.4%,达 2.718 万亿美元,增幅为冷战后 最高,并连续第十年增长,为军 ...

Investment Rating - The investment rating for the company is "Buy" with an expectation of over 10% return relative to the CSI 300 index in the next six months [11]. Core Views - The company is positioned as a leader in the life care sector, focusing on mosquito repellent and baby care products, with a diversified product line enhancing market competitiveness [5]. - The company achieved a revenue of 1.318 billion yuan in 2024, representing a year-on-year growth of 27.61%, and a net profit of 300 million yuan, up 32.80% year-on-year [5][7]. - The online sales channel has shown significant growth, particularly on platforms like Douyin, contributing to the overall revenue increase [5][7]. - The company is expected to maintain steady growth due to product innovation and channel optimization, with projected net profits of 372 million yuan, 481 million yuan, and 615 million yuan for 2025, 2026, and 2027 respectively [7][9]. Summary by Sections Company Overview - Founded in 2006, the company aims to become a global leader in life and personal care products, offering a range of items including mosquito repellent and baby care products [5]. - The company has established a broad sales network both domestically and internationally, with a strong online presence [5]. Financial Performance - In 2024, the company reported a revenue of 1.318 billion yuan, a 27.61% increase from the previous year, and a net profit of 300 million yuan, reflecting a 32.80% growth [5][9]. - The quarterly revenue breakdown for 2024 shows significant growth, particularly in Q2 and Q4, with Q4 net profit experiencing some fluctuations due to increased promotional expenses [5][7]. Product Performance - The mosquito repellent product line generated 439 million yuan in revenue in 2024, a 35.39% increase, with a gross margin improvement to 54.18% [7]. - The baby care product line achieved 690 million yuan in revenue, up 32.42%, with a gross margin of 59.81% [7]. Channel Strategy - The online sales channel contributed 970 million yuan in revenue, a 23.80% increase, while non-platform distribution revenue reached 347 million yuan, growing by 39.64% [7]. - The company is enhancing its collaboration with e-commerce platforms to optimize its market presence and improve gross margins [7]. Future Projections - The company forecasts continued revenue growth, with expected revenues of 1.710 billion yuan, 2.131 billion yuan, and 2.530 billion yuan for 2025, 2026, and 2027 respectively [9]. - The projected net profit for the next three years indicates a robust growth trajectory, with EPS expected to rise from 0.92 yuan in 2025 to 1.52 yuan in 2027 [9].

Investment Rating - The investment rating for the company is "Buy" [3][11]. Core Insights - The company achieved a revenue of 360 million yuan in 2024, representing a year-on-year growth of 294.24%, while the net loss attributable to shareholders was 846 million yuan, a reduction in loss of 23.63% compared to the previous year [1]. - In Q1 2025, the company reported a revenue of 160 million yuan, a year-on-year increase of 96.32%, with a net loss of 193 million yuan, reflecting a 14.15% reduction in loss year-on-year [1]. - The core commercial product, Shuwozhe, received approval for the treatment of EGFR Exon20ins NSCLC in China and is undergoing FDA review for its NDA [1][2]. - The company’s other product, Gaoruizhe, is the first and only high-selectivity JAK1 inhibitor approved for the treatment of PTCL in the world [2]. Financial Performance - The company’s total market capitalization is approximately 25.53 billion yuan, with a closing price of 55.58 yuan per share [4]. - The company has a total share capital of 459.41 million shares and a circulating market value of 10.38 billion yuan [4]. - The asset-liability ratio stands at 98.70%, indicating a high level of debt [4]. Research and Development Progress - The company invested 724 million yuan in R&D in 2024, with significant progress in clinical trials for its products [8]. - The global registration clinical trial "WUKONG1B" for Shuwozhe was recognized at major international conferences, and the product has been included in multiple authoritative guidelines [2][8]. - The company is advancing its pipeline with several innovative drugs, including DZD8586, which has shown promising results in clinical trials for B-cell non-Hodgkin lymphoma [8][9]. Market Position and Future Outlook - The company is positioned as a leader in small molecule drugs for malignant tumors in China, with its commercialized products expected to drive rapid revenue growth [10][11]. - The successful inclusion of Shuwozhe and Gaoruizhe in the national medical insurance drug list is anticipated to accelerate their market penetration [7]. - The company forecasts EPS of -1.57 yuan, -0.98 yuan, and 0.50 yuan for the years 2025 to 2027, maintaining a "Buy" rating based on expected performance [11].

Investment Rating - The industry investment rating is "Overweight" [3] Core Viewpoints - The humanoid robot industry is entering a critical breakthrough phase, with a projected global cumulative demand of approximately 2 million units by 2030 [4][21] - Key recommended companies include Xinjie Electric, Beite Technology, Hanwei Technology, and others, focusing on their technological innovations and market positioning [4][22] - The report emphasizes the importance of core component technology innovations in humanoid robots, such as sensors, integrated joints, controllers, and electronic skin [18][21] Summary by Relevant Sections Humanoid Robot Industry - The humanoid robot industry is expected to see significant growth, with a focus on Tier 1 and core component suppliers [4][21] - The report highlights the importance of technological advancements in sensors and control systems, which are crucial for the industry's development [18][21] Key Companies and Trends - Recommended companies for investment include Xinjie Electric, Beite Technology, and Hanwei Technology, which are positioned well within the industry [4][22] - The report identifies various supply chains, including those related to Huawei and other leading firms, indicating a competitive landscape [21] Market Dynamics - The report notes that the penetration rate of photovoltaic equipment is accelerating, with leading companies enhancing their competitive edge through technological innovations [22] - The energy storage sector is also highlighted as a critical area for growth, driven by favorable policies and increasing demand [22] Future Projections - The semiconductor equipment market is projected to reach 140 billion yuan by 2025, with a growing domestic market share [22] - The automation market is expected to grow significantly, with projections indicating a market size of 557 billion yuan by 2026 [23]

Investment Rating - The industry investment rating is "Overweight" [3][32]. Core Viewpoints - The humanoid robot industry is entering a critical breakthrough phase, with a projected global cumulative demand of approximately 2 million units by 2030, indicating a clear upward trend in the industry [6][26]. - The report emphasizes the importance of focusing on leading companies in the humanoid robot supply chain, including those involved in key components such as sensors, integrated joints, controllers, and electronic skin [21][26]. - The solar equipment sector is experiencing accelerated penetration of N-type technology, enhancing the competitiveness of leading companies [27]. - The energy storage sector is expected to benefit from favorable policies, driving growth in battery, inverter, and integration segments [27]. - The semiconductor equipment market is projected to reach $140 billion by 2030, with an increasing share from mainland China, highlighting the potential for rapid domestic substitution [27]. - The automation market is expected to grow from approximately 40 billion to 55.7 billion by 2026, benefiting from increased concentration and import substitution [27]. - The hydrogen energy sector is gaining traction, with green hydrogen aligning with carbon neutrality goals, supported by the rapid development of solar and wind energy [27]. Summary by Relevant Sections Humanoid Robots - The 2025 International Humanoid Robot Skills Competition showcased the capabilities of humanoid robots in various challenging scenarios, emphasizing their practical problem-solving abilities [7][20]. - Key components and technologies in humanoid robots are being innovated, with significant advancements in sensors, integrated joints, and control systems [21][26]. Solar Equipment - The report highlights the increasing N-type penetration and the competitive advantages of leading companies in the solar equipment sector [27]. Energy Storage - The energy storage market is poised for growth due to supportive policies and increasing demand from both generation and user sides [27]. Semiconductor Equipment - The semiconductor equipment market is expected to double in the next decade, with a focus on domestic substitution and technological advancements [28]. Automation - The automation market is projected to grow significantly, with a focus on improving efficiency and reducing costs through technological innovations [28]. Hydrogen Energy - The report identifies green hydrogen as a key area for investment, driven by the alignment with carbon neutrality and advancements in renewable energy technologies [27].