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中航证券研究所发布 [证券研究报告] 图9 日经 225 PE 拐点与日元汇率共振 中航证券研究所发布 证券研究报告 请务必阅读正文之后的免责声明部分 6 [证券研究报告] 50.00 0.0000 20.0000 40.00 40.0000 30.00 60.0000 20.00 80.0000 100.0000 10.00 120.0000 0.00 40.0000 -10.00 160.0000 2009 2010 2011 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ■日经225 PE 一美元兑日元中间价(右轴,逆序) 资料来源：Wind，中航证券研究所整理 2200.00 50.0000 1700.00 70.0000 1200.00 90.0000 700.00 110.0000 200.00 130.0000 -300.00 150.0000 -800.00 POP 美元兑日元中间价(右轴,逆序) 日经225 EPS (JPY) 图10 日经 225 EPS 拐点与日元汇率共振 资料来源：彭博, Wind,中航证券研究所 ...

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Investment Rating - The investment rating for the company is "Buy" with a target price of 30.68 CNY [10]. Core Views - The report highlights that the company's innovative product, Jin Cao Pian, has successfully reached the primary endpoint in its Phase III clinical trial for chronic pelvic pain in women with pelvic inflammatory disease [10]. - The company is expected to benefit from the recovery in surgical procedures in medical institutions, supported by continuous R&D innovation and product pipeline enrichment [26]. - The report anticipates that the company will achieve diversified innovation results in the future, maintaining a "Buy" rating [26]. Summary by Sections Company Overview - The company is recognized as a leading player in the blood coagulation agent segment in China, with ongoing R&D projects including KC1036 and a pet injectable product [26]. Financial Projections - The projected diluted EPS for 2023, 2024, and 2025 are 1.01 CNY, 1.17 CNY, and 1.42 CNY, respectively, with corresponding dynamic P/E ratios of 31.20, 26.79, and 22.17 [26]. - The report provides a detailed profit forecast, indicating a revenue increase from 866.73 million CNY in 2022 to 1,082.68 million CNY in 2023, and further to 1,602.55 million CNY by 2025 [28]. R&D Progress - The report notes that the clinical trial for Jin Cao Pian has met its primary endpoint, marking a significant advancement in the company's product pipeline [10]. - KC1036 has received approval for clinical trials targeting advanced esophageal squamous cell carcinoma in adolescents, indicating a strong pipeline for future growth [19][26].

行业报告：先进制造行业周报 2024年3月23日 英伟达官宣新一代Blackwell架构，华为算力 GPU 需求破百万片 行业评级：增持 分析师：邹润芳 证券执业证书号：S0640521040001 ...

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证券研究报告 图 1: 各期限份 走势 (%) 3.7 8.0 3.2 7.0 6.0 2.7 5.0 4.0 2.2 2.0 1.7 1.2 资料来源:Wind、中航证券研究所,中航证券资管业务部 周二，央行开展了 3390 亿元 14 天期逆回购操作，中标利率为 1.95%。Wind 数据显示，当日 5630 亿元逆 回购到期，因此单日净回笼 2240亿元。今日股市反弹，尾盘北京通州解除限购，利率债全面上行，日终长端上 行 5.75-6.25bp; 中航证券研究所发布 [证券研究报告] 本周活跃券 10 年国债活跃券 230026 由 2.4200%上行 1.75bp 至 2.4375%，10 年国开活跃券 230210 由 2. 6230%累计上行 1.7bp 至 2.6400%。 | --- | |----------------------------------------------------------------------------------------------------| | | | | | 2）利率债展望：本周 CPI/PPI 及金融数据发布，CPI 春节错月下降，PPI ...

Group 1: Federal Reserve's Interest Rate Outlook - The Federal Reserve maintains the expectation of three rate cuts within the year, aligning with market predictions of a total reduction of 75 basis points (BP) by the end of 2024[2][3] - The latest dot plot indicates a median policy rate forecast for 2024 at 4.50-4.75%, confirming the expectation of three rate cuts[7] - FedWatch shows market anticipation for the first rate cut to begin in June 2024[3][12] Group 2: Economic Projections - The GDP growth forecast for 2024 has been revised upward to 2.1%, an increase of 0.7 percentage points (PCTS) from the previous estimate of 1.4%[13] - The unemployment rate forecast for 2024 has been slightly adjusted down from 4.1% to 4.0%, indicating a more optimistic view on the labor market[4][25] - Core PCE inflation expectations for 2024 have been raised from 2.4% to 2.6%, reflecting ongoing inflationary pressures[48] Group 3: Market Reactions - Following the dovish statements from Powell, U.S. stock markets saw significant gains, with the S&P 500, Nasdaq, and Dow Jones increasing by 0.89%, 1.25%, and 1.03% respectively, reaching new all-time closing highs[3] - The 10-year U.S. Treasury yield fell to 4.27%, a decrease of 3 BP, while the two-year yield dropped significantly by 9 BP to 4.59%[3]

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Group 1: Economic Performance - In the first two months of 2024, the retail sales of consumer goods increased by 5.5% year-on-year, showing a significant recovery compared to December 2023's -1.9 percentage points[8] - Fixed asset investment rose by 4.2% year-on-year, exceeding market expectations of 3.0%[30] - Infrastructure investment grew by 9.0% year-on-year, significantly higher than the market expectation of 8.1%[38] Group 2: Industrial Production - The industrial added value increased by 7.0% year-on-year, surpassing December 2023's 6.8% and last year's 4.6%[26] - Manufacturing investment recorded a growth of 9.4%, exceeding market expectations of 7.4%[15] - The mining sector's added value grew by 2.3%, while manufacturing and public utilities increased by 7.7% and 7.9%, respectively[26] Group 3: Real Estate Sector - Real estate investment decreased by 9.0% year-on-year, but the decline was less severe than the expected 12.2%[15] - In the first two months, the sales volume and area of commercial housing fell by 29.3% and 20.5% year-on-year, respectively[36] - The decline in domestic loans for real estate development narrowed, indicating some support from new funding mechanisms[37]