Industry Investment Rating - The industry investment rating is "Outperform" [2] Core Viewpoints - The report highlights that the recent licensing deal between 3SBio and Pfizer for the PD-1/VEGF bispecific antibody SSGJ-707 marks a record in overseas transactions for Chinese innovative pharmaceutical companies, indicating a potential surge in licensing out activities [5][13] - The global market for bispecific antibodies is projected to exceed $80 billion by 2030, with PD-1/VEGF bispecifics being a focal point for multinational pharmaceutical companies [20] - In 2024, the total licensing out amount for Chinese innovative drugs surpassed $51.9 billion, a year-on-year increase of 27.4%, accounting for 30% of the global total [23] Summary by Sections Weekly Insights - 3SBio's licensing agreement with Pfizer involves an upfront payment of $1.25 billion and potential milestone payments up to $4.8 billion, along with a tiered sales revenue share [13][14] - The report notes that the biopharmaceutical sector has seen a weekly increase of 1.78%, outperforming the CSI 300 index by 1.96 percentage points [24][29] Subsector Performance - The report details that the biopharmaceutical sector's performance is diverse, with the other bioproducts sector showing the highest increase of 4.09%, while the hospital sector experienced the largest decline of 1.07% [6][28] Recommended and Benefiting Stocks - Recommended stocks include Weikang Medical, Maipu Medical, and Yifeng Pharmacy, among others [7][40] - Benefiting stocks from the recent trends include Hualan Biological Engineering, BGI Genomics, and Mindray Medical [7][45] Market Trends - The report emphasizes the acceleration of licensing out activities for Chinese pharmaceutical companies, with a notable increase in both the number and value of transactions in recent years [23][25] - The report suggests that the medical device sector is expected to see significant growth due to policy changes and increased procurement activities [31]

Investment Rating - The industry investment rating is "Outperform" [2] Core Insights - The report highlights that the recent licensing deal between 3SBio and Pfizer for the PD-1/VEGF bispecific antibody SSGJ-707 marks a record in overseas transactions for Chinese innovative pharmaceutical companies, indicating a potential surge in licensing out activities [5][13] - The global market for bispecific antibodies is projected to exceed $80 billion by 2030, with PD-1/VEGF bispecifics being a focal point for multinational pharmaceutical companies [5][20] - In 2024, the total amount of licensing out agreements for Chinese innovative drugs surpassed $51.9 billion, a year-on-year increase of 27.4%, accounting for 30% of the global total [5][23] Industry Performance - The pharmaceutical sector saw an increase of 1.78% this week, outperforming the CSI 300 index by 1.96 percentage points, ranking first among 31 sub-industries [24][29] - The biopharmaceutical sector experienced the highest growth this week, with a rise of 4.09% [6][28] Subsector Highlights - The report identifies several subsectors with notable performance: - Other biopharmaceuticals increased by 4.09% - Raw materials and medical research outsourcing sectors also saw increases of 4.03% and 3.6% respectively [6][28] - The report recommends several stocks, including Weikang Medical, Maipu Medical, and Yifeng Pharmacy, as potential beneficiaries of the current market dynamics [7][40] Clinical Development - SSGJ-707 has shown promising clinical data, with an overall response rate (ORR) of 70.8% in PD-1 positive NSCLC patients and a disease control rate (DCR) of 100% [17][20] - The drug is currently in Phase III clinical trials and has received breakthrough therapy designation in China [16][20] Market Trends - The report notes a significant trend towards the licensing out of innovative drugs from China, with the number of transactions increasing from 3% in 2019 to 13% in 2024 [23] - The report emphasizes the importance of AI and other technological advancements in driving growth within the medical device and pharmaceutical sectors [30][36]

Market Performance Review - The A-share market continued a pattern of rising and then falling, with a defensive style prevailing. Most major indices declined, with the CSI A50 being the only major index to rise. The large-cap indices, such as the CSI 300 and SSE 50, experienced smaller declines, while the STAR 50 and CSI 1000 saw larger drops [12][15] - The sector rotation remained rapid, with pharmaceuticals, comprehensive sectors, non-ferrous metals, automobiles, and home appliances leading the gains. In contrast, beauty care, non-bank financials, and retail sectors, which had performed well the previous week, saw significant declines [15][28] A-share High-Frequency Data Tracking - The personal investor sentiment index showed a continued decline, with the 7-day moving average reported at -8.0% as of May 23, slightly up from -9.9% on May 17, but still in a negative range, indicating a lack of confidence in the overall A-share market [4][17] - Financing activity remained stagnant, with net purchases maintaining stability and the proportion of financing transactions slightly decreasing, reflecting the low enthusiasm among personal investors [20][21] Future Outlook and Investment Views - The A-share market is expected to remain in a volatile pattern due to a lack of breakthrough opportunities. Although the recent phase of the US-China trade war has yielded some positive results, it reduces the necessity for large-scale domestic stimulus policies, delaying the expected policy window until late July [28][30] - The report suggests that the current market index has rebounded to levels seen before the US-China trade war 2.0, indicating that further upward movement requires new catalysts to boost market confidence [28][30] Configuration Aspects - The report highlights that the recent interest rate cuts and reserve requirement ratio reductions enhance the cost-effectiveness of dividend stocks. It recommends focusing on pure dividend stocks such as banks, railways, and power sectors, while waiting for clear domestic stimulus policies to catalyze consumer stocks [5][30]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [2]. Core Insights - The company focuses on three core businesses: "Perception, Connection, and Intelligent Manufacturing," targeting the new energy vehicle and digital empowerment sectors. It aims to innovate continuously based on customer needs and align with national strategies [4]. - For 2024, the company is projected to achieve revenue of 11.709 billion yuan, a year-on-year increase of 13.57%, and a net profit attributable to shareholders of 1.221 billion yuan, up 21.17% year-on-year [4]. - The company maintains a leading position in global thermal management for new energy vehicles and multifunctional sensor technology, with significant revenue contributions from its sensor business [4]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are 16.275 billion yuan, 20.012 billion yuan, and 23.577 billion yuan, respectively. Corresponding net profits are expected to be 1.701 billion yuan, 2.179 billion yuan, and 2.716 billion yuan [9]. - The current stock price corresponds to a price-to-earnings (P/E) ratio of 25 times for 2025, 19 times for 2026, and 16 times for 2027 [9]. Business Segments - The intelligent manufacturing segment is expected to generate revenue of 3.492 billion yuan in 2024, reflecting a year-on-year growth of 9.45%. The connection business is projected to achieve 3.975 billion yuan, with a significant increase of 23.75% driven by AIGC applications [4]. - The company is also expanding its 3D printing capabilities through a joint venture with a precision company, aiming to enhance its market competitiveness in additive manufacturing [6][8]. Market Outlook - The perception and laser + intelligent manufacturing businesses are anticipated to grow rapidly, with the connection business expected to experience explosive growth due to high demand for computing optical modules [5]. - The company has commenced production at its Thailand factory, aiming for a monthly capacity of 250,000 units of 800G modules, which will support future overseas business growth [5].

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Views - The report highlights that gold prices are on an upward trend, driven by resilient inflation and trade tensions, particularly with the potential for increased tariffs on Europe [4] - Copper prices are expected to remain volatile due to fluctuating tariffs, with a price center around $9,300 [5] - Aluminum prices are forecasted to rise due to strong domestic demand and inventory depletion [5] - Tungsten prices are anticipated to continue rising, supported by better-than-expected export recovery [6] - Rare earth prices are under pressure due to increased imports, but long-term investment opportunities are suggested as supply constraints may tighten [7] Summary by Sections Industry Overview - The closing index for the industry is at 4695.15, with a weekly high of 5020.22 and a low of 3700.9 [1] Price Movements - LME copper increased by 0.62%, while aluminum decreased by 0.60%. Gold prices on COMEX rose by 1.98% [20] Inventory Changes - Global visible copper inventory decreased by 14,348 tons, and aluminum inventory decreased by 11,426 tons [26]

证券研究报告：有色金属|行业周报 发布时间：2025-05-26 行业投资评级 强于大市 |维持 行业基本情况 | 收盘点位 | | 4695.15 | | --- | --- | --- | | 52 | 周最高 | 5020.22 | | 52 | 周最低 | 3700.9 | 行业相对指数表现 2024-05 2024-07 2024-10 2024-12 2025-02 2025-05 -24% -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 有色金属 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:李帅华 SAC 登记编号:S1340522060001 Email:lishuaihua@cnpsec.com 分析师:魏欣 SAC 登记编号:S1340524070001 Email:weixin@cnpsec.com 研究助理:杨丰源 SAC 登记编号:S1340124050015 Email:yangfengyuan@cnpsec.com 近期研究报告 黄金上行开始，持续关注黄金股投资机会 l 投资要点 贵金属：黄金上行开始，持续关注黄金股投资机会。上周提 ...

Industry Investment Rating - The investment rating for the industry is "Strongly Outperform the Market" [6] Core Viewpoints - The report highlights that Trump is expected to sign an executive order to promote nuclear power, which includes measures to streamline safety approvals and significantly increase nuclear power generation capacity by 2050 [1][2] - The report indicates that the demand for uranium in the U.S. is projected to grow at a rate of 5.7%, with the U.S. accounting for approximately 26.86% of global uranium demand by 2024 [1][2] - The report suggests that the nuclear power command will lead to a significant increase in uranium demand, with estimates for 2030 ranging from 2.1 to 2.6 million tons and for 2050 between 6.4 to 8 million tons [2] Summary by Relevant Sections Investment Highlights - The executive order aims to reduce the environmental assessment period for nuclear plants from 7 years to 3 years and allows for the installation of new reactors at military bases [1] - The report notes that the current nuclear power generation in the U.S. is 100 gigawatts, with a target to increase this to 400 gigawatts by 2050 [1] Market Dynamics - The report emphasizes that the global uranium supply is expected to be in a long-term deficit, with 2022 production at approximately 50,000 tons and new mines being limited [2] - The anticipated increase in nuclear power demand may lead to preemptive stockpiling of nuclear fuel, exacerbating the supply-demand imbalance [2] Investment Recommendations - The report recommends focusing on companies such as China General Nuclear Power Group and Wanli Stone as potential investment opportunities in the nuclear sector [2]

Industry Investment Rating - The investment rating for the industry is "Outperform the Market" [6] Core Viewpoints - The report highlights that Trump is expected to sign an executive order to promote nuclear power, which includes measures to streamline safety approvals and increase nuclear power generation capacity significantly by 2050 [1][2] - The report indicates that the demand for uranium in the U.S. is projected to grow at a rate of 5.7%, with the U.S. accounting for approximately 26.86% of global uranium demand by 2024 [1][2] - The report suggests that the nuclear power command will lead to a significant increase in uranium demand, with estimates for 2030 ranging from 2.1 to 2.6 million tons and for 2050 between 6.4 to 8 million tons [2] Summary by Relevant Sections Investment Highlights - The executive order aims to reduce the environmental assessment period for nuclear plants from 7 years to 3 years and allows for the installation of new reactors at military bases [1] - The report notes that the current nuclear power generation in the U.S. is 100 gigawatts, with a target to increase this to 400 gigawatts by 2050 [1] Uranium Supply and Demand - Global uranium production in 2022 was approximately 50,000 tons, with existing mines expected to reach the end of their productive life by 2030, leading to a long-term supply-demand imbalance [2] - The report emphasizes that the demand for uranium is likely to be front-loaded due to the anticipated increase in nuclear power generation, which may lead to price fluctuations in the short term [2] Investment Recommendations - The report recommends focusing on companies such as China General Nuclear Power Group and Wanli Stone as potential investment opportunities in light of the expected growth in uranium demand [2]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [6][8]. Core Insights - The company reported a revenue of 1.35 billion yuan in 2024, representing a year-on-year growth of 27.0%, while the net profit attributable to shareholders was 220 million yuan, down 14.8% year-on-year [4][5]. - The company's system integration, construction and operation, and power design segments generated revenues of 1.04 billion, 240 million, and 70 million yuan respectively in 2024, with growth rates of 48.7%, -21.6%, and 34.6% [5]. - The company is actively developing new power system adaptation technologies, including virtual power plants and smart microgrids, which are expected to enhance its market position [5][6]. Financial Performance - The company forecasts revenues of 1.64 billion, 1.99 billion, and 2.43 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 240 million, 320 million, and 400 million yuan [6][8]. - The projected PE ratios for 2025, 2026, and 2027 are 22, 17, and 13 times respectively, indicating a favorable valuation trend [6][8]. - The overall gross margin for 2024 was reported at 30.5%, a decrease of 8.6 percentage points year-on-year, while the net margin was 15.6%, down 7.7 percentage points year-on-year [5][9].

Investment Rating - The report gives an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [6][8]. Core Insights - The company reported a revenue of 1.35 billion yuan in 2024, representing a year-on-year growth of 27.0%, while the net profit attributable to shareholders was 220 million yuan, down 14.8% year-on-year [4][5]. - The company's revenue for Q4 2024 was 630 million yuan, showing a significant increase of 260.1% year-on-year, although the net profit for the same quarter decreased by 27.7% year-on-year [4]. - The company is actively developing new technologies in the power sector, including virtual power plants and smart microgrids, which are expected to enhance its market position [5][6]. Financial Performance - The company's revenue projections for 2025, 2026, and 2027 are 1.64 billion yuan, 1.99 billion yuan, and 2.43 billion yuan, respectively, with corresponding net profits of 240 million yuan, 320 million yuan, and 400 million yuan [6][8]. - The company's gross margin for 2024 is projected to be 30.5%, a decrease of 8.6 percentage points year-on-year, while the net margin is expected to be 15.6%, down 7.7 percentage points year-on-year [5][9]. - The company’s PE ratios for 2025, 2026, and 2027 are forecasted to be 22, 17, and 13 times, respectively, indicating a potentially attractive valuation as earnings grow [6][8]. Segment Analysis - The revenue from the system integration segment grew by 48.7% year-on-year to 1.04 billion yuan in 2024, while the construction and operation maintenance segment saw a decline of 21.6% [5]. - The gross margins for the three main segments in 2024 were 29.8% for system integration, 22.4% for construction and operation maintenance, and 66.9% for power design, reflecting varying profitability across segments [5][9]. Market Opportunities - The company is expected to benefit from the new distributed photovoltaic management regulations effective from May 1, 2025, which align with its product offerings [6][8]. - The company has secured a major project with the State Grid for controllable photovoltaic integration, positioning it well to capitalize on upcoming regulatory changes [6].