Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2][50]. Core Viewpoints - The FDA's recent decision to gradually eliminate animal testing requirements for monoclonal antibodies and other drugs is expected to benefit AI-driven drug development, potentially accelerating new drug approvals and reducing R&D costs [5][6][14][16]. - The pharmaceutical and biotechnology sector experienced a decline of 5.61% this week, underperforming the CSI 300 index by 2.73 percentage points, ranking 22nd among 31 sub-industries [19][24]. Summary by Sections Weekly Insights - The FDA's announcement on April 11, 2025, aims to replace animal testing with more effective and human-relevant methods, which could enhance drug safety and lower costs [14][15]. - The shift is anticipated to accelerate drug development timelines and improve success rates, particularly benefiting companies involved in AI drug development such as Jingtai Holdings and Chengdu Xian Dao [6][17]. Subsector Performance - The blood products sector saw the highest increase this week, rising by 4.06%, while the medical outsourcing sector faced the largest decline at 16.04% [7][23]. - The medical device sector decreased by 2.62%, and the traditional Chinese medicine sector fell by 3.35% [7][23]. Recommended and Benefiting Stocks - Recommended stocks include Weidian Physiotherapy, Maipu Medical, and Yingke Medical [8][31]. - Benefiting stocks from the FDA policy change include Jingtai Holdings, Chengdu Xian Dao, and Hongbo Pharmaceutical [6][17]. Detailed Subsector Analysis - **Medical Devices**: The sector is expected to benefit from the "old-for-new" policy and increased procurement activities in Q2 2025, with a current P/E ratio of 32.15, indicating potential for valuation growth [27][29]. - **Medical Consumables**: This sector is under pressure due to US-China tariff impacts, but certain segments are expected to perform well due to high growth potential and improved conditions [30]. - **IVD Sector**: The IVD sector is projected to recover as AI technologies enhance diagnostic capabilities, despite current pressures from procurement policies [33]. - **Blood Products**: The sector is expected to benefit from rising domestic production and increased focus on local sourcing due to tariff impacts [35]. - **Retail Pharmacy**: The offline pharmacy sector is seeing a recovery in customer traffic and profitability, with major players expected to leverage AI for operational efficiency [37][38].

研究所 分析师:吴文吉 SAC 登记编号:S1340523050004 Email:wuwenji@cnpsec.com 分析师:刘卓 SAC 登记编号:S1340522110001 Email:liuzhuo@cnpsec.com 芯碁微装(688630) 芯光灼梦，直待佳碁 证券研究报告：机械设备 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 69.03 | | --- | --- | | 总股本/流通股本（亿股）1.32 | / 1.32 | | 总市值/流通市值（亿元）91 | / 91 | | 52 周内最高/最低价 | 78.83 / 48.48 | | 资产负债率(%) | 18.1% | | 市盈率 | 48.27 | | 第一大股东 | 程卓 | l 投资要点 PCB 业务与泛半导体业务协同发力，直写光刻技术应用不断深 化。2024 年度公司展现出了强劲的经营势头，在 PCB 及泛半导体领 域持续发力，海外市场拓展、产品升级等方面取得了重要突破。公司 紧密围绕战略方向，精准捕捉行业升级和国产替代机遇，推进 PCB 设 备升级，不断丰富泛半导体产品矩阵，推进直写光刻技 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The FDA's recent decision to gradually eliminate animal testing requirements for monoclonal antibodies and other drugs is expected to benefit AI-driven drug development, potentially accelerating new drug approvals and reducing R&D costs [5][6][14][16] - The pharmaceutical and biotechnology sector experienced a decline of 5.61% this week, underperforming the CSI 300 index by 2.73 percentage points [19][24] - The blood products sector showed the highest increase this week, rising by 4.06%, while the medical outsourcing sector faced the largest decline, dropping by 16.04% [7][19][23] Summary by Sections Weekly Insights - The FDA's announcement on April 11, 2025, aims to replace animal testing with more effective human-relevant methods in drug development, which could enhance drug safety and lower costs [14][15] - The pharmaceutical sector's performance this week was marked by significant declines across various sub-sectors, with blood products being the only one to gain [19][23] Sub-sector Performance - Blood products increased by 4.06%, while medical outsourcing fell by 16.04%, indicating a significant divergence in performance among sub-sectors [7][19][23] - The medical device sector's P/E ratio is currently at 32.15, suggesting potential for valuation increases [27] - The IVD sector is also seen as having room for valuation growth, with a current P/E of 21.89 [33] Recommended and Benefiting Stocks - Recommended stocks include Microelectrophysiology, Maipu Medical, and Yingke Medical, among others [8][31][38] - Benefiting stocks from the FDA's policy change include Jingtai Holdings, Chengdu Xian Dao, and Hongbo Pharmaceutical [6][17] Market Trends - The report highlights a structural investment opportunity in the pharmaceutical sector, driven by policy support and AI-enabled R&D [26] - The report notes that the medical device sector is expected to benefit from upcoming procurement policies and a low base effect in Q2 2025 [27][29]

发布时间：2025-04-14 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 近期研究报告 《4 月是否还会有"最后一跌"？ — - 2025.03.24 《微盘领涨创下历史新高，4 月临近仍 有调整压力 ——微盘股指数周报 20250316》 - 2025.03.17 证券研究报告：金融工程报告 - 2025.01.16 金工周报 "完美买点"触发，后市积极看涨 ——微盘股指数周报 20250413 ⚫ 投资要点 本周的回调弥补了上周观点中"微盘股上涨缺乏完美买点"的不 足，后市积极看涨。年报季风险早已 price in，无需过度担忧。 ⚫ 万得微盘股指数阶段表现 近一周微盘股指数下跌 5.76%，在 38 个宽基指数当中排名第 33。 近一月微盘股指数下跌 6.63%，在 38 个宽基指数当中排名第 18。近 一季微盘股指数上涨 15.24%，在 38 个宽基指数当中排名第 2。近一 年微盘股指数上涨 44.85%，在 38 个宽基指数当中排名第 2。 ⚫ 微盘股周度因子表现 - 2025.03.03 《全面牛市正在到来 ...

证券研究报告：机械设备 | 公司点评报告 股票投资评级 公司基本情况 | 最新收盘价（元） | 69.03 | | --- | --- | | 总股本/流通股本（亿股）1.32 | / 1.32 | | 总市值/流通市值（亿元）91 | / 91 | | 52 周内最高/最低价 | 78.83 / 48.48 | | 资产负债率(%) | 18.1% | | 市盈率 | 48.27 | | 第一大股东 | 程卓 | 后摩尔时代先进封装举足轻重，直写光刻大有可为。摩尔定律的 延伸受到物理极限，先进封装可以相对轻松地实现芯片的高密度集 成、体积的微型化和更低的成本。先进封装在提高芯片集成度、缩短 芯片距离、加快芯片间电气连接速度以及性能优化的过程中扮演了更 重要角色。正成为助力系统性能持续提升的重要保障，并满足"轻、 薄、短、小"和系统集成化的需求。作为先进封装的关键工艺设备，光 刻设备的需求日益增长。光刻设备主要应用于：倒装（FlipChip，FC） 的凸块制作、重分布层(RDL)、2.5D/3D 封装的 TSV、以及铜柱 (CopperPillar)等。与在前道制造中用于器件成型不同，在先进封装 中主要用做金 ...

证券研究报告：金融工程报告 发布时间：2025-04-14 研究所 分析师:肖承志 SAC 登记编号:S1340524090001 Email:xiaochengzhi@cnpsec.com 研究助理：金晓杰 SAC 登记编号:S1340124100010 Email:jinxiaojie@cnpsec.com 近期研究报告 2025.03.31 《英伟达召开 GTC 2025 大会， Skywork-R1V、混元 T1 等推理模型接 连上线——AI 动态汇总 20250324》 - 2025.03.25 《反转效应强势，GRU 模型新高——中 邮因子周报 20250323》 - 2025.03.24 《微盘领涨创下历史新高，4 月临近仍 有调整压力 ——微盘股指数周报 20250316》 - 2025.03.17 《小市值强势，动量风格依旧——中 邮因子周报 20250309》 - 2025.03.10 《AI 模型通过标准图灵测试，智谱发 布 AI Agent AutoGLM 沉思——AI 动态 汇总 20250407》 - 2025.04.08 《4 月是否还会有"最后一跌"？ ——微盘股指数周报 20 ...

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report highlights a significant rebound in precious metals, with COMEX gold prices increasing by 8.54% and silver by 7.01% due to easing liquidity issues caused by tariffs [4] - Copper prices on LME rose by 4.94%, confirming a bottom around $8000, with future expectations set between $8500 and $9500 [5] - Aluminum prices increased by 1.22%, supported by stable domestic supply and potential demand recovery [5] - Rare earth prices are stable, with specific price adjustments announced by major companies, indicating limited downside [6] - Tin prices have faced downward pressure due to macroeconomic concerns, but supply uncertainties in Myanmar and Indonesia may limit further declines [7][8] - Investment suggestions include companies like Zhongjin Gold, Zijin Mining, and others [9] Summary by Sections Section 1: Market Performance - The non-ferrous metals sector experienced a decline of 4.45%, ranking 14th among sectors [17] Section 2: Prices - Basic metals saw LME copper up by 4.94%, aluminum up by 1.22%, zinc up by 0.32%, lead up by 1.03%, and tin down by 4.22% [20] - Precious metals experienced significant gains, with gold up by 8.54% and silver up by 7.01% [20] Section 3: Inventory - Global visible inventories showed a decrease in copper by 19,767 tons, aluminum by 33,408 tons, and zinc by 11,645 tons, while lead and tin inventories increased slightly [33]

Industry Investment Rating - The industry investment rating is maintained at "Outperform the Market" [1] Core Viewpoints - The report highlights a significant rebound in precious metals, with COMEX gold prices increasing by 8.54% and silver by 7.01% due to easing liquidity issues caused by tariffs [4] - Copper prices on LME rose by 4.94%, confirming a bottom around $8000, with future expectations set between $8500 and $9500 [5] - Aluminum prices increased by 1.22%, supported by stable domestic supply and potential demand recovery [5] - Rare earth prices are stable, with specific price adjustments announced by major companies, indicating limited downside [6] - Tin prices have faced downward pressure due to macroeconomic concerns, but supply uncertainties in Myanmar and Indonesia may limit further declines [7][8] - Investment suggestions include companies like Zhongjin Gold, Zijin Mining, and Yun Aluminum [9] Summary by Sections 1. Market Performance - The non-ferrous metals sector experienced a weekly decline of 4.45%, ranking 14th among sectors [17] 2. Prices - Basic metals saw LME copper up 4.94%, aluminum up 1.22%, zinc up 0.32%, lead up 1.03%, and tin down 4.22% - Precious metals experienced significant gains with COMEX gold up 8.54% and silver up 7.01% [20] 3. Inventory - Global visible inventories showed a decrease in copper by 19,767 tons, aluminum by 33,408 tons, zinc by 11,645 tons, while lead and tin inventories increased slightly [33]

Industry Investment Rating - The investment rating for the food and beverage industry is "Outperform" [1] Core Viewpoints - The report emphasizes the focus on domestic demand due to tariff events, with food and beverage companies primarily targeting the domestic market, leading to favorable stock performance [3] - Four investment themes are identified: 1. Short-term stock price catalysts due to the gradual digestion of pressure from snack quarterly reports and the arrival of buying points [3] 2. Long-term prospects for companies like Angel Yeast and dairy producers due to strong overseas demand and improving domestic conditions [3] 3. The overall valuation of liquor companies remains attractive, with potential for price increases based on market signals [3] 4. High dividend yield assets are highlighted, including brands like Master Kong and Yili [3] Summary by Sections Industry Basic Situation - Closing index level is 18005.21, with a 52-week high of 20128.95 and a low of 14118.56 [1] Recent Performance - The food and beverage sector index increased by 0.20% this week, outperforming the CSI 300 index by 3.07% [30] - The dynamic PE ratio for the industry is currently at 22.15, which is considered low historically [30] Key Investment Opportunities - Short-term catalysts include the expected recovery in snack sales and the seasonal peak for beer, with cost improvements continuing [3] - Long-term investments are recommended in companies like Angel Yeast, Yili, and others in the dairy sector due to anticipated demand recovery [3] - The report suggests focusing on high dividend yield stocks, with specific companies listed [3] Company-Specific Insights - Guizhou Moutai is expected to see a revenue growth of 7% and a net profit growth of 8% in Q1 2025 [18] - Wuliangye is projected to achieve a revenue growth of 3% and a net profit growth of 3% in Q1 2025 [13] - Qingdao Beer is expected to maintain stable sales with a slight increase in average price [18] - East Peak Beverage is forecasted to have a significant revenue growth of 30% and a net profit growth of 36% in Q1 2025 [21] Market Trends - The report notes a trend towards rational growth in the liquor sector, with major brands maintaining their market positions [12] - The snack and dairy segments are showing strong performance, with specific brands outperforming their peers [30]

Inflation Data - The U.S. March CPI data showed a year-on-year increase of 2.4%, below the expected 2.6% and previous 2.8%[9] - The core inflation rose by 0.1% month-on-month and 2.8% year-on-year, marking the first time in nearly four years that it fell below 3%[9] - Energy prices were the main driver behind the decline in inflation, while food and clothing inflation saw a slight increase[2] Market Reactions - Following the inflation data release, the U.S. dollar, stocks, and bonds all experienced declines, indicating capital outflows from the U.S. market[9] - The House passed a budget requiring at least $4 billion in spending cuts, significantly lower than previous expectations, raising concerns about U.S. fiscal sustainability[9] Federal Reserve Outlook - Market expectations have shifted towards further monetary easing, with traders betting on four rate cuts within the year, exceeding the two cuts indicated by the Fed's dot plot in March[2] - The next rate cut is anticipated in the second quarter, driven by tightening liquidity and slowing economic growth expectations[2] Risk Factors - Trade policy uncertainty remains a significant risk that could impact economic stability[3]