行 业 研 究 化学制药 无评级 中药生产 无评级 生物医药Ⅱ 中性 其 他 医 药 医 疗 中性 2024 年 09 月 23 日 行业周报 看好/维持 医药 医药 诺华伊普可泮在华拟纳入优先审评 ◼ 走势比较 报告摘要 (30%) (22%) (14%) (6%) 2% 10% 23/9/2523/12/624/2/1624/4/2824/7/924/9/19 医药 沪深300 市场表现： 2024 年 9 月 23 日，医药板块涨跌幅-0.59%，跑输沪深 300 指数 0.96pct，涨跌幅居申万 31 个子行业第 30 名。各医药子行业中，医疗研 发外包(+1.33%)、医药流通(-0.02%)、疫苗（-0.62%）表现居前，线下药 店（-2.94%)、医疗设备(-1.81%)、医疗耗材(-1.36%)表现居后。个股方 面，日涨幅榜前 3 位分别为睿智医药(+20.09%)、浙江震元(+10.07%)、佛 慈制药(+10.05%)；跌幅榜前 3 位为圣诺生物(-12.14%)、诺诚健华(- 11.92%)、三生国健（-7.95%）。 行业要闻： 9 月 23 日，中国国家药监局药品审评中心（CDE） ...

Investment Rating - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine sectors, while the biopharmaceutical sector is rated as neutral [1][6]. Core Insights - The pharmaceutical sector experienced a decline of -0.59% on September 23, 2024, underperforming the CSI 300 index by 0.96 percentage points, ranking 30th among 31 sub-industries in the Shenwan classification [3]. - Notable performers within the pharmaceutical sub-industries included medical research outsourcing (+1.33%) and pharmaceutical distribution (-0.02%), while offline pharmacies (-2.94%), medical devices (-1.81%), and medical consumables (-1.36%) lagged behind [3]. - Key individual stock movements included a significant increase for Ruizhi Pharmaceutical (+20.09%) and declines for Shengnuo Biological (-12.14%) [3]. Industry News - On September 23, 2024, the China National Medical Products Administration (NMPA) announced that Novartis' Iptacopan (LNP023) application for a new indication for treating C3 glomerulopathy in adults will be prioritized for review [4]. - Recent approvals include: - Baillie Tianheng's GNC-077 for clinical trials [4]. - HSK46575 tablets by Haikang for prostate cancer treatment [4]. - F0026 project by Fudan Zhangjiang for treating capillary malformation [4]. - AST2303 tablets by Ailis for late-stage non-small cell lung cancer [4]. Sub-industry Ratings - The report emphasizes a positive outlook for the formulation and raw material drug sectors, suggesting continued interest in export-oriented industries [5].

Investment Rating - The report does not provide specific investment ratings for the computer equipment, IT services, cloud services, and industrial internet sectors, while it rates computer software as neutral [1]. Core Insights - The Lebanese incident highlights the necessity for IT self-sufficiency and security, potentially accelerating the progress of domestic production in China [5][9]. - The domestic IT innovation (信创) industry is entering a deepening phase, with significant policy support and funding expected to drive growth [5][13]. - The issuance of special government bonds is anticipated to provide financial backing for the IT innovation sector, with a total of 1 trillion yuan planned for 2024 [5][26]. Summary by Sections 1. Policy Catalysts and Financial Support - Frequent global information security incidents underscore the urgency for IT self-control in China [9]. - The IT innovation industry has progressed from large-scale promotion to deep implementation, with various sectors beginning to adopt domestic solutions [11][13]. - Recent policies aim to enhance the resilience and security of supply chains, with a focus on central enterprises adopting innovative products [15][16]. 2. Investment Recommendations - The report recommends companies such as Haiguang Information, China Great Wall, Jingjia Micro, and Taiji Co., Ltd. for investment in the IT innovation sector [6][28]. - For Huawei's self-sufficient industrial chain, companies like Zhiwei Intelligent, CloudWalk Technology, Keda Xunfei, and Fabien Information are highlighted [6][28]. 3. Recent Market Activity - There has been a notable increase in large-scale procurement projects related to IT innovation, indicating a revival in market activity [21][23]. - Major contracts include a 1 billion yuan procurement for 15,000 domestic computers by China Energy Construction and a 9.9 million yuan project by China Telecom for desktop operating systems [21][23]. 4. Performance Recovery of IT Innovation Companies - Many IT innovation companies have shown signs of performance recovery in the first half of 2024, with significant revenue growth compared to 2023 [20]. - Companies like Feiteng, Haiguang, and DaMeng Data have reported improved revenue growth rates, indicating a turning point for the industry [20].

行 业 研 究 君实生物 买入 华领医药-B 买入 奥锐特 买入 同和药业 买入 阳光诺和 买入 泓博医药 买入 福元医药 买入 三生制药 买入 京新药业 买入 共同药业 增持 亿帆医药 买入 诺诚健华 买入 泰格医药 买入 诺思格 买入 奥翔药业 买入 华海药业 买入 科伦药业 买入 国邦医药 买入 2024 年 09 月 22 日 行业周报 看好/维持 医药 医药生物 重视出口产业链，持续看好制剂及原料药板块（附 HER3 靶点专题研究）（2024.9.18- 2024.9.22） 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/9/2023/12/224/2/1324/4/2624/7/824/9/19 医药 沪深300 子行业评级 推荐公司及评级 相关研究报告 <<诺华重磅小分子 Ribociclib 再获 FDA 批准>>--2024-09-19 <>--2024-09-17 <<吉利德 HIV 预防疗法第 2 项 III 期 报告摘要 本周观点 我们梳理了 HER3 靶点的作用机理、耐药机制、在研产品等，重点关 注 HER3 ADC 药物。 HER3 是肿瘤靶向治疗潜力 ...

行 业 研 究 2024 年 09 月 20 日 行业周报 看好/维持 医药 医药 罗氏 FIC 小分子疗法达 3 期主要临床终点 | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

行 业 研 究 君实生物 买入 华领医药-B 买入 奥锐特 买入 同和药业 买入 阳光诺和 买入 泓博医药 买入 福元医药 买入 三生制药 买入 京新药业 买入 共同药业 增持 亿帆医药 买入 诺诚健华 买入 泰格医药 买入 诺思格 买入 奥翔药业 买入 华海药业 买入 科伦药业 买入 国邦医药 买入 2024 年 09 月 22 日 行业周报 看好/维持 医药 医药生物 重视出口产业链，持续看好制剂及原料药板块（附 HER3 靶点专题研究）（2024.9.18- 2024.9.22） 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/9/2023/12/224/2/1324/4/2624/7/824/9/19 医药 沪深300 子行业评级 推荐公司及评级 相关研究报告 <<诺华重磅小分子 Ribociclib 再获 FDA 批准>>--2024-09-19 <>--2024-09-17 <<吉利德 HIV 预防疗法第 2 项 III 期 报告摘要 本周观点 我们梳理了 HER3 靶点的作用机理、耐药机制、在研产品等，重点关 注 HER3 ADC 药物。 HER3 是肿瘤靶向治疗潜力 ...

公司点评 2024 年 09 月 19 日 买入/维持 百利天恒(688506) 目标价: 268.33 昨收盘:164.53 2 线 UC 6 个月 PFS 率 100%，关注年底乳腺癌数据更新 走势比较 (20%) 8% 36% 64% 92% 120% 23/9/18 23/11/3024/2/1124/4/2424/7/624/9/17 百利天恒 沪深300 股票数据 总股本/流通(亿股) 4.01/0.90 总市值/流通(亿元) 659.77/148.82 12 个月内最高/最低价 (元) 215.71/76.32 相关研究报告 《百利天恒深度报告（688506）：厚积 薄发的 ADC 和多抗龙头，携手 BMS 掘金全球市场（2024.08.31）》 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：霍亮 E-MAIL：huoliang@tpyzq.com 分析师登记编号：S1190523070002 研究助理：戎晓婕 E-MAIL：rongxj@tpyzq.com 一般证券业务登记编号：S1190123070050 事件： ...

Investment Rating - The report assigns a "Buy" rating to the company, expecting a relative increase of over 15% compared to the CSI 300 index in the next six months [8]. Core Views - The company has launched a stock option incentive plan, granting 4.78 million stock options, which is 0.94% of the total share capital. The plan aims for a revenue target of 10 billion yuan over three years, exceeding market expectations [2][6]. - The stock option exercise price is set at 19.97 yuan per share, with a discount rate of 80% compared to the announcement date closing price of 24.82 yuan [2]. - The revenue growth targets for 2024-2026 are set at 10.8%/25.9%/43.3% for the trigger values and 12%/28.8%/48.1% for the target values, with corresponding net profit growth rates [2][3]. - The company is expected to see improved performance in July and August, with a focus on expanding into lower-tier markets and increasing promotional activities [2][6]. Financial Summary - The company’s projected revenue for 2024 is 7.641 billion yuan, with a growth rate of 12.28%. By 2026, revenue is expected to reach 10.025 billion yuan, with a growth rate of 14.15% [3]. - The net profit for 2024 is projected at 966 million yuan, with a growth rate of 20.33%, and is expected to reach 1.399 billion yuan by 2026, with a growth rate of 20.91% [3]. - The earnings per share (EPS) are forecasted to be 1.91 yuan in 2024, 2.28 yuan in 2025, and 2.76 yuan in 2026, with corresponding price-to-earnings (PE) ratios of 14x, 12x, and 10x respectively [2][3].

2024 年 09 月 22 日 行业周报 看好/维持 有色金属 有色金属 降息周期开启，金属价格普涨（20240916-20240920） | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------- ...

行 业 研 究 2024 年 09 月 20 日 行业周报 看好/维持 医药 医药 罗氏 FIC 小分子疗法达 3 期主要临床终点 | --- | --- | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...