Investment Ratings - 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][8]. Core Insights - The pharmaceutical sector showed a performance increase of +1.19% on September 19, 2024, outperforming the CSI 300 index by 0.40 percentage points, ranking 20th among 31 sub-industries in the Shenwan classification [5]. - Among the sub-industries, offline pharmacies (+5.46%), hospitals (+3.29%), and vaccines (+2.18%) performed the best, while blood products (+0.63%), in vitro diagnostics (+0.69%), and medical devices (+1.04%) lagged behind [5]. - Notable individual stock performances included Haichuang Pharmaceutical (+19.99%), Laobaixing (+10.02%), and Shuangcheng Pharmaceutical (+9.96%), while Hainan Haiyao (-10.02%), Shouyao Holdings (-10.00%), and Zexing Pharmaceutical (-4.80%) saw the largest declines [5]. Industry News - On September 19, 2024, AstraZeneca announced that its antibody therapy Fasenra (Benralizumab) received FDA approval for treating adult patients with eosinophilic granulomatosis with polyangiitis (EGPA), a rare immune-mediated vasculitis [6]. - Fasenra is the second FDA-approved biological product for treating EGPA, which can cause multi-organ damage if untreated [6]. Company News - Betta Pharmaceuticals (300558) received approval from the National Medical Products Administration (NMPA) for clinical trials of CFT8919 capsules for non-small cell lung cancer patients with EGFR mutations [7]. - Hengrui Medicine (600276) announced that its subsidiary received an acceptance notice from NMPA for the drug listing application of SHR-1701 [7]. - Meinuo Pharma (603538) obtained a European CEP certificate for atorvastatin calcium, enhancing its competitive position in the international market [7]. - Longshen Rongfa (300534) announced that its subsidiary received approval for the re-registration of naloxone hydrochloride as a chemical raw material [7].

Investment Rating - The report maintains a "Positive" outlook on the pharmaceutical industry, specifically the raw material drug sector, indicating a potential recovery in demand in the second half of 2024 [2][3]. Core Insights - In H1 2024, the raw material drug sector achieved total revenue of 606.13 billion yuan, a year-on-year increase of 4.12%. The net profit attributable to shareholders was 85.49 billion yuan, up 16.91% year-on-year, indicating a significant improvement in profitability [2][11]. - The report highlights that the sector is experiencing a recovery phase, with inventory depletion nearing completion and product prices beginning to rise due to the expiration of patents for key products [3][11]. - The profitability of the sector has improved, with gross margins increasing to 37.21% in Q2 2024, up from 36.38% in Q1 2024, and net margins reaching 15.52% [12][13]. Summary by Sections Section 1: Revenue and Profit Growth - The raw material drug sector's revenue and profits have shown significant growth in Q2 2024, with revenue increasing by 9.04% quarter-on-quarter and net profit rising by 27.80% [7][11]. - The sector's performance is attributed to the end of inventory destocking by global downstream manufacturers and the recovery of shipment volumes for raw material drug companies [11][13]. Section 2: Contribution of Top Companies - The top 10 companies in the raw material drug sector contributed 73.55% of total revenue and 81.15% of net profit in H1 2024, indicating a high concentration of revenue among leading firms [19][20]. Section 3: Valuation and Construction Projects - The sector's valuation remains at historical lows, with a PE ratio of 26.71 times as of Q2 2024, which is at the 10% historical percentile [2][19]. - The report notes a decrease in ongoing construction projects, suggesting that some companies are in a phase of rapid capacity expansion [19][20]. Section 4: Investment Recommendations - The report recommends focusing on companies with strong performance in the formulation sector and those with significant new product launches, such as Aorite and Aoxiang Pharmaceutical [3][19]. - Companies that are expected to benefit from the expiration of patents and have a high proportion of new product business are also highlighted as potential investment opportunities [3][19].

太平洋证券股份有限公司证券研究报告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|--------------------------------|------------------|-----------------------------------------------------------|--------------------------| | | | | | | —— | 8 | 社零增速小幅回落，制造业仍为投资的主要支撑 月经济数据点评 | | | | | | | | 报告日期： 2 0 2 4 年9月 1 9日 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 证券分析师：徐超 | | | 证券分析师：万琦 | | | | | | | 电话： 18311057693 | | 电话： | 18702133638 | | | | | | | E-MALL ： | xuchao ...

太平洋证券股份有限公司证券研究报告 | --- | --- | --- | --- | --- | --- | |-------|-------|------------|-------|----------------------------|--------------------------| | | | | | | | | | | | | | | | | | | | | | | | | | | 实体部门信贷延续偏弱走势 | | | | | | | | | | | | | | | ——8月金融数据点评 | | | | | | | | | | | 报告日期： | | 2 0 2 4年9月1 9日 | | | | | | | | | | | | | | 证券分析师：徐超 | 证券分析师：万琦 | | | | | | 电话： 18311057693 | 电话： 18702133638 | | | | | | E-MALL ： xuchao@tpyzq.com | E-MALL ： wanq@tpyzq.com | | | | | | | | 执业资格证书编码：S1190521050001 执业资格证书编码：S ...

2024 年 09 月 17 日 行业周报 看好/维持 有色金属 有色金属 预防式降息即将开启，看好金属价格上涨（20240909-20240913） | --- | --- | --- | |----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------ ...

行 业 研 究 2024 年 09 月 18 日 行业周报 看好/维持 医药 医药 诺华重磅小分子 Ribociclib 再获 FDA 批准 | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

行 业 研 究 2024 年 09 月 18 日 行业周报 看好/维持 医药 医药 诺华重磅小分子 Ribociclib 再获 FDA 批准 | --- | --- | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

2024 年 09 月 17 日 行业周报 看好/维持 有色金属 有色金属 预防式降息即将开启，看好金属价格上涨（20240909-20240913） | --- | --- | --- | |----------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------ ...

[Table_Message] 传媒互联网 行 业 研 究 报 告 | --- | |-------| | | | | | | | | | | | | | | | | | | [Table_Title] 传媒互联网 OpenAI o1 模型发布，强化学习有望突破 Scaling Law 瓶颈 (2024.09.09-09.15) ◼ 走势对比 ◼ 子行业评级 ◼ 相关研究报告 《出版 24H1 总结：所得税致净利润承 压，中期分红稳定全年预期》 《7 月游戏市场收入 278 亿，OpenAI 草 莓模型有望年内上线》 ◼ 证券分析师：郑磊 E-MAIL：zhenglei@tpyzq.com 执业资格证书编码：S1190523060001 [Table_Summary] 报告摘要 ➢ OpenAI o1 新系列模型发布，包括 o1 预览版和 o1-mini 9 月 13 日 OpenAI 发布 o1 新系列模型，即为此前曾透露的草莓模型。 由于相较 GPT 系列模型，o1 系列模型更擅长推理并解决科学、编程、 数学领域的复杂问题，因此 OpenAI 将模型名称重置回数字 1，并命 名为 o1。o1 新系列模型包 ...

行 业 研 究 2024 年 09 月 13 日 行业周报 看好/维持 医药 医药 吉利德 HIV 预防疗法第 2 项 III 期研究成功 | --- | --- | --- | --- | |----------------|----------------------------------------------------------------------------------------|------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...