NZ :主山美 FICESECURITIES 2024 年 07 月 25 日 行业总评 看好 / 维持 家电 中央财政直接安排资金支持，家屯以旧换新补贴比例由上轮 10% 提升至 15-20% ■ 大学的教 报告摘要 律养公司及计板 是的生日家人 海东省 1联 热力专菜人 本市市家人 TGL系入 等信息年入 本版专辑家人 大赢人联 相关研究机合 <>—2024-07-25 <<栄奉健康：外馆抱援韩国基本会+ 场展欧美东南亚港力市场，内销核摩 椅 怎么找る 岸战略 济 昨 >>--2024- 07-18 <>—2024— 07–16 证券分析师： 主听 分析师圣记纳予：$1190524020001 牙克助理： 大学非 一粒证券业芯站平：S1190124030006 牙克助理：全拍利 一粒证券业论站平：S1190124030010 事件: 2024 年 7 月 25 日，国家龙乱成革会和财成等奖会发布《关于 加力支持大规模改革支新标消息改旧装新的茶千禧浩》的遗向, 加力支 种家宅产品以旧装新。 中关财成立装失神关全丈补，地方财成装比例失神职本关全。1）中 夫财或： 直接向地方实排 1500 亿元左右超长,朝特别 ...

一年该股与沪深 300 走势比较 [Table_Summary] 事件：中国共产党第二十届中央委员会第三次全体会议（以下简称三 中全会），于 2024 年 7 月 15 日至 18 日在北京举行。会议审议通过了 《中共中央关于进一步全面深化改革、推进中国式现代化的决定》。7 月 18 日新华社发布《中国共产党第二十届中央委员会第三次全体会议 公报》。会议公报相对简明扼要，政策的具体细节需等后续《决定》文 件的公布。单从公报内容来说，有以下看点： 电话：18311057693 执业资格证书编码：S1190521050001 电话：18702133638 [Table_Message 2024] -07-22 宏 宏观研究报告 观 研 究 报 告 [Table_Info] [Table_ReportInfo] 证券分析师：徐超 [Table_Author] E-MALL：wanq@tpyzq.com 一般证券业务登记编码：S1190122070011 步全面深化改革的总目标是继续完善和发展中国特色社会主义制度， 标均设定了具体完成时间。要求到 2035 年"全面建成高水平社会主义 市场经济体制，中国特色社会主义制 ...

一年该股与沪深 300 走势比较 [Table_Summary] 事件：中国共产党第二十届中央委员会第三次全体会议（以下简称三 中全会），于 2024 年 7 月 15 日至 18 日在北京举行。7 月 21 日新华社 受权全文播发会议审议通过的《中共中央关于进一步全面深化改革、 推进中国式现代化的决定》（以下简称《决定》）。《决定》共分三大 板块、15 个部分、60 条，涉及经济、政治、文化、社会、生态文明、 国家安全、国防和军队等多方面的部署改革。作为一份重要的纲领性 文件，《决定》具有重大的理论意义、实践意义和时代意义。以下是我 们的学习体会。 执业资格证书编码：S1190521050001 一般证券业务登记编码：S1190122070011 19 日中共中央新闻发布会提到，"《决定》既是党的十八届三中全会 以来全面深化改革的实践续篇，也是新征程推进中国式现代化的时代 新篇"。习总书记表示"紧紧围绕推进中国式现代化、落实党的二十大 战略部署来谋划进一步全面深化改革"。 同时明确到 2035 年全面建成高水平社会主义市场经济体制、到 2029 平社会主义市场经济体制是中国式现代化的重要保障"，"创造更加公 ...

Investment Rating - The report does not provide specific investment ratings for the appliance industry [1] Core Insights - The TCL system is structured around two main entities: TCL Technology and TCL Industry, focusing on a full industry chain layout [2][6] - Future growth is driven by two key strategies: "reform" and "going global," aimed at increasing both business scale and profitability [2][30] - The report highlights TCL Electronics and TCL Smart Home as key stocks to watch due to their strong market positions and growth potential [2][30] Summary by Sections TCL System Overview - TCL's structure includes TCL Technology, which focuses on upstream semiconductor display and new energy businesses, and TCL Industry, which concentrates on downstream smart terminal businesses [7][22] - TCL Electronics, a subsidiary of TCL Industry, has a significant revenue contribution from large-size display business, accounting for over 60% of total revenue [10][11] Future Outlook - The reform strategy involves the merger of Oma Electric and Hefei Appliances to enhance operational synergy and efficiency [30] - The "going global" strategy includes leveraging TCL Electronics' Hong Kong listing for overseas investments and expanding TCL Smart Home's brand internationally [30] Investment Recommendations - The report suggests focusing on TCL Electronics, which is a leader in the global TV market and has significant profit growth potential [2][30] - TCL Smart Home is highlighted for its leadership in the ice and washing machine ODM sector, with expectations for further integration and overseas expansion [2][30] Sub-industry Performance - TCL Electronics reported a total revenue of HKD 78.986 billion in 2023, with a net profit of HKD 0.744 billion, reflecting a 66.36% increase in profitability [10][11] - TCL Smart Home achieved total revenue of CNY 15.180 billion in 2023, with a net profit of CNY 0.787 billion, marking a 69.37% increase [11][12] Other Business Segments - TCL's environmental technology and financial services are also growing, with revenues of CNY 23.6 billion and CNY 9.2 billion respectively in 2023 [18][20]

Investment Ratings - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine sectors, while the biopharmaceutical and other medical sectors are rated as neutral [1][2]. Core Insights - The report maintains a positive outlook on the pharmaceutical sector, indicating that the FDA has accepted Mesoblast's application for a cell therapy product, which could significantly impact the market [2][6]. - The pharmaceutical sector experienced a decline of 1.45% on July 24, 2024, underperforming the CSI 300 index by 0.82 percentage points, ranking 18th among 31 sub-industries [5]. - Notable performances within sub-industries include pharmaceutical circulation (+0.03%) and blood products (-0.90%), while offline pharmacies (-2.30%) and hospitals (-2.04%) lagged behind [5]. Summary by Sections Market Performance - On July 24, 2024, the pharmaceutical sector's performance was -1.45%, underperforming the CSI 300 index by 0.82 percentage points, ranking 18th among 31 sub-industries [5]. - The best-performing sub-industries were pharmaceutical circulation (+0.03%) and blood products (-0.90%), while offline pharmacies (-2.30%) and hospitals (-2.04%) performed poorly [5]. Industry News - On July 24, 2024, Mesoblast announced that the FDA accepted its application for the cell therapy Ryoncil (Remestemcel-L) for treating steroid-refractory acute graft-versus-host disease in children, with a PDUFA date set for January 7, 2025 [6]. Company News - Warner Pharmaceuticals announced that its subsidiary received a GMP compliance notice for a raw material drug [7]. - China Resources Double Crane received a drug registration certificate for a new medication, indicating successful compliance with evaluation standards [7]. - Haichuang Pharmaceuticals received approval for clinical trials of a new drug for treating myelofibrosis [7]. - Luoxin Pharmaceutical announced the approval of a supplemental application for a generic drug, confirming its quality and efficacy [7].

Investment Rating - No rating provided for the industry [1] Core Viewpoints - The TCL system is driven by "reform" and "going abroad," aiming to enhance both business scale and profitability [2][4] - The TCL system consists of TCL Technology and TCL Industry, covering the entire industry chain [7][23] - Future growth is expected through internal efficiency optimization and international expansion [32][34] Summary by Sections TCL System Overview - The TCL system includes TCL Technology and TCL Industry, focusing on smart terminal businesses and upstream semiconductor display and new energy sectors [2][7] - TCL Industry encompasses various businesses, including TCL Electronics, TCL Smart Home, and TCL Appliances, while TCL Technology focuses on semiconductor displays and new energy [8][23] Future Outlook - The company aims for dual growth in business scale and profitability through reforms and international expansion [2][32] - The merger of Oma Electric and Hefei Appliances is expected to enhance operational synergy in the white goods sector [32] TCL Electronics - TCL Electronics reported total revenue of HKD 78.986 billion in 2023, with a net profit of HKD 0.744 billion, reflecting a 66.36% increase [10][11] - The large-size display business accounted for over 60% of total revenue, with significant growth in internet and innovative business segments [10][11] TCL Smart Home - TCL Smart Home, which includes Oma Refrigerators and Hefei Appliances, achieved total revenue of CNY 15.180 billion in 2023, with a net profit of CNY 0.787 billion [12][14] - The company ranks first in refrigerator exports to major European markets [12][13] TCL Appliances - TCL Appliances focuses on air conditioning, achieving revenue of CNY 24.09 billion in 2023, with a growth rate of 19.3% [16][17] - The brand has a strong presence in Southeast Asia, leading market shares in various segments [17] Other Businesses - TCL's environmental technology and financial services sectors are also growing, with revenues of CNY 2.36 billion and CNY 0.92 billion, respectively [18][21] - The environmental technology division focuses on waste recycling and comprehensive environmental services [18] Semiconductor Display and New Energy - TCL Technology's semiconductor display business generated revenue of CNY 83.655 billion in 2023, with a significant increase in sales volume [24][25] - The new energy sector, led by TCL Zhonghuan, achieved a market share of 23.4% in the photovoltaic silicon wafer market [29][30]

Investment Rating - The report rates the industry as "Buy" [1] Core Insights - GLP-1 receptor agonists (GLP-1RAs) are recognized as a significant breakthrough in 2023, with increasing demand and investment potential in the market [2][7] - The market for GLP-1RAs is projected to reach 66.7 billion yuan in the T2DM sector by 2030, capturing over 50% of the diabetes treatment market, and 45.5 billion yuan in the weight loss sector, accounting for 90% of that market [2][20] - The report emphasizes the long-term investment value of GLP-1RAs, particularly in the context of chronic diseases like diabetes and obesity, which are expected to drive healthcare spending [2][29] Summary by Sections GLP-1RA Drug Mechanisms - GLP-1RAs exhibit multiple mechanisms for glucose reduction and weight loss, including enhancing insulin secretion and delaying gastric emptying [8][10] - The drugs are effective in treating both diabetes and obesity, with significant market potential in both areas [14][21] Market Potential - The diabetes market is rapidly expanding, with an estimated 537 million people affected globally in 2021, projected to rise to 783 million by 2045 [15][16] - In China, the T2DM drug market is expected to grow from 53.4 billion yuan in 2022 to 109.8 billion yuan by 2032, with a compound annual growth rate (CAGR) of 7.5% [20] - The obesity drug market is also anticipated to grow significantly, with GLP-1RAs expected to dominate due to their superior weight loss efficacy [21][29] Competitive Landscape - Novo Nordisk and Eli Lilly are the leading companies in the GLP-1RA market, with significant sales growth in 2023 [30][36] - Novo Nordisk's total sales for GLP-1RAs reached 21.2 billion USD in 2023, while Eli Lilly's key product, tirzepatide, has shown promising sales figures [30][38] - The report notes that the competitive landscape is intensifying, with a growing number of clinical trials and new entrants in the market [32][34] Supply and Demand Challenges - There is a current supply shortage for GLP-1RAs, with expectations that demand will continue to outstrip supply in the near future [40] - The report highlights the need for companies to enhance production capabilities to meet the growing market demand [40]

Investment Rating - The industry is rated as "Positive," expecting an overall return exceeding 5% above the CSI 300 Index in the next six months [10]. Core Insights - The introduction of the DRG/DIP 2.0 grouping scheme is expected to address clinical concerns and optimize grouping, which will benefit innovative drugs and medical devices [8]. - The DRG/DIP 2.0 scheme includes 26 major diagnostic categories, 409 core groups, and 634 detailed groups, achieving an enrollment rate of 92.8% and an inter-group difference of 71.0% [5]. - A special case negotiation mechanism has been established to empower medical institutions, allowing them to report cases that do not fit standard payment criteria, which is beneficial for complex and critical cases [6]. - The scheme aims to enhance settlement and clearing levels, reducing financial pressure on medical institutions by organizing monthly settlements and ensuring timely feedback on enrollment and settlement information [7]. Summary by Sections Background of DRG/DIP 2.0 - The DRG/DIP payment reform is being actively promoted by the National Medical Insurance Administration to control costs and standardize medical practices, responding to feedback regarding the precision of existing groupings [4]. Key Optimizations - The DRG 2.0 grouping scheme focuses on optimizing 13 clinical disciplines, including critical care, hematology, oncology, and oral maxillofacial surgery, based on extensive feedback and analysis of case data [5]. Support for Innovation - The DRG/DIP 2.0 scheme is expected to synergize with the "Full Chain Support for Innovative Drug Development Implementation Plan" and various local policies supporting pharmaceutical innovation, benefiting high-quality innovative drug and device manufacturers [8]. - Relevant companies include innovative drug manufacturers such as Heng Rui Medicine, Hansoh Pharmaceutical, and innovative medical device companies like Microelectronic Physiology and Huatai Medical [8].

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][4]. Core Insights - The pharmaceutical sector experienced a decline of 1.45% on July 24, 2024, underperforming the CSI 300 index by 0.82 percentage points, ranking 18th among 31 sub-industries [4]. - Among the sub-industries, pharmaceutical circulation (+0.03%), blood products (-0.90%), and vaccines (-1.20%) showed better performance, while offline pharmacies (-2.30%), hospitals (-2.04%), and medical R&D outsourcing (-1.98%) lagged behind [4]. - Notable individual stock performances included KaiKai Industrial (+10.04%), Fudan Fuhua (+10.00%), and Saily Medical (+9.97%) on the gainers' list, while Ruiang Gene (-13.89%), Yahui Long (-10.00%), and Hehua Co. (-7.91%) were among the biggest losers [4]. Industry News - On July 24, 2024, Mesoblast announced that the FDA accepted its biologics license application for the cell therapy Ryoncil (Remestemcel-L) for treating steroid-refractory acute graft-versus-host disease (SR-aGVHD) in children, with a PDUFA date set for January 7, 2025 [5]. Company News - Warner Pharmaceuticals (688799) announced that its subsidiary received a GMP compliance inspection notice for its raw material drug lanthanum carbonate from the Hunan Provincial Drug Administration [6]. - China Resources Double Crane (600062) reported that its subsidiary received a drug registration certificate for paliperidone extended-release tablets, which is considered equivalent to passing the consistency evaluation [6]. - Haichuang Pharmaceutical (688302) received approval from the National Medical Products Administration for clinical trials of HP560 tablets for treating myelofibrosis [6]. - Luoxin Pharmaceutical (002793) announced that its subsidiary received approval for a supplemental application for injectable cefoperazone sodium and sulbactam sodium, which passed the consistency evaluation for generic drugs [6].

Investment Ratings - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine industries, while the biopharmaceutical sector is rated as neutral [1][2]. Core Insights - The pharmaceutical sector experienced a decline of 3.24% on July 23, 2024, underperforming the CSI 300 index by 1.11 percentage points, ranking 28th among 31 sub-industries [5]. - Among the sub-industries, pharmaceutical distribution (-1.25%), medical research outsourcing (-2.52%), and medical devices (-2.98%) performed relatively better, while vaccines (-4.89%), other biological products (-4.58%), and blood products (-3.48%) lagged behind [5]. - Notable stock performances included Guoke Hengtai (+20.00%), Kangwei Century (+12.89%), and Fudan Zhanghua (+10.09%) on the gainers' list, while Ruian Gene (-17.98%), Te Bao Biological (-10.00%), and Ailis (-7.47%) were among the biggest losers [5]. Industry News - On July 22, Agilent announced its acquisition of BIOVECTRA for $925 million (approximately 6.728 billion RMB), a Canadian CDMO with capabilities in clinical to commercial scale production of biologics and small molecules. The transaction is expected to complete by 2025 [6][7]. - Shanghai Pharmaceuticals announced that its subsidiary received a drug registration certificate for a new medication, while Lu Kang Pharmaceuticals received approval for a chemical raw material drug [6]. - Microchip Biotech received approval for a clinical trial of a combination therapy for advanced colorectal cancer [6].