2024 年 07 月 24 日 行业深度研究 评级/买入 生物医药Ⅱ 行 业 研 究 医药 行业深度：GLP-RA 研无界、惠众病，具备长期投资价值 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/7/3 23/9/13 23/11/2424/2/424/4/1624/6/27 医药 沪深300 报告摘要 《科学》杂志将GLP-1类药物评选为2023年度十大科学突破之首。 凭借出色的疗效与不断增长的用药需求，GLP-1RA 正吸引着大量资本 押注和国内外企业布局，我们认为此赛道值得长期关注与投资。 ⚫ GLP-1 RA 药物兼具降糖和减重功能，市场空间有多大？ GLP-1RA 药物两个适应症都是长期慢性疾病，具备巨大的市场潜 力。另外，GLP-1RA 还具备心血管获益机制，目前的用药线数一直在往 前推进。未来 GLP-1RA 类药物如果解决了供应短缺的问题并被纳入医 保，其广泛使用将会对糖尿病、肥胖、心血管疾病和整个医疗保健支出 产生重要影响。 我们认为 GLP-1RA 作为代谢病治疗格局改变者，在中国有巨大的市 场潜力。到 2030 年，在 T2DM 领域 GLP-1RAs ...

Investment Rating - The report maintains a positive outlook on the livestock sector, with specific recommendations for companies within the industry [2][12]. Core Insights - The report highlights that the livestock industry is expected to experience a favorable environment with rising pig prices and profitability in the medium term, despite short-term fluctuations due to weak summer consumption [2][12]. - Current valuations of individual stocks are at historically low levels, suggesting potential for upward movement [12]. Summary by Sections Market Review - The agricultural sector outperformed the market, driven by significant gains in the livestock industry, with the agricultural index rising by 3.7% compared to a 0.37% increase in the Shanghai Composite Index [2][16]. Livestock Industry 1. **Pork**: - The price of live pigs is on an upward trend, with the national average price at 18.98 yuan/kg, reflecting a weekly increase of 0.22 yuan. The average weight of pigs post-slaughter is 91.42 kg, up by 0.1 kg [12][8]. - The supply of pigs is expected to tighten due to previous capacity reductions, with a forecast for prices to gradually rise in the second half of 2024 [12][8]. 2. **Poultry**: - Chicken prices are currently under pressure, with the average price for white feather broilers at 3.74 yuan/kg, showing a slight increase of 0.09 yuan. The industry is experiencing losses, but a rebound in prices is anticipated as capacity adjustments occur [13][14]. - Yellow chicken prices are also expected to rise, with the average price at 13.93 yuan/kg, reflecting a monthly increase of 0.43 yuan [14]. 3. **Animal Health**: - The animal health sector is projected to recover gradually, driven by rising demand for veterinary products as pig prices increase. The introduction of new vaccines is expected to enhance growth prospects for leading companies in this space [4][14]. Crop Industry 1. **Seed Industry**: - The seed industry is benefiting from favorable government policies and the ongoing commercialization of genetically modified crops, which is expected to enhance the performance of leading seed companies [5][14]. 2. **Grain Prices**: - Recent stabilization in grain prices is noted, with corn and wheat prices at 2530 yuan/ton and 2502 yuan/ton, respectively. Anticipated adverse weather conditions may lead to a rebound in prices [15][14]. Stock Recommendations - Specific companies such as Tian Kang Biological, Keqian Biological, and Tang Ren Shen are recommended for investment, with a "Buy" rating due to their favorable market positions and low valuations [2][12].

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. Other medical sectors are also rated Neutral [1][2]. Core Insights - The report maintains a positive outlook on the pharmaceutical industry, expecting it to outperform the CSI 300 index by more than 5% over the next six months [7]. - As of July 22, 2024, the pharmaceutical sector experienced a gain of 0.62%, outperforming the CSI 300 index by 1.30 percentage points, ranking third among 31 sub-industries [2]. - Notable performances within sub-industries include medical research outsourcing (+2.31%), medical consumables (+0.78%), and medical devices (+0.74%), while vaccines (-0.64%), offline pharmacies (-0.55%), and pharmaceutical distribution (-0.29%) lagged behind [2]. Industry News - Bristol-Myers Squibb announced that the European Medicines Agency (EMA) has accepted its regulatory application for the PD-1 inhibitor Opdivo (Nivolumab) in combination with the CTLA-4 targeted antibody Yervoy (Ipilimumab) as a first-line treatment for adult patients with unresectable or advanced hepatocellular carcinoma (HCC) who have not received prior systemic therapy. Phase 3 clinical trial results indicate that the combination therapy significantly improves overall survival (OS), with an objective response rate (ORR) nearly three times that of the control group [3]. Company News - Tianjin Pharmaceutical Industry (600488) announced that its subsidiary received approval from the National Medical Products Administration for the injection of Methylprednisolone Sodium Succinate (20mg) [4]. - Tonghua Dongbao Pharmaceutical (300636) reported that its application for the raw material drug "Agomelatine" has been approved by the CDE [4]. - Heng Rui Medicine (600276) received approval for clinical trials of its drug, and Sai Sheng Pharmaceutical (300485) has received ethical committee approval for its Phase III clinical trial [4].

近茅歼究报告 · 行业深度报告 从萝卜快跑Robotaxi看特斯拉的AI时刻 太平洋证券研究院|首席分析师刘虹長 执业资格证书编号:S1190524010002 2024年7月22日 从萝卜快跑Robotaxi看特斯拉的AI时刻 特斯技的AI时刻。AI头乎吃家,为了不变革力限制,特斯拉今年大幅拨升了AI的投资,自动驾驶累计投资预计超100亿美无。瑞利瑞查塑FSD,FSD V12开始至程指数级增长,快速突破10亿类型,V12.4开启变陡哨里程增长,心增长至13亿类型以上。另外,Optimus Gen 2 充相上海,搭载与车辆 同源的AI,借助视觉神经网络和FSD芯片,接仿人美训练。特斯拉迎来AI时刻。 Alv 这特斯拉Robotaxi预计在10月发布,马斯克表示" 泰泰泰对Robotaxi前部进行查委设计复改,固指远发布目期高得来的领外 时间将让公司有机会展示一些其他的内容。" FSD V12.5将成为Robotaxi发布之前是查表的更新。特斯拉2024年股东大会马斯克表示,目前特斯拉正 孟开发HW5.0,某性能将是HW4.0约10倍,预计约18个月内报出,HW5.0的账办预计5000TOPS。AI杂选Robo ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating strong growth potential and favorable industry conditions [3][48]. Core Insights - The company has established itself as a global mining leader with over 30 years of experience, focusing on innovative mining management practices and significant resource holdings [3][7]. - Recent trends indicate a tightening supply of copper due to insufficient long-term capital expenditures, while gold prices are expected to rise as U.S. Federal Reserve interest rates decrease [3][34]. - The company is projected to see continuous growth in its main mineral products, with lithium production expected to become a significant contributor by 2025 [3][39]. - Revenue and profit forecasts suggest substantial growth, with expected revenues of 325.4 billion, 361.7 billion, and 396.0 billion yuan for 2023, 2024, and 2025, respectively [3][48]. Summary by Sections Company Overview - The company, originally established in 1986, has developed into a global mining powerhouse with significant investments in 17 provinces in China and 15 countries abroad. As of the end of 2023, it holds substantial resources including 74.56 million tons of copper and 2,998 tons of gold [3][7][36]. Market Dynamics - The copper supply is increasingly constrained due to a decline in the quality of existing mines and a lack of new discoveries, while gold prices are inversely correlated with U.S. interest rates, suggesting potential for price increases as rates fall [3][34][22]. Production and Growth - The company’s production of copper and gold is expected to rise significantly, with copper production projected to reach 150-160 million tons and gold production 100-110 tons by 2028. Key projects include expansions in Serbia and the Democratic Republic of Congo [3][39][48]. Financial Performance - The company has demonstrated strong internal growth, with revenues increasing from 136.1 billion yuan in 2019 to 293.4 billion yuan in 2023, reflecting a compound annual growth rate of 21%. Profit margins have also improved, with net profit rising from 4.3 billion yuan to 21.1 billion yuan over the same period [14][15][48]. Resource and Production Capacity - The company possesses a diverse range of mineral resources, with a focus on maximizing resource utilization through innovative techniques. It aims to become a leading lithium producer, with expected production capacity of 12-15 thousand tons by 2025 [3][39][36].

证券研究报告·行业深度报告 从萝卜快跑Robotaxi看特斯拉的AI时刻 太平洋证券研究院|首席分析师刘虹辰 执业资格证书编号:S1190524010002 2024年7月22日 从萝卜快跑Robotaxi看特斯拉的AI时刻 特斯拉的AI时刻。AI头号玩家,为了不受算力限制,特斯拉今年大幅提升了AI的投资,自动驾驶累计投资预计超100亿美元。端到端重塑FSD,FSD V12开始里程指数级增长,快速突破10亿英里,V12.4开启更陡峭里程增长,已增长至13亿英里以上。另外,Optimus Gen 2 亮相上海,搭载与车辆 同源的AI,借助视觉神经网络和FSD芯片,模仿人类训练。特斯拉迎来AI时刻。 AI加速特斯拉Robotaxi。特斯拉Robotaxi预计在10月发布,马斯克表示"我要求对Robotaxi前部进行重要设计更改,因推迟发布日期而得来的额外 时间将让公司有机会展示一些其他的内容。"FSD V12.5将成为Robotaxi发布之前最重要的更新。特斯拉2024年股东大会马斯克表示,目前特斯拉正 在开发HW5.0,其性能将是HW4.0的10倍,预计约18个月内推出,HW5.0 的算力预计5000TOPS。 ...

2024 年 07 月 23 日 行业周报 看好/维持 医药 医药 EMA 接受 BMS 联合疗法申请,用于治疗肝癌 ◼ 走势比较 报告摘要 (30%) (22%) (14%) (6%) 2% 10% 23/7/2423/10/4 23/12/1524/2/2524/5/724/7/18 医药 沪深300 ◼ 子行业评级 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 ◼ 推荐公司及评级 相关研究报告 <<太平洋医药行业周报 20240721: 24Q2 医疗设备招标回暖,设备更新有 望带动下半年市场复苏>>--2024- 07-21 <<赛诺菲 BIC血友病疗法三期临床结 果积极>>--2024-07-21 <<罗氏潜在 BIC 口服 GLP-1 减肥药临 床结果积极>>--2024-07-19 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:张崴 E-MAIL:zhangwei@tpyzq.com 分析师登记编号:S1190524060001 市场表现: 2024 年 7 月 22 日,医药板 ...

工程国家重点实验室高级访问学者。 理、财务 总经理、 今任公司董事，副总经理，董事会秘书。曾就职于深圳华基粤海科技有限公司。 杨晗鹏 董事 圳市南方国际技术交易市场有限公司部门经理，2000 年 3 月至 2001 年 3 月任深圳市亿槌国际拍卖有限公司 任深圳市明微电子股份有限公司独立董事；2010 年 11 月至 2016 年 2 月任深圳市大沙河创新走廊建设投资 罗勇根 独立董事 管理学博士，广州大学管理学院会计系副教授，广州大学"百人计划"青年杰出人才，硕士生导师。罗勇根 先生担任韶关市重大行政决策咨询论证专家(2022-2025)、"科技东莞"工程评审专家、广东医药价格协会医 保精细化管理专业委员会副主任委员，主持国家自然科学基金青年项目、广东省自然科学基金面上项目等 课题。 图表3：公司高级管理人员一览 姓名 职位 工作履历 金霞 职工监事 2020 年 9 月至 2021 年 3 月任深圳微芯生物科技股份有限公司行政经理。2021 年 3 月至今任公司职工 代表监事。曾就职于深圳光启高等理工研究院、联发软件设计(深圳)有限公司。 潘德思 副总经 理、核心 技术人员 2000 年 1 月至 200 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, indicating strong growth potential and favorable industry conditions [3][41]. Core Insights - The company has established itself as a global mining leader over more than 30 years, with significant mining investments in 17 provinces in China and 15 countries abroad. As of the end of 2023, the company holds substantial resources: 74.56 million tons of copper, 2,998 tons of gold, 10.68 million tons of zinc (lead), 14,739 tons of silver, and 1.347 million tons of lithium equivalent [3][32]. - The report highlights a growing demand for copper and gold, with expectations of price increases due to supply constraints and macroeconomic factors. The company is projected to benefit from these trends, with significant increases in production anticipated by 2028 [3][34]. - The company's revenue and profit have shown consistent growth, with a compound annual growth rate (CAGR) of 21% in revenue and 49% in net profit from 2019 to 2023. The report forecasts revenues of 325.4 billion, 361.7 billion, and 396 billion yuan for 2023, 2024, and 2025, respectively [15][41]. Summary by Sections Section 1: Company Overview - The company has developed a unique mining management model and has a stable shareholding structure, with the controlling shareholder being the Finance Bureau of Shanghang County [8][9]. - The management team is experienced, with key members having over 20 years of service in the company, contributing to its strategic direction and operational excellence [12][13]. Section 2: Market Dynamics - The report notes that global copper supply is under pressure due to low capital expenditures in the mining sector, leading to a long-term supply shortage. The average copper grade has been declining, which increases operational costs [19][21]. - The demand for copper has been recovering, particularly driven by the growth in the renewable energy sector, with global refined copper consumption expected to reach 26.55 million tons in 2023, a year-on-year increase of 2.78% [23][26]. Section 3: Financial Projections - The report provides detailed financial forecasts, estimating the company's revenues and profits for the next three years, with a focus on the expected growth in copper and gold production. The projected earnings per share (EPS) for 2023, 2024, and 2025 are 1.19, 1.37, and 1.56 yuan, respectively [41][43]. - The sensitivity analysis indicates that a rise in copper and gold prices could significantly enhance the company's profitability, with estimates showing that a 1,000 yuan increase in copper price could boost profits by approximately 540 million yuan [36][38].

Investment Rating - The report maintains a "Buy" rating for the company with a target price based on the last closing price of 29.98 [1][4]. Core Views - The company is expected to continue its growth trajectory in the AI server market, with a projected shipment increase of nearly 20% in Q2 2024 and an annual growth rate of 41.5%, leading to an estimated market value of $187 billion [3]. - The company is actively expanding its AI product line, including the launch of new AI supercomputing servers, which is anticipated to enhance its innovative business prospects in the future [4][16]. Financial Summary - The total share capital is 2.51 billion shares, with a total market value of 75.19 billion [3]. - Revenue projections for 2024-2026 are as follows: 4,251.92 million in 2024, 5,187.34 million in 2025, and 6,432.30 million in 2026, reflecting growth rates of 16%, 22%, and 24% respectively [5]. - The net profit for the same period is projected to be 114.43 million in 2024, 199.31 million in 2025, and 298.07 million in 2026, with growth rates of 248.76%, 74.17%, and 49.55% respectively [5]. - The diluted earnings per share (EPS) are expected to be 0.46 in 2024, 0.80 in 2025, and 1.19 in 2026 [5].