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][2]. Core Insights - The report maintains a positive outlook on the pharmaceutical industry, indicating that it expects the overall returns to exceed the CSI 300 Index by more than 5% over the next six months [7]. - Recent market performance shows the pharmaceutical sector increased by 0.19% on July 9, 2024, underperforming the CSI 300 Index by 1.00 percentage points, ranking 28th among 31 sub-industries [5]. - Notable stock performances include Guoyao Modern (+9.96%), Ganli Pharmaceutical (+6.87%), and Yingke Medical (+6.21%) leading the gains, while Rongchang Bio (-19.99%), Puli Pharmaceutical (-19.64%), and Tai'an Retreat (-10.00%) faced significant declines [5]. Summary by Sections Market Performance - As of July 9, 2024, the pharmaceutical sector's performance was +0.19%, lagging behind the CSI 300 Index by 1.00 percentage points, with blood products (+1.55%) and medical consumables (+0.64%) performing well, while offline pharmacies (-2.11%) and hospitals (-0.01%) lagged [5]. Industry News - Eli Lilly announced a $3.2 billion acquisition of Morphic, gaining access to its oral integrin therapy MORF-057, aimed at treating inflammatory bowel disease (IBD) [6]. - Noteworthy company announcements include: - Aorite expects a net profit of 175-215 million yuan for the first half of 2024, a year-on-year increase of 82%-124% [6]. - Shutaishen received approval for clinical trials of STSP-0902 eye drops for treating neurotrophic keratitis [6]. - Renfu Pharmaceutical's subsidiary received a drug registration certificate for esketamine injection [6]. - Haooubo received approval for clinical trials of MM09 sublingual spray for treating moderate to severe allergic rhinitis [6].

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 index in the next six months [3]. Core Insights - UniQure's gene therapy AMT-130 has shown positive mid-term results in its Phase 1/2 clinical trial for treating Huntington's disease, with an 80% reduction in disease progression at 24 months for patients receiving high doses [2][3]. - The pharmaceutical sector experienced a slight decline of -0.31% on July 10, 2024, outperforming the CSI 300 index by 0.01 percentage points, ranking 11th among 31 sub-industries [2]. - Notable sub-industry performances include vaccines (+0.48%), hospitals (+0.43%), and blood products (+0.02%), while offline pharmacies (-2.76%), pharmaceutical distribution (-1.31%), and medical devices (-0.38%) lagged [2]. Summary by Sections Market Performance - As of July 10, 2024, the pharmaceutical sector's performance was -0.31%, with a slight outperformance against the CSI 300 index [2]. - The top-performing sub-industries were vaccines, hospitals, and blood products, while offline pharmacies and medical devices underperformed [2]. Company Updates - UniQure announced positive mid-term results for AMT-130, with significant disease progression reduction in Huntington's disease patients [2]. - Other companies, such as Zhenbaodao and Haisong Pharmaceutical, received approvals for clinical trials and new drug applications, enhancing their product lines [2]. Analyst Ratings - The report includes various company ratings, with "Buy" indicating expected stock performance exceeding 15% above the CSI 300 index in the next six months [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.00, compared to the last closing price of 25.28 [1][10]. Core Views - The company's Q1 performance exceeded market expectations, with significant growth in both the formulation and peptide businesses. The sales of Dydrogesterone tablets are gradually increasing, contributing to the overall revenue growth [2][10]. - The company is expected to achieve a net profit attributable to shareholders of 1.75 to 2.15 billion yuan for the first half of 2024, representing a year-on-year increase of 82% to 124% [10]. - The report highlights the company's strategic focus on integrating raw materials and formulations, which is anticipated to accelerate the sales of Dydrogesterone tablets [10]. Financial Summary - The company's revenue is projected to grow from 1,263 million yuan in 2023 to 2,559 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 23.61% [12]. - The net profit attributable to shareholders is expected to increase from 400 million yuan in 2024 to 676 million yuan in 2026, with a net profit growth rate of 30% [12]. - The diluted earnings per share (EPS) is forecasted to rise from 0.71 yuan in 2023 to 1.66 yuan in 2026, indicating strong profitability growth [12].

2024 年 07 月 09 日 行业周报 看好/维持 医药 行 业 研 究 医药 CDE 发布征求意见稿,规范 AAV 基因治疗产品非临床研究 ◼ 走势比较 (30%) (22%) (14%) (6%) 2% 10% 23/7/1023/9/2023/12/124/2/1124/4/2324/7/4 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 <>--2024-07- 07 <<强生抗肿瘤双抗新药在韩国获批 上市>>--2024-07-07 <<安进获得Tavneos 亚洲等地商业化 权益,用于治疗 ANCA>>--2024-07-05 证券分析师:周豫 电话: E-MAIL:zhouyua@tpyzq.com 分析师登记编号:S1190523060002 证券分析师:张崴 电话: E-MAIL:zhangwei@tpyzq.com 报告摘要 市场表现: 2024年7月8日,医药板块涨跌幅-2.81%,跑输沪深300指数1.96pct, 涨跌幅居申万 31 个子行业第 26 名。各医药子行业中,血液制 ...

Investment Rating - The automotive industry is rated as "Recommended" [3][14][39]. Core Viewpoints - The report emphasizes the significant beta opportunity in smart vehicles, driven by the integration of vehicle, road, and cloud technologies, which is expected to accelerate the application of autonomous driving [3][14]. - The "Vehicle-Road-Cloud Integration" pilot cities have been announced, marking a substantial step in the industrialization of smart connected vehicles, with 20 cities identified for this initiative [7][12]. - The report highlights the upcoming launch of Huawei's ADS 3.0 and Tesla's AI initiatives, which are anticipated to reshape the landscape of autonomous driving technology [3][14]. Summary by Sections Industry Investment Rating - The automotive industry is rated as "Recommended," indicating an expectation of returns exceeding 5% above the CSI 300 index over the next six months [39]. Recent Industry Developments - The Ministry of Industry and Information Technology, along with other departments, has released a list of 20 pilot cities for the "Vehicle-Road-Cloud Integration" initiative, which aims to enhance the infrastructure for smart connected vehicles [7][12]. - The report notes that there are currently 17 national-level testing zones for smart connected vehicles, with over 32,000 kilometers of open testing roads and more than 7,700 testing licenses issued [12][14]. Key Companies and Recommendations - Key companies recommended include: - Huawei and its automotive supply chain: Sairus, Changan Automobile, Xingyu Co., Wencan Co., Bojun Technology, Huguang Co., Huayang Group, and Shansheng Electronics [3]. - New forces and smart vehicles: Desay SV, Coboda, Bertley, Baolong Technology, Li Auto, and Xpeng Motors [3]. - Automotive exports: BYD, Great Wall Motors, Yutong Bus, Daimay Co., Yinlun Co., New Spring Co., Aikedi, and Xusheng Group [3]. Market Performance Overview - The report indicates that the automotive sector has underperformed compared to the broader market, with the automotive index down 2.46% in the past week [15][19]. - The current valuation of the automotive sector is at a low point, with a PE ratio of 18.8, below the median level of 21.9 [21]. Recent Policy and Regulatory Updates - The "Beijing Autonomous Driving Vehicle Regulations (Draft for Comments)" signifies the rapid advancement of autonomous driving technology towards practical application, providing a legal framework for innovation and safety [10][14]. - Various cities are accelerating the construction of "Vehicle-Road-Cloud Integration" infrastructure, with significant investments being made in cities like Beijing and Wuhan [8][9]. Company Announcements - Li Auto announced the launch of its new autonomous driving technology architecture, which includes features like "No Map NOA" and enhanced safety functions [14]. - Tesla has introduced a 5-year interest-free financing policy for its vehicles, aimed at boosting sales in the Chinese market [27].

乖宝宠物(301498) 乖宝宠物：首次股权&绩效激励，利好团队凝聚和业务成长 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 公司点评 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------|-------|--------|-------|-------|-------|----------------|--------|--------|--------|--------|--------| | 资产负债表（百万） 利润表（百万） | | | | | | | | | | | | | | 2022A | 2023A | 2024E | 2025E | 2026E | | 2022A | 2023A | 2024E | 2025E | 2026E | | 货币资金 | 198 | 1,009 | 1,668 | 2,436 | 3,327 | 营业收入 | 3,398 | 4,327 | 5,388 | 6,583 | 7, ...

农林牧渔 行 业 研 究 报 告 [Table_Title] 农林牧渔 周报(第 27 期):养猪业持续高盈利,重视养殖板块的投资机会 ◼ 走势对比 (20%) (14%) (8%) (2%) 3% 9% 22/12/2623/2/2623/4/2623/6/2623/8/2623/10/26 农林牧渔 沪深300 [Table_IndustryList] ◼ 子行业评级 | | |----------------| | 动物保健Ⅱ 看好 | | 饲料 看好 | | 养殖业 看好 | | | | | | |--------------------------------------|------| | [Table_Company ◼ 推荐公司及评级Info] | | | 天康生物(002100) | 买入 | | 科前生物(688526) | 买入 | | 唐人神(002567) | 买入 | [Table_ReportInfo] 相关研究报告: 《周报(第 26 期):猪价中期上涨 趋势明显,重视养殖板块的投资机 会》-2024/6/30 《周报(第 25 期):猪价中期上涨 趋势明显,重视养殖板块的投资 ...

[Table_Message] 2024-07-07 行业周报 看好/维持 传媒互联网 行 业 研 究 报 告 [Table_Title] 传媒互联网 暑期档游戏及电影陆续上线,商汤流式多模态交互模型发布 ◼ 走势对比 ◼ 子行业评级 游戏 看好 影视 看好 ◼ 相关研究报告 《关注年内 AI 三条主线》 《暑期档开启,关注新游上线节奏及影 片上映表现》 ◼ 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 ➢ 关注暑期档储备新游上线周期及电影上映表现 游戏及电影暑期档开启,新游及电影陆续上线。游戏方面,7 月 4 日 米哈游《绝区零》上线,表现亮眼。根据七麦数据,7 月 6 日其位列 ios 游戏畅销榜第 3。进入 7 月,关注储备新游上线周期,包括:腾 讯《极品飞车:集结》手游(7 月 11 日上线)、《世界启元》(7 月 16 日不删档测试);网易游戏《七日世界》(7 月 10 日公测)、《永 劫无间》手游(7 月 25 日公测)、《燕云十六声》(7 月 26 日公测); 心动游戏《心动小镇》( ...

基础化工 2024 年 07 月 07 日 行业周报 看好/维持 化工新材料 万华化学 20 万吨/年 POE 项目投产,饲料添加剂价格持续上涨 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/7/7 23/9/17 23/11/2824/2/824/4/2024/7/1 基础化工 沪深300 相关研究报告 <<赛轮轮胎(601058.SH): 液体黄 金、巨胎提升竞争力,全球布局引领 未来>>--2024-07-05 <<赖氨酸、制冷剂价格上涨,维生素 市场关注度提升>>--2024-07-05 <<涤纶长丝 POY、磷酸二铵、维 E 价 格上涨>>--2024-07-05 证券分析师:王亮 E-MAIL:wangl@tpyzq.com 分析师登记编号:S1190522120001 证券分析师:王海涛 E-MAIL:wanght@tpyzq.com 分析师登记编号:S1190523010001 研究助理:周冰莹 E-MAIL:zhoubingying@tpyzq.com 一般证券业务登记编号:S1190123020025 研究助理:陈桉迪 E-MAIL:chenad@tpy ...

2024 年 07 月 07 日 行业周报 看好/维持 基础化工 行 业 研 究 基础化工 维生素价格持续上涨,制冷剂景气有望延续 ◼ 走势比较 (40%) (30%) (20%) (10%) 0% 10% 23/6/2623/9/6 23/11/1724/1/2824/4/924/6/20 基础化工 沪深300 相关研究报告 <<赖氨酸、制冷剂价格上涨,维生素 市场关注度提升>>--2024-06-30 证券分析师:王亮 E-MAIL:wangl@tpyzq.com 分析师登记编号:S1190522120001 证券分析师:王海涛 E-MAIL:wanght@tpyzq.com 分析师登记编号:S1190523010001 研究助理:周冰莹 E-MAIL:zhoubingying@tpyzq.com 一般证券业务登记编号:S1190123020025 研究助理:陈桉迪 E-MAIL:chenad@tpyzq.com 一般证券业务登记编号:S1190124010006 报告摘要 1.重点行业和产品情况跟踪 维生素:帝斯曼工厂受洪水和泥石流影响关闭,维生素价格上涨。 据 Feedinfo 报道,受极端天气引发的 ...