[Table_Mess2a0g2e4]- 06- 23 行业周 报 行 看好/维持 业 传媒互联网 研 究 [Table_Title] 传媒互联网 报 告 暑期档开启，关注新游上线节奏及影片上映表现 [Table_Summary] ◼ 走势对比 报告摘要 ➢ 《崩坏：星穹铁道》登顶畅销榜，关注暑期档新游上线节奏 太 6 月 19 日米哈游《崩坏：星穹铁道》2.3 版本更新，全新五星角色 平 流萤、翡翠正式上线。根据七麦数据，该游戏在更新当天登顶ios游 洋 戏畅销榜，打破了腾讯《地下城与勇士：起源》5月21 日上线以来 近一个月位列榜首的记录。并且，近一个月多款新游戏上线，在七麦 证 数据ios游戏畅销榜中表现亮眼。6月23日B站《三国：谋定天下》 券 排名第 5、心动公司《出发吧麦芬》排名第 12、世纪华通《无尽冬 股 日》排名第 14。进入 7月，各大游戏公司积极布局暑期档新游，关 份 注未来储备新游上线节奏，包括：米哈游《绝区零》（7 月 4 日上 有 线）；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《燕云十六声》（7月26 限 公 ◼ 子行业评级 ...

2024 年 06 月 21 日 航运市场如何看？ P2 供给端：未来几年好望角型船舶交付数量将持续递减，同时将有越来 越高比例的船舶进入高龄船行列，长期来看，好望角型船舶的未来供给将 呈现不足，干散货运费长期易涨难跌。 风险提示：海外需求不及预期；欧洲降息不及预期；航运拥堵有效缓 解。 目录 五、 风险提示： ................................................................... 19 投资策略 升阶段 =航运净利润同比 ──ClarkSea Index 同比（右嶺） 1000% 200% 800% 150% 600% 100% 400% 50% 200% 0% 0% -50% -200% -400% -100% 004-06 90-9002 500-500Z 90-1002 90-1900Z 90-800Z 90-102 90-102 90-TDZ 90-TDZ 2011-06 2016-06 2017-06 2018-06 2019-06 90+7802 90+ TZ02 90+TZ0Z 90+0Z0Z 2007-06 资料来源:Clark ...

2024-06-21 策略点评报告 一枝独秀与盛夏未央 证券分析师：张冬冬 研究助理：徐梓铭 电话：13817265616 电话：15638880193 E-Mail：zhangdd@tpyzq.com E-Mail：xuzm@tpyzq.com 分析师登记编号：S1190522040001 一般证券业务编号：S1190123050005 核心观点：CBO 上调美国赤字支撑美国经济在全球主要经济体中一枝独秀，大选前美国财政发力叠加欧洲政治 风险，美元有望成为确定性最强的资产。 资产配置：汇率做多美元；权益做多美股的同时做空欧股。 风险提示：美国经济快速衰退；欧洲政治风险消退；欧洲经济超预期 事件：美国国会预算办公室（CBO）更新了 2024-2034 年的债务和经济展望，其中赤字率较 2 月份预估的 5.6% 大幅上修至 7%，大幅超出市场一致预期的 5.8%。 美国国会预算办公室（CBO）大幅上调了 2024-2034 年美国财政赤字率。CBO 更新了 6 月份美国 2024-2034 年的 债务和经济展望，其中财政赤字上升 4080 亿美元，带动赤字率较 2 月份预估的 5.6%大幅上修至 7%，不包括利 ...

2024-06-18 行业周报 看好/维持 行 业 研 究 汽车行业 车路云、特斯拉 FSD 持续催化，智能汽车β向上  走势比较 报告摘要 太 车路云、特斯拉FSD持续催化。今年以来，智能网联车路云一体化 平 顶层设计自上而下推进，政策法规落地，加速示范应用试点出台。车路 洋 协同智能网联加速，政策+产业共振向上，我们一直强调的智能汽车β机 证 会向上，我们认为后续车路云试点会持续催化。先是，北京市车路云一 券 体化招标公示，项目投资规模达99.39亿元。接下来，武汉车路云一体 股 份  子行业评级 化重大示范项目获发改委批准，总投资高达170亿元，建设全市统一的 有 智能网联汽车服务平台，1.5万个智慧泊位，5.578km智慧道路改造，16 限 万方智能网联汽车产业研发基地，车规级芯片产业园，无人驾驶产业 公 园。推动城市级智慧道路覆盖率及车载终端装配率的提升。 司  推荐公司及评级 证 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Views - The company reported a total revenue of 5.7 billion in 2023, a decrease of 23% year-on-year, while the net profit attributable to shareholders was 0.83 billion, an increase of 489.7% year-on-year [1]. - The company emphasizes its commitment to shareholder returns, as evidenced by an increased cash dividend of 0.149 per share, translating to a dividend yield of 4.0% based on the closing price on April 11 [1]. - The decline in Q1 2024 revenue to 1.09 billion, down 9.1% year-on-year, was attributed to adverse weather conditions and increased free passage days during the Spring Festival [1]. Summary by Sections Business Segments - The main business segments include: - Transportation segment, which generated 4.62 billion in revenue, accounting for 81.0% of total revenue, and 2.32 billion in operating profit, representing 97.4% of total operating profit [1]. - Diversified businesses, including investments in real estate, new energy, and financial enterprises, contributed minimally to revenue and profit [1]. Financial Health - As of the end of 2023, the total liabilities were 35.297 billion, a decrease of 4.86% from the previous period, with a debt-to-asset ratio of 70.51%, down 4.09 percentage points [1]. - The company is focusing on digital transformation and new energy applications, expecting to accelerate these initiatives in the future [1]. Future Outlook - The report anticipates performance growth from projects like Zhengluo, which is expected to enhance future earnings and dividends [1]. - Revenue projections for 2024 are set at 5.806 billion, with a year-on-year growth of 1.8% [10].

2024年06月21日 行 业周报 看好 / 维持 行 医药 业 研 究 医药 Woolsey 小分子疗法 2 期临床结果积极，用于治疗 ALS ◼ 走势比较 报告摘要 10% 市场表现： 2% 太 (6%)02/6/32 1/9/32 31/11/32 52/1/42 7/4/42 91/6/42 0.682 p0 c2 t4 ，涨年 跌6 幅月 居申20 万日 3， 1医 个药 子行板 业块 第涨跌 22幅 名-1 。.4 各0 医%， 药跑 子输 行沪 业深 中，30 医0 疗指 设数 平 (14%) 备(-0.07%)、医疗研发外包(-0.32%)、血液制品（-0.67%）表现居前，线 洋 (22%) 下药店(-2.97%)、医院(-2.69%)、医药流通(-1.98%)表现居后。个股方面， 日涨幅榜前3位分别为博济医药(+20.03%)、诺泰生物(+18.64%)、百花医 证 (30%) 药(+10.10%)；跌幅榜前3位为广誉远(-8.64%)、太安退(-7.69%)、乐心 券 医药 沪深300 医疗（-6.35%）。 股 ◼ 子行业评级 份 行业要闻： 近日， Woolsey宣布，公司在研药物B ...

Investment Rating - The report maintains a "Buy" rating for the company [5][12]. Core Views - The company achieved a revenue of 1.23 billion yuan in 2023, representing a year-on-year growth of 15.69%, and a net profit of 880 million yuan, up 25.68% year-on-year [12]. - The company's asset disposal income reached 1.11 billion yuan, accounting for 90.43% of total revenue, indicating strong performance in the institutional distressed asset management business [12]. - The report forecasts revenue growth for 2024-2026 at 16.25%, 20.65%, and 24.25% respectively, with net profit expected to grow by 22.50%, 24.10%, and 26.57% [12]. Financial Summary - The company’s diluted earnings per share (EPS) are projected to be 0.55 yuan for 2024, 0.68 yuan for 2025, and 0.87 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 11.26, 9.07, and 7.17 [12]. - The average return on equity (ROE) for 2023 was 16.57%, an increase of 2.35 percentage points year-on-year [12]. - The company maintained a high dividend payout ratio, with a proposed cash dividend of 570 million yuan for the reporting period, representing a 65% payout ratio [12].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 225 HKD, compared to the last closing price of 167 HKD [1]. Core Insights - The report highlights that the company is positioned to lead in the ADC (Antibody-Drug Conjugate) market, with a strong pipeline and strategic partnerships, particularly with Merck, aiming for significant growth in the biopharmaceutical sector [1][19]. - The company has developed a comprehensive ADC platform, OptiDC, which supports the development of multiple ADC candidates currently in clinical trials, showcasing its competitive edge in the oncology treatment landscape [19][27]. - The anticipated commercialization of key products, including SKB264 and A166, is expected to drive revenue growth, with projections indicating a turnaround to profitability by 2027 [3][39]. Summary by Sections Company Overview - Founded in 2016, the company focuses on innovative drug development in oncology and immunology, establishing itself as a pioneer in ADC technology with over ten years of experience [16]. - The company successfully went public on the Hong Kong Stock Exchange in July 2023, marking a new chapter in its development [16]. Technology and Pipeline - The company has built a leading ADC development platform, OptiDC, which integrates extensive knowledge of biological targets and proven ADC design expertise [27]. - It has a diverse pipeline with 33 projects targeting various cancers and diseases, including 14 in clinical stages and several nearing NDA submissions [30][39]. Strategic Partnerships - The company has formed significant partnerships, notably with Merck, to enhance its global reach and accelerate the development of its ADC products [35][37]. - The collaboration with Merck includes multiple ADC assets, which is expected to generate substantial overseas revenue [37]. Financial Projections - Revenue forecasts for 2024, 2025, and 2026 are projected at 1.186 billion, 1.684 billion, and 2.621 billion HKD respectively, with a return to profitability expected in 2027 [3][39]. - The report estimates the company's market capitalization could reach 515 billion HKD and 598 billion HKD based on discounted cash flow and sales peak valuation multiples [3].

2024年06月16日 公 司点评 公 买入 / 维持 司 药明合联(02268) 研 究 目标价: 25.4 昨收盘:16.36 生物安全法案阴霾渐减 药明合联高增长有望持续 ◼ 走势比较 《生物安全法案》加入NDAA未获批准 暂不进入美众议院立法议程 2024年6月11日，美国众议院官网显示《生物安全法案》的H.R.8333 20% 提案显示为“Submitted”（已提交）状态，然而并未纳入NDAA(《2025国 太 4% 防授权法案》)立法。 平 洋 (12%)71/11/32 92/21/32 9/2/42 22/3/42 3/5/42 41/6/42 的业绩一 有直 望笼 迎罩 来着药 持明 续高系 增的 长生物 。安 全法案的阴霾暂时减轻了一些，药明合联 (28%) 证 (44%) 药明合联2023年业绩表现强劲，收入和经调整净利润均同比增长超 券 (60%) 110%，年度盈利同比增长82.07% 股 2024年，药明合联营业收入21.24亿元人民币，强劲增长114%；经 份 药明合联 恒生指数 调整净利润 4.12 亿元人民币，强劲增长 112%；盈利 2.84 亿元，同比增 长82.07% ...

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][6]. Core Insights - Johnson & Johnson's Nipocalimab has achieved the primary endpoint in Phase 2 clinical trials for treating Sjögren's disease (SjD), showing statistically significant improvement in ClinESSDAIa scores at week 24 compared to baseline [4][8]. - The pharmaceutical sector experienced a decline of -0.51% on June 18, 2024, underperforming the CSI 300 index by 0.78 percentage points, ranking 30th among 31 sub-industries [3]. - Among sub-industries, pharmaceutical distribution (+0.64%) and offline pharmacies (+0.30%) performed well, while medical R&D outsourcing (-2.55%) and vaccines (-1.56%) lagged [3]. Summary by Sections Market Performance - On June 18, 2024, the pharmaceutical sector's performance was -0.51%, underperforming the CSI 300 index by 0.78 percentage points, ranking 30th among 31 sub-industries [3]. - The best-performing stocks included Tai'an Tang (+8.70%), Hanyu Pharmaceutical (+6.64%), and Zhejiang Medicine (+4.92%), while the worst performers were Kew Flower Pharmaceutical (-5.13%), ST Changkang (-4.92%), and Saint Norbio (-4.53%) [3]. Industry News - Johnson & Johnson's Nipocalimab, targeting the neonatal Fc receptor (FcRn), has reached the primary endpoint in a Phase 2 trial for SjD, with significant clinical improvement noted [4][8]. - The drug has received breakthrough therapy designation from the FDA, indicating its potential in the market [4]. Company News - Huhuwa (605199) received approval for Montelukast sodium chewable tablets for asthma treatment in children aged 2 to 14 [5]. - Baiyunshan (600332) announced that its subsidiary received approval for dopamine hydrochloride injection, which passed the consistency evaluation for generic drugs [5]. - Northeast Pharmaceutical (000597) obtained a European Pharmacopoeia suitability certificate for its vitamin C raw material, allowing sales in the EU high-end pharmaceutical market [5].