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 sector, highlighting the recent FDA approval of AbbVie’s IL-23 inhibitor for treating ulcerative colitis, which is expected to enhance market sentiment [2][4]. - The pharmaceutical sector experienced a decline of 1.19% on June 19, 2024, underperforming the CSI 300 index by 0.71 percentage points, ranking 22nd among 31 sub-industries [4]. - Notable stock performances include a 20% increase for Lixun Medical and a 9.41% decrease for Baotai [4]. Summary by Sections Industry Ratings - The pharmaceutical industry is rated as Neutral, indicating expected returns between -5% and 5% relative to the CSI 300 index over the next six months [7]. Company News - Notable company announcements include: - **Northeast Bio** expects a net profit of 180-250 million yuan for the first half of 2024, a year-on-year increase of 330.08% to 497.34% [5]. - **Jichuan Pharmaceutical** received approval for a new drug, a second-generation H1 receptor antagonist [5]. - **Dizhe Pharmaceutical** announced the approval of a new drug for treating relapsed or refractory peripheral T-cell lymphoma [5]. - **Xinhua Pharmaceutical** received approval for pregabalin capsules, used for treating postherpetic neuralgia [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [1][11]. Core Insights - The company reported a revenue of 1.23 billion yuan in 2023, representing a year-on-year growth of 15.69%, and a net profit attributable to shareholders of 880 million yuan, up 25.68% year-on-year [4]. - The company's return on equity (ROE) for 2023 was 16.57%, an increase of 2.35 percentage points compared to the previous year [4]. - In Q1 2024, the company achieved a revenue of 345 million yuan, a 13.16% increase year-on-year, and a net profit of 233 million yuan, reflecting a 21.49% growth [4]. - The significant profit growth is primarily driven by the company's institutional distressed asset management business, which generated 1.11 billion yuan in income from asset disposals, accounting for 90.43% of total revenue [4]. - The company has a diversified portfolio in distressed assets, including energy, listed companies, special opportunities, and commercial real estate, with total balances of 4.77 billion yuan, 627 million yuan, 1.87 billion yuan, and 1.10 billion yuan respectively [4]. - The company has established a strong position in the individual loan distressed asset management sector, with a market share among the top players in the industry [4]. - The dividend payout ratio remains high, with a proposed cash dividend of 570 million yuan for the reporting period, representing a 65% payout ratio [4]. Financial Projections - The company is projected to achieve revenues of 1.43 billion yuan, 1.72 billion yuan, and 2.14 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 16.25%, 20.65%, and 24.25% [4]. - The net profit attributable to shareholders is expected to reach 1.08 billion yuan, 1.34 billion yuan, and 1.69 billion yuan for the same years, with growth rates of 22.50%, 24.10%, and 26.57% respectively [4]. - The earnings per share (EPS) are forecasted to be 0.55 yuan, 0.68 yuan, and 0.87 yuan for 2024, 2025, and 2026, with corresponding price-to-earnings (PE) ratios of 11.26, 9.07, and 7.17 [4].

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 and other medical therapies are also rated neutral [1][2]. Core Insights - 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. The best-performing sub-industries included medical circulation (+0.64%) and offline pharmacies (+0.30%), while medical research outsourcing (-2.55%), vaccines (-1.56%), and blood products (-1.12%) lagged behind [2]. - Johnson & Johnson's investigational antibody therapy Nipocalimab achieved its primary endpoint in a Phase 2 clinical trial for treating Sjögren's syndrome (SjD), showing statistically significant improvement in the ClinESSDAIa score at week 24 compared to baseline (P=0.002). Nipocalimab is a potential BIC-targeting FcRn antibody therapy that has received breakthrough therapy designation from the FDA [3][6]. Summary by Sections Market Performance - As of June 18, 2024, the pharmaceutical sector's performance was -0.51%, underperforming the CSI 300 index by 0.78 percentage points, with notable performances from medical circulation and offline pharmacies [2]. Industry News - Johnson & Johnson's Nipocalimab reached its primary endpoint in a Phase 2 trial for SjD, indicating a significant clinical improvement [3][6]. Company Announcements - HuLuWa (605199) received approval for Montelukast Chewable Tablets for asthma treatment in children aged 2 to 14 [4]. - Baiyunshan (600332) announced that its subsidiary received approval for Dopamine Hydrochloride Injection after passing consistency evaluation [4]. - Haizheng Pharmaceutical (600267) reported that its subsidiary received approval for Cladribine Injection after consistency evaluation [4]. - Northeast Pharmaceutical (000597) announced that its Vitamin C raw material has passed the European Pharmacopoeia suitability certificate, allowing sales in the EU high-end pharmaceutical market [4].

Investment Ratings - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine sectors [1] - The biopharmaceutical sector is rated as Neutral [1] - Other medical sectors are also rated as Neutral [1] 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] - AbbVie’s IL-23 inhibitor has received FDA approval for treating moderate to severe active ulcerative colitis, marking it as the first approved treatment for this condition [4][6] - The pharmaceutical sector experienced a decline of 1.19% on June 19, 2024, underperforming the CSI 300 index by 0.71 percentage points, ranking 22nd among 31 sub-industries [3] Summary by Sections Industry News - AbbVie announced that the FDA has approved Skyrizi (Risankizumab) for an expanded indication to treat moderate to severe active ulcerative colitis in adults, making it the first IL-23 specific inhibitor approved for this condition [4] Company News - Notable company announcements include: - **Nuotai Bio** expects a net profit of 180-250 million yuan for the first half of 2024, a year-on-year increase of 330.08% to 497.34% [5] - **Jichuan Pharmaceutical** received approval for a new drug registration certificate for a second-generation H1 receptor antagonist [5] - **Dizhe Pharmaceutical** announced the approval of its new drug for treating relapsed or refractory peripheral T-cell lymphoma [5] - **Xinhua Pharmaceutical** received approval for pregabalin capsules, used for treating postherpetic neuralgia and fibromyalgia [5]

2024年06月17日 公司深 度研究 公 买入 / 首次 司 科伦博泰生物-B(06990) 研 究 目标价: 225 昨收盘:167 科伦博泰深度报告：ADC 商业化在即，携手默沙东剑指 Biopharma ◼ 走势比较 报告摘要 180% ADC风口之上，科伦博泰平台优势明显 ADC 正在开启广谱抗肿瘤模式，有望引领精准化疗新时代，成为肿 太 140% 瘤治疗格局的改变者。科伦博泰作为先行者，已成功构建OptiDC 研发平 平 100% 台，4 款 ADC 处于临床研究阶段，多款处于临床前研究阶段。其中 洋 60% TROP2 ADC在TNBC和EGFRmt NSCLC上展现出来良好的有效性和安 证 20% 全性，有BIC潜质。 券 股 (20%)11/7/32 9/9/32 8/11/32 7/1/42 7/3/42 6/5/42 势，在同时 AD， C科 工伦 艺博 开泰 发O 、p 制tiD 造C、 和质大 量分 控子 制及 方小 面分 都子 处三 于大 较研 领发 先平 的台 地具 位备协 。未同优 来 份 科 恒伦 生博 指泰 数生物-B 毒素分子的研发将是ADC升级改造的关键环节，相较于没有 ...

Investment Rating - The report maintains a positive outlook on the basic chemical industry [1] Core Insights - The report highlights that major polyester filament manufacturers are experiencing increased production and sales, with polyester filament prices rising due to strong demand and inventory adjustments [1][2] - MDI supply is tight due to maintenance and unforeseen shutdowns in domestic and international facilities, leading to price increases [1][2] Summary by Sections Key Chemical Product Price Tracking - Polyester filament prices have increased: POY at 7900 RMB/ton (+50 RMB), FDY at 8350 RMB/ton (+100 RMB), and DTY at 9350 RMB/ton (+175 RMB) [1][2] - MDI prices have risen, with polymer MDI averaging 17760 RMB/ton (+480 RMB) and pure MDI remaining stable at 19200 RMB/ton [1][9] Polyester Filament - Major manufacturers have collectively raised prices, leading to a recovery in industry profits, with expectations for continued profit growth [1][2] - Inventory levels for polyester filament are at 2.6682 million tons, up 0.88% from the previous week [1][2] MDI Market - MDI market is experiencing supply constraints due to maintenance and force majeure events, resulting in price increases [1][9] - Recommendations include focusing on companies like Wanhua Chemical due to the favorable market conditions [1] Other Chemical Products - The report also notes price movements in other chemical sectors, including a rise in refrigerant R22 prices and stable prices for fluorite [11][14] - In the agricultural chemicals sector, prices for glyphosate have decreased, while diammonium phosphate prices remain stable [19][24] Market Performance - The basic chemical sector has shown mixed performance, with some sub-sectors experiencing gains while others have declined [66][70]

Investment Rating - The report maintains a positive outlook on the chemical new materials industry [1] Core Insights - The report highlights the increasing attention on electronic chemicals, particularly following Apple's WWDC24 event, which introduced AI initiatives in collaboration with ChatGPT [1][2] - The EU has imposed tariffs on electric vehicles imported from China, affecting the competitive landscape for domestic manufacturers [1][2] - The report notes a significant year-on-year increase in new energy vehicle sales in China, with May 2024 figures reaching 955,000 units, up 33.30% from the previous year [1][24] Summary by Sections 1. Key Chemical Product Price Tracking - Prices for key chemical products such as butadiene (+9.46%) and WTI (+4.06%) have seen notable increases [5] - The report indicates stable pricing for electronic chemicals, with no significant fluctuations observed [41] 2. Fluorinated Chemical New Materials - The price of fluorite remains stable, while the price of refrigerant R22 has increased by 500 yuan/ton to 30,000 yuan/ton [7][9] - The overall demand for refrigerants is weak, with production primarily based on immediate needs [7] 3. Lithium Battery Chemical New Materials - The report emphasizes the competitive advantage of leading new energy vehicle manufacturers despite the EU tariffs [1] - The lithium carbonate market has seen a price decrease, with the current price at 98,500 yuan/ton, down 2,670 yuan/ton from the previous week [26][29] 4. Electronic Chemicals - The report notes that the domestic electronic chemicals market remains stable, with prices for electronic-grade hydrogen peroxide and sulfuric acid holding steady [41][43] - The collaboration between Apple and OpenAI is expected to drive demand for electronic chemicals in the semiconductor sector [41] 5. Biodiesel - Biodiesel prices have remained stable at 7,600 yuan/ton, with a slight increase in export prices noted [38]

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding the CSI 300 Index by more than 5% in the next six months [4]. Core Viewpoints - The pharmaceutical sector showed a performance increase of +1.01% on June 11, 2024, outperforming the CSI 300 Index by 1.88 percentage points, ranking fourth among 31 sub-industries in the Shenwan classification [3]. - Notable sub-industry performances include Other Biological Products (+1.98%), Vaccines (+1.58%), and Blood Products (+1.52%), while Pharmaceutical Distribution (-0.41%) and Offline Pharmacies (+0.05%) lagged behind [3]. - The report highlights the FDA's accelerated approval of Iqirvo (Elafibranor) for treating Primary Biliary Cholangitis (PBC), marking it as the first new drug approved for this rare liver disease in nearly a decade [3]. Summary by Sections Market Performance - The pharmaceutical sector's performance on June 11, 2024, was +1.01%, outperforming the CSI 300 Index by 1.88 percentage points [3]. - The report notes the top three gainers in individual stocks: Dize Pharmaceutical (+10.37%), Han Commercial Group (+9.95%), and Haitai New Light (+8.81%) [3]. Sub-industry Ratings - Chemical Pharmaceuticals and Traditional Chinese Medicine have no rating, while Biopharmaceuticals II is rated as Neutral [3]. Company News - Yipusheng announced the FDA's approval for Iqirvo in combination with Ursodeoxycholic Acid (UDCA) for adults with insufficient response to UDCA, or as monotherapy for those intolerant to UDCA [3]. - Weili Medical's product received FDA pre-registration for routine urination or postoperative drainage [3].

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][6]. Core Insights - As of June 13, 2024, the pharmaceutical sector experienced a decline of 0.96%, underperforming the CSI 300 index by 0.45 percentage points, ranking 12th among 31 sub-industries in the Shenwan classification [3]. - Notable performers within the pharmaceutical sub-industries included blood products (+0.44%) and other biological products (+0.28%), while offline pharmacies (-4.78%) and pharmaceutical distribution (-2.28%) lagged behind [3]. - Recent industry news includes Novartis receiving approval for its JAK inhibitor, ruxolitinib, for a new indication in treating chronic graft-versus-host disease (cGVHD) in patients aged 12 and older [4]. Sub-industry Summary - The report highlights various companies making significant advancements, such as: - Zhongsheng Pharmaceutical's subsidiary receiving approval for a new chemical raw material for treating dry eye syndrome [4]. - Boji Pharmaceutical's subsidiary obtaining approval for a new chemical raw material [4]. - Yiling Pharmaceutical's new drug registration application being accepted by the National Medical Products Administration [4]. - Renfu Pharmaceutical's subsidiary receiving clinical trial approval for a drug aimed at treating partial seizures in patients aged one month and older [4].

2024年06月16日 行 业周报 看好 / 维持 行 化工新材料 业 研 究 基础化工 电子化学品关注度提升，欧盟加征新能源车关税 ◼ 走势比较 报告摘要 10% 0% 1.重点行业和产品情况跟踪 太 (10%)61/6/32 72/8/32 7/11/32 81/1/42 03/3/42 01/6/42 电子化学品：苹果全球开发者大会WWDC24推出AI计划，联手ChatGPT 平 (20%) 市场关注度提升。本周苹果全球开发者大会 WWDC24 如期举行，除了 洋 (30%) 常规的iOS 18、iPadOS 18、macOS Sequoia、watchOS 1等系统更新 证 (40%) 外，Apple Intelligence 苹果智能套件以及与OpenAI的合作终于亮 券 相。苹果将Apple Intelligence定义为iPhone、iPad和Mac的个人 基础化工 沪深300 股 智能系统，利用苹果芯片的能力来理解和创建语言和图像，以及跨应 相关研究报告 份 用采取行动。本次苹果与ChatGPT的整合，用户可以呼唤Siri，以及 有 在全系统的写作工具中调用ChatGPT，实现聊天机器人、图像 ...