Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical sector [1] Core Insights - The liquidity in the pharmaceutical sector continues to recover, and the innovative drug market is expected to benefit from policy support [1] - There is an unmet demand in the treatment of gout in the U.S., with a focus on new URAT1 inhibitors and XO inhibitors in clinical development [4][5] Sub-industry Ratings - Recommended companies and their ratings include: - Junshi Biosciences: Buy - Hualan Biological Engineering-B: Buy - Aorite: Buy - Tonghe Pharmaceutical: Buy - Sunshine Nuohua: Buy - Hongbo Pharmaceutical: Buy - Fuyuan Pharmaceutical: Buy - Sanofi: Buy - Gongtong Pharmaceutical: Increase Holding - Yifan Pharmaceutical: Buy - Nocera: Buy - Aoxiang Pharmaceutical: Buy - Kelun Pharmaceutical: Buy - Guobang Pharmaceutical: Buy - Laikai Pharmaceutical-B: Buy - Baili Tianheng: Buy - Yifang Biotechnology: Buy [3] Industry Performance - The pharmaceutical sector rose by 1.88%, outperforming the CSI 300 index by 0.88 percentage points [6] - Within the sub-sectors, pharmaceutical outsourcing, innovative drugs, and hospitals performed relatively well, while pharmacies, traditional Chinese medicine, and blood products lagged [6][31] Investment Recommendations - Focus on innovative drugs with a medium to long-term view on "differentiation + overseas expectations" [6][31] - The report suggests paying attention to companies with strong merger and acquisition expectations and those involved in AI healthcare [6][31] - For raw materials, the report highlights a significant increase in demand due to the expiration of patents for major products, with a projected sales impact of $175 billion from 2023 to 2026 [7][32] Clinical Development Insights - In the U.S., there are ongoing clinical trials for new URAT1 inhibitors such as ABP-671 and AR882, and for XO inhibitors like tigulixostat [25][29] - The report emphasizes the urgent need for safe new gout medications due to the limitations of existing treatments [22][23]

2025 年 02 月 23 日 行业点评 看好/维持 非银行金融 非银行金融 金融机构 DS 应用点评：获益大模型带来实际绩效改善情况梳理 ◼ 走势比较 (20%) (4%) 12% 28% 44% 60% 24/2/20 24/5/3 24/7/15 24/9/26 24/12/8 25/2/19 ◼ 子行业评级 电话：010-88695119 E-MAIL：xiama@tpyzq.com 分析师登记编号：S1190523030003 研究助理：王子钦 E-MAIL：wangziqin@tpyzq.com 一般证券业务登记编号：S1190124010010 事件：近期国产大模型 DeepSeek 受到广泛关注，金融机构加速接入 DeepSeek 进行业务赋能。 "高性能+低算力+低成本+开源"助力 DeepSeek 迅速走红。2024 年 12 月 26 日和 2025 年 1 月 20 日，幻方量化旗下深度求索公司相继发布 DeepSeek-V3 和 DeepSeek-R1 模型。DeepSeek 系列大模型迅速获得国内 外广泛关注，原因在于其在算力受限条件下，通过算法创新实现了比肩世 界顶尖闭源模型的 ...

Investment Rating - The report maintains a "Positive" outlook for the pharmaceutical industry [1] Core Insights - The liquidity in the pharmaceutical sector continues to recover, and the innovative drug market is expected to benefit from policy support [1] - There is an unmet demand in the treatment of gout in the U.S., with a focus on new URAT1 inhibitors and XO inhibitors [5][18] - The pharmaceutical sector saw a 1.88% increase this week, outperforming the CSI 300 index by 0.88 percentage points [31] Summary by Sections Industry Investment Rating - The report maintains a "Positive" rating for the pharmaceutical sector [1] Unmet Demand in Gout Treatment - Approximately 9.2 million gout patients exist in the U.S., with a significant need for safer new gout medications due to the limitations of current treatments [5][18] - The primary treatment for chronic gout in the U.S. is allopurinol, which has a slow onset and low response rate [19][22] - New URAT1 inhibitors in clinical trials include ABP-671 and AR882, while XO inhibitors like tigulixostat are also being actively developed [25][29] Investment Recommendations - The report suggests focusing on innovative drugs with differentiation and overseas expansion potential, particularly companies like Lai Kai Pharmaceutical and Hualing Pharmaceutical [6][31] - The raw material drug sector is expected to see increased demand due to the expiration of patents for several major products, with a projected sales impact of $175 billion from 2023 to 2026 [32][33] Market Performance - The pharmaceutical sector's performance is highlighted, with sub-sectors such as pharmaceutical outsourcing and innovative drugs showing strong growth [36] - The overall P/E ratio for the pharmaceutical industry is reported at 27.11, indicating a premium over the broader A-share market [36] Company Dynamics - Notable companies mentioned include Junshi Biosciences, Hualing Pharmaceutical-B, and Aorite, all rated as "Buy" [3] - Recent developments include FDA approvals and significant sales forecasts for drugs like Horizon's Krystexxa, which is projected to generate $1.2 billion in revenue in 2024 [23][24]

2025-02-23 行业周报 看好/维持 航空航天与国防Ⅲ 工业资本货物 军工行业周报(2025.02.17-2025.02.23)：美俄会谈达成四点共识 走势比较 -20% -10% 0% 10% 20% 30% 40% 50% 60% Feb/24 Mar/24 Apr/24 May/24 Jun/24 Jul/24 Aug/24 Sep/24 Oct/24 Nov/24 Dec/24 Jan/25 航空航天与国防 沪深300 推荐公司及评级 相关研究报告 【太平洋证券】国防军工 2025 年度 策略：聚焦新域新质，迎接景气拐点 证券分析师：马浩然 电话：010-88321893 E-MAIL：mahr@tpyzq.com 执业资格证书编码：S1190517120003 报告摘要 本周要闻： 美俄会谈达成四点共识 2 月 18 日，美国和俄罗斯代表团在沙特阿拉伯首都利雅得举行 会谈。美国国务院于会谈结束后发表声明说，美俄就解决两国间"棘 手问题"和结束俄乌冲突等达成四点共识。首先，双方同意建立磋商 机制，解决双边关系中的棘手问题，其目标是采取必要措施，使两国 外交使团的运作正常化。其次，双方同意任命各自 ...

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 [8]. Core Insights - AstraZeneca announced an agreement to acquire FibroGen for approximately $160 million, gaining rights to Roxadustat in China, which is a treatment for renal anemia [2][8]. - The pharmaceutical sector showed a performance increase of 0.91% on February 21, 2025, underperforming the CSI 300 Index by 0.35 percentage points, ranking 10th among 31 sub-industries [1]. - Among sub-industries, medical research outsourcing (+4.28%), other biological products (+1.13%), and vaccines (+0.95%) performed well, while blood products (-1.32%), offline pharmacies (-0.93%), and hospitals (-0.88%) lagged [1]. Summary by Sections Market Performance - On February 21, 2025, the pharmaceutical sector rose by 0.91%, underperforming the CSI 300 Index by 0.35 percentage points, ranking 10th among 31 sub-industries [1]. - The best-performing sub-industries included medical research outsourcing (+4.28%), other biological products (+1.13%), and vaccines (+0.95%), while the worst performers were blood products (-1.32%), offline pharmacies (-0.93%), and hospitals (-0.88%) [1]. Company News - Xiangyu Medical (688626) reported an expected revenue of 744 million yuan for 2024, a slight decrease of 0.17% year-on-year, with a net profit decline of 54.44% [2]. - Gongtong Pharmaceutical (300966) announced a share buyback plan with an amount between 20 to 30 million yuan, with a maximum buyback price of 23.84 yuan per share [2]. - Teva Biopharmaceuticals (688278) plans to acquire Nine Days Cayman for a total consideration of $15 million, plus additional milestone payments up to $43 million [3].

2025 年 02 月 20 日 公司深度研究 买入/首次 布鲁可(00325) 目标价: 昨收盘:81.00 布鲁可：强大 IP 矩阵支撑业务迅速扩张，产品性价比优势显著 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/1/10 25/1/18 25/1/26 25/2/3 25/2/11 25/2/19 ◼ 股票数据 总股本/流通(亿股) 2.49/2.49 总市值/流通(亿港元) 201.89/201.89 12 个月内最高/最低价 (港元) 109.9/73.5 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 电话：021-58502206 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1190124030010 报告摘要 行业端：拼搭角色类玩具市场规模迅速扩张，行业发展前景广阔。1） 竞争格局：全球拼搭角色类玩具市场由万代和乐高形成双寡头垄断局面， 20 ...

2025 年 02 月 20 日 公司深度研究 买入/首次 布鲁可(00325) 目标价: 昨收盘:81.00 布鲁可：强大 IP 矩阵支撑业务迅速扩张，产品性价比优势显著 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 25/1/10 25/1/18 25/1/26 25/2/3 25/2/11 25/2/19 ◼ 股票数据 总股本/流通(亿股) 2.49/2.49 总市值/流通(亿港元) 201.89/201.89 12 个月内最高/最低价 (港元) 109.9/73.5 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 电话：021-58502206 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1190124030010 报告摘要 行业端：拼搭角色类玩具市场规模迅速扩张，行业发展前景广阔。1） 竞争格局：全球拼搭角色类玩具市场由万代和乐高形成双寡头垄断局面， 20 ...

2025 年 02 月 20 日 行业周报 看好/维持 医药 医药 Merus 创新双抗 Petosemtamab 获 FDA 突破性疗法认定 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/2/20 24/5/3 24/7/15 24/9/26 24/12/8 25/2/19 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 | 中性 | | 疗 | | ◼ 推荐公司及评级 报告摘要 市场表现： 2025 年 2 月 20 日，医药板块涨跌幅+1.60%，跑赢沪深 300 指数 1.89pct，涨跌幅居申万 31 个子行业第 3 名。各医药子行业中，医院 (+4.85%)、医疗研发外包(+4.39%)、医疗设备（+2.11%）表现居前，血液 制品（+0.10%)、医药流通(+0.59%)、疫苗（+0.72%)表现居后。个股方面， 日涨幅榜前 3 位分别为宝莱特(+19.97%)、诺思格(+17.94%)、光正眼科 (+10.12%)；跌幅榜前 3 位为诺禾致 ...

2025 年 02 月 20 日 行业周报 看好/维持 医药 医药 Merus 创新双抗 Petosemtamab 获 FDA 突破性疗法认定 ◼ 走势比较 (20%) (10%) 0% 10% 20% 30% 24/2/20 24/5/3 24/7/15 24/9/26 24/12/8 25/2/19 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 | 中性 | | 疗 | | ◼ 推荐公司及评级 报告摘要 市场表现： 2025 年 2 月 20 日，医药板块涨跌幅+1.60%，跑赢沪深 300 指数 1.89pct，涨跌幅居申万 31 个子行业第 3 名。各医药子行业中，医院 (+4.85%)、医疗研发外包(+4.39%)、医疗设备（+2.11%）表现居前，血液 制品（+0.10%)、医药流通(+0.59%)、疫苗（+0.72%)表现居后。个股方面， 日涨幅榜前 3 位分别为宝莱特(+19.97%)、诺思格(+17.94%)、光正眼科 (+10.12%)；跌幅榜前 3 位为诺禾致 ...

Investment Rating - The report maintains a positive outlook on the electric equipment and new energy sector [1] Core Viewpoints - The industry strategy emphasizes the extension of the electric vehicle ecosystem, with AI and solid-state technologies continuing to show positive trends [4] - The new energy vehicle supply chain has entered a new cycle, with significant opportunities in the Xiaomi ecosystem and solid-state battery industry [10][11] Summary by Sections New Energy Vehicles - Focus on the opportunities within the Xiaomi ecosystem, highlighting companies like CATL and Haopeng Technology, as well as the undervalued stocks in Hong Kong [4][10] - Xiaomi's car sales surged nearly 8 times month-on-month in early February, surpassing XPeng Motors, with only a 300-unit gap from the leading Li Auto [4][10] - CATL has submitted an application for H-share issuance on the Hong Kong Stock Exchange, indicating potential growth for leading companies in the Hong Kong market [4][10] - The solid-state battery industry is gaining traction, with the first generation expected to be mass-produced between 2025 and 2027, and the second generation between 2027 and 2030 [5][11] Photovoltaic Industry - The report indicates a gradual confirmation of the mid-term bottom for the photovoltaic industry, with expectations for price recovery in the terminal price system [6][12] - The National Development and Reform Commission has initiated reforms to promote the market-oriented development of renewable energy, which is expected to enhance the rigid demand for energy storage [6][12] - Silicon material prices have seen a slight increase, with some leading companies' prices approaching 42 RMB/kg, reflecting a 1 RMB/kg increase compared to before the holiday [6][12] Wind Power Industry - The Fanstone I project has entered full construction, indicating that previous construction constraints have been resolved [7][14] - The project marks a significant step forward, with subsequent projects like Fanstone II and Qingzhou 57 expected to commence soon [7][14] - The China Nuclear Group has initiated a wind turbine bidding process for the Xu Wen Dong II project, with a scale of 300 MW, indicating a robust development in offshore wind projects [15][14]