Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Views - The company is entering a critical phase with eight innovative platforms, and key products are starting important clinical trials [1][6]. - The company has a robust pipeline with multiple innovative products that are expected to drive long-term growth [13][14]. - The company has achieved significant milestones in clinical research, particularly in the oncology sector, with several products entering key clinical stages [37][53]. Summary by Sections 1. Innovative Platforms and Product Growth - The company has established eight major innovative research and development platforms, focusing on self-developed pipelines and clinical needs [28][29]. - Multiple innovative products have been launched, contributing to long-term growth, including Enbip and Mingfule, which are expected to enhance market accessibility [17][18][19]. 2. Clinical Development and Pipeline - The company has initiated critical clinical trials for several antibody-drug conjugates (ADCs) targeting HER2 and EGFR, with SYS6010 showing promising results in overcoming TKI resistance [39][51]. - SYS6010 has demonstrated an objective response rate (ORR) of 39.2% in EGFR-mutant non-small cell lung cancer (NSCLC) patients, indicating its potential as a new treatment option [46][45]. 3. Financial Performance and Projections - The company forecasts revenues of 293.88 billion, 300.71 billion, and 315.68 billion CNY for 2025, 2026, and 2027, respectively, with a compound annual growth rate (CAGR) of 1.31%, 2.32%, and 4.98% [8][10]. - The projected net profit for the same years is 46.56 billion, 51.06 billion, and 56.48 billion CNY, with growth rates of 7.57%, 9.66%, and 10.63% [8][10]. 4. Market Position and Competitive Analysis - The company ranks among the top 25 global pharmaceutical companies in terms of pipeline scale, reflecting its strong position in the industry [13]. - Compared to similar companies, the company's price-to-earnings (PE) ratio is relatively low, suggesting potential for valuation recovery [8].

金 金融工程点评 一般证券业务登记编码：S1190123080008 模型概述 结果评估： 区间年化收益：24.17% 波动率（年化）：26.54% 夏普率：0.91 最大回撤：14.04% 指数期间总回报率：19.46% [Table_Title] 非银金融指数趋势跟踪模型效果点评 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com [Table_Message]2025-05-16 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 [Table_Summary] 融 工 程 点 评 ◼ 设计原理：模型假定标的价格走势具有很好的局部延续性，标的价格永远处 于某一趋势中，出现反转行情的持续时间明显小于趋势延续的时间，若出现 窄幅盘整的情况，亦假设其延续之前的趋势。当处于大级别的趋势之中时， 给定较短时间的观察窗口，走势将延续观察窗口内的局部趋势。而当趋势发 生反转时，在观 ...

金 金融工程点评 [Table_Title] 银行指数趋势跟踪模型效果点评 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 [Table_Summary] 融 工 程 点 评 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 模型概述 结果评估： 区间年化收益：-7.72% 波动率（年化）：17.15% 夏普率：-0.45 最大回撤：28.99% 指数期间总回报率：26.24% [Table_Message]2025-05-16 太 平 洋 证 券 股 份 有 限 公 司 证 券 研 究 报 告 ◼ 设计原理：模型假定标的价格走势具有很好的局部延续性，标的价格永远处 于某一趋势中，出现反转行情的持续时间明显小于趋势延续的时间，若出现 窄幅盘整的情况，亦假设其延续之前的趋势。当处于大级别的趋势之中时， 给定较短时间的观察窗口，走势将延续观察窗口内的局部趋势。而当趋势发 生反转时，在观察 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [7][14]. Core Insights - The company is a leading domestic manufacturer of photomasks, with significant growth potential due to the increasing demand in the flat panel display and semiconductor industries. The report highlights the company's plans to raise up to 1.2 billion yuan through a targeted stock issuance to fund the construction of high-precision photomask production bases [3][4]. - The domestic photomask market is expected to grow significantly, with a projected demand increase from 73.1 billion yen in 2022 to 82.2 billion yen by 2027. The company aims to fill the gap in the domestic supply of high-end semiconductor photomasks, which are currently heavily reliant on imports [4][6]. - The company has established deep partnerships with key domestic IC foundries and other semiconductor-related enterprises, enhancing its market position and technical capabilities [5]. Financial Projections - Revenue is projected to grow from 1.11 billion yuan in 2024 to 2.10 billion yuan in 2027, with corresponding net profits increasing from 172 million yuan to 408 million yuan over the same period. The report anticipates a compound annual growth rate (CAGR) of approximately 29.29% for revenue from 2025 to 2026 [8][11]. - The report forecasts a steady increase in gross margin from 27.62% in 2023 to 32.95% in 2027, indicating improved profitability as the company scales its operations [11].

Investment Rating - The overall industry investment rating is "Positive" for state-owned banks, joint-stock banks, and regional banks [3][40]. Core Views - Incremental policies are stabilizing market expectations, enhancing the allocation value of the banking sector. The banking sector remains attractive as a dividend asset under a moderately loose monetary policy environment [5][36]. - Recommended stocks include: CITIC Bank (Increase), China Merchants Bank (Buy), Chongqing Bank (Increase), and Yunnan Rural Commercial Bank (Buy) [3][38]. Market Review - The Shanghai Composite Index and CSI 300 Index saw weekly changes of 1.92% and 2.00%, respectively. The Shenwan Banking Index increased by 3.88%, outperforming the CSI 300 by 1.88 percentage points, ranking 4th among Shenwan's primary industries [12][11]. - The performance of various banking sectors was as follows: state-owned banks increased by 1.75%, joint-stock banks by 5.33%, city commercial banks by 3.80%, and rural commercial banks by 3.47% [12][11]. Data Tracking - As of May 9, 2025, the banking sector's PB-LF valuation was 0.67 times, at the 74.10 percentile level over the past five years. The median dividend yield for individual stocks was 4.53%, exceeding the 10-year government bond yield by 2.90 percentage points [4][21]. - The total social financing stock was 424 trillion yuan, with a year-on-year increase of 8.70%. The loan and deposit balances of Chinese banks were 258.36 trillion yuan and 293.94 trillion yuan, respectively, with year-on-year increases of 7.73% and 7.99% [4][34]. Industry Dynamics - The People's Bank of China released the "2025 Q1 Monetary Policy Implementation Report," emphasizing the need for macroeconomic stability and the implementation of moderately loose monetary policies to support economic recovery [33][35]. - A comprehensive financial policy package was announced by the People's Bank of China, the Financial Regulatory Administration, and the Securities Regulatory Commission to stabilize the market and expectations, providing strong financial support for economic recovery [36][37].

2025 年 05 月 14 日 行业日报 看好/维持 医药 医药 相关研究报告 <<太平洋医药日报（20250513）：诺和 诺德 Sogroya 三期临床成功>>-- 2025-05-14 <<生命科学上游系列研究（一）：供需 回暖，板块向上>>--2025-05-13 <<太平洋医药日报（20250509）：GSK 在研小分子linerixibat三期临床成 功>>--2025-05-13 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： 太平洋医药日报（20250514）：默克匹米替尼拟纳入优先审评 ◼ 走势比较 ◼ 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 | | E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 报告摘要 市场表现： 2025 年 5 月 14 日，医药板块涨跌幅+0.10%，跑输沪深 300 指数 1.1 ...

2025 年 05 月 14 日 行业日报 看好/维持 医药 医药 赛默飞 25Q1 利润稳健增长，经调整 EPS 指引略有下调 走势比较 (30%) (20%) (10%) 0% 10% 20% 24/5/14 24/7/25 24/10/5 24/12/16 25/2/26 25/5/9 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 | | 相关研究报告 <<太平洋医药日报（20250513）：诺和 诺德 Sogroya 三期临床成功>>-- 2025-05-14 <<生命科学上游系列研究（一）：供需 回暖，板块向上>>--2025-05-13 <<太平洋医药日报（20250509）：GSK 在研小分子linerixibat三期临床成 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 分析师登记编号：S1190524060001 ...

电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 金 金融工程点评 [Table_Message]2025-05-14 金工 ETF 点评：宽基 ETF 单日净流出 92.20 亿元；食品饮料拥挤度持续下降 [Table_Author] 证券分析师：刘晓锋 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 一、资金流向 二、行业拥挤度监测 ◼ 通过构建行业拥挤度监测模型，对申万一级行业指数的拥挤度进行每日监测， 前一交易日国防军工、纺织服饰、美容护理拥挤度靠前，相比较而言，房地 产、食品饮料的拥挤度水平较低，建议关注。此外，交通运输、非银金融、电 力设备单日拥挤度变动较大。从主力资金流动来看，前一交易日主力资金流 入美容护理、医药生物、基础化工，流出国防军工、计算机、电子。近三个交 易日主力资金增配非银金融、美容护理、家用电器，减配计算机、电子、国 防军工。 三、ETF 产品关注信号 ◼ 根据溢价率 Z-score 模型搭建相关 ET ...

[Table_Message]2025-05-13 金 金融工程点评 国防军工指数趋势跟踪模型效果点评 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 模型概述 结果评估： 区间年化收益：-0.37% 波动率（年化）：29.80% 夏普率：-0.01 最大回撤：29.79% 指数期间总回报率：-3.81% 融 工 程 点 评 太 平 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 2023-03-07 2023-04-12 2023-05-22 2023-06-28 2023-08-02 2023-09-06 2023-10-19 2023-11-23 2023-12-28 2024-02-02 2024-03-18 2024-04-24 2024-06-03 2024-07 ...

Quantitative Models and Construction Methods 1. Model Name: Industry Crowding Monitoring Model - **Model Construction Idea**: This model is designed to monitor the crowding levels of Shenwan First-Level Industry Indices on a daily basis, identifying industries with high or low crowding levels to provide actionable insights[4] - **Model Construction Process**: The model calculates crowding levels for each industry index based on specific metrics (not detailed in the report) and ranks them daily. For example, on the previous trading day, the crowding levels of "National Defense and Military," "Textile and Apparel," and "Beauty and Personal Care" were among the highest, while "Social Services," "Coal," and "Non-Banking Financials" had the lowest levels[4] - **Model Evaluation**: The model provides a useful tool for identifying industry trends and potential investment opportunities by highlighting crowding dynamics[4] 2. Model Name: Premium Rate Z-Score Model - **Model Construction Idea**: This model identifies potential arbitrage opportunities in ETF products by calculating the Z-score of premium rates over a rolling window[5] - **Model Construction Process**: The Z-score is calculated as follows: $ Z = \frac{(P - \mu)}{\sigma} $ Where: - $ P $ is the premium rate of the ETF - $ \mu $ is the mean premium rate over the rolling window - $ \sigma $ is the standard deviation of the premium rate over the rolling window The model flags ETFs with significant deviations from their historical premium rates, indicating potential arbitrage opportunities or risks of price corrections[5] - **Model Evaluation**: The model is effective in identifying ETFs with significant pricing anomalies, providing actionable signals for arbitrage strategies[5] --- Model Backtesting Results 1. Industry Crowding Monitoring Model - **Top Crowded Industries**: "National Defense and Military," "Textile and Apparel," and "Beauty and Personal Care" had the highest crowding levels on the previous trading day[4] - **Least Crowded Industries**: "Social Services," "Coal," and "Non-Banking Financials" had the lowest crowding levels on the previous trading day[4] 2. Premium Rate Z-Score Model - **Signal Examples**: The model flagged ETFs such as "Bank ETF" (512800.SH) and "Carbon Neutral 50 ETF" (159861.SZ) as noteworthy based on their premium rate Z-scores, suggesting potential arbitrage opportunities[12] --- Quantitative Factors and Construction Methods No specific quantitative factors were explicitly mentioned in the report --- Factor Backtesting Results No specific factor backtesting results were explicitly mentioned in the report