Investment Rating - The industry investment rating is "Positive" with expectations of returns exceeding the CSI 300 index by more than 5% over the next six months [2][19]. Core Insights - The pharmaceutical sector experienced a slight decline of -0.38% on December 30, 2024, underperforming the CSI 300 index by 0.83 percentage points, ranking 15th among 31 sub-industries [5]. - Notable performances within sub-industries included Medical R&D Outsourcing (+1.36%) and Other Biological Products (+0.11%), while Offline Pharmacies (-1.90%) and Hospitals (-1.87%) lagged [5]. - Key company announcements included significant contract wins and FDA approvals, indicating ongoing growth and innovation within the sector [6]. Summary by Sections Industry Performance - The pharmaceutical sector's performance was characterized by a -0.38% change, with specific sub-industries showing varied results [5]. Company News - Noteworthy developments included: - Nuotai Bio's contract for $10.21 million in advanced pharmaceutical intermediates, with actual sales significantly exceeding prior guidance [6]. - Haichuang Pharmaceutical received FDA approval for its clinical trial of HP568 tablets for advanced breast cancer [6]. - Xinhua Medical announced plans to acquire a 36.1913% stake in Zhongzhi Bio for approximately 166.48 million RMB [6]. - Zhongsheng Pharmaceutical reported positive results from its innovative peptide drug RAY1225 in clinical trials for type 2 diabetes [6].

Investment Rating - The report initiates coverage with a "Buy" rating for Bona Film Group [3]. Core Views - The company is positioned as a leader in the patriotic film sector, actively exploring category expansion and AI empowerment [8]. - The company has established a comprehensive industry chain covering film investment, production, distribution, and cinema operations, achieving a total box office of nearly 700 billion [38]. - The company has a rich reserve of patriotic films, with significant contributions to box office revenue from major series [38]. Summary by Sections Company Overview - Bona Film Group started as a film distributor and has expanded its business to cover the entire film industry chain, including production and cinema operations [38]. - The company has produced a series of successful patriotic films, establishing its leading position in this genre [38]. Film Industry - The film market is seeing a diversification in genre selection, with AI technology enhancing content supply [82]. - The total number of moviegoers is a key driver of box office performance, with 2023 seeing a recovery to 75.1% of pre-pandemic levels [86]. Company Business - The company’s main revenue sources are film production and investment, with cinema business revenue significantly increasing [47]. - The company has a strong pipeline of upcoming films, which is expected to drive revenue growth in the coming years [46]. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at 16.08 billion, 13.48 billion, and 29.92 billion respectively, with corresponding growth rates of -20.06%, -16.17%, and 122% [30]. - The company is expected to return to profitability with the release of key films in 2024 [46].

基础化工 请务必阅读正文之后的免责条款部分 守正 出奇 宁静 致远 | --- | --- | |-------|-----------------------------------------------------------------------------------------------------------------------| | | | | | 细分领域跟踪 . | | | (一) 重点化工品价格跟踪 | | | (二) 素貞辭:TDI 价格小幅上涨 ... ... ... ... ... ... . | | | (三) 农化: 磷酸一铵、草甘醇价格下跌 . | | | (四) 氟化工: 三代制冷剂价格、毛利大幅上涨 | | | (五) 轮胎:天然橡胶价格下跌,胶绒海运费不比上涨 | | | (六) 食品及饲料添加剂:雄A、雄区、镇氨酸价格下跌 . | | | (七) 民爆: 供需格局改善,景气度不断提升,硝酸铵价格持平 . | | | (八) 化学原料: 纯碱价格持续下降, PVC 价格消费反弹 .......................................... ...

Investment Rating - Neutral: The overall industry return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [66] - Buy: Individual stocks are expected to outperform the CSI 300 index by 15% or more within the next six months [1] Core Insights - The report highlights a significant shift in the real estate market dynamics, with government policies introduced to support the recovery of idle residential land [85] - The reintroduction of special bonds for land reserves is expected to enhance liquidity for local governments and real estate companies, aiding in the digestion of existing land stock [40][43] - Multiple regions are actively soliciting the recovery and acquisition of idle land, primarily in third and fourth-tier cities [45][22] Summary by Sections 1. Low Land Acquisition and Construction Rates - The construction rates for land acquired by different entities are notably low, with only 73% of state-owned enterprises, 65% of central enterprises, 41% of private enterprises, and 20% of city investment companies having fully commenced construction on acquired land [10] - The central government has introduced policies to support the recovery and acquisition of idle land, emphasizing the need for local governments to act based on actual conditions [12][8] 2. Reintroduction of Special Bonds for Land Reserves - The Ministry of Natural Resources announced the reintroduction of special bonds for land reserves, which had been halted since September 2019, to facilitate the acquisition of idle land [14][40] - The special bonds aim to reduce the scale of idle land in the market, improve supply-demand relationships, and enhance the liquidity of local governments and enterprises [43][40] 3. Public Solicitation for Idle Land Recovery - Various regions have issued announcements to publicly solicit the recovery and acquisition of idle land, including cities like Suining, Jinan, and others [45][22] - The focus is primarily on third and fourth-tier cities, with local governments actively engaging in land recovery initiatives [45][22] 4. Local Government Land Recovery Cases - The report details specific cases of land recovery in Guangzhou, where the government has successfully acquired three plots of undeveloped land totaling approximately 230,000 square meters [68][27] - Compensation for these land recoveries is based on market evaluations and negotiated agreements, with significant amounts allocated for each plot [73][29] 5. Challenges in Land Recovery - The report identifies challenges such as complex mortgage relationships and pricing discrepancies that may hinder the recovery of idle land [62][83] - The expectation of declining land prices poses a risk to the government's enthusiasm for revitalizing idle land [83] 6. Investment Recommendations - The report suggests that the introduction of special bond policies will improve the financial conditions of real estate companies and enhance their operational capabilities, potentially stabilizing the market [85] - Investors are advised to monitor local state-owned enterprises and developers as they respond to these policy changes [85]

2、公司评级 太平洋证券股份有限公司具有证券投资咨询业务资格，公司统一社会信用代码为： 91530000757165982D。 买入：预计未来 6 个月内，个股相对沪深 300 指数涨幅在 15%以上； 增持：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于 5%与 15%之间； 持有：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于-5%与 5%之间； 减持：预计未来 6 个月内，个股相对沪深 300 指数涨幅介于-5%与-15%之间； 卖出：预计未来 6 个月内，个股相对沪深 300 指数涨幅低于-15%以下。 家电 2025 年策略:政策支持+出口蓝海,关注 AI+和微信小店机会 2024 年 12 月 29 日 行业策略 看好/维持 ◼ 走势比较 (10%) 2% 14% 26% 38% 50% 23/12/2824/3/1024/5/2224/8/324/10/1524/12/27 家电 沪深300 <<出口链：2024M11 家电出口金额双 位数提升，空调持续高增>>--2024- 12-23 <<出口链：2024M10 家电出口金额快 速增长，空调和咖啡机高增>>-- 2024- ...

行 业 研 究 医药 2024 年 12 月 29 日 行业周报 看好/维持 医药 安徽化学发光集采需求量公布，国产替代有望加速推进 2024.12.23-2024.12.29 | --- | --- | --- | --- | |----------------------------------------|----------|------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ◼ 走势比较 | | | 报告摘要 | | ...

LME 铜（关元/吨） LME 铜库存 (吨) 图表 10: 图表 12: LME 铝库存(吨) . SHFE 铝库存（吨） 氧化铝均价(元/吨) . COMEX 锌库存（吨） . 图表 23: 现货价: 铅（元/吨） LME 铝库存(吨) . LME 锡(美元/吨) 图表 31: SHFE 锡库存（吨） 现货价: 镍(元/吨) SHFE 镍库存（吨） LME 铝(关元/吨) 图表 14: 图表 18: LME 锌(关元/吨) 图表 21： 图表 22: 图表 27: 图表 28: 图表 32: LME 線(关元/吨) 贵金属价格变化 图表 38: 图表 40: 图表 43: 行业周报 守正出奇宁静致远 请务必阅读正文之后的免责条款部分 一、 有色金属板块行情回顾 本周行情表现：沪深 300 指数+1.36%，报 3981 点；上证指数+0.95%，报 3400 点；SW 有色金 属行业指数-0.68%，报 4425 点。2024 年年初至今，SW 有色金属行业指数+5.74%，同期沪深 300 指数+16.03%，上证指数+14.29%。 图表2：申万一级行业周涨幅排名 资料来源：iFind，太平洋证券整理 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][21]. Core Views - The company reported a total revenue of 502.1 billion, a year-on-year decrease of 16.13%, and a net profit attributable to shareholders of 2.058 billion, down 83.43% year-on-year [1]. - The company has increased its stake in its real estate subsidiary by 10%, which has been approved by the shareholders' meeting, enhancing its profitability for 2025 [7][8]. - The supply chain business is the main profit source for the company, with international revenue increasing from 10% in 2019 to 17% in 2023, indicating a positive trend in global expansion [8]. Summary by Sections Company Overview - The largest shareholder of the company is Jianfa Group, holding 46.03%, with the actual controller being the Xiamen State-owned Assets Supervision and Administration Commission [3]. Quarterly Performance - The company experienced a significant decline in performance, with a net profit of 2.058 billion for the first three quarters of 2024, a decrease of 83.43% year-on-year [1][18]. Subsidiary Equity Changes - The company plans to acquire an additional 10% stake in Jianfa Real Estate, increasing its consolidated share from 54.65% to 64.65% [7][8]. - The equity assessment value of Jianfa Real Estate is estimated at 30.663 billion for the 10% stake [7]. Dividend and Shareholder Returns - The company has established a shareholder return plan, committing to distribute at least 30% of the annual profit attributable to shareholders as cash dividends, with a minimum dividend of 0.7 yuan per share [7][8]. Future Outlook - The supply chain sector is expected to benefit from China's dual circulation strategy, with the company expanding its global operations and establishing business relationships in over 170 countries [8]. - The report expresses optimism about the company's supply chain strategy and the manageable risks in the real estate sector, leading to a continued "Accumulate" recommendation [8].

勃林格殷格翰 Zongertinib 拟纳入优先审评 | --- | --- | --- | --- | |--------------------------------------------------------|--------------------------|-------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

[Table_Title] 传媒互联网 DeepSeek-V3 发布，12 月 135 款游戏版号获批 (2024.12.23-12.29) ➢ 核心观点 我们认为，国内大模型对海外大模型的持续追赶取得显著进展，模型 成本下降有望进一步推动 AI 应用普及，看好国内大模型及应用的长 期价值。此外，游戏行业：24 年全年游戏版号发放节奏稳定，且数 量显著多于 23 年，行业监管稳定有望推动优质内容持续供给。影视 行业：多部曾获超高票房影片的续作定档 25 年春节档，优质内容供 给有望提升观影人次，期待后续影片上映后的票房表现。建议关注： 恺英网络、电魂网络等。 5 风险提示 . [Table_Message] 传媒互联网 行 业 研 究 报 告 | --- | --- | --- | --- | --- | |-------|------------------------|--------------------------------------------------------|-------|------------------------------------------------------- ...