Investment Rating - The report maintains a "Buy" rating for the company Yubang New Materials (301266) [1][12]. Core Views - The company has launched a new type of welding tape technology, which is expected to benefit from the increasing penetration rate of BC technology. The continuous R&D innovation is anticipated to drive long-term growth [1][6]. - In the first three quarters of 2024, the company achieved revenue of 2.477 billion yuan, a year-on-year increase of 21.04%, and a net profit attributable to shareholders of 46 million yuan [1][6]. - The company has established stable partnerships with leading manufacturers in the photovoltaic industry, enhancing its market share in the welding tape sector [1][6]. Financial Summary - Revenue projections for the company are as follows: 2023A: 2,762 million yuan, 2024E: 3,369 million yuan, 2025E: 4,087 million yuan, 2026E: 4,889 million yuan, with growth rates of 37.36%, 21.98%, 21.32%, and 19.61% respectively [4][7]. - The net profit attributable to shareholders is projected to be: 2023A: 151 million yuan, 2024E: 86 million yuan, 2025E: 158 million yuan, 2026E: 255 million yuan, with growth rates of 50.69%, -42.97%, 83.44%, and 61.30% respectively [4][7]. - The company’s gross margin for the first three quarters of 2024 was 6.06%, a decrease of 6.54 percentage points year-on-year, indicating pressure from industry competition [1][6].

Investment Rating - The report maintains a "Positive" rating for the advertising sub-industry [2][3]. Core Insights - AI emotional companionship applications are steadily developing, with a total global access volume of 353 million in October, representing a year-on-year growth of 8.05% [3]. - The integration of AI with physical toys is enriching the forms of emotional companionship [3]. - AI technology is reshaping the advertising workflow, enhancing both effectiveness and efficiency in ad placements [3]. Industry Overview Emotional Companionship - The number of emotional companionship applications in the top 100 global AI applications remains at 7, with Character.AI leading with approximately 215 million visits [3]. - Domestic applications like MiniMax and Douyin's Cat Box have entered the global top 100 in terms of monthly active users (MAU) [3]. Advertising - AI technology is expected to transform the advertising workflow, improving cost efficiency and effectiveness in ad content generation and placement strategies [3]. - The report suggests focusing on companies such as Yidian Tianxia and BlueFocus in the advertising sector [3]. Gaming - The domestic gaming market achieved actual sales revenue of 29.083 billion in October 2024, marking a year-on-year increase of 14.40% [32]. - The top three mobile games in the iOS bestsellers list as of November 23, 2024, are "Honor of Kings," "Peacekeeper Elite," and "Gold Shovel Battle" [32]. AI Products - In October 2024, the top three global AI products by access volume were ChatGPT (3.78 billion), New Bing (1.86 billion), and Canva Text to Image (818 million) [44]. - The domestic AI product rankings show 360AI Search leading with 28.758 million visits [49]. Film Industry - The total box office for domestic films in 2024 reached 39.8 billion, with a single-day box office of 144 million on November 23, 2024, down 31.20% from the previous week [51]. - The top three films on November 23, 2024, were "Good Things," "Crayon Shin-chan: Our Dinosaur Diary," and "Winning Hand" [51]. Television - The top-rated dramas on November 21, 2024, were "Little Alley Family," "Beaded Curtain Jade Curtain," and "Good Reunion," with viewership ratings of 2.684%, 1.963%, and 1.307% respectively [55]. - The broadcasting index for dramas as of November 22, 2024, ranked "Little Alley Family," "Eternal Night Star River," and "Beaded Curtain Jade Curtain" as the top three [57]. Variety Shows - The top three variety shows by broadcasting index as of November 22, 2024, were "Goodbye Lover Season 4," "Comedy Conference," and "Flowers and Boys Season 6" [61].

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical sector, indicating a favorable outlook despite short-term market risks not being fully released [1][3]. Core Insights - The report emphasizes the importance of endocrine therapy as the cornerstone for HR+ breast cancer treatment, highlighting the convenience of oral SERDs and their potential to overcome resistance. Multiple products are actively advancing in clinical trials globally [13][19]. - The report suggests focusing on thematic investment opportunities within the sector, particularly in innovative drugs and companies with strong merger and acquisition potential [30][34]. Summary by Sections Industry View and Investment Recommendations - Endocrine therapy is foundational for HR+/HER2- breast cancer treatment, with approximately 250,000 new HR+ breast cancer cases annually in China. Endocrine therapy is approved for various treatment lines [13][14]. - Oral SERDs are expected to replace traditional treatments like Fulvestrant, with the first oral SERD, Elacestrant, approved in January 2023, showing significant efficacy in reducing disease progression and mortality risk [20][23]. - The report recommends focusing on companies with strong performance in the pharmaceutical sector, particularly those involved in innovative drug development and those with significant market pricing power [30][34]. Industry Performance - The pharmaceutical sector experienced a decline of 2.36% this week, outperforming the CSI 300 index by 0.24 percentage points. Sub-sectors such as medical infrastructure and innovative drugs performed relatively well, while life sciences and pharmacy sectors lagged [36]. - As of November 22, the overall price-to-earnings ratio for the pharmaceutical industry was 27.03, with a premium of 36.30% compared to the overall A-share market excluding the financial sector [36]. Company Dynamics - Several companies received regulatory approvals for new drugs and clinical trials, indicating ongoing innovation and development within the sector. For instance, companies like Xingqi Eye Medicine and Luant Pharmaceutical have recently announced new clinical trial approvals [37][39].

Investment Rating - The report maintains a "Positive" rating for the advertising sub-industry [2][3]. Core Insights - The AI emotional companionship applications are steadily developing, with a total global access volume of 353 million in October, representing a year-on-year growth of 8.05% [3]. - The integration of AI technology in advertising is expected to reshape traditional workflows, enhancing both effectiveness and efficiency [3]. Industry Overview 1. Industry Performance Review - The Shanghai Composite Index and the media index experienced declines of -1.91% and -1.55% respectively last week [26]. 2. Industry Operating Data 2.1. Gaming - The domestic gaming market achieved actual sales revenue of 29.083 billion in October 2024, marking a year-on-year increase of 14.40% [32]. 2.2. AI - In October 2024, the top three global AI products by access volume were ChatGPT (3.78 billion), New Bing (1.86 billion), and Canva Text to Image (818 million) [44]. 2.3. Film - The total box office for domestic films in 2024 reached 39.8 billion, with a single-day box office of 144 million on November 23, down 31.20% from the previous week [51]. 2.4. Television Series - The top-rated TV series on November 21, 2024, were "Little Alley Family," "Pearl Curtain Jade Curtain," and "Good Reunion," with viewership ratings of 2.684%, 1.963%, and 1.307% respectively [55]. 2.5. Variety Shows - The top three variety shows by broadcast index as of November 22, 2024, were "Goodbye Lover Season 4," "Comedy Conference," and "Flowers and Boys Season 6" [61]. 3. Key Company Announcements - The report suggests focusing on companies in emotional companionship such as Kunlun Wanwei, Kaiying Network, and Aofei Entertainment, as well as advertising companies like Yidian Tianxia and BlueFocus [3].

行 业 研 究 2024 年 11 月 23 日 行业周报 看好/维持 机械 机械 挖机出口提速，内外销有望迎来共振 | --- | --- | --- | --- | |----------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical sector, indicating a focus on thematic investment opportunities despite short-term market risks not being fully released [1][3]. Core Insights - Endocrine therapy is the cornerstone for HR+ breast cancer treatment, with oral SERDs expected to overcome resistance issues. Multiple products are actively progressing in clinical trials globally [13][19]. - The report highlights the potential of oral SERDs to replace existing treatments, with only one product currently approved globally, and emphasizes the leading position of domestic company Yifang Biopharma in this area [20][24]. - The pharmaceutical sector experienced a decline of 2.36% this week, outperforming the CSI 300 index by 0.24 percentage points, with sub-sectors like innovative drugs showing relatively better performance [30][36]. Summary by Sections Industry Perspective and Investment Recommendations - Endocrine therapy is essential for HR+/HER2- breast cancer treatment, with approximately 250,000 new HR+ breast cancer cases annually in China. Endocrine therapy is approved for various treatment lines [13][14]. - Oral SERDs are positioned as a first-line recommendation for patients who have failed AI therapy, with the first oral SERD, Elacestrant, approved in January 2023 [19][20]. - The report suggests focusing on companies with strong performance in the pharmaceutical sector, particularly those with innovative drugs and significant merger and acquisition potential [30][34]. Industry Performance - The pharmaceutical sector's performance this week showed a decline, with specific sub-sectors like medical infrastructure and innovative drugs performing better than others [36]. - The overall valuation of the pharmaceutical industry is reported at a P/E ratio of 27.03, with a premium of 36.30% compared to the overall A-share market [36]. Company Dynamics - Yifang Biopharma is highlighted for its rapid progress in developing oral SERDs, with its product D-0502 currently in phase 3 clinical trials [24][27]. - Other companies mentioned include Aorite and Aoxiang Pharmaceutical, which are expected to benefit from ongoing market trends and product expansions [33][34].

Investment Rating - The report maintains a "Buy" rating for the company Kangfang Biopharma (09926) [6] Core Insights - Kangfang Biopharma is positioned as a leader in bispecific antibody therapies, successfully challenging established treatments and advancing its internationalization efforts [4][23] - The company has achieved significant clinical trial results, particularly with its product AK112, which has shown promising outcomes against existing therapies in lung cancer treatment [4][6] - The financial outlook is positive, with projected revenues increasing significantly over the next few years, leading to expected profitability by 2025 [6][11] Summary by Sections Company Overview - Kangfang Biopharma focuses on developing innovative and affordable antibody drugs, leveraging a unique end-to-end research and development platform [23] - The company has established a strong pipeline of products, with several in late-stage clinical trials and some already approved for market [23][24] Industry Situation - The tumor immunotherapy market is rapidly growing, with bispecific antibodies playing a crucial role in the evolution of cancer treatment [11][23] - The report highlights the limitations of current T-cell targeting immunotherapies and the potential of bispecific antibodies to address these challenges [11] Company Highlights - AK112 has demonstrated breakthrough results in clinical trials, positioning it as a potential new standard for first-line treatment in lung cancer [4][6] - The company’s product AK104 has also shown significant efficacy in treating advanced cervical cancer, filling a gap in the current treatment landscape [5][6] Financial Forecast and Valuation - Projected revenues for 2024, 2025, and 2026 are estimated at 26.78 billion, 43.33 billion, and 69.78 billion yuan respectively, with a return to profitability expected in 2025 [6][11] - A DCF valuation model suggests a reasonable market capitalization of 754.15 billion HKD, corresponding to a target price of 84.15 HKD per share [6]

Investment Rating - The industry rating is "Positive," indicating an expected overall return exceeding 5% above the CSI 300 Index in the next six months [4]. Core Insights - The pharmaceutical sector experienced a decline of 4.30% as of November 22, 2024, underperforming the CSI 300 Index by 1.20 percentage points, ranking 30th among 31 sub-industries [1]. - Notable sub-industry performances include blood products (-3.67%), pharmaceutical distribution (-3.74%), and medical devices (-3.83%), while sectors like medical outsourcing (-5.20%) and in vitro diagnostics (-4.80%) lagged behind [1]. - AstraZeneca and Amgen's joint application for Tezspire (tezepelumab) has been accepted for market entry in China, targeting severe asthma in patients aged 12 and older [1][3]. Sub-industry Ratings - Chemical pharmaceuticals: No rating - Traditional Chinese medicine: No rating - Biopharmaceuticals II: Neutral [1]. Company News - Kunming Pharmaceutical Group received approval for clinical trials of a new drug targeting non-alcoholic fatty liver disease [1]. - Hualan Biological Engineering announced the acceptance of its application for the registration of rituximab injection for domestic production [1]. - Meikang Bio obtained a medical device registration certificate for a homocysteine test kit [1].

Investment Rating - The report does not provide specific ratings for the chemical pharmaceuticals and traditional Chinese medicine sectors, while the biopharmaceutical sector is rated as Neutral [2][10]. Core Insights - The pharmaceutical sector experienced a decline of 0.35% on November 21, 2024, underperforming the CSI 300 index by 0.44 percentage points, ranking 27th among 31 sub-industries in the Shenwan classification. Blood products (+0.18%) and vaccines (-0.10%) performed relatively well, while medical devices (-1.23%) and offline pharmacies (-1.07%) lagged behind [4][5]. - UCB announced that the FDA approved Bimzelx (bimekizumab) for treating moderate to severe hidradenitis suppurativa (HS) in adults. This drug is a humanized IgG1 monoclonal antibody that selectively binds to IL-17A, IL-17F, and IL-17AF cytokines [5]. Summary by Sections Market Performance - On November 21, 2024, the pharmaceutical sector's performance was -0.35%, underperforming the CSI 300 index by 0.44 percentage points. The sector ranked 27th among 31 sub-industries, with blood products showing a positive change of +0.18% [4]. Industry News - UCB's Bimzelx received FDA approval for treating HS, marking its second approval after being cleared for moderate to severe plaque psoriasis in October 2023 [5]. - Various companies, including Yuandong Bio and Buchang Pharma, received approvals for new drugs from the National Medical Products Administration, indicating ongoing regulatory progress in the pharmaceutical sector [5].

Investment Rating - 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][8]. Core Views - The pharmaceutical sector has shown a performance increase of +2.52% as of November 20, 2024, outperforming the CSI 300 index by 2.30 percentage points, ranking 4th among 31 sub-industries in the Shenwan classification [3]. - Notable sub-industry performances include pharmaceutical distribution (+2.23%), medical devices (+2.20%), and medical research outsourcing (+2.12%), while offline pharmacies (+0.54%), vaccines (+0.65%), and hospitals (+1.16%) lagged behind [3]. - GSK's global Phase 3 clinical trial for Linerixibat, aimed at treating pruritus associated with primary biliary cholangitis (PBC), has achieved positive topline results, indicating its potential as an oral IBAT inhibitor [4][8]. Summary by Sections Market Performance - As of November 20, 2024, the pharmaceutical sector's performance was +2.52%, surpassing the CSI 300 index by 2.30 percentage points, with the sector ranking 4th among 31 sub-industries [3]. Sub-industry Ratings - The report highlights the performance of various sub-industries, with pharmaceutical distribution, medical devices, and medical research outsourcing leading the gains, while offline pharmacies, vaccines, and hospitals showed lower performance [3]. Company News - Betta Pharmaceuticals received a notice from the National Medical Products Administration regarding the acceptance of its clinical trial application for BPI-452080, targeting tumors related to VHL syndrome [4]. - Jiuzhou Pharmaceutical announced that its subsidiary received GMP certification from the UK Medicines and Healthcare products Regulatory Agency for its tablet production line [4]. - Kehua Bio received a medical device registration certificate for its creatine kinase isoenzyme assay kit from the Shanghai Municipal Medical Products Administration [4]. - Zhongsheng Pharmaceutical reported positive topline analysis data from its Phase II clinical trial for the innovative peptide drug RAY1225, indicating promising efficacy and safety for overweight/obese patients [4].