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][7]. Core Views - 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]. - Pfizer's long-acting hemophilia therapy, Hympavzi, has received FDA approval, indicating advancements in treatment options within the industry [6][7]. Market Performance - As of October 14, 2024, the pharmaceutical sector experienced a gain of 1.31%, underperforming the CSI 300 index by 0.60 percentage points, ranking 25th among 31 sub-industries [5]. - Among sub-industries, hospitals (+1.66%), pharmaceutical distribution (+1.57%), and medical research outsourcing (+1.20%) showed the best performance, while blood products (-0.52%), vaccines (+0.70%), and medical consumables (+0.83%) lagged [5]. Company News - Pfizer's Hympavzi is designed for the routine prevention or reduction of bleeding in patients aged 12 and older with hemophilia A and B, requiring only weekly subcutaneous injections [6]. - Notable company announcements include: - Nuotai Bio received approval for a compound sodium bicarbonate granule [6]. - Jianyou Co. received approval for injectable pantoprazole sodium [6]. - Renfu Pharmaceutical's subsidiary received approval for clinical trials of a new ointment [6]. - Kew Flower Pharmaceutical's subsidiary received a notice for the registration of ursodeoxycholic acid capsules [6].

公 司 研 究 2024 年 10 月 14 日 公司点评 买入/维持 诺诚健华(688428) 目标价:22.78 昨收盘:13.35 变构 TYK2 抑制剂银屑病 2 期数据优异，自免管线全面突破 | --- | --- | --- | --- | --- | --- | |-------|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|------------------------------- ...

Investment Rating - The report does not provide a specific investment rating for the real estate development and operation industry, nor for real estate services [1]. Core Insights - The report maintains a neutral outlook on the real estate sector, indicating that fiscal policies are expected to stabilize the market and halt the decline [2][9]. - The Ministry of Finance announced a series of targeted policies to support the real estate market, including the use of special bonds for land reserves and the acquisition of existing homes for affordable housing [4][5][6]. - The report highlights the importance of optimizing tax policies to reduce housing costs, which is anticipated to boost market demand [8]. Summary by Sections Fiscal Policy Measures - The Ministry of Finance plans to introduce a package of policies aimed at stabilizing growth, expanding domestic demand, and mitigating risks in the real estate sector [4]. - Special bonds will be allowed for land reserves, which is expected to enhance local governments' ability to manage land supply and alleviate liquidity pressures on real estate companies [5]. Acquisition of Existing Homes - The report emphasizes the first-time proposal to use special bonds for acquiring existing homes, which will increase the funding sources for affordable housing [6][7]. - The central government is focused on promoting the acquisition of existing homes to address the surplus inventory and improve the supply of affordable housing [7]. Tax Policy Optimization - The report mentions the need to optimize tax policies, including potential adjustments to personal income tax and value-added tax, to lower the cost of home purchases for residents [8]. - The ongoing research into tax policy adjustments is expected to further support the recovery of market demand [8]. Market Outlook - The report concludes that the real estate market is likely to stabilize, with further policy measures anticipated to support this trend [9].

Investment Rating - The report maintains a positive outlook on the non-ferrous metals industry, indicating a "Buy" rating due to strong overseas inflation resilience and stable domestic demand [1][2]. Core Insights - The report highlights that the non-ferrous metals sector has experienced a decline, with the SW non-ferrous metals index dropping by 6.24% during the week [7]. - It notes that basic metals are expected to see a long-term price increase due to sustained monetary and fiscal policies in China, despite short-term fluctuations [16]. - The report emphasizes the potential for gold prices to maintain a bullish trend in the long run, influenced by geopolitical factors and the weakening of the US dollar [36]. Summary by Sections Non-Ferrous Metals Market Review - The SW non-ferrous metals index reported a decline of 6.24%, while the Shanghai Composite Index fell by 3.56% [7][8]. - Year-to-date, the SW non-ferrous metals index has increased by 6.67%, compared to 13.29% for the Shanghai Composite Index [7]. Basic Metals - Copper prices on the LME decreased by 1.59% to $9,803 per ton, while domestic copper prices fell by 1.30% to ¥77,440 per ton [14][16]. - The average price of copper concentrate (TC) rose by $1.66 to $8.13 per ton [16]. - The report indicates that the operating rate of Chinese copper cable enterprises was 80.72% in September, with a slight expected decrease in October [16]. Aluminum - LME aluminum prices fell by 1.01% to $2,638 per ton, while domestic aluminum prices increased by 1.94% to ¥20,720 per ton [19]. - The report notes a slight increase in domestic aluminum production capacity due to new projects coming online [19]. Zinc - LME zinc prices decreased by 0.52% to $3,156 per ton, with domestic zinc prices dropping by 0.67% to ¥25,470 per ton [22]. Lead - LME lead prices fell by 2.57% to $2,100 per ton, while domestic lead prices decreased by 1.68% to ¥16,431 per ton [27]. Tin - LME tin prices dropped by 1.62% to $33,350 per ton, while domestic tin prices slightly increased by 0.05% to ¥268,013 per ton [31]. Nickel - LME nickel prices rose by 0.31% to $17,905 per ton, while domestic nickel prices fell by 0.54% to ¥134,767 per ton [32]. Precious Metals - Comex gold prices decreased by 0.71% to $2,884 per ounce, while domestic gold prices fell by 0.47% to ¥595 per gram [36]. - The report anticipates a long-term bullish trend for gold prices due to geopolitical tensions and a weakening US dollar [36]. Energy Metals - Battery-grade lithium carbonate prices fell by 1.03% to ¥76,500 per ton, while battery-grade lithium hydroxide prices decreased by 0.24% to ¥68,456 per ton [39]. - The report indicates that the energy metals sector is currently experiencing a cyclical downturn, with companies showing a strong willingness to maintain prices despite weak market conditions [39].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 31.23 RMB [1]. Core Views - The company leverages its visual capabilities to build hardware advantages, while AI technology drives the growth of its cloud platform [1][9]. - The company is positioned as a leader in the smart home camera market, addressing privacy concerns that may limit industry growth [27]. - The company is expected to benefit from the increasing consumer trust and market education, allowing it to capture industry growth dividends [27]. Summary by Sections Company Overview - The company emphasizes its dual-core growth driven by visual capabilities and AI technology, evolving from its origins under Hikvision [10][9]. - The ecosystem has evolved to a "2+5+N" model, enhancing its competitive edge in smart home and IoT cloud platform sectors [10]. Financial Analysis - Revenue is projected to grow from 4.84 billion RMB in 2023 to 7.88 billion RMB by 2026, with a compound annual growth rate (CAGR) of approximately 17.5% [3][14]. - The net profit is expected to increase from 563 million RMB in 2023 to 995 million RMB in 2026, reflecting a strong recovery and growth trajectory [3][18]. - The company's cloud platform and overseas business are gaining a larger share of revenue, with the cloud platform's contribution expected to reach 19.15% in 2024H1 [14]. Business Segments - The smart home camera segment is identified as the cash cow, contributing significantly to revenue and profit, while addressing privacy concerns to enhance consumer trust [27]. - The smart door lock market is highlighted as a second growth curve, with the company positioned to capture market share through early investments in facial recognition technology [27]. Cloud Platform - The cloud platform is seen as a core support for revenue and profit growth, with plans to enhance service offerings and increase average revenue per user (ARPU) [14][18]. - The company aims to expand its B-end PaaS offerings to attract new developer users, contributing to high-margin segments [14]. Dividend Policy - The company has maintained a high dividend payout ratio, with a cash dividend rate of approximately 50% in 2023, reflecting confidence in future growth [25][26]. Market Potential - The smart home market is projected to grow rapidly, with a CAGR of 28.23% from 2022 to 2025, indicating significant opportunities for the company [8][22]. - The company is focusing on personalized smart home solutions, with a strong emphasis on AI capabilities to enhance user experience [22].

| --- | --- | --- | |------------------------------|------------------------|------------------------------| | 金融行业 \| 行业深度研究报告 | | 证券研究报告 2024年10 月10日 | | | | | | 行在水穷处，坐看云起时 —— | | | | 证券行业 24H1 | 总结及近期行情展望 | | | | | | | | 证券分析师： | 夏芈卬 | | | 分析师登记编号： | S1190523030003 | | | 研究助理： | 王子钦 | | | 一般证券业务登记编号： | S1190124010010 | 报告摘要 P2 ➢ 行业观点：24H1市场股熊债牛行情持续，交投情绪持续遇冷，叠加IPO和再融资政策限制，券商业绩继续承压。9月24 日国新办新闻发布会上三部门联合发布一系列重磅政策，9月26日中央政治局会议重点讨论经济问题，市场投资情绪迅 速反转，股市开启全面上涨行情。我们认为政策组合拳节奏和力度均大超预期，资本市场相关行业都迎来情绪面、政 策面、基本面三重共振。我们预 ...

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry [2] Core Viewpoints - The pharmaceutical sector is expected to see an increase in valuation due to changes in market pricing power and funding [2][22] - The report highlights the differentiation in the pipeline of bispecific antibodies (bsAb) in China compared to overseas, with T cell engagers (TCE) being the mainstream route abroad [11][12] Summary by Sections Industry Opinion and Investment Recommendations - TCE is the mainstream route for bispecific antibodies overseas, while multiple differentiated bispecific antibodies are in development domestically [11] - Investment suggestions focus on companies with strong commercial certainty and those benefiting from the recent launch of the Sci-Tech Innovation Board's innovative drug index [22][23] Industry Performance - The pharmaceutical sector experienced a decline of 6.00%, underperforming the CSI 300 index by 2.75 percentage points [25] - Sub-sectors such as vaccines and innovative drugs performed relatively well, while drugstores and blood products saw significant declines [25] Company Dynamics - Notable company announcements include: - Huakang Medical's bid for a major hospital project [26] - Newnord's FDA fast-track designation for a new drug [26] - Baiyuntai's licensing agreement for a drug in Europe [26] - Companies like Junshi Biosciences and Hengrui Medicine received regulatory approvals for new drugs [28] Industry Trends - The report notes a significant increase in the demand for raw materials due to the expiration of patents for major products, with a projected sales impact of $175 billion from 2023 to 2026 [23] - The raw material drug production in H1 2024 was 178.9 thousand tons, showing a year-on-year growth of 2.2% [23]

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 [3]. Core Viewpoints - The report highlights that Johnson & Johnson's two products, Amivantamab and Lazertinib, have received acceptance for market application in China, potentially forming a combination therapy [2][3]. - The pharmaceutical sector experienced a decline of 4.76% as of October 11, 2024, underperforming the CSI 300 Index by 1.99 percentage points, ranking 26th among 31 sub-industries [2]. - Among sub-industries, pharmaceutical distribution (-2.68%), offline pharmacies (-3.45%), and blood products (-3.50%) performed relatively better, while vaccines (-7.53%), medical R&D outsourcing (-6.52%), and hospitals (-6.48%) lagged [2]. Summary by Relevant Sections Industry Performance - The pharmaceutical sector's performance is characterized by a 4.76% decline, with specific sub-industries showing varied results [2]. Company News - Johnson & Johnson's Amivantamab is a fully humanized bispecific antibody targeting EGFR and MET, while Lazertinib is an oral third-generation EGFR TKI that targets T790M mutations and retains wild-type EGFR [2]. - Junshi Biosciences announced the approval of its monoclonal antibody for treating primary hypercholesterolemia [2]. - Guobang Pharmaceutical received a CEP certificate for its doxycycline raw material, allowing sales in the European market [2].

Investment Rating - The report does not explicitly state an investment rating for the media and internet industry. Core Insights - The report indicates that the traffic performance of leading applications both domestically and internationally is stabilizing, with significant growth observed in educational applications and a decline in virtual character applications. The report highlights the strong growth momentum of domestic video applications such as Kuaishou Keling and Shengshu Technology Vidu [5][6][7]. Summary by Sections 1. Industry Performance Overview - The report notes that the total box office for domestic films in 2024 has reached 37.2 billion yuan, with a significant drop of 68.2% in daily box office on October 12, 2024 [30]. - The top three films on October 12, 2024, were "The Volunteer Army: The Road of Life and Death" (311.05 million yuan), "Harry Potter and the Sorcerer's Stone" (146.08 million yuan), and "The Road of Fire" (97.83 million yuan) [31]. 2. AI Product Traffic - In September 2024, the global AI product traffic rankings were led by ChatGPT (3.23 billion visits), New Bing (1.81 billion visits), and Canva Text to Image (772 million visits), with ChatGPT experiencing an 18.71% year-on-year increase [26][27]. - Domestically, the top AI products were Baidu Search AI Smart Answer (454 million visits), 360AI Search (247 million visits), and Baidu Wenku AI Function (47 million visits) [28][29]. 3. Educational Applications - The report highlights a significant increase in traffic for educational applications, with the total visits for the top 100 educational applications reaching 215 million, marking a year-on-year growth of 48.56% [6]. 4. Virtual Character Applications - Virtual character applications have seen a decline in traffic, with total visits for the top 100 virtual character applications at 327 million, down 3.59% year-on-year. However, the average usage time per user remains strong, with eight applications entering the top 30 for average usage time [6]. 5. Multi-modal Applications - In the multi-modal application sector, the total visits for image applications reached 1.073 billion, up 6.55% year-on-year, while video applications saw 114 million visits, a 1.55% increase. Kuaishou Keling and Shengshu Technology Vidu showed strong growth, with Vidu achieving a 114.19% increase in visits [7]. 6. Recommendations - The report suggests focusing on several companies for potential investment opportunities, including AI model companies like Kunlun Wanwei, text IP companies like Zhongwen Online, and AI video tool companies such as Shanghai Film, Bona Film, Huace Film, and InSai Group [5].

Investment Rating - The report maintains a "Positive" outlook for the computer industry, expecting overall returns to exceed the CSI 300 Index by more than 5% in the next six months [14]. Core Insights - HarmonyOS NEXT has begun public testing, with expectations for commercial use in Q4 2024. The initial devices include Mate 60 series, X5 series smartphones, and MatePad Pro 13.2-inch tablets [4][6]. - The ecosystem of HarmonyOS is anticipated to expand rapidly, with over 10,000 applications and services already available, aiming for 500,000 native applications to meet user needs [10][11]. - Huawei plans to launch a PC version of HarmonyOS, enhancing its interconnected ecosystem and addressing data transfer issues across multiple devices [11][12]. Summary by Sections Sub-industry Ratings - Computer Software: Neutral [2] - Other segments such as IT Services, Cloud Services, and Industrial Internet have no specific ratings [2]. HarmonyOS NEXT Development - The public testing of HarmonyOS NEXT has attracted over a million sign-ups, with tens of thousands actively using the system. The new features include support for exFAT file systems and improved charging speeds [6][10]. - The architecture of HarmonyOS NEXT significantly enhances user experience through distributed multi-device collaboration, achieving a threefold increase in connection speed and a 20% reduction in power consumption [6][8]. Investment Recommendations - The report recommends investing in companies within Huawei's supply chain, such as Zhimi Intelligent, Softcom Power, Fabien Information, Cloudwalk Technology, and iFlytek, as HarmonyOS matures [5][13].