Macro Economic Insights - The Producer Price Index (PPI) showed a year-on-year increase, driven by the non-ferrous and downstream manufacturing sectors, with October PPI at -2.1%, an improvement from previous expectations of -2.3% [3][7] - The Consumer Price Index (CPI) for October was reported at 0.2%, slightly above the expected -0.1%, indicating a modest recovery in consumer prices [3][4] Industry Analysis Electric Forklift Industry - The penetration rate of electric forklifts is increasing, with a current rate of 67.87% in China, lower than the global average of 72.23% and Europe's 88.71%, suggesting significant growth potential [11] - The industry is moving towards automation and intelligence, with a notable increase in sales of unmanned forklifts, which saw a year-on-year growth of 266.7% in the first half of 2025 [12] Coal Mining Sector - The price of thermal coal has surpassed 800 RMB per ton, driven by supply constraints and increased demand due to seasonal heating needs, with prices expected to stabilize between 800-860 RMB [22][24] - The focus on coal prices is on achieving a balance between coal and power generation profitability, with a target price of around 750 RMB for 2025 [25] Media and Entertainment - The gaming sector continues to show strong performance, with significant revenue increases from mobile games and a focus on expanding into overseas markets [27] - The rise of video podcasts is noted as a new growth curve for content platforms, with Bilibili reporting a 270% increase in consumption time for video podcasts in Q1 2025 [18] Pharmaceutical Sector - The company is advancing its HIV drug pipeline, with the ACC017 tablet entering phase III clinical trials, indicating strong growth potential in the HIV treatment market [39][40] - The global sales of HIV integrase inhibitors are projected to reach nearly 25 billion USD in 2024, highlighting the market's growth trajectory [39] Semiconductor Industry - The domestic storage chip market is expected to see significant growth due to increasing demand driven by AI applications, with AI servers requiring substantially more storage than traditional servers [33] - Domestic equipment manufacturers are making breakthroughs in key processes, which is expected to enhance the localization rate of storage equipment [36]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has successfully completed the first patient enrollment in the Phase III clinical trial of ACC017, an HIV integrase strand transfer inhibitor (INSTI) [3] - The global sales of HIV integrase inhibitors are expected to reach nearly $25 billion in 2024, with products containing Bictegravir (BIC) and Dolutegravir (DTG) accounting for approximately $21 billion [3] - The company reported a revenue of 552 million yuan for the first three quarters of 2025, representing a year-on-year increase of 84.83%, while the net profit attributable to the parent company was -7 million yuan, an increase of 88.78% year-on-year [3] - The company anticipates steady growth in its HIV drug sales and maintains revenue forecasts of 737 million, 1.037 billion, and 1.237 billion yuan for 2025, 2026, and 2027 respectively [3] Financial Summary - For 2025, the company expects revenue of 737 million yuan, with a year-on-year growth of 76.4% [5] - The projected net profit for 2025 is -2 million yuan, with a significant turnaround expected in subsequent years, reaching 44 million yuan in 2026 and 88 million yuan in 2027 [5] - The gross margin is projected to improve from 46.2% in 2023 to 81.2% by 2027 [5] - The company’s current price-to-sales (P/S) ratios are projected to be 8.2, 5.8, and 4.9 for 2025, 2026, and 2027 respectively [3] Research Pipeline - The company is making significant advancements in its HIV treatment and prevention pipeline, with the ACC017 tablet entering Phase III clinical trials and other innovative products progressing through clinical stages [4] - The company has established a comprehensive HIV research pipeline, including the first domestically developed integrase combination preparation entering clinical trials and multiple long-acting HIV prevention drugs nearing IND submission [4]

Group 1 - US stock market saw a significant rebound from intraday lows on Friday, with the S&P 500 rising by 0.13% and the Dow Jones increasing by 0.16%, while the Nasdaq Composite fell by 0.22%, marking its worst weekly performance since April [1] - Microsoft experienced its longest losing streak since 2011, with eight consecutive declines, while Tesla dropped over 3.6% following the approval of Elon Musk's $1 trillion compensation plan at the shareholder meeting [2] - Gold fluctuated around $4,000, ending a two-week decline, while crude oil prices briefly rose above $60 but ultimately fell by over 1.7% for the week [3] Group 2 - Bitcoin briefly dipped below $100,000 but later surged over 4.6%, while Ethereum rose by over 4.3%, reclaiming the $3,400 mark [4] - The US government shutdown situation appears to be improving, with Democrats softening their stance, although Republicans have rejected the proposal but acknowledged progress [4] - The EU AI legislation may face pressure to lower its thresholds due to collective pressure from tech giants [5] Group 3 - Google launched its next-generation AI image model, Nano Banana 2, capable of quickly generating 4K images and solving calculus problems [6] - The Chinese government issued a document to accelerate the cultivation of scenarios and promote large-scale applications in the AI field, focusing on key technology breakthroughs and standard construction [7] - A white paper on carbon peak and carbon neutrality in China indicated that the proportion of non-fossil energy consumption is expected to increase from 16.0% in 2020 to 19.8% in 2024 [8] Group 4 - The People's Bank of China increased its gold reserves by 30,000 ounces in October, marking the 12th consecutive month of increases [10] - China's October CPI rose by 0.2% year-on-year, with the core CPI reaching its highest level since March 2024, while the PPI saw its first year-on-year increase of the year [11] Group 5 - Various brokerage strategies are focusing on year-end style rebalancing, with analysts suggesting that sectors like new energy, pharmaceuticals, and food and beverage may show weaker performance as they face profit-taking pressures [12] - Analysts recommend focusing on sectors with independent logic and improving ROE, such as chemicals, non-ferrous metals, and electric new energy, which are at historical low points in profitability and industry prosperity [13] Group 6 - NAND flash memory prices are set to increase significantly, with SanDisk raising contract prices by up to 50%, leading to some manufacturers pausing shipments to reassess pricing [14] - The flu activity in China has risen sharply, with most provinces entering the flu epidemic period, prompting increased production of antiviral medications [16] - The Ministry of Agriculture and Rural Affairs released guidelines for building a smart agriculture standard system, aiming for a comprehensive standard system by 2030 [17] - The smart agriculture market in China is projected to exceed 100 billion yuan in 2024, growing by 11.7% year-on-year, driven by policy support and increased fiscal investment [18] Group 7 - Several companies announced significant transactions, including Suzhou planning to acquire 100% of Dongjin Hangke for 250 million yuan, and Guocheng Mining proposing to pay 3.168 billion yuan for a 60% stake in Guocheng Industrial [19] - Huadian Energy plans to invest 12.043 billion yuan in a wind power project, while Huadian Science and Technology signed a contract for a major offshore wind power project [20] - Fangzheng Technology is investing 1.364 billion yuan to expand its AI production base in Chongqing, addressing capacity bottlenecks in high-end products [21]

Core Viewpoint - The company is advancing its self-developed HIV drug ACC017, which is currently undergoing a Phase III clinical trial to evaluate its efficacy and safety in treatment-naive adults with HIV-1, with the first participant enrolled on November 7, 2025 [1][3]. Drug Overview - ACC017 is a novel integrase strand transfer inhibitor (INSTI) with a unique chemical structure, aimed at blocking the integration of the HIV genome into the host DNA, and is intended for the treatment of HIV infection [1][2]. - The global sales of HIV integrase inhibitors are projected to reach nearly $25 billion in 2024, with products containing Bictegravir (BIC) and Dolutegravir (DTG) accounting for approximately $21 billion [1]. Research and Development Progress - The company received approval from the National Medical Products Administration for the clinical trial of ACC017 on January 5, 2024 [2]. - A Phase I clinical study was completed in August 2024, showing good safety profiles and effective absorption for once-daily dosing [2]. - A Phase I/II study for treatment-naive HIV patients was completed in July 2025, confirming good safety and efficacy when combined with FTC/TAF [2]. Impact on the Company - If approved, ACC017 is expected to provide a differentiated advantage in clinical treatment, offering a domestic innovative alternative to imported drugs, thereby expanding the company's HIV product line and diversifying its revenue sources [3]. - The successful enrollment of the first participant in the Phase III trial is not expected to have a significant impact on the company's recent performance [3].

Group 1 - Fangzheng Technology's subsidiary plans to invest 1.364 billion yuan in an AI expansion project in Chongqing to quickly increase production capacity [1] - The current production capacity at the Chongqing base cannot meet customer order demands, necessitating this investment [1] - The expansion aims to strategically optimize product structure and enhance the company's ability to meet the needs of high-end clients in AI, cloud computing, and big data sectors [1] Group 2 - Huadian Technology signed a contract worth approximately 3.415 billion yuan for a 1 million kW offshore wind power project, which constitutes about 45.29% of the company's latest audited revenue [2] - This contract is expected to have a positive impact on the company's operating performance [2] Group 3 - ST Huayun applied to revoke other risk warnings after receiving a penalty notice from the China Securities Regulatory Commission for false reporting from 2018 to 2022 [3] - The company has completed a review and found no conditions warranting the risk warning, thus meeting the criteria for revocation [3] Group 4 - Meihua Biological's controlling shareholder was sentenced to three years in prison (suspended for five years) for manipulating the securities market, but this matter does not affect the company's operations [4] - The company confirmed that its production and business activities remain normal despite the legal issues surrounding the shareholder [4] Group 5 - Shanghai Xiba's board members are under investigation for suspected short-term trading, but this investigation is personal and will not significantly impact the company's daily operations [5] Group 6 - Changcheng Technology terminated plans for a change in control due to a lack of consensus on key matters, and its stock will resume trading on November 10, 2025 [6] Group 7 - Hefei China reported a 23.91% year-on-year decline in consolidated revenue for the period from January to October 2025, totaling 587 million yuan [8] Group 8 - Various companies are involved in significant project wins and collaborations, including Rayco Defense acquiring minority stakes in a subsidiary and several companies winning contracts for large-scale projects [13]

Core Viewpoint - The company, Aidi Pharmaceutical, has announced the initiation of a Phase III clinical trial for its self-developed anti-HIV drug, ACC017 tablets, aimed at evaluating its efficacy and safety in treatment-naive adults with HIV-1 [2]. Group 1 - Aidi Pharmaceutical is conducting a multi-center, randomized, double-blind, double-dummy Phase III study [2]. - The first subject for the Phase III clinical trial was successfully enrolled on November 7, 2025 [2].

公司于 2024 年 1 月 5 日收到国家药品监督管理局（以下简称"国家药监局"） 核准签发的关于 ACC017 片的《药物临床试验批准通知书》；2024 年 8 月，ACC017 片完成一项 I 期临床研究，包括首次人体试验（FIH）、单剂量递增试验（SAD）、 食物影响试验（FE）、与联合抗逆转录药物相互作用试验（DDI），结果显示： 所有剂量组别参研者的安全性良好，未发生 2 级或以上不良事件；药物口服吸收 1 证券代码：688488 证券简称：艾迪药业 公告编号：2025-066 江苏艾迪药业集团股份有限公司 关于 ACC017 片 III 期临床试验首例受试者成功入组 的自愿性披露公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 江苏艾迪药业集团股份有限公司（以下简称"公司"）自主研发的抗 HIV 领域在研 1 类新药 ACC017 片正在开展"评估在初治人类免疫缺陷病毒 1 型 （HIV-1）成人中有效性和安全性的多中心、随机、双盲双模拟、多替拉韦钠片 对照的 III 期研究"，III 期临床试验首例受试 ...

Core Viewpoint - The company, Aidi Pharmaceutical (688488.SH), has announced the initiation of a Phase III clinical trial for its self-developed HIV drug, ACC017 tablets, which aims to evaluate its efficacy and safety in treatment-naive adults with HIV-1 [1] Group 1: Drug Development - ACC017 tablets are a novel chemical structure classified as a first-class new drug, specifically an integrase strand transfer inhibitor (INSTI) targeting HIV [1] - The Phase III trial is designed as a multicenter, randomized, double-blind, and double-dummy study, with the first subject successfully enrolled on November 7, 2025 [1] Group 2: Clinical Trial Details - The trial will compare ACC017 tablets against a control of multi-raltegravir sodium tablets to assess effectiveness and safety [1] - The primary focus of the clinical trial is to evaluate the drug's ability to block the integration of the HIV genome into the host's DNA [1]

Core Viewpoint - The company, Aidi Pharmaceutical (688488.SH), has announced the initiation of a Phase III clinical trial for its self-developed anti-HIV drug, ACC017 tablets, which aims to evaluate its efficacy and safety in treatment-naive adults with HIV-1 [1] Group 1: Drug Development - ACC017 tablets are a novel chemical structure classified as a first-class new drug, specifically an integrase strand transfer inhibitor (INSTI) targeting HIV [1] - The drug works by inhibiting the activity of the HIV integrase, effectively blocking the integration of the HIV genome into the host's DNA [1] - The first subject for the Phase III clinical trial was successfully enrolled on November 7, 2025 [1] Group 2: Clinical Trial Details - The Phase III trial is designed as a multicenter, randomized, double-blind, and double-dummy study comparing ACC017 with a control of multi-raltegravir sodium tablets [1] - The trial focuses on assessing the drug's effectiveness and safety in a specific patient population, namely treatment-naive adults infected with HIV-1 [1]

Core Viewpoint - The company announced that its self-developed HIV drug ACC017 is currently undergoing Phase III clinical trials, with the first subject successfully enrolled on November 7, 2025 [1] Group 1: Drug Development - ACC017 is a novel chemical structure integrase strand transfer inhibitor (INSTI) targeting HIV, developed independently by the company [1] - The drug works by inhibiting the activity of the HIV integrase, effectively blocking the integration of the HIV genome into the host's DNA [1] - The clinical application of ACC017 is intended for the treatment of HIV infections [1]