Fixed Income - The forecast for February 2025 predicts new loans of 1 trillion yuan and social financing of 2.5 trillion yuan, with M2 reaching 320.6 trillion yuan and a year-on-year growth of 7.0% [2][10] - The social financing growth rate is expected to be 8.3%, with a potential recovery in the growth rate later in the year [11][12] - The report anticipates a stable economic outlook for 2025, with a possible small rebound in 2026, and predicts the 10Y/30Y government bond yields to peak at 1.9%/2.2% in 2025 [13] Pharmaceutical Industry - Kelun Pharmaceutical (002422.SZ) - Kelun Pharmaceutical is recognized as a successful representative of the transition from generic to innovative drugs, with a cumulative R&D investment of nearly 11.9 billion yuan from 2014 to 2023 [14][15] - The company has entered the global market for innovative drugs, with significant potential for future growth, particularly through its ADC research platform and partnerships with major pharmaceutical companies [16] - The antibiotic intermediate sector is expected to maintain a stable supply-demand balance, while the intravenous infusion market is projected to grow steadily due to aging demographics [17][18] Public Utilities - China Resources Gas (01193.HK) - China Resources Gas is positioned as a leading city gas provider, focusing on projects in first- and second-tier cities, benefiting from its strategic location [21][22] - The company has reduced its reliance on connection services, with growth in comprehensive services and energy solutions supporting its profitability [23] - The report highlights a significant increase in operating cash flow and a low debt ratio, indicating strong financial health and potential for dividend growth [24][25] New Energy - Mingyang Technology (837663.BJ) - Mingyang Technology is identified as a national-level specialized manufacturer in automotive seat components, with an expected net profit growth of 18.66% in 2024 [27][28] - The company is benefiting from the trend of electrification and intelligence in the automotive industry, with a projected increase in the value of seat components [29] - The report emphasizes the potential for growth in the assembly business, which is expected to become a significant revenue driver [30][31] New Consumption - Semir Apparel (002563.SZ) - Semir Apparel focuses on casual and children's clothing, with its brands ranking among the top in their respective markets [34][35] - The company is enhancing operational efficiency and product appeal through strategic partnerships and brand collaborations, leading to improved profit margins [35] - The report forecasts steady growth in net profit from 2024 to 2026, supported by a strong market position and multi-brand strategy [36] New Consumption - Bairun Co., Ltd. (002568.SZ) - Bairun Co., Ltd. is a leading player in the ready-to-drink (RTD) beverage market, with a market share exceeding 73% in 2023 [38][39] - The growth of the RTD market is driven by expanding consumer demographics and innovative product offerings [40] - The company is expected to maintain its market leadership and continue to grow its net profit from 2024 to 2026 [41]

Investment Rating - The report gives an initial investment rating of "Buy" for the company, indicating a positive outlook on its future performance [5][8]. Core Views - The company is successfully transitioning from generic to innovative pharmaceuticals, with significant R&D investments expected to yield results in the near future. It has established itself as a leading player in the fields of large-volume intravenous solutions, active pharmaceutical ingredients, and innovative drugs, particularly in the ADC (Antibody-Drug Conjugate) sector [7][10]. - The company has a strong pipeline of innovative drugs, with several products nearing commercialization, which presents substantial growth potential [7][10]. - The large-volume intravenous solutions segment is expected to maintain a stable competitive landscape, supported by an aging population and a solid market position [7][10]. Summary by Sections 1. "Large-volume IV solutions + Active Pharmaceutical Ingredients + Innovative Drugs" as Growth Drivers - The company has a well-structured operational platform consisting of large-volume IV solutions, active pharmaceutical ingredients, and innovative drugs, with a focus on high-end manufacturing and new materials [19]. - The company has established a comprehensive industrial production system in the antibiotic intermediate sector, leveraging regional advantages [19]. 2. Sustained High R&D Investment - The company has invested nearly 11.9 billion RMB in R&D over the past decade, which is expected to enhance its position in the global ADC market [7][10]. - The ADC development platform "OptiDC" has been recognized internationally, with multiple projects in various stages of clinical development [32][34]. 3. Stable Landscape for Large-volume IV Solutions - The market for large-volume IV solutions has stabilized, with the top five companies accounting for approximately 80% of the market share [7][10]. - The demand for large-volume IV solutions is expected to grow steadily due to demographic trends, despite short-term price fluctuations [7][10]. 4. Active Pharmaceutical Ingredients Supply and Demand - The antibiotic intermediate sector has seen a reduction in outdated production capacity, leading to a stable market environment [7][10]. - The company is a leading supplier of antibiotic intermediates, with a strong market position and stable demand for its products [7][10]. 5. Profit Forecast and Valuation - The company is projected to achieve net profits of 30.6 billion RMB, 28.0 billion RMB, and 36.2 billion RMB for the years 2024 to 2026, with corresponding growth rates of 24.6%, -8.4%, and 29.1% [6][8]. - The current price-to-earnings (P/E) ratios are estimated at 16, 18, and 14 for the years 2024 to 2026, indicating a favorable valuation compared to peers [8].

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, focusing on innovation, overseas expansion, thematic investments, and dividend strategies as the main investment themes [2][17]. Core Insights - The pharmaceutical sector experienced a short-term pullback but remains optimistic about the innovation-driven growth trajectory. Key areas of focus include innovative drugs, international market expansion, and supportive policies for innovation [2][17]. - The report highlights the importance of innovative drugs as a new productive force, with significant policy support expected to accelerate their development [17]. - The report emphasizes the potential of companies with strong clinical pipelines and innovative capabilities, particularly in the context of recent supportive policies for innovative drugs [16][17]. Summary by Sections Current Industry Investment Strategy - The pharmaceutical index fell by 2.72% in the week, underperforming the CSI 300 index by 1.97 percentage points. Year-to-date, the sector has risen by 1.11%, outperforming the CSI 300 by 1.75 percentage points [15]. - The current valuation level (PE-TTM) for the pharmaceutical industry is 26.53 times, with a premium of 75.91% relative to the entire A-share market [15]. Key Companies and Their Performance - **Hengrui Medicine**: Recent updates on lung cancer data show promising results, with an overall response rate (ORR) of 73% and median progression-free survival (mPFS) of 11.5 months, indicating strong commercial potential [16]. - **Innovative Drug Policies**: New policies are expected to encourage commercial insurance companies to invest in innovative drug companies and improve pricing standards [16][17]. Thematic Investment Lines - **Innovation and Overseas Expansion**: The report identifies innovative drugs as a key area, with a high success rate in recent insurance negotiations for innovative drugs [17]. - **Dividend Strategy**: With the 10-year government bond yield falling below 2%, dividend-paying assets with stable growth and cash flow are highlighted as defensive and offensive investment options [9][18]. Recommended Investment Combinations - The report lists several recommended stocks, including Hengrui Medicine, Enhua Pharmaceutical, and Yifan Pharmaceutical, among others, indicating a strong buy rating for these companies based on their growth potential and market performance [19][22].

证券代码：002422 证券简称：科伦药业 公告编号：2025-015 四川科伦药业股份有限公司 关于持股 5%以上股东以金融机构专项增持贷款 和自有资金增持公司股份计划的公告 本公司 5%以上股东雅安市国有资产经营有限责任公司保证向本公司提供的信息内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1．四川科伦药业股份有限公司（以下简称"公司"、"科伦药业"）于近 日收到持股 5%以上股东雅安市国有资产经营有限责任公司（以下简称"雅安国 资公司"）通知，雅安国资公司拟于公告日起六个月内通过深圳证券交易所允许 的方式增持公司股份（拟增持价格不超过 37.60 元/股），本次增持金额不低于 5,000 万元人民币（含本数），且不超过 9,900 万元人民币（含本数），具体增持 资金总额以实际使用的资金总额为准。 公司于近日收到雅安国资公司出具的《关于对科伦药业增持的告知函》，现 将相关内容公告如下： 一、增持主体基本情况 1．增持主体：雅安市国有资产经营有限责任公司。 2．持股数量及持股比例：本次增持前，雅安国资公司持有公 ...

证券代码：002422 证券简称：科伦药业 公告编号：2025-014 四川科伦药业股份有限公司 关于公司控股股东部分股份质押及解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 四川科伦药业股份有限公司（以下简称"公司"或"科伦药业"）于近日收 到公司控股股东刘革新先生关于其持有的公司部分股份质押及解除质押的通知， 相关情况具体如下： | 股东姓 | 是否为控股股 东或第一大股 | 本次解除质 | 占其所持股 | 占公司总股 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名 | 东及其一致行 | 押股份数量 （股） | 份比例 | 本比例 | 起始日 | 解除日 | 质权人 | | | 动人 | | | | | | | | 刘革新 | 是 | 10,800,000 | 2.85% | 0.67% | 2024/3/11 | 2025/2/21 | 华泰证券（上海） 资产管理有限公司 | | 合计 | - | 10,800,000 | 2.85% | 0.67% | - | ...

四川科伦药业股份有限公司 证券代码：002422 证券简称：科伦药业 公告编号：2025-013 王亮女士在任职期间恪尽职守，勤勉尽责，公司董事会对其在任职期间为公 司发展所做出的贡献表示衷心的感谢！ 特此公告。 四川科伦药业股份有限公司董事会 2025 年 2 月 22 日 关于公司副总经理辞职的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 四川科伦药业股份有限公司（以下简称"公司"）董事会于近日收到副总经 理王亮女士提交的书面辞职报告，王亮女士因个人原因申请辞去公司副总经理职 务，辞职后不再担任公司及子公司的任何职务。王亮女士的辞职不会对公司的正 常运作、日常经营管理产生影响。根据《深圳证券交易所股票上市规则》《深圳 证券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》和《四川 科伦药业股份有限公司章程》等相关规定，王亮女士的辞职报告自送达公司董事 会之日起生效。 截至本公告披露日，王亮女士通过 2021 年限制性股票激励计划直接持有公 司股票 50,000 股，占公司总股本的 0.0031%。王亮女士承诺将继续遵守中国证监 会和深圳 ...

截至数据截止日（2024 年 6 月 30 日），49 名接受治疗的患者的最低随访时 间≥9 周。11 名患者接受了芦康沙妥珠单抗（sac-TMT）2 线治疗；38 名患者接 证券代码：002422 证券简称：科伦药业 公告编号：2025-012 四川科伦药业股份有限公司 关于子公司核心产品芦康沙妥珠单抗（SAC-TMT） 在 2025 年美国临床肿瘤学会泌尿生殖系统癌症研讨会上 公布的研究成果的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 四川科伦药业股份有限公司（以下简称"公司"）近日获悉，公司控股子公 司四川科伦博泰生物医药股份有限公司（以下简称"科伦博泰"）将于 2025 年 2 月 13 日至 2 月 15 日期间，在美国圣弗朗西斯科举行的 2025 年美国临床肿瘤 学会（ASCO）泌尿生殖系统（GU）癌症研讨会上公布其抗人滋养细胞表面抗原 2（TROP2）的抗体药物偶联物（ADC）芦康沙妥珠单抗（sac-TMT，前称 SKB264/MK-2870）（佳泰莱®）单药治疗既往接受过抗癌疗法时或治疗后病情进 展的不可切除、局部晚期或转移性尿路上皮 ...

1. 药品名称：注射用亚胺培南西司他丁钠/氯化钠注射液 证券代码：002422 证券简称：科伦药业 公告编号：2025-011 四川科伦药业股份有限公司 关于公司注射用亚胺培南西司他丁钠/氯化钠注射液 获得药品注册批准的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 四川科伦药业股份有限公司（以下简称"公司"）子公司湖南科伦制药有限 公司的化学药品"注射用亚胺培南西司他丁钠/氯化钠注射液"于近日获得国家 药品监督管理局的药品注册批准，现将相关情况公告如下： 一、 药品基本情况 剂型：注射剂 规格：粉体室：1.0g（亚胺培南C12H17N3O4S 500mg 和西司他丁C16H26N2O5S 500mg）；液体室：氯化钠注射液100ml：0.9g 申请事项：药品注册（境内生产） 粉液双室袋是国际上先进的输液产品，其中粉体和液体分别位于两个独立的 腔室，保证混合前各腔室药品的稳定性，临床使用时即开、即混、即用，可有效 避免配制过程中的错配和污染风险，同时节约配制时间、减少配制工作量并降低 医护人员暴露风险，尤其适用于紧急状态下的快速救治。 注册分类：化学药品 ...

证券代码：002422 证券简称：科伦药业 公告编号：2025-010 四川科伦药业股份有限公司 达泰莱®获批是基于一项随机、双盲对照、多中心 III 期临床研究。这是国内 首个在一线治疗 RAS 野生型转移性结直肠癌患者中，与西妥昔单抗注射液（爱 必妥®）联合化疗进行头对头对照的大样本 III 期临床试验（入组 688 例）。临床 数据显示，西妥昔单抗 N01 联合化疗方案，与西妥昔单抗注射液（爱必妥®）联 合化疗相比，在客观缓解率(ORR)具有临床等效性（西妥昔单抗 N01 vs. 西妥昔 单抗注射液（爱必妥®）：71.0% vs. 77.5%；ORR 率比为 0.93 [95% CI: 0.87 , 0.99]）, 在缓解持续时间(DoR)和无进展生存期(PFS)，西妥昔单抗 N01 与西妥昔单抗注 射液（爱必妥®）之间没有显示有临床和统计学意义的差异（中位 PFS：10.9 个 月 vs. 10.8 个月，HR：1.03 [ 95% CI: 0.83 , 1.28]；中位 DoR: 10.2 个月 vs. 9.5 个 月）。安全性方面，此项 III 期大样本头对头对照临床试验充分证实了西妥昔单 抗 N ...

证券代码：002422 证券简称：科伦药业 公告编号：2025-007 四川科伦药业股份有限公司 关于注销部分回购股份并减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、误 导性陈述或重大遗漏。 一、公司本次减资的基本情况 四川科伦药业股份有限公司（以下简称"公司"）于2024年12月19日召开第 八届董事会第五次会议，审议通过了《关于调整部分回购股份用途并注销的议案》 和《关于减少注册资本并修改公司章程的议案》，同意将公司回购计划中合计剩 余的股份3,444,001股的用途调整为"注销以减少注册资本"，并注销上述 3,444,001股回购股份。 特此公告。 四川科伦药业股份有限公司董事会 二、公司本次减资的影响分析 本次注销部分回购股份并减少注册资本是根据公司实际情况，并结合公司价 值持续增长的考虑，不会对公司的财务状况和经营成果产生实质性影响。 三、债权人通知 本次公司注销股票将涉及公司注册资本减少，根据《中华人民共和国公司法》 等相关法律、法规的规定，公司特此通知债权人，债权人自本公告披露之日起45 日内，有权要求公司清偿债务或者提供相应的担保。 公 ...