Investment Rating - The industry rating is "Overweight" [2][9] Core Viewpoints - The vaccine industry is currently experiencing a performance recovery, with a 2.46% increase last week, although it has seen a cumulative decline of 38.94% since the beginning of 2024 [4][9] - Short-term focus should be on annual report performance, while long-term attention should be on innovative vaccines and international expansion [9][10] - The industry is characterized by high competition among Me-too products, leading to pressure on performance due to high bases and price declines of major products [9][30] Market Performance - The vaccine sector reported a closing price of 12,567.97 points, with a weekly increase of 2.46% [4][17] - The overall pharmaceutical and biological sector rose by 2.71%, while the vaccine sector's performance was in the middle range among various sub-sectors [4][17] - The relative performance of the vaccine sector compared to the CSI 300 index showed a decline of 42% over the past 12 months [4][6] Valuation Metrics - The vaccine sector's PE (ttm) is 34.67X, which has increased by 0.82X week-on-week, with a one-year maximum of 41.43X and a minimum of 19.57X [6][21] - The PB (lf) for the vaccine sector is 1.92X, up by 0.05X week-on-week, with a one-year maximum of 2.91X and a minimum of 1.62X [6][21] - The vaccine sector has a valuation premium of 172.07% relative to the CSI 300 index [6][21] Industry Dynamics and Company Announcements - Green Bamboo Biotech's application for a recombinant shingles vaccine has been accepted by the NMPA, marking a significant development in the vaccine landscape [7][27] - The world's first therapeutic HPV vaccine, VGX-3100, has received approval for a new indication for clinical trials [7][29] - GSK's meningitis vaccine has been approved by the FDA, which aims to simplify immunization schedules and increase vaccine coverage [7][29] Investment Recommendations - The report suggests focusing on companies with strong technological and platform advantages, as well as those with a rich pipeline of innovative products [9][30] - The long-term outlook for the vaccine industry remains positive due to supportive policies, increasing demand driven by an aging population, and ongoing technological advancements [9][30]

Investment Rating - The industry investment rating is "Buy" (maintained) [6] Core Views - The refrigerant inventory is at a low level, with prices overall fluctuating at a high level. The market is waiting for the demand peak in the air conditioning production season [5][9] - The supply side of refrigerants is constrained by quota policies, and with factors such as appliance replacement and global warming, the demand for end products like air conditioners is expected to remain stable or increase, leading to a tight supply-demand balance for refrigerants and potential price increases [9][26] Summary by Sections 1. Refrigerant Sector Data - The price of 97% wet fluorite is 3662 CNY/ton as of February 13, 2025, remaining stable compared to one month and one week prior. Supply is tight due to strict regulatory policies on mining enterprises, and the overall operating rate of mining selection plants is low [12][4] - The domestic production of household air conditioners is projected at 15.93 million units in February 2025, with domestic sales increasing by 19.8% and exports increasing by 38.6% compared to February 2024 [13][6] 2. Price Trends of Refrigerants - As of February 13, 2025, the prices for various refrigerants are as follows: R32 at 43500 CNY/ton, R125 at 43000 CNY/ton, and R134a at 44500 CNY/ton, with R134a showing a 1.1% increase compared to one month ago [7][21][15] - The price of R22 is 33500 CNY/ton, reflecting a 1.5% increase compared to one month ago [24]

Investment Rating - The industry is rated as "Overweight" for the first coverage [4][6]. Core Insights - The "New Energy Storage Manufacturing High-Quality Development Action Plan" was jointly issued by eight departments, aiming to enhance the manufacturing of new energy storage products and technologies [1]. - By 2027, China's new energy storage manufacturing industry is expected to significantly improve its innovation and competitiveness, focusing on high-end, intelligent, and green development [2]. - Six major initiatives are proposed to promote high-quality development in new energy storage, including technology innovation, industrial collaboration, upgrading, application expansion, ecosystem improvement, and international cooperation [3]. Summary by Sections Policy Overview - The action plan aims to build a new generation of information technology and renewable energy growth engines, promoting high-quality development in the new energy storage sector [1]. Industry Development Goals - The plan sets a target for 2027 to enhance the performance of new energy storage products, ensuring they meet the demands of various sectors such as electricity, industry, energy, transportation, construction, communication, and agriculture [2]. Strategic Actions - The six strategic actions include: 1. Encouraging diverse new energy storage technologies and focusing on safety and efficiency [3]. 2. Optimizing industrial layout and resource utilization to foster quality enterprises [3]. 3. Promoting green and intelligent manufacturing while enhancing safety production capabilities [3]. 4. Expanding application scenarios for new energy storage in the electricity market [3]. 5. Establishing safety risk assessment systems and enhancing standards for energy storage batteries [3]. 6. Supporting international cooperation and attracting foreign investment in the new energy storage sector [3]. Investment Recommendations - Following the release of the action plan, there is an expectation of increased policy support for the energy storage industry, with a recommendation to focus on leading companies in the energy storage supply chain and emerging technologies such as supercapacitors, lead-carbon batteries, sodium batteries, and flow batteries [4].

证券研究报告 2025 年 2 月 17 日 湘财证券研究所 行业研究 药品行业周报 AI 赋能医药创新加速，关注板块重估投资机会 ——药品行业周报（2.10-2.16） 相关研究： 1.《政策持续支持创新药，首版丙类 医保目录年内推出》 2025.1.22 2.《创新药械支持政策持续推出，看 好创新主线》 2025.1.7 行业评级：增持（维持） 近十二个月行业表现 -20% -10% 0% 10% 20% 30% 医药生物 沪深300 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | 2.9 | -2.4 | -16.2 | | 绝对收益 | 6.5 | -3.2 | 0.9 | 注：相对收益与沪深 300 相比 分析师：张德燕 证书编号：S0500521120003 Tel：(8621) 50295326 Email：zhangdy@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼 核心要点 ❑ 国内医药生物上涨 2.71% 上周医药生物上涨 2.71%，位列全市场一级行业涨幅第 5 位，跑赢万得全 A ...

证券研究报告 2025 年 02 月 17 日 湘财证券研究所 行业研究 证券行业周报 市场交投保持活跃，估值仍有修复空间 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 0 -6 11 绝对收益 3 -7 29 -20% -10% 0% 10% 20% 30% 40% 50% 60% 2024/2/8 2024/4/8 2024/6/8 2024/8/8 2024/10/8 2024/12/8 2025/2/8 沪深300 证券Ⅱ(申万) （1）经纪业务：上周（2.10-2.14），沪深两市日均股票成交额为 17168 亿 元，环比增长 7.5%，节后两周环比连续保持增长。春节假期后市场交投活 跃度显著回暖，交易量回升至 12 月的较高水平 新发基金方面，上周（2.10-2.14）基金发行节奏仍未恢复至正常水平，股 票型、混合型、债券型新发份额分别为 5 亿份、0.1 亿份、38 亿份，其中 股票型环比下降 54%，债基发行大幅增加。 注：相对收益与沪深 300 相比 分析师：张智珑 证书编号：S0500521120002 Tel：(8621) 50295363 E ...

证券研究报告 2025 年 02 月 18 日 湘财证券研究所 行业研究 银行业周报 注重盘存量与提效率，银行经营持续稳健 | 1.《增量政策推进，关注银行配置 | | | --- | --- | | 价值》 | 2024.11.10 | | 2.《自律机制规范存款定价，缓解 | | | 银行息差压力》 | 2024.12.03 | | 3.《2025年度策略：积极政策下的 | | | 股息选择》 | 2024.12.19 | | 4.《宽信用力度有望加强，银行股 | | | 高股息优势延续》 | 2025.01.07 | | 5.《信贷"开门红"，对公贷款如 | | | 期回暖》 | 2025.02.18 | 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1.37 12.30 9.74 绝对收益 4.44 8.12 26.80 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@xcsc.com 国人寿金融中心10楼 相关研究： 核心要点： 市场回顾：银行指数上涨 2.09%，大型银行和股份行市场表现领先 本期（202 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [3][9] Core Views - The steel sector has shown a slight increase of 0.72% in the past week, with the valuation rising. The PE ratio stands at 15.4 times, at the 58.6th percentile over the past decade, while the PB ratio is at 0.95 times, at the 25.3rd percentile, indicating a week-on-week increase in valuation [5][6] - Supply and demand are both increasing, with demand gradually recovering. As of February 14, the apparent consumption of five major steel products reached 6.63 million tons, a week-on-week increase of 15.2%. The production of major steel products has also seen a slight increase [6][9] - Steel mill profitability has declined, with the profitability rate for 247 sample steel companies at 50.66%, a week-on-week decrease of 0.85 percentage points. The prices of major steel products have shown a downward trend [8][9] Summary by Sections Market Review - The steel sector's performance has been slightly below the benchmark index (CSI 300) by 0.47 percentage points, with absolute returns of 4% over the past month [4][5] Supply Data - As of February 14, the total production of five major steel products was 8.15 million tons, a week-on-week increase of 0.9%. The iron water production was 2.2793 million tons, with a slight week-on-week decrease of 0.25% [6][7] Demand Data - The apparent consumption of five major steel products increased significantly, with construction materials consumption rising by 22.0% and plate consumption by 13.9% week-on-week [6][9] Inventory Data - The total inventory of five major steel products reached 18.225 million tons as of February 14, with a week-on-week increase of 151.38 thousand tons, reflecting a 9.1% rise [7][9] Profitability and Price Data - The price indices for major steel products have decreased, with rebar at 3444 CNY/ton, a week-on-week decline of 1.01%. The overall profitability rate for steel mills has also decreased [8][9] Investment Recommendations - In the short term, demand is expected to gradually release as downstream construction units resume operations. Long-term investment value is seen in leading companies with scale advantages and those focusing on high-end and green transformation [9][59]

证券研究报告 2025 年 02 月 17 日 湘财证券研究所 行业研究 稀土永磁行业周报 上周行业大幅跑输基准，钕铁硼价格涨后趋稳 相关研究： | 《上周稀土原料价格全面上调，成本端支撑 | | | --- | --- | | 下钕铁硼价坚挺上行》 | 20250211 | | 《节前行业小幅上涨，成本端支撑尚可，钕 | | | 铁硼价格趋稳》 | 20250206 | 行业评级：增持（维持） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -6 0 27 绝对收益 -3 -3 45 注：相对收益与沪深 300 相比 分析师：王攀 证书编号：S0500520120001 Tel：(8621) 50293524 Email：wangpan2@xcsc.com 地址：上海市浦东新区银城路88号 中国人寿金融中心10楼湘财证券研 究所 核心要点： ❑ 上周轻稀土精矿价格走平，中重稀土矿价格延续小幅上行 轻稀土矿方面，上周国内混合碳酸稀土矿、四川氟碳铈矿及山东氟碳铈矿 价格分别持平于 2.5 万元/吨、2.2 万元/吨和 1.7 万元/吨，进口独居石矿价 格持平于 4.09 万元/吨，美国矿价格持 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The recent revision of the "Steel Industry Normative Conditions (2025 Edition)" aims to accelerate the transformation and high-quality development of the steel industry [5][6] - The new regulations establish a graded and classified management system, promoting the transformation of steel enterprises through a two-tier evaluation of "Standard Enterprises" and "Leading Standard Enterprises" [6] - Short-term benefits are expected from the new regulations, particularly for green steel companies with high energy efficiency and those with technological advantages in scrap utilization and electric furnace steel production [7] Summary by Sections Industry Performance - The steel industry has shown relative returns of 3% over one month, 2% over three months, and a negative 9% over twelve months compared to the CSI 300 index [4] Regulatory Changes - The new normative conditions replace the 2015 version and emphasize compliance with production activities, environmental protection, resource consumption, safety production, and quality management [6] - The new regulations include 6 primary indicators and 20 secondary indicators for "Standard Enterprises," while "Leading Standard Enterprises" are evaluated based on 6 primary and 32 secondary indicators focusing on high-end, intelligent, green, efficient, and safe production [6] Investment Recommendations - The report suggests that companies with high energy efficiency and technological advantages in scrap utilization are more valuable for investment in the short term [7] - Long-term investment value is expected to be higher for leading enterprises with scale advantages as the industry undergoes high-quality development and regional capacity consolidation [7]