Macro Strategy - In October, industrial enterprise profits showed a significant decline, with a year-on-year drop from 21.60% in September to -5.5% in October, leading to a cumulative year-on-year growth rate decrease from 3.20% to 1.90% [2] - The A-share market experienced a rebound from November 24 to November 28, with major indices such as the Shanghai Composite Index rising by 1.40% and the ChiNext Index increasing by 4.54% [3][4] - The rebound in A-shares was attributed to a reversal in the market's previous downward momentum, driven by a shift in expectations regarding the Federal Reserve's interest rate decisions and a recovery in the technology sector [3][4] Industry and Company Analysis Traditional Chinese Medicine Industry - The Traditional Chinese Medicine (TCM) sector saw a slight increase of 1.29% last week, the smallest among secondary sub-sectors in the pharmaceutical industry [9] - The price index for TCM materials showed a slight increase of 0.4%, indicating a recovery in market conditions and improved investor sentiment [12] - Multiple regions have initiated price governance for traditional Chinese medicine, aiming to create a unified and competitive market structure [13] Investment Recommendations - The report maintains an "overweight" rating for the TCM industry, suggesting three main investment themes: 1. Price governance, focusing on companies with strong R&D capabilities and unique products that can benefit from price reductions [15] 2. Consumption recovery, driven by macroeconomic improvement and increased health awareness among the aging population, favoring leading TCM brands [16] 3. State-owned enterprise reform, which is expected to enhance performance and create investment opportunities [16] - Recommended stocks include Zhaoli Pharmaceutical and Yiling Pharmaceutical, with a focus on companies with strong R&D capabilities and unique products [16]

Investment Rating - The report maintains an "Overweight" rating for the in vitro diagnostics (IVD) industry [6][54]. Core Viewpoints - The IVD market is expected to benefit from a recent policy initiative aimed at enhancing the adaptability of supply and demand for consumer goods, with a focus on high-end medical devices and efficient IVD equipment [5][53]. - The domestic biochemical diagnostics sector has largely overcome reliance on foreign technologies, indicating a completed process of localization [6][54]. - The report emphasizes the shift towards home health management, moving from a treatment-centered to a prevention-centered approach, which is expected to create a trillion-yuan integrated market [5][53]. Summary by Sections Industry Performance - The pharmaceutical and biological sector rose by 2.67%, with the IVD sector increasing by 2.63% during the week [2][12]. - The IVD sector's current PE ratio is 39.84X, with a PB ratio of 1.85X, reflecting a slight increase from the previous week [4][33]. Company Performance - Notable performers in the medical services sector include Haobio (+14.3%), Shuoshi Biological (+13.6%), and Innotech (+13.3%) [3][29]. - Underperformers include *ST Dongyang (-7.2%) and New Industry (-5.7%) [3][29]. Investment Recommendations - The report suggests focusing on companies in the IVD sector that cater to home consumption scenarios, such as Shengxiang Biological and Sannuo Biological [5][54]. - It highlights the importance of monitoring the growth potential in immunodiagnostics, particularly in chemiluminescence and molecular diagnostics like PCR [6][54].

证券研究报告 2025 年 11 月 30 日 湘财证券研究所 核心要点： 行业研究 证券行业周报 两融余额维持高位，日均交易量小幅回落 相关研究： 1.《行业周报：成交额小幅回落， 融资余额持续增长》 2025.10.19 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 -3 -12 -18 绝对收益 -7 -11 -2 -20% -10% 0% 10% 20% 30% 2024/11/28 2025/1/28 2025/3/28 2025/5/28 2025/7/28 2025/9/28 2025/11/28 沪深300 证券Ⅱ(申万) 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 Email：zzl6599@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 ❑ 市场回顾：板块 PB 估值回落至 33%分位数 根据 Wind 数据，上周（11.24-11.28）上证指数上涨 1.4%，沪深 300 指数 上涨 1.6%，创业板指上涨 4.5%。申万非银金融 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - Vaccine companies are achieving breakthroughs in internationalization and research and development, while the pressure for winter epidemic prevention continues to highlight the need for effective measures [4][9] - The vaccine industry is transitioning from scale expansion to innovation-driven growth, with supply-demand imbalances and homogenized competition causing short-term challenges, but the long-term outlook remains positive due to supportive policies, increasing demand, and technological advancements [9][28] Summary by Sections Recent Developments - Zhifei Biological's subsidiary obtained a U.S. patent for an RSV vaccine, marking a significant step in its international market strategy [3] - Watson Bio's subsidiary received a marketing license for a 13-valent pneumonia vaccine in Egypt, enhancing its international presence [3] - Wuhan Institute of Biological Products achieved important progress in children's vaccine development, with two vaccines approved for clinical use [3] Market Performance - The vaccine sector saw a 1.33% increase last week, underperforming compared to other pharmaceutical sectors [5][6] - Year-to-date, the vaccine sector has experienced a cumulative decline of 5.12% [6] Valuation Metrics - The vaccine sector's PE (ttm) is 95.41X, with a PB (lf) of 1.87X, indicating a slight increase in valuation metrics compared to previous periods [7] Investment Recommendations - The vaccine industry is under pressure, with a focus on innovation and international expansion as key strategies for recovery [8] - Companies with high technical barriers and differentiated pipelines are recommended for investment, particularly those with strong research and development capabilities [9][28]

Investment Rating - The industry rating is maintained at "Overweight" [8] Core Views - The market performance of the traditional Chinese medicine (TCM) sector showed a slight increase of 1.29%, which is the smallest among secondary sub-sectors [1] - The price governance of Chinese patent medicines is being actively implemented across multiple regions, aiming to create a unified and competitive drug market [4][5] - The valuation metrics for the TCM sector indicate a PE (ttm) of 27.72X and a PB (lf) of 2.33X, with both metrics showing slight increases compared to the previous week [2] Market Performance - The TCM sector reported a market index of 6501.99 points, reflecting a 1.29% increase over the last week [1] - The overall pharmaceutical and biological sector index rose to 8430.03 points, with a 2.67% increase [1] Valuation Metrics - The TCM sector's PE (ttm) is at 27.72X, up by 0.36X week-on-week, with a one-year maximum of 30.26X and a minimum of 24.72X [2] - The PB (lf) stands at 2.33X, increasing by 0.02X from the previous week, with a one-year maximum of 2.54X and a minimum of 2.17X [2] Supply Chain Insights - The market for TCM raw materials has shown signs of recovery, with a price index of 225.55 points, reflecting a 0.4% increase from the previous week [3] - The market sentiment for TCM raw materials is improving, with increased foot traffic and positive investment sentiment [3] Policy and Regulatory Environment - Multiple regions have initiated price governance for Chinese patent medicines, focusing on high-priced products with significant price discrepancies [4][5] - The ongoing supply-side reforms are expected to reshape competitive factors within the industry, with a shift from channel-driven to value and cost-driven competition [5] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [11] - Specific recommendations include companies with strong R&D capabilities, unique products, and those less affected by centralized procurement [12]

证券研究报告 2025 年 11 月 30 日 湘财证券研究所 行业研究 稀土磁材行业周报 本周轻稀土链价格延续回升，中重稀土价格仍疲软 相关研究： | 《本周行业延续跌势，轻稀土链价格回升》 | | | --- | --- | | 20251123 | | | 《本周行业继续调整，产业链价格短期转 | | | 弱》 | 20251116 | 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 -8 -18 50 绝对收益 -11 -17 67 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 ◆ 基本面变化。稀土环节，供应端总体呈现偏紧态势，部分分离企业因 检修或原料问题开工率有所下降，导致氧化物现货供应偏紧；金属厂 整体生产稳定，但头部企业散单流出减少，多以长协订单为主，金属 端现货仍有一定支撑。需求端，磁材企业保持较高开工率，国内订单 稳定，同时海外市场需求正逐步恢复， ...

证券研究报告 2025 年 11 月 30 日 湘财证券研究所 金融工程研究 跟踪周报 超预期股票精选策略跟踪周报 相关研究： 1. 《湘财证券-金融工程-超预期股 票精选策略》 2024.08.19 2. 《湘财证券-金融工程-超预期股 票 精 选 策 略 改 进 》 2024.11.19 分析师：别璐莎 证书编号：S0500524010001 Tel：(021) 50293663 Email：bls06644 @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： ❑ 主动型量化基金市场表现 本周（2025.11.24-2025.11.28），根据 Wind，主动型量化基金中位数收益为 3.02%，沪深 300 指数收益为 1.64%，Wind 全 A 指数收益为 2.90%；本年， 主动型量化基金中位数收益为 24.89%，沪深 300 指数收益为 15.04%，Wind 全 A 指数收益为 23.57%。 本周，根据 Wind，收益排名靠前的主动型量化基金的收益率在 6%至 8% 之间，基金的重仓行业集中在计算机、电子行业；收益排名靠后的主动型 量化基金的收益率在-1 ...

证券研究报告 2025 年 11 月 30 日 湘财证券研究所 行业研究 食品饮料行业周报 茅台理性定调，板块投资信心回暖 相关研究： | 1.《压力逐步释放，耐心等待探 | | | --- | --- | | 底企稳》 | 2025.11.09 | | 2.《10月CPI回暖，消费板块预期 | | | 修复》 | 2025.11.16 | | 3.《板块情绪回暖，低估值极具 | | | 性价比》 | 2025.11.23 | 行业评级：买入（维持） 近十二个月行业表现 | % | 1 个月 | 3 个月 | 12 个月 | | --- | --- | --- | --- | | 相对收益 | 4.8 | -5.0 | -21.0 | | 绝对收益 | 0.8 | -1.8 | -5.2 | 注：相对收益与沪深 300 相比 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@xcsc.com 分析师：张弛 面对市场与渠道，茅台强调以消费者为中心，推动"三个转型、三端变革"， 切实保障市场渠道长期稳定向好、科学研判投放节奏、持续构建"多载体、 多主 ...

Investment Rating - The report maintains a "Buy" rating for the medical services industry, suggesting a positive outlook for the sector in the next 6-12 months [9][63]. Core Insights - The medical services sector has shown resilience, with a recent performance boost attributed to the seasonal increase in flu cases, despite ongoing cost control pressures from medical insurance [9][63]. - The report highlights the significance of the recent government initiative to promote provincial-level medical insurance coordination, which is expected to enhance the efficiency of fund utilization and improve the overall healthcare system [5][6][61]. - The medical services sector's current Price-to-Earnings (PE) ratio is 31.62, with a Price-to-Book (PB) ratio of 3.18, indicating a slight increase from the previous week [4][29]. Summary by Sections Industry Performance - The pharmaceutical and biological sector experienced a decline of 2.67% this week, ranking 17th among 31 primary industries [2][11]. - The medical services sub-sector reported a slight increase of 1.42%, closing at 6237.83 points [22][23]. Company Performance - Top-performing companies in the medical services sector include ST Zhongzhu (+16.3%), Baihua Pharmaceutical (+11.6%), and Lanwei Medical (+10.6%) [3][27]. - Underperforming companies include Aier Eye Hospital (-1.6%) and WuXi AppTec (-0.7%) [3][27]. Valuation Metrics - The medical services sector's PE ratio has increased by 0.40 from the previous week, while the PB ratio has risen by 0.04 [4][29]. - The maximum and minimum PE ratios over the past year were 41.13 and 28.46, respectively, indicating a relatively stable valuation range [4][29]. Government Policy Impact - The recent government meeting emphasized the importance of provincial-level medical insurance coordination, which aims to balance fund distribution across regions and enhance the overall healthcare system [5][6][61]. - The report identifies structural opportunities for the pharmaceutical industry, particularly in innovative drugs, medical devices, and healthcare information technology, as a result of the new insurance policies [6][62]. Investment Recommendations - The report suggests focusing on high-growth areas such as pharmaceutical outsourcing services and companies with improving profit margins, including WuXi AppTec and Aier Eye Hospital [9][63].

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The non-ferrous metal industry has significantly outperformed the benchmark, with a cumulative increase of 65.71% year-to-date as of November 21, 2025, surpassing the Shanghai and Shenzhen 300 index by 52.53 percentage points [4][15] - The revenue and profit growth rates in the non-ferrous metal sector have gradually stabilized since the beginning of the year, with notable improvements in the performance of energy metals [4][56] - The first three quarters of 2025 saw the non-ferrous metal sector achieve a total revenue of 2.82 trillion yuan, a year-on-year increase of 9.5%, and a net profit attributable to shareholders of 151.29 billion yuan, up 40.9% year-on-year [4][36] Summary by Sections 1. Industry Performance Overview - The non-ferrous metal index has shown strong performance, ranking second among the first-level industries in the first three quarters of 2025, with a quarterly increase of 41.82% in Q3 [15][18] - The nickel sector recorded the highest growth in the first three quarters, while the silver sector led in Q3 [4][22] 2. Copper Sector - The copper sector achieved a revenue of 1.42 trillion yuan in the first three quarters of 2025, with a year-on-year growth of 5.01%, and a net profit of 69.01 billion yuan, up 46.17% year-on-year [5][65] 3. Precious Metals Sector - The precious metals sector reported a revenue of 299.54 billion yuan in the first three quarters, reflecting a year-on-year increase of 35.02%, and a net profit of 14.73 billion yuan, up 62.64% year-on-year [6][11] 4. Rare Earth Sector - The rare earth sector saw a positive revenue growth rate, with significant improvements in performance, and a net profit growth that outpaced revenue growth [6][11] 5. Tungsten Sector - The tungsten sector achieved a revenue of 50.25 billion yuan in the first three quarters, with a year-on-year increase of 20.38%, and a net profit of 2.87 billion yuan, up 28.58% year-on-year [7][11] 6. Investment Recommendations - The report suggests focusing on the energy metals sector due to supply constraints and increasing demand from domestic grid investments and new energy sectors, as well as the precious metals sector, which is expected to benefit from a long-term bullish trend in gold prices [8]