晨 会 纪 要 [2025]第 227 号 整理记录：贺钰偲 研究所今日晨会要点如下: 一、行业公司 1、医疗服务行业（蒋栋） 医药卫生事业稳定发展，老龄化下需考虑支付意愿 12 月 2 日，据国家卫生健康委网站消息，国家卫健委发布了《2024 年我国卫生健康事业 发展统计公报》。《公报》公布，我国人均预期寿命达到 79 岁，孕产妇死亡率下降到 14.3/10 万，婴儿死亡率下降至 4.0‰。一批创新性、普惠性、兜底性服务举措推出，卫生健康事 业得到了新发展，人民健康水平持续提升。总体来看我国医药卫生事业稳定发展，但有些 数据出现了明显的增速下降，甚至负增长值得关注：（1）医疗卫生费用占 GDP 比重同比 下降 0.3 个百分点。医疗卫生费用结构中政府支出下降较大，同比下降 6.4%，占总支出的 比例为 24.9%，下降 1.8 个百分点。（2）医院数量 38710 家，同比增长 0.9%，床位数 811.99 万张，同比增长 1.4%，创历史新低。（3）从诊疗需求来看，居民总诊疗人次 101.5 亿人 次，同比增长 6.2%，诊疗需求提升，符合老龄化下需求提升逻辑，但门诊人均费用 361.0 元，按当年价格 ...

Investment Rating - The industry investment rating is maintained at "Overweight" [1] Core Views - The report highlights the potential investment opportunities in edge AI, particularly with the release of the "Doubao Mobile Assistant" by ByteDance, which showcases the capabilities of AI in mobile applications [5][6] - The electronic industry has shown a recovery trend in consumer electronics, with continuous releases of foldable smartphones and sustained high demand for AI infrastructure [19] Market Performance - The electronic industry index rose by 1.09% during the week of December 1 to December 5, 2025, closing at 6300.64 points [3][10] - The semiconductor sector reported a slight increase of 0.88%, while consumer electronics saw a rise of 1.61% [3] - Year-to-date, the electronic industry index has increased by 42.15%, outperforming the CSI 300 by 25.65 percentage points [10] Valuation Metrics - The electronic sector's Price-to-Earnings (PE) ratio (TTM, excluding negative values) is 57.70X, which is at the 39.97th percentile of the past 10 years [4][11] - The Price-to-Book (PB) ratio is 4.81X, positioned at the 57.57th percentile historically [4][11] Industry Dynamics - The report emphasizes the collaboration between Doubao and smartphone manufacturers to integrate AI capabilities into mobile operating systems, enhancing user experience through complex task automation [5][6] - The ongoing advancements in AI technology are expected to drive demand for edge hardware upgrades, particularly in sectors like SOC and thermal materials [19] Investment Recommendations - The report suggests focusing on investment opportunities in AI infrastructure, edge SOC, the supply chain for foldable smartphones, and the storage industry [19] - Specific companies to watch in the AI infrastructure sector include Cambricon, Chipone, and Aowei Technology, while in the edge SOC sector, companies like Rockchip, Hengxuan Technology, and Espressif Systems are recommended [19]

Investment Rating - The industry investment rating is maintained at "Overweight" [3][8] Core Insights - The medical consumables sector experienced a decline of 0.89% last week, with the sector's performance lagging behind the CSI 300 index by 2.02 percentage points [5][10] - The current PE ratio for the medical consumables sector is 35.43X, showing a week-on-week decrease of 0.36 percentage points, while the PB ratio stands at 2.54X [6][19] - Recent approvals for innovative products in the high-value consumables segment are expected to provide new growth points for companies, alongside ongoing performance recovery from previous procurement pressures [7][24] Summary by Sections Industry Performance - The medical consumables sector reported a relative return of -2% over the past month, -11% over three months, and -12% over the past year, with an absolute return of -1% over the past month, -6% over three months, and +4% over the past year [4][10] Valuation Metrics - The PE ratio for the medical consumables sector is currently at 35.43X, with a maximum of 40.1X and a minimum of 28.88X over the past year. The PB ratio is at 2.54X, with a maximum of 2.92X and a minimum of 2.13X during the same period [6][19] Industry Dynamics and Company Announcements - Recent product approvals include a disposable pressure monitoring catheter for cardiac pulsed field ablation by Shanghai Micro-Invasive Electrophysiology Medical Technology Co., Ltd., enhancing treatment options for arrhythmias [7][20] - Beijing Bairen Medical Technology Co., Ltd. received approval for its ePTFE membrane product, which addresses a significant domestic market need for cardiac surgeries, previously reliant on imports [7][21] Investment Recommendations - The report suggests focusing on leading companies with rich product lines and high innovation levels in high-value consumables, such as Micro-Invasive Electrophysiology and Maipu Medical, as well as orthopedic consumables companies showing marginal performance improvement, like Weigao Orthopedics [8][24]

证券研究报告 2025 年 12 月 07 日 湘财证券研究所 行业研究 疫苗行业周报 继续关注流感需求与创新进展 核心要点： 国内外疫苗动态 （1）瑞吉生物：冻干带状疱疹 mRNA 疫苗（RH110）启动 II 期临床。近日， 瑞吉生物自主研发的冻干带状疱疹 mRNA 疫苗 RH110 正式启动 II 期临床试 验。该项试验采用随机、双盲、对照的多中心设计，旨在评价 RH110 在 40 岁 及以上受试者中的免疫原性与安全性，主要终点指标包括：第 2 剂疫苗接种 后第 30 天，抗 gE 抗原特异性血清抗体和抗 VZV 抗原特异性血清抗体几何平 均滴度和阳转率。RH110 疫苗为注射用冻干制剂，针对水痘-带状疱疹病毒引 起的带状疱疹进行预防，在已完成的Ⅰ期临床试验中，RH110 显示出优异的 安全性和耐受性。（来源：瑞吉生物） 相关研究： 1. 《流感活动度继续攀升至近 三年同期高位，继续关注结构性 机会》20251123 2. 《疫苗企业国际化与研发继 续实现突破，冬季防控压力持续 凸显》20251130 国家流感中心发布的中国流感监测周报显示，2025 年 11 月 24 日-11 月 30 日， 南、 ...

行业研究 稀土磁材行业周报 镨钕受供给收紧支撑价格上行，中重稀土价格跌势延续 相关研究： | 《本周轻稀土链价格延续回升，中重稀土价 | | --- | | 格仍疲软》 20251130 | | 《本周行业延续跌势，轻稀土链价格回升》 | | 20251123 | 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 -2 -9 47 绝对收益 -3 -6 64 注：相对收益与沪深 300 相比 证券研究报告 2025 年 12 月 07 日 湘财证券研究所 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： ❑ 市场行情：本周稀土磁材行业上涨 3.47%，跑赢基准 2.19 pct 据 Wind 数据，本周1稀土磁材行业上涨 3.47%，跑赢基准（沪深 300）2.19 pct。行业估值（市盈率 TTM）回升 2.37x 至 74.16x，当前处于 87.3%2历 史分位。 ❑ 本周稀土精矿价格延续 ...

证券研究报告 2025 年 12 月 7 日 湘财证券研究所 证书编号：S0500525110001 Tel：17621838100 Email：zc08241@xcsc.com 行业研究 食品饮料行业周报 年底关注企业战略定调，把握底部机遇 相关研究： | 1.《10月CPI回暖，消费板块预期 | | | --- | --- | | 修复》 | 2025.11.16 | | 2.《板块情绪回暖，低估值极具 | | | 性价比》 | 2025.11.23 | | 3.《茅台理性定调，板块投资信 | | | 心回暖》 | 2025.11.30 | 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 | 1.8 | -7.5 | -23.2 | | 绝对收益 | -0.5 | -4.7 | -7.8 | 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 地址：上海市浦东新区 ...

证券研究报告 2025 年 12 月 07 日 湘财证券研究所 行业研究 银行业周报 "双支柱"加强促进银行稳健经营 | 1. | 《2025年中期策略-价值重估仍 | | --- | --- | | 在进行时》 | 2025.07.02 | | 2. | 《业绩底部修复，配置价值提 | | 升》 | 2025.09.05 | | % | 1 | 个月 | 3 | 个月 | 12 | 个月 | | --- | --- | --- | --- | --- | --- | --- | | 相对收益 | -0.6 | | -3.4 | | | -3.1 | | 绝对收益 | -1.5 | | -0.6 | | | 13.8 | 分析师：郭怡萍 证书编号：S0500523080002 Tel：(8621) 50295327 Email：guoyp@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 相关研究： 核心要点： 央行推动完善双支柱体系，促进提升银行经营稳健性 2. 《业绩底部修复，配置价值提 行业评级：增持（维持） 央行行长潘功胜发表署名文章《构建科学稳健的货币政策体系和覆盖全面 的 ...

证券研究报告 2025 年 12 月 07 日 湘财证券研究所 行业研究 证券行业周报 券商估值持续回落，关注配置价值 相关研究： 1.《行业周报：两融余额维持高位， 日均交易量小幅回落》 2025.11.30 ❑ 行业周数据：日均成交额连续三周下降 （1）经纪业务：本周（12.1-12.5），沪深两市日均股票成交额为 16843 亿 元（环比-2.4%），成交额连续三周环比下降。单月来看，11 月两市日均股 票成交额为 18978 亿元（同比-1.67%、环比-11.5%）；四季度 10-11 月日均 成交 20112 亿元，环比-3.5%；今年 1-11 月日均成交 16878 亿元，同比+69%。 新发基金方面，12 月第一周股票型、混合型、债券型基金新发份额分别为 76 亿份（环比-5%）、36 亿份（环比+141%）、213 亿份（环比+430%）。 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 -8 -20 绝对收益 -4 -5 -3 -30% -20% -10% 0% 10% 20% 30% 2024/12/5 2025/2/5 2025/4/5 ...

Investment Rating - The report maintains a "Buy" rating for the medical services industry [6][10][63] Core Insights - The medical and health sector is experiencing stable development, but the willingness to pay must be considered due to aging demographics [5][6][60] - The medical services sector has shown a decline in performance, with the medical services sub-sector index down 1.37% this week [2][24] - The PE ratio for the medical services sector is currently at 31.14X, with a recent decrease of 0.48X, while the PB ratio is at 3.14X, down 0.04X from the previous week [4][30] Summary by Sections Industry Performance - The medical and biological sector fell by 0.74%, ranking 21st among 31 primary industries [2][12] - The medical services sub-sector index closed at 6326.63 points, down 1.37% [24][30] Company Performance - Top-performing companies in the medical services sector include Baihua Pharmaceutical (+6.5%), ST Zhongzhu (+5.2%), and Innovation Medical (+2.5%) [3][28] - Underperforming companies include Chengda Pharmaceutical (-12.4%), MediX (-7.1%), and YaoKang Bio (-6.5%) [3][28] Valuation Metrics - The medical services sector's PE ratio is 31.14X, with a one-year maximum of 41.13X and a minimum of 28.46X [4][30] - The PB ratio stands at 3.14X, with a one-year maximum of 4.00X and a minimum of 2.48X [4][30] Market Trends - The report highlights that the aging population is increasing medical demand, but payment willingness is a critical factor [6][62] - The report suggests focusing on leading companies like Aier Eye Hospital and innovative companies in the CXO sector such as WuXi AppTec and Haoyuan Pharmaceutical [9][62]

Group 1: New Materials Industry - The rare earth magnetic materials industry rebounded by 2.6% last week, outperforming the benchmark by 0.96 percentage points, with the industry valuation (TTM P/E) rising to 71.79x, currently at 85.5% of its historical percentile [4] - Last week, the prices of rare earth concentrates generally rebounded, with praseodymium and neodymium prices continuing to rise, dysprosium prices declining, and terbium prices weakening [5] - The price of sintered NdFeB (N35) increased by 3.64% last week, while H35 rose by 2.41%, supported by strong demand from downstream orders [7] - The supply side of the rare earth sector is generally tight, with some separation enterprises experiencing reduced operating rates due to maintenance or raw material issues, leading to a tight supply of oxides [8] - The overall market sentiment is characterized by a standoff, but the supply side is expected to decrease while the demand side shows a steady upward trend, indicating that rare earth prices are likely to remain stable with a slight upward bias [8] Group 2: Medical Services Industry - The report highlights that the company is a leading CDMO (Contract Development and Manufacturing Organization) driven by innovation, with revenue growing from 2.017 billion yuan in 2019 to 5.161 billion yuan in 2024, reflecting a CAGR of 20.67% [11] - The revenue from contract custom business has been increasing, with its share rising from 37.55% in 2019 to 75.00% in 2024, indicating a strong focus on this segment [12] - The global CDMO market has maintained a high level of prosperity, with the market size growing from $44.6 billion in 2018 to $79.7 billion in 2023, and is expected to reach $168.4 billion and $338.5 billion by 2028 and 2030, respectively [14] - The company is actively expanding its project pipeline, particularly in peptide and conjugated nucleic acid technologies, which are expected to drive future growth [15] - The company is projected to achieve revenues of 5.670 billion, 6.278 billion, and 6.957 billion yuan from 2025 to 2027, with corresponding net profits of 930 million, 1.031 billion, and 1.147 billion yuan, indicating a positive long-term outlook [16]