❑ 通用设备：10 月我国工业利润短期承压，静待"反内卷"效果落地 据 Wind，2025 年 1-10 月我国工业企业营业收入同比增长 1.8%，增速较前值下降 0.6pct； 工业企业利润总额同比增长 1.9%，增速较前值下降 1.3pct；其中 10 月当月工业企业利润总额 同比下降 5.5%，主要受上年同期基数有所抬高、财务费用增长较快等因素影响。制造业方面， 据 Wind，2025 年 1-10 月我国制造业营业收入同比增长 2.6%，增速较前值下降 0.8pct；制造 业利润总额同比增长 7.7%，增速较前值下降 2.2pct。总体来看，受工业企业收入增速下降、 工业企业成本费用率上升以及上年同期基数升高等因素影响，10 月我国工业和制造业利润增 速均有所下降。不过，从库存来看，10 月我国工业产成品存货同比增长 3.7%，增速较前值回 升 0.9pct，连续 2 月回升；10 月我国 PPI 增速亦较前值收窄 0.2pct 至-2.1%，连续 3 个月回升， 或表明我国已逐渐进入新一轮补库周期。展望未来，在宏观政策持续发力、叠加"反内卷" 进程持续推进和补库周期开启，我国工业和制造业营业收入和利 ...

- The report discusses the construction of two quantitative models for Hong Kong stock market sector rotation based on southbound capital flows: one adjusted by sector market capitalization and another adjusted by the three-year percentile of sector market capitalization preferences of southbound capital[20][22] - The first model, adjusted by sector market capitalization, aims to capture the recent preferences of southbound capital by normalizing the net inflow of capital into each sector relative to its market capitalization[20] - The second model, adjusted by the three-year percentile of sector market capitalization preferences, seeks to identify long-term trends in sector preferences by calculating the historical percentile rank of capital inflows into each sector over the past three years[20] - Both models are tested against the Hang Seng Index and equal-weighted sector portfolios, demonstrating the ability to generate excess returns[22]

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for future performance [6][7]. Core Insights - The company is positioned as an innovative leader in the CDMO (Contract Development and Manufacturing Organization) sector, focusing on providing customized R&D and manufacturing services for pharmaceutical and biotech companies globally. The company's revenue has shown a compound annual growth rate (CAGR) of 20.67% from 2019 to 2024, with a projected revenue of 51.61 billion yuan in 2024 [1][3]. - The company's contract manufacturing revenue has significantly increased, accounting for 75% of total revenue in 2024, with international revenue making up 79.12% of total sales [2][3]. - The global CDMO market is experiencing robust growth, with an expected market size of $168.4 billion by 2028 and $338.5 billion by 2030, which the company is well-positioned to benefit from [3][4]. Summary by Sections Financial Performance - The company's revenue increased from 20.17 billion yuan in 2019 to 51.61 billion yuan in 2024, with a net profit growth from 2.38 billion yuan in 2019 to 10.33 billion yuan in 2023. However, net profit in 2024 was impacted by non-recurring losses, dropping to 6.06 billion yuan, a decrease of 41.34% year-on-year. In Q1-Q3 2025, net profit rebounded to 7.48 billion yuan, up 18.51% year-on-year [1][7]. Business Strategy - The company has a clear strategic focus on innovative drug CDMO services, with a growing pipeline of projects in peptide and conjugated nucleic acid technologies. The company is expanding its production capacity for peptides to 800 kg/year and is establishing commercialization capabilities for small nucleic acids [4][7]. Market Outlook - The report highlights the high market demand for innovative drugs, which is driving the growth of the CDMO sector. The company is expected to benefit from this trend, with projected revenues of 56.70 billion yuan, 62.78 billion yuan, and 69.57 billion yuan for 2025, 2026, and 2027, respectively [7][9].

Group 1: Automotive Industry - Changan Automobile plans to invest 225 million yuan to enter the robotics sector, establishing Changan Tian Shu Intelligent Robot Technology Co., Ltd. with a total registered capital of 450 million yuan [2][3] - The new company aims to leverage humanoid robot technology to drive Changan's strategic transformation from a traditional automaker to an "intelligent technology ecosystem platform" [3] - The humanoid robotics sector is seen as a significant growth opportunity, with Changan's strong position in data accumulation, supply chain integration, and financial strength potentially leading to enhanced valuation and business synergies in the long term [3][4] Group 2: Vaccine Industry - The vaccine industry continues to see breakthroughs in internationalization and research, with companies like Kangtai Biotech and Zhifei Biological making significant progress in vaccine development [6][9] - The demand for flu vaccines is expected to rise, especially among high-risk groups, as the seasonal flu activity increases [8][9] - The vaccine sector is experiencing structural differentiation, with a focus on innovation and international expansion as key strategies for long-term growth [14][15] Group 3: Medical Services - The medical services sector has shown resilience, with a recent increase in demand driven by seasonal illnesses, despite ongoing cost control pressures from insurance policies [21] - The State Council's initiative to promote provincial-level medical insurance coordination is expected to enhance the efficiency of healthcare resources and provide structural opportunities for the medical industry [19][20] - Investment recommendations focus on high-growth companies in the pharmaceutical outsourcing and consumer healthcare sectors, indicating a positive outlook for the medical services industry [21]

证券研究报告 2025 年 12 月 1 日 湘财证券研究所 行业研究 家电行业周报 估值洼地，龙头业绩确定性强 相关研究： 核心要点： ❑ 板块持续跑输大盘，在市场风格切换时有望受益 行业评级：增持（首次覆盖） 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -3.5% 12.8% 5.0% 绝对收益 -3.5% 18.0% 14.7% 注：相对收益与沪深 300 相比 分析师：张弛 证书编号：S0500525110001 Tel：17621838100 Email：zc08241@xcsc.com 分析师：李育文 证书编号：S0500523060001 Tel：021-50295328 Email：liyw3@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 年初至今家电行业涨幅较低，仅为+7.82%，在 31 个申万一级行业中仅仅 排名第 21 名，未能跑赢同期沪深 300 指数（+15.04%）。板块内部来看， 年初以来的主要上涨来自家电零部件子行业，空调（+0.15%）、冰洗（-3.98%） 等子行业基本停滞不前。而板块内部部分龙头公司市场份额稳步提升，现 ...

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]