Investment Rating - The report maintains a "Buy" rating for 恒瑞医药 (Hengrui Medicine) and an "Increase" rating for 信达生物 (Innovent Biologics), 百济神州 (BeiGene), 翰森制药 (Hansoh Pharmaceutical), 爱博医疗 (Aibomed), 恩华药业 (Enhua Pharmaceutical), and 鱼跃医疗 (Yuwell) [2][23]. Core Insights - The report emphasizes the ongoing trend of "true innovation" supported by policies, with a focus on "differentiation + internationalization" as the core logic for innovation drugs [2][13]. - The pharmaceutical sector is expected to see a marginal improvement in fundamentals in the second half of 2024, driven by a low base effect from the previous year and the upcoming policy implementation [16][18]. Summary by Sections 1. Weekly Pharmaceutical Sector Performance - From September 16 to September 20, the pharmaceutical sector declined by 0.79%, while the Shanghai and Shenzhen 300 Index rose by 1.32%. Year-to-date, the pharmaceutical sector has underperformed the index by 19.63 percentage points, ranking 27th among 30 sectors [6][10]. 2. Industry Events/Policy Overview - Key events include the announcement of increased tariffs on medical gloves by the U.S. Trade Representative, which will impact domestic production and exports [12]. Additionally, the annual medical insurance drug negotiation is approaching, with 445 drugs passing the formal review, indicating a stable trend in the number of drugs participating in negotiations [13][15]. 3. Industry Investment Strategy - The report highlights that the logic for quality innovative drugs to achieve accelerated volume through medical insurance negotiations remains unchanged. The macroeconomic environment, with the U.S. entering a rate-cutting cycle, is expected to improve liquidity and overall valuations for innovative drug companies [13][16]. 4. Recommended Companies - Recommended companies include: - 恒瑞医药 (Hengrui Medicine): Transitioning through innovation pains with multiple innovative drugs starting to gain traction [23]. - 信达生物 (Innovent Biologics): Entering a period of accelerated growth with major products expected to launch next year [23]. - 百济神州 (BeiGene): Continuing to exceed expectations with its product pipeline [23]. - 翰森制药 (Hansoh Pharmaceutical): A quality comprehensive pharmaceutical company with expanding international opportunities [23]. - 爱博医疗 (Aibomed): Growth driven by innovative R&D and new product launches [23]. - 恩华药业 (Enhua Pharmaceutical): Steady growth in the psychiatric anesthesia sector [23]. - 鱼跃医疗 (Yuwell): Leading domestic home medical device company with stable growth [23]. 5. Recommended Portfolio - The report suggests a portfolio including: - 爱尔眼科 (Aier Eye Hospital): Leading domestic medical service provider with strong recovery potential [24]. - 迈瑞医疗 (Mindray): Leading medical device company with robust R&D and sales capabilities [24]. - 恒瑞医药 (Hengrui Medicine): Integrated platform for innovative drugs with strong self-research capabilities [24].

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来源：兴业证券经济与金融研究院 ＃assAuthor＃ 行 业 研 究 行 业 周 报 证券研究报告 ＃相关报告 relatedReport＃ jiyuze@xyzq.com.cn S0190522080004 caoxinrui@xyzq.com.cn S0190521050002 潘江滢 panjiangying@xyzq.com.cn S0190524060001 ＃investSuggestion 推荐 ＃ (＃ investS uggesti onChan | --- | --- | |----------|-------| | | | | 重点公司 | | | 重点公司 | 评级 | | 海大集团 | 买入 | | 温氏股份 | 增持 | | 牧原股份 | 增持 | | 普莱柯 | 增持 | | 金龙鱼 | 增持 | 《【兴证农业】周报：猪价维持 震荡，鸡苗价格坚挺》 《【兴证农业】周报：猪价上涨 预期持续兑现，价格向上突破》 《【兴证农业】周报：猪价连续 调涨，毛鸡价格回落》 ＃分析师： emailAuthor＃ 纪宇泽 曹心蕊 ＃industryId＃ 农林牧渔 维持 ） 风险提示：动物疫病、 ...

Investment Rating - The report maintains a "Buy" rating for the company [2]. Core Views - The company has significantly improved its sales volume and gross margin in Q2 2024, delivering 57,373 vehicles, a year-on-year increase of 143.9% [4]. - The company expects to deliver between 61,000 and 63,000 vehicles in Q3 2024, representing a year-on-year growth of 10.0% to 13.7% [4]. - The launch of the new brand and model, L60, is anticipated to contribute positively to sales, with a competitive pricing strategy [5]. - The company is expanding its sales and service network, aiming for full coverage of battery swap stations across county-level administrative regions by the end of 2025 [4]. Summary by Sections Market Data - As of September 20, 2024, the closing price is $5.28, with a total share capital of 2,074 million shares and net assets of 16,075 million RMB [3]. Sales and Financial Performance - In Q2 2024, the company achieved automotive sales revenue of 156.8 billion RMB, a year-on-year increase of 118.2% [4]. - The gross margin for automotive sales in Q2 2024 was 12.2%, up by 6.0 percentage points year-on-year [4]. - The net loss attributable to ordinary shareholders was 51.3 billion RMB, a decrease of 16.3% year-on-year [4]. Future Outlook - The company projects sales revenues of 696.52 billion RMB, 1,016.25 billion RMB, and 1,377.31 billion RMB for the years 2024, 2025, and 2026, respectively [5]. - The company plans to enhance its service network with over 1,000 battery swap stations and more than 200 stores across 120 cities by the end of 2024 [5].

公 司 点 评 报 告 公 司 研 究 | --- | --- | |----------------------------|------------| | ＃市场数据 marketData ＃ | | | 日期 | 2024-09-20 | | 收盘价（元） | 12.70 | | 总股本（百万股） | 337.25 | | 流通股本（百万股） | 83.99 | | 净资产（百万元） | 2,597.58 | | 总资产（百万元） | 3,121.38 | | 每股净资产（元） | 7.70 | ＃相关报告 relatedReport＃ shikang@xyzq.com.cn S1220517040001 李博彦 liboyan@xyzq.com.cn S0190519080005 ＃分析师： emailAuthor＃ 石康 证券研究报告 ＃industryId＃ 国防军工 ＃investSuggestion＃ 增持 ( ＃ investSug gestionCh ange＃ 首次 ） 投资要点 ＃⚫summary 公司发布＃ 2024年半年报：2024上半年，公司实现营业收入0.66亿元，同比减少81 ...

＃title＃ ＃summary＃ 请务必阅读正文之后的信息披露和重要声明 重点数据跟踪：1）综艺方面，本期（07/08-07/11）腾讯视频/爱奇艺/优酷视频/芒 果 TV 分别各有 12/10/9/8 款综艺进入 TOP30，环比上期（07/01-07/05）+0/-1/- 1/+0 部。2）剧集方面，本期腾讯视频/爱奇艺/优酷视频/芒果 TV 分别各有 14/14/9/4 款剧集进入 TOP30，环比上期-3/+3/+2/-1 部。 核心观点：经历大小盘分化行情的演绎，当前传媒板块估值及基金持仓均回到历 证券研究报告 ＃industryId＃ 传媒 行 业 研 究 行 业 周 报 阿里、豆包发布 AI 视频模型，Runway、Luma 开放 API ＃investSuggestion 推荐 ＃ (维持) ＃ investSugg estionChan ge＃ ＃createTime1 ＃日 | --- | --- | --- | --- | |--------------------------------------------------------------------------------- ...

＃ 除 ＃assAuthor＃ 行 业 研 究 行 业 周 报 证券研究报告 | --- | --- | |----------|-------| | 重点公司 | 评级 | | 南华期货 | 增持 | | 中国太保 | 买入 | | 中国平安 | 增持 | | 新华保险 | 增持 | | 中国人寿 | 增持 | | 江苏金租 | 增持 | | 东方财富 | 增持 | | 中信证券 | 增持 | | 瑞达期货 | 增持 | | | | 来源：兴业证券经济与金融研究院 ＃非银industryId 金融 ＃ ＃相关报告 relatedReport＃ 《 兴 证 非 银 周 报 （ 240909- 240913）：保险"新国十条"发 布 ， 推 动 保 险 业 高 质 量 发 展 》 2024-09-18 《 兴 证 非 银 周 报 （ 240902- 240906）：头部券商整合开启，证 券行业供给侧改革加速》2024-09- 08 ＃分析师： emailAuthor＃ 孙寅 S0190521060002 研究助理： lisiqian@xyzq.com.cn 李思倩 推荐 investSuggesti （维onC ...

行 ＃title＃ 证券研究报告 ＃industryId＃ 房地产 研究 新房二手房周报：北京提及适时取消普宅和非普宅标准 ＃inve中stSu性ggestion＃ (维持) 行业 周报 | --- | --- | |---------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

行业 海 外 周报 证券研究报告 yanningxin@xyzq.com.cn SAC：S0190521010001 | --- | --- | --- | --- | --- | --- | |-----------------------------------------------|-----------------------|-----------|----------------|------------------|----------------| | 相关报告 \n《更多公司加入回购行列》 | 指数表现： \n指数名称 | 指数点位 | 本周涨跌幅 (%) | 本月涨跌幅 (%) | 年内涨跌幅 (%) | | 20240916 《香港本地股的业绩派息更坚 | 恒生地产分类指数 | 54,444.29 | 6.8 | 3.1 | -10.4 | | 韧》 20240908 | 恒生指数 | 18,258.57 | 5.1 | 1.5 | 7.1 | | 《关注业绩和派息稳健的公 | 恒生国企指数 | 6,381.50 | 5.1 | 0.8 | 10.6 | | 司》 20240901 | ...

＃title＃ 重点公司 行 业 研 究 证券研究报告 ＃industryId＃ 电子 ＃investSuggestion 推荐 ＃ ＃ investSugg estionChan ge＃ (维持) AI 算力需求持续增长，看好苹果在端侧 AI 的引领 地位和自主可控 ＃createTime1＃ 2024 年 09 月 22 日 投资要点 ＃summary＃ ⚫ 美国三大电信商之一 T-Mobile 的 CEO Mike Sievert 本周接受采访时表示，苹果新机 iPhone16 的销量不仅好，甚至超越了去年 iPhone15 的表现。Sievert 表示，消费者正在 购买 Pro 版本、Max 版本，他们选择更高阶的机型，而且购买率比去年更高，而苹果 AI 功能缓慢推出，可能会延长 iPhone16 的销售。由于具备隐私性、安全性、低延时、 低成本和个性化等优势，端侧 AI 潜力巨大，苹果有望成为引领者，有价增环节弹性 巨大，推荐软硬板龙头鹏鼎控股，组装厂立讯精密，建议关注蓝思科技、水晶光电、 歌尔股份、东山精密、领益智造、珠海冠宇等。 ⚫ 华为常务董事、华为云 CEO 张平安在华为全联接大会上表示，预 ...