长期担任东北制药重要领导职务资深管理及技术专家沈小先生现任东北制药首席科学家副总经理秉承菜园总经理沈总律院杜邦默克公司安静公司莱茜康公司资深科学家研发总监丁思睿公司耀明康德长崔金赛成都康总副总裁清耀研究院院长 担任多个国家级医药研究委员会律师本总主导过多个创新药产品转化至民舫或上市销售工作在生物化学杂志、癌症研究杂交流等杂志发表研究成果并入选国家千人计划高分子人才下面是东北制药财务总监宋嘉伟先生 丙层菜园总经理丁强先生丙层菜园研发总监周子山博士丙层菜园董事会秘书陈冬先生东北师药证券事务代表严冬春先生下面我们由周子山博士介绍丙层菜园的基本情况和研究成果 首先欢迎各位来进行参议员参观交流下面我对公司的情况进行一个整体的介绍在介绍公司的情况之前我会花两分钟介绍一下我们研发的一个背景和我们一个主要的逻辑 我们人体是由细胞组成的每天大概有百分之一的细胞我们再通过精神带泄可能会产生一些粗变这些粗变的细胞如果一旦逃脱了免疫的监控可能就会慢慢的发展成疾病 甚至是癌症那所以在免疫系统的监控下那我们可以是一个健康的这样一个情况随时把这些突变的细胞清除掉那这个免疫的监控呢一方面由我们天然的一个免疫系统还有一方面很重要的一个就是PC ...

[Table_Market] 股票数据 2024/08/12 6 个月目标价（元） 收盘价（元） 8.05 12 个月股价区间（元） 4.89~11.19 总市值（百万元） 3,136.12 总股本（百万股） 390 A 股（百万股） 390 B 股/H 股（百万股） 0/0 日均成交量（百万股） 8 [Table_Trend] 涨跌幅（%） 1M 3M 12M 绝对收益 -16% -16% 4% 相对收益 -13% -7% 20% [Table_Author] [Table_Info1] 辉煌科技(002296) 通信 [Table_Date] 发布时间：2024-08-13 [Table_Title] 证券研究报告 / 公司深度报告 信号监测老树新花，线路巡防箭在弦上 报告摘要： [Table_Summary] 公司产品主要分为监控产品线、运营管理产品线、信号基础设备产品线、 综合运维信息化及运维装备产品线四大系列；监控产品占公司营收比重 最高，2023 年监控产品营业收入占公司营收比重 72.79%，其次为信号基 础设备产品，占公司营收比重 10.36%。公司主要客户是国铁集团下属各 铁路局集团公司、各 ...

[Table_Invest]买入 [Table_Author] 证券分析师：刘宇腾 执业证书编号：S0550521080003 010-63210890 liuyt@nesc.cn [Table_Info1] 羚锐制药(600285) 中药Ⅱ/医药生物 [Table_Date] 发布时间：2024-08-12 [Table_Title] 证券研究报告/公司点评报告 利润增速超预期，品牌价值持续增长 ---羚锐制药 2024 年半年报业绩点评 事件： [Table_Summary] 公 司 近 日 发 布 2024 年 半 年 报 ： 24H1 实 现 营 业 收 入 19.06 亿 （YoY+12.07%），归母净利润 4.13 亿（YoY+30.3%），扣非归母净利润 3.94 亿（YoY+30.82%）。其中：24Q2 实现营收入 9.97 亿（YoY+9.31%）， 归母净利润 2.23 亿（YoY+28.9%），扣非净利润 2.13 亿（YoY+30.2%）。 点评： 销售效率提升，智能化转型成效显现。①2024 上本年费用率大幅下降， 销售费用率 44.85%(-1.69pct)，管理费用率 4.3 ...

Industry Investment Rating - The report maintains an "Outperform" rating for the automotive smart glass industry, specifically focusing on the smart dimming glass segment [1][5] Core Viewpoints - The smart dimming glass industry is at an inflection point, driven by both supply and demand factors [13] - Demand is increasing due to the rising penetration of panoramic sunroofs, which create a need for better heat insulation solutions [13] - Supply-side improvements include domestic manufacturers breaking through technical bottlenecks and achieving price reductions [13] - Smart dimming glass is considered the best heat insulation solution, with penetration rates expected to rise as prices continue to decline [3][20] Market and Industry Data - The automotive glass industry has 266 constituent stocks with a total market capitalization of 2,858.3 billion CNY and a circulating market cap of 1,241.9 billion CNY [1] - The industry's average P/E ratio is 24.96x, and the P/B ratio is 1.86x [1] - Total revenue of constituent companies is 3,698.1 billion CNY, with a net profit of 130.4 billion CNY and an asset-liability ratio of 61.23% [1] Key Companies and Financials - Fuyao Glass is highlighted as a key player, with a current price of 45.23 CNY and a "Buy" rating [1] - Fuyao Glass has a projected EPS of 2.16 CNY for 2023, 2.71 CNY for 2024, and 3.22 CNY for 2025 [1] - The company's P/E ratios are 20.94x for 2023, 16.69x for 2024, and 14.05x for 2025 [1] Technology Paths and Market Space - The smart dimming glass industry has multiple technology paths, including PDLC, EC, SPD, and LC/Dye LC [23][24] - The market space for smart dimming glass is expected to grow, with a steady-state penetration rate of 10%-12% in the Chinese market [44] - The industry is transitioning from a niche market for luxury vehicles to broader adoption, driven by price reductions and technological advancements [13][20] Competitive Landscape - Domestic manufacturers like Fuyao Glass, Longsheng Optoelectronics, and BOE are leading the charge in smart dimming glass technology [46][49][50] - International players such as Polytronix, Gauzy, and Research Frontiers also have significant market presence [46][52] - The competitive landscape is evolving, with domestic suppliers gaining market share through technological breakthroughs and cost reductions [13][20] Fuyao Glass's Strategic Position - Fuyao Glass holds a dominant position in the global automotive glass market, with a 33% market share in 2023 [55] - The company is expanding its overseas operations, particularly in the US, where its revenue and profitability are growing [55] - Fuyao Glass is also investing in high-value-added products like smart dimming glass, which is expected to drive future growth [55][58]

[Table_Invest]买入 [Table_Author] 5[Table_Info1] 达梦数据(688692) 计算机 [Table_Date] 发布时间：2024-08-12 [Table_Title] 证券研究报告/公司深度报告 上次评级：买入 国产数据库领先厂商，屹立信创潮头 ---达梦数据深度报告 报告摘要： [Table_Summary] 国产数据库领先厂商，全栈数据产品及解决方案提供商。达梦数据是国 内领先的全栈数据产品及解决方案提供商，公司实控人技术背景深厚， 上市后中国软件持股 18.91%。公司向大中型公司、企事业单位、党政机 关提供各类数据库软件及集群软件、云计算与大数据产品、数据库一体 机等一系列数据库产品及相关技术服务。据 IDC 统计，2023 年 H2 中国 关系型数据库管理软件(本地部署)中，达梦数据位列第四，份额 7.45%， 若去掉与公司经营模式差异较大的公有云厂商，公司份额为第一。 数据库产品安全自主，积淀深厚。达梦数据坚持选择原始创新的自主研 发技术路线。公司自主编写数据库产品核心源代码，掌握达梦数据库软 件的全部实现原理和体系框架，代码安全性高，经公安部与国家网 ...

[Table_MarketHK] 股票数据 2024/08/09 6 个月目标价（港元） 1.62 收盘价（港元） 1.14 12 个月股价区间（港元） 0.90~1.52 总市值（百万港元） 30,689.73 总股本（百万股） 26,921 日均成交量（百万股） 61 [Table_Trend] 涨跌幅（%） 1M 3M 12M 绝对收益 3% -14% -26% 相对收益 5% -6% -15% [Table_Author] 证券分析师：韩金呈 执业证书编号：S0550521120001 18021008991 hanjc@nesc.cn [Table_Info1] 协鑫科技控股(03800.HK) 电力设备 [Table_Date] 发布时间：2024-08-12 [Table_Title] 证券研究报告 / 港股公司报告 不止于穿越周期，颗粒硅+出海长逻辑兑现 [Table_Invest]买入 首次覆盖 报告摘要： [Table_Summary] 十年磨一剑，第一性原理基因助力协鑫科技穿越多轮周期，颗粒硅+硅烷 气+钙钛矿打造新增长动能。2012 年协鑫顺利产出标准硅烷气，2017 年 收购 Sun ...

[Table_Info1] 光伏玻璃/电力设备 [Table_Date] 发布时间：2024-08-06 [Table_Title] 证券研究报告 / 行业深度报告 光伏玻璃：供需改善，看好大窑炉趋势下龙头α 报告摘要： [Table_Summary] 当前库存高企，镀膜玻璃价格处于下行通道。在工信部宏观调控下，光 伏玻璃整体供需平衡，但是由于月度阶段性供需错配，2024 年 3 月光伏 组件排产达到 56GW，环比+53.3%，光伏玻璃由于供给端的刚性，3 月 份光伏玻璃出现阶段性供不应求，成功去库存，根据卓创资讯，2024 年 4 月初光伏玻璃价格进一步上涨，3.2mm 镀膜价格上涨 0.5 元/平米， 2.0mm 镀膜价格上涨至 17.5 元/平米，环比上涨 0.7 元/平米。但由于 3 月份新点火窑炉产能于 2024 年 6 月释放，当前光伏玻璃供过于求，根 据卓创资讯，截至上周四光伏玻璃行业库存达 33.3 天。 听证会制度在一定程度上限制了光伏玻璃供给端的大爆发，2022-2024 年听证会实际过会率约 10%。我们梳理 2022-2024 年光伏玻璃听证会报 会总产能超过 20 万吨/天，而 2 ...

0[Table_Info1] 建筑材料 [Table_Date] 发布时间：2024-08-12 [Table_Title] 证券研究报告/行业动态报告 西藏水利建设空间大，下游需求有望提升 ——东北证券建材行业周报 报告摘要： [周关注： Table_Summary] 西藏水利建设空间大，下游需求有望提升 雅鲁藏布江下游地区水能资源丰富，预计"十四五"期间水电开发将吸 引超万亿投资，显著促进当地经济发展。雅鲁藏布江水能资源蕴藏量 为 113GW，占全国的 17% , 其中 68GW 在干流下游,而"大拐弯"处储 量即为 45GW，水电建设将有望带动水泥建材、民爆工程、主体施工 建设需求提升。 市场回顾： 上周上证综指下跌 1.48%、创业板指下跌 2.60%、同花顺 全 A 下跌 1.53%、建筑材料（申万）上涨 1.29%。建材行业细分领域 中，水泥、玻璃玻纤、装修建材指数分别上涨 1.31%、下跌 1.29%、 上涨 2.97%。 重点数据跟踪：水泥：全国水泥均价周环比下降 0.38%，月环比下降 2.34%；玻纤：玻纤 2400tex 均价 3733.33 元/吨，周环比下降 2.61%， 同比上升 ...

Investment Rating - The report maintains a "Buy" rating for Fuyao Glass (600660) [1] Core Views - Fuyao Glass has steadily increased its global market share in the automotive glass sector, with its market share reaching approximately 33% in 2023 [2] - The company's revenue from automotive glass in 2023 was RMB 29.9 billion, significantly higher than its closest competitor, Asahi Glass, which reported RMB 25.2 billion [2] - Fuyao's U.S. operations have shown strong growth, with revenue increasing by 32% YoY in H1 2024, and net profit margin reaching 11.5%, a historical high [2] - The company is expanding its production capacity in the U.S. and overseas, with new facilities under construction to meet growing demand [2] Market Expansion and High-Value Products - The automotive glass market is expanding, driven by the adoption of high-value-added products such as panoramic sunroofs, smart glass, and HUD display glass [3] - Fuyao's average selling price (ASP) for automotive glass increased from RMB 201 per square meter in 2022 to RMB 208 per square meter in 2023, reflecting the growing contribution of high-value products [3] - The company is also expanding into the aluminum trim business, with a fully integrated supply chain and global production layout [3] Financial Projections - The report forecasts Fuyao's net profit to reach RMB 7.1 billion, RMB 8.4 billion, and RMB 9.8 billion in 2024, 2025, and 2026, respectively [4] - Earnings per share (EPS) are projected to be RMB 2.71, RMB 3.22, and RMB 3.77 for the same years [4] - The company's revenue is expected to grow at a compound annual growth rate (CAGR) of around 16-20% from 2024 to 2026 [4] Global Market Position - Fuyao has become the global leader in automotive glass, with a market share of 33% in 2023, surpassing competitors like Asahi Glass, Nippon Sheet Glass, and Saint-Gobain [11] - The company's overseas revenue has grown significantly, accounting for 44.6% of total revenue in 2023, up from 31.9% in 2013 [15] - Fuyao's U.S. operations have been a key driver of its global expansion, with revenue from the U.S. factory increasing steadily since 2017 [23] Cost Control and Profitability - Fuyao's strong cost control measures have resulted in a gross margin of over 35%, significantly higher than its competitors [27] - The company has integrated its supply chain, from raw materials to production, to reduce costs and improve efficiency [28] - Fuyao's management efficiency has also improved, with operating expenses as a percentage of revenue declining to around 15% in recent years [31] High-Value Glass Products - Fuyao is focusing on high-value glass products such as panoramic sunroofs, smart glass, and HUD display glass, which offer higher ASPs and margins [32] - The company's high-value products accounted for a significant portion of its revenue in 2023, with further growth expected as these products gain wider adoption [32] - Fuyao is also investing in advanced technologies like smart glass antennas and solar glass, which are expected to drive future growth [56]

[Table_Info1] 有色金属 [Table_Date] 发布时间：2024-08-12 [Table_Title] 证券研究报告 / 行业动态报告 流动性冲击缓解，继续看好金价上行，铜跌幅有限 核心观点： [Table_Summary] 金：流动性冲击逐渐消解，将逐渐回归自身逻辑，继续看好衰退交易带 动金价上行。本周五伦敦金现收盘价 2430.7 美元/盎司，周跌幅-0.5%。 1）短期金价波动更主要受资金面因素影响：随着近期日元套息交易逆转， 叠加上周开始愈发强烈的衰退担忧，全球金融市场下挫，包括美股、日 股等前期交易较为拥挤的资产均出现大幅度调整，而资产端收益缩水-负 债端日元升值，又进一步触发了更多日元套息交易平仓。对于黄金而言， 如果只是单纯的衰退交易环境，美债利率下行利多黄金，但如果短期出 现流动性冲击，则黄金其实也一样面临抛压（类似于 2020 年 3 月，但此 次冲击范围更局部、程度更轻微）。从盘面看，近期金价与美债利率进一 步脱钩，反而与美股、铜油等风险资产同涨同跌，更多反映的即是资金 面问题，不过在有衰退交易-利率下行的支持下，金价表现仍优于权益和 其他商品。2）目前看资金面扰动正逐 ...