Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the biopharmaceutical sector [4]. Core Insights - The report highlights that Heng Rui Medicine has updated its innovative drug pipeline, entering a harvest period with 19 Class 1 innovative drugs approved for market, 11 in NDA stage, and 16 in Phase 3 clinical trials [2][18]. Summary by Sections Weekly New Drug Market Review - From March 31 to April 4, 2025, the top five companies in the new drug sector by stock price increase were: Hai Chuang Pharmaceutical (20.74%), Yi Ming An Ke (17.89%), Jia He Bio (15.20%), Kang Fang Bio (15.15%), and Mai Wei Bio (12.25%). The top five companies with the largest declines were: Chuang Sheng Group (-24.18%), Teng Sheng Bo Yao (-19.92%), He Bo Pharmaceutical (-17.76%), Mai Bo Pharmaceutical (-17.19%), and Ge Li Pharmaceutical (-12.75%) [1][14]. Key Analysis of the New Drug Industry - Heng Rui Medicine's 2024 annual report reveals its latest research pipeline as of March 2025, with 19 Class 1 innovative drugs approved, 11 in NDA stage, and 16 in Phase 3 clinical trials. The approved drugs include various treatments across multiple therapeutic areas [2][18][21]. New Drug Approvals and Acceptance - In the past week, 10 new drugs or new indications were approved for market, 37 new drugs received IND approval, 19 new drugs had IND applications accepted, and 5 new drugs had NDA applications accepted [22][23]. Domestic New Drug Industry Focus - Key highlights include Heng Rui Medicine's JAK1 inhibitor, Aima Xitini (SHR0302), receiving approval for a new indication for adult patients with moderate to severe active rheumatoid arthritis. Additionally, the company has initiated Phase 3 clinical trials for its GLP-1 receptor agonist, HRS-7535, aimed at weight loss [30][31].

2025 年 04 月 06 日 美指的第一试金石或是 800 日均线 本期要点：美指的第一试金石或是 800 日均线 上期提到，全天候择时模型尚未发出止跌看多的信号，因此或仍有必 要保持继续观望，等待转机出现。但在这一过程中，美国新的关税政 策或将对全球经济、贸易以及股市造成冲击，尤其是清明节期间美股 跌幅较大，无疑将对 A 股带来压力。 从当前各国股市的反应来看，新的关税政策出来之后，美股的调整幅 度最为剧烈。基于美股过去 10 年来的历史经验看，除了 2020 年疫情 之外，美股每次大的调整往往能在 800 日均线处得到初步支撑，然后 最多出现反复筑底的底部形态。从这个意义看，除非本轮调整的力度 和级别比过去 10 年的若干次调整都要剧烈，否则本轮美股调整的第 一试金石或将是 800 日均线。其背后潜在的逻辑是：800 个交易日大 体相当于一个完整的库存周期长度，价格来到这一对应均线附近时， 往往有可能得到库存周期级别的支持力度，从而有望止跌。 对于 A 股及港股，虽然全天候择时模型仍未发出看多信号，但是我们 的低吸模型却对机器人主题指数以及恒生科技指数发出了提示信号。 考虑到当前美国关税政策出来之后， ...

Investment Rating - The investment rating for the company is "Accumulate-A" with a 12-month target price of 3.62 CNY [6]. Core Views - The company reported a significant decline in revenue and net profit for 2024, with total revenue at 7.82 billion CNY, down 32.08% year-on-year, and a net profit of -2.98 billion CNY, down 34.61% year-on-year [2][3]. - Despite the short-term pressure on core business, cash flow improved in Q4 2024, turning positive at 748 million CNY, indicating reduced financial pressure [3]. - The company is actively responding to government policies promoting "old-for-new" exchanges, which boosted sales in Q4 2024, with 724,000 orders and sales amounting to 6.69 billion CNY [4]. Summary by Sections Financial Performance - In 2024, the company operated 77 self-operated malls and 257 managed malls, with self-operated business revenue at 5.36 billion CNY, down 21.0% year-on-year, accounting for 68.5% of total revenue [3]. - The average occupancy rate for self-operated malls was 83.0%, with over 80% located in prime locations in first and second-tier cities [3]. - The overall gross margin for 2024 was 58.26%, an increase of 1.52 percentage points year-on-year, while the net profit margin was -40.79%, a decrease of 20.20 percentage points year-on-year [10][11]. Strategic Initiatives - The company is expanding its "3+Star Ecosystem" strategy, focusing on high-end appliances and home decoration, with plans to establish 100 high-end appliance stores nationwide over the next two years [4]. - The company has also entered the automotive sector, collaborating with 25 car brands and expanding its operational area to 164,000 square meters, a year-on-year increase of 60,000 square meters [4]. Future Outlook - The company aims to gradually recover profitability, with projected revenues of 8.39 billion CNY, 8.78 billion CNY, and 9.12 billion CNY for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 7.21%, 4.70%, and 3.90% [12]. - The net profit is expected to improve, with estimates of -290 million CNY in 2025, turning profitable in 2026 with a net profit of 372 million CNY [12].

Investment Rating - The report assigns a "Buy-A" rating to the company, maintaining this rating with a 6-month target price of 20 CNY [5]. Core Insights - The company achieved a revenue of 2.748 billion CNY in 2024, representing a year-over-year increase of 6.79%, with a net profit of 492 million CNY, up 13.91% year-over-year [2][3]. - The company's core business in surveying and design saw a revenue increase of 5.57%, while the engineering general contracting business surged by 75.25%, increasing its revenue share to 9.26% [2]. - The company has demonstrated strong operational resilience, with consistent year-over-year revenue and profit growth since 2017, even amidst industry cycles [2][4]. Financial Performance - The gross profit margin for 2024 was 38.40%, an increase of 1.17 percentage points year-over-year, driven by the opening of major projects and cost control measures [3]. - The net profit margin for the year was 18.23%, reflecting a year-over-year increase of 1.15 percentage points, with a return on equity (ROE) of 19.25% [3]. - The operating cash flow significantly improved, with a net inflow of 567 million CNY in Q4 2024, compared to a net outflow of 530 million CNY in the previous three quarters [3]. Business Strategy and Growth Prospects - The company is a leading player in urban rail transit design in A-shares, with high barriers to entry and strong competitive advantages [4]. - The company is actively expanding into new business areas, including energy-saving renovations and non-rail projects, while also pursuing international opportunities [8]. - Future revenue projections estimate growth to 3.008 billion CNY in 2025, 3.266 billion CNY in 2026, and 3.519 billion CNY in 2027, with corresponding net profits of 543 million CNY, 598 million CNY, and 652 million CNY [9][10].

2025 年 04 月 04 日 石头科技(688169.SH) 全球收入高速增长，盈利能力承压 事件：公司发布 2024 年年报。公司 2024 年实现收入 119.4 亿 元，YoY+38.0%，实现归母净利润 19.8 亿元，YoY-3.6%；经折算， 公司 2024Q4 单季度实现收入 49.4 亿元，YoY+66.5%，实现归母净 利润 5.0 亿元，YoY-27.0%。公司国内、海外收入高速增长，但是 因为竞争加剧，盈利能力有所下降。 2024Q4 公司收入高速增长：根据奥维数据，2024Q4 石头扫地机 国内线上销售额 YoY+104%，销量 YoY+104%，均价 YoY+0%。在国 补刺激下，公司内销增速环比 2024Q3 大幅提升（Q3 石头扫地机 国内线上销售额 YoY+43%，奥维）。在海外市场，公司主动调整销 售结构，提高自营渠道比例，海外业务亦实现较快增长。展望后 续，我们认为公司收入有望保持较快增长，因为：1）公司国内业 务在国补拉动下有望维持高增长，根据奥维数据，石头扫地机 1~2 月国内线上销售额 YoY+100%；2）公司在海外市场拓宽产品价格 段，深耕当地市场（已在美国、 ...

Investment Rating - The investment rating for Yunnan Baiyao is "Buy-A" with a target price of 64.49 yuan for the next six months, which corresponds to a dynamic price-to-earnings ratio of 22 times for 2025 [8][11]. Core Insights - The company reported a steady growth in performance for 2024, achieving a revenue of 40.033 billion yuan, a year-on-year increase of 2.36%, and a net profit of 4.749 billion yuan, up 16.02% year-on-year [1][11]. - The pharmaceutical business segment showed remarkable performance, with a revenue of 6.924 billion yuan, reflecting an 11.8% year-on-year growth, and ten products exceeding 100 million yuan in sales [2][3]. - The health products segment generated a revenue of 6.526 billion yuan, a 1.6% increase year-on-year, with the oral care product line maintaining the top market share in China [3][9]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 10.118 billion yuan, a 7.38% year-on-year increase, and a net profit of 0.423 billion yuan, with a non-recurring net profit of 0.258 billion yuan, marking a turnaround from losses [1]. - The gross margin improved to 27.90%, up 1.39 percentage points year-on-year, and the net profit margin reached 11.91%, an increase of 1.37 percentage points [1]. Business Segments - **Pharmaceutical Segment**: The main business revenue was 6.924 billion yuan, with significant growth in core products such as Yunnan Baiyao aerosol, which surpassed 2.1 billion yuan in sales, growing over 26% year-on-year [2]. - **Health Products Segment**: Revenue reached 6.526 billion yuan, with a notable 30.3% increase in sales for the anti-hair loss product line [3]. - **Traditional Chinese Medicine Resources Segment**: Generated 1.751 billion yuan in revenue, with a 3.13% year-on-year growth, while maintaining stable supply and pricing for strategic products [3]. - **Provincial Pharmaceutical Company**: Achieved a revenue of 24.607 billion yuan, a 0.48% increase year-on-year, with significant growth in non-pharmaceutical business areas [9]. Innovation and Development - The company is focusing on innovation with ongoing projects in short, medium, and long-term development, including secondary innovation of major traditional Chinese medicine products and new drug development [10][11]. - The projected revenue growth rates for 2025 to 2027 are estimated at 4.7%, 4.5%, and 4.5%, respectively, with net profit growth rates of 10.1%, 9.5%, and 8.7% [11].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][6]. Core Views - The company achieved a total revenue of 19.19 billion yuan in 2024, representing a year-on-year increase of 12%, and a net profit attributable to shareholders of 3.35 billion yuan, up 22% year-on-year [1]. - The company's self-operated income doubled, while credit business income declined due to reduced interest income from stock pledge repurchase business [3]. - The asset management business shows significant advantages, and the progress in fund advisory services is notable, indicating potential long-term benefits from the wealth management market [4]. Business Performance Summary - **Brokerage**: The company had a net income of 2.5 billion yuan in brokerage services, down 10% year-on-year [1]. - **Investment Banking**: The company completed 4 equity financing projects totaling 1.33 billion yuan, ranking 8th in the industry for the number of projects [2]. - **Asset Management**: The total management scale of Dongzheng Asset Management reached 216.6 billion yuan, with 257 products managed [2]. - **Credit Business**: The net income from credit business decreased by 25% year-on-year, primarily due to reduced interest income from stock pledge repurchase [3]. - **Self-Operated Business**: The self-operated business net income increased by 106% year-on-year, driven by gains from other debt investments and trading financial assets [3]. Financial Forecast Summary - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are projected at 20.623 billion yuan, 22.966 billion yuan, and 25.099 billion yuan respectively [5][10]. - **Net Profit Forecast**: Projected net profits for the same years are 3.68 billion yuan, 4.187 billion yuan, and 4.672 billion yuan respectively [5][10]. - **Earnings Per Share (EPS)**: Expected EPS for 2025, 2026, and 2027 are 0.43 yuan, 0.49 yuan, and 0.55 yuan respectively [4][10].

袁方1 魏薇（联系人）2 国投证券宏观事件点评 上升的基准线 ——美国对等关税政策点评 当地时间 4 月 2 日，特朗普援引《国际紧急经济权利法》（IEEPA）规定颁布 总统令，宣布对全球国家加征 10%的对等关税，于美东时间 4 月 5 日凌晨生效； 对中国、欧洲等对美贸易顺差较大的国家和地区额外征收最高 38%的关税，于美 东时间 4 月 9 日凌晨生效。 2025 年 04 月 03 日 内容提要 美国政府于 2025 年 4 月依据《国际紧急经济权利法》对全球加征对等关税， 针对中国、欧盟等贸易顺差地区额外征收最高 38%关税（中国出口税率升至 66%），此举使美国进口实际有效税率达 25%，超过 1930 年历史峰值，大幅推 升滞胀风险。短期效应已显现：美股市下跌、美元走弱，经济数据疲软预示需求 收缩。长期将加速全球贸易体系重构，欧盟、亚太正酝酿反制，多边规则面临重 塑。 对中国而言，尽管关税冲击远超预期，但三大因素缓冲影响：其一，中国对 美出口依赖度已大幅下降，分散贸易渠道逐步形成；其二，企业资本开支处于低 位，出口减速衍生冲击有限；其三，政府可通过扩大内需等稳增长政策对冲企业 压力。考虑到企业生 ...

Investment Rating - The investment rating for the company is maintained at "Buy-A" with a target price of 3.75 CNY for the next six months [4][6]. Core Views - The company has demonstrated a solid performance in 2024, achieving a revenue of 2.928 billion CNY, a year-on-year increase of 4%, and a net profit of 1.361 billion CNY, reflecting a 26% growth [1]. - The trust asset scale has steadily grown, with a total trust asset size reaching 599.976 billion CNY by the end of 2024, marking a 13% increase from the beginning of the year [2]. - Investment income has increased by 36% to 867 million CNY, driven by growth in interest income from debt investments and improved trading asset returns [3]. Financial Performance Summary - **Revenue and Profit**: In 2024, the company reported a revenue of 2.928 billion CNY and a net profit of 1.361 billion CNY, with an EPS of 0.2661 CNY [1][5]. - **Trust Business Growth**: The company added 583 new trust projects with a total project scale of 1.58 trillion CNY, and the net income from fees and commissions reached 1.662 billion CNY, up 8% year-on-year [2]. - **Investment Returns**: The company achieved an investment income of 867 million CNY, a 36% increase, and the self-owned asset scale reached 22.5 billion CNY, a 10% increase from the start of the year [3]. Future Earnings Estimates - The projected EPS for 2025, 2026, and 2027 are 0.30 CNY, 0.34 CNY, and 0.39 CNY respectively, indicating a positive growth trajectory [4][11].

Investment Rating - The investment rating for the company is maintained at Buy-A, with a 6-month target price of 3.75 CNY [4][6]. Core Views - The company has demonstrated a solid performance in 2024, achieving a revenue of 2.928 billion CNY (up 4% year-on-year) and a net profit of 1.361 billion CNY (up 26% year-on-year) [1]. - The trust asset scale has steadily increased, with a total trust asset size reaching 599.976 billion CNY by the end of 2024, reflecting a 13% growth from the beginning of the year [2]. - Investment income has risen by 36%, amounting to 867 million CNY, primarily driven by increased interest income from debt investments and improved trading financial asset returns [3]. Financial Performance Summary - In 2024, the company reported a net commission income of 1.662 billion CNY, an increase of 8% year-on-year, with 583 new trust projects added, totaling a project scale of 15.8 trillion CNY [2]. - The company's self-owned asset scale reached 22.5 billion CNY by the end of 2024, marking a 10% increase from the start of the year [3]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are expected to be 0.30 CNY, 0.34 CNY, and 0.39 CNY respectively [4][11]. Market Position and Strategy - The company is backed by the Shaanxi Provincial State-owned Assets Supervision and Administration Commission, showcasing strong capabilities in identifying quality projects within the province [4]. - The dual-driven development strategy of proprietary and trust businesses is expected to enhance growth potential and competitive advantages [4]. Valuation Metrics - The projected price-to-book (P/B) ratio for 2025 is set at 1x, with a corresponding target price of 3.75 CNY based on the company's growth trajectory [4]. - The company’s net profit margin for 2024 was reported at 46%, indicating strong profitability [11].