Investment Rating - The industry investment rating is "Overweight" [1] Core Viewpoints - The report highlights the implementation of the "2024-2025 Energy Conservation and Carbon Reduction Action Plan" by the State Council, which mandates strict control over capacity in the non-ferrous metals industry, aiming for a comprehensive optimization of supply [3] - The plan emphasizes the development of recycled metals, particularly benefiting leading companies in electrolytic aluminum and recycled aluminum sectors [3] - The report suggests that the strict enforcement of capacity replacement and control over new capacities in electrolytic aluminum, alumina, and copper will lead to a more balanced supply-demand situation, potentially improving profitability in the alumina sector [3] Summary by Relevant Sections Industry Overview - The report discusses the current state of electrolytic aluminum production, with a built capacity of 45.19 million tons/year and an operational capacity of 42.62 million tons/year as of April 2024, indicating a ceiling on supply growth due to strict capacity replacement [3] - For alumina, the built capacity reached 100 million tons/year by March 2024, which is significantly higher than the electrolytic aluminum capacity, leading to long-term low or negative profits in the alumina industry [3] Capacity Control Measures - The action plan requires that new and expanded electrolytic aluminum and alumina projects meet energy efficiency benchmarks and mandatory energy consumption limits [3] - The report notes that as of December 2023, the refined copper capacity in China was 13.3 million tons/year, with current tight supply conditions expected to improve due to the control of new copper smelting capacities [3] Market Opportunities - The report anticipates that by the end of 2025, 30% of electrolytic aluminum production will meet energy efficiency benchmarks, and the use of renewable energy will exceed 25% [3] - The recycled aluminum sector is projected to grow, with a target of 24% of total aluminum supply coming from recycled sources by 2025, translating to an expected production of 1.367 million tons of recycled aluminum [3] Investment Recommendations - The report recommends focusing on companies that will benefit from the optimization of industry supply, particularly in the electrolytic aluminum and recycled aluminum sectors [3] - Specific companies highlighted include China Aluminum, Yunnan Aluminum, Tianshan Aluminum, Shenhuo Co., Nanshan Aluminum, Mingtai Aluminum, and Yiqiu Resources [3]

股 票 研 究 [Table_industryInfo] 保险 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 3le 1] [评Tab级le_：Inv est] 增持 上次评级: 增持 长债利率预期回暖，利好保险资产端改善 [细Ta分bl行e_业su评bI级nd ustry] 行 ——《金融时报》关于长期国债利率报道的点评 业 刘欣琦(分析师) 谢雨晟(分析师) 李嘉木(分析师) 事 021-38676647 021-38674943 021-38038619 件 liuxinqi@gtjas.com Xieyusheng@gtjas.com lijiamu026075@gtjas.com 证书编号 S0880515050001 S0880521120003 S0880524030003 快 评 本报告导读： 债券供不应求使得长久期利率债受到追捧，长端利率过度下行；多位学者判断 10年 [相Ta关ble报_D告oc Report] 期国债利率合理区间为2.5%-3.0%；长端利率回暖利好保险资产端改善，维持增持。 保险《加大健康险推动力度，预计Q2 NBV 摘要： ...

股 票 研 究 [Table_industryInfo] 医药/必需消费 [ Table_Main[ 甘TIna 李fbole] 药 _T 业itle (] 6 03087) [评Tab级le_：Inv est] 增持 上次评级： 增持 欧盟 GMP 检查通过，研发管线加速推进 目标价格： 60.03 上次预测： 60.03 公 ——甘李药业跟踪点评 当前价格： 48.49 司 丁丹(分析师) 甘坛焕(分析师) 姜铸轩(研究助理) 2024.05.31 更 0755-23976735 021-38675855 021-38674878 [交Ta易bl数e_据M arket] 新 dingdan@gtjas.com gantanhuan028803@gtjas.com jiangzhuxuan029022@gtjas.com 证书编号 S0880514030001 S0880523080007 S0880123100004 52周内股价区间（元） 33.10-59.60 报 总市值（百万元） 29,152 告 本报告导读： 总股本/流通A股（百万股） 601/532 流通B股/H股（百万股） 0/0 产品出海取 ...

股 票 研 究 [Table_industryInfo] 家用电器业 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 3le 0] [评Tab级le_：Inv est] 增持 上次评级: 增持 节能降碳行动方案落地，节能家电和零部件厂商受益 [细Ta分bl行e_业su评bI级nd ustry] 行 ——《2024—2025 年节能降碳行动方案》政策点评 业 蔡雯娟(分析师) 曲世强(研究助理) 谢丛睿(分析师) 事 021-38031654 021-38031025 021-38038437 件 caiwenjuan024354@gtjas.co qushiqiang028674@gtjas.co xiecongrui@gtjas.com 快 证书编号 Sm0 880521050002 Sm0 880123070132 S0880523090004 评 本报告导读： 2024年5月29日，国务院印发《2024-2025年节能降碳行动方案》，结合消费品以旧 [相Ta关ble报_D告oc Report] 换新行动方案，节能家电和零部件厂商受益。 家用电器业《6 月冰洗内外 ...

Investment Rating - The report rates the basic chemical industry as "Overweight" [1] Core Viewpoints - The industry remains in a high prosperity phase, with a continued demand for semi-steel tires and significant export advantages from overseas bases. The production volume of rubber tires in China is projected to increase by 4.9% year-on-year to 89.449 million units in April 2024, with cumulative production reaching 338 million units, up 10.8% year-on-year [3] - The report highlights that the recent preliminary anti-dumping duties imposed by the US on Thai steel tires are lower than expected, enhancing the competitive edge of overseas production bases [3] - Domestic tire companies are expanding their production capacity globally, indicating strong medium to long-term growth potential [3] Summary by Sections Industry Overview - The report indicates that the domestic tire industry is experiencing high demand, with semi-steel tire orders remaining robust. The export volume of Chinese automotive tires in April 2024 reached 641,200 tons, with an export value of $1.537 billion, reflecting a year-on-year increase of 2.36% and 1.61%, respectively [3] Cost and Capacity - Short-term cost fluctuations are noted to have limited impact, with natural rubber prices at 14,550 yuan per ton, showing a weekly increase of 3.19% and a monthly increase of 7.38%. The report also mentions ongoing capacity expansions by major domestic tire manufacturers, which are expected to enhance growth [3] Investment Recommendations - The report recommends investing in leading companies such as Sailun Tire, Senqisha, Linglong Tire, and General Motors, citing their clear growth potential and capacity expansion plans [3][5]

股 票 研 究 [Table_industryInfo] 公用事业 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 2le 9] [评Tab级le_：Inv est] 增持 上次评级： 增持 新系统的电改：机制完善，强弱分野 [细Ta分bl行e_业su评bI级nd ustry] 行 电力专题系列报告（十四） 业 于鸿光(分析师) 孙辉贤(研究助理) 汪玥(研究助理) 更 021-38031730 021-38038670 021-38031030 新 yuhongguang025906@gtjas.c sunhuixian026739@gtjas.co wangyue028681@gtjas.com 证书编号 Som08 80522020001 Sm0 880122070052 S0880123070143 本报告导读： 我国电力市场化改革有望给予电力商品各项属性充分定价，护航新型电力系统长期可 [相Ta关ble报_D告oc Report] 持续发展。 公用事业《需求高增可期，供需平衡偏紧》 摘要： 2024.05.26 [T abl投e_资Su建mm议a：ry维] ...

股 票 研 究 [Table_industryInfo] 纺织服装业 [ Table_Main[ 申 TIna 洲fbole] 国 _T 际itle （] 2313） [评Tab级le_：Inv est] 增持 当前价格（港元）： 78.50 从客户角度拆解公司未来收入增长 2024.05.29 海 ——申洲国际系列深度（一） [ 交Ta易bl数e_据M arket] 外 刘佳昆(分析师) 曹冬青(研究助理) 赵博(研究助理) 52周内股价区间（港元） 61.95-86.20 公 021-38038184 0755-23976666 010-83939831 当前股本（百万股） 1,503 当前市值（百万港元） 118,003 司 liujiakun029641@gtjas.com caodongqing026730@gtjas.com zhaobo026729@gtjas.com 证书编号 S0880524040004 S0880122070070 S0880122070053 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 预计2024年公司收入/利润同增16%/24%， ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][12]. Core Views - The company reported a revenue of 8.982 billion RMB for Q1 2024, representing a year-on-year growth of 11.5%. The adjusted net profit was 1.724 billion RMB, also up by 11.6%. The overall gross margin improved to 72.3%, an increase of 3.8 percentage points, primarily driven by the higher contribution from the pharmaceutical business [5]. - The revenue from the pharmaceutical segment exceeded expectations, reaching 7.561 billion RMB, a growth of 17.7%. Notably, the revenue from neurological products was 2.707 billion RMB, up by 27.4%, attributed to the approval of a new indication for a key product [5][6]. - The company is optimistic about the future growth of innovative drugs, maintaining revenue forecasts of 35.029 billion RMB, 39.613 billion RMB, and 44.835 billion RMB for 2024, 2025, and 2026 respectively, reflecting growth rates of 10%, 13%, and 13% [5][6]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a revenue of 8.982 billion RMB, with a year-on-year increase of 11.5%. The adjusted net profit was 1.724 billion RMB, also showing an increase of 11.6%. The gross margin stood at 72.3%, up by 3.8 percentage points [5]. - The pharmaceutical segment's revenue was 7.561 billion RMB, marking a 17.7% increase. The revenue from neurological products was 2.707 billion RMB, up by 27.4% [5][6]. Product Pipeline and Innovation - The company has several innovative products expected to contribute to revenue growth in 2024, including Omabizumab for urticaria and Amphotericin B liposome for deep fungal infections. Multiple core products are anticipated to support future growth [6]. - The report highlights the successful progress of the research pipeline, with several key products expected to receive approval in 2024 and 2025 [6].

请务必阅读正文之后的免责条款部分 | --- | --- | --- | --- | --- | --- | --- | |-----------------------|-------|--------------------------------------|------------|-------|---------------------------------------------------|-------------| | 模型更新时间： | | [Table_OtherInfo] [Table_Industry] | 2024.05.30 | | [Table_Forcast] 财务预测（单位：百万元） 损益表 | 2022A | | 股票研究 | | | | | | | | | | | | | 营业总收入 | 14,067 | | 必需消费 | | | | | 营业成本 | 12,399 | | | | | | | 税金及附加 | 74 | | 食品饮料 | | | | | 销售费用 | 193 | | | | | | | 管理费用 | 543 | | | | | | | EBIT 公允 ...

股 票 研 究 [Table_industryInfo] 家用电器业 [ Table_Main[ 2TI 0na 2fbo 4le] . _ 0T 5i .t 3le 0] [评Tab级le_：Inv est] 增持 上次评级: 增持 豁免到期影响有限，长期龙头优势稳固 [细Ta分bl行e_业su评bI级nd ustry] 行 ——部分家电品类 301 关税豁免到期事件点评 业 蔡雯娟(分析师) 李汉颖(研究助理) 谢丛睿(分析师) 事 021-38031654 010-83939833 021-38038437 件 caiwenjuan024354@gtjas.co lihanying026725@gtjas.com xiecongrui@gtjas.com 快 证书编号 mS0 880521050002 S0880122070046 S0880523090004 评 本报告导读： 部分家电品类关税豁免到期，相关企业对美敞口较小，整体影响有限。提升终端定价 [相Ta关ble报_D告oc Report] 和产业链转移可规避成本扰动，龙头公司更具长期稳健经营的能力。 家用电器业《6 月冰洗内外销排产上修，4 摘 ...