行 业 研 究 行 业 简 评 [证券分析师 Table_Authors] 任晓帆 S0630522070001 rxf@longone.com.cn [table_stockTrend] -44% -35% -25% -16% -6% 3% 13% 23-06 23-09 23-12 24-03 24-06 申万行业指数:美容护理(0777) 沪深300 [相关研究 table_product] 1."618"珀莱雅、可复美表现亮眼— — 美 容 护 理 行 业 周 报 (2024/5/27- 2024/5/31) 2.李佳琦"618"首日预售超26亿,广 东省调整医美外科项目——美容护 理行业周报(2024/5/20-2024/5/24) 3.上海家化换帅,关注优质企业618 表 现 — — 美 容 护 理 行 业 周 报 (2024/5/13-2024/5/17) [table_invest] 标配 [Table_NewTitle 关注优质国货龙头 ] 企业 ——2024"618"消费数据点评 [table_main] 投资要点: ➢ "618"平台规则简单化。此次"618",各大平台纷纷化繁为简、取消 ...

行 业 研 究 [Table_Reportdate] 2024年06月20日 [table_invest] [拥Tabl抱e_N新ewT质itle] 生产力，推动金融高质量发展 超配 行 ——2024陆家嘴论坛要点深度解读 业 [table_main] 深 [证Ta券b分le析_A师u thors] 投资要点： 度 陶圣禹 S0630523100002 tsy@longone.com.cn ➢ 事件：2024陆家嘴论坛于6月19日在上海召开，本次会议主题为“以金融高质量发展推动 证券分析师 世界经济增长”，开幕式上各监管机构负责人对资本市场、货币市场、利率和汇率市场均就 王鸿行 S0630522050001 非 whxing@longone.com.cn 当下现状与长远发展做了主旨/主题演讲，我们条分缕析，探寻行业未来的发展机遇。 银 证券分析师 金 ➢ 资本市场：制度持续优化，拥抱新质生产力发展。近期在资本市场新“国九条”指引下的 李沛 S0630520070001 融 lp@longone.com.cn “1+N”监管体系正逐步搭建，强本强基、严监严管，全力以赴推动资本市场高质量发展 已成为当下发展的主要 ...

证券研究报告 HTTP://WWW.LONGONE.COM.CN 5/9 请务必仔细阅读正文后的所有说明和声明 2）开展深化发行承销制度试点。优化新股发行定价机制，在科创板试点调整适用新股 定价高价剔除比例。完善科创板新股市值配售安排，增加网下投资者持有科创板股票市值要 求。 4）健全创业投资退出机制 5）优化创业投资市场环境 [Table_Report] [证券分析师： Table_Authors] 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人： 马小萱 mxxuan@longone.com.cn ➢ 2.制造业表现不俗，房地产仍在回落——国内观察：2024年5月经济数据 ➢ 2.证监会发布关于深化科创板改革服务科技创新和新质生产力发展的八条措施 | --- | --- | |--------------------------------------------------------------------------|-------| | | | | | | | 正文目录 | | | 1. 重点推荐 | | | 1.1. 荣昌生物 ( 688331 ): 核心 ...

行 业 研 究 [Table_Reportdate] 2024年06月19日 [table_invest] [5Ta月ble_社New零Title维] 持温和复苏，可选消费显弹性 超配 行 ——5月社零报告专题 业 [table_main] [Table_Authors] 深 证券分析师 投资要点： 度 姚星辰 S0630523010001 yxc@longone.com.cn ➢ 5月社零维持温和复苏，线上消费景气度高。2024年5月社会消费品零售总额39211亿元， 证券分析师 同比增长3.7%，低于wind一致预期（+4.5%）；增速较上月上升1.4pct，主要得益于“五一” 商 任晓帆 S0630522070001 假期效应、“618”网络购物节促销以及消费品以旧换新政策带动。1）分区域来看，在农村 贸 rxf@longone.com.cn 居民收入较快增长、县域商业体系建设不断推进，乡村市场销售增速持续快于城镇。1>城 零 联系人 镇：5月消费品零售额34111亿元，同比增长3.7%，增速较上月环比上升1.6pct；2>乡村： 售 吴康辉 5月消费品零售额5100亿元，同比增速达4.1%，增速较上月 ...

Investment Rating - The report maintains a "Buy" rating for the company [10]. Core Insights - The company is a leader in the domestic autoimmune and ADC fields, focusing on the discovery and development of innovative biopharmaceuticals. Its core products include Taitasip (RC18) and Vidisizumab (RC48), with significant market potential and ongoing clinical trials [9][10][17]. - Taitasip is the world's first BLYS/APRIL dual-target fusion protein, with expanding indications in the autoimmune disease market, including systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA) [9][31]. - Vidisizumab is recognized as the first domestic ADC drug with dual breakthrough therapy designation from both the FDA and NMPA, showing strong competitive advantages in treating gastric cancer and urothelial carcinoma [10][14]. - The company has a rich pipeline of over 20 candidate drugs across various disease areas, with a significant increase in R&D investment from 216 million yuan in 2018 to 1.306 billion yuan in 2023 [10][28][24]. - Revenue projections for 2024-2026 are 1.586 billion yuan, 2.175 billion yuan, and 2.952 billion yuan, respectively, with net losses expected to decrease over the same period [10][11]. Summary by Sections Company Overview - Founded in 2008, the company went public in Hong Kong in 2020 and on the STAR Market in 2022, focusing on innovative biopharmaceuticals for autoimmune diseases, oncology, and ophthalmology [17][19]. - The management team has extensive experience in drug development and a stable shareholding structure [19][22]. Product Pipeline - Taitasip has received conditional approval for SLE and is progressing through clinical trials for multiple indications, including RA and IgA nephropathy [9][29]. - Vidisizumab has been approved for gastric cancer and urothelial carcinoma, with ongoing studies for combination therapies [10][14]. Financial Performance - The company reported revenues of 1.083 billion yuan in 2023, with both core products generating over 500 million yuan each [23][24]. - The gross margin has fluctuated, with 2023 showing a gross margin of 77.43% [24]. R&D and Commercialization - The company has established three core technology platforms for antibody and fusion protein development, ADCs, and bispecific antibodies, supporting a robust pipeline [27][28]. - The commercialization team has expanded significantly, with approximately 750 sales personnel for autoimmune products and nearly 600 for oncology, enhancing market access [26].

Group 1 - The electric vehicle industry is experiencing strong demand, with a notable increase in power battery installations. In May 2024, domestic new energy vehicle sales reached 955,000 units, representing a year-on-year increase of 33.3% and a month-on-month increase of 12.4% [30][59]. - The manufacturing sector is performing well, while the real estate market continues to decline. Fixed asset investment growth slightly slowed to 4.0% year-on-year in May, down from 4.2% in the previous month. Real estate development investment saw a year-on-year decline of 10.1% [6][7][26]. - The manufacturing investment maintained a high growth rate of 9.6% year-on-year in May, supported by significant loans to high-tech manufacturing [7][28]. Group 2 - The supply side of the battery industry is undergoing orderly adjustments, with prices stabilizing. The lithium salt market is experiencing price fluctuations due to supply and demand dynamics, while the demand for separators is improving [10][11]. - The energy storage sector is benefiting from narrowing peak-valley price differences, with many regions implementing time-of-use pricing adjustments. This trend enhances the economic viability of commercial energy storage projects [11][34]. - The report highlights key companies to watch, including CATL, which is expected to ship 480 GWh of batteries in 2024, and has a projected profit of approximately 46 billion yuan [31][32].

行 业 研 究 [Table_Reportdate] 2024年06月18日 [table_invest] [工Tabl程e_N机ewT械itle] 龙头仍显韧性，人形机器人未 超配 行 来空间可期 业 周 ——机械设备行业周报（20240610-20240616） 报 [table_main] [证Ta券b分le析_A师u thors] 投资要点： 王敏君 S0630522040002 wmj@longone.com.cn 机 联系人  工程机械：2023年50强工程机械主机厂总销售额维持增长，中国企业上榜数量增加。英国 械 梁帅奇 《国际建设》杂志近期公布Yellow Table2024全球工程机械主机制造商50强榜单（基于 设 lsqi@longone.com.cn 2023财年收入进行编制）。尽管外部需求有所波动，但由于工程机械行业份额向头部集中、 备 高空作业平台等新品类带动，2023年50强工程机械主机厂实现总销售额2434亿美元，同 [table_stockTrend] 11% 比增长5.5%。从榜单排名看，卡特彼勒、小松、约翰迪尔位居前三，分别占50强企业销售 3% 额的16.8%/10.4 ...

晨 会 纪 要 [Table_Reportdate] 2024年06月18日 ➢ 1.制造业表现不俗，房地产仍在回落——国内观察：2024年5月经济数据 ➢ 1.李强同澳大利亚总理阿尔巴尼斯举行会晤 ➢ 2.央行平价缩量续作MLF ➢ 3.商务部决定对原产于欧盟的进口相关猪肉及猪副产品进行反倾销立案调查 | --- | |------------------------------------------------------------------------| | | | 正文目录 | | | | 1. 重点推荐 | | 1.1. 制造业表现不俗，房地产仍在回落——国内观察：2024 年 5 月经济数据… 3 | | 1.2. 电车行业需求向好,动力电池装机增长——电池及储能行业周报( 20240610- | | 20240616 ) . | | 2. 财经新闻 | 3. A 股市场评述 4. 市场数据 请务必仔细阅读正文后的所有说明和声明 晨会纪要 1.重点推荐 核心观点：5 月经济数据整体平稳，略低于预期。社零增速小幅加快一方面有基数回落的 支撑，另一方面也有假期错位情况下对当月消费的带动作用。固投 ...

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行 业 研 究 [Table_Reportdate] 2024年06月17日 [table_invest] [新Tabl一e_N轮ewT猪itle] 周期开启，把握板块配置机会 超配 行 ——农林牧渔行业深度报告 业 [table_main] 深 [证Ta券b分le析_A师u thors] 投资要点： 度 姚星辰 S0630523010001 yxc@longone.com.cn ➢ 猪价快速上涨，周期进入右侧阶段。（1）猪价：5月中旬以来，生猪价格呈现明显上涨。 [table_stockTrend] 根据钢联数据，6月14日生猪均价18.5元/公斤，周环比-1.70%，月环比+22.60%。标肥价 15% 农 差收窄，大体重猪逐步出清。前期产能去化逐步兑现，猪价走强。（2）盈利：6月14日， 8% 林 自繁自养养殖利润413.26元/头，周环比+24.27%，外购仔猪养殖利润396.11元/头，周环 2% 牧 比+9.38%，养殖逐渐恢复盈利，行业进入周期右侧阶段。（3）期货：生猪期货5月以来走 -5% 渔 强，短期有所调整。6月14日生猪期货LH2407/2409/2411合约收盘价分别为 -11% 17 ...