[Table_Report] [晨会纪要 Table_NewTitle] 20240624 [table_main] 重点推荐 Ø 2.拥抱新质生产力，推动金融高质量发展——2024陆家嘴论坛要点深度解读 财经要闻 Ø 1.商务部就近期有媒体称欧方担心中欧贸易摩擦升级或引发"贸易战"答记者问 Ø 3.金融稳定法草案拟明确中央金融工作领导机构职责 3. A 股市场评述 2/9 （20240617-20240621） 晨 会 纪 要 [Table_Reportdate] 2024年6月24日 [证券分析师： Table_Authors] 黄涵虚 S0630522060001 hhx@longone.com.cn 联系人： 陈芯楠 cxn@longone.com.cn Ø 1.陆家嘴论坛对潜在政策框架的指引——宏观周观点（20240617-20240621） Ø 2.央行：坚定不移推进债券市场高水平对外开放，助力加快建设金融强国 2. 财经新闻 . 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 1.重点推荐 1.1.陆家嘴论坛对潜在政策框架的指引——宏观周观 ...

[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 ➢ 3.英国央行基准利率符合预期 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 | --- | |-------------------------------------------------------------------------| | | | 正文目录 | | | | 1. 重点推荐 | | 1.1. 拥抱新质生产力，推动金融高质量发展——2024 陆家嘴论坛要点深度解读 3 | | 1.2. 荣昌生物（688331 ): 核心产品快速放量，新适应症加速推进——公司深度报 | | 生口 | 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 证券研究报告 HTTP://WWW.LONGONE.COM.CN 2/8 晨 会 纪 要 [Table_Report] [Table_Reportdate] 2024年06月 ...

路,自主决策、自愿参与。要准确摸清需求,细致摸排本地区保障性住房需求底数和已建 成存量商品房情况，做到收购的已建成存量商品房户型面积合适、价格合适、位置合适。 本次会议将收购存量房用作保障房的地域范围扩大至市县，相较高线城市，广大的三四线 城市、县级市的库存水平普遍偏高。同时,在本轮房地产调整过程中,低线城市房价回落 明显。低线城市收购存量房不仅可缓解库存高企压力,相对较低的收购成本也可提升收购 效率，未来各地收储进程有望加快。 城市商品住宅出清周期更长,月 40 35 30 25 20 15 10 023-10 023-1 图5 70 城新建商品住宅价格指数同比,% O 0-07-0 80+0720 Droza 021-01 0 - 2700 0-270 资料来源:中指院,东海证券研究所 注：二线城市取杭州、成都、重庆、苏州等 19 城，三四线城市 资料来源：Wind，东海证券研究所 取桂林、南通、泉州、菏泽等 27 城 高频数据表现: 地产: 30 城商品房成交面积环比 40.2%,端午节后一二三线城市均有 回升,但同比来看二线城市明显偏弱。消费出行:国内、国际航班执飞架次环比回升,电 影票房环比回落,快 ...

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 ...

Investment Rating - The report assigns an "Overweight" rating to the non-banking financial sector [6] Core Insights - The 2024 Lujiazui Forum emphasized the theme of "promoting world economic growth through high-quality financial development," aligning with recent regulatory guidance focused on strong supervision and risk prevention in capital markets [14] - The report highlights the ongoing optimization of the capital market system, which aims to embrace new productive forces and enhance the quality of development [16] Capital Market - The establishment of a "1+N" regulatory framework under the new "National Nine Articles" is underway, focusing on enhancing the quality of capital markets through stringent supervision and support for high-quality development [16] - There is a push to enrich the capital market toolbox and improve service coverage and precision to better support new productive forces [17] - The introduction of the "Eight Measures for the Sci-Tech Innovation Board" aims to enhance the inclusiveness of the system for new industries and technologies [21] Credit Market - The report notes a shift away from total credit volume targets, emphasizing the need to improve the efficiency of financial resource allocation and enhance the transmission mechanism of monetary policy [29] - It projects that new RMB loans for the year will be approximately 19.15 trillion yuan, with a year-on-year growth rate of 8.54% [39] - The report indicates that loan interest rates are expected to remain stable with a slight decline, supporting the effectiveness of the real economy [29] Interest and Exchange Rate Market - The report discusses the balancing act of monetary policy, which aims to stabilize the exchange rate while supporting economic growth and managing interest rate spreads [48] - It highlights that the central bank will continue to implement supportive monetary policies while being cautious about rapid declines in long-term interest rates [48] Insurance Market - The report emphasizes the construction of a multi-level social security system and the shift from risk management to risk reduction services in the insurance sector [8] - It notes that insurance funds are increasingly aligned with the characteristics of new productive forces, providing precise and efficient services [8] Financial Opening - The report outlines efforts to enhance the internationalization of China's financial markets and support the development of Shanghai as an international financial center [8] - It emphasizes the need for a favorable environment to attract foreign financial institutions and long-term capital [8]

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].

Investment Rating - The report rates the mechanical equipment industry as "Overweight" [2] Core Insights - The top 50 global construction machinery manufacturers achieved a total sales revenue of $243.4 billion in 2023, reflecting a year-on-year growth of 5.5%. Notably, 13 Chinese companies made the list, an increase of 3 from the previous year [3][8] - The leading companies in the global ranking are Caterpillar, Komatsu, and John Deere, accounting for 16.8%, 10.4%, and 6.1% of the total sales, respectively. XCMG ranks fourth globally and first among Chinese companies with a market share of 5.3% [3][10] - Chinese companies collectively hold a sales share of 17.2% in the top 50, despite a slight decline of 1.0 percentage points year-on-year. Major players like SANY, XCMG, and Zoomlion have significantly increased their overseas revenues, indicating a robust international expansion strategy [3][10] Summary by Sections Engineering Machinery Tracking - The Yellow Table 2024 lists 13 Chinese companies among the top 50 global construction machinery manufacturers, with new entrants including Lingong Heavy Machinery, Tongli Heavy Industry, and Xingbang Intelligent [8][10] - The sales performance of major Chinese companies in overseas markets is strong, with SANY, XCMG, and Zoomlion reporting overseas revenues of 43.258 billion, 37.220 billion, and 17.905 billion yuan, respectively, representing 58.44%, 40.09%, and 38.04% of their total revenues [3][10] High-Frequency Data Updates - Komatsu's excavator operating hours in China showed a year-on-year increase of 1.0% in May 2024, indicating a recovery in domestic demand. The overall market sentiment is improving, with various segments showing positive signals [16][18] - In May 2024, sales of forklifts reached 110,446 units, a year-on-year increase of 10.2%, with domestic sales at 72,428 units and exports at 38,018 units, reflecting strong market performance [18][19] Robotics Industry Insights - Tesla's humanoid robot, Optimus, is in the validation stage, with plans for limited production by late 2024 to early 2025. The potential market for humanoid robots is projected to exceed 10 billion units, with production costs expected to drop to around $10,000 [4][20] - The next-generation Optimus robot is anticipated to feature an upgraded dexterous hand with 22 degrees of freedom, which could significantly increase demand for specialized components [4][20] Market Performance Review - The mechanical equipment sector outperformed the CSI 300 index, with a weekly increase of 0.54%, ranking 8th among 31 sectors. The automation equipment sub-sector led the gains with a 2.96% increase [22]