Investment Rating - The report suggests a positive outlook for the harmonic reducer industry, particularly driven by the growth in humanoid robots and industrial robots [3][4]. Core Insights - The primary downstream application for harmonic reducers is in industrial robots, which account for approximately 75% of the market. In 2023, the domestic consumption of harmonic reducers for industrial robots reached 669,300 units, a year-on-year increase of 4.64% [3][20]. - The demand for harmonic reducers is expected to surge due to the acceleration of humanoid robot production, with projections indicating a need for 14 million harmonic reducers by 2029, leading to a global market increment of 8.4 billion yuan [3][60]. - The supply side shows that major player Harmonic Drive has a cautious expansion plan, which may not meet the rising demand from humanoid robots, presenting opportunities for domestic manufacturers to capture market share [3][70][74]. Summary by Sections 1. Industrial Robots as the Main Downstream - Industrial robots are the largest application area for harmonic reducers, with a consumption share of 75% in 2023 [20][24]. - The average number of harmonic reducers used in industrial robots is around three [24]. 2. Accelerated Production of Humanoid Robots - The production of humanoid robots is entering a rapid growth phase, with major companies announcing mass production plans [34][58]. - The demand for harmonic reducers is projected to increase significantly, with estimates suggesting a need for 1.4 million units by 2029 due to the expected production of humanoid robots [60][61]. 3. Supply Side Dynamics - Harmonic Drive dominates the global market with an 85% share, while domestic player Green Harmonic holds 8% [62][66]. - Domestic manufacturers are actively expanding production capacity to meet the growing demand, with several companies planning significant increases in output [74][75]. 4. Companies to Watch - The report highlights several domestic companies with strong R&D capabilities and production expansion plans, including Green Harmonic, Reedy Drive, and others [3][74][77].

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology sector, indicating that the sector is expected to outperform the CSI 300 index by at least 10% over the next six months [1]. Core Insights - The pharmaceutical and biotechnology sector experienced a decline of 4.35% in the week of June 16-20, 2025, ranking 30th among 31 sectors in the Shenwan index, underperforming the CSI 300 index by 3.90 percentage points. Year-to-date, the sector has risen by 4.57%, ranking 6th among all sectors and outperforming the CSI 300 index by 6.81 percentage points [3][12][16]. - The current PE valuation of the pharmaceutical and biotechnology sector stands at 27.21 times, which is at the historical median level, with a valuation premium of 123% compared to the CSI 300 index [19]. - The report highlights significant recent developments in the industry, including a meeting by the National Healthcare Security Administration to discuss adjustments to the 2025 National Basic Medical Insurance Drug List and the Commercial Health Insurance Innovative Drug List [4][27]. - The National Medical Products Administration has proposed to shorten the review and approval process for innovative drug clinical trials to 30 working days, aiming to encourage the development and market entry of innovative drugs [28]. Market Performance - The pharmaceutical and biotechnology sector's performance has been mixed, with a notable decline in the week of June 16-20, 2025. The top three declining sub-sectors were chemical pharmaceuticals, medical services, and pharmaceutical commerce, with declines of 5.48%, 4.92%, and 4.42%, respectively [12][16]. - Year-to-date, the chemical pharmaceuticals, medical services, and biological products sub-sectors have shown increases of 18.57%, 5.03%, and 0.60%, respectively [16]. Investment Recommendations - The report suggests that the recent significant decline in the pharmaceutical and biotechnology sector presents a buying opportunity for long-term investors. It emphasizes that innovative drugs remain the core investment focus within the sector [29]. - The report recommends monitoring the selection principles, price negotiations, and access policies related to the upcoming adjustments in the commercial health insurance innovative drug list [29]. - Specific stock recommendations include: - Recommended stocks: Betta Pharmaceuticals, Teva Biopharmaceuticals, Lao Bai Xing, Ling Rui Pharmaceutical, and Nuotai Biopharmaceuticals - Stocks to watch: Kelun Pharmaceutical, Rongchang Biopharmaceutical, Lijun Pharmaceutical, Qianhong Pharmaceutical, and Kaili Medical [30].

Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [37]. Core Insights - The non-bank financial index experienced a decline of 1.1% last week, underperforming the CSI 300 by 0.6 percentage points. The securities index fell by 1.7%, while the insurance index rose by 0.3% [4][8]. - The average daily trading volume of stock funds was 14,638 billion yuan, a decrease of 11.3% week-on-week. The margin financing balance was 1.81 trillion yuan, down 0.2% from the previous week [4][17]. - The China Securities Regulatory Commission (CSRC) announced reforms to the Sci-Tech Innovation Board, which includes the introduction of a new growth tier to better serve technology companies with significant breakthroughs and high R&D investments [4][32]. - The CSRC is seeking public opinion on the revised "Securities Company Classification Evaluation Regulations," which aims to enhance the evaluation framework and promote high-quality development in the industry [4][32]. - The insurance sector is seeing increased regulatory scrutiny on participating insurance products, which is expected to alleviate concerns over interest spread losses [4][32]. Summary by Sections Market Review - The Shanghai Composite Index fell by 0.5%, while the Shenzhen Component Index dropped by 1.2%. The CSI 300 also decreased by 0.5%, and the ChiNext Index fell by 1.7% [8][9]. Market Data Tracking - The average daily trading volume of stock funds was 14,638 billion yuan, down 11.3% week-on-week. The margin financing balance was 1.81 trillion yuan, a slight decrease of 0.2% [17]. Industry News - The CSRC published guidelines for establishing a growth tier on the Sci-Tech Innovation Board, aimed at enhancing the adaptability of the system for quality technology companies [32]. - The CSRC is soliciting opinions on the revised "Securities Company Classification Evaluation Regulations," which focus on promoting high-quality development and encouraging differentiated operations among smaller institutions [32]. - The China Banking and Insurance Regulatory Commission (CBIRC) has initiated assessments for international active insurance groups, recognizing China Reinsurance (Group) Company as an international active insurance group [32].

[Table_Reportdate] 2025年06月23日 [证券分析师： Table_Authors] 王鸿行 S0630522050001 whxing@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn [晨会纪要 Table_NewTitle] 20250623 重点推荐 财经要闻 | 1. 重点推荐 | 3 | | --- | --- | | 1.1. 关注油价变量与市场风险偏好——资产配置周报（2025/06/16-2025/06/21） | | | | 3 | | 1.2. 维持鹰派立场，内部分歧加剧——海外观察：2025 年 6 月美国 FOMC 会议 | | | | 4 | | 2. 财经新闻 | 6 | | 3. A 股市场评述 | 8 | | 4. 市场数据 | 10 | 晨 会 纪 要 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 [table_summary ...

[维持鹰派立场，内部分歧加剧 Table_NewTitle] ——海外观察：2025年6月美国FOMC会议 [证券分析师 Table_Authors] 刘思佳 S0630516080002 [table_main] 投资要点 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 宏 观 简 评 总 量 研 究 [Table_Reportdate] 2025年06月19日 liusj@longone.com.cn ➢ 事件：当地时间6月18日，美联储召开6月FOMC会议，继续维持基准利率在4.25%-4.50% 不变。 ➢ 核心观点：5月FOMC继续维持基准利率不变，符合市场的预期。点阵图较3月更加鹰派， 并且显示美联储内部决议官员意见分歧加剧。同时，FOMC声明中将"经济前景不确定性 进一步增加"改成"不确定性有所减退(diminished)"，并且删除了"高失业高通胀风险 上升"的表述。6月SEP将2025年和2026年的经济预测下调，通胀预测和失业预测上调。 美联储主席鲍威尔在发布会上一反此前"通胀暂时论"说法，提到近期通胀预期上行的情 况，并且认为关税对 ...

[Table_Reportdate] 2025年06月19日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 陈伟业 cwy@longone.com.cn [晨会纪要 Table_NewTitle] 20250619 [table_summary] 重点推荐 财经要闻 晨 会 纪 要 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.擘画金融开放新局，注能前沿科技突围——2025陆家嘴论坛解读之宏观视角 ➢ 2.新设科创成长层，构建多元资本市场体系和产品服务矩阵——2025陆家嘴论坛解读之资 本市场聚焦（四） ➢ 3.更大力度推进开放合作，把握银发经济和财富管理发展浪潮——2025陆家嘴论坛解读之 保险业态观察（四） ➢ 4.结构性工具进一步扩容，金融资源向继续"五篇大文章"倾 ...

[Table_Reportdate] 2025年06月17日 1.4月社零同比+5.1%，政策效应持 续显现——4月社零报告专题 2.3月社零同比+5.9%，促消费政策 出台有望提振信心——3月社零报告 专题 3.社零稳中向好，政策定调积极—— 1-2月社零报告专题 [Table_NewTitle] 5月社零同比亮眼，国补叠加大促助发展 ——5月社零报告专题 [table_invest] 超配 [证券分析师 Table_Authors] 姚星辰 S0630523010001 yxc@longone.com.cn 证券分析师 任晓帆 S0630522070001 rxf@longone.com.cn 联系人 吴康辉 wkh@longone.com.cn [table_stockTrend] -20% -10% 0% 10% 20% 30% 40% 50% 60% 2024-06 2024-07 2024-08 2024-09 2024-10 2024-11 2024-12 2025-01 2025-02 2025-03 2025-04 2025-05 商贸零售 沪深300 [相关研究 table_product ...

[Table_Reportdate] 2025年06月17日 [证券分析师： Table_Authors] 张季恺 S0630521110001 zjk@longone.com.cn 证券分析师： 刘思佳 S0630516080002 liusj@longone.com.cn 证券分析师： 王洋 S0630513040002 wangyang@longone.com.cn 联系人： 陈伟业 cwy@longone.com.cn [晨会纪要 Table_NewTitle] 20250617 重点推荐 | 1. 重点推荐 | 3 | | --- | --- | | 年 1.1. 消费表现亮眼，地产拖累加深——国内观察：2025 5 月经济数据 | 3 | | 1.2. 白酒继续筑底，关注旺季景气板块——食品饮料行业周报（2025/6/9- | | | 2025/6/15） | 4 | | 1.3. 险企 2026 起全面实施新会计准则，关注陆家嘴论坛带来的政策预期——非 | | | 银金融行业周报（20250609-20250615） | 5 | | 1.4. 百菌清价格调涨，关注农化板块相关机会——基础化工行业 ...

[Table_Reportdate] 2025年06月16日 花雨欣 hyx@longone.com.cn [table_stockTrend] -25% -16% -7% 2% 12% 21% 30% 24-06 24-09 24-12 25-03 申万行业指数:基础化工(0722) 沪深300 [相关研究 table_product] 1.原料价格持续弱势，短期供需均存 走高预期——轮胎行业月报 2.己二酸短期基本面有望向好，关注 一体化龙头企业——基础化工行业 简评 3.制冷剂行业延续高景气——氟化 工行业月报 [Table_NewTitle 百菌清价格调涨 ] ，关注农化板块相关机 会 标配 行 业 周 报 [证券分析师 Table_Authors] 张晶磊 S0630524090001 zjlei@longone.com.cn 证券分析师 谢建斌 S0630522020001 xjb@longone.com.cn 证券分析师 吴骏燕 S0630517120001 wjyan@longone.com.cn 联系人 1）百菌清价格调涨，相关企业有望受益。根据中国农药工业协会资讯，6月12日，上海泰 禾国 ...

[Table_Reportdate] 2025年06月16日 标配 行 业 周 报 [Table_Authors] 证券分析师 方霁 S0630523060001 fangji@longone.com.cn 联系人 董经纬 djwei@longone.com.cn [table_stockTrend] [table_product] 相关研究 1.博通2025Q2 AI营收大幅增 长，存储市场持续回暖——电 子行业周报2025/6/2-2025/6/8 1. 博通2025Q2 AI营收大幅增长， 存储市场持续回暖——电子行业周 报（2025/6/2-2025/6/8） 2. 英伟达Q1数据中心业务成绩亮 眼，美限制EDA龙头对华提供服务 ——电子行业周报（2025/5/26- 2025/6/1） 3. 小米发布自研玄戒双芯，华为鸿 蒙电脑正式发布——电子行业周报 （2025/5/19-2025/5/25） [Table_NewTitle] 英伟达拟在欧洲新建多座AI工厂，华为 发布Pura 80系列 ——电子行业周报2025/6/9-2025/6/15 [table_main] 投资要点： 电 子 证券研究报 ...