证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 钢铁 期待"反内卷"扩张产出缺口 行情回顾（5.19-5.23）： 中信钢铁指数报收 1,545.69 点，下跌 0.94%，跑输沪深 300 指数 0.76pct，位列 30 个中信 一级板块涨跌幅榜第 18 位。 重点领域分析： 投资策略：本周市场处于震荡之中，商品市场黄金调整之后重新上升，黑色金属则继续低位 震荡。二季度之后关税战急剧升级后走向缓和，但后期不确定性依然存在，周内欧盟与美国 争端再起，金价顺势再度拉涨。四月份经济数据出炉，通过转换出口地和转口贸易抵消了大 部分高关税的负面影响，出口整体依然保持高位，国内经济只是轻微下滑。相比而言关税的 不确定性比关税本身影响要大。不确定性会短期中断了原有经济恢复趋势下企业和居民预期 改善过程，企业也会减少库存和资本开支，对需求造成波动。目前暂时降低中国的关税，这 次贸易战对中国经济的负面影响会大幅减弱，预期改善后中国经济可能会重回此前的经济复 苏趋势。辅之以近期国内落地一揽子金融支持政策，保障中国经济行稳致远。对于未来政策 会针对外部变化相机决策，2024 年四季度以来 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Viewpoints - The approval of the flu drug Anladiwei tablets marks a significant innovation achievement for the company, being the first global RNA polymerase PB2 protein inhibitor for flu treatment with clear mechanisms and independent intellectual property rights [1] - The company has solidified its leading position in the respiratory drug market, with Anladiwei showing superior efficacy compared to Oseltamivir in clinical trials, reducing median time to fever relief by nearly 10% [2] - The company is expected to see a substantial increase in net profit, with projections of CNY 308 million, CNY 369 million, and CNY 422 million for 2025, 2026, and 2027 respectively, reflecting growth rates of 203%, 19.6%, and 14.4% [3] Summary by Sections Company Overview - The company has achieved a significant milestone with the approval of Anladiwei tablets, which are now the only flu treatment in China to compete directly with Oseltamivir in clinical trials [2] - The company is actively promoting the integration of COVID-19 and flu treatment strategies, enhancing its market position [2] Financial Performance - In Q1 2025, the company reported a net profit of CNY 82.61 million, a year-on-year increase of 61%, laying a foundation for high-quality development throughout the year [3] - Revenue projections for 2025-2027 indicate a recovery with expected revenues of CNY 2.81 billion, CNY 3.11 billion, and CNY 3.42 billion, respectively, with growth rates of 13.9%, 10.7%, and 10.0% [9] Research and Development - The company has established a robust R&D ecosystem, focusing on self-initiated research complemented by collaborative efforts, with ongoing clinical trials for various innovative drugs [3] - The company is advancing its dual-target (GLP-1/GIP) injection RAY1225 in the U.S. and has received ethical approval for its domestic Phase III clinical trials [3]

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 房地产开发 2025W21：本周新房成交同比+1.6%，4 月全国房价延续阴跌 4 月全国房价延续阴跌，二手房价格回到 3 月以前接近普跌的状态。4 月 70 城新房房价环比-0.1%，同比-4.5%。一线、二线、三线城市环比分别 +0.0%、+0.0%、-0.2%。新房价格环比上涨 22 城（-2，较上月变化，下 同），环比下跌 45 城（+4）。二手房方面，4 月 70 城二手房房价环比-0.4%， 跌幅较上月扩大，同比-6.8%。一线、二线、三线城市环比分别-0.2%、- 0.4%、-0.4%。二手房价格环比上涨 5 城（-5），环比下跌 64 城（+8）。 行情回顾：本周申万房地产指数累计变动幅度为-1.5%，落后沪深 300 指 数 1.29 个百分点，在 31 个申万一级行业排名第 23 名。 新房：本周 30 个城市新房成交面积为 215.1 万平方米，环比提升 9.5%， 同比提升 1.6%，其中样本一线城市的新房成交面积为 55.4 万方，环比- 7.8%，同比+20.5%；样本二线城市为 93.7 万方 ...

证券研究报告 | 行业策略 gszqdatemark 2025 05 25 年 月 日 -30% -20% -10% 0% 10% 20% 2024-05 2024-09 2025-01 2025-05 农林牧渔 沪深300 作者 农林牧渔 传统与革新交织，优选景气与成长——2025 年中期策略 过去半年，我们看到各肉类蛋白价格保持坚挺，消费有所回升，此外种植 业关注拉尼娜天气周期临近，作物丰产预期或将结束，均指向传统消费领 域景气度好于预期，在市场一致性悲观的时间段里潜在长线的配置机会。 传统消费之外，新消费的方向逐步走向清晰。从大类来看，增进健康与收 获快乐的新消费亮点频现。符合年轻一代快乐消费的主要方向就是宠物相 关行业，包括宠物食品、医疗等，国产品牌在中高端市场加速发力，业绩 与预期双重增强。而涉及健康领域的新方向，包括减糖意识深化带来代糖 产业崛起，健康食品概念的魔芋、金针菇，视力保护概念水果蓝莓等，都 有颇多亮点。 投资建议。基于各板块景气判断与策略，关注标的如下：生猪养殖：牧原 股份、温氏股份、神农集团等；家禽与其他养殖：圣农发展、禾丰股份、 益生股份、立华股份、光明肉业；水产饲料：海大集团。宠 ...

证券研究报告 | 行业周报 gszqdatemark 2025 05 25 年 月 日 龙头公司业务结构优化，报表风险释放，业绩逐步走出低谷。近年来，龙 头公司持续优化自身业务结构，住宅精装修业务占比持续下降（如金螳螂 2024 年住宅精装修订单占比仅 9%，较 2018 年大幅下降 31pct），预计剩 余订单也主要集中在央国企开发商客户，经营风险大幅降低。江河集团等 企业依托海外业务优势加速拓展海外订单，2024 年海外订单同增 57%， 占总订单的 28%，进一步对冲国内业务收缩风险。此外，行业龙头在前两 年普遍大幅计提减值损失，预计资产负债表风险已得到较充分释放，当前 在手现金普遍较为充裕，有息负债率较低（如 2024 年金螳螂、亚厦股份 有息债务率仅 2.5%、6%），信用风险可控。过去几年地产销售及市政基 建类投资连续下行，目前跌幅已经明显收窄，部分城市更新改造业务也有 望加速释放，大公装下游整体需求有望趋稳。装饰龙头凭借显著竞争优势， 市占率有望持续提升，从而实现未来收入与业绩的平稳增长。从上市龙头 公司 2025 年 Q1 业绩看，整体收入同比基本持平，业绩小幅下降，环比 2024 年增速边际 ...

风电&电网：红海湾六海上风电启动 500KV 海缆招标，丹麦政府重启海上风电补 贴，预期 2025 年秋季启动 3GW 招标。5 月 21 日，深圳能源电子招标投标平台 发布《深能汕尾红海湾六海上风电项目 500kV 海底电缆供货及敷设采购项目招标 公告》。丹麦能源部宣布，丹麦政府将于今年秋季启动 3GW 海上风电招标，并将 为开发商提供高达 552 亿丹麦克朗（折合人民币约 603.78 亿元）的补贴。 氢能：阳光电源再投 43 亿建绿色氢氨醇项目！据全球氢能，2025 年 5 月 20 日， 黑龙江省齐齐哈尔市富裕县阳光新能源绿色氢氨醇一体化项目备案。据公示信息， 该项目总投资额为 42.67 亿元，项目总占地约 541200 平方米，新建办公用房座， 利用风光发电自建电解水制氢装置生产绿氢，年产 30 万吨绿色甲醇和 10 万吨绿 氨。项目法人单位为富裕县成阳绿氢能源有限公司，隶属于阳光电源，是阳光新能 源开发股份有限公司旗下全资控股公司。近年来，从制氢装备到绿氢项目投资，阳 光电源积极布局氢能产业，不断拓宽氢能的应用场景。优质设备厂商双良节能、华 电重工、昇辉科技、华光环能。推荐关注氢气压缩机头部标的 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the environmental sector, including Huicheng Environmental, GaoNeng Environment, and HongCheng Environment [5][36]. Core Insights - The report highlights the issuance of the "Beautiful Rivers and Lakes Protection and Construction Action Plan (2025-2027)" by the Ministry of Ecology and Environment and other departments, aiming for a 40% completion rate by 2027 and significant improvements by 2030 and 2035 [10][11]. - The report emphasizes the importance of industrial park wastewater treatment standards and the need for differentiated management based on the type of industrial park [23][35]. - The current macroeconomic environment, characterized by historically low interest rates, presents opportunities for high-dividend and growth-oriented assets in the environmental sector [2][36]. Summary by Sections Investment Views - The report discusses the "Beautiful Rivers and Lakes Protection and Construction Action Plan," which aims to enhance water ecological governance and attract social capital for joint management [10][22]. - It also mentions the release of technical guidelines for wastewater discharge standards in industrial parks, focusing on a classification management approach [23][35]. - The report suggests focusing on companies involved in environmental monitoring and treatment, such as JuGuang Technology and HongCheng Environment [22][35]. Market Performance - The environmental sector underperformed compared to the broader market, with a decline of 1.47% against a 0.57% drop in the Shanghai Composite Index [38]. - Notable stock performances include Shenwu Energy (+27.51%), Huicheng Environmental (+13.77%), and Anche Detection (+11.05%) [38]. Key Announcements - The report includes various announcements related to environmental policies and performance ratings of key industries in response to pollution control measures [49][50].

Investment Rating - Maintain "Add" rating for the agricultural sector [5] Core Views - The pet sector showed strong performance during the 618 pre-sale event, with significant sales growth and a notable increase in domestic brand presence [12][13] - In the pig farming sector, the average selling price of lean pigs decreased to 14.46 CNY/kg, down 1.2% from the previous week, indicating a low valuation environment [14][15] - The poultry sector experienced a slight decline in white feather chicken prices, with the average price at 7.36 CNY/kg, down 0.5% [14][30] - The commercialization of genetically modified varieties is expected to enhance growth potential in the agricultural sector [14] - The fluctuation of agricultural product prices and the ongoing adjustment of poultry production capacity present investment opportunities [14] Summary by Sections Weekly Highlights - The pet category performed exceptionally well during the 618 sales event, with sales figures surpassing last year's first-day totals [12] - Domestic brands are gaining market share, with significant sales growth reported for several brands [13] Agricultural Data Tracking - The average selling price of lean pigs is 14.46 CNY/kg, down 1.2% from last week, while the average wholesale price of pork remains stable at 20.95 CNY/kg [15][16] - The average price of white feather chickens is 7.36 CNY/kg, down 0.5%, and the average price of chicken products is stable at 8.86 CNY/kg [30][31] - The price of 15kg piglets decreased to 42.42 CNY/kg, down 2.1% from last week [20][34] Livestock and Poultry - The self-breeding profit for pigs decreased to 48.21 CNY/head, down 32.45 CNY from last week, while the profit from purchased piglets is negative [17][21] - The average price of meat chicken seedlings remains stable at 2.85 CNY each [26][30] Crop and Agricultural Products - The approval of genetically modified varieties is expected to lead to commercial sales, enhancing the growth potential of industry companies [14] - The fluctuation in agricultural product prices is expected to create opportunities for leading feed companies to replace smaller competitors [14]

证券研究报告 | 行业深度 2025 05 23 年 月 日 C D M O 行业专题： 礼来新药 O r f o r g l i p r o n 有望拉动小分子核心 公司下一波提速 分析师 张金洋 分析师 胡偌碧 分析师 徐雨涵 邮箱：zhangjinyang@gszq.com 邮箱：huruobi@gszq.com 邮箱：xuyuhan@gszq.com 打造极致专业与效率 执业证书编号：S0680519010001 执业证书编号：S0680519010003 执业证书编号：S0680524040006 1.1 复盘：Paxlovid对于CDMO企业的意义 图表1：2021-2025Q1辉瑞股价变动（美元） 0 10 20 30 40 50 60 70 2021-01-04 2021-03-17 2021-05-27 2021-08-09 2021-10-19 2021-12-30 2022-03-14 2022-05-24 2022-08-05 2022-10-17 2022-12-28 2023-03-13 2023-05-23 2023-08-04 2023-10-16 2023-12-27 202 ...

证券研究报告 | 行业专题研究 2025 05 24 年 月 日 智能驾驶技术的当下与未来： 头部玩家的探索与启示 首席分析师 夏君 分析师 刘玲 执业证书编号：S0680519100004 执业证书编号：S0680524070003 邮箱：xiajun@gszq.com 邮箱：liuling3@gszq.com 打造极致专业与效率 目录 ▎1、软件侧：从"模仿人类"到"超越人类"、从"聋哑司机"到"司机助理" 1.1 从"模仿人类"到"超越人类" 1.2 从"聋哑司机"到"司机助理" ▎2、硬件侧：比人看得清、比人想得远、比人反应快 2.1 感知层：双目感知、鹰眼视觉、激光雷达，比人看得清 2.2 决策层：下一代智驾系统对芯片要求更高，比人想得远 2.3 执行层：线控趋势已成，比人反应快 2 1.1 从"模仿人类"到"超越人类" ➢ 智驾要普及，光"模仿人类"不够，必须"超越人类" 第一个问题：智驾能否普及？人类会不会永远不敢把生命交给 智能驾驶？或者渗透率的上限很低？ Eg. 一个关于"电梯" 发展早期的例子：从工业革命时期开始， 升降机就已经可以实现上下移动物体或人的基本功能，但直到纽 约在1853-1 ...