Core Views - The report maintains a positive outlook on the biopharmaceutical industry, expecting it to outperform the market due to minimal impact from recent U.S. tariff policies on drug sectors [4][5] - The report emphasizes continued optimism for innovative drugs and sectors related to consumer recovery, highlighting the resilience of the pharmaceutical sector amidst tariff changes [4][5] Industry Insights - The recent U.S. tariff policy has a limited effect on the pharmaceutical sector, with most drugs, including various chemical drugs, vaccines, and biological products, exempt from tariffs. Raw materials like vitamins and amino acids are also on the exemption list [4][27] - The report suggests that the innovative drug sector has shown significant growth, providing a selection of quality stocks based on criteria such as strong fundamentals, potential in research pipelines, and favorable cash positions [4][5] Investment Strategy - The report recommends focusing on four main themes: "Innovation," "Going Global," "Equipment Upgrades," and "Consumer Recovery" [5] - **Innovation**: Invest in globally competitive innovative drugs and promising categories, with specific companies highlighted such as BeiGene and East China Pharmaceutical [5] - **Going Global**: Identify opportunities in overseas markets, with companies like Mindray Medical and Sinocare suggested for investment [5] - **Equipment Upgrades**: Expect support for medical equipment updates from government policies, with companies like Mindray Medical and United Imaging Healthcare recommended [5] - **Consumer Recovery**: Anticipate a rebound in sectors like ophthalmology and aesthetic medicine, with companies like Prue Eye Hospital and Tongce Medical highlighted [5] Key Companies to Watch - **Nocare Biopharma**: Expected to achieve revenue of 1.009 billion in 2024, with a 49% year-on-year growth in sales of its core product, Oubatinib [6] - **Sihuan Pharmaceutical**: Strong fundamentals with a stable performance, and a promising pipeline with multiple products expected to be approved between 2025 and 2027 [9] - **East China Pharmaceutical**: Anticipated growth driven by the commercialization of domestic nuclear medicine products and a robust R&D pipeline [10] - **China Biopharmaceutical**: Rapid revenue growth with an increasing proportion of innovative products, indicating potential for accelerated profit growth [11] - **Aier Eye Hospital**: Benefiting from growing demand in ophthalmology and favorable policies for private specialty hospitals, with significant expansion plans [21]

Investment Rating - The investment rating for the company is "Recommended" [1] Core Views - The company reported a significant increase in net profit attributable to the parent company, with a non-recurring net profit of 1.943 billion yuan, representing a year-on-year increase of 40.48% [5][8] - The rise in tin prices has positively impacted the company's tin ingot business, with production increasing by 19.42% and sales by 20.41% in 2024 [8] - The company has improved its global market share in refined tin, achieving a domestic market share of 47.98% and a global market share of 25.03% in 2024 [8] Financial Performance Summary - In 2024, the company achieved revenue of 41.973 billion yuan, a year-on-year decrease of 0.91%, and a net profit of 1.444 billion yuan, a year-on-year increase of 2.55% [5][7] - The average price of tin in 2024 was 248,300 yuan per ton, an increase of 16.9% year-on-year, contributing to a 34.11% increase in tin ingot revenue [8] - The company's projected net profits for 2025-2027 are 2.328 billion yuan, 2.589 billion yuan, and 2.796 billion yuan, respectively, with corresponding P/E ratios of 10.8, 9.8, and 9.0 [9][8]

Investment Rating - The report initiates coverage with a "Buy" rating for Horizon Robotics (9660.HK) [5]. Core Views - Horizon Robotics is positioned as a leading provider of intelligent driving solutions, leveraging its extensive mass production experience and innovative product offerings to capitalize on the growing demand in the automotive sector [5][8]. - The company is set to benefit from the upcoming series of new products, particularly the Journey 6 series, which is expected to enhance its market share and revenue growth significantly by 2025 [5][19]. - Strategic partnerships with major automotive manufacturers such as BYD, Volkswagen, and Li Auto are crucial for Horizon's growth, enabling it to expand its influence in both domestic and international markets [5][40][42]. Summary by Sections 1. Intelligent Driving Solutions Provider - Horizon Robotics, founded in 2015, focuses on intelligent driving solutions, integrating algorithms, dedicated software, and processing hardware to create a comprehensive product matrix [8][9]. - The company has shipped over 7 million units of its intelligent driving chips, showcasing its capability in mass production [5][8]. 2. Journey 6 and Full-Scene Intelligent Driving Solutions - The Journey 6 series, launched in April 2024, represents a significant upgrade in Horizon's product line, designed to meet diverse intelligent driving needs with a scalable architecture [19][21]. - The Journey 6 series offers a computing power range from 10 TOPS to 560 TOPS, catering to various levels of intelligent driving applications [21][22]. 3. Flexible Cooperation Model - Horizon employs a flexible cooperation model, including IP licensing, computing solutions, and joint development, to meet the diverse needs of its clients [5][36]. - The company has established significant partnerships with leading automotive manufacturers, enhancing its market presence and revenue potential [5][40][42]. 4. Industry Opportunities - The intelligent driving sector is poised for rapid growth, driven by initiatives from major players like BYD and Tesla, which are expected to accelerate the adoption of intelligent driving technologies [5][44]. - Horizon holds a leading market share of 33.97% in the domestic intelligent driving computing solutions market, positioning it well to capitalize on the industry's expansion [44]. 5. Profit Forecast and Investment Recommendations - Horizon's revenue is projected to grow significantly, with expected net profits of -2.2 billion, -1.4 billion, and 0.5 billion RMB for 2025, 2026, and 2027 respectively [5][4]. - The report suggests that Horizon's innovative product cycle and favorable market conditions will enhance its profitability in the coming years [5][4].

美国 401(k)大量减持权益类资产 证券分析师 平安观点： 本期重点：美国 401(k)大量减持权益类资产 第一，经济预期恶化，美国 401(k)大量减持权益类资产。Alight 发布 3 月 401（k）观测报告，称出于对经济前景的担忧，3 月美国居民对其 401（k） 账户内的储蓄资金进行了大量交易，出售权益类资产、买入固定收益类资 产。根据 Alight 统计，3 月 401(k)资金交易规模占 401（k）账户规模的 0.34%，为 2020 年 10 月以来的最高水平。3 月中，近一半的交易日交易 水平超出历史正常水平。 有观点认为，在 4 月 4 日美国股市全面暴跌后，美国居民已经出现了对退 休储蓄缩水的恐慌。虽然当前多数居民仍处于观望状态，401（k）资产配 置整体稳定；但若特朗普全面关税政策不发生转向、经济衰退预期强化， 美国居民可能会进一步缩减权益类投资比例。 前瞻性产业研究 2025 年 4 月 7 日 养老金融双周报（2025.03.31-2025.04.06） 第二，英国可能允许适用养老金购买住房。英国金融行为监管局（FCA） 称，他们将在 6 月就"是否应允许将养老金储蓄用于首次购 ...

养老金融双周报（2025.03.31-2025.04.06） 美国 401(k)大量减持权益类资产 证券分析师 平安观点： 本期重点：美国 401(k)大量减持权益类资产 第一，经济预期恶化，美国 401(k)大量减持权益类资产。Alight 发布 3 月 401（k）观测报告，称出于对经济前景的担忧，3 月美国居民对其 401（k） 账户内的储蓄资金进行了大量交易，出售权益类资产、买入固定收益类资 产。根据 Alight 统计，3 月 401(k)资金交易规模占 401（k）账户规模的 0.34%，为 2020 年 10 月以来的最高水平。3 月中，近一半的交易日交易 水平超出历史正常水平。 前瞻性产业研究 2025 年 4 月 7 日 陈骁 投资咨询资格编号 S1060516070001 chenxiao397@pingan.com.cn 郝博韬 投资咨询资格编号 S1060521110001 haobotao973@pingan.com.cn 石艺 投资咨询资格编号 S1060524070003 SHIYI262@pingan.com.cn 1）美共和党希望允许养老金投资加密货币 2）澳大利亚央行认为养 ...

Economic Policy - The US announced a "reciprocal tariff" policy on April 2, imposing a base tariff of 10% on all imports, with rates for 57 countries reaching 20-49%, significantly exceeding market expectations[2] - China responded on April 4 by imposing a 34% tariff on US goods, raising the total tariffs on China to 54% for the year, with cumulative tariffs estimated at 66.5%[2] - The GDPNow model predicts a Q1 2025 GDP annualized rate of -2.8%, with a gold-adjusted forecast of -0.8%[7] Market Reactions - Global stock markets suffered significant declines, with the S&P 500, Dow Jones, and Nasdaq down 9.1%, 7.9%, and 10.0% respectively following the tariff announcement[14] - US Treasury yields fell sharply, with the 10-year yield down 26 basis points to 4.01% and the 2-year yield down 21 basis points to 3.68%[19] - Oil prices dropped significantly, with Brent and WTI crude down 10.9% and 10.6% respectively, influenced by the tariff impacts and OPEC+ production increases[21] Employment and Inflation - The US added 228,000 non-farm jobs in March, exceeding expectations, but the unemployment rate rose to 4.2%[4] - Average hourly earnings increased by 0.3% month-over-month, with a year-over-year growth of 3.8%, slightly below expectations[4] Currency Movements - The US dollar index fell by 1.07% to 102.92, with safe-haven currencies like the Swiss franc and Japanese yen gaining[23] - The euro appreciated by 1.26% against the dollar, while the British pound decreased by 0.29%[23]

海外宏观 2025 年 4 月 7 日 海外宏观周报 "对等关税"引巨震 证券分析师 | 钟正生 | 投资咨询资格编号 | | --- | --- | | | S1060520090001 | | | ZHONGZHENGSHENG934@pingan.com.cn | | 张璐 | 投资咨询资格编号 | | | S1060522100001 | | | ZHANGLU150@pingan.com.cn | | 范城恺 | 投资咨询资格编号 | | | S1060523010001 | | | FANCHENGKAI146@pingan.com.cn | 平安观点： 海外经济政策。1）美国：美国时间 4月 2日，美国宣布实施"对等关税"， 整体幅度明显超出市场预期。北京时间 4 月 4 日，中国宣布对美加征 34% 关税、限制美企投资等多条反制措施。鲍威尔讲话承认滞胀风险 上升，但 拒绝"通过货币工具对冲关税成本"；其他官员讲话整体偏鹰。美国 3 月非 农就业走强、失业率小幅上升，不足以缓解关税阴霾引发的经济担忧。 GDPNow 模型最新预测（截至 4 月 3 日），美国一季度 GDP 环比折年率为 -2.8 ...

2025 年 4 月 7 日 中国经济高频观察（2025 年 4 月第 1 周） 关税冲击待观察 证券分析师 平安观点： 宏 观 报 告 宏 观 周 报 证 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 钟正生 投资咨询资格编号 S1060520090001 zhongzhengsheng934@pingan.com.cn 张璐 投资咨询资格编号 S1060522100001 ZHANGLU150@pingan.com.cn 常艺馨 投资咨询资格编号 S1060522080003 CHANGYIXIN050@pingan.com.cn 本周值季末月初，叠加清明假期扰动，中国经济高频数据基本延续分化格局。 市场重点关注的"对等关税"使清明假期期间外盘资产价格急剧波动，但其 冲击尚未体现在高频产需数据中。可以预见的是，本次美国推出的大规模关 税措施，将使得全年完成 5%左右实际 GDP 增速目标存在压力（详见《如何 看待"对等关税"》）。但中国宏观政策"有预案"、"有共识"，内需有巨大的 空间和潜力。可以期待的是，中国政策或将 ...

证券研究报告 特朗普宣布实施"对等关税" ，杜邦中国涉 嫌垄断被立案调查 电子行业 强于大市（维持） 平安证券研究所 电子团队 分析师： 徐碧云 S1060523070002（证券投资咨询） 邮箱： XUBYUN372@pingan.com.cn 2025年4月7日 请务必阅读正文后免责条款 核心摘要 行业要闻及简评： 1）4月2日，美国总统特朗普在白宫签署两项关于所谓"对等关税"的行政令，宣布美国对所有贸易 伙伴设立10%的"最低基准关税"，并对多个贸易伙伴征收更高关税；2）杜邦中国涉嫌垄断被国家市场监督管理总局立 案调查 ； 3 ） 2025年3月31日，2025雷神科技AI智能眼镜产品正式发布，产品搭载了高通AR1芯片和索尼光学镜头，支持 1080P视频录制和沉浸式音效，重量仅39g，深度整合火山引擎，并且接入DeepSeek架构。 一周行情回顾：本周，中国台湾半导体指数微跌，而美国费城半导体指数则跌幅较大。4月6日，美国费城半导体指数达 到3,597.66，周跌幅为16.04%；中国台湾半导体指数为586.06，周跌幅为1.31%。本周，半导体行业指数微跌，周跌幅 为0.59%，跑赢沪深300指数0. ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [1] Core Views - The report emphasizes the importance of domestic demand in light of increased tariffs, highlighting the need for policies to support growth in the domestic market [6] - The report recommends focusing on three main lines of investment: high-end liquor with strong demand, national expansion of mid-range liquor, and real estate liquor products [6] - The food index showed a cumulative increase of 1.32%, with specific recommendations for snack and restaurant industry investments due to expected recovery [6] Summary by Sections Liquor Industry - Moutai's 2024 revenue is projected at 174.1 billion yuan, a 15.7% increase year-on-year, with a net profit of 86.2 billion yuan, up 15.4% [6][7] - The report recommends Moutai, Wuliangye, and Luzhou Laojiao for high-end liquor, Shanxi Fenjiu for mid-range liquor, and Yingjia Gongjiu and others for real estate liquor [6] - The liquor index showed a cumulative decline of 0.74% this week, with Moutai's stock down 1.03% [6][7] Food Industry - The food index increased by 1.32%, with top gainers including Yanjinpuzi (+19.64%) and Zunming Co. (+9.66%) [6][12] - The report suggests focusing on the snack sector and the restaurant industry chain, anticipating a slight recovery in the restaurant sector [6] - Recommendations include Three Squirrels and Yanjinpuzi for snacks, and Yanjing Beer, Haitian Flavoring, and Anjui Foods for the restaurant supply chain [6] Key Company Insights - Guizhou Moutai aims for a revenue growth of about 9% in 2025, with a fixed asset investment of 4.711 billion yuan [7] - Wuliangye plans to maintain a cash dividend of at least 70% of net profit for 2024-2026, ensuring stable shareholder returns [7] - Luzhou Laojiao and Shanxi Fenjiu are also recommended for their strong market positions and growth strategies [7][8] Market Trends - The report notes that the overall food and beverage industry has shown resilience, with many companies meeting performance expectations [6] - The macroeconomic environment remains a concern, but the report highlights opportunities in high-demand sectors [6][9]