Investment Rating - The report maintains a positive outlook on the oral cyclic peptide drugs, highlighting their potential to reshape the treatment landscape in various therapeutic areas [15][20]. Core Insights - The report emphasizes the significant potential of multiple oral cyclic peptide drugs, particularly in the treatment of chronic diseases, where patient convenience and safety are paramount [19][20]. - It identifies the oral PCSK9 inhibitors as a promising class of drugs that could transform lipid-lowering therapy, addressing the limitations of traditional statins [20][27]. - The report also discusses the advancements in oral IL-23 antagonists for psoriasis treatment, indicating a strong potential for expanding indications [44][49]. Summary by Sections Market Overview - The report notes a decline in the medical sector, with the CITIC medical index dropping by 6.76%, underperforming the CSI 300 index by 2.99 percentage points, ranking 25th among 30 sectors [8]. Innovative Drugs - The report highlights a shift in the domestic innovative drug industry from quantity to quality, suggesting a focus on differentiated products and international pipelines by 2025 [12]. - It recommends monitoring companies such as BeiGene, Innovent, and others for their promising product pipelines [12]. Medical Devices - The report indicates a recovery in bidding volumes for imaging equipment and a growing home medical device market, with companies like Mindray and United Imaging being key players [12]. - It also notes the potential for domestic companies to gain market share through the replacement of imported products in the light-emitting device sector [12]. Oral Cyclic Peptides - The report discusses the advancements in oral cyclic peptide drugs, which have shown improved bioavailability and patient compliance compared to traditional peptide therapies [19][20]. - It highlights the clinical success of MK-0616, an oral PCSK9 inhibitor, which has demonstrated significant LDL-C reduction in clinical trials [43][44]. Psoriasis Treatment - The report outlines the potential of JNJ-2113, an oral IL-23 receptor antagonist, which has shown promising results in clinical trials for psoriasis, with a high percentage of patients achieving treatment goals [55][57]. - It emphasizes the growing market for oral therapies in chronic conditions, driven by patient demand for more convenient treatment options [44][49]. Industry Beneficiaries - The report identifies several CXO companies that are well-positioned to benefit from the growing cyclic peptide market, including WuXi AppTec and others, due to their advanced synthesis capabilities [63][65]. - It suggests that the global cyclic peptide market is expected to expand rapidly as more significant products are launched [65].

Report Industry Investment Rating No information is provided regarding the report's industry investment rating in the given content. Core View of the Report In the third week of November, the scope of construction shutdown in the north accelerated its expansion, showing the characteristics of weak supply and demand for investment products. Both new and second - hand housing transactions followed seasonal trends, with the former showing a slight stabilization. In terms of inflation, food prices changed from rising to falling, and the drag from pork and vegetable prices increased. In the export sector, container shipping prices continued to diverge, with SCFI weakening and CCFI remaining strong. Port transportation volume weakened compared to the previous week, indicating the impact of the off - season. In the investment field, the decline in cement prices continued to widen. The apparent demand for rebar improved and inventory clearance accelerated, mainly due to supply contraction. In the real estate sector, new housing sales recovered seasonally, while second - hand housing sales continued to weaken, and both showed year - on - year negative growth. For the bond market, the impact of fundamental factors on the bond market further weakened under the influence of the off - season. Policy expectations for the current year were not strong, and the market focused on the possibility of "front - loaded efforts" in the next year. [3][33] Summary by Directory Weekly High - Frequency Tracking: Export Cargo Volume Maintains Resilience Inflation - Related: Food Prices Decline Food prices decreased slightly. From November 15th to 22nd, the average wholesale price of pork in China decreased by 0.74% week - on - week, and vegetable prices decreased by 1.32% week - on - week, both weaker than the previous week. The 200 - index of agricultural product wholesale prices and the wholesale price index of basket products decreased by 0.09% and 0.08% week - on - week respectively, changing from rising to falling. [8] Import and Export - Related: Container Shipping Prices Diverge, SCFI Continues to Weaken The decline of SCFI widened, while CCFI continued to rise. This week, the CCFI index increased by 2.6% week - on - week, and SCFI decreased by 4.0% week - on - week. The container transportation market was basically stable, and the freight rates in the ocean - going routes showed an adjustment trend. In the North American routes, the growth of transportation demand was weak, and freight rates continued to decline. From November 10th to 16th, the container throughput and cargo throughput of ports decreased by 5.4% and 1.1% week - on - week respectively. This week, they increased by 3.1% and 0.4% year - on - year respectively, continuing to weaken compared to the previous week under the influence of the off - season. The increases of BDI and CDFI indexes further expanded. [11] Industry - Related: Most Production Operating Rates Continue to Decline - Coal price increase significantly narrowed. This week, the price of thermal coal (Q5500) at Qinhuangdao Port increased by 0.26% week - on - week, with a significant narrowing of the increase. - Rebar price increase widened. The spot price of rebar (HRB400 20mm) increased by 1.2% week - on - week. - Asphalt operating rate accelerated its decline. This week, the operating rate of asphalt plants decreased by 4.2 percentage points to 24.8% week - on - week, a 7.0% year - on - year decrease. - Copper price changed from rising to falling. This week, the average prices of Yangtze River Non - Ferrous Copper and LME Copper both decreased by about 0.9% week - on - week. - The decline of glass futures prices widened. This week, the market trading sentiment was cold, and most manufacturers continued to sell at reduced prices. [13][15][20] Investment - Related: New Housing Sales Slightly Stabilize, Second - Hand Housing Sales Weaken - Cement price decline slightly widened. This week, the weekly average of the national cement price index decreased by 0.62% week - on - week. - New housing sales seasonally stabilized. From November 14th to 20th, the transaction area of new houses in 30 cities was 1.936 million square meters, a 22.5% week - on - week increase and a 23% year - on - year decrease. - Second - hand housing sales slightly declined. From last Friday to this Thursday, second - hand housing sales decreased by 3.8% week - on - week and 7.6% year - on - year. [25][27] Consumption: Passenger Car Retail Sales in Mid - and Early November Continue to Decline - Passenger car retail sales in mid - and early November showed a year - on - year negative growth. From November 1st to 16th, the national retail sales of the passenger car market were 886,000 vehicles, a 14% decrease compared to the same period last November and a 6% decrease compared to the same period last month. - Crude oil price changed from rising to falling. As of November 21st, Brent crude oil and WTI crude oil prices decreased by 2.8% and 3.4% week - on - week respectively, weaker than the previous week. [28][32]

Investment Rating - The report has downgraded the investment rating to "Recommendation" with a target price of 25.6 CNY, indicating a potential upside of 16% from the current price of 22.15 CNY [2][8]. Core Views - The company is experiencing revenue and profit pressure in Q3 2025, with a year-on-year revenue decline of 13.75% and a significant drop in net profit by 69.57% in the same quarter [2][8]. - Despite short-term performance challenges, the long-term outlook for the scientific services industry remains positive, with expectations of a recovery in downstream demand leading to a performance inflection point [8]. - The company is actively restructuring its business to focus on higher-margin operations, which has resulted in a slight improvement in gross margin to 22.15% [8]. Financial Summary - For the first three quarters of 2025, the company reported a total revenue of 1.848 billion CNY, down 13.06% year-on-year, while net profit attributable to shareholders was 11 million CNY, up 15.04% year-on-year [2][8]. - The projected revenues for 2025 to 2027 are 2.634 billion CNY, 2.812 billion CNY, and 3.072 billion CNY, respectively, with expected growth rates of -8.6%, 6.7%, and 9.2% [4][9]. - The net profit forecast for the same period is 16 million CNY, 36 million CNY, and 59 million CNY, with growth rates of 23.8%, 125.7%, and 64.4% respectively [4][9]. - The company has a current market capitalization of 3.642 billion CNY and a debt-to-equity ratio of 55.3% [5][9].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 19.9 yuan [2][7]. Core Insights - The company has seen an increase in overseas revenue proportion and an improvement in profitability. The report highlights a 13.53% year-on-year revenue growth for Q3 2025, reaching 2.958 billion yuan, while the net profit attributable to shareholders decreased by 67.25% year-on-year to 114 million yuan [2][7]. - The report emphasizes the rising prices in the dry separator industry, with a nearly 30% price increase in the first half of the year and continued price growth from September to November. This price recovery is expected to drive further investment in R&D by related companies [7]. - The company is actively expanding its production capacity both domestically and internationally, diversifying its product range, and enhancing market share. New products such as nanofiber and polyimide separators are expected to improve charging efficiency and safety [7]. - The report notes the company's advancements in solid-state materials, with a subsidiary capable of producing oxide electrolytes at a scale of hundreds of tons and plans for sulfide electrolytes to achieve ton-level shipments by 2025 [7]. Financial Summary - Projected total revenue for 2024, 2025, 2026, and 2027 is 3.541 billion, 4.178 billion, 5.316 billion, and 6.591 billion yuan respectively, with year-on-year growth rates of 17.5%, 18.0%, 27.2%, and 24.0% [3][8]. - The net profit attributable to shareholders is forecasted to be 364 million, 197 million, 559 million, and 688 million yuan for the same years, with significant fluctuations in growth rates [3][8]. - The report provides a detailed financial outlook, including earnings per share (EPS) estimates of 0.27, 0.15, 0.41, and 0.51 yuan for 2024, 2025, 2026, and 2027 respectively [3][8].

宏观研究 证 券 研 究 报 告 【宏观快评】9 月美国非农数据点评 就业数据真空或促使联储 12 月不降息 主要观点 9 月美国非农数据简述 1、新增非农回升且好于预期。新增非农 11.9 万，预期 5 万。7 月数据从 7.9 万 下修至 7.2 万，8 月数据从 2.2 万下修至-0.4 万。就业增长主要集中在 2 个行 业，教育保健服务（+5.9 万，前值+4.7 万）、休闲和酒店业（+4.7 万，前值+3.2 万）合计占总新增就业的约 9 成；其次是政府（+2.2 万，前值-2.2 万）、建筑 （+1.9 万，前值-1.4 万）、批发和零售。制造业、专业和商业服务的就业萎缩。 2、失业率超预期上行。失业率录得 4.4%（4.44%），高于预期和前值的 4.3% （4.324%）。失业率超预期上行主要源于劳动力供给回升：劳动参与率回升 0.1 个百分点至 62.4%，高于预期的 62.3%，家庭调查口径的新增就业增长 25.1 万， 劳动力供给增长 47.2 万。 3、时薪增速小幅低于预期。时薪环比 0.2%，预期 0.3%，前值 0.4%，6 个月 变化的折年率从 3.8%降至 3.6%。同比增速 ...

Report Industry Investment Rating No information provided regarding the report industry investment rating. Core Viewpoints of the Report The report focuses on the policy trends from November 6th to November 21st, 2025, covering macro - economic, fiscal, monetary, financial regulatory, and real - estate policies. It emphasizes the importance of promoting private investment, developing new - quality productivity, ensuring sufficient fiscal strength, maintaining reasonable interest - rate parity, and optimizing financial regulations and real - estate policies [1][2][3][4]. Summary by Directory Macro - economic Tone - The State Council issued policies to stimulate private investment, including 13 targeted measures such as encouraging private capital participation in key projects and removing unreasonable restrictions [1][8]. - The State Council Executive Meeting proposed enhancing the adaptability of consumer supply and demand to release consumption potential and promote economic circulation [1][9]. - Developing new - quality productivity was emphasized, with an article in "Qiushi" magazine highlighting its strategic position in the "15th Five - Year Plan" period [1][10]. Fiscal Policy - The fiscal policy should be sufficient in strength, precise in implementation, and coordinated in policy. The Ministry of Finance plans to use various tools and strengthen cooperation with finance to support public services and private investment [2][12]. - The investment scope of the securities settlement risk fund was expanded to include key - term treasury bonds [2][13]. - The Ministry of Finance successfully issued 4 billion euros of sovereign bonds in Luxembourg, with strong international investor participation [2][13]. Monetary Policy - The third - quarter monetary policy report adjusted the policy tone to "cross - cycle and counter - cycle adjustment". There is limited space for significant liquidity loosening [3][16]. - Maintaining a reasonable interest - rate parity is crucial for the smooth transmission of monetary policy, and financial industry "involution - style competition" should be restricted [3][17]. - There may be new liquidity management tools, and the rapid issuance of government bonds may replace loans in the short term [3][19]. Financial Supervision - The Asset Management Association of China drafted a guidance on the style management of thematic investment funds, and the CSRC optimized the ETF registration process [4][21]. - The National Financial Regulatory Administration will release a revised "Administrative Measures for Commercial Bank Merger and Acquisition Loans", and the first joint - stock bank financial asset investment company was established [4][22]. - Many large - scale insurance companies launched "Good Start" products, with a focus on dividend - type insurance [4][22]. - CICC plans to merge Dongxing Securities and Cinda Securities [4][22]. Real - estate Policy - The central bank aims to implement financial policies for affordable housing and improve the basic real - estate financial system [5][26]. - Beijing completed its 2025 affordable housing construction and acquisition tasks [5][26]. - Guangzhou plans to increase the acquisition of existing commercial housing, with relaxed requirements for eligible properties [5][27].

Investment Rating - The report maintains a "Recommendation" rating for the company, with a target price of 21.18 CNY per share [2][8]. Core Insights - The company reported steady revenue growth in Q3 2025, with total revenue reaching 21.76 million CNY, a year-on-year increase of 7.78%. However, the net profit for the same quarter decreased by 6.10% to 1.33 million CNY [2][8]. - The company is transitioning into a sleep technology enterprise, enhancing its product matrix with AI-driven solutions. It has expanded its distribution channels both domestically and internationally, including entry into the Middle East market [8]. - The gross margin for Q3 2025 was 35.6%, reflecting a slight decline due to increased promotional activities. The net profit margin for the quarter was 6.1%, down by 0.9 percentage points year-on-year [8]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenues of 619.6 million CNY, with a year-on-year growth of 3.68%. The net profit attributable to the parent company was 39.9 million CNY, up 6.45% year-on-year [2][4]. - The financial forecasts indicate a projected revenue growth from 8,729 million CNY in 2024 to 10,462 million CNY by 2027, with corresponding net profits expected to rise from 322 million CNY to 644 million CNY over the same period [4][9]. - The company’s earnings per share (EPS) is projected to increase from 0.88 CNY in 2024 to 1.75 CNY in 2027, with a price-to-earnings (P/E) ratio decreasing from 22 to 11 over the same timeframe [4][9].

证 券 研 究 报 告 中青旅（600138）2025 年三季报点评 推荐（维持） 极端气候影响景区经营，整合营销稳步推进 目标价：10.8 元 事项： ❖ 中青旅发布 2025 年三季报。公司于 2025 年单三季度实现营收 31.6 亿元， yoy+17.2%；实现归母净利润 0.54 亿元，yoy-32.9%；扣非归母净利润 0.49 亿 元，yoy-38.0%。公司于 2025 年前三季度累计实现营业收入 80.3 亿元， yoy+13.9%；实现归母净利润 1.21 亿元，yoy-21.1%；实现扣非归母净利润 1.1 亿元，yoy-26.3%。 评论： 资料来源：公司公告，华创证券预测 注：股价为 2025 年 11 月 20 日收盘价 公司研究 景区 2025 年 11 月 21 日 | | | 华创证券研究所 证券分析师：饶临风 ❖ 风险提示：客流量下滑；行业竞争加剧；企业营销需求下滑。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收 ...

Investment Rating - The report maintains a "Recommendation" rating for Jiuan Medical (002432) with a target price of 53 CNY, while the current price is 41.63 CNY [4][8]. Core Insights - The company's revenue for the first three quarters of 2025 was 1.069 billion CNY, a decrease of 48.89% year-on-year, while the net profit attributable to the parent company was 1.589 billion CNY, an increase of 16.11% [2][8]. - The decline in revenue is primarily attributed to a significant drop in government orders for reagent kits, which decreased by 860 million CNY compared to the same period last year [8]. - The C-end reagent kit business showed a quarter-on-quarter revenue increase in Q3 2025, reaching 304 million CNY, up 17.8% from Q2, driven by sales growth in the iHealth product series and internet medical services [8]. - The asset management business contributed significantly to profits, with net profit for the first three quarters of 2025 reaching 1.589 billion CNY, exceeding the revenue of 1.069 billion CNY, mainly from investment income and fair value changes totaling 1.814 billion CNY [8]. - The company is actively promoting the development of new products, including Continuous Glucose Monitoring (CGM), a four-in-one test kit, and AI smart hearing aids, with the latter expected to enhance patient convenience and reduce costs [8]. Financial Summary - For 2025, the projected net profit attributable to the parent company is 2.341 billion CNY, with a year-on-year growth of 40.3%, and the earnings per share (EPS) is expected to be 5.04 CNY [4][8]. - The company's total revenue is forecasted to decline to 1.411 billion CNY in 2025, with a year-on-year decrease of 45.6%, before recovering to 1.610 billion CNY in 2026 [4][8]. - The price-to-earnings (P/E) ratio is projected to be 8 for 2025 and 7 for 2027, indicating a favorable valuation compared to historical levels [4][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 17.3 yuan per share [2][8]. Core Views - The company's performance is under short-term pressure, with expectations for market recovery in the future [2][8]. - The company reported a revenue of 1.265 billion yuan and a net profit attributable to shareholders of 31 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 12.38% and 65.53% respectively [2][8]. - In Q3 2025, the company achieved a revenue of 435 million yuan, with a net profit of 7 million yuan, showing a year-on-year decrease of 16.44% and 85.40% respectively [2][8]. Financial Summary - Total revenue projections for 2024A, 2025E, 2026E, and 2027E are 1.91 billion, 1.727 billion, 1.964 billion, and 2.152 billion yuan respectively, with year-on-year growth rates of -15.7%, -9.5%, 13.7%, and 9.6% [4][9]. - Net profit attributable to shareholders is projected to be 81 million, 54 million, 147 million, and 191 million yuan for the same years, with year-on-year growth rates of -62.9%, -32.5%, 171.1%, and 29.5% [4][9]. - The company’s gross margin for Q3 2025 was 29.2%, down 4.9 percentage points year-on-year, while the net profit margin was 1.5%, down 7.3 percentage points year-on-year [8][9]. Market Performance - The company is actively promoting channel transformation and smart home business, optimizing its store system, and continuously empowering distributors [8][9]. - The company has opened 1983 distribution stores and 2 direct sales stores by the end of Q3 2025, reflecting a year-to-date increase of 135 and a decrease of 7 respectively [8][9].