25 年前五月中企海外布局日处理规模超 3 万吨，出海布局空间广阔 【】【】[Table_Industry] 环保周报 [Table_ReportDate] 2025 年 6 月 15 日 156.tcy 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 环保 投资评级 看好 上次评级 看好 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮 箱：zuoqianming@cindasc.com 郭雪 环保联席首席分析师 执业编号：S1500525030002 邮 箱：guoxue @cindasc.com 吴柏莹 环保行业分析师 化工行业： 执业编号：S1500524100001 邮 箱：wuboying@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 25 年前五月中企海外布局日处理规模超 3 万吨， 出海布 ...

运用数字化拥抱医药下沉市场，业绩渐入收获期 [Table_CoverStock] —药师帮(9885.HK)深度报告 [Table_ReportDate] 2025 年 6 月 12 日 [Table_CoverAuthor] 唐爱金 医药行业首席分析师 章钟涛 医药行业分析师 S1500523080002 S1500524030003 tangaijin@cindasc.com zhangzhongtao@cindasc.com 证券研究报告 公司研究 [深度报告 Table_ReportType] [Table_StockAndRank] 药师帮(9885.HK) 投资评级 买入 上次评级 [Table_Chart] 资料来源：ifind，信达证券研发中心 [Table_BaseData] 公司主要数据 | 收盘价（港元） | 10.10 | | --- | --- | | 52 周内股价波动区间 | 5.099-11.28 | | (港元) | | | 最近一月涨跌幅(％) | 35% | | 总股本(亿股) | 6.82 | | 流通 H 股比例(％) | 100 | | 总市值(亿港元) | 68. ...

协同办公龙头，AI Agent 打开第二成 长曲线 [Table_CoverStock] — 泛微网络（603039.SH）深度报告 庞倩倩 计算机行业首席分析师 执业编号：S1500522110006 邮箱：pangqianqian@cindasc.com [Table_ReportTime] 2023 年 3 月 13 日 [Table_CoverReportList] 证券研究报告 公司研究 [Table_ReportType] 深度报告 | [Table_StockAndRank] 泛微网络（603039.SH） | | --- | | 投资评级： 买入 | [Table_Chart] -40% -20% 0% 20% 40% 60% 80% 100% 120% 140% 160% 沪深300 泛微网络 资料来源：iFinD、信达证券研发中心 [Table_BaseData] 公司主要数据 | 收盘价（元） | 59.26 | | --- | --- | | 52 周内股价 | 26.36-85.18 | | 波动区间(元) | | | 最近一月涨跌幅(％) | 12.73% | | 总股本(亿股) ...

Investment Rating - The report suggests a positive outlook for the scientific instruments industry, particularly in the context of domestic substitution driven by tariff uncertainties and export restrictions [4]. Core Insights - The scientific instruments market is undergoing a transformation, with domestic alternatives becoming essential due to increased import costs and supply chain risks [3][7]. - The analysis instruments market is experiencing growth, with the domestic market exceeding 30 billion yuan, and global market growth from 57.8 billion USD to 77.1 billion USD from 2017 to 2023, reflecting a CAGR of 4.92% [3][17]. - Increased R&D investment and supportive policies are expected to accelerate domestic substitution in the scientific instruments sector [3][27]. - The mass spectrometry and chromatography sectors face significant barriers, with high-end applications still dominated by foreign brands [3][4]. Summary by Sections Section 1: Domestic Substitution in Scientific Instruments - Tariff uncertainties and U.S. export controls are pushing for domestic alternatives in scientific instruments [7]. - The analysis instruments segment is a major branch of the scientific instruments industry, with high added value and a domestic market exceeding 30 billion yuan [17][11]. - R&D investment intensity is increasing, with 2024 funding reaching 3.61 trillion yuan, a growth of 8.3% year-on-year [25][26]. Section 2: Barriers in Mass Spectrometry and Chromatography - The mass spectrometry market in China reached 16.7 billion yuan in 2023, with a year-on-year growth of 19.53% [3][4]. - The chromatography market is projected to grow to around 16 billion yuan in 2024, with significant potential for domestic substitution [3][4]. Section 3: Innovation and Domestic Substitution - Companies like 聚光科技 (Juguang Technology) are turning losses into profits and expanding their business layout [4]. - 皖仪科技 (Wanyi Technology) is a leader in leak detection instruments, continuously investing in R&D [4]. - 莱伯泰科 (Leibotai Technology) is expanding from sample preparation to high-end analytical testing instruments [4]. - 雪迪龙 (Xuedilong) is actively positioning itself in the scientific instruments market, benefiting from the expansion of the carbon market [4].

Investment Rating - The report suggests a positive outlook for the scientific instruments industry, particularly in the context of domestic substitution driven by tariffs and export restrictions [4]. Core Insights - The scientific instruments market is undergoing a transformation due to increased tariffs and export controls from the U.S., pushing domestic alternatives from an option to a necessity [3][7]. - The analysis instruments market is experiencing continuous growth, with the domestic market exceeding 30 billion yuan, and the global market growing from 57.8 billion USD in 2017 to 77.1 billion USD in 2023, reflecting a CAGR of 4.92% [3][17]. - Increased R&D investment and supportive policies are expected to accelerate domestic substitution in the scientific instruments sector [3][27]. - The mass spectrometry and chromatography sectors face significant barriers, with high-end applications still dominated by foreign brands, indicating a long road ahead for domestic high-end development [3][4]. Summary by Sections Section 1: Domestic Substitution in Scientific Instruments - Tariff uncertainties and U.S. export controls are reshaping the landscape, making domestic substitution essential [3][7]. - The analysis instruments segment is a major branch of the scientific instruments industry, with high added value and a domestic market exceeding 30 billion yuan [3][17]. - R&D investment intensity is increasing, with 2024 funding reaching 3.61 trillion yuan, a growth of 8.3% year-on-year, surpassing the EU average [3][26]. Section 2: Barriers in Mass Spectrometry and Chromatography - The mass spectrometry market in China reached 16.704 billion yuan in 2023, growing by 19.53% year-on-year, but remains dominated by foreign brands [3][4]. - The chromatography market is projected to reach around 16 billion yuan in 2024, with significant potential for domestic substitution as import amounts decline [3][4]. Section 3: Innovation and R&D Focus - Companies like 聚光科技 (Juguang Technology) are turning losses into profits and diversifying their business models [4]. - 皖仪科技 (Wanyi Technology) is a leader in leak detection instruments, continuously investing in R&D [4]. - 莱伯泰科 (Leibotai Technology) is expanding from sample preparation to high-end analytical instruments, exploring new mass spectrometry technologies [4]. - 雪迪龙 (Xuedilong) is actively positioning itself in the scientific instruments market, benefiting from the expansion of the carbon market [4].

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - Container throughput growth is steady, while bulk cargo throughput is gradually stabilizing [2] - Overall throughput performance is stable, maintaining a "Positive" rating for the shipping and port sector [7] Summary by Sections Overview: National Import and Export Total and Cargo Throughput Situation - In the first four months of 2025, the national import and export total reached 14.14 trillion yuan, a year-on-year increase of 2.4%. The import total was 5.75 trillion yuan, down 4.2%, while the export total was 8.39 trillion yuan, up 7.5% [4][14] - Coastal major ports' cargo throughput reached 3.702 billion tons, a year-on-year increase of 1.9% [4][31] Container: Shipping Rates and Container Throughput Situation - From January to April 2025, coastal major ports' container throughput reached 9.88 million TEUs, a year-on-year increase of 8.1% [4][41] - As of June 6, 2025, the China Container Freight Index (CCFI) was 1154.98 points, down 22.79% year-on-year, while the Shanghai Container Freight Index (SCFI) was 2240.35 points, down 26.42% year-on-year [35][36] Liquid Bulk: Oil Shipping Rates and Crude Oil Throughput Situation - As of June 6, 2025, the Baltic Dirty Tanker Index (BDTI) was 951 points, down 24.94% year-on-year [43] - From January to April 2025, crude oil imports reached 183 million tons, a year-on-year increase of 0.5% [51] Dry Bulk: Shipping Rates and Iron Ore, Coal Throughput Situation - As of June 6, 2025, the Baltic Dry Index (BDI) was 1633 points, down 13.18% year-on-year [59] - From January to April 2025, iron ore throughput at major ports reached 450 million tons, a year-on-year increase of 0.07% [65] Monthly Throughput Situation of Key Port Listed Companies - In April 2025, Shanghai Port's cargo throughput was 0.51 billion tons, with container throughput of 450.10 thousand TEUs, reflecting a year-on-year increase of 3.40% and 7.65% respectively [76]

Group 1: Price Performance Characteristics - In May, the overall CPI remained flat at -0.1%, while the core CPI increased by 0.1 percentage points to 0.6%[6] - Consumer goods prices fell by 0.5% year-on-year for four consecutive months, while service prices rose by 0.5%, marking three months of positive growth[8] - Agricultural and energy prices declined, with energy prices dropping by 6.1%, contributing approximately 0.47 percentage points to the CPI decline[14] Group 2: Future Price Trends - Negative price growth is expected to persist until the end of Q3, primarily due to ongoing downward pressure on pork prices[20] - Current consumption policies have limited impact on prices, which may be offset by fluctuations in energy prices[21] - The overall CPI is unlikely to follow core inflation upward unless the downward pressures on agricultural and energy prices are alleviated[22] Group 3: Risk Factors - Geopolitical risks and unexpected increases in international oil prices are significant risk factors that could affect future price trends[25]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Since May, the bond market has been in a volatile pattern. Despite the implementation of reserve requirement ratio cuts and interest rate cuts, concerns about bank liabilities have increased, and the Sino-US trade agreement has also put some pressure on long-term bonds. However, the central bank's intention to stabilize funds is clear, and the expectation of restarting bond purchases is rising. In June, the interest rate curve is expected to steepen downward [2]. - Although there are still fluctuations in funds after the reserve requirement ratio cuts and interest rate cuts, the process of funds rates returning to policy rates continues. In early June, funds have loosened as expected. The central bank's disclosure of the scale and time of outright repurchase is conducive to reducing unnecessary market fluctuations and releasing a signal of stabilizing the funds market. The market believes that the 1 trillion outright reverse repurchase on June 6 also aims to supplement the medium - and long - term liquidity of banks. Whether this is the case depends on whether the central bank conducts another tender within the month. Even without such operations, the bank's liability pressure is expected to ease in June [2]. - Although DR007 was still above 1.5% last week, the overnight rate has dropped to the range of 1.4% - 1.5%. The widening spread between the two may be related to the increase in bank lending. The overnight rate is expected to drop to around 1.4% in June. The inflection point of the certificate of deposit (CD) rate may have appeared and is expected to continue to decline. - The central bank's disclosure of the liquidity injection situation of various tools in May has limited help in judging the subsequent funds situation. The decline in the central bank's claims on the government from January to April may be due to the maturity of short - term bonds without renewal or the closing of short - term bond short - selling positions. Although the central bank's bond - buying cannot be used as a baseline expectation, it is difficult to disprove in the short term, and the decline in short - term interest rates may not be over [2][3]. - Recent high - frequency data shows that the economy has not improved significantly. The sales area of new and second - hand houses has declined, and the prices of black commodities remain weak. The export growth rate in May dropped to 4.8%. Considering the potential increase in domestic fundamental pressure after the peak season, the overall environment for the bond market is still favorable. The short - end decline will also create space for the long - end. In the short term, the curve may continue the bull - steepening trend. It is recommended to maintain a combination of 3 - year policy financial bonds and 10 - year interest - rate bonds and appropriately increase the leverage to hold 3 - 5 - year credit bonds [3]. Summary by Directory I. The central bank sends a signal to stabilize the market. The overnight rate is expected to remain low, and the inflection point of the CD rate may have appeared - Since March, the process of funds rates returning to policy rates has continued. In early June, funds loosened as expected. The central bank's disclosure of the scale and time of outright repurchase can reduce unnecessary market fluctuations and release a signal of stabilizing the funds market [7]. - The 1 trillion outright reverse repurchase on June 6 supplements the medium - term liquidity of banks and is considered beneficial to alleviating the bank's liability pressure. However, considering that 1.2 trillion of outright reverse repurchases will mature in June, whether the central bank has the intention to further supplement liquidity depends on whether it conducts another tender within the month. Even without such operations, the bank's liability pressure is expected to ease in June due to weak credit demand and a marginal decline in government bond supply [10]. - In the first week of June, DR007 remained above 1.5%, while the overnight rate dropped to the range of 1.4% - 1.5%. The central bank seems to pay more attention to controlling the overnight rate, and the overnight rate is expected to drop to around 1.4% in June. With the overnight rate remaining low, the demand for CDs from non - bank institutions has been significantly released, and the CD rate is expected to continue to approach 1.6% [12][15][17]. II. The central bank's bond - buying cannot be used as a baseline expectation, but it is difficult to disprove and still benefits the medium - and short - term bonds - The central bank's disclosure of the "Liquidity Injection and Withdrawal of Central Bank Tools in May 2025" is considered an attempt to increase policy transparency. However, since June 2024, the deviation between the central bank's claims on other depository corporations and high - frequency operations has increased significantly, and the relatively small changes in structural tools in May are difficult to explain this deviation. The relationship between excess reserves and bank lending has also weakened, so the disclosure of monthly information on central bank tools has limited help in judging the subsequent funds situation [21][24]. - The disclosure of the scale of outright bond purchases and sales in the open market may not include maturity and roll - over. The decline in the central bank's claims on the government from January to April may be due to the maturity of short - term bonds without renewal or the closing of short - term bond short - selling positions. Which reason is more likely needs to be observed from whether the relevant accounts continue to decline in May [26][28]. - Although the increase in the net purchase of treasury bonds with a maturity of less than 3 years by large - scale banks last week has led to an increase in the expectation of the central bank restarting bond purchases, it may also be the banks' own operations. The central bank's bond - buying in June cannot be used as a baseline expectation, but this expectation is difficult to disprove in the short term and is still beneficial to medium - and short - term bonds [30]. III. High - frequency data remains weak, and the curve is expected to continue to steepen in June - In May, the manufacturing PMI increased from 49% to 49.5%, slightly stronger than the seasonal pattern, which may be boosted by export - rush factors. However, overall, the recovery speed of production activities is still higher than that of demand, and the new export orders and new order indexes are still below the boom - bust line. The situation of enterprises reducing inventory through price cuts has not changed significantly [32]. - Domestic high - frequency data shows that the economy has not improved significantly. The marginal improvement in new - house sales in May was mainly concentrated in first - tier cities, and the data has weakened recently. The second - hand housing market has also cooled down. Indicators such as the apparent demand for rebar and the cement shipping rate are still at low levels in recent years. Although the Shanghai Export Container Freight Index has risen significantly since late May, the increase in port container volume is not significant. Considering the potential increase in domestic fundamental pressure after the peak season, the overall environment for the bond market is still favorable. The short - end decline will create space for the long - end, and the curve is expected to continue to steepen in June. It is recommended to maintain a combination of 3 - year policy financial bonds and 10 - year interest - rate bonds and appropriately increase the leverage to hold 3 - 5 - year credit bonds [35][48].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In May 2025, the net repayment scale of urban investment bonds increased, with a net repayment of 57.3 billion yuan. The net financing scale of exchange - traded urban investment bonds decreased, and the net repayment scale of association - issued urban investment bonds increased. Only 9 provinces and cities had positive net financing, while 19 had net repayment. Over the past year, the net financing of most provinces has significantly declined [4]. - The actual early repayment scale of urban investment bonds in May decreased by 1.08 billion yuan compared to April, but the announced scale of early repayment and cash tender offers increased. There were 17 newly - issuing platforms, 8 fewer than in April, and most of them issued private - placement corporate bonds [4]. - The proportion of urban investment bonds issued for debt roll - over in May decreased slightly by 2.9 percentage points to 81.7%. The proportions of funds for working capital, project construction, and equity investment also decreased slightly, while the proportion of debt repayment increased. Most of the new financing from the association was for transportation infrastructure platforms [4]. - As of the end of May, 375 urban investment entities declared themselves as "market - oriented operating entities" when issuing bonds. After the association's market - oriented declaration, the bonds still could not cover interest, while the proportion of new financing after the exchange's declaration increased [5]. 3. Summary According to the Directory 3.1 5 - Month Urban Investment Bond Net Repayment Scale Increased, Early Repayment Decreased but Announced Scale Increased - Net Repayment Scale: In May, urban investment bonds had a net repayment of 57.2 billion yuan, a slight increase from April. The net financing of exchange - traded products was 3.1 billion yuan, a decrease of 24.9 billion yuan compared to April, and the net repayment of association - issued products was 60.3 billion yuan, a decrease of 21.3 billion yuan compared to April [4][8]. - Regional Differences: Only 9 provinces and cities such as Shandong, Guangdong, and Guizhou had positive net financing, while 19 provinces and cities including Jiangsu, Sichuan, and Hubei had net repayment. Over the past year, the net financing of most provinces has significantly declined, with some provinces like Shandong seeing a decline in net financing scale, and Guangdong having the largest increase. Some key provinces such as Jilin, Guangxi, and Yunnan have seen an increase in net financing [4][11]. - Early Repayment: The actual early repayment scale in May decreased by 1.08 billion yuan to 510 million yuan compared to April. There were 24 bonds announcing early repayment through bondholder meetings, with the proposed repayment amount increasing by 233 million yuan to 1.0869 billion yuan compared to April. Thirteen bonds announced cash tender offers, with the proposed repurchase scale increasing by 879 million yuan to 296.9 million yuan compared to April [4]. - Newly - Issuing Platforms: There were 17 newly - issuing platforms in May, 8 fewer than in April, with a total issuance scale of 1.131 billion yuan. After excluding Shenzhen Stock Exchange private - placement bonds, 13 platforms disclosed prospectuses, and 11 of them could achieve new financing [21]. 3.2 The Proportion of Debt Roll - over in May Issuance Slightly Declined, and Most of the New Association Financing was for Transportation Infrastructure Platforms - Use of Funds: The proportion of urban investment bonds issued for debt roll - over in May decreased by 2.9 percentage points to 81.7%. The proportions of funds for working capital, project construction, and equity investment decreased by 0.4 percentage points, while the proportion of debt repayment increased by 3.3 percentage points [24]. - Regional Differences: In May, Guizhou, Ningxia, and Tianjin still maintained a 100% debt roll - over ratio. The debt roll - over ratios of 8 provinces and cities such as Guangdong, Guangxi, and Hebei increased, while those of 14 provinces and cities including Anhui, Beijing, and Fujian decreased [25]. - New Financing Entities: The association issued 11 bonds in May, involving 10 entities with a total issuance scale of 1.375 billion yuan. Most of them were transportation infrastructure platforms, and none were on the Wind urban investment list. The exchange issued 36 bonds, involving 31 entities with a total issuance scale of 2.6765 billion yuan. Only 2 entities were on the Wind urban investment list [29][31]. 3.3 After the Association's Market - Oriented Declaration in May, the Bonds Still Could Not Cover Interest, and the Proportion of New Financing after the Exchange's Declaration Increased - Market - Oriented Entities: As of the end of May, 375 urban investment entities declared themselves as market - oriented operating entities. Among them, 356 declared in association - issued products, and 19 declared in exchange - traded products. In May, 14 new entities made such declarations, including 8 in the association and 6 in the exchange [5][35]. - Use of Funds: After the association's market - oriented declaration, the bonds were mainly for debt roll - over and could not cover interest. After the exchange's declaration, the proportion of new financing increased, with some funds used for debt repayment, project construction, etc. [5][38]. - Credit Spreads: As of May 30, the credit spreads of AA - rated market - oriented operating entities and non - declared entities both converged. The spreads between market - oriented and non - declared entities in most regions of AA and AA(2) grades oscillated downward, and the spreads between the two types of entities had not yet shown significant differentiation [5].

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical and biotechnology industry [2]. Core Insights - The upcoming ADA conference is highlighted as a significant event for the GLP-1 industry chain, with expectations of increased market activity and visibility for Chinese innovative drug companies [4][11]. - Recent strategic collaborations in the industry, such as between Hansoh Pharmaceutical and Regeneron, and BMS with BioNTech, indicate a robust investment environment and potential for growth in innovative drug development [11]. - The report emphasizes the importance of the GLP-1 sector, suggesting specific companies to watch, including Zai Lab, Boryung Pharmaceutical, and others involved in GLP-1 innovation and supply chain [11]. Summary by Sections 1. Industry Overview - The pharmaceutical and biotechnology sector reported a weekly return of 1.13%, ranking 17th among 31 primary sub-indices [9]. - Over the past month, the sector achieved a return of 6.48%, ranking 2nd among the same indices [9]. 2. Market Performance and Valuation - The current PE (TTM) for the pharmaceutical and biotechnology industry is 28.18 times, which is below the historical average of 31.15 times [17][20]. - The industry has shown a relative performance of 4.76% against the CSI 300 index over the past month, indicating strong market positioning [23]. 3. Market Tracking - The chemical pharmaceutical sub-sector has shown the highest weekly return of 1.67% and a monthly return of 10.92% [33]. - Notable individual stock performances include Yiming Pharmaceutical and Wanbangde, with significant weekly increases of 33.09% and 32.59%, respectively [35]. 4. Industry and Company Dynamics - Recent policy updates from the Guangdong Provincial Medical Insurance Bureau aim to enhance drug procurement processes, indicating a move towards a more standardized and competitive market [44]. - Key industry news includes the approval of a nine-valent HPV vaccine by Wantai Biological Pharmacy and ongoing clinical trials for chronic hepatitis B treatments [45].