证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 阳光诺和(688621) 唐爱金 医药首席分析师 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin1@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] STC007 二期临床数据读出，业务转型阶段把 握价值重估机遇 [Table_ReportDate] 2025 年 06 月 04 日 [Table_S 事件：2025ummar年y]5 月 29 日，公司公告全资子公司诺和晟泰自主研发的 STC007 注射液治疗腹部手术后的中、重度疼痛的 II 期临床试验达成预期目标。 点评： ➢ STC007 二期临床数据读出，具备较强的商业化潜力。 STC007 是诺和晟泰自主研发的化学 1 类新药，属于强效 KOR 激动剂， 与 KOR 受 ...

基础化工月报：盐酸等价格上行，赛轮印尼、墨西哥工 厂首胎下线 [Table_ReportDate] 2025 年 6 月 4 日 [Table_ReportDate] 证券研究报告 行业研究 [Tabl 行业e_ReportType] 月报 化工行业 张燕生 化工行业首席分析师 执业编号：S1500517050001 联系电话：+86 010-83326847 邮 箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 联系电话：+86 010-83326848 邮 箱： hongyingdong@cindasc.com 尹 柳 化工行业分析师 执业编号：S1500524090001 联系电话：+86 010-83326712 邮 箱： yinliu@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 [基础化工月报： Table_Title] 盐酸等价格上行，赛轮印尼、墨西哥 工厂首胎下线 [Table_ReportDate] 20 ...

基础化工月报：盐酸等价格上行，赛轮印尼、墨西哥工 厂首胎下线 [Table_ReportDate] 2025 年 6 月 4 日 [Table_ReportDate] 证券研究报告 行业研究 [Tabl 行业e_ReportType] 月报 化工行业 张燕生 化工行业首席分析师 执业编号：S1500517050001 联系电话：+86 010-83326847 邮 箱：zhangyansheng@cindasc.com 洪英东 化工行业分析师 执业编号：S1500520080002 联系电话：+86 010-83326848 邮 箱： hongyingdong@cindasc.com 尹 柳 化工行业分析师 执业编号：S1500524090001 联系电话：+86 010-83326712 邮 箱： yinliu@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 [基础化工月报： Table_Title] 盐酸等价格上行，赛轮印尼、墨西哥 工厂首胎下线 [Table_ReportDate] 20 ...

证券研究报告 行业研究 [Table_ReportType] 行业数据点评 [Table_StockAndRank] 汽车 投资评级 看好 上次评级 看好 邓健全 汽车行业首席分析师 执业编号：S1500525010002 联系电话：13613012393 邮 箱：dengjianquan@cindasc.com 赵悦媛 汽车行业联席首席分析师 执业编号：S1500525030001 联系电话：13120151000 邮 箱：zhaoyueyuan@cindasc.com 新势力 5 月交付持续增长，零跑交付超 4.5 万台 [Table_ReportDate] 2025 年 06 月 03 日 赵启政 汽车行业高级分析师 执业编号：S1500525030004 联系电话：17888836075 邮 箱：zhaoqizheng@cindasc.com 丁泓婧 汽车行业分析师 执业编号：S1500524100004 联系电话：13615852266 邮 箱：dinghongjing@cindas.com 徐国铨 汽车行业研究助理 邮 箱：xuguoquan@cindasc.com 信达证券股份有限公司 CIND ...

Investment Rating - The investment rating for Junting Hotel is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's strategic partnership and growth potential [1]. Core Insights - Junting Hotel Group has entered a strategic partnership with Choice Hotels International, acquiring exclusive brand usage and franchise rights for the Comfort and Quality hotel brands in mainland China [1][2]. - The partnership allows Junting to leverage Choice Hotels' global distribution channels, enhancing its marketing and sales capabilities while expanding its brand portfolio [2]. - The company is transitioning to a light-asset rapid expansion model, focusing on the mid-to-high-end hotel market, which is expected to drive growth and improve operational efficiency [2]. - The report highlights the increasing demand for inbound tourism in China, with significant growth in hotel searches and bookings, positioning Junting to attract international guests through the partnership [3]. - Profit forecasts indicate a steady increase in net profit for the years 2024 to 2026, with projected figures of 70 million, 99 million, and 151 million yuan respectively, reflecting a positive growth trajectory [3]. Summary by Sections Strategic Partnership - Junting Hotel has secured exclusive rights to operate Comfort and Quality brands in China, which are well-established globally with over 2,100 and 2,000 operating hotels respectively [2]. - The partnership is expected to enhance Junting's competitive position in the mid-to-high-end hotel market against leading international brands [2]. Market Expansion - The report notes a surge in inbound tourism, with a 130% year-on-year increase in orders during the May Day holiday, indicating a strong recovery and interest in travel to China [3]. - Junting's collaboration with Choice Hotels is anticipated to create a member cooperation mechanism, enhancing access to international customer bases [3]. Financial Projections - The projected net profits for Junting Hotel from 2024 to 2026 are 70 million, 99 million, and 151 million yuan, with corresponding price-to-earnings ratios of 59, 42, and 27 times [3]. - The company is evolving from a traditional hotel group to an asset management group, aiming to lead industry innovation and transformation [3].

Investment Rating - The investment rating for Junting Hotel is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's strategic partnership and growth potential [1]. Core Viewpoints - Junting Hotel Group has entered a strategic partnership with Choice Hotels International, acquiring exclusive brand usage and franchise rights for the Comfort and Quality hotel brands in mainland China. This partnership allows Junting to leverage Choice's global distribution channels and marketing services [1][2]. - The Comfort brand has over 2,100 operating hotels and more than 170,000 rooms globally, while the Quality brand has over 2,000 operating hotels and more than 160,000 rooms. These brands are expected to compete effectively in the mid-to-high-end hotel market in China [2]. - The company is transitioning to a light-asset rapid expansion model, focusing on the mid-to-high-end hotel market through a joint venture, Junxing Hotel Management, which will initiate a franchise model [2]. - The strategic partnership is anticipated to enhance international customer acquisition, especially with the increasing popularity of inbound tourism in China, supported by favorable policies and a growing number of international travelers [3]. - Profit forecasts indicate that the net profit attributable to the parent company for 2024, 2025, and 2026 is expected to be 70 million, 99 million, and 151 million respectively, with corresponding price-to-earnings ratios of 59, 42, and 27 times [3]. Summary by Sections Strategic Partnership - Junting Hotel has secured exclusive rights for the Comfort and Quality brands in China, enhancing its market position and operational capabilities [1][2]. Market Position and Brand Strength - The Comfort and Quality brands are well-established globally, with significant numbers of operating hotels and rooms, positioning Junting to compete in the mid-to-high-end market [2]. Business Model Transition - The company is shifting towards a light-asset model and expanding through franchising, which is expected to accelerate growth and improve operational efficiency [2]. Inbound Tourism Potential - The strategic partnership is expected to capitalize on the rising trend of inbound tourism, with initiatives to attract international customers through membership collaboration [3]. Financial Projections - The financial outlook shows a steady increase in net profit over the next three years, indicating strong growth potential for the company [3].

ASCO 催化创新药投资热情，内需复苏&自主可控条线或值得重视 [Table_Industry] 医药生物行业周报 [Table_ReportTime] 2025 年 6 月 2 日 证券研究报告 [Table_A 唐爱金 uthor 医药首席分析师 ] 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 行业研究 [Table_ReportType] 行业周报 医药生物 医药生物 投资评级 看好 上次评级 看好 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 赵丹 医药行业分析师 执业编号：S1500524120002 邮 箱：zhaodan1@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 ...

ASCO 催化创新药投资热情，内需复苏&自主可控条线或值得重视 [Table_Industry] 医药生物行业周报 [Table_ReportTime] 2025 年 6 月 2 日 证券研究报告 行业研究 [Table_ReportType] 行业周报 医药生物 医药生物 投资评级 看好 上次评级 看好 [Table_A 唐爱金 uthor 医药首席分析师 ] 执业编号：S1500523080002 邮 箱：tangaijin@cindasc.com 贺鑫 医药行业分析师 执业编号：S1500524120003 邮 箱：hexin@cindasc.com 曹佳琳 医药行业分析师 执业编号：S1500523080011 邮 箱：caojialin@cindasc.com 章钟涛 医药行业分析师 执业编号：S1500524030003 邮 箱：zhangzhongtao@cindasc.com 赵丹 医药行业分析师 执业编号：S1500524120002 邮 箱：zhaodan1@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 ...

证券研究报告 行业研究——周报 [Tabl Table_StockAndRank] 石油加工行业 e_ReportType] 行业评级 ——看好 上次评级——看好 [Table_A 左前明 uthor 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 胡晓艺 石化行业分析师 执业编号：S1500524070003 邮箱：huxiaoyi@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，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 原油周报： [Table_Title] OPEC+连续 3 月激进增产，油价承压下滑 [Table_ReportDate0] 2025 年 6 月 2 日 本期内容提要： [Table_Summary] ➢ 【油价回顾】截至 2025年 5月 30 日当周，油价下滑。本周，供需层 面，欧佩克+会议决定 7月继续增产 41.1万桶/天，供应增加预期施压 油价；地缘层面，美国终止雪佛龙在委内瑞拉的石油许可，美伊双方 间 ...

PMI 环比回升，关注工程机械和通用设备 【】【】 机械设备[Table_Industry] [Table_ReportDate] 2025 年 6 月 2 日 证券研究报告 行业研究——周报 [Table_ReportType] 行业周报 [Table_StockAndRank] 机械设备 投资评级 看好 上次评级 看好 [Table_Author] 王锐 机械行业首席分析师 执业编号：S1500523080006 邮 箱：wangrui1@cindasc.com [Table_Author] 韩冰 机械行业分析师 执业编号：S1500523100001 邮 箱：hanbing1@cindasc.com 本期内容提要: 1）骄成超声： 公司聚焦超声波设备与整体解决方案，2025 年一季度实现营业收入 1.48 亿元，同比增长 22.35%；实现归母净利润 2363 万元，同比增长 2152.47%；实现扣非净利润 1977 万元，同比增长 1068.17%。我们认 为公司新能源领域在锂电行业扩产背景下的业务回暖，和线束连接 器、半导体等领域放量有望带来业绩弹性。 2）征和工业： 公司从事各类链传动系统的研发 ...