医药生物 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 药审中心发布濒危动物类中药材人工制成品相关 试行稿，产业迎来新机遇 ——医药生物行业点评报告 ◼ 事件 药审中心发布濒危动物类中药材人工制成品相关政策：2024 年 12 月 9 日，药审中心组织制定了《濒危动物类中药材人工制成品研究技术 指导原则（试行）》和《替代或者减去已上市中药处方中濒危药味研究 技术指导原则（试行）》。 ◼ 核心观点 今年以来珍稀濒危中药材替代品连续获得政策支持：濒危动物类中药 材作为珍稀濒危中药材的替代方式之一，2024 年 2 月，药审中心发布 了公开征求《濒危动物类中药材人工制成品研究技术指导原则（征求 意见稿）》和《替代或者减去已上市中药处方中濒危药味研究技术指导 原则（征求意见稿）》的通知，12 月 9 日发布的文件为试行稿，与征 求意见稿相比，试行稿规定更加详细。除此之外，2024 年 10 月，国 家药监局和中医药局发布了支持珍稀濒危中药材替代品研制有关事项 的公告，从明确注册申报路径、完善研制技术要求、全程注册指导服 务、实施优先审评审批和附条件批准、国家奖励等方面，重点支持穿 山甲、 ...

医药生物 行业研究/行业点评 证 券 研 究 报 告 行 业 研 究 行 业 点 评 九部门联合印发养老事业发展指导意见，有望推 动银发经济进一步发展 ——医药生物行业点评报告 ◼ 事件 出台金融支持养老/银发经济的指导意见：1）12 月 12 日，人力资源社 会保障部等五部门发布《关于全面实施个人养老金制度的通知》，自 12 月 15 日起，将个人养老金制度从 36 个先行城市（地区）推开至全国。 2）2024 年 12 月 13 日，中国人民银行、金融监管总局、国家发展改 革委、民政部、财政部、人力资源社会保障部、国家卫生健康委、中 国证监会、国家医保局九部门联合印发《关于金融支持中国式养老事 业 服务银发经济高质量发展的指导意见》（以下简称《意见》）。 ◼ 核心观点 意见全面且有针对性，有力推动银发经济：意见明确 2028 年和 2035 年养老金融发展的阶段性目标，从支持不同人群养老金融需求、拓宽 银发经济融资渠道、健全金融保障体系、夯实金融服务基础、构建长 效机制等五方面提出 16 项重点举措，意见全面且有针对性，如：在拓 宽银发经济融资渠道方面，意见支持银发经济经营主体和产业集群发 展的信贷投放， ...

宏观研究/宏观点评 证 券 研 究 报 告 宏 观 研 究 宏 观 点 评 经济仍处于局部修复阶段 ——11 月经济数据与金融数据分析 ◼ 核心观点 一、哪些消费品零售额同比降速更明显？11 月社会消费品零售额当月 同比 3.0 %（前值 4.8 %），其中餐饮收入当月同比 4.0 %（前值 3.2 %）， 商品零售当月同比 2.8 %（前值 5.0 %）。11 月限额以上企业商品零售 额当月同比 1.2 %（前值 6.8 %），出现了明显回落。分种类来看，同比 增速由正转负的品种有中西医药品、服装鞋帽针纺织品类、化妆品类、 文化办公用品类、通讯器材类；同比降幅扩大的包括饮料类、烟酒类、 金银珠宝类、石油及制品类；同比增速回落但仍为正的包括日用品类、 体育娱乐用品类、家用电器和音像器材类；同比增速持平或上升的有 粮油食品类、家具类、建筑及装潢材料类、汽车类。 二、固定资产投资增速回落，其中基础设施建设投资增速仍然稳定， 但房地产开发投资、民间投资增速的降幅都出现了扩大。1-11 月固定 资产投资累计同比 3.3%（前值 3.4%），其中 1-11 月基建投资累计同比 9.39 %（前值 9.35 %）；制造业 ...

医药生物 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 | --- | |-------| | | | | | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating that the stock is expected to outperform the benchmark index by more than 20% [5][19]. Core Views - The company achieved a revenue of 12.2813 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 22.8%. The adjusted net profit was 1.9281 billion yuan, up 13.7% year-over-year [4]. - The company has accelerated its overseas expansion, with a total of 7,420 stores globally as of September 30, 2024, including 4,250 domestic stores and 2,936 overseas stores, marking increases of 448 and 623 stores respectively year-over-year [4]. - The overseas market's revenue contribution has increased, with overseas revenue reaching 4.543 billion yuan in the first three quarters of 2024, a year-over-year growth of 41.5% [4]. Summary by Sections Financial Performance - In Q3 2024, the company reported revenue of 4.5226 billion yuan, a year-over-year increase of 19.3%, and an adjusted net profit of 686.2 million yuan, up 6.9% year-over-year [4]. - The company’s domestic revenue for the first three quarters of 2024 was 7.738 billion yuan, reflecting a year-over-year growth of 14.0% [4]. Store Expansion - The company opened 859 new stores in the first three quarters of 2024, nearing its target of net new stores between 900 and 1,100 for the year [4]. - The number of TOP TOY stores reached 234, with a year-over-year increase of 112 stores, indicating a continued rapid expansion [4]. Profitability and Margins - The gross margin improved to 44.1% in the first three quarters of 2024, supported by the higher revenue share from the overseas direct sales market, which accounted for 19.9% of total revenue [4]. - The overseas direct sales market's revenue grew significantly, with a year-over-year increase of 55.4% in Q3 2024 [4]. Future Projections - The company is projected to achieve net profits of 2.66 billion yuan, 3.33 billion yuan, and 4.16 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding EPS of 2.12 yuan, 2.65 yuan, and 3.31 yuan [5].

电子 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 | --- | |-------| | | | | | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

通信 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 | --- | |-------| | | | | | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

商贸零售 行业研究/行业周报 证 券 研 究 报 告 行 业 研 究 行 业 周 报 政策定调大力提振消费，关注零售企业价值重估和黄 金珠宝底部反转 ——行业周报（20241209-1213） ◼ 周度核心观点 政策明确大力提振消费，关注零售企业价值重估和黄金珠宝底部反 转。12 月 9 日，政治局会议指出，扩内需摆在第一位，首次强调"全 方位扩大国内需求"，意味着扩内需及促消费是明年经济工作的核心任 务之一。12 月 12 日，中央经济工作会议也指出，明年要保持经济稳 定增长，保持物价总体稳定。一方面，线下零售变革正在进行中，龙 头企业回归零售本质，重视商品和服务，改革成效初显；零售企业资 产重估价值凸显，关注业绩边际改善带来的补涨机会。另一方面，黄 金珠宝行业 24 年 Q2 以来受金价快速上涨扰动，终端销售及加盟商多 处于观望情绪，部分公司销售及业绩受到影响；近期金价有所调整， 销售或有回补，当前主要上市公司估值仍具有较强安全边际，且分红 能力较强，持续关注销售拐点显现。 ◼ 本周行情回顾 本周中信商贸零售指数上涨 6.75%，跑赢沪深 300 指数 7.76 个百分 点。本周，商贸零售板块在 30 个 ...

| --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------------------------------------------------------------------------------| | 2024 年 11 月新能源汽车销量约 151 万辆，市占率约 46% ——汽车行业周报（ 2024/12/09~2024/12 ...

Investment Rating - The report maintains an "Accumulate" rating for the media industry [4][15]. Core Insights - Outdoor advertising in China has shown steady growth in the first ten months of 2024, with elevator LCD and poster advertising increasing by 21.9% and 16.5% year-on-year, respectively [12]. - ByteDance and Peking University have established a joint laboratory for the Doubao large model, which is expected to benefit the related industry chain as domestic large models continue to develop [12]. - The Chinese gaming market is projected to reach a record revenue of 325.783 billion yuan in 2024, with a year-on-year growth of 7.53%. The overseas revenue from self-developed games is expected to be 18.557 billion USD, marking a 13.39% increase [14]. Summary by Sections 1. Core Insights and Investment Recommendations - The report highlights the robust growth in outdoor advertising and the establishment of a joint laboratory by ByteDance and Peking University, indicating potential benefits for the industry chain [12][14]. - Investment recommendations include focusing on IP cultural economy, film and television, advertising, and gaming sectors, with specific companies suggested for each area [15]. 2. Market Review 2.1. Sector Performance - The A-share media index rose by 4.11% from December 9 to December 13, outperforming the CSI 300 index by 5.11 percentage points [19]. - Among the sub-sectors, digital media saw the highest increase at 9.78%, while the education sector declined by 1.77% [19][21]. 2.2. Stock Performance - The top-performing stocks included Yue Media (+46.49%) and Tianyu Digital Science (+37.54%), while the worst performers included Liujin Technology (-14.89%) and Yidian Tianxia (-11.39%) [28]. 3. Industry News - Recent tax policies have been announced for cultural enterprises transitioning to businesses, providing tax exemptions until December 31, 2027 [31]. - Tencent's mobile games "Honor of Kings" and "Teamfight Tactics" ranked first and third in the November download charts, respectively [31]. 4. Company Dynamics - Chuangyuan Co. stated it currently has no collaboration with Douyin [34]. - Light Media announced that the animated film "Nezha: The Devil Child Is Coming" will be released on the first day of the Lunar New Year in 2025 [34]. 5. Company Announcements - Key announcements include the election of a vice chairman at CITIC Publishing and the issuance of short-term financing bonds by Huashu Media [37].