——医药生物行业周报（2025.4.14-2025.4.18） [Table_Summary] 报告要点： [Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业周报 2025 年 04 月 21 日 [Table_Title] 医药板块持续反弹，看好创新药和进口取代领域 医药板块本周小幅跑输沪深 300 指数 2025 年 4 月 14 日至 4 月 18 日，申万医药生物指数下跌 0.36%，跑 输沪深 300 指数 0.95pct，在 31 个申万一级行业指数中排名第 24。 2025 年初至今，申万医药生物指数下跌 1.45%，跑赢沪深 300 指数 2.68pct，涨跌幅在 31 个申万一级行业指数中排名第 15。截至 2025 年 4 月 18 日，医药板块估值为 26.23 倍（TTM 整体法，剔除负值）， 相对于沪深 300 估值溢价率为 139.85%。 本周双成药业、康鹏科技和立方制药等表现较好 涨幅排名前十的个股分别为：双成药业（+56.38%）、康鹏科技 （+53.33%）、立方制药（+47.07%）、舒泰神（+30.27%）、德源药业 （+28.77%）、悦康药业（ ...

[Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 2025 年 04 月 21 日 备行业周报、月报 [Table_Title] 美国加大对中算力芯片限制，定制化 ASIC 有望崛 [Table_Invest] 推荐|维持 [Table_Summary] 报告要点： 本周（2025.4.14-2025.4.20）市场回顾 1）海外 AI 芯片指数本周下跌 7.0%，美国政府宣布 H20 芯片和达到 H20 内存带宽、互连带宽等的芯片向中国等地出口需要获得许可证， 叠加美国的关税政策潜在影响的不确定性仍在持续升高，海外 AI 芯片 板块下跌。2）国内 AI 芯片指数本周上涨 1.6%。受益美国政府加征关 税下的国产替代，叠加寒武纪等国内 AI 芯片公司 25Q1 业绩表现亮 眼，中国 AI 芯片公司股价持续修复。3）英伟达映射指数本周下跌 0.4%，受美国政府限制英伟达出口 H20 及加征关税政策持续发酵， 英伟达产业链板块普遍下跌。4）服务器 ODM 指数本周上涨 1.6%， 本周服务器 ODM 厂迎来小幅回暖，但成分股表现分化较大。5）存储 芯片指数本 ...

[Table_Title] 医药板块持续反弹，看好创新药和进口取代领域 ——医药生物行业周报（2025.4.14-2025.4.18） [Table_Summary] 报告要点： 医药板块本周小幅跑输沪深 300 指数 [Table_Main] 行业研究|医疗保健 证券研究报告 医疗保健行业周报 2025 年 04 月 21 日 2025 年 4 月 14 日至 4 月 18 日，申万医药生物指数下跌 0.36%，跑 输沪深 300 指数 0.95pct，在 31 个申万一级行业指数中排名第 24。 2025 年初至今，申万医药生物指数下跌 1.45%，跑赢沪深 300 指数 2.68pct，涨跌幅在 31 个申万一级行业指数中排名第 15。截至 2025 年 4 月 18 日，医药板块估值为 26.23 倍（TTM 整体法，剔除负值）， 相对于沪深 300 估值溢价率为 139.85%。 本周双成药业、康鹏科技和立方制药等表现较好 涨幅排名前十的个股分别为：双成药业（+56.38%）、康鹏科技 （+53.33%）、立方制药（+47.07%）、舒泰神（+30.27%）、德源药业 （+28.77%）、悦康药业（ ...

[Table_Main] 行业研究|日常消费|食品、饮料与烟草 证券研究报告 食品、饮料与烟草行业 周报、月报 [Table_Title] 3 月社零超预期，食饮消费持续回暖 ——食品饮料行业双周报 [Table_Summary] 报告要点： 行情回顾 1）近 2 周（4.7-4.18），A 股食品饮料行业（SW）上涨 0.44%，跑赢 上证指数 2.39pct，跑赢深证成指 6.07pct，跑赢沪深 300 指数 2.74pct。 2）细分行业方面，在 A 股食品饮料各细分行业（SW）中，近 2 周， 零食（+7.21%）、乳品（+5.59%）、烘焙食品（+4.44%）涨幅居前， 保健品（-3.56%）、其他酒类（-3.01%）、肉制品（-1.73%）跌幅居前。 3）个股方面，在 A 股食品饮料行业（SW）所有个股中，近 2 周，康 比特（+45.71%）、安记食品（+43.92%）、贝因美（+33.88%）涨幅 居前，ST 春天（-16.49%）、岩石股份（-10.33%）、仙乐健康（-9.90%） 跌幅居前。 食饮行业重点数据跟踪 1）白酒：根据同花顺 Ifind 数据，4 月 18 日飞天茅台原箱/散 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 14.77 yuan, indicating a potential upside from the current price of 12.82 yuan over a six-month period [4][7]. Core Insights - The company reported a revenue of 1.225 billion yuan for 2024, a year-on-year increase of 14.90%, and a net profit attributable to shareholders of 172 million yuan, up 13.70% year-on-year. For Q1 2025, revenue reached 343 million yuan, reflecting a 27.28% year-on-year growth, with net profit increasing by 28.38% to 67 million yuan [1][4]. Summary by Sections Company Performance - The company achieved a revenue of 1.225 billion yuan in 2024, representing a 14.90% increase year-on-year. The net profit attributable to shareholders was 172 million yuan, up 13.70% year-on-year. In Q1 2025, the company reported a revenue of 343 million yuan, a 27.28% increase year-on-year, and a net profit of 67 million yuan, reflecting a 28.38% growth [1]. Industry Context - The automotive sealing strip industry in China is experiencing intense competition and a rapid reshuffle, with many companies facing losses. In this environment, the company is leveraging its customer resources and cost advantages to accelerate project acquisition, significantly increasing its project pipeline [2]. Future Growth Strategy - The company aims to maintain high-value growth in its core business while leveraging resources from its state-owned platform to explore new growth avenues. It plans to focus on high-value products such as frameless sealing strips and aluminum alloy bright strips, which are expected to enhance revenue and profit margins [3]. Financial Projections - Revenue projections for the company are set at 1.485 billion yuan for 2025, 1.804 billion yuan for 2026, and 2.134 billion yuan for 2027. Corresponding net profits are expected to be 241 million yuan, 286 million yuan, and 331 million yuan for the same years, respectively. The estimated earnings per share are projected to be 0.89 yuan for 2025, 1.05 yuan for 2026, and 1.22 yuan for 2027 [4][6].

计算机行业周报 2025 年 04 月 21 日 [Table_Title] 行业维持底部震荡，OpenAI 引领行业创新 ——计算机行业周报 [Table_Summary] 报告要点： [Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 1) 本周(2025.4.14-2024.4.18)计算机（申万）指数维持底部震荡态势， 波动幅度显著收窄。本周计算机（申万）指数下跌 0.84%，上证指数 上涨 1.19%，深证成指下跌 0.54%，创业板指下跌 0.64%。 本周(2025.4.14-2024.4.18)市场回顾 业绩汇总 1) 凌志软件发布《2024 年年度报告》，2024 年，公司实现营业收入 11.14 亿元，同比增长 59.99%；实现归属于上市公司股东的净利润 1.24 亿元，同比增长 43.65%；实现归属于上市公司股东的扣除非经 常性损益的净利润 0.93 亿元，同比增长 15.64%。 投资观点 本周，美国加增关税的影响逐步减弱，市场继续关注 2024 年业绩的 披露与 AI 应用领域的创新，计算机（申万）指数维持底部震荡态势。 本周，OpenAI 发布 GPT-4. ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][7]. Core Views - The company experienced a revenue decline in 2024, with total revenue of 3.315 billion yuan, a year-on-year decrease of 26.44%. However, it is projected to return to profitability in the first quarter of 2025, with an expected net profit of 1.1 to 1.65 million yuan [2][5]. - The company is increasing its investment in AI, with R&D expenditures reaching 980 million yuan in 2024, a year-on-year increase of 14.95%. This investment supports the development of security models and intelligent applications in collaboration with China Mobile [3][4]. - The company has deepened its collaboration with China Mobile, achieving 1.083 billion yuan in related transaction sales in 2024, with over 70% coming from joint efforts in government and enterprise security business [4][5]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 3.315 billion yuan, down 26.44% year-on-year, and a net loss of 226 million yuan. The first quarter of 2025 is expected to show a revenue of 600 to 680 million yuan, compared to 923 million yuan in the same period last year, with a projected net profit of 1.1 to 1.65 million yuan [2][8]. - The gross margin improved by 8 percentage points in the first quarter of 2025 compared to the previous year, laying a foundation for stable operations and high-quality development [2]. Growth Prospects - Revenue forecasts for 2025 to 2027 are 3.525 billion, 3.789 billion, and 4.079 billion yuan, respectively, with net profits projected at 168 million, 271 million, and 397 million yuan [5][8]. - The company is expected to maintain a strong growth trajectory, driven by technological innovation and a focus on high-quality development [5]. Strategic Initiatives - The company is committed to enhancing its AI capabilities and has launched the "Nine Sky·Taihe Security Model" and "Anxing Intelligent Agent" in collaboration with China Mobile [3][4]. - The company’s security business, particularly in cloud security and trusted innovation, has seen revenue growth of 15% and 20% year-on-year, respectively [4].

2025 年 04 月 21 日 备行业周报、月报 [Table_Main] 行业研究|信息技术|半导体与半导体生产设备 证券研究报告 半导体与半导体生产设 [Table_Title] 美国加大对中算力芯片限制，定制化 ASIC 有望崛 [Table_Invest] 推荐|维持 [Table_Summary] 报告要点： 本周（2025.4.14-2025.4.20）市场回顾 1）海外 AI 芯片指数本周下跌 7.0%，美国政府宣布 H20 芯片和达到 H20 内存带宽、互连带宽等的芯片向中国等地出口需要获得许可证， 叠加美国的关税政策潜在影响的不确定性仍在持续升高，海外 AI 芯片 板块下跌。2）国内 AI 芯片指数本周上涨 1.6%。受益美国政府加征关 税下的国产替代，叠加寒武纪等国内 AI 芯片公司 25Q1 业绩表现亮 眼，中国 AI 芯片公司股价持续修复。3）英伟达映射指数本周下跌 0.4%，受美国政府限制英伟达出口 H20 及加征关税政策持续发酵， 英伟达产业链板块普遍下跌。4）服务器 ODM 指数本周上涨 1.6%， 本周服务器 ODM 厂迎来小幅回暖，但成分股表现分化较大。5）存储 芯片指数本 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [5][7]. Core Insights - The company experienced a revenue decline of 26.44% year-on-year in 2024, with total revenue of 3.315 billion yuan. However, it is projected to achieve profitability in the first quarter of 2025, with expected revenue between 600 million and 680 million yuan [2]. - The company is increasing its investment in AI, with R&D expenditures reaching 980 million yuan in 2024, a 14.95% increase year-on-year. This investment supports the development of security models and intelligent applications in collaboration with China Mobile [3]. - The company has deepened its collaboration with China Mobile, achieving 1.083 billion yuan in related transaction sales in 2024, with over 70% coming from joint efforts in government and enterprise security business [4]. Financial Performance Summary - In 2024, the company reported a net profit attributable to shareholders of -226 million yuan, with a projected recovery to a net profit of 1.68 million yuan in 2025. The earnings per share (EPS) is expected to improve from -0.19 yuan in 2024 to 0.14 yuan in 2025 [5][8]. - Revenue forecasts for 2025, 2026, and 2027 are 3.525 billion, 3.789 billion, and 4.079 billion yuan, respectively, with corresponding net profits of 168 million, 271 million, and 397 million yuan [5][8].

[Table_Main] 行业研究|信息技术|软件与服务 证券研究报告 计算机行业周报 2025 年 04 月 21 日 [Table_Title] 行业维持底部震荡，OpenAI 引领行业创新 ——计算机行业周报 [Table_Summary] 报告要点： 本周(2025.4.14-2024.4.18)市场回顾 1) 本周(2025.4.14-2024.4.18)计算机（申万）指数维持底部震荡态势， 波动幅度显著收窄。本周计算机（申万）指数下跌 0.84%，上证指数 上涨 1.19%，深证成指下跌 0.54%，创业板指下跌 0.64%。 2) 细分板块方面，申万二级行业指数：计算机设备(801101.SL)、软件 开发(801104.SL)、IT 服务Ⅱ(801103.SL)涨跌幅分别为-1.28%、- 0.57%、-0.86%，均呈现回落态势，软件子板块的表现优于硬件。 业绩汇总 1) 凌志软件发布《2024 年年度报告》，2024 年，公司实现营业收入 11.14 亿元，同比增长 59.99%；实现归属于上市公司股东的净利润 1.24 亿元，同比增长 43.65%；实现归属于上市公司股东的扣除非经 常性 ...