Industry Overview - P-CAB drugs are a new generation of acid-suppressing drugs with advantages such as convenience, overcoming nocturnal acid breakthrough, and addressing patient genetic heterogeneity, validated by their sales performance in Japan and South Korea [2] - P-CAB drugs have attracted attention from major domestic pharmaceutical companies like Livzon, Fosun Pharma, and Shanghai Pharma, as well as international players like Otsuka and Sebela, leading to multiple licensing deals [2] - P-CAB drugs are gradually replacing PPI in the domestic market, with recent trends showing a shift in market share [2] Market Dynamics - The prevalence of GERD in China is 7.8% in rural areas and 7.7% in urban areas, with a lifetime prevalence of duodenal ulcers at around 10% and H. pylori infection rates between 40-60%, indicating a large patient population [3][4] - Traditional PPIs have limitations such as slow onset, instability in acidic environments, short half-life, and dependency on CYP2C19 metabolism, which P-CAB drugs address with faster onset, acid stability, longer half-life, and CYP3A4 metabolism [5][8] - P-CAB drugs have been included in national guidelines and consensus documents, accelerating their adoption in acid suppression therapy [10][11] Competitive Landscape - In Japan, Vonoprazan's sales have grown steadily, reaching over $600 million in 2023 with a CAGR of 36% from 2015 to 2023, driven by its inclusion in the 2016 H. pylori management guidelines [14][15] - In South Korea, Tegoprazan's quarterly sales have shown steady growth, reaching KRW 81.9 billion in the first half of 2024, a 24.1% YoY increase [16][17] - Domestic P-CAB drugs like Vonoprazan, Tegoprazan, and Keverprazan have gained first-mover advantages, with other P-CAB drugs still in early development stages [22][23] Clinical and Market Performance - Vonoprazan has completed multiple Phase III clinical studies in the US for H. pylori infection and GERD, adding authoritative backing to its clinical value [30][31] - Tegoprazan has been widely licensed in 8 countries, with its domestic market launch being the first P-CAB product developed and promoted by a local Chinese company [33][34] - Tegoprazan has shown superior efficacy in head-to-head studies against PPIs, particularly in H. pylori eradication, with a 93.5% eradication rate compared to 86.4% for Esomeprazole [45][46] Product Differentiation - Tegoprazan demonstrates faster onset and longer-lasting efficacy compared to other P-CABs and PPIs, with a gastric pH ≥4 maintenance time of 68% during nighttime, outperforming Vonoprazan's 60.5% [42][43] - Keverprazan, the first domestically developed P-CAB, has shown superior pharmacokinetic advantages over PPIs, with a longer half-life and better gastric pH control over 24 hours [48][49]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [1]. Core Insights - The report highlights the strong performance of domestic new drugs showcased at the ESMO conference and the acceleration of drug development for shortages under the "Caring Plan" [2][6]. - It emphasizes the need for a bottom-up stock selection approach due to the weakening beta of sub-sectors, suggesting a focus on individual stock alpha opportunities [5][8]. - The report notes that the pharmaceutical sector remains resilient against macroeconomic pressures, with continuous growth and demand, making it a sector worth investing in despite recent market downturns [3][5]. Summary by Sections Market Dynamics - The pharmaceutical sector has underperformed, with a return of -27.0% year-to-date compared to -7.9% for the CSI 300 index, indicating a 19.1% underperformance [3][8]. - Recent market trends show a decline in various sub-sectors, with medical services up by 0.96% while chemical pharmaceuticals, medical devices, biological products, traditional Chinese medicine, and pharmaceutical commerce have seen declines ranging from 1.44% to 6.72% [5][8]. Valuation Metrics - The current valuation of the pharmaceutical sector is at 18.4 times PE based on 2024 earnings forecasts, which is a 25.4% premium over the overall A-share market (excluding financials) [3][8]. - Using the TTM valuation method, the sector's PE stands at 22.2 times, below the historical average of 35.4 times, indicating a relative premium of 34.1% over the broader market [3][8]. Key Recommendations - The report recommends focusing on segments with strong fundamentals and low valuations, such as pharmaceuticals, diagnostics, and medical devices, as well as state-owned enterprises with stable growth and high dividends [5][8]. - Specific companies highlighted for potential investment include China Resources Sanjiu, Kangfang Biotech, Betta Pharmaceuticals, and others, which have shown resilience and growth potential [2][12].

【中泰研究丨晨会聚焦】计算机闻学臣：o1 进展追踪与评测：Reasoning 能力究竟 有多强？ 证券研究报告 2024 年 9 月 19 日 [Table_Industry] [T[分Taa析bbll师ee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： [b_Suy 今日预览 今日重点>> Email： 【计算机】闻学臣：o1 进展追踪与评测：Reasoning 能力究竟有多强？ 研究分享 >> 【固收】肖雨：美联储"衰退式降息"？——9 月美联储降息点评 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【计算机】闻学臣：o1 进展追踪与评测：Reasoning 能力究竟有多强？ 闻学臣｜中泰计算机首席 S0740519090007 o1 模型带来推理能力的大幅提升，在数学、编程和科学问题中表现最好，有望加速相关应用落地。 OpenAI 发布 o1 模型，开放 o1-preview 和o1-mini 版本给用户，o1-preview 版本推理能力更强，o1-mini 速度更快，价格便宜 80%。GPQA diamond ...

Investment Rating - The report suggests a positive investment outlook for the computing power sector, recommending attention to companies such as Inspur Information, Digital China, and Sugon [3]. Core Insights - The report highlights the release of OpenAI's o1 model, which shows significant improvements in reasoning capabilities compared to previous models, particularly in mathematics, programming, and scientific problem-solving [2][6]. - The o1 model utilizes a new training method combining reinforcement learning and Chain of Thoughts (CoT), which enhances its reasoning abilities and may lead to increased computational demands [8][12]. - The pricing structure for the o1 model is higher than that of its predecessor, GPT-4o, indicating a premium for its enhanced capabilities [9][11]. Summary by Sections Model Versions - OpenAI has released two versions of the o1 model: o1-preview and o1-mini, with the former being more powerful and the latter optimized for speed and cost [6][11]. Training Methodology - The o1 model employs a combination of reinforcement learning and CoT, allowing it to break down complex problems and improve its reasoning capabilities significantly [8][12]. Performance Metrics - In various benchmark tests, the o1 model outperformed GPT-4o, particularly in reasoning tasks, while showing comparable performance in writing tasks [12][39]. Data Utilization - The o1 model was pre-trained on a diverse set of datasets, including public data, proprietary data from partnerships, and custom datasets, enhancing its reasoning and conversational abilities [11]. Human Preference Evaluation - The o1-preview model received higher preference ratings in reasoning tasks compared to GPT-4o, although it performed less favorably in certain natural language tasks [12][39]. Scaling Law Insights - The report concludes that longer training and reasoning times lead to improved model performance, suggesting a shift in focus from merely increasing model size to optimizing training duration [14].

[Table_Industry] | --- | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------|--------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The industry investment rating is maintained at "Overweight" [6][30]. Core Insights - The report highlights that the precious metals market is experiencing upward price trends due to lower-than-expected U.S. CPI and increasing gold ETF holdings, with gold prices reaching historical highs. The long-term outlook for precious metals remains positive due to high real yields on U.S. Treasury bonds and economic pressures [6][7]. - In the base metals sector, the report notes a significant reduction in inventory levels driven by seasonal demand, which supports price stability. The long-term supply-demand dynamics suggest limited downside for base metal prices, particularly for copper and aluminum [6][8]. - The macroeconomic environment is characterized by a recovery cycle, with mixed signals from domestic and international markets. The report emphasizes the need for improved domestic recovery momentum while noting positive trends in U.S. inflation data and European industrial production [6][30]. Summary by Sections Market Review - Precious metals prices are maintaining high levels, with COMEX gold at $2,610.70 per ounce (up 3.41%) and SHFE gold at ¥583.58 per gram (up 1.73%). Silver prices also saw significant increases [26][28]. - Base metals have shown overall price recovery, with LME copper, aluminum, lead, zinc, tin, and nickel experiencing weekly changes of 3.4%, 5.6%, 3.7%, 7.2%, 3.0%, and 0.4% respectively [28][29]. Macroeconomic Factors - Domestic recovery momentum is still under pressure, with August CPI at 0.6% and PPI at -1.8%. The report indicates that while some financial indicators show resilience, overall economic activity requires further improvement [30][32]. - U.S. inflation data shows a decrease in CPI to 2.6% in August, which has led to increased expectations for a 25 basis point rate cut by the Federal Reserve [30][32]. Precious Metals - The report notes that the market is anticipating a rate cut, which is contributing to the upward trend in gold prices. The actual yield on U.S. Treasury bonds is around 2%, indicating a favorable environment for gold [7][26]. Base Metals - The report discusses the strong supply-demand dynamics in the aluminum market, with domestic aluminum production capacity stable at 43.476 million tons and a decrease in inventory levels. The copper market is also showing signs of improvement, with demand from the power grid and charging stations remaining robust [8][10]. Steel Market - The steel market is supported by seasonal demand, with expectations of continued strength in steel prices due to ongoing recovery in construction and infrastructure projects [12].

【中泰研究丨晨会聚焦】政策杨畅：生产降速与需求偏弱——当前经济与政策思考 证券研究报告 2024 年 9 月 18 日 [Table_Industry] [T[分Taa析bbl师lee__：TMi戴tlea志]in锋] 执业证书编号：S0740517030004 电话： Email： [b_Suy 今日预览 今日重点>> 【政策】杨畅：生产降速与需求偏弱——当前经济与政策思考 【医药】祝嘉琦：中药 2024H1：业绩短期承压，提质增效为主线 欢迎关注中泰研究所订阅号 晨报内容回顾： 请务必阅读正文之后的重要声明部分 晨会聚焦 今日重点 ►【政策】杨畅：生产降速与需求偏弱——当前经济与政策思考 杨畅｜中泰政策首席 S0740519090004 8 月经济数据呈现生产降速与需求偏弱的特点： 第一，工业增加值同比增速回落，考虑到上年基数偏弱，同比增速回落反应生产呈现降速态势； 第二，工业生产降速主要受下游需求影响，工业企业产销率相较上月回落 0.6 个百分点，相较上年 同期回落 0.8 个百分点，且自 6 月以来连续 3 个月低于上年同期水平； 第三，外需短期具有韧性，出口交货值当月同比上涨 6.4%，剔除掉价格因 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage with a market price of 20.36 CNY [1][2]. Core Insights - The company is a leading player in FPC testing equipment, entering a new phase of rapid development, primarily serving the Apple supply chain and expanding into semiconductor testing and automotive sectors [1][6]. - The company has a strong operational quality and profitability, with a projected revenue growth driven by the upcoming AI iPhone innovation cycle [1][2][11]. - The company's R&D investment has significantly increased, with a focus on maintaining technological leadership and responding to market demands [21][24]. Summary by Relevant Sections Company Overview - The company specializes in automated testing equipment and testing fixtures, primarily for consumer electronics such as smartphones and tablets [8][11]. - It has established a strong customer base, including leading global FPC companies, and has expanded its international presence [6][11]. Market Context - The upcoming AI iPhone is expected to create a new cycle of growth in the consumer electronics market, benefiting equipment manufacturers [2][6]. - The MEMS sensor market is projected to grow significantly, with the company actively developing testing equipment for this sector [2][6]. Financial Performance - Revenue is expected to grow from 4.3 billion CNY in 2024 to 7.0 billion CNY in 2026, with net profits projected at 75 million CNY and 170 million CNY respectively [2][11]. - The company has maintained a high gross margin, with automated testing equipment contributing significantly to revenue [14][16]. R&D and Innovation - The company has increased its R&D expenditure, with the R&D expense ratio rising from 14.76% to 32.09% [21][24]. - It employs a proactive R&D approach to stay ahead of industry trends and customer needs [21][24]. Shareholder Structure - The company's ownership is concentrated, with the founders holding a significant portion of shares, which reflects confidence in long-term growth [24][25].

2 3KLMNOP QO R !"#$%& '()*+,$S0740522020001 Email$zengbiao@zts.com.cn !"#$-. '()*+,$S0740522040004 Email$wupeng@zts.com.cn !"#$/01 '()*+,$S0740522080002 Email$zhubr@zts.com.cn !"#$23. '()*+,$S0740522100005 Email$zhaoyp02@zts.com.cn | --- | --- | |-------------|--------| | | | | STUV | | | 45678 | 357 | | 9(:5;(<= ) | 42,853 | | 9(>?5;(<= ) | 36,802 | [Table_QuotePic] EF-WXYZ[\ -40% -30% -20% -10% 0% 10% 2023/92023/112024/12024/32024/52024/7 !"#$%&'( )*300 67@ABCDEF [Table_Report] ]^CD CATL & GM !"#$%&'()*+, ...

、 OpenAI 发布 o1 模型，开启大模型新范式 -中泰通信行业周报（0909-0915） 通信 证券研究报告/行业周报 2024 年 9 月 17 日 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------|----------|--------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...