-20% -40% 20% 图表 7:台股月度营收数据 | 集成电路封装测试 1000 500 0 -50% 交易总裁 yoy (%,右轴) 路封测(化新台币 50% 0% 来源: Wind,华福证券研究所 图表 9: SIA 全球半导体销售额及增速 60 40 20 0 = 花花花花花花花花花花花花花花花花花花花 40% 0% 来源：iFinD，华福证券研究所 注:因中数据为长江三级指数市盈率(PE),其中预测净利润选取次年 (FY2) 鼓摇 图表 5: 台股月度营收数据 | 集成电路设计 100% 50% 0% -50% -100% (亿新台币 左封) yoy (%,右轴) 来源: Wind,华福证券研究所 100% 来源:iFinD,华福证券研究所 注： 指数涨跌幅以 2023/1/3 日为基期 图表 3:半导体细分板块估值 10 60 半导体材料 半导体设备 集成电路封测 - 集成电路设计 1500 1000 500 华福证券 投资要点： 本周申万半导体指数涨势较高，半导体交易额占比上涨。（1）全行业 指数：本周（1223-1227）申万半导体指数/恒生科技指数涨势依然延续，分 别+2.01%/+1. ...

研 投资要点： 医药年初 1-2 月行情复盘：仅 2024 年医药在 23H2 反腐背景下显著承 压跑输，2019-2023 年医药板块相对沪深 300 均能接近或跑赢，分析下来虽 没有大的特征，但考虑到医药已连跌 4 年，24 年以来医全市场垫底，但医 保发展商业健康险的态度变化，我们认为 25 年初开始医药有较大概率跑 赢。 团队成员 分析师： 陈铁林(S0210524080007) ctl30598@hfzq.com.cn 分析师： 张俊(S0210524040002) zj30486@hfzq.com.cn 分析师： 吴沛柯(S0210524070003) wpk30483@hfzq.com.cn 中长期配置思路：我们持续看好创新+复苏+政策三大主线。1）创新主线： 创新药械为产业周期最为明确，我们"寻增量"策略的核心方向，收入和利润 正逐步体现，25 年多个企业有望盈利。看好有出海竞争力的创新 Biopharma、 有创新第二增长曲线的 Pharma 及创新药配套产业链 CXO；2）复苏主线：医 疗设备 11 月的招投标情况回暖，可重点关注，同时消费刺激经济复苏，结合 医疗反腐扰动阶段性结束，预计品 ...

Investment Rating - The industry investment rating is "Outperform" [1] Core Insights - TCE bispecific antibodies (BsAbs) have shown strong therapeutic effects in hematological malignancies, with CD20/CD3 bispecific antibody achieving a complete response (CR) rate of 50% in patients with ≥2L relapsed or refractory DLBCL, offering a cost advantage over CAR-T therapies [2][62] - The development focus for the next generation of TCE bispecific antibodies is on reducing cytokine release syndrome (CRS) and improving response rates [73][45] - The application potential of TCE bispecific antibodies in autoimmune diseases is broad, with preliminary evidence of efficacy [3][140] Summary by Sections Hematological Malignancies - TCE bispecific antibodies are currently primarily approved for treating hematological malignancies, with a significant number of products in clinical development [22][38] - The focus on reducing CRS and improving response rates is critical for the development of new TCE bispecific antibodies [45][73] - The FDA has approved 13 bispecific antibodies, with 8 being TCE bispecific antibodies, indicating a strong market presence [13][22] Autoimmune Diseases - TCE bispecific antibodies have shown potential in treating autoimmune diseases, with ongoing clinical trials exploring their efficacy [140][143] - The market for TCE bispecific antibodies in autoimmune diseases is expected to grow, as evidenced by significant investments and collaborations in this area [140][191] - The safety profile of TCE bispecific antibodies in autoimmune diseases is promising, with low rates of severe adverse events reported in early trials [78][90] Market Dynamics - The market for TCE bispecific antibodies is experiencing rapid growth, particularly in China, with numerous transactions and collaborations indicating strong investor interest [29][48] - The competitive landscape is evolving, with multiple companies developing TCE bispecific antibodies targeting various antigens, including CD19, CD20, and BCMA [191][192] - The potential for TCE bispecific antibodies to coexist with CAR-T therapies in the treatment of hematological malignancies and autoimmune diseases presents both opportunities and challenges [169][190]

epyTtropeR_elbaT|tsriF_elbaT 华福证券 Tabl e_First|Tabl e_Summary 宏 观 研 究 一周综评与展望： \经济结构呈现积极变化 行业名 投资要点： 本周有三方面值得重点关注。 二是国家统计局公布11月份工业企业利润数据。1-11月份，全国规模 以上工业企业实现利润66674.8亿元，同比下降4.7%。但是从11月当月数 据来看，受价格回升、营收转增带动，企业盈利空间出现改善。三大门类 中，采矿业的盈利边际修复。制造业中，消费品制造业表现较好。11月工 业企业的资产负债率多有回升。 一是第五次经济普查结果公布。本次普查全面摸清了我国经济家底， 获取了经济总量、结构、效益等关键指标信息。本次普查对于2023年的GDP 数据进行了修订，修订后的2023年国内生产总值增幅为2.7%。本次经济普 查首次增加数字经济调查结果，2023年末，全国共有数字经济核心产业企 业法人单位291.6万个，从业人员3615.9万人。全年实现营业收入48.4万亿 元。结果显示，与第四次全国经济普查结果相比，我国经济发展在规模总 量、结构优化、创新驱动、安全保障、绿色转型等方面都呈现出 ...

Tabl e_First|Tabl e_Summary 华福证券 工业企业利润数据点评 1-11月份，全国规模以上工业企业实现利润66674.8亿元，同比下降4.7%。 从11月当月数据来看，利润降幅同比有所收窄。 1-11月，企业盈利出现边际好转。从营收端看，2024年1-11月份规模以上 工业企业实现营业收入123.5万亿元。同比增长1.8%，增速有所回落。量价 方面，2024年前11个月工业增加值累计同比增速为5.8%，与前10个月持 平。价格指数来看，11月份PPI累计同比增速为-2.1%,跌幅与前10个月持 平。成本端，2024年1-11月规模以上工业企业发生营业成本105.4万亿元， 同比增长2.3%，增速与前10个月持平。2024年1-11月规模以上工业企业营 业收入利润率为5.4%，较前10个月出现回升；规上工业企业营业收入毛利 率为14.7%，较前10个月出现回升。当月来看，11月份，全国规模以上工 业企业营业收入同比增长0.5%，较10月份回升0.7个百分点。 消费品制造业对利润增速的拉动扩大。前11个月，资源品制造业实现利润 48525亿元，对利润累计增速的拖累为3.8个百分点。装备制造 ...

图表 2:18家猪企销售量及环比变动情况 | --- | --- | --- | --- | --- | --- | --- | |-------|-------|--------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | 1600 | | 20% | | 300 | | 20% | | 1400 | | 15% | | 250 | | 15% | | 1200 | | 10% | | 200 | | 10% | | 1000 | | 5% | | 150 | | 5% | | 800 | | 0% -5% | | 100 | | 0% | | 600 | | -10% | | 50 | | -5% | | 400 | | -15% | | 0 | | -10% | | | | | | | | | 来源：各公司公告， 年福证券研究所(注:18家猪企分别为较原股份、 温氏股份、正邦科技、新希望、大北农、ST 天邦、唐人神、金新农、罗 牛山、正虹科技、东瑞殿份、神农集团、京基督农、立年股份、天康生物、 中粮家住康、年统股份 ...

团队成员 分析师： 俞能飞(S0210524040008) ynf30520@hfzq.com.cn 分析师： 唐保威(S0210524050012) tbw30562@hfzq.com.cn 相关报告 1、渝厦高铁重庆东至黔江段全线轨道贯通，盘兴 铁路全线进入铺轨阶段——2024.12.22 2、1—11 月份全国铁路客货运量稳步增长 有效推 动经济持续回升向好——2024.12.14 3、铁路累计发送旅客超 40 亿人次创新高，京 滇 · 澜 湄 线 国 际 货 运 开 启 常 态 化 运 行 — — 2024.12.07 投资要点： 2022 年国务院印发《"十四五"现代综合交通运输体系发展规划》， 明确提出到 2025 年，铁路营业里程达到 16.5 万公里，其中高速铁路营 业里程达到 5 万公里；2020 年国铁集团出台《新时代交通强国铁路先 行规划纲要》，2021 年国务院印发《国家综合立体交通网规划纲要》， 两个文件均对 2035 年我国铁路网规模提出了一致要求：到 2035 年， 全国铁路网达 20 万公里左右，其中高铁 7 万公里左右。结合"十四五" 铁路网规模，若想达到 2035 年的目标 ...

Investment Rating - The industry investment rating is "Outperform the Market" [3] Core Viewpoints - The report highlights the construction of the world's first grid-scale fusion power plant by Commonwealth Fusion Systems in Virginia, expected to be operational in the early 2030s [7] - The innovative fast neutron reactor BREST-OD-300's nuclear fuel production facility in Russia has commenced trial operations, marking a significant advancement in the global nuclear industry [2] - Nuclear power is recognized as a clean, safe, and efficient energy source, with a crucial role in promoting green energy transition and ensuring energy security [8] Company Summaries - Jiadeng Co., Ltd.: The main helium fan is the only power device for the first loop of the fourth-generation high-temperature gas-cooled reactor, and its subsidiary, Harbin Electric Machinery Co., Ltd., leads in nuclear main pump products [2] - Guoguang Electric: The company's filter and cladding systems are key components of the ITER project [2] - Lanshi Heavy Industry: Covers upstream nuclear fuel systems, midstream nuclear power plant equipment, and downstream spent fuel reprocessing [2] - Kexin Electromechanical: Produced high-temperature gas-cooled reactor nuclear power products, achieving import substitution for new fuel transport containers [2] - Haili Heavy Industry: Services include third-generation, fourth-generation reactors, and thermonuclear fusion reactors (ITER) [2] - Jiangsu Shentong: Secured over 90% of orders for nuclear-grade butterfly valves and nuclear-grade ball valves in new nuclear power projects in China [2] - Xianheng International: The company's products are applied in the operation and maintenance of nuclear energy and nuclear power [2]

诚信专业 发现价值 9 请务必阅读报告末页的声明 周废开工负荷 81.13% 148 合计 行业定期报告 | 基础化工 本周,化工板块涨幅前五的子行业分别为合成树脂(2.3%)、涤纶(1.88%)、轮胎 (1.3%)、橡胶助剂(0.42%)、复合肥(0.39%);化工板块跌幅前五的子行业分别为其他 塑料制品(-7.1%)、膜材料(-5.25%)、涂料油墨颜料(-4.95%)、有机硅(-4.39%)、粘胶 (-4.3%)。 图表 2:化工各子行业板块本周行情 5% 0% -5% -10% 农药 复合肥 钟殿 胶制品 缔约 近些塑料 钛白步 七学制品II 胶财煮 染化学。 非居 有机 化学原* 饲料添加 子化学。 f 油墨顏s 滕林 肥及磷化. 塑料制, 来源: Wind,华福证券研究所 1.2 化工板块个股表现 本周,化工板块涨幅前十的公司分别为:川环科技(28.47%)、华西股份(15.63%)、 吉华集团(13.5%)、润禾材料(13.27%)、锦鸡股份(10.68%)、科隆股份(9.51%)、黑猫 股份(8.88%)、正丹股份(7.84%)、安迪苏(7.56%)、瑞丰新材(6.97%)。 5 请务必阅读报 ...

Investment Rating - Buy (Maintained Rating) [8][15] Core Views - The company's second-generation CGM (Continuous Glucose Monitoring) product has been approved domestically and is under FDA review, with catalysts both domestically and internationally expected to drive growth [5] - The second-generation CGM product features improved performance and user experience, utilizing third-generation direct electron transfer technology, which offers advantages such as low potential, oxygen independence, fewer interferences, better stability, and higher accuracy [5] - The product is designed for integration with Automated Insulin Delivery (AID) systems and targets the US market, which is the largest CGM market globally, with significant growth potential post-registration [4][14] - The company has secured a 7-year distribution agreement with a major European distributor, and both semi-automated and fully automated production lines are operational, positioning the company to capitalize on the global CGM market [6] Financial Performance and Projections - Revenue is projected to grow from 4,059 million RMB in 2023 to 5,928 million RMB in 2026, with a CAGR of 19% [7][10] - Net profit attributable to the parent company is expected to increase from 284 million RMB in 2023 to 635 million RMB in 2026, with a CAGR of 24% [7][10] - EPS is forecasted to rise from 0.50 RMB in 2023 to 1.13 RMB in 2026 [7][10] - The company's gross margin is expected to remain stable at around 54%, with net profit margin improving from 4.8% in 2023 to 11.0% in 2026 [10] Market and Industry Insights - The US CGM market is projected to grow from 2.7 billion USD in 2020 to 15.4 billion USD in 2030, with a CAGR of 19% [4] - The European CGM market is expected to expand from 1.2 billion USD in 2020 to 7.8 billion USD in 2030 [4] - The company's CGM product has received regulatory approval in China and is under FDA review in the US, with significant commercialization potential in the US market [13][14] Operational and Strategic Developments - The company has received regulatory approval for its CGM system in China, including an 8-day version for medical institutions and a 15-day version for home use [13] - The FDA has accepted the company's CGM product for substantive review, marking a key milestone in its US market entry [13] - The company has established both semi-automated and fully automated production lines, enhancing its capacity to meet global demand [6]