Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [6]. Core Insights - The company leverages gene editing technology to create a comprehensive antibody drug development platform, focusing on innovative solutions [2][16]. - The company has shown significant revenue growth, with a projected revenue CAGR of over 40% from 2021 to 2024, and is expected to turn profitable in 2024 [28][30]. - The antibody development business is a key driver of growth, with a revenue CAGR of 53% from 2021 to 2024 [5][34]. Summary by Sections Company Overview - Established in 2009, the company has developed a full human antibody library using its proprietary RenMice® platform, launching the "Thousand Mice, Ten Thousand Antibodies" initiative in 2020 [3][17]. - The company has created over 1 million full human antibody sequences targeting more than 1,000 potential drug targets [3][17]. Financial Performance - In the first half of 2025, the company achieved revenue of 621 million yuan, a year-on-year increase of 51.3%, with a gross margin of 74.4% [3][30]. - The company is expected to achieve revenues of 14.2 billion yuan, 19.3 billion yuan, and 26.1 billion yuan from 2025 to 2027, with net profit growth rates of 323%, 103%, and 75% respectively [6][8]. Business Segments - The preclinical animal products and pharmacological services provide a stable foundation, with model animal sales reaching 274 million yuan in the first half of 2025, a 56% increase year-on-year [4][34]. - The antibody development business has become the core driver of performance, with 163 million yuan in revenue in the first half of 2025, a 38% increase year-on-year [5][34]. Market Position - The company has established partnerships with the top ten global pharmaceutical companies, leveraging its expertise in gene editing and model animals [4][21]. - The antibody drug market is experiencing rapid growth, with the global antibody drug market projected to reach 2.704 trillion USD in 2024, growing to 4.634 trillion USD by 2031 [47][49].

Investment Rating - The industry investment rating is "Outperform" (maintained) [1] Core Viewpoints - The potential of the antidepressant market is enormous, with over 350 million people affected globally, including more than 90 million in China. The global antidepressant market is projected to reach approximately $17.11 billion by 2024, growing at a compound annual growth rate (CAGR) of 4.2% to $17.82 billion by 2025 [3][12][21] - There is a significant unmet need for effective antidepressant medications, as existing treatments have limitations in efficacy and safety. The development of new antidepressants should focus on balancing "rapid onset" and "long-term safety" [3][21] - The report highlights the advancements in drug development, with overseas companies leading the way, while domestic companies like Kanghong Pharmaceutical, Warner Pharmaceuticals, and Xinlitai are also making progress [3][22][24] Summary by Sections Antidepressant Market Overview - The global burden of depression is substantial, with 350 million cases worldwide and 90 million in China. The lifetime prevalence of depression in Chinese adults is 6.8% [12][21] - The antidepressant market is expected to grow steadily, reaching $20.25 billion by 2029 [12][21] Drug Development Trends - Traditional antidepressants, such as SSRIs, take 2-4 weeks to show effects, while newer GABA/glutamate-based drugs can provide rapid relief within hours. This has led to a focus on optimizing drug structures and formulations [3][24] - New generation antidepressants are being developed with a focus on "monoamine deepening + multi-mechanism combination" strategies [3][21] Key Companies and Products - The report suggests monitoring companies with promising pipelines, including Kanghong Pharmaceutical, Warner Pharmaceuticals, Xinlitai, and Jibeier [3][22][24] - Specific products highlighted include: - Esketamine (Spravato) for treatment-resistant depression, which has shown rapid effects [28] - Auvelity, a combination of dextromethorphan and bupropion, which has demonstrated quick onset of action [36] - Zuranolone, a GABA-A receptor modulator, approved for postpartum depression, showing rapid efficacy [40][43] - JJH201501 from Jibeier, which has shown significant efficacy and safety advantages over traditional treatments [47]

Group 1: Overview of Quantitative Funds - The report categorizes quantitative funds into three main types: active quantitative funds, index-enhanced quantitative funds, and hedging quantitative funds, each with distinct characteristics and advantages suitable for different trading needs [9]. Group 2: Active Quantitative Funds - As of October 31, 2025, there are 208 active quantitative funds tracking 17 indices, with 70 funds tracking the CSI 300 index, 54 funds tracking the CSI 500 index, and 37 funds tracking the CSI 800 index [16]. - In October 2025, active quantitative funds tracking the CSI 300 index achieved an average excess return of 0.2%, while those tracking the CSI 500 index achieved an average excess return of 1.2% [2][24]. - Among industry-themed funds, those tracking the Hang Seng A-share specialized new enterprises index, digital economy, and emerging growth index ranked highest in excess returns for October [34]. Group 3: Index-Enhanced Funds - There are 346 index-enhanced funds tracking 27 indices, with 64 funds tracking the CSI 500 index, 66 funds tracking the CSI 300 index, and 61 funds tracking the CSI A500 index as of October 31, 2025 [36]. - Funds tracking the CSI 500 index achieved an average excess return of 1.1% in October 2025, while those tracking the CSI 300 index achieved an average excess return of 0.5% [39][45]. Group 4: Hedging Quantitative Funds - In October 2025, hedging quantitative funds had an average absolute return of -0.01%, with net asset value volatility higher than the year-to-date average, while the maximum drawdown was lower than the year-to-date average [56].

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative price increase of over 20% compared to the market benchmark index within the next six months [5][19]. Core Insights - The company reported a revenue of 1.356 billion yuan for the first three quarters of 2025, a year-on-year increase of 12.1%, with a net profit of 201 million yuan, up 3.5% year-on-year. The non-recurring net profit reached 175 million yuan, reflecting a 19.4% increase year-on-year [1]. - The single-store revenue showed a significant rebound, with a quarterly revenue of 522 million yuan in Q3 2025, marking a 16.7% year-on-year increase. The non-recurring net profit for Q3 was 74 million yuan, up 25.5% year-on-year [1][4]. - The company is experiencing steady growth in its catering business, with a total of 5,934 franchise stores as of Q3 2025, netting an increase of 791 stores [3][4]. Revenue and Profitability - The overall gross margin for the first three quarters of 2025 was 28.01%, an increase of 1.61 percentage points year-on-year. The net profit margin was 14.83%, a decrease of 1.22 percentage points year-on-year, while the non-recurring net profit margin improved to 12.91%, up 0.79 percentage points [4]. - The company’s franchise sales, direct store sales, and catering sales for Q1-Q3 2025 were 1.014 billion yuan, 17 million yuan, and 307 million yuan, respectively, showing year-on-year growth of 11%, 12.12%, and 16.28% [3]. Regional Performance - Revenue by region for Q1-Q3 2025 was 1.116 billion yuan in East China, 115 million yuan in South China, 81 million yuan in Central China, and 43 million yuan in North China, with East China showing the fastest growth at 12.78% year-on-year [3]. Future Earnings Forecast - The projected net profits for the company from 2025 to 2027 are 276 million yuan, 304 million yuan, and 335 million yuan, corresponding to price-to-earnings ratios of 24, 22, and 20 times, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 20% against the market benchmark within the next six months [2][16]. Core Insights - The company reported a strong growth in net profit, with a non-GAAP net profit increase of 14.64% year-on-year for Q3 2025, reflecting robust core business performance [3][4]. - The gross margin reached 74.1%, nearing the historical high of 74.98% recorded in Q3 2017, attributed to improved negotiation power in rental agreements and optimization of certain locations [4]. - Operating cash flow for the first three quarters of 2025 was 5.31 billion yuan, up 14.26% year-on-year, supporting stable operations and shareholder returns [4]. Financial Performance Summary - For the first three quarters of 2025, the company achieved revenue of 9.607 billion yuan, a year-on-year increase of 3.73%, and a net profit of 4.240 billion yuan, up 6.87% [3]. - The Q3 2025 revenue was 3.494 billion yuan, reflecting a 6.08% year-on-year growth, with a net profit of 1.576 billion yuan, increasing by 6.85% [3]. - The company plans to distribute a cash dividend of 0.50 yuan per share, totaling 722 million yuan, as part of its commitment to return value to shareholders [4]. Earnings Forecast - The revenue projections for 2025-2027 are maintained at 12.915 billion yuan, 13.595 billion yuan, and 14.336 billion yuan respectively, with net profit estimates of 5.530 billion yuan, 6.057 billion yuan, and 6.598 billion yuan [4][6]. - The current price corresponds to a price-to-earnings ratio (P/E) of 20.3, 18.5, and 17.0 for the years 2025-2027 [4].

Group 1 - The report emphasizes a dynamic balance strategy that considers both win rates and odds, achieving an annualized absolute return of 18.00% and a relative return of 12.00% from January 2015 to October 2025 [2][18] - Recommended industries for November 2025 include non-ferrous metals, electric equipment and new energy, communication, computer, machinery, and electronics [2][18] - The dynamic balance strategy outperformed the benchmark in October 2025 with an absolute return of 1.66% and an excess return of 0.27% [40] Group 2 - The macro-driven strategy has achieved an excess annualized return of 4.87% and a maximum drawdown of 9.51% from January 2016 to October 2025 [3][17] - Recommended industries for November 2025 under the macro-driven strategy include food and beverage, electric equipment and new energy, automotive, basic chemicals, consumer services, and machinery [3][17] - The macro-driven strategy recorded an absolute return of 25.46% since the beginning of 2025, ranking 57.50% among active equity funds [3][17] Group 3 - The multi-strategy approach has generated an annualized relative return of 6.57% since May 2011, with a maximum drawdown of 13.03% [4][23] - Recommended industries for November 2025 under the multi-strategy approach include textiles and apparel, communication, pharmaceuticals, non-ferrous metals, electronics, non-bank financials, real estate, banking, and construction [4][23] - The multi-strategy recorded an absolute return of 16.27% since the beginning of 2025, ranking 76.50% among active equity funds [4][23] Group 4 - The report indicates that the October 2025 market saw a decline in the overall A-share market, with the CSI 300 index returning -0.001% and the ChiNext index returning -1.56% [11][12] - Among the sectors, coal, oil and petrochemicals, non-ferrous metals, and electric utilities were the top performers, while media, automotive, electronics, real estate, and defense industries lagged [12][13] Group 5 - The report highlights the importance of tracking industry crowding indicators, with multiple crowding alerts triggered in the oil and petrochemical, coal, and non-ferrous metals sectors in October [5][53] - The crowding indicators are based on four quantitative factors to assess the risk of future asset pullbacks in various industries [51][53]

Investment Rating - The report maintains a "Buy" rating for the agricultural sector, specifically highlighting the potential for long-term price increases in the pig farming industry due to capacity adjustments and cost optimization by leading companies [4]. Core Insights - The report indicates that the pig farming industry is experiencing a narrowing of profits as it approaches the bottom of the cycle, with significant differentiation among companies based on cost management [2][3]. - The poultry sector is facing pressure, with varying performance across sub-industries, particularly in white and yellow feathered chickens, while egg production is also struggling [3][27]. - The beef and dairy sectors are expected to see tightening supply in the medium to long term, with potential price increases anticipated in the coming years [75][76]. - Recent developments in U.S.-China trade negotiations have positively impacted soybean meal prices, suggesting a return to cost-driven pricing dynamics [80]. Summary by Sections Pig Farming - In Q3 2025, 19 listed pig companies reported a total revenue of 1319.63 billion yuan, a decrease of 2.20% quarter-on-quarter and 5.31% year-on-year, with a net profit of 56.84 billion yuan, down 35.86% quarter-on-quarter and 71.26% year-on-year [14][19]. - The average debt ratio for the pig farming sector in Q3 2025 was 56.45%, reflecting a slight increase, indicating financial pressure amid a down cycle [22]. - The average price of live pigs on October 31 was 12.54 yuan/kg, showing a week-on-week increase of 0.73 yuan/kg, but the industry is still facing losses [39]. Poultry Sector - The poultry sector's performance in Q3 2025 was mixed, with white feathered chicken companies reporting a net profit of 2.08 billion yuan, down 66.33% quarter-on-quarter, while yellow feathered chicken companies turned a profit of 1.55 billion yuan [28][29]. - The average price of white feathered chicken was 7.09 yuan/kg as of October 31, with a week-on-week increase of 0.21 yuan/kg, indicating a tightening supply [59]. Beef and Dairy - The price of calves was 32.1 yuan/kg as of October 31, with a year-to-date increase of 33.14%, while the price of fattened bulls remained stable at 25.67 yuan/kg [75]. - The dairy sector is experiencing low prices, with the average price of raw milk at 3.04 yuan/kg, down 31% from the peak, leading to ongoing capacity reductions [76]. Agricultural Products - The soybean meal price increased to 3046 yuan/ton in the spot market, up 62 yuan/ton week-on-week, driven by recent U.S.-China trade negotiations [80]. - The report emphasizes the importance of monitoring upcoming USDA reports and South American planting weather for further price movements [80].

Group 1 - The wearable medical devices industry is experiencing rapid growth driven by technological advancements, product innovation, remote monitoring, home healthcare, and increased health awareness, with the global market expected to reach USD 42.74 billion in 2024 and grow to USD 168.29 billion by 2030, representing a compound annual growth rate (CAGR) of 25.53% [2][8][10] - In China, the wearable device market is the largest globally, with a year-on-year sales increase of 41.0% in January 2025, driven by the "National Subsidy" policy, which significantly boosted sales of smartwatches and wristbands by 33.7% and 68.0% respectively [9][10] - The market is benefiting from enhanced product cost-performance due to subsidies and promotions, leading to increased demand for both replacement and new users, particularly in the price segments of RMB 500-2000, which saw sales growth rates of 83.1%, 112.3%, and 77.0% respectively [9][10] Group 2 - The wearable medical devices encompass various forms such as headbands, necklaces, glasses, smartwatches, and wristbands, which monitor parameters like heart rate, sleep, and blood pressure, utilizing optical sensors for blood pressure and blood component monitoring [7][8] - Despite the rapid development, the industry faces challenges including data security, lack of unified standards, and issues with monitoring data accuracy and medical device certification [10] - The industry is entering a phase of accelerated development characterized by policy support and consumption upgrades, positioning wearable medical devices as a crucial component in health monitoring and intervention treatment [2][10]

Investment Rating - The industry rating is "Outperform the Market" [4][60]. Core Insights - The report emphasizes the importance of military trade and export chains, highlighting the recent release of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" by the Central Committee, which stresses the need for a modernized national security system and the high-quality advancement of national defense and military modernization [2][41]. - The report notes a significant increase in demand for the military industry expected in 2026, driven by multiple catalysts including the 15th Five-Year Plan and the centenary goals of the military [3][42]. - The current TTM price-to-earnings ratio for the military industry is 70.88, indicating a high configuration value at this time, especially with the anticipated strong recovery in the industry fundamentals by 2025 [3][42]. Summary by Sections 1. Market Review - The military index (801740) decreased by 0.07% from October 27 to October 31, while the CSI 300 index fell by 0.43%, resulting in an outperformance of 0.36 percentage points [8][13]. - Since the beginning of 2025, the military index has risen by 16.39%, compared to a 17.94% increase in the CSI 300 index, indicating a relative underperformance of -1.55 percentage points [15][21]. 2. Key Investment Opportunities - The report suggests focusing on various segments within the military industry, including: 1. Land Equipment: Tianqin Equipment, Gaode Infrared, Ligong Navigation, Baiao Intelligent, Great Wall Military Industry, and Zhongbing Hongjian [3][42]. 2. Stealth Materials: Jiachitech and Huaqin Technology [7][42]. 3. Deep Sea: Western Materials and China Marine Defense [7][42]. 4. Engines: Hangyu Technology, Hangya Technology, and Tunan Co [7][42]. 5. Unmanned & Anti-Unmanned: Zongheng Co, Aerospace Rainbow, Ruike Laser, Sichuang Electronics, and Xinjinggang [7][42]. 6. AI Intelligence: Xingtuxinke and Aerospace Electronics [7][42]. 7. Aircraft: AVIC Shenyang Aircraft and AVIC Xi'an Aircraft [7][42]. 8. Nuclear Fusion: Lianchuang Optoelectronics, Hezhuan Intelligent, Guoguang Electric, Jingye Intelligent, Weiteng Electric, Xinfengguang, Xuguang Electronics, Aike Saibo, Parker New Materials, Yongding Co, Wangzi New Materials, and Hongwei Technology [7][42]. 3. Funding and Valuation - There was a net outflow of 1.299 billion yuan from military ETFs during the week, indicating a decrease in passive fund size and share [25][32]. - However, leveraged funds saw an increase in net inflow, suggesting that risk capital is beginning to increase its allocation to the military sector [42][32]. - The report indicates that the military sector remains attractive for investment, with a high configuration value due to the expected recovery in demand [3][42].

Group 1 - The total IPO financing scale in the A-share market for October 2025 was 5.707 billion, a decrease of 72% month-on-month. The main board accounted for 3.248 billion, while the North Exchange accounted for 0.858 billion [4][11]. - A total of 10 new stocks were issued in October, which is lower than the previous month. The breakdown includes 3 from the main board, 4 from the North Exchange, 2 from the Sci-Tech Innovation Board, and 1 from the Growth Enterprise Market [5][11]. - As of the end of October, there were 32 IPO projects approved but not yet issued across various A-share sectors, with a total proposed fundraising scale of 39.96 billion. The main board accounted for 33% of the proposed fundraising [11][12]. Group 2 - The average offline subscription limit for new stocks in the past three months was mostly in the range of 500 million to 1 billion. The main board's offline subscription limits were primarily in the 500 million to 1 billion range, while the Growth Enterprise Market's limits were mostly in the 100 million to 200 million range [12][14]. - In October, the number of offline inquiry objects for the main board, Growth Enterprise Market, and Sci-Tech Innovation Board reached 1,675, 0, and 203 respectively, with a 37% decrease for the main board [16][18]. - The average winning rate for new stocks in October for A/B class accounts on the main board was 0.0112% and 0.0106%, reflecting a month-on-month decrease of 12% and 14% respectively [18][20]. Group 3 - The contribution of new stocks to funds was measured, with funds in the 200-300 million scale contributing +0.166% and those in the 300-500 million scale contributing +0.147%. The annualized return was 1.629% [22]. - In October 2025, a total of 3,346 funds participated in new stock subscriptions, with a total scale of 7.55 trillion. The most numerous were equity mixed funds, with 1,280 funds participating [24][26]. - The participation rate of various types of funds in new stock subscriptions was highlighted, with equity mixed funds leading the participation [29].