Core Insights - The report highlights a recovery in the semiconductor industry, particularly in wafer manufacturing and packaging, with significant improvements in utilization rates for major players like SMIC and Huahong Semiconductor [3][6][7] - The digital chip design sector shows initial signs of recovery, with revenue and net profit growth reported for Q1 2024, while the analog chip sector continues to face challenges [8][9] - Public finance data indicates a continued push towards infrastructure and technology spending, with a notable increase in budget allocations for these areas [2][22] Group 1: Semiconductor Industry - Wafer manufacturing utilization rates have shown a significant recovery, with SMIC at approximately 80.8% and Huahong at 91.7% for Q1 2024, indicating a positive trend in the industry [3][6] - TSMC's revenue for Q1 2024 reached approximately NT$592.6 billion, reflecting a year-on-year growth of 17%, driven by high-performance computing [6][7] - The integrated circuit packaging and testing sector also reported revenue growth, with major companies like Changdian Technology and Tongfu Microelectronics showing positive year-on-year changes in both revenue and net profit [7][8] Group 2: Digital and Analog Chip Design - The digital chip design sector reported Q1 2024 revenue of CNY 30.5 billion, with a year-on-year increase of 32%, while net profit also saw significant growth [8][9] - In contrast, the analog chip design sector continues to struggle, with revenue growth but persistent net losses, indicating a need for further recovery [8][9] - The report suggests a focus on companies like Saintbond and Aiwei Electronics, which are showing signs of improvement in the analog chip market [9][28] Group 3: Public Finance and Economic Indicators - In April, public finance expenditure reached CNY 1,962.7 billion, a year-on-year increase of 6.1%, with a notable focus on infrastructure and technology sectors [2][22] - The report emphasizes the importance of government support for projects in high-tech and growth-stabilizing areas, which is expected to continue in the coming months [2][22] - Despite the positive trends, the report notes that public finance revenue saw a decline, highlighting challenges in land sales and government debt issuance [4][22]

重点关注 【医药生物】键凯科技—拐点已至，期待未来 我们认为市场对公司发展仍存在一定预期差，公司 2023 年业绩相对承压，使得市场对公司发展产生一定担忧。但我 们认为公司发展将出现拐点，业绩端有望逐渐改善。一方面，业绩负面因素逐渐消除，如 LNP、下游客户权益分成 等问题的影响正在弱化；另一方面，下游客户新产品逐步上市，如 UCB 肌无力产品、国内长效干扰素等，有望带来 新的业绩增量。公司自研 PEG 化产品、医美产品等也可能成为未来公司发展新引擎。聚乙二醇行业壁垒高、空间大， 是颇具发展潜力的赛道。 键凯科技深耕聚乙二醇领域，已形成领先优势。公司致力于医用药用聚乙二醇衍生物产业化，并在聚乙二醇及其活性 衍生物研发、生产、医药领域应用等技术领域处于国内领先地位。公司实施股权激励计划，可以有效提高公司高管、 核心技术及业务人员积极性。2016 年-2022 年公司业绩呈现上升态势；2023 年业绩短期下滑，主要是因为特宝生物销 售提成合同到期、LNP 收入减少以及海外主要药品客户要求的订单交付时间未在 2023 年形成收入。2024 年 Q1 仍受 影响，营业收入同比下降 30.20%。此外公司研发投入逐渐增 ...

图表 月投资分项表现情况 图表 月地产分项表现情况 本周市场整体先抑后扬，4 月社融及地产政策交织影响下，全 A 全周小幅收涨。周初在基础服务涨 价事项推动下，公用事业行业内各子行业迎来普涨，OpenAI 发布 GPT-4o 大模型，传媒、算力等方 向周初亦有表现，周三随着市场对于房地产市场"收储"及杭州、西安等地发文收购商品住房作为公 租房等事项催化下，地产链开启预期交易，直至周五系列重磅地产政策落地，地产链相关行业本周 涨幅居前。 权益短期有小幅兑现需求，但中期上行空间打开，行业轮动或有加速。本周相关地产强力政策虽已 落地，但鉴于当前地产去库压力较高，市场预期尚未显著扭转，权益市场或有小幅兑现需求。本轮 自四月下旬开启的预期交易窗口期，对应"杠"资产已连续三周占优，后续数据验证及政策发布节奏 或使得行业轮动速度有所加快。中期来看，本轮地产政策并非终篇，后续根据经济修复斜率，宏观 政策仍有较大空间，地产链配置不足情况亦或使得相关行业或基于政策节奏展现较大弹性潜力。参 考 2016 年初，供给侧改革政策发布初期，权益市场初期对相关政策力度仍显犹豫，此后随着相关中 观数据的不断被验证，市场底部反转趋势才逐步确立 ...

证券分析师：朱启兵 (8610)66229359 Qibing.Zhu@bocichina.com 证券投资咨询业务证书编号：S1300516090001 宏观经济 | 证券研究报告 — 总量周报 2024 年 5 月 19 日 宏观和大类资产配置周报 稳内需从稳地产入手 大类资产配置顺序：股票>大宗>债券>货币。 宏观要闻回顾 ◼ 经济数据：4 月，规模以上工增同比 6.7%，社零同比 2.3%，1-4 月固投累 计同比 4.2%。 ◼ 要闻：财政部公布 2024 年一般国债、超长期特别国债发行有关安排；国 家发改委党组在《求是》杂志撰文，明确未来推动落实经济体制改革的七 大重点任务；证监会发布《证券市场程序化交易管理规定（试行）》；美 国宣布在原有对华 301 关税基础上，进一步提高对自华进口的电动汽车、 锂电池、光伏电池等产品的加征关税；全国切实做好保交房工作视频会议 在京召开；央行打出优化住房金融政策组合拳。 资产表现回顾 ◼ 人民币资产价格涨跌互现。本周沪深 300 指数上涨 0.32%，沪深 300 股指 期货下跌 0.23%；焦煤期货本周下跌 1.62%，铁矿石主力合约本周上涨 2.08%；人民 ...

1-4 月财政数据点评 公共财政支出有待进一步发力。后续财政支出有望迎来资金、项目双向支持。 相关研究报告 《4 月外汇市场分析报告》20240520 《楼市政策推进、债市利率震荡》20240519 《宏观和大类资产配置周报》20240519 证券分析师：朱启兵 (8610)66229359 Qibing.Zhu@bocichina.com 证券投资咨询业务证书编号：S1300516090001 公共财政预算收入不及预期 资料来源：wind，中银证券 资料来源：wind，中银证券 其他权重税种方面，4 月企业所得税在当月税收收入中占比实现 34.4%，同比增长 0.7%，对当月税 收同比增速的正贡献为 0.2 个百分点，4 月为企业所得税征收的季节性高点。 房地产相关税种改善基础不牢固。4 月契税、房产税表现趋异，同比增速分别实现-9.6%和 16.8%。 当前商品房销售表现仍较弱势，4 月商品房销售面积同比下降 14.4%，地产行业"弱预期"仍对行业 销售有所影响，地产相关税种改善趋势仍待观察。 2024 年 1-4 月，全国一般公共预算支出 89483.0 亿元，同比增长 3.5%，增幅（较一季度，下同） ...

电力设备 | 证券研究报告 — 行业点评 2024年5月23日 强于大市 光伏行业动态点评 供给侧限制政策或出台，行业有望加速触底 工信部指导光伏行业高质量发展，或将出台新版《光伏制造业规范条件》提 高行业准入、运行门槛，并提升《规范》对于行业的影响力；维持行业强于 大市评级。 支撑评级的要点  工信部有望加强产业规划指导，逐步淘汰光伏落后产能：2024年5月17 日，中国光伏行业协会在工信部电子信息司指导下组织召开光伏行业高 质量发展座谈会。会议指出，我国将加强对于低于成本价格销售恶性竞 争的打击力度；鼓励行业兼并重组，畅通市场退出机制。  新版《光伏制造业规范条件》或将提高行业准入、运行门槛：根据中国光 伏行业协会披露，2023 年以来协会积极支撑主管部委司局工作，协助修订 《光伏制造业规范条件》，较大幅度提高了产品相关技术指标。我们认为， 新版《光伏制造业规范条件》或将在：1）多晶硅还原电耗、综合电耗；2） 光伏电池平均转换效率；3）光伏组件平均转换效率等方面进一步提高行业 新建项目、行业在产项目运行标准，促进光伏行业高质量发展。  《光伏制造业规范条件》关注重点集中在产品品质、生产能耗等方面：上 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expectation that the company's stock price will exceed the benchmark index by more than 20% within the next 6-12 months [42][46]. Core Insights - The report highlights the high barriers to entry in the polyethylene glycol (PEG) modification technology sector, with few companies globally possessing advanced synthesis and modification capabilities [1]. - The domestic PEG industry is still in its early stages compared to international counterparts, with ongoing exploration and development [2]. - The global PEG-modified drug market has reached a certain scale, while the domestic market is just beginning to develop [7]. - The report notes a significant increase in the number of companies engaged in PEG-modified drug research and clinical trials in China, with approximately 45+ companies reported as of December 31, 2023 [11]. - The report discusses the broad prospects for PEG-modified drugs in light of the ongoing national procurement policies, which have led to substantial price reductions in generic drugs [12]. Summary by Sections Company Overview - The report provides a detailed overview of several companies involved in PEG technology, including Xiamen Sinobang Biological Technology Co., Ltd., Jiaxing Bomei Biotechnology Co., Ltd., and Beijing Kaizheng United Pharmaceutical Technology Co., Ltd., highlighting their focus areas and product offerings [5]. Market Dynamics - The report outlines the competitive landscape of the long-acting drug market, emphasizing the limited number of approved long-acting G-CSF products in China, which presents opportunities for growth [54][55]. - It also discusses the increasing sales of overseas medical device products, with a reported growth of 21.48% year-on-year in 2023 [33]. Financial Projections - The company is projected to achieve revenues of CNY 368 million, CNY 459 million, and CNY 559 million from 2024 to 2026, respectively, with net profits expected to reach CNY 142 million, CNY 178 million, and CNY 220 million in the same period [42][72]. - The report anticipates a gradual improvement in the company's performance, driven by the launch of new products by downstream clients [42]. Product Development - The report highlights the successful clinical trial progress of the PEG-modified irinotecan and the development of new medical aesthetic products, indicating a promising future for the company's product pipeline [34][39]. - It also mentions the company's proprietary PEG cross-linked sodium hyaluronate gel project, which has received regulatory acceptance and is advancing through clinical trials [39][68].

房地产行业 | 证券研究报告 — 行业周报 2024年5月22日 强大于市 房地产行业第 20 周周报（5 月 11 日-5 月 17 日） 本周成交环比维持正增长、同比降幅收窄；四部 相关研究报告 门供需大招带动板块上涨 《为什么是3000亿？》（2024/05/21） 《这轮地产政策能刺激多少需求？》（2024/05/21） 新房成交面积环比增幅扩大，同比降幅收窄；二手房成交面积环比增速下滑，同比降幅收窄；土地市场环比量升价跌， 溢价率同环比均下降。 《这次地产不一样？》（2024/05/13） 核心观点 《房地产行业2024年4月70个大中城市房价数据点  新房成交面积环比增幅扩大，同比降幅收窄。40个城市新房成交面积为286.3万平方米，环比上升36.3%，同 评：70城房价环比创下九年多来最大跌幅；刚需产品 比下降26.1%，同比降幅较上周收窄了22.9个百分点。一、二、三四线城市新房成交面积环比增速分别为33.1%、 44.1%、23.2%，同比增速分别为-26.5%、-26.9%、-23.3%，同比降幅较上周分别收窄了22.6、22.4、24.9个百分 房价下行压力较大》（2024/05/19 ...

交通运输 | 证券研究报告 — 行业周报 2024年5月21日 交通运输行业周报 强于大市 石油产量增长油轮收益或持续可观，快递行业 前四个月增长势头良好 航运方面，石油产量增长推高运价，油轮收益或持续可观。快递方面，快递 行业 1-4 月业务量增长势头良好，业务收入持续稳健增长。航空方面，全球 航空运输市场增势渐稳，3月航空货运客运需求齐增。 ◼ 核心观点： ①石油产量增长推高运价，油轮收益或持续可观。炼油厂产量增加或将 推动成品油轮运价上涨。根据国际能源署（IEA）的预测，到七月份， 全球炼油厂的日产量每月可能会增加 100 万桶。克拉克森数据显示，成 品油运价在近几周有所回升，预计将持续增长。LR2 型油轮船队加权平 均运价达到56,700美元/天，较上周上涨14.5%，较上个月增长约40%。 全球经济增长预期提高石油需求向好，油轮回报或持续可观。国际货币 基金组织提高了对全球经济增长的预期，支持主要机构对石油需求的积 极预测。多家船公司预计在石油需求增长、运输距离延长以及快速老龄 化，以及新造船订单应非常有限的支持下 VLCC 市场的回报期将持续。 需求高企推动新造船市场火热，当前油轮订单在全球船队中 ...

Investment Rating - The report rates the real estate industry as "Outperform" [1][11]. Core Insights - The government has proposed specific measures to purchase existing residential properties and activate existing land, establishing a 300 billion yuan loan for affordable housing [1]. - The report highlights that the government's acquisition of existing properties is expected to alleviate inventory pressure and improve liquidity for real estate companies [1][6]. - The report anticipates that the current policies will stimulate demand and mitigate risks on the supply side, leading to a balanced market in the near future [1][6]. Summary by Sections Policy Measures - The government aims to purchase existing residential properties to convert them into affordable housing, with a focus on properties that are completed but unsold [1]. - A 300 billion yuan loan has been established by the central bank to support this initiative, with a 1.75% interest rate and a one-year term [1][6]. Market Inventory - As of April 2024, the total inventory of residential properties in China is approximately 2 billion square meters, with a significant portion being unsold completed properties [3][6]. - The report estimates that the current unsold inventory of completed residential properties is about 391 million square meters, with a decommissioning cycle of 23.8 months [1][6]. Financial Implications - The report calculates that to fully address the inventory issue, approximately 14.89 trillion yuan would be needed to purchase all existing properties [6]. - It suggests that if the decommissioning cycle can be reduced to 18 months, the required funds would be around 6 trillion yuan [6]. Investment Opportunities - The report identifies three main investment lines: local state-owned enterprises benefiting from government purchases, real estate companies with solid fundamentals and no liquidity risks, and real estate brokerage firms benefiting from a recovery in second-hand housing transactions [1][6].