证券研究报告 行业研究|行业专题研究|保险Ⅱ 保险公司的投资策略如何演变？ 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月15日 证券研究报告 |报告要点 1979 年国内保险行业恢复以来，监管颁布了一系列关于推动保险资金运用的政策发文。在监 管政策的持续推动下，保险公司的可投资资产范围持续扩大，保险公司的投资行为也更加规 范。目前保险公司形成了以固收类资产为主、权益及其他类资产为辅的投资策略。后续随着利 好政策继续加码带动房地产市场企稳、资本市场回暖，保险公司的投资收益水平有望边际改 善，进而能支撑板块估值继续修复。 |分析师及联系人 刘雨辰 朱丽芳 SAC：S0590522100001 SAC：S0590524080001 请务必阅读报告末页的重要声明 1 / 25 行业研究|行业专题研究 glzqdatemark2 2024年11月15日 保险Ⅱ 保险公司的投资策略如何演变？ 投资建议： 强于大市（维持） 上次建议： 强于大市 相对大盘走势 -20% 3% 27% 50% 2023/11 2024/3 2024/7 2024/11 保险Ⅱ 沪深300 相关报告 1、《保险Ⅱ： ...

证券研究报告 行业研究|行业深度研究|医药生物 PD-(L)1 双靶点药物再掀免疫治疗热潮 (一) 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月15日 证券研究报告 |报告要点 全球重磅临床数据迭出，对肿瘤免疫二代疗法关注度激增，我们看好 PD-(L)1/VEGF、PD1/IL2 和 PD1/IL15 等靶向药物的未来前景。建议关注具备替代 K 药肿瘤免疫治疗基石地位潜力的康 方生物依沃西单抗，以及独辟蹊径采用α-bias 设计、引领免疫疗法新风向标的信达生物 IBI363；基于海外映射逻辑，建议关注 PD1/IL15 靶向药物如 ASKG915、IAP0971 和 SHR-1501。 |分析师及联系人 郑薇 SAC：S0590521070002 请务必阅读报告末页的重要声明 1 / 44 数据来源：公司公告，iFinD，国联证券研究所预测，股价取 2024 年 11 月 06 日收盘价 行业研究|行业深度研究 glzqdatemark2 2024年11月15日 医药生物 PD-(L)1 双靶点药物再掀免疫治疗热潮(一) 投资建议： 上次建议： 强于大市（维持） 强于大市 相对大 ...

Investment Rating - The report maintains a "Stronger than the Market" rating for the pharmaceutical and biotechnology industry [6] Core Views - The report highlights the potential of PD-(L)1/VEGF, PD1/IL2, and PD1/IL15 targeted drugs as the next generation of immunotherapy, with significant clinical data emerging globally [2][10] - Companies like Kangfang Biotech and Innovent Biologics are leading the charge with their innovative drugs, such as Ivonescimab (PD1/VEGF) and IBI363 (PD1/IL2), which show promise in replacing the foundational role of Keytruda in tumor immunotherapy [2][10] - The report emphasizes the importance of overseas mapping logic, suggesting attention to PD1/IL15 targeted drugs like ASKG915, IAP0971, and SHR-1501 [10] Industry Overview - Immunotherapy, particularly immune checkpoint inhibitors (ICI), has revolutionized cancer treatment, with PD-(L)1 inhibitors leading the way due to their pan-cancer properties [7][11] - Despite the success of drugs like Keytruda, which generated $25 billion in global sales in 2023, challenges such as low response rates, safety concerns, and drug resistance remain [7][11] - Chinese pharmaceutical companies are at the forefront of developing second-generation immunotherapy drugs, leveraging PD-(L)1 as a backbone for dual-target therapies [7][11] Key Developments in PD-(L)1/VEGF - Kangfang Biotech's Ivonescimab (PD1/VEGF) has shown significant efficacy in non-small cell lung cancer (NSCLC), outperforming Keytruda in a Phase III head-to-head trial [8][12] - PM8002, developed by Pumis Biotech, has entered Phase III trials for small cell lung cancer (SCLC) and triple-negative breast cancer (TNBC), offering new hope for patients [8][12] - The global investment and financing boom in PD-(L)1/VEGF therapies is driving further innovation and collaboration in the field [8] Emerging Trends in PD-1/IL-2 and PD-1/IL-15 - IL-2 and IL-15 cytokines, when combined with PD-(L)1, enhance tumor targeting and reshape the tumor microenvironment, reducing systemic toxicity [9][13] - Innovent Biologics' IBI363, an IL-2Rα-biased drug, has shown excellent clinical efficacy and safety in IO-resistant NSCLC, CRC, and melanoma, attracting significant market attention [9][13] - The combination of PD-1/IL-15 is gaining traction as a promising second-generation immunotherapy, with companies like Hengrui Medicine and Ascentage Pharma actively developing related therapies [9][13] Investment Recommendations - The report recommends focusing on companies developing PD-(L)1/VEGF, PD1/IL2, and PD1/IL15 targeted therapies, particularly Kangfang Biotech and Innovent Biologics [10][14] - Attention should also be given to PD1/IL15 targeted drugs such as ASKG915, IAP0971, and SHR-1501, based on overseas mapping logic [10][14]

Group 1 - The current market is slowly transitioning from a liquidity inflection point to a fundamental inflection point, similar to the situations in 2019 and 2020 [2][3][8] - The trading volume gap between large and small caps has reached an extreme level, indicating a potential rebalancing between large and small caps, as well as between growth and value styles [2][3][8] - The consumer staples sector is expected to remain strong, while attention should be paid to the shift from TMT (Technology, Media, and Telecommunications) to cyclical industries [2][3][8] Group 2 - The market is gradually stabilizing, with a bias towards growth styles, as evidenced by the performance of indices such as the ChiNext and the National 2000 [30][31] - The performance of major indices shows that small caps and growth stocks are leading, while large caps and value stocks are lagging [30][31][33] - Year-to-date, sectors like non-bank financials and telecommunications have performed well, while textiles and pharmaceuticals have lagged behind [30][31][33] Group 3 - The GLDI (Growth and Liquidity Diffusion Index) indicates an increase in sentiment, particularly in cyclical and discretionary consumer sectors [48][49] - The GLDI reading for the entire A-share market has risen to 97%, reflecting improved liquidity conditions and increased trading activity [48][49] - Recent inflows of leveraged funds suggest a positive shift in micro liquidity, with notable inflows into sectors like power equipment and food and beverage [62][63]

证券研究报告 行业研究|行业点评研究|房地产 税收优惠落地，促楼市成交、缓房企压 力 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月13日 证券研究报告 |报告要点 11 月 13 日，财政部、税务总局、住房城乡建设部发布关于促进房地产市场平稳健康发展有关 税收政策的公告。契税方面，唯一住房面积 140 平方米及以下的契税率为 1%，超过 140 平方 米为 1.5%；二套住房分别为 1%和 2%。增值税方面，取消普通和非普通住宅标准后，持有住房 满 2 年免征增值税。土地增值税则继续对增值额未超扣除项目金额 20%的住宅免征，并降低预 征率下限以缓解房企现金压力，东部、中部、西部地区预征率分别下调至 1.5%、1%和 0.5%。 总体来看，契税和增值税优惠有助于市场止跌企稳，土增税调整则有望提升房企利润。 |分析师及联系人 杜昊旻 方鹏 姜好幸 刘汪 SAC：S0590524070006 SAC：S0590524100003 SAC：S0590524070008 请务必阅读报告末页的重要声明 1 / 4 行业研究|行业点评研究 glzqdatemark2 2024年11月13日 ...

证券研究报告 行业研究|行业点评研究|社会服务 增加法定假日，假日经济有望激发消费 潜力 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月13日 证券研究报告 |报告要点 2023 至今，文旅市场延续景气，且政策对文旅行业的支持力度明显上行。2024 年 11 月，国 务院办公厅发布关于修改《全国年节及纪念日放假办法》的决定及 2025 年部分节假日安排， 增加全体公民放假假日 2 天，并强调合理安排统一放假调休，结合落实带薪年休假等制度， 实际形成较长假期。我们认为，法定节假日的增加是旅游全产业链的重大利好，有望持续激活 "假日经济"，发挥行业"一业兴、百业旺"的强大带动作用。建议关注餐饮住宿龙头、旅游 服务龙头及景区优质标的。 |分析师及联系人 邓文慧 曹晶 SAC：S0590522060001 SAC：S0590523080001 请务必阅读报告末页的重要声明 1 / 4 行业研究|行业点评研究 glzqdatemark2 2024年11月13日 社会服务 增加法定假日，假日经济有望激发消费潜力 行业事件 上次建议： 强于大市 投资建议： 强于大市（维持） 相对大盘走势 -40 ...

Investment Rating - The investment rating for the company is "Buy" (first coverage) [4][11]. Core Views - The company leverages the resource advantages of "Xixia mushrooms" to pioneer the mushroom sauce category, which has become a classic product with a market share of 53% by volume in 2023. Additionally, the company has actively introduced new products, with the Shanghai scallion oil rapidly gaining traction in e-commerce channels, achieving a market share of 70.1% by volume in 2023, thus opening up future growth potential [2][9]. Summary by Sections 1. Company Overview - Founded in 2002, the company initially focused on seasoning ingredients and later created the mushroom sauce in 2008, which has become a flagship product. The Shanghai scallion oil was launched in 2021 and has seen significant growth in e-commerce channels, contributing to the company's main business [6][16]. 2. Product Performance - The mushroom sauce has shown steady growth, with sales revenue increasing from 205 million yuan in 2016 to 324 million yuan in 2022, reflecting a CAGR of approximately 5%. The company is expected to maintain this growth trajectory due to its resource advantages and production technologies [7][34]. - The Shanghai scallion oil, launched in 2021, has become the second growth curve for the company, benefiting from urbanization and a favorable competitive landscape, with expectations for continued high double-digit growth [8][34]. 3. Financial Projections - Revenue projections for 2024-2026 are estimated at 1.128 billion yuan, 1.272 billion yuan, and 1.416 billion yuan, with year-on-year growth rates of 13.45%, 12.78%, and 11.29%, respectively. Net profit attributable to the parent company is projected to be 189 million yuan, 219 million yuan, and 252 million yuan for the same period, with growth rates of 9.52%, 15.81%, and 15.10% [8][11]. 4. Market Position - The company has established a strong market position with its mushroom sauce and scallion oil products, which are well-received in the market. The mushroom sauce is particularly dominant in the central and eastern regions of China, while the scallion oil has rapidly gained popularity through e-commerce platforms [29][36]. 5. Growth Drivers - The company's growth is driven by its innovative product development and effective channel expansion strategies. The online sales channel has become increasingly important, with e-commerce accounting for a significant portion of the revenue for the scallion oil product [21][29].

Key Points Company Overview - **Industry**: Industrial e-commerce, industrial big data, and industrial digitalization - **Business Segments**: - Commercial Information Service Platform (e.g., Guolian Resource Network) - Industrial E-commerce Platform (e.g., Duoduo platform) - Digital Technology Service Platform (e.g., Guolian Cloud) - **Mission**: Promote cost reduction and efficiency in traditional manufacturing through the integration of internet, big data, cloud computing, and artificial intelligence [2]. Business Model - **Industrial E-commerce**: - Self-operated e-commerce (e.g., Duoduo platform) - Third-party e-commerce (suppliers opening stores on Duoduo platform) - SaaS services (e.g., cloud ERP, online payment, smart logistics) [2]. - **Commercial Information Service**: - Online supply and demand information, marketing promotion services, industry information and data products, and industry advertising services [2]. - **Digital Technology Service**: - Research and development of Guolian voice digital technology system and big data service system, focusing on internal digital management system improvement, industrial internet solutions, and vertical industry-based big data service system development [2]. Strategic Planning - **Core Strategy**: Platform service, technology-driven, and data-supported - **Platform Service**: - Deepening in multiple segmented fields, building vertical industrial internet platforms, and enriching platform value [3]. - **Technology-Driven**: - Promoting industrial digitalization through digital cloud factories, establishing closer relationships with upstream and downstream enterprises, and providing digital solutions [4]. - **Data-supported**: - Accumulating rich data elements in B2B fields, exploring more suitable digital products to help enterprises achieve digital transformation and upgrading [4]. Growth Curves - **Low Growth Curve**: Focusing on building industrial e-commerce platforms in vertical fields, expanding transaction scale, and consolidating industry status [4]. - **Second Growth Curve**: Enhancing digital service system construction and promotion, including digital cloud factories, digital supply chains, industrial internet, industrial metaverse, and industrial large models [4]. - **Third Growth Curve**: Building industrial belt cross-border e-commerce platforms, reconstructing supply chain systems through cross-border transaction digitalization, and promoting the development of the Belt and Road Initiative [4]. Q3 2024 Financial Performance - **Revenue**: 172.6 billion yuan, up 26.62% year-on-year - **Net Profit**: 4.07 billion yuan, up 12.38% year-on-year - **Non-Operating Net Profit**: 4 billion yuan, up 8.35% year-on-year - **Total Assets**: 159.23 billion yuan, up 4.05% year-on-year - **Overall Performance**: Revenue of 470.02 billion yuan, up 26.13% year-on-year; Net Profit of 11.2 billion yuan, up 11.41% year-on-year; Non-Operating Net Profit of 10.09 billion yuan, up 7.84% year-on-year [6].

Investment Rating - The report assigns a "Buy" rating for the company, Chuan Yi Co., Ltd. (川仪股份) [5][15][223] Core Insights - Chuan Yi Co., Ltd. is positioned as a leading player in the domestic industrial automation instrument sector, with the potential to become the "Chinese Emerson" due to multiple competitive advantages [2][9][15]. - The industrial automation market in China is expected to reach approximately 350 billion yuan in 2024, with the automation instrument market (including control valves and instruments) projected at around 85 billion yuan [2][13][68]. - The company has successfully replaced second-tier foreign brands and is now targeting first-tier foreign brands like Emerson [9][15][122]. Summary by Sections Company Overview - Chuan Yi Co., Ltd. has a history of over 60 years in the industrial automation instrument field, evolving into the largest and most comprehensive domestic player in this sector [29][30]. - The company has shown robust growth, with revenue increasing from 3.13 billion yuan in 2017 to 7.41 billion yuan in 2023, representing a CAGR of approximately 15% [9][51]. Market Dynamics - The report highlights a recovery in the capital expenditure of the petrochemical industry, which is expected to drive demand for automation instruments [9][51]. - The company benefits from favorable policies aimed at economic stabilization, which are likely to enhance demand in the basic chemical industry [9][100]. Competitive Landscape - Chuan Yi Co., Ltd. has achieved significant market share in various product categories, including being the second-largest in control valves with a market share of approximately 6.5% [9][115]. - The company is positioned to capture a larger share of the high-end market, traditionally dominated by foreign brands [9][122]. Financial Projections - Revenue forecasts for 2024-2026 are 7.75 billion, 8.51 billion, and 9.74 billion yuan, respectively, with expected growth rates of approximately 5%, 10%, and 14% [15][208]. - The net profit for the same period is projected to be 770 million, 880 million, and 1.03 billion yuan, with growth rates of 4%, 14%, and 18% [15][208]. Investment Valuation - The report estimates a target price of 27.3 yuan per share based on a relative valuation method, applying a PE ratio of 16 times for 2025 [15][223]. - The DCF model suggests a current value of approximately 12.3 billion yuan, translating to a per-share value of 23.9 yuan [15][213][218].

证券研究报告 行业研究|行业深度研究|商贸零售 途虎深度系列 3：复盘美国汽车后市场 -连锁龙头穿越周期（公司篇） 请务必阅读报告末页的重要声明 glzqdatemark1 2024年11月12日 证券研究报告 |报告要点 美国汽车后市场龙头公司具备数十年持续稳定成长且抗周期特点。1）AutoZone 近 20 年营收 CAGR 约为 5.99%，净利润 CAGR 约为 8.25%，并且公司在 2008 年金融危机和 2020 年新冠疫情 期间业绩并未出现明显下滑。2）O'Reilly 过去 20 年创超 43 倍的股价涨幅，股价上涨主要 来自同店收入稳步增长以及盈利能力提升。2003-2023 年期间毛利率从 2.22%稳步提升至 51.26%；净利率从 6.62%稳步提升到 14.84%。目前中国汽车后市场格局虽然较为分散，但却 足够广阔，能够让强竞争力的企业稳步成长，推荐国内 O2O 汽车服务龙头途虎。 |分析师及联系人 邓文慧 郭家玮 SAC：S0590522060001 请务必阅读报告末页的重要声明 1 / 35 行业研究|行业深度研究 | --- | --- | --- | |---------- ...