Investment Rating - The report indicates a positive outlook for the pharmaceutical market in Japan, particularly in the context of an aging society, suggesting potential investment opportunities [79]. Core Insights - The pharmaceutical market in Japan is characterized by a high concentration of market value among major pharmaceutical companies, which dominate the sector [79]. - Japan's moderate aging period has led to pharmaceutical stocks exhibiting both resilience and growth potential, driven by increasing healthcare demands [79]. - The aging population is expected to drive significant growth in healthcare needs, similar to trends observed in Japan during the 1990s [9][11]. Market Overview - As of June 3, 2024, the market capitalization of pharmaceutical stocks on the Tokyo Stock Exchange is approximately $424.7 billion, accounting for 6.5% of the total market capitalization [3]. - The total market capitalization of the Tokyo Stock Exchange is $6.5 trillion, with the pharmaceutical sector representing about 7.1% of the total market capitalization in the A-share market [5][3]. - The concentration of market value in Japan's pharmaceutical sector is notable, with the top 10 companies accounting for 63.1% of the market value [7]. Aging Population Impact - Japan's aging population, with 29% of its population aged 65 and above as of 2022, is driving increased demand for healthcare services and products [10]. - The report highlights that the aging process in China is progressing rapidly, with projections indicating that by 2030-2035, China will reach a similar aging demographic as Japan did in the 1990s [9][10]. - Historical data shows that during Japan's aging period in the 70s to 90s, healthcare expenditure growth outpaced GDP growth, indicating a trend that may be mirrored in China [11]. Company Performance - Companies like Takeda Pharmaceutical and Hisamitsu Pharmaceutical have shown significant growth, with Takeda's overseas revenue share increasing from 50% in 2006 to 87% in 2022, reflecting successful international expansion strategies [66]. - Hisamitsu Pharmaceutical has also benefited from the aging population, with a CAGR of 10.5% in revenue and 22.7% in profit, driven by demand for pain relief products [71]. Future Opportunities - The report emphasizes the need for diversified strategies to address the healthcare demands of an aging population, including the development of elder care services and products tailored to age-related health issues [75][76]. - Companies are encouraged to explore opportunities in preventive healthcare and community-based care services to alleviate pressure on traditional healthcare facilities [75][76]. - The report suggests that the Chinese pharmaceutical market, with its larger population and growing biotech sector, presents significant opportunities for growth, especially as international competitiveness improves [77][78].

[Table_MainInfo] 行业研究/机械工业 证券研究报告 行业月报 [ Table_InvestInfo] 北交所机械月报：5 月机械板块北交所市 值占比 22%；基础件等板块领涨 [Table_Summary] 投资要点：  上市情况：根据Wind及所属中信行业，截至2024年5月31日，北交所机械板 块上市公司51个，总市值729.70亿元，占北交所整体市值21.98%。  板块表现：从各行业横向比较来看，2024年第5月（2024年5月1日至5月31 日），机械设备行业相对北交所整体月累计超额收益为负，在所有行业中排名第 19，月累计超额收益为-4.26pct。从机械内部子板块来看，基础件（+9.65pct）、 光伏设备（+2.54pct）、工程机械（+0.59pct）、油气装备（+0.55pct）跑赢北交所。 截至2024年5月31日，2024年机械设备行业年累计超额收益为+2.87pct。从机 械内部子板块来看，纺织服装机械（+76.27pct）、仪器仪表（+12.17pct）、铁路 交通设备（+3.34pct）、专用机械（+2.89pct）、矿山冶金机械（+0.32pct）跑赢北 交 ...

[Table_MainInfo] 行业研究/纺织与服装 证券研究报告 行业周报 2024年06月12日 [Table_InvestInfo] 5 月纺服出口数据环比回暖，关注“618”开 投资评级 优于大市 维持 门红各平台战绩 [Table_Summary] 投资要点： [Table_AuthorInfo]  5月中国&越南纺服出口环比改善，其中纺织品表现较好。5月中国纺织品/服装 /鞋靴/箱包出口金额同比分别+7.2%/-0.4%/-11.8%/+0.0%，4 月同比分别 -4.3%/-9.1%/-18.3%/-13.5%。各品类出口均环比改善，其中纺织品同比转为正增 长，服装/箱包同比基本持平，鞋靴仍有压力。1-5 月，中国纺织品/服装/鞋靴/ 箱包出口金额累计同比分别+0.6%/-4.2%/-9.4%/-4.9%。5月越南纺织品/鞋类出口 金额同比分别+3.9%/+0.0%，较上月同比+6.3%/-2.8%有所分化：纺织品环比走弱、 鞋类环比走强。1-5月，越南纺织品/鞋类出口金额累计同比分别+3.3%/+7.2%。 整体来看，5月中越两国纺服出口环比均有所改善，我们认为背后原因主要是国 际品牌库存 ...

[Table_MainInfo] 行业研究/煤炭 证券研究报告 行业周报 2024年06月11日 北方高温来袭，5 月进口量如期下降 [Table_Summary] 投资要点：  北方高温来袭，5 月煤炭进口量如期下降。（1）中国气象局：预计 6 月 9 日至 13 日，京津冀地区、黄淮、汾渭平原、江汉北部以及内蒙古西部和东南部、新 疆东部和南部等地有持续性高温天气，高温日数有3～5天，其中，河北南部、 河南、山东、新疆吐鲁番盆地等地部分地区最高气温可达 39~42℃。（2）sxcoal 援引海关总署：5 月进口煤炭 4382 万吨，同比/环比+10.7%/-3.2%；1-5 月累计 进口 2.05 亿吨，同比+12.6%。（3）sxcoal：为汲取新汶矿业华丰煤矿“6·1”突水 事故教训（致3人死亡），6月5日上午山东召开全省安全生产紧急视频会议， 提出对全省所有生产建设煤矿，要立即开展安全生产诊断大检查。我们认为， 高温天气带动下，煤炭需求或显著提升，生产端虽有恢复，但安监严格的大背 景下增量或有限。由于进口煤价倒挂，5 月煤炭进口量环比如期下降，考虑到 3-5月进口持续倒挂，预计6月进口量大概率也将下 ...

Equity – Asia Research 蓝晓科技 ：国内吸附分离树脂 (300487 CH) 龙头，高端应用产品逐步放量 Sunresin: Domestic Adsorption and Separation Resin Leader, High-end Application Products Gradually Release Volume 孙小涵 Xiaohan Sun xh.sun@htisec.com 2024年6月11日 本研究报告由海通国际分销，海通国际是由海通国际研究有限公司，海通证券印度私人有限公司，海通国际株式会社和海通国际证券集团其他各成员单位的证券 研究团队所组成的全球品牌，海通国际证券集团各成员分别在其许可的司法管辖区内从事证券活动。关于海通国际的分析师证明，重要披露声明和免责声明，请 参阅附录。(PleaseseeappendixforEnglishtranslationofthedisclaimer) 概要 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------------|-------------------------------------------------------------------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | 图 97 图 98 | 我国中游设备出口高增长 2（%） 我国变压器出口占全球份额近３成（%） | | | | | | | | | | 图 99 | 我国内地变压器出口对象分布（2023，%）. | | | | | | | | | | 图 100 | 我国包装机械出口占全球份额提升（%） | | | | | | | | | | 图 101 | 我国包装机械主要出口到关像（2023，%）. | | | | | | | | | | 图 102 | 我国集成电路出口高增长（%） | | | | | | | | | | 图 103 | 我国内地集成电路出口对 ...

Group 1: Asset Allocation Trends - During periods of rapid interest rate decline, overseas residents show increased demand for liquid and safe assets, favoring cash and deposits while reducing allocations to equities and investment funds[1] - In the U.S., the share of cash deposits rose from 10.9% to 13.9% between September 2007 and the end of 2008, while equities and funds dropped from 43.7% to 33.4%[57] - Japanese residents increased their deposit asset share from 48.6% to 51.2% from 1990 to 1995, while equities and investment funds fell from 20.3% to 13.8%[57] Group 2: Financial Asset Composition - By the end of the low interest rate period in 2019, financial assets accounted for approximately 62.2% of Japanese residents' total assets, up from 35.4% in 1990[51] - In the U.S., the proportion of financial assets in total assets rose from 63.8% in 2007 to about 70% by the end of the low interest rate cycle[46] - The share of insurance and pension assets has shown a consistent increase across various regions, indicating a shift towards these safer investment vehicles during low interest periods[19] Group 3: Behavioral Changes in Investment - U.S. residents' investment in stocks and funds saw a significant increase post-2009, with the share rising from 31.5% to 42% by 2015[86] - Japanese residents have shown a tendency to redeem stocks and investment funds, preferring cash and deposits even during stock market recoveries[73] - In Germany, the financial asset share of total assets decreased from 40.9% in 2007 to 39.6% by the end of 2009, reflecting a cautious approach during the rapid interest rate decline[75]

Investment Rating - The report maintains an "OUTPERFORM" rating for Huadian Power International with a target price of HK$5.52, up from a previous target of HK$4.62 [3][14]. Core Insights - The company's profits have significantly recovered due to a decline in coal prices, achieving a revenue of RMB 117.18 billion in 2023, a year-on-year increase of 9.45%, and a net profit of RMB 4.52 billion compared to RMB 0.1 billion in the previous year [11][14]. - In Q1 2024, the company reported a revenue of RMB 30.95 billion, a decrease of 3.21% year-on-year, primarily due to increased hydropower generation in Hubei, which affected thermal power output. However, net profit rose by 64.21% year-on-year to RMB 1.86 billion, driven by lower coal prices [11][12][14]. - The company has a controlled installed capacity of 58,449.78 MW, with coal-fired power generation accounting for approximately 80% of this capacity [12]. Financial Performance - The company’s revenue projections for 2024-2026 are RMB 124.77 billion, RMB 126.45 billion, and RMB 128.71 billion, respectively, with net profits expected to be RMB 6.05 billion, RMB 7.36 billion, and RMB 8.38 billion [14]. - The report highlights a significant increase in hydropower generation, with a 24.8% year-on-year increase in Q1 2024, while thermal power generation saw a slight decline of 0.5% [12][13]. - Investment income for 2023 was RMB 3.776 billion, down 21.4% year-on-year, but the potential for high growth in new energy investments remains [13][14]. Market Position and Strategy - The company plans to expand its new energy capacity significantly, with Huadian Group aiming to add 75GW of new energy installed capacity during the "14th Five-Year Plan" [13]. - The report indicates that the overall trend of declining coal prices in 2024 is expected to improve thermal power profitability [14].

Investment Rating - The investment rating for Pinggao Electric is maintained at OUTPERFORM [3][9]. Core Views - The financial performance of Pinggao Electric has exceeded expectations, with a revenue of 11.077 billion yuan in 2023, representing a year-on-year growth of 19.44%, and a net profit of 816 million yuan, up 284.6% year-on-year [11][12]. - The construction of UHV (Ultra High Voltage) lines is experiencing a significant boom, with new contracts signed increasing by 44.20% year-on-year [14][15]. - The gross profit margin has shown steady improvement, reaching 21.57% in 2023, an increase of 3.79% compared to the previous year [12][13]. Financial Performance Summary - **Revenue and Net Profit**: In 2023, the company achieved a revenue of 11,077 million yuan and a net profit of 816 million yuan. The revenue for Q1 2024 was also 11,077 million yuan, with a net profit of 230 million yuan, up 52.69% year-on-year [11][12]. - **Gross Profit Margin**: The comprehensive gross profit margin for 2023 was 21.57%, with the high-voltage segment at 22.9% and the medium and low voltage distribution segment at 16.74% [12][13]. - **Expense Management**: The company's expenses were 1,297 million yuan in 2023, with a three-rate of 11.71%, down 0.86 percentage points year-on-year, indicating effective cost management [13][14]. Market Outlook - The UHV construction is expected to continue with "4 DC and 2 AC" projects in 2024, maintaining strong demand in the electrical equipment market [14][15]. - The revenue forecast for 2024-2026 is projected at 13.15 billion yuan, 15.46 billion yuan, and 17.99 billion yuan, respectively, with corresponding net profits of 1.17 billion yuan, 1.41 billion yuan, and 1.67 billion yuan [15]. Target Price Adjustment - The target price has been raised from 15.65 yuan per share to 20.10 yuan per share based on the DCF model [15].

Investment Rating - The report maintains an "Outperform" rating for Yunnan Baiyao with a target price of RMB 73.36 for 2024, based on a 28X PE multiple [5][15] Core Views - Yunnan Baiyao is entering a new reform stage, focusing on its core business and improving quality and efficiency to drive growth [5] - The company's pharmaceutical business is the core sector, leveraging OTC channels and brand advantages to drive rapid growth [2][11] - The health products business is exploring existing potential and actively expanding diversified channels, with Yunnan Baiyao toothpaste maintaining a 24.6% domestic market share [2][12] - The traditional Chinese medicine resources division ensures strategic supply advantages, with Sanqi herb external sales revenue up 81% YoY [2][13] - The company has a clear short, medium, and long-term R&D strategy, focusing on innovation to drive sustainable long-term development [3][14] Financial Performance - In 2023, Yunnan Baiyao achieved revenue of RMB 39.11 billion, up 7.19% YoY, and net profit attributable to shareholders of RMB 4.09 billion, up 36.41% YoY [2][10] - For Q1 2024, the company achieved revenue of RMB 10.77 billion, up 2.49% YoY, and net profit attributable to shareholders of RMB 1.70 billion, up 12.12% YoY [2][10] - The pharmaceutical business achieved revenue of RMB 6.48 billion in 2023, up 8.16% YoY, with core products showing steady growth [2][11] - The health products business achieved revenue of RMB 6.42 billion in 2023, up 6.50% YoY [2][12] - The traditional Chinese medicine resources division achieved external revenue of RMB 1.71 billion in 2023, up about 22% YoY [2][13] Financial Forecasts - The report forecasts 2024-2026 revenue of RMB 43.23 billion, RMB 46.33 billion, and RMB 49.45 billion, with YoY growth rates of 10.5%, 7.2%, and 6.7% respectively [4][5] - Net profit attributable to shareholders is expected to be RMB 4.68 billion, RMB 5.21 billion, and RMB 5.73 billion for 2024-2026, with growth rates of 14.3%, 11.4%, and 10.1% respectively [5] - EPS is forecasted to be RMB 2.62, RMB 2.92, and RMB 3.21 for 2024-2026 [5] - The gross margin is expected to remain stable, increasing slightly from 26.5% in 2023 to 26.9% in 2026 [4][5] Business Segments - The pharmaceutical business saw strong growth in core products, with aerosol revenue exceeding RMB 1.7 billion, up 15.27% YoY, and branded traditional Chinese medicine products like Pudilan anti-inflammatory tablets and Huoxiang Zhengqi liquid growing rapidly [2][11] - The health products business is focusing on oral health and care products, with core product Yangyuanqing achieving sales exceeding RMB 300 million, up 36% YoY [2][12] - The traditional Chinese medicine resources division is focusing on regional resource advantages, ensuring supply stability and building a leading platform in the industry [2][13] R&D Strategy - The company has established four R&D centers and is focusing on short-term projects like secondary development of listed products, medium-term projects in innovative traditional Chinese medicine, and long-term projects in innovative drug R&D [3][14] - Short-term R&D projects include Gongxuening capsule secondary development and Qixuekang oral liquid, which have made progress [3][14] - Medium-term R&D focuses on transdermal patch formulations and trauma field development [3][14] - Long-term R&D is centered on innovative drug transformation and exclusive products, with a focus on nuclear medicine [3][14]