Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2] Core Insights - The approval of the "Full Chain Support for Innovative Drug Development Implementation Plan" by the State Council is a significant policy benefit for the innovative drug sector [3][21] - The pharmaceutical and biotechnology industry index experienced a decline of 3.37%, ranking 19th among 31 primary industries, underperforming the CSI 300 index, which fell by 1.85% [4][12] - The overall PE (TTM) for the pharmaceutical and biotechnology industry is 24.03x, down from 24.87x in the previous period, indicating a downward trend in valuation [4][16] Industry Review - The report period saw a net reduction of 119 million yuan in shareholdings across 30 listed companies in the pharmaceutical and biotechnology sector, with 21 companies increasing their holdings by 68 million yuan and 9 companies reducing their holdings by 188 million yuan [4] - The top three sub-industries by PE (TTM) are diagnostic services (48.63x), blood products (34.78x), and medical consumables (32.12x), with the lowest valuation in pharmaceutical distribution at 14.52x [4][16] Important Industry News - The National Healthcare Security Administration announced the "2024 National Basic Medical Insurance, Work Injury Insurance, and Maternity Insurance Drug Directory Adjustment Work Plan," which includes adjustments to the drug directory and negotiation rules [23] - The NMPA is seeking public opinion on optimizing the review and approval process for urgently needed overseas drugs, aiming to expedite their market entry in China [24][25] Company Dynamics - Johnson & Johnson's BCMA/CD3 bispecific antibody, Talquetamab, received NMPA approval, marking it as the first of its kind in China for treating relapsed or refractory multiple myeloma [26][27] - Novo Nordisk's semaglutide injection for weight management has been approved by the NMPA, expanding its indications for obesity treatment [28][30] - Fosun Pharma plans to privatize its subsidiary, Fuhong Hanlin, with a cash and/or stock offer totaling up to 5.407 billion HKD [34][36] Investment Recommendations - The report suggests continuous attention to the innovative drug sector, particularly companies with original research capabilities and strong commercialization abilities [7]

Investment Rating - The investment rating for the power equipment industry is "Positive" and the rating has been maintained [2]. Core Insights - The power equipment industry index declined by 6.69% during the reporting period, underperforming the CSI 300 index by 4.84 percentage points [2][10]. - From the beginning of 2024 to the end of the reporting period, the power equipment industry has cumulatively dropped by 18.24%, while the CSI 300 index remained flat, indicating a significant underperformance of 18.24 percentage points [2][10]. - All six sub-industries within power equipment experienced declines, with the photovoltaic equipment sector showing the largest cumulative drop of 32.45% [2][10]. - The report highlights a potential increase in demand due to multiple provinces responding to the national "Wind Control Action" initiative, with projects expected to commence in 2025-2026 [5]. Market Review 1. Market Performance - The power equipment industry index fell by 6.69%, with sub-industries such as grid equipment, motors, and photovoltaic equipment showing declines of -3.66%, -5.60%, and -10.60% respectively [2][10]. - Key tracked sub-industries like lithium batteries, wind power components, and battery chemicals also saw declines of -4.66%, -6.90%, and -8.73% respectively [2][10]. 2. Industry News - The report notes that several provinces have released overall plans for the "Wind Control Action," which is expected to stimulate demand for wind power installations [5]. - The wind power sector is particularly highlighted, with ongoing projects in provinces like Shanxi and Guangdong showing promising progress [5]. Company Dynamics 1. Shareholder Activity - In the reporting period, 17 listed companies in the power equipment sector experienced a net reduction of 235 million yuan in shareholder holdings, with 11 companies increasing their holdings by 57 million yuan and 6 companies reducing by 291 million yuan [3][31]. 2. Key Company Updates - Companies like Rongbai Technology and XWANDA are making strides in solid-state battery technology and partnerships to enhance production capabilities [29][30]. Valuation Metrics - As of July 5, 2024, the price-to-earnings (PE) ratio for the power equipment industry stands at 20.14 times, which is below the negative one standard deviation and ranks 16th among the Shenwan first-level industries [2][18]. - The PE ratios for closely monitored sub-industries such as battery and wind power equipment are 20.65 times and 25.60 times respectively [2][18].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company focuses on developing best-in-class or first-in-class drugs in the fields of malignant tumors and autoimmune diseases, leveraging its strong independent research and development capabilities [1][13]. - The commercialization of the core product, Obutinib, is progressing well, with new indications expected to submit NDA within the year [1][5]. - Tafasitamab, in combination with Lenalidomide, has received formal acceptance for its domestic BLA and is expected to contribute to revenue growth next year [2][5]. Summary by Sections 1. Company Overview - The company has established a comprehensive platform from innovation to commercialization, focusing on unmet medical needs in hematological malignancies, autoimmune diseases, and solid tumors [1][13]. - The core product Obutinib has been approved in China and Singapore and included in the national medical insurance directory [1][13]. 2. Product Pipeline - Obutinib has received conditional approvals for three indications, with additional indications in late-stage clinical trials [1][5]. - Tafasitamab has been approved in multiple regions and is recognized as a clinical urgent drug in specific areas [2][5]. - The company is advancing 13 products in clinical stages globally [1][13]. 3. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 976.23 million, 1,397.76 million, and 1,846.19 million RMB respectively, with net losses expected to decrease over the same period [5][6]. - The total equity value of the company is estimated to be 23.5 billion RMB based on DCF modeling [4][5]. 4. Clinical Development - Obutinib shows potential for treating autoimmune diseases, with promising results in clinical trials for ITP and SLE [3][5]. - Zurletrectinib is in development for treating NTRK fusion-positive tumors, with a focus on pediatric populations [3][5]. 5. Market Position - The company is positioned in a market with significant unmet needs, particularly in hematological malignancies and autoimmune diseases, with a strong pipeline and strategic partnerships enhancing its market presence [1][13].

Investment Rating - The report assigns a "Buy" rating for the company [2]. Core Views - The company has shown steady revenue growth, with a revenue of 450.65 billion yuan in 2023, representing an 11.91% year-on-year increase. The first quarter of 2024 saw revenue of 82.42 billion yuan, remaining stable year-on-year [1][23]. - The company has diversified its business structure, with traditional segments like power transmission and optical communication contributing significantly to total revenue. In 2023, power transmission accounted for 37.15% and optical communication for 20.22% of total revenue [2][26]. - The marine and new energy sectors are emerging as second growth curves, with marine series revenue experiencing a compound annual growth rate (CAGR) of 17.02% from 2019 to 2022, although it saw a decline of 48.93% in 2023 due to slow installation progress in offshore wind projects. Conversely, the new energy segment has a CAGR of 52.70% from 2019 to 2023, indicating strong growth potential [2][26]. Summary by Sections Company Performance - The company has maintained stable profitability, with net profits of 32.14 billion yuan in 2022 and 31.17 billion yuan in 2023. The decline in 2021 was primarily due to impairment provisions for high-end communication business [1][24]. - The overall gross margin for 2023 was 16.22%, with variations across segments. The marine segment had a gross margin of 26.65%, while optical communication and new energy had margins of 27.12% and 11.35%, respectively [1][27]. Marine Sector - The company is well-positioned in the marine cable manufacturing sector, with a robust order book of approximately 11.5 billion yuan as of March 31, 2024. The marine segment's revenue is expected to improve as the company expands into international markets and deep-sea operations [3][30]. - The global offshore wind power market is experiencing significant growth, with China leading in new installations. The report anticipates that the domestic marine cable market will exceed 16 billion yuan by 2026 [3][30]. Optical Communication Sector - The optical fiber and cable market is highly concentrated, with demand driven by 5G, fiber-to-the-home, and other infrastructure projects. The company has integrated capabilities across the supply chain, enhancing its competitive position [3][30]. - The optical communication segment's revenue reached 91.14 billion yuan in 2023, with a gross margin recovery to 27.12%, positioning the company favorably within the industry [3][30]. New Energy Sector - The new energy segment is rapidly growing, with the company holding 61 solar power stations and a total installed capacity of 390.26 MW as of the end of 2023. The company is also actively expanding its presence in the energy storage market [3][30]. - The report highlights the company's comprehensive approach to energy solutions, including solar, storage, and hydrogen technologies, which are expected to drive future growth [3][30].

硅 行业走势: 多举措推动行业高质量发展 行情回顾: 分析师: 行业评级: 报告期:2024.4.13-2024.5.26 投资评级 看好 报告期内电力设备行业指数跌幅为 2.90%,跑输沪深 300 指数 1.13Pct。 评级变动 维持 电力设备申万二级子行业中光伏设备、电网设备、其他电源设备Ⅱ、 电机Ⅱ、风电设备、电池分别变动-1.31%、-2.00%、-3.46%、-3.70%、 -3.72%、-4.23%。重点跟踪的三级子行业锂电池、风电零部件、电池 化学品分别变动-2.13%、-3.52%、-8.31%。 2024 年初至本报告期末,电力设备行业累计下跌 5.49%,沪深 300 指 数累计上涨 4.97%,电力设备行业累计跑输 10.46Pct。电力设备的六个 申万二级子行业中有五个在下跌,其中风电设备累计跌幅最大,为 -16.24%。重点跟踪的三个三级子行业锂电池、电池化学品、风电零部 件变动分别为 10.12%、-17.80%、-17.83%。电力设备行业整体表现较 差。 本报告期内重点跟踪三级子行业个股以下跌为主。报告期内,锂电池 分析师 张烨童 行业 31 只 A 股成分股中 6 只上涨 ...

医药生物行业双周报 2024 年第 13 期总第 111 期 2024 医保目录调整启动 创新仍是行业主线之一 行业回顾 行业评级: 报告期:2024.6.10-2024.6.21 投资评级 看好 评级变动 维持评级 行业走势: huchenxi@gwgsc.com 执业证书编号:S0200518090001 联系电话:010-68085205 weiyuqi@gwgsc.com 执业证书编号:S0200123060002 联系电话:010-68099389 2 号院 1 号楼中国长城资产大厦 16 层 本报告期医药生物行业指数跌幅为 3.44%,在申万 31 个一级行业中 位居第 18,跑输沪深 300 指数(-2.20%)。从子行业来看,仅原料 药、血液制品上涨,涨幅分别为 0.55%、0.29%;线下药店、中药跌 幅居前,跌幅分别为 17.78%、6.69%。 估值方面,截至 2024 年 6 月 21 日,医药生物行业 PE(TTM 整体法, 剔除负值)为 24.87x(上期末为 25.86x),估值下行,低于负一倍标 准差。医药生物申万三级行业 PE(TTM 整体法,剔除负值)前三的 XXXX@gw ...

硅 行业周报 报告期:2024.6.11-2024.6.23 行业走势: zhangyetong@gwgsc.com 执业证书编号:S0200524050001 联系电话:010-68099390 zhugaotian@gwgsc.com 执业证书编号:S0200123030001 联系电话:010-68099392 北京市丰台区凤凰嘴街 2 号院 1 号 楼中国长城资产大厦 16 层 2024 年 6 月 24 日 证券研究报告/行业研究 电新行业双周报 2024 年第 13 期总第 35 期 《2024 全球海上风电报告》发布,海上风电增长强劲 行情回顾: 行业评级: 报告期内电力设备行业指数跌幅为 3.34%,跑输沪深 300 指数 1.14Pct。 电力设备申万二级子行业中电网设备、电池、电机Ⅱ、其他电源设备 投资评级 看好 评级变动 维持 Ⅱ、风电设备、光伏设备分别变动-0.25%、-3.40%、-3.42%、-3.66%、 -4.71%、-5.57%。重点跟踪的三级子行业锂电池、电池化学品、风电 零部件分别变动-3.24%、-3.97%、-4.10%。 2024 年初至本报告期末,电力设备行业累计 ...

2024年6月12日 证券研究报告 医药生物行业双周报2024年第12期总第110期 行业周报 2024 年医改重点任务发布 行业评级： 卫健委发文推动城市医疗资源下沉 报告期：2024.5.27-2024.6.7 投资评级 看好 评级变动 维持评级 行业回顾 本报告期医药生物行业指数跌幅为 2.92%，在申万 31个一级行业中 行业走势： 位居第 11，跑输沪深 300 指数（-0.76%）。从子行业来看，仅血液 制品上涨，涨幅为5.65%；线下药店、原料药跌幅居前，跌幅分别为 8.47%、5.63%。 估值方面，截至2024年6月7日，医药生物行业PE（TTM 整体法， 剔除负值）为25.86x（上期末为26.43x），估值下行，低于负一倍标 准差。医药生物申万三级行业PE（TTM 整体法，剔除负值）前三的 XXXX@gwgsc.com 行业分别为诊断服务（53.94x）、医院（36.20x）、血液制品（35.16x）， 中位数为27.04x，医药流通（15.45x）估值最低。 本报告期，两市医药生物行业共有17家上市公司的股东净减持0.20 亿元。其中，13家增持0.19亿元，4家减持0.39亿元。 重 ...

硅 2024年6月11日 证券研究报告/行业研究 电新行业双周报 2024年第 12期总第 34期 行业周报 多省发布“千乡万村驭风行动”行动方案 陆风中长期发展未来可期 行业评级： 报告期：2024.5.27-2024.6.10 行情回顾： 投资评级 看好 报告期内电力设备行业指数跌幅为4.09%，跑输沪深300指数3.33Pct。 评级变动 维持 电力设备申万二级子行业中电网设备、电池、电机Ⅱ、其他电源设备 Ⅱ、风电设备、光伏设备分别变动-0.38%、-4.14%、-4.23%、-4.39%、 -5.02%、-6.81%。重点跟踪的三级子行业锂电池、电池化学品、风电 零部件分别变动-3.15%、-5.56%、-6.72%。 行业走势： 2024 年初至本报告期末，电力设备行业累计下跌 9.36%，沪深 300指 数累计上涨4.17%，电力设备行业累计跑输13.52Pct。电力设备的六个 申万二级子行业中有五个在下跌，其中风电设备累计跌幅最大，为 -20.45%。重点跟踪的三个三级子行业锂电池、电池化学品、风电零部 件变动分别为6.65%、-22.37%、-23.36%。电力设备行业整体表现较差。 本报告期 ...

硅 2024年6月11日 证券研究报告/行业研究 电新行业双周报 2024年第 12期总第 34期 行业周报 多省发布“千乡万村驭风行动”行动方案 陆风中长期发展未来可期 行业评级： 报告期：2024.5.27-2024.6.10 行情回顾： 投资评级 看好 报告期内电力设备行业指数跌幅为4.09%，跑输沪深300指数3.33Pct。 评级变动 维持 电力设备申万二级子行业中电网设备、电池、电机Ⅱ、其他电源设备 Ⅱ、风电设备、光伏设备分别变动-0.38%、-4.14%、-4.23%、-4.39%、 -5.02%、-6.81%。重点跟踪的三级子行业锂电池、电池化学品、风电 零部件分别变动-3.15%、-5.56%、-6.72%。 行业走势： 2024 年初至本报告期末，电力设备行业累计下跌 9.36%，沪深 300指 数累计上涨4.17%，电力设备行业累计跑输13.52Pct。电力设备的六个 申万二级子行业中有五个在下跌，其中风电设备累计跌幅最大，为 -20.45%。重点跟踪的三个三级子行业锂电池、电池化学品、风电零部 件变动分别为6.65%、-22.37%、-23.36%。电力设备行业整体表现较差。 本报告期 ...