Investment Rating - The report does not specify a clear investment rating for Rongchang Biopharmaceutical (688331) [1] Core Insights - Rongchang Biopharmaceutical achieved a revenue of 3.251 billion yuan in 2025, representing a growth of 89.36% compared to the previous year, and net profit turned positive at 709.65 million yuan [7] - The company successfully licensed multiple key products, showcasing its strong R&D capabilities, including a $5.6 billion licensing agreement with AbbVie for RC148 [7] - The company is advancing several clinical studies for its products, including RC148 and Taitasip, with significant milestones achieved in various indications [7] Financial Summary - **Revenue Forecast**: Expected revenues for 2026, 2027, and 2028 are 2.82094 billion yuan, 3.91123 billion yuan, and 6.48208 billion yuan respectively [2][10] - **Net Profit Forecast**: Projected net profits for the same years are -300.76 million yuan, -124.27 million yuan, and 659.80 million yuan respectively [2][10] - **Earnings Per Share (EPS)**: EPS is expected to be -0.53 yuan in 2026, -0.22 yuan in 2027, and 1.17 yuan in 2028 [2][10] - **Return on Equity (ROE)**: ROE is projected to be -9.09% in 2026, -3.90% in 2027, and 17.17% in 2028 [2][10] - **Price-to-Earnings (PE) Ratio**: PE is expected to be -231.94 in 2026, -561.35 in 2027, and 105.73 in 2028 [2][10] - **Price-to-Book (PB) Ratio**: PB is projected to be 21.09 in 2026, 21.91 in 2027, and 18.15 in 2028 [2][10] Product Development and Licensing - **RC148**: The company is conducting multiple Phase II/III studies, with significant progress in clinical trials for non-small cell lung cancer (NSCLC) and colorectal cancer [7] - **Taitasip**: Successfully licensed to Vor Bio for indications including myasthenia gravis, with potential milestone payments reaching up to $4.105 billion [7] - **Vidisizumab**: Expanding indications for breast cancer and urothelial carcinoma, with recent approvals and submissions for new drug applications [7] Market Share Projections - **Taitasip**: Expected market shares for systemic lupus erythematosus (SLE) are projected at 12.3%, 13.3%, and 13.8% from 2026 to 2028 [8] - **Vidisizumab**: Anticipated market shares for gastric cancer and urothelial carcinoma are projected at 25%, 24%, and 24% from 2026 to 2028 [9]

持有 （维持） 当前价：246.97 元 [ T able_StockInfo] 2026 年 03 月 28 日 证券研究报告•2025 年年报点评 惠泰医疗（688617）医药生物 目标价：——元（6 个月） 风险提示：市场竞争风险、政策控费风险、研发失败风险、新品放量不及预期风险。 | [Table_MainProfit ] 指标 /年度 | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2583.93 | 3311.23 | 4105.04 | 5017.17 | | 增长率 | 25.08% | 28.15% | 23.97% | 22.22% | | 归属母公司净利润（百万元） | 820.64 | 1040.37 | 1273.71 | 1590.76 | | 增长率 | 21.91% | 26.78% | 22.43% | 24.89% | | 每股收益 EPS（元） | 5.82 | 7.38 | 9.03 | 11.28 | | 净资产收益率 ROE | 25.80% | 25.7 ...

[Table_ReportInfo] 2026 年 03 月 31 日 证券研究报告•金融工程报告 机器学习金融工程月报 机器学习因子选股月报（2026 年 4 月） 截至 2026年 3月 27日，2月当期多头组合超额收益最高的五个行业（除综合） 分别为传媒、农林牧渔、建材、轻工制造、煤炭，多头组合相对行业指数超额 收益分别为 4.57%、3.26%、3.19%、2.53%以及 2.22%。 近一年来看，多头组合月平均超额收益最高的五个行业（除综合）分别为房地 产、商贸零售、消费者服务、汽车、电力及公用事业，超额收益分别为 1.83%、 1.41%、1.39%、1.18%以及 1.07%。且 29 个中信一级行业（除综合）中， GAN_GRU因子多头组合近一年有 8个行业未跑赢对应中信一级行业指数（交 通运输、建材、煤炭、非银金融、传媒、有色、通信、煤炭）。 摘要 西南证券研究院 [Table_Author] 分析师：郑琳琳 执业证号：S1250522110001 邮箱：zhengll@swsc.com.cn 分析师：祝晨宇 执业证号：S1250525100004 邮箱：zhcy@swsc.com.cn 相 ...

Market Overview - The North Exchange A-shares market is experiencing increased risk aversion due to ongoing global geopolitical conflicts and fluctuating expectations of interest rate cuts by the Federal Reserve, leading to heightened volatility in global risk assets[6] - The average daily trading volume in the A-share market has decreased by CNY 100.6 billion, while the North Exchange A-shares' average daily trading volume has shrunk by CNY 28.7 billion, reaching a near one-year low[6] Valuation and Performance - The current PE (TTM) ratio for North Exchange A-shares has dropped to approximately 34 times, down from about 50 times in mid-2025, indicating a significant correction[6] - The North Exchange's valuation is now lower than that of the Sci-Tech Innovation Board (42.2 times) and the Growth Enterprise Market (38.0 times), suggesting a growing safety margin for long-term investments[6] Trading Activity - As of March 27, 2026, the North Exchange A-shares consist of 301 stocks with an average market capitalization of CNY 26.8 billion, compared to CNY 131.1 billion for the Growth Enterprise Market and CNY 187.2 billion for the Sci-Tech Innovation Board[13] - The total trading amount for the North Exchange during the week was CNY 677.6 billion, with an average trading amount per stock of CNY 2.2 billion and a turnover rate of 15.9%[13] Stock Performance - In the recent trading period, the North Exchange 50 index fell by 3.4%, underperforming the Growth Enterprise Market by approximately 1.7 percentage points[20] - Among the 301 stocks, 28 stocks increased in value, while 272 stocks decreased, with the top performer, Puan Medical, rising by 136.6%[22] New Listings - One new stock, Puan Medical (920069.BJ), was listed on March 27, 2026, with a first-day increase of 136.6% and a PE ratio of 15.0 times[30] - Upcoming listings include three companies: Yuelong Technology, Sain Electronics, and Longyuan Co., with expected issuance prices and PE ratios ranging from 13.8 to 15.0 times[34] Risk Factors - Key risks include policy changes, liquidity risks, and the potential for corporate earnings to fall short of expectations, which could further impact market sentiment[6]

Investment Rating - The investment rating for the company is "Buy" (maintained) with a current price of 13.35 yuan and a target price not specified for the next 6 months [1]. Core Insights - The company reported a stable profit growth and continues to provide high dividends to shareholders, with a proposed annual cash dividend of 518 million yuan, accounting for 33.04% of net profit, and a total cash dividend of 752 million yuan, which is 48% of net profit [7]. - The revenue for 2025 was 11.73 billion yuan, a decrease of 4.84% year-on-year, while the net profit attributable to the parent company was 1.57 billion yuan, an increase of 1.53% year-on-year. The decline in revenue was primarily due to the market environment in the education service industry, affecting sales of textbooks and student reading materials [7]. - The company is focusing on digital product upgrades and exploring IP development in general books, while also implementing a "going out" strategy, exporting 54,000 books in 2025 [7]. Financial Performance Summary - **Revenue and Profit Forecasts**: - Revenue is expected to grow from 12.75 billion yuan in 2026 to 14.77 billion yuan in 2028, with growth rates of 8.69%, 7.62%, and 7.59% respectively [2][8]. - Net profit attributable to the parent company is projected to increase from 1.73 billion yuan in 2026 to 2.05 billion yuan in 2028, with corresponding growth rates of 10.15%, 7.46%, and 10.54% [2][8]. - **Earnings Per Share (EPS)**: - EPS is forecasted to rise from 1.40 yuan in 2026 to 1.66 yuan in 2028 [2]. - **Valuation Metrics**: - The Price-to-Earnings (PE) ratio is expected to decrease from 10 in 2026 to 8 in 2028, while the Price-to-Book (PB) ratio is projected to decline from 1.10 to 0.96 over the same period [2][9]. Business Segment Analysis - **Publishing and Distribution**: - The publishing segment is expected to see revenue growth from 3.13 billion yuan in 2026 to 3.59 billion yuan in 2028, with growth rates of 8% each year [8]. - The distribution segment is projected to grow from 11.03 billion yuan in 2026 to 12.62 billion yuan in 2028, with growth rates of 8%, 7%, and 7% respectively [8]. - **Digital Transformation**: - The company is actively upgrading its digital products and has partnered with apps like "Nano Box" and "Yuan Tutor" to provide educational resources, indicating a strategic shift towards digitalization in the education sector [7].

[Table_Report 2026 年 03 月 30 日 证券研究报告•固定收益定期报告 债券市场跟踪周报（3.23-3.27） 存单监管或迎重塑，债市做多窗口渐启 核心观点 西南证券研究院 [分析师：杨杰峰 Table_Author] 执业证号：S1250523060001 电话：18190773632 邮箱：yangjf@swsc.com.cn 分析师：叶昱宏 执业证号：S1250525070010 电话：18223492691 邮箱：yeyuh@swsc.com.cn 相关研究 请务必阅读正文后的重要声明部分 S 据 21世纪经济报道，同业存单额度备案方式可能将面临调整，或有可能与二 级资本债、永续债等金融债统筹管理。2026 年以前，同业存单发行长期实行 年度额度备案制度：商业银行通常在当年发行首笔同业存单后即披露全年发行 计划，明确当年度同业存单发行总额度（含人民币及外币），并采取余额管理 方式，年内同业存单余额不得超过备案额度。2026 年以来，多数发行同业存 单的商业银行尚未发布本年度发行计划。因此，市场对于监管可能调整同业存 单额度管理方式、并与其他金融债额度合并管理的预期有所升温。 从市 ...

1. Report Industry Investment Rating No information provided in the document. 2. Core Viewpoints of the Report - The scale of bond ETFs has significantly increased, with credit - bond ETFs contributing the main increment. Last week, the net inflow of funds into interest - rate bond ETFs, credit - bond ETFs, and convertible - bond ETFs was 3.145 billion yuan, 19.669 billion yuan, and - 1.336 billion yuan respectively, with a total net inflow of 21.479 billion yuan in the bond ETF market [1][4]. - The scale trend of convertible - bond ETFs is differentiated, and science - innovation bond ETFs have received a large inflow of funds. Last week, the convertible - bond ETFs had a net redemption of 1.336 billion yuan, while the science - innovation bond ETFs had a net inflow of 12.058 billion yuan [1][5]. - After the end of the quarter, attention should be focused on the change of the liquidity center in April. Due to the upcoming tax period in April, combined with the rhythm of fiscal expenditure and the supply pressure of the bond market, there is a need to be vigilant about the disturbance of the short - and medium - duration products caused by the structural tightness of funds. The bond ETF market may maintain the current duration strategy, and the scale may tilt towards defensive varieties [1][6]. 3. Summary According to the Directory 3.1 各类债券 ETF 资金净流入情况 - The scale of bond ETFs has grown significantly, and credit - bond ETFs contribute the main increment. As of March 27, 2026, the bond ETF fund scale was 748.058 billion yuan, up 3.13% from the previous week's closing, down 9.79% from the beginning of the year, and accounting for 14.84% of the total market ETF scale, with a 62bp increase from the previous weekend [1][4]. - The convertible - bond ETFs had a net redemption of 1.336 billion yuan last week, with the inflows of Convertible Bond ETF Haifutong and Convertible Bond ETF Boshi being + 528 million yuan and - 1.864 billion yuan respectively. The science - innovation bond ETFs had a net inflow of 12.058 billion yuan, followed by short - term financing ETFs and urban investment bond ETFs, with net inflows of 4.33 billion yuan and 2.786 billion yuan respectively last week [1][5]. 3.2 各类债券 ETF 份额走势 - As of the close on March 27, 2026, the shares of various types of bond ETFs such as treasury bond, policy - financial bond, local bond, benchmark market - making credit bond, science - innovation bond, corporate bond, short - term financing, urban investment bond, and convertible - bond ETFs were 601.05 million shares, 358.51 million shares, 163.16 million shares, 986.20 million shares, 2716.21 million shares, 339.96 million shares, 797.53 million shares, 3614.38 million shares, and 5417.95 million shares respectively, with changes of 1.0%, 2.0%, 0.9%, - 0.1%, 3.1%, 0.1%, 3.7%, 4.9%, - 0.3% compared with March 20, 2026, and the total share of bond - type ETFs changed by + 1.9%. Compared with the end of last month, the total share of bond - type ETFs changed by 3.5% [11]. 3.3 各基准做市信用债 ETF 份额及净值走势 - Among the existing 8 credit - bond ETFs, the share of Corporate Bond ETF Southern led the increase. As of the close on March 27, 2026, the shares of these 8 ETFs were 99.46 million shares, 80.41 million shares, 97.44 million shares, 96.47 million shares, 184.72 million shares, 203.30 million shares, 89.00 million shares, and 141.32 million shares respectively, with changes of no change, - 2.43%, - 2.01%, no change, 5.66%, - 0.10%, - 1.11%, no change compared with March 20, 2026 [17]. - The net value of these 8 credit - bond ETFs continued to rise. As of the close on March 27, 2026, the net values were 1.0217, 1.0210, 1.0195, 1.0198, 1.0148, 1.0179, 1.0187, and 1.0178 respectively, with changes of 0.05%, 0.06%, 0.07%, 0.06%, 0.07%, 0.07%, 0.07%, 0.07% compared with March 20, 2026, and changes of 0.24%, 0.25%, 0.25%, 0.25%, 0.25%, 0.26%, 0.24%, 0.25% compared with the end of last month [20]. 3.4 各科创债 ETF 份额及净值走势 - The net subscription shares of science - innovation bond ETFs turned positive significantly, and funds were concentrated in AAA - rated science - innovation bond products. Among the 24 existing science - innovation bond ETFs, the share had a net inflow of 119.91 million shares last week, up 4.55% from the previous week. The top three products in terms of share as of March 27, 2026, were Science - Innovation Bond ETF Harvest, Science - Innovation Bond ETF Huaxia, and Science - Innovation Bond ETF Penghua, with 278.00 million shares, 210.14 million shares, and 189.81 million shares respectively. The top three in terms of net inflow of shares were Science - Innovation Bond ETF Harvest, Science - Innovation Bond ETF Southern, and Science - Innovation Bond ETF Huaxia, all of which are products tracking the AAA science - innovation bond index [23]. - The net value increase of science - innovation bond ETFs widened. As of the close on March 27, 2026, the top - ranked products in terms of net value among the 24 science - innovation bond ETFs were Science - Innovation Bond ETF Wanjia, Science - Innovation Bond ETF Invesco Great Wall, and Science - Innovation Bond ETF Huatai - Peregrine, with net values of 1.0114, 1.0112, and 1.0112 respectively. The median net values of the first - batch and second - batch science - innovation bond ETFs last week were 1.0066 and 1.0096 respectively, up 0.06% from the previous week's closing. The median net values of products tracking the AAA science - innovation bond, Shanghai AAA science - innovation bond, and Shenzhen AAA science - innovation bond were 1.0089, 1.0074, and 1.0113 respectively, up 0.06% from the previous week's closing [31]. 3.5 上周单只债券 ETF 市场表现情况 - The net values of all bond ETF products rose last week. Convertible Bond ETF Boshi and Convertible Bond ETF Haifutong led the increase, up 1.22% and 0.81% respectively from the previous week, followed by 30 - year Treasury Bond ETF Penghua and 30 - year Treasury Bond ETF Boshi, up 0.54% and 0.51% respectively [38]. - In terms of the premium - discount rate, Science - Innovation Bond ETF Harvest, Urban Investment Bond ETF Haifutong, and Convertible Bond ETF Haifutong led with premium rates of + 0.036%, + 0.039%, and + 0.035% respectively. In terms of scale change, Science - Innovation Bond ETF Harvest (+ 6.171 billion yuan), Short - Term Financing ETF Haifutong (+ 4.33 billion yuan), and Science - Innovation Bond ETF Southern (+ 3.245 billion yuan) had the largest net inflows, while Convertible Bond ETF Boshi had a relatively large net outflow of - 1.864 billion yuan last week [38]. 3.6 基准做市信用债和科创债 ETF 的 PCF 清单边际变化 - For the PCF list of benchmark market - making credit - bond ETFs last week, among the products tracking the Shanghai market - making credit - bond index, Corporate Bond ETF Southern and Credit - Bond ETF Haifutong added 14 and 11 bonds to their PCF lists respectively, with the average modified durations of the newly added bonds being 3.65 years and 3.42 years respectively. Bond 21 Yuegao 01 was repeatedly removed from the PCF list of benchmark market - making credit - bond ETFs because it was about to mature, and Bond 25 Guolian K1 was included in the PCF lists of multiple products, with a modified duration of 3.9360 years [40]. - For the PCF list of science - innovation bond ETFs last week, the average duration of the newly added bonds of Science - Innovation Bond ETF Tianhong was relatively large, at 7.74 years. Science - Innovation Bond ETF Southern added a total of 144 bonds to its PCF list throughout the week due to a large inflow of funds (+ 3.245 billion yuan) [41]. - Bond 23 Gan Jiao K1 and other 2 bonds were repeatedly removed from the PCF lists of science - innovation bond ETFs, and 19 bonds such as 26 Yue Huan GK1 were included in the PCF lists of multiple science - innovation bond ETFs [44]. 3.7 债券 ETF 基金运营管理规则变更汇总 - In terms of the cash - substitution flag, Science - Innovation Bond ETF Huaxia changed all the cash - substitution flags of its PCF list to "must" on March 24 and March 25, 2026, and the net outflow amount of the product was 30 million yuan on both days [45].

数据来源： ifind ，西南证券 请务必阅读正文后的重要声明部分 1 投资要点 西南证券研究院 [ T able_StockInfo] 2026 年 03 月 30 日 证券研究报告•2025 年年报点评 新华文轩（601811）传媒 目标价：——元（6 个月） 买入 （维持） 当前价：13.35 元 利润稳健增长，持续高分红回馈股东 | 指标/年度 [Table_MainProfit] | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 11731.68 | 12751.62 | 13723.93 | 14765.96 | | 增长率 | -4.84% | 8.69% | 7.62% | 7.59% | | 归属母公司净利润（百万元） | 1568.45 | 1727.57 | 1856.45 | 2052.18 | | 增长率 | 1.53% | 10.15% | 7.46% | 10.54% | | 每股收益 EPS（元） | 1.27 | 1.40 | 1.50 | 1.66 | | 净资产收 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a record high in fleet capacity and steady profit growth, with a total revenue of approximately 23.21 billion yuan in 2025, representing a year-on-year increase of 38.32% [7] - The net profit attributable to shareholders was about 1.78 billion yuan, up 16.29% year-on-year, with a basic earnings per share (EPS) of 0.686 yuan [7] - The company plans to distribute a cash dividend of 3.25 yuan per 10 shares (pre-tax) [7] Financial Performance Summary - Revenue projections for 2026-2028 are 25.71 billion yuan, 26.77 billion yuan, and 27.94 billion yuan, with growth rates of 10.75%, 4.13%, and 4.38% respectively [2][10] - The net profit attributable to shareholders is expected to be 1.91 billion yuan, 2.10 billion yuan, and 2.20 billion yuan for the same period, with growth rates of 7.61%, 9.85%, and 4.47% respectively [2][10] - The company’s return on equity (ROE) is projected to decline from 12.78% in 2025 to 11.24% in 2028 [2] Fleet and Market Position - The company’s fleet capacity reached a new high with 198 vessels and 9.12 million deadweight tons, a 48% increase year-on-year [7] - The company leads in several niche markets, including multi-purpose heavy-lift vessels and semi-submersible vessels, with significant revenue contributions from various vessel types [7] - The total cargo volume increased by 41.6% year-on-year to 26.20 million tons, with a target of over 31 million tons for 2026 [7] Revenue Breakdown by Vessel Type - Revenue from multi-purpose vessels, heavy-lift vessels, and semi-submersible vessels showed significant growth, with year-on-year increases of 13.16%, 44.38%, and 9.82% respectively in 2025 [10][11] - The revenue from pulp carriers is expected to grow significantly, with projections of 30.99% growth in 2026 [10][11] Profitability and Cost Structure - The overall gross margin is expected to remain stable around 20.81% to 20.98% from 2026 to 2028 [10] - The total operating costs are projected to increase significantly, with a growth rate of 84.91% in 2025 [10] Valuation Metrics - The price-to-earnings (PE) ratio is projected to decrease from 13 in 2025 to 10 in 2028, indicating a potentially attractive valuation [2][10] - The price-to-book (PB) ratio is expected to decline from 1.37 in 2025 to 1.03 in 2028 [2][10]

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative performance increase of over 20% in the next six months compared to the relevant market index [14]. Core Insights - The company has achieved performance in line with expectations, driven by dual engines of growth, with significant revenue contributions from its key products [1][7]. - The revenue forecast for the company shows a substantial increase, with projected revenues of 5.7 billion CNY in 2025, growing to 36.5 billion CNY by 2028, reflecting a compound annual growth rate (CAGR) of over 200% from 2025 to 2028 [2][10]. - The company has a strong pipeline, with key products like Olverembatin and Lisatoclax showing promising growth trajectories and clinical advancements [7][9]. Financial Summary - Revenue projections for the company are as follows: - 2025: 5.7 billion CNY - 2026: 7.9 billion CNY - 2027: 12.1 billion CNY - 2028: 36.5 billion CNY - The expected growth rates for revenue are -41.46% in 2025, followed by 38.40% in 2026, 52.50% in 2027, and a remarkable 201.15% in 2028 [2][10]. - The net profit attributable to the parent company is projected to improve from -1,242.77 million CNY in 2025 to a profit of 178.75 million CNY in 2028, indicating a significant turnaround [2][10]. - Earnings per share (EPS) are expected to transition from -3.33 CNY in 2025 to 0.48 CNY in 2028, reflecting the company's recovery and growth [2][10]. Product Pipeline and Clinical Development - Lisatoclax (APG-2575) has received conditional approval for the treatment of CLL/SLL in China and is undergoing multiple Phase III clinical trials, indicating strong regulatory progress and market potential [7]. - Olverembatin has been included in the national medical insurance catalog, enhancing patient accessibility and affordability, which is expected to drive sales growth [7]. - The company is also advancing its PROTAC platform with APG-3288, which has received IND approval from both the FDA and CDE, showcasing its innovative capabilities [7].