Investment Rating - The report does not explicitly provide an investment rating for the convertible bond market, but it suggests focusing on low-priced convertible bonds due to their potential for appreciation and strong anti-drawdown characteristics [2][19]. Core Insights - The convertible bond market underperformed compared to the underlying stocks, with the China Convertible Bond Index rising by 1.65% and the Wande Convertible Bond Dual-Low Index increasing by 1.80%, both lagging behind the Shanghai Composite Index's 3.62% rise and the CSI 1000 Index's 2.00% increase [1][12]. - The weighted conversion premium for the entire market has decreased, indicating a potential opportunity in low-priced convertible bonds, which currently have room for appreciation [2][19]. - The number of convertible bonds priced below 100 yuan has significantly decreased from 182 in August of the previous year to just 10 currently, reflecting a tightening market [2][20]. Summary by Sections Convertible Bond Market Performance Review (2025.4.15-2025.5.15) - The overall performance of convertible bonds was weaker than that of the underlying stocks, with high-priced convertible bonds showing a maximum increase of 4.03%, while low-priced convertible bonds only increased by 1.08% despite their underlying stocks rising by 8.47% [1][12]. - Sector-wise, the household appliances and beauty care industries saw the highest increases in convertible bond prices, although still below the performance of their underlying stocks [12]. Convertible Bond Valuation Situation - The weighted conversion premium for the entire market has fluctuated significantly, reaching historical highs since September of the previous year, while the pure bond premium has remained relatively stable [2][19]. - The report recommends paying attention to low-priced convertible bonds due to their potential for appreciation and lower pure bond premiums, which provide stronger anti-drawdown properties [2][19]. Factor Performance Tracking - Technical factors such as volatility, convertible bond momentum, average daily turnover, and price difference factors showed strong performance across various types of convertible bonds, with high excess returns for long positions [3][32]. - In the mixed-type convertible bonds, factors like logarithmic market value, underlying stock momentum, and average daily turnover also demonstrated strong performance, contributing to high excess returns for long positions [3][32].

[Table_IndustryInfo] 2025 年 05 月 18 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0512-0518） 中证科创创业机器人指数发布， 华为、腾讯、美团持续布局机器人 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 37,431.78 | | 流通市值（亿元） | 36,453.02 | | 行业市盈率 TTM | 31.9 | | 沪深 300 市盈率 TTM | 12.6 | 相关研究 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 行业相对指 ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 18, 2025 [1]. Core Insights - The report highlights that the A-share innovative drug sector outperformed the CSI 300 index by 0.63 percentage points, with a weekly increase of 1.75% [3][22]. - The Hong Kong innovative drug sector also showed strong performance, rising 2.77% and outperforming the Hang Seng Index by 0.68 percentage points [24]. - The report notes a significant increase in the number of innovative drug transactions globally, with notable deals including Rznomics and Eli Lilly for $1.3 billion, and Septerna and Novo Nordisk for $2.2 billion [7]. Summary by Sections 1. Market Performance - In the week of May 12-16, 2025, 39 stocks in the innovative drug sector rose while 67 fell, with the top gainers being Deki Medicine-B (up 18.34%), Sillodide (up 14.57%), and Jiahe Biology-B (up 14.48%) [3][19]. - Over the past six months, the A-share innovative drug sector has increased by 12.20%, outperforming the CSI 300 index by 13.49 percentage points [22]. - The Hong Kong innovative drug sector has seen a cumulative increase of 25.74% over the last six months, outperforming the Hang Seng Index by 5.95 percentage points [24]. 2. Drug Approvals and Clinical Trials - In May, one new drug was approved in China, with no new indications approved [5][30]. - The report indicates that in the U.S., one NDA was approved in May, but no new BLA approvals occurred during the week [6][34]. - Japan saw one innovative drug approved in May, with the same occurring in the week of the report [39]. 3. Key Transactions - The report details 11 significant global transactions, with four disclosing amounts, including a $1.3 billion deal between Rznomics and Eli Lilly, and a $2.0 billion agreement between Boston Pharmaceuticals and GSK [7]. 4. Innovative Drug Development - The report outlines the progress of GLP-1RA drugs for diabetes, noting 11 approved drugs globally, with three in NDA stage and nine in Phase III clinical trials [13]. - For obesity-related GLP-1RA drugs, three are approved, with one in NDA stage and six in Phase III clinical trials [15]. 5. Company-Specific Developments - The report mentions that several companies are advancing their innovative drugs, including Heng Rui Medicine's JAK1 inhibitor for atopic dermatitis and the approval of a new opioid analgesic by Haisco [43][44].

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 18, 2025 [1]. Core Insights - The innovation drug sector in both A-shares and Hong Kong stocks showed mixed performance, with 39 stocks rising and 67 falling during the week of May 12-16, 2025. The top gainers included Deqi Medicine-B (up 18.34%), Silody (up 14.57%), and Jiahe Biology-B (up 14.48%). The biggest losers were Geely Pharmaceutical-B (down 17.10%), CanSino Biologics-B (down 8.72%), and Yunding Xinyao-B (down 7.77%) [3][19]. - A-shares innovation drug sector rose by 1.75%, outperforming the CSI 300 index by 0.63 percentage points, while the biopharmaceutical sector increased by 1.19%. Over the past six months, A-shares innovation drugs have cumulatively risen by 12.20%, outperforming the CSI 300 index by 13.49 percentage points, while biopharmaceuticals have dropped by 8.18% [22]. - The Hong Kong innovation drug sector increased by 2.77%, outperforming the Hang Seng Index by 0.68 percentage points, with the Hang Seng Healthcare Index rising by 0.57%. Over the last six months, the Hong Kong innovation drug sector has cumulatively increased by 25.74%, outperforming the Hang Seng Index by 5.95 percentage points, while the Hang Seng Healthcare Index has risen by 18.27% [24]. - The XBI index in the US rose by 3.49% during the week, but has seen a cumulative decline of 18.53% over the past six months [4][27]. Summary by Sections Domestic Key Innovation Drug Progress - In May, one new drug was approved for market launch in China, with no new indications approved during the week [5][42]. - The report highlights that there were no new drug approvals or new indications in the domestic market during the week [42]. Overseas Key Innovation Drug Progress - In May, one NDA was approved in the US, with no BLA approvals. There were no new drug approvals in the US or Europe during the week [6][46]. - Japan saw one new drug approved in May, with another approved during the week [39]. Global Key Innovation Drug Transaction Progress - A total of 11 key transactions were completed globally during the week, with four transactions disclosing amounts. Notable transactions included Rznomics signing an agreement with Eli Lilly for $1.3 billion, Septerna with Novo Nordisk for $2.2 billion, and Boston Pharmaceuticals with GSK for $2 billion [7].

[Table_IndustryInfo] 2025 年 05 月 18 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0512-0518） 中证科创创业机器人指数发布， 华为、腾讯、美团持续布局机器人 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 37,431.78 | | 流通市值（亿元） | 36,453.02 | | 行业市盈率 TTM | 31.9 | | 沪深 300 市盈率 TTM | 12.6 | 相关研究 [Table_QuotePic] 行业相对指 ...

Investment Rating - The report maintains a "Hold" rating for Guodian NARI Technology Co., Ltd. (600406) with a current price of 22.66 CNY and a target price not specified for the next six months [1]. Core Insights - The company achieved a revenue of 57.42 billion CNY in 2024, representing a year-on-year growth of 11.2%. The net profit attributable to shareholders was 7.61 billion CNY, up 6.1% year-on-year. The first quarter of 2025 saw a revenue of 8.89 billion CNY, a 14.8% increase year-on-year, with a net profit of 680 million CNY, up 14.1% year-on-year [1][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 57,417.25 million CNY and a net profit of 7,610.12 million CNY. The projected revenues for 2025, 2026, and 2027 are 64,202.15 million CNY, 71,984.66 million CNY, and 78,981.51 million CNY respectively, with growth rates of 11.82%, 12.12%, and 9.72% [2][10]. Profitability Metrics - The company's gross profit margin for 2024 was 26.7%, with a net profit margin of 14.2%. For Q1 2025, the gross profit margin was 24.2% and the net profit margin was 7.8% [6][10]. Business Segments - The smart grid segment generated revenue of 28.47 billion CNY in 2024, growing 11% year-on-year. The low-carbon energy segment achieved 12.19 billion CNY in revenue, up 26.4% year-on-year. The company is positioned as a leading provider of integrated solutions in these areas [6][7]. Future Projections - The report forecasts that the company's revenue will continue to grow, with expected revenues of 64.20 billion CNY in 2025, 71.98 billion CNY in 2026, and 78.98 billion CNY in 2027. The net profit is projected to reach 8.44 billion CNY in 2025, 9.68 billion CNY in 2026, and 10.52 billion CNY in 2027 [2][10].

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company achieved a revenue of 16.247 billion yuan in 2024, representing a year-on-year growth of 4.4%, and a net profit attributable to shareholders of 0.793 billion yuan, which is a significant increase of 49.6% year-on-year [1] - In Q1 2025, the company reported a revenue of 4.039 billion yuan, up 7.9% year-on-year, and a net profit of 0.268 billion yuan, reflecting a year-on-year growth of 20.4% [1] - The company is positioned to benefit from the low-altitude economy and robotics sectors, leveraging its core competencies in electric motors and drives [8] Financial Performance Summary - For 2024, the company’s gross margin was 24.0% and net margin was 5.1%, with a slight decrease in gross margin compared to the previous year [8] - The company’s revenue projections for 2025-2027 are 17.253 billion yuan, 18.606 billion yuan, and 19.963 billion yuan, respectively, with growth rates of 6.19%, 7.84%, and 7.29% [2][10] - The net profit attributable to shareholders is expected to grow from 1.037 billion yuan in 2025 to 1.434 billion yuan in 2027, with growth rates of 30.79% and 16.68% [2][11] Business Segments Overview - The industrial motor and drive segment is projected to generate revenue of 9.519 billion yuan in 2025, with a growth rate of 5.00% [10] - The daily-use motor segment is expected to see revenue growth of 26.5% in 2024, stabilizing at 5.00% growth from 2025 onwards [10] - The electric transportation segment is forecasted to recover with a revenue increase of 16.4% in 2025 [10] International Expansion and Strategic Initiatives - The company has completed its international layout with three overseas headquarters, enhancing its global operational capabilities [8] - Collaborations with major players in the low-altitude economy and robotics sectors are underway, positioning the company for future growth [8]

[ T able_StockInfo] 2025 年 05 月 15 日 证券研究报告•2025 年一季报点评 当前价：46.50 元 麦格米特（002851）电力设备 目标价：——元（6 个月） 研发持续高投入，网络电源即将放量 [Table_Summary 事件：公司 2024] 年实现营收 81.72 亿元，同比增长 21.0%；实现归母净利润 4.36 亿元，同比变化-30.7%；扣非归母净利润 3.66亿元，同比增长 3.1%。Q4 单季度实现营收 22.69 亿元，同比增长 20.8%，环比增长 20.0%；实现归母净 利润 0.25 亿元，同比变化-83.0%，环比变化-74.1%；扣非归母净利润 0.04 亿 元，同比变化-92.5%，环比变化-95.6%。 公司 2025 年 Q1 实现营收 23.16 亿元，同比增长 26.5%，环比增长 2.1%；实 现归母净利润 1.07 亿元，同比变化-22.6%，环比增长 329.6%；扣非归母净利 润 0.92 亿元，同比变化-24.4%，环比增长 2447.1%。 | [Table_MainProfit] 指标/年度 | 2024A | 202 ...

ooo[Table_ReportInfo] 2025 年 05 月 16 日 证券研究报告•宏观定期报告 宏观周报（5.12-5.16） 关税博弈阶段性缓和，美国通胀仍在下行 摘要 [Table_Summary] 一周大事记 国内：加快构建科技金融体制，持续推进城市更新。5 月 13 日，中国－拉美 和加勒比国家共同体论坛第四届部长级会议在北京举行，同日，中国和巴西发 布关于强化携手构建中巴命运共同体的联合声明，未来我国自巴西进口有望持 续增加，中国企业向巴西出海投资的步伐也有望加快；14 日，科技部联合中 国人民银行等七部门发布《加快构建科技金融体制 力支撑高水平科技自立自 强的若干政策举措》，提出 15 项具体措施，推动金融资源精准投向科技创新 领域；同日，国家发展改革委主任郑栅洁主持召开民营企业座谈会，围绕经济 形势、稳就业稳经济政策落实等议题，系统回应民营企业关切，释放了强化政 策执行、法治保障和战略引导的积极信号；15 日，中办、国办印发《关于持 续推进城市更新行动的意见》，系统部署八大任务与六大支撑保障措施，城市 更新改造后续或将获得更多财政和融资等方面的支持。 相关研究 请务必阅读正文后的重要声 ...

Investment Rating - The report maintains a "Hold" rating for the company with a target price of —— yuan over the next six months [1][6]. Core Insights - The company achieved a revenue of 1.708 billion yuan in 2024, representing a year-on-year growth of 13.5%, and a net profit attributable to shareholders of 229 million yuan, up 14.8% year-on-year [1][6]. - In Q1 2025, the company reported a revenue of 390 million yuan, a year-on-year increase of 14.3%, but a quarter-on-quarter decrease of 22.0% [1][6]. - The gross profit margin is steadily increasing, with a focus on humanoid robot development [1][6]. Financial Performance Summary - For 2024, the company reported a gross margin of 37.7% and a net margin of 13.4%, with slight improvements in gross margin in Q1 2025 to 38.1% [6][8]. - The company’s servo system revenue reached 810 million yuan in 2024, growing by 10.6% year-on-year, with a gross margin of 24.5% [6][7]. - The PLC business generated 650 million yuan in revenue in 2024, up 21.1% year-on-year, maintaining a high gross margin of 56% [6][7]. Revenue and Profit Forecast - Revenue projections for 2025-2027 are 1.946 billion yuan, 2.225 billion yuan, and 2.512 billion yuan, respectively, with growth rates of 13.92%, 14.34%, and 12.91% [2][8]. - The net profit attributable to shareholders is expected to grow to 276 million yuan in 2025, 347 million yuan in 2026, and 436 million yuan in 2027, with growth rates of 20.61%, 25.83%, and 25.76% respectively [2][8]. Business Segment Analysis - The company is actively developing humanoid robots and plans to establish production lines for core components [6][7]. - The smart device segment, including machine vision and industrial robots, generated 40 million yuan in revenue in 2024, with a gross margin of 34.4% [6][7]. - The PLC market is expected to see increased domestic replacement rates, with the company aiming to capture a larger market share from foreign competitors [6][7].