1. Report Industry Investment Rating No information provided in the report. 2. Core Viewpoints of the Report - The central bank's reserve requirement ratio cut and interest rate reduction stimulated the financial sector, leading to capital differentiation and industry rotation among ETFs. Stock ETFs had a net capital outflow overall, but there were differences between broad - based and industry - themed ETFs. Some sectors like military, communication equipment, and gold saw reverse capital inflows [2][16]. - The E Fund CSI Digital Economy Theme ETF (159311) was launched. The digital economy, as a long - term growth track, has attracted institutional investors, with continuous policy support [3][16]. 3. Summary According to Relevant Catalogs 3.1 ETF and Index Product Focus - The central bank's policy on May 7th led to positive responses in the financial sector, with the Securities ETF (159841) rising and the Financial Technology ETF (516860) increasing by 2.79%. There was a net capital outflow in stock ETFs, but broad - based ETFs such as SSE 50 and STAR 50 had capital inflows, while some like ChiNext and Dividend Low - Volatility ETFs had outflows. Military, communication equipment, and gold sectors had capital inflows [2][16]. - The E Fund CSI Digital Economy Theme ETF (159311) started its offering on May 6, 2025, focusing on the digital economy industry chain [3][16]. 3.2 Market Performance Review Last Week 3.2.1 Main Asset Index Performance - Domestic equity broad - based indices showed mixed performance. ChiNext, CSI 300, SSE 50, and CSI 500 rose by 3.27%, 2%, 1.93%, and 1.6% respectively, while STAR 50 fell by 0.6%. Bond - related indices also had mixed results. Commodity - related indices all increased, with NYMEX WTI crude oil, ICE Brent crude oil, COMEX gold, and COMEX silver rising by 4.75%, 4.23%, 2.65%, and 1.93% respectively. Overseas equity indices had both gains and losses [4][17]. 3.2.2 Shenwan Primary Industry Performance All Shenwan primary industries rose last week, with National Defense and Military Industry, Communication, and Power Equipment leading the gains, rising by 6.33%, 4.96%, and 4.02% respectively [20]. 3.3 Valuation Situation - The valuation quantiles of major equity broad - based indices all increased. CSI 300, SSE 50, CSI 800, Wind All - A, CSI 500, ChiNext, and CSI 1000 rose by 7.78pp, 7.6pp, 6.01pp, 5.02pp, 3.3pp, 2.77pp, and 1.57pp respectively. Most valuation quantiles of Shenwan primary industries also increased, with some exceptions like Agriculture, Forestry, Animal Husbandry and Fishery, Media, and Comprehensive [24][30]. 3.4 ETF Scale Change and Trading Volume 3.4.1 ETF Scale Change - Non - monetary ETFs increased in scale by 55.299 billion yuan last week, with a net inflow of - 7.313 billion yuan. Stock - type ETFs increased by 39.399 billion yuan with a net inflow of - 10.879 billion yuan; commodity - type ETFs increased by 3.038 billion yuan with a net inflow of 2.025 billion yuan; bond - type ETFs increased by 4.867 billion yuan with a net inflow of 4.202 billion yuan; cross - border Hong Kong - related ETFs increased by 3.187 billion yuan with a net inflow of - 2.23 billion yuan; cross - border non - Hong Kong - related ETFs increased by 4.808 billion yuan with a net inflow of - 0.431 billion yuan [6][35]. - Among equity broad - based ETFs, the CSI 300 theme ETF had the largest scale increase of 15.211 billion yuan, while the Hang Seng Index theme ETF had the largest scale decrease of - 0.03 billion yuan. The STAR 50 theme ETF had the largest capital inflow of 2.707 billion yuan, and the CSI 300 theme ETF had the largest capital outflow of - 5.692 billion yuan [7][35]. 3.4.2 ETF Trading Volume Compared with the previous week, the average daily trading volume of some ETFs increased significantly. For example, the E Fund CSI Overseas Internet ETF among cross - border non - Hong Kong - related ETFs, the E Fund CSI Hong Kong Securities Investment Theme ETF among cross - border Hong Kong - related ETFs, the Huatai - Peregrine CSI 300 ETF among stock - type ETFs, the Huaan Gold ETF among commodity - type ETFs, and the Fuguo China Bond 7 - 10 - year Policy - Financial Bond ETF among bond - type ETFs [47][48]. 3.5 ETF Performance - Among cross - border non - Hong Kong - related ETFs, the Huaan Germany (DAX) ETF performed best with a 4.59% increase; among cross - border Hong Kong - related ETFs, the GF CSI Hong Kong Stock Connect Non - Bank Financial Theme ETF performed best with a 4.3% increase; among stock - type ETFs, the Yongying China Securities General Aviation Industry ETF performed best with a 6.48% increase; among commodity - type ETFs, the Jianxin Shanghai Gold ETF performed best with a 0.92% increase; among bond - type ETFs, the Haifutong SSE Investment - Grade Convertible Bond ETF performed best with a 1.15% increase [8][50]. 3.6 ETF Issuance and Listing - Three ETFs were listed for trading last week. - Eight new ETFs were established last week, all of which were passive index funds [9][65]. 3.7 Current ETF Market Scale As of May 9, 2025, there were 1148 listed ETFs in the market, with a total scale of 4111.612 billion yuan. Among stock - type ETFs, scale - based index ETFs had the largest scale of 2239.861 billion yuan, followed by theme - based index ETFs with a scale of 458.643 billion yuan [53].

Trade Data Overview - In April 2025, China's total goods trade (imports and exports) increased by 4.6% year-on-year, with exports growing by 8.1% and imports declining by 0.2%[3] - The trade surplus reached $96.18 billion, expanding by $24.19 billion compared to the same period last year[3] Export Dynamics - Export growth slowed significantly, particularly to the U.S., where exports fell by 21% in April compared to a 9.1% increase in March[3] - Exports to ASEAN countries surged, with a growth rate of 20.8%, up 9.3 percentage points from March[3] Import Trends - Imports from ASEAN, EU, and the U.S. saw declines of 7.3%, 8.9%, and 4.4% respectively, while imports from Japan and South Korea increased by 2.5% and 7.3%[3] - The overall import growth is expected to be supported by domestic demand policies despite the slowdown in exports[3] Sector-Specific Insights - Labor-intensive products, mobile phones, and home appliances experienced significant export declines, with mobile phone exports dropping by 21.4%[4] - Conversely, integrated circuits and ship exports saw substantial increases, with growth rates of 20.2% and 36.1% respectively[4] Agricultural Imports - Agricultural imports showed mixed trends, with grain imports down by 41.2% and soybean imports down by 28.2% in the first four months of 2025[5] - The increase in tariffs on U.S. goods is expected to impact agricultural imports, but diversification strategies have reduced reliance on U.S. soybeans[5] Future Outlook - The ongoing trade discussions between Chinese and U.S. officials may lead to marginal adjustments in tariff policies, potentially affecting future trade dynamics[3] - The overall trade environment remains sensitive to external factors, including global manufacturing PMI trends, which stood at 49.1% in April, indicating contraction[3]

[Table_StockInfo] 2025 年 05 月 11 日 证券研究报告•2024 年报&2025 年一季报点评 当前价：34.14 元 科伦药业（002422）医药生物 目标价：——元（6 个月） 创新药核心品种获批，业绩短期承压 | [Table_MainProfit ] 指标/年度 | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入（百万元） | 21812.41 | 23601.63 | 25728.94 | 28732.85 | | 增长率 | 1.67% | 8.20% | 9.01% | 11.68% | | 归属母公司净利润（百万元） | 2935.89 | 2998.31 | 3376.55 | 3878.83 | | 增长率 | 19.53% | 2.13% | 12.62% | 14.88% | | 每股收益 EPS（元） | 1.84 | 1.88 | 2.11 | 2.43 | | 净资产收益率 ROE | 12.57% | 11.65% | 11.81% | 12.17% | | ...

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company has made progress in its research pipeline, particularly with the drug HC-1119, which is expected to receive approval by the end of 2024 [8] - The company reported a revenue of 0.367 million yuan for 2024, with a net profit attributable to the parent company of -199.5 million yuan, indicating a reduction in losses compared to previous periods [8] - The company is advancing its PROTAC drug development, with significant milestones achieved in clinical trials for various indications [8] Financial Summary - **Revenue Forecast**: The company is projected to achieve revenues of approximately 159 million yuan in 2025, 379.7 million yuan in 2026, and 580 million yuan in 2027, reflecting a growth rate of 43,243.59% in 2025 [3][10] - **Net Profit**: The net profit attributable to the parent company is expected to improve from -150.64 million yuan in 2025 to a positive 5.37 million yuan in 2027, with a growth rate of 105.93% in 2027 [3][11] - **Earnings Per Share (EPS)**: EPS is projected to improve from -1.52 yuan in 2025 to 0.05 yuan in 2027 [3][11] - **Return on Equity (ROE)**: ROE is expected to turn positive at 0.56% by 2027, improving from -14.46% in 2025 [3][11] Research and Development Progress - The company has completed patient enrollment for its oral AR PROTAC drug HP518 in a Phase II clinical trial for mCRPC, and it has received FDA fast track designation for another indication [8] - The clinical trial for HP568 targeting ER+/HER2- advanced breast cancer has received approval from the NMPA and is set to begin patient dosing [8] Investment Recommendations - The report suggests monitoring the company closely due to the anticipated approval of its first innovative drug, 德恩鲁胺 (Deenluzumab), which has already been accepted for NDA [8]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 11, 2025 [1]. Core Insights - The A-share innovative drug sector saw a weekly increase of 2.33%, outperforming the CSI 300 index by 0.33 percentage points, while the biopharmaceutical sector rose by 0.75% [2][17]. - In the past six months, the A-share innovative drug sector has cumulatively increased by 5.43%, outperforming the CSI 300 index by 9.13 percentage points, whereas the biopharmaceutical sector has decreased by 10.55% [2][17]. - The Hong Kong innovative drug sector experienced a decline of 2.14%, underperforming the Hang Seng Index by 3.75 percentage points, with a cumulative increase of 22.08% over the past six months [2][20]. - The XBI index in the US fell by 8.59% this week, with a cumulative decline of 22.72% over the past six months [2][23]. Summary by Sections Domestic Key Innovative Drug Progress - In May, one new drug was approved for market launch in China, with no new indications approved [3][41]. Overseas Key Innovative Drug Progress - In May, there were no NDA or BLA approvals in the US, Europe, or Japan for innovative drugs [4][45]. Global Key Innovative Drug Transaction Progress - A total of 12 key transactions occurred globally this week, with one disclosed transaction amounting to 415 million USD between Alchemab Therapeutics and Eli Lilly [5]. Market Performance - The report indicates that 39 stocks in the innovative drug sector rose while 67 fell during the week, with the top gainers being HaiChuang Pharmaceutical-U (22.76%), Changchun High-tech (8.99%), and Zhongsheng Pharmaceutical (8.98%) [2][16]. - The top decliners included Fuhong Hanlin (-12.64%), Connaught-B (-12.40%), and Boan Biotechnology (-11.77%) [2][16]. Clinical Trials and Approvals - In May, there were 23 newly announced clinical trials in China, including 17 in BE/I phase, 4 in II phase, and 2 in III phase [31].

Investment Rating - The report maintains an "Outperform" rating for the low-altitude economy industry [1] Core Insights - The low-altitude economy sector has gained significant attention from the national level, with various policies and initiatives being introduced to support its development [6][23][24] - The low-altitude economy index increased by 5.33% during the reporting period, outperforming major indices such as the Shanghai Composite and CSI 300 [6][16] - Key players in the eVTOL market are receiving substantial orders, indicating strong market demand and growth potential [6][26][28] Summary by Sections Market Review - The low-altitude economy index rose by 5.33%, outperforming the Shanghai Composite by 3.90 percentage points and the CSI 300 by 3.77 percentage points [6][16] - The National General Aviation Index increased by 5.95%, also outperforming major indices [6] Policy Dynamics - The Ministry of Industry and Information Technology released guidelines for the standardization of new automotive technologies, including flying cars [23] - Financial regulatory authorities are pushing for the development of insurance products for low-altitude flying vehicles [23] - Local governments are implementing measures to stimulate the low-altitude economy, including financial incentives and infrastructure development [24][25] Industry Developments - Xiaopeng's "Land Aircraft Carrier" received approval for its production license, marking a significant milestone in the domestic flying car market [26] - Fengfei Aviation secured a strategic partnership with CITIC and a 100-unit order for eVTOL aircraft, indicating strong market interest [28] - Wofei Changkong signed a financial agreement with China Construction Bank for a total of 6 billion RMB, the highest financing lease credit in the eVTOL sector [32] - The first intelligent customs clearance model for low-altitude transport was launched in Guangzhou, enhancing logistics efficiency [34] - A 1 billion RMB investment fund for low-altitude industry development was established in Hunan, focusing on various sectors within the low-altitude economy [38] - The AS700 manned airship successfully completed its first flight, showcasing significant advancements in energy efficiency and operational cost reduction [40]

Investment Rating - The report does not explicitly state an investment rating for the vaccine industry Core Insights - The overall trend in the vaccine industry shows a decline in batch approvals for most vaccine types in Q1 2025, with some exceptions showing recovery or growth in demand [7][29][46] Summary by Category Multi-Component Vaccines - In Q1 2025, multi-component vaccines saw a total of 17 batch approvals, a decrease of 26% compared to the previous year [11][15] - The five-component vaccine maintained its batch approval at 17, while the four-component vaccine had no approvals [15][12] Pneumonia Vaccines - Total batch approvals for pneumonia vaccines in Q1 2025 were 23, down 30% year-on-year [19][21] - The 13-valent pneumonia vaccine had 19 approvals, remaining stable, while the 23-valent vaccine saw a significant drop to 4 approvals, down 71% [24][19] HPV Vaccines - HPV vaccine approvals increased to 57 batches in Q1 2025, a growth of 63% [29][27] - The two-valent HPV vaccine saw a remarkable increase of 367%, with all approvals coming from Wantai Biological Pharmacy [29][32] Influenza Vaccines - Influenza vaccine approvals totaled 29 batches, a significant increase of 263% year-on-year [34][38] - The three-valent influenza vaccine had 28 approvals, while the four-valent vaccine had only 1 approval, down 67% [38][41] Rabies Vaccines - Batch approvals for rabies vaccines increased to 223 in Q1 2025, a growth of 37% [46][48] - The freeze-dried rabies vaccine accounted for the majority of approvals, with Chengda Biological achieving 105 approvals, a 110% increase [48][46] Varicella Vaccines - Varicella vaccine approvals slightly decreased to 83 batches, down 2% [53][54] - The largest contributor was Baike Biological, with 33 approvals, marking a 38% increase [54][53] Hib Vaccines - Hib vaccine approvals fell to 7 batches, a decrease of 50% [59][58] EV71 Vaccines - EV71 vaccine approvals continued to decline, with only 4 batches approved, down 69% [64][63] Rotavirus Vaccines - Rotavirus vaccine approvals totaled 21 batches, a decrease of 46% [68][67] DTP Vaccines - DTP vaccine approvals increased to 18 batches, a growth of 167% [72][73] Meningitis Vaccines - Meningitis vaccine approvals totaled 85 batches, down 34% [78][79] - The AC polysaccharide vaccine accounted for 55 approvals, a decrease of 47% [84][79] Hepatitis B Vaccines - Hepatitis B vaccine approvals increased to 87 batches, a growth of 28% [91][90] IPV Vaccines - IPV vaccine approvals totaled 22 batches, a decrease of 33% [93][92]

Investment Rating - The report maintains an "Outperform" rating for the robotics industry [1]. Core Insights - Major companies like Lenovo and Midea are accelerating their investments in humanoid robots, indicating a growing trend in the industry [1][5]. - The robotics index underperformed the broader market, with a 1.6% increase compared to the Shanghai Composite Index and CSI 300 Index [12]. - Significant procurement activities are noted, such as Tongji University purchasing 10 humanoid robots for 8.2566 million yuan, marking a substantial investment in educational robotics [16]. - Midea plans to deploy humanoid robots in its factories and retail stores, aiming for operational efficiency and customer interaction [17]. - Lenovo introduced its first humanoid robot, showcasing advanced capabilities in coordination and customer interaction [20]. - The 2025 World Humanoid Robot Games will take place in Beijing, featuring various competitions that highlight the capabilities of humanoid robots [23]. - Tsinghua University and Star Dynamics have released an open-source AIGC robot model, enhancing the development of robotics technology [24]. - Amazon has launched its first tactile robot, Vulcan, which improves operational efficiency in warehouses [25][26]. - Shark Intelligence completed a multi-million B-round financing to expand its exoskeleton robot product line [27]. Summary by Sections Market Review - The robotics index increased by 1.6% but lagged behind major indices, indicating a need for strategic adjustments in investment [12]. Industry Dynamics - Notable procurement by educational institutions and advancements in humanoid robotics by major companies signal a robust growth trajectory in the sector [16][17][20]. Financing Dynamics - Shark Intelligence's successful financing round highlights investor confidence in the robotics sector, particularly in exoskeleton technology [27].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 25.90 CNY for the next six months, based on a current price of 20.95 CNY [1]. Core Insights - The company has turned profitable, with significant growth potential driven by domestic substitution and equipment upgrade policies. The report forecasts substantial increases in revenue and net profit over the next few years [6][24]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.61359 billion CNY, a year-on-year increase of 13.6%. The net profit attributable to the parent company was 206.86 million CNY, up 164.1% from the previous year. For Q1 2025, revenue was 550 million CNY, a 1.4% increase year-on-year, while the net profit was a loss of 21 million CNY, showing a reduction in losses compared to the previous year [6][14]. Business Model and Strategy - The company is a leader in high-end analytical instruments in China, focusing on core instrument business while reducing non-profitable segments. It has developed a "4+X" multi-business model covering various sectors including smart industry, smart environment, smart laboratory, and life sciences [7][12]. Profitability and Efficiency - The gross margins for the company's core instrument, operation services, and environmental governance businesses were 48.5%, 38.0%, and 27.3% respectively in 2024, showing improvements year-on-year. The company has implemented cost reduction and efficiency enhancement measures, leading to a significant decrease in expense ratios [6][17][19]. Earnings Forecast - The report projects net profits for 2025, 2026, and 2027 to be 332.24 million CNY, 413.02 million CNY, and 485.35 million CNY respectively, with corresponding EPS of 0.74 CNY, 0.92 CNY, and 1.08 CNY [24][26]. Valuation - The company is valued at a PE ratio of 35 times for 2025, which is lower than the average PE of comparable companies at 40.5 times. This reflects the company's potential to benefit from domestic substitution and equipment upgrade policies [24][27].

Domestic Economic Developments - The People's Bank of China implemented a comprehensive monetary policy package, including a 50 basis point reserve requirement ratio cut and a 10 basis point interest rate reduction, aimed at alleviating short-term economic downward pressure and supporting long-term structural transformation[8] - During the May Day holiday, domestic tourism saw a 6.4% year-on-year increase, with total spending reaching approximately 180.27 billion yuan, reflecting a robust domestic consumption market[6] - The China Securities Regulatory Commission introduced 25 measures to guide public funds from focusing on scale to prioritizing investor returns, which may reshape the competitive landscape of the industry[11] International Economic Developments - The U.S. ISM Services PMI for April rose to 51.6, exceeding expectations and indicating a structural divergence between a strong services sector and a weak manufacturing sector[15] - The U.S. trade deficit reached a record high of $140.5 billion in March, a 14.0% month-on-month increase, primarily due to accelerated imports ahead of tariff hikes[17] - Germany's new Chancellor, Friedrich Merz, faced a challenging political landscape, with internal party conflicts likely to intensify despite his election victory[19] Market Trends - Brent crude oil prices decreased by 1.85% week-on-week, while iron ore prices fell by 0.09%, and copper prices increased by 0.33%[23] - Real estate sales in 30 major cities dropped by 33.05% week-on-week, with first-tier cities experiencing a 42.73% decline[38] - The average daily retail sales of passenger cars increased by 52% year-on-year in April, indicating a recovery in consumer demand[38]