Group 1 - The overall performance of the North Exchange was relatively weak during the week, with the North Exchange 50 index declining by 1.9% from the opening on June 17, 2024, and the total market capitalization reaching 318.84 billion yuan [20][63]. - The North Exchange's trading volume for the week was 16.72 billion yuan, with an average weekly trading amount of 0.67 billion yuan and a turnover rate of 15.39%, indicating a slight increase in liquidity compared to the previous week [2][6][31]. - The North Exchange is seen as a gathering place for "specialized, refined, distinctive, and innovative" enterprises, with a positive long-term outlook for its development, suggesting that more patient capital is expected to enter the market [1]. Group 2 - The North Exchange has resumed IPO activities, with two companies passing the listing committee review and three companies' applications being accepted within a week [3][19][55]. - The average market capitalization of companies in the North Exchange is 1.28 billion yuan, significantly lower than the average market capitalization of 7.27 billion yuan for the ChiNext and 9.49 billion yuan for the Sci-Tech Innovation Board [2][31]. - The North Exchange's price-to-earnings (PE) ratio (TTM, median) is 19.0 times, which has increased by 0.5 times compared to the previous week [2][31]. Group 3 - Among the 249 stocks in the North Exchange, 149 stocks increased, 3 remained flat, and 97 stocks decreased during the week, with Lifan Holdings seeing a significant increase of 77.8% [36][40]. - The machinery equipment industry performed relatively well, with a median increase of 10.4%, while the automotive industry showed a median decrease of -5.5% [40]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry, indicating a positive outlook compared to the broader market [1]. Core Insights - The report highlights a significant decline in the A-share and Hong Kong innovation drug sectors, with A-shares down 4.32% and Hong Kong shares down 5.88% in the latest week, underperforming their respective indices [2][19]. - Over the past six months, A-share innovation drugs have decreased by 4.40%, while Hong Kong innovation drugs have seen a cumulative decline of 7.26% [17][19]. - The report notes that 7 new drugs were approved in China in June, with 3 new indications also receiving approval [3][23]. Summary by Sections Market Performance - In the latest week, 14 stocks in the innovation drug sector rose, while 45 fell, with the top gainers being Frontline Bio-U (+15.82%), Nanxin Pharmaceutical (+8.85%), and Ascentage Pharma-B (+7.59%) [2][16]. - The XBI index increased by 2.21% in the same week, contrasting with the declines in A-share and Hong Kong markets [21]. Drug Approvals - In June, 5 NDA approvals were granted in the U.S., with 2 NDA approvals and 1 BLA approval in the latest week [28]. - No new drugs were approved in Europe or Japan during June [30][32]. Key Drug Developments - The report discusses the progress of innovative drugs targeting GLP-1 for diabetes, with 11 drugs approved globally, 9 in China, and 10 in Phase III clinical trials [9][10]. - The report also covers the advancements in HIV-1 capsid inhibitors, particularly lenacapavir, which has shown a 100% efficacy rate in preventing HIV infection in women with biannual injections [4]. Company-Specific Developments - Notable approvals include the launch of new drugs by companies such as Amgen, Novartis, and others, with specific indications for various cancers and chronic conditions [24][25][35].

Investment Rating - The report maintains a "Market Perform" rating for the media industry [1]. Core Insights - The media sector experienced a decline of 5.12% this week, underperforming the ChiNext by approximately 3.14 percentage points and outperforming the market by about 3.83 percentage points compared to the CSI 300, which fell by 1.30% [7][8]. - The gaming index underperformed the market, with the CITIC Gaming Index down 6.27% compared to the CSI 300's 1.30% decline [8][10]. - The report suggests focusing on companies like Mango Excellent Media (300413) and Shenzhou Taiyue (300002) for investment opportunities [2][12]. Summary by Sections 1. Market Review - The media sector's performance was generally weak, with a 5.12% drop this week [7]. - The CITIC Advertising Index fell by 2.59%, while the CITIC Education Index decreased by 2.92% [12][10]. 2. Gaming Industry - The CITIC Gaming Index decreased by 6.27%, underperforming the CSI 300 [8]. - The top three A-share gaming companies by decline were Glacier Network, Shenzhou Taiyue, and Youzu Network [8][10]. 3. Sports Industry - The CSI Sports Index dropped by 3.85%, underperforming the CSI 300 [10]. 4. Education Industry - The CITIC Education Index fell by 2.92%, underperforming the CSI 300 by 1.62% [12]. - The Hong Kong Education Index decreased by 4.78%, while the Hang Seng Index rose by 0.48% [12]. 5. Investment Recommendations - The report recommends focusing on Mango Excellent Media (300413) and Shenzhou Taiyue (300002) for potential investment opportunities [2][12].

预计 6月新能源渗透率达 49.1%,智能汽车或将迎来β向上 投资要点 西南证券研究发展中心 行情回顾: 上周,SW 汽车板块上涨 0.3%,沪深 300下跌 1.3%。估值上,截 止 6 月 21 日收盘,汽车行业 PE(TTM)为 20 倍,较前一周下跌 0.3%。 投资建议:乘联会预计,6 月狭义乘用车零售量约 175.0 万辆,环比+2.3%; 预计新能源乘用车零售量约 86.0万辆,环比+6.9%,新能源渗透率将达 49.1%。 近期,发改委发言人提出国家将从优化完善网络布局、提升运营服务水平、加 强科技创新引领、加大支持保障力度方面进一步推动解决充电基础设施方面存 在的问题,新能源渗透率有望再创新高。此外,"车路云一体化"持续迎来政 策加码,智能汽车板块或将迎来β向上。投资机会方面,建议关注欧盟政策调 整给比亚迪等对欧洲有布局的主机厂带来的海外新机遇;建议关注政策变化给 智能汽车板块带来的机会;此外,建议关注气价持续低位振荡给天然气重卡板 块带来的机会以及《交通运输大规模设备更新行动方案》政策出台带来的重卡 置换需求释放机会。 乘用车:乘联会数据,6月 1-16日乘用车零售 63.4万辆,同比-1 ...

用电需求持续强劲,水电增速加快 本周 秦皇岛动力煤价较为稳定,预计后期逐渐企稳。截至 6 月 21 日,秦皇岛 Q5500 动力煤价格为 875元/吨,周环比下降 1.1%。截至 2024年 6月 13日, 全国重点电厂煤炭库存为 11557万吨,周环比库存增加 48万吨,增幅达 0.4%, 库存可用天数为 28.3 天,同比增长 2.5 天;6 月 17 日,CCTD 北方港口库存 为 3436 万吨,周环比库存增加 106 万吨,增幅达 3.2%。 用电需求持续强劲,水电增速加快。5 月份,全社会用电量 7751 亿千瓦时, 同比+7.2%,环比+0.2pp。从分产业用电看,第一/二/三产业用电量同比分别 +10.3%/+6.8%/+9.9%,环比分别-0.2/+0.6/-0.9pp,城乡居民生活用电量同比 +5.5%,环比-0.4pp;规上工业发电量 7179亿千瓦时,同比+2.3%,环比-0.8pp; 分品类看,火电同比-4.3%,环比-5.6pp;水电+38.6%,环比+17.6pp;核电 -2.4%,环比-8.3pp;风电-3.3%,环比+5.1pp;光伏发电+29.1%,环比+7.7pp。 本周 ...

2024 年 06 月 24 日 证券研究报告•行业研究•房地产 跟随大市 房地产行业周报(6.17-6.23) 5 月商品房销售降幅收窄,价格降幅走扩 [Table_Summary 6 月 43 城新房成交面积同比 ] -34.5%,环比+11.9%;14 城二手房成交面积同 比-1.2%,环比+10.7%。截至 6 月 21 日,6 月 43 城新房累计成交面积同比 -34.5%,环比 5月同期+11.9%,全年累计同比-35.7%。其中,一线城市 6月 累计成交同比-31.4%,环比 5 月同期+15.1%,全年累计同比-31.3%。二线城 市 6月累计成交同比-34.7%,环比 5月同期+6.7%,全年累计同比-37.2%。三 四线城市 6 月累计成交同比-37.5%,环比 5 月同期+27.5%,全年累计同比 -36.2%。6 月 14 城二手房累计成交面积同比-1.2%,环比 5 月同期+10.7%, 全年累计同比-11.7%。 5 月商品房销售面积、金额同比降幅收窄。5 月份商品房销售面积 7390 万平 方米,同比下降 20.7%,降幅较 4月收窄 2.1个百分点,1-5月累计销售面积 366 ...

[2T0a2b4l年e_I0n6d月ust2ry4In日fo ] 跟随大市 证券研究报告•行业研究•房地产 房地产行业周报（6.17-6.23） 5 月商品房销售降幅收窄，价格降幅走扩 投资要点 西南证券研究发展中心 [T ab6le月_S4u3m城ma新ry房] 成交面积同比-34.5%，环比+11.9%；14城二手房成交面积同 [分Ta析bl师e_：Au池th天or惠] 比-1.2%，环比+10.7%。截至 6月 21日，6月 43城新房累计成交面积同比 执业证号：S1250522100001 -34.5%，环比 5月同期+11.9%，全年累计同比-35.7%。其中，一线城市 6月 电话：13003109597 累计成交同比-31.4%，环比 5月同期+15.1%，全年累计同比-31.3%。二线城 邮箱：cth@swsc.com.cn 市 6月累计成交同比-34.7%，环比5月同期+6.7%，全年累计同比-37.2%。三 分析师：刘洋 四线城市 6 月累计成交同比-37.5%，环比 5 月同期+27.5%，全年累计同比 执业证号：S1250523070005 -36.2%。6月14城二手房累计成交面积同 ...

Investment Rating - The report maintains an "Outperform" rating for the robotics industry, indicating that the overall return of the industry is expected to exceed the benchmark index by more than 5% over the next six months [1][20][21]. Core Insights - The robotics index underperformed the market during the week of June 17 to June 23, with the CSI Robotics Index declining by 3.2%, trailing the CSI 300 Index by approximately 1.9 percentage points [2][7]. - Huawei Cloud launched the Pangu embodied intelligence model, which enhances the capabilities of robots, allowing them to perform complex task planning and multi-task processing [11][16]. - China's industrial robot production in May 2024 reached 51,496 units, marking a year-on-year growth of 14.1%, while the production from January to May totaled 227,784 units, reflecting an 8.9% increase [16]. Summary by Sections Market Review - The robotics index underperformed the broader market, with the CSI Robotics Index down 3.2% and the National Robotics Index down 2.7% during the specified week [7]. Industry Dynamics - Huawei's Pangu model was introduced, showcasing its application in various fields, including autonomous driving and industrial design, with the debut of the Leju Kuafu robot [11][16]. - The establishment of the Chinese Academy of Sciences' humanoid robot research institute and the Yangtze River Delta humanoid robot alliance aims to drive innovation in humanoid robotics [16][17]. Financing Dynamics - Galaxy General completed a 700 million yuan angel round financing, setting a record in the embodied intelligence sector, with notable investors including Meituan and IDG Capital [17]. - The mobile robot company Muniu Liuma announced the completion of its first round of equity financing, with plans to produce over 5,000 heavy mobile robots annually [17].

点评：6 月央行缩量平价续作 1820 亿元 MLF，连续第四个月未通过 MLF 净投放资金， MLF 利率则连续 10 个月保持不变。从量上看，5 月 1 年期商业银行（AAA 级）同业存单到 期收益率均值为 2.09%，较上月下行 2 个基点，降幅收窄 11 个基点，仍大幅低于 MLF 利率。 利率较低表明银行在货币市场融资成本要低于通过 MLF 融资的成本，因此银行流动性较为 充裕；从价上看，6 月 MLF 依旧维持不变，5 月份企业贷款加权平均利率为 3.71%，比上 月低 6 个基点，比上年同期低 25 个基点，新发放个人住房贷款利率为 3.64%，比上月低 6 个基点，比上年同期低 53 个基点。此外，美联储 6 月维持利率不变，点阵图放鹰，美元指 数近期仍处于高位，汇率存在一定贬值压力。在当前市场利率偏低、汇率压力加大的背景下， 进一步降息必要性不大。进入二季度以来，我国经济基本面保持稳定，1-5 月，全国规模以 上工业增加值同比增长 6.2%，较 1-4 月增速回落 0.1 个百分点。但企业和居民的贷款意愿仍 有待提振，5 月，社会融资规模增量较上年同期多增 5132 亿元，但对实体经济发放的 ...

央企入主浆量增，聚焦血制盈利强 盈利预测与投资建议。预计公司 2024-2026年营业收入分别为 19.1、20.9和 23.1 亿元，归母净利润分别为 5.7、6.4 和 7.3 亿元，对应 PE 分别为 28、25 和 22 倍。公司血制品业务盈利突出，浆量拓展潜力大，首次覆盖，建议关注。 风险提示：新浆站申请不及预期风险，产品销售推广不及预期风险，行业竞争格 局恶化风险。 [Table_QuotePic] 相对指数表现 -35% -27% -19% -12% -4% 4% 23/6 23/8 23/10 23/12 24/2 24/4 24/6 博雅生物 沪深300 公司研究报告/ 博雅生物 (300294) 请务必阅读正文后的重要声明部分 公司研究报告/ 博雅生物 (300294) | --- | --- | |--------------------------------------------------------------------------------------------------------------------------------------------------- ...