科技前瞻系列专题 国际巨头的端侧AI布局 西南证券研究发展中心 海外研究团队 2024年6月 ...

医美专题系列三之胶原蛋白 西南证券研究发展中心 2024年6月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 分析师：王钰畅 执业证号：S1250524010001 电话：021-68416017 邮箱：wangyc@swsc.com.cn 核心观点  胶原蛋白市场规模持续扩大，重组胶原蛋白具备增长潜力。胶原蛋白是人体含量最多的蛋白质，有三螺旋 构象，具备物理支撑性、生物相容性、组织可吸收性、凝血性等特性，可用于专业性护肤（功效性护肤品 、医用敷料）、医美、生物医学材料以及食品领域。从制备方式看，可分为动物源与重组两类，其中重组 ...

创新药专题 多发性骨髓瘤：BCMA靶向疗法推向前线 西南证券研究发展中心 2024年6月 分析师：杜向阳 执业证号：S1250520030002 电话：021-68416017 邮箱：duxy@swsc.com.cn 核心观点  多发性骨髓瘤全球年新发患者超30万人，达雷妥尤单抗引领一线治疗格局变化。据WHO，2022年全球新 发多发性骨髓癌超30万例，我国新发多发性骨髓癌患者超3万例，是第二大血液癌症。目前硼替佐米、来那 度胺和地塞米松（VRd）是中国NDMM的主流方案，NCCN指南进一步推荐了卡非佐米、来那度胺和地塞 ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------|------------------------------------|----------|----------|----------|----------|--------|----------|-------------------------------------|----------|----------|----------| | 图 4 \n200% | ：本周北交所股票涨幅前五 \n188.72% | | | | | 图 5 | 泰鹏智能 | ：本周北交所股票跌幅前五 \n亿能电力 | 广咨国际 | 欧康医药 | 汉鑫科技 | | 180% | | | | | | 0% | | | | | | | 160% | | | | | | -5% | | | | | | | 140% | | | | | | | | | | | | | 120% | | | | | | -10% | | | | | | | 100% | ...

Group 1 - The overall industry return is expected to range between -5% and 5% relative to the representative market index over the next six months [1] - The report indicates a weak market performance, with the North Exchange 50 index declining by 1.6% from the opening on May 27 to May 31 [28][55] - The newly listed stock, Wanda Bearing, saw a significant first-day increase of 227.8%, reflecting strong market interest [50] Group 2 - As of May 31, 2024, the North Exchange A-share segment consists of 249 companies with an average market capitalization of 1.33 billion [29][47] - The trading volume for the North Exchange during the week of May 27 to May 31 was 17.92 billion, with an average weekly trading amount of 0.72 billion [34][47] - The industry performance shows that the defense and military industry had a median return of 0.05%, while the media sector experienced a median decline of -10.8% [64]

[2T0a2b4l年e_I0n6d月ust0ry2In日fo ] 强于大市(维持) 证券研究报告•行业研究•公用事业 公用事业与环保行业周报（5.27-6.2） 《2024-2025 年节能降碳行动方案》印发，煤价逐渐企稳 投资要点 西南证券研究发展中心  本[Ta周bl秦e_皇Su岛m动m力ar煤y]价 较为稳定，预计后期逐渐企稳。截至 5月 31日，秦皇岛 [分Ta析bl师e_：Au池th天or惠] Q5500动力煤价格为885元/吨，周环比下降0.6%。截至 2024年 5月 23日， 执业证号：S1250522100001 全国重点电厂煤炭库存为11094万吨，周环比库存增加337万吨，增幅达3.1%， 电话：13003109597 库存可用天数为 28.5天，同比增长 0.9天；5月27日，CCTD北方港口库存 邮箱：cth@swsc.com.cn 为 3329万吨，周环比库存增加148万吨，增幅达4.6%。 分析师：刘洋  《2024-2025年节能降碳行动方案》印发。5月 29日，国务院印发《2024 执业证号：S1250523070005 电话：18019200867 —2025年节能降碳 ...

2024年 06月 02日 强于大市(维持) [证T券a研bl究e报_告In•行d业u研st究r•y汽In车f o] 汽车行业周报（5.27-5.31） 节能降碳行动方案出台，利好新能源中重卡发展 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾S：um上m周ar，y]S W汽车板块上涨1.7%，沪深300下跌 0.6%。估值上，截 分析师：郑连声 止 5月 31日收盘，汽车行业PE（TTM）为21倍，较前一周上涨2%。 执业证号：S1250522040001  投资建议：乘用车方面，5月1-26日，乘用车市场零售120.8万辆，环比-2%， 电话：010-57758531 同比-6%。其中，新能源零售约 57.4万辆，环比+2%，同比+27%。随着国家 邮箱：zlans@swsc.com.cn “以旧换新”的政策落地实施、各地相应政策措施出台与跟进，有益于车市逐 分析师：冯安琪 步走强。5月 29日，国务院印发《2024－2025年节能降碳行动方案》，在机 执业证号：S1250524050003 动车能耗标准，新能源汽车限购、通行政策等方面做出指导。5月15日，工业 电话：021-5835190 ...

[2T0a2b4le年_R0e6po月rtIn0f1o日] 证券研究报告•金融工程动态报告 行业配置报告（2024 年 6 月） 行业配置策略与 ETF 组合构建 摘要 西南证券研究发展中心 [T ab相le似_S预um期m差a行ry]业 轮动模型 [分Ta析bl师e_：Au郑th琳or琳] 最新配置观点：建材、交通运输、银行、纺织服装、建筑、电力及公用事业 执业证号：S1250522110001 电话：13127711820 上月组合收益率表现：2024年 5月，组合月度收益率 2.07%，相较于行业等 邮箱：zhengll@swsc.com.cn 权指数超额收益率3.16%。5月行业配置为：银行、煤炭、非银行金融、电力 分析师：王天业 及公用事业、交通运输、石油石化。其中银行超额收益率4.05%，煤炭超额收 执业证号：S1250524050002 益率7.42%，电力及公用事业超额收益率3.85%，交通运输超额收益率4.01%。 电话：17308103116 邮箱：wty@swsc.com.cn  分析师预期边际变化行业轮动模型 联系人：盛宝丹 最新配置观点：家电、食品饮料、通信、汽车、有色金属、纺织 ...

[2T0a2b4l年e_I0n6d月ust0ry2In日fo ] 强于大市(维持) 证券研究报告•行业研究•公用事业 公用事业与环保行业周报（5.27-6.2） 《2024-2025 年节能降碳行动方案》印发，煤价逐渐企稳 投资要点 西南证券研究发展中心  本[Ta周bl秦e_皇Su岛m动m力ar煤y]价 较为稳定，预计后期逐渐企稳。截至 5月 31日，秦皇岛 [分Ta析bl师e_：Au池th天or惠] Q5500动力煤价格为885元/吨，周环比下降0.6%。截至 2024年 5月 23日， 执业证号：S1250522100001 全国重点电厂煤炭库存为11094万吨，周环比库存增加337万吨，增幅达3.1%， 电话：13003109597 库存可用天数为 28.5天，同比增长 0.9天；5月27日，CCTD北方港口库存 邮箱：cth@swsc.com.cn 为 3329万吨，周环比库存增加148万吨，增幅达4.6%。 分析师：刘洋  《2024-2025年节能降碳行动方案》印发。5月 29日，国务院印发《2024 执业证号：S1250523070005 电话：18019200867 —2025年节能降碳 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [1] Core Insights - The automotive sector saw a 1.7% increase in the SW automotive index last week, while the CSI 300 index decreased by 0.6%. As of May 31, the automotive industry's PE (TTM) was 21 times, up 2% from the previous week [2][10] - Retail sales of passenger vehicles from May 1 to 26 reached 1.208 million units, down 2% month-on-month and down 6% year-on-year. New energy vehicle retail sales were approximately 574,000 units, up 2% month-on-month and up 27% year-on-year [2][3] - The State Council issued the "2024-2025 Energy Conservation and Carbon Reduction Action Plan," which supports the development of new energy heavy trucks and encourages the replacement of old vehicles [2][15] Summary by Sections Market Review - The SW automotive sector closed at 5,490.73 points, with a weekly increase of 1.7%. The passenger vehicle segment rose by 5.1%, while commercial vehicles and buses fell by 2% and 1.9%, respectively [8] - As of May 31, the automotive industry PE (TTM) was 21 times, reflecting a 2% increase from the previous week [10] Investment Recommendations - The report suggests focusing on the opportunities arising from the "old-for-new" vehicle replacement policy and the promotion of new energy vehicles in rural areas. It also highlights the economic advantages of natural gas heavy trucks due to low gas prices [2][3] - Key stocks to watch include GAC Group, BYD, and Weichai Power, among others [2][3] New Energy Vehicles - From May 1 to 26, new energy vehicle retail sales were approximately 574,000 units, reflecting a 2% month-on-month increase and a 27% year-on-year increase. The penetration rate of new energy vehicles is expected to continue rising [2][3] - The State Council's action plan aims to phase out old vehicles and promote the electrification of public transport [15][16] Commercial Vehicles - In April, domestic tractor sales reached 34,900 units, a 17% decrease month-on-month but a 37% increase year-on-year. The report emphasizes the continued economic advantages of natural gas heavy trucks [3][15] - Recommended stocks in the commercial vehicle sector include Weichai Power and China National Heavy Duty Truck Group [3] Tire Industry - The report notes that domestic tire brands are expected to gain market share due to competitive pricing and the exit of overseas competitors. The demand for tires is projected to improve as domestic economic policies take effect [4][15]