政策助力企业降成本，欧美经济表现走强 请务必阅读正文后的重要声明部分 7 1 宏观周报（5.20-5.24） （1）5 月 LPR 维持不变，后续货币政策仍有望稳健趋松 [Table_ReportInfo] 2024 年 05 月 24 日 证券研究报告•宏观定期报告 宏观周报（5.20-5.24） | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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[2T0a2b4l年e_I0n5d月ust2ry5In日fo ] 跟随大市(维持) 证券研究报告•行业研究•传媒 影视传媒行业周报（0519-0525） Meta 将推出付费版聊天机器人， DNF 手游登顶 iOS 总榜和畅销榜 投资要点 西南证券研究发展中心  行[Ta情bl回e_顾Su：m本m周ar，y]传 媒板块表现一般，下跌 3.89%，跑输创业板约 1.40个百 [分Ta析bl师e_：Au刘th言or ] 分点（创业板指下跌 2.49%）；跑输市场约 1.81 个百分点（沪深 300 下跌 执业证号：S1250515070002 2.08%）。 电话：023-67791663 邮箱：liuyan@swsc.com.cn  细分行业：（1）游戏指数跑输市场：中信游戏指数（CI005577）下跌 3.79%， 沪深 300下跌2.08%。中信游戏指数相对于沪深300指数下跌1.71%；（2） 分析师：苟宇睿 广告指数跑输市场：中信广告指数（CI005847）下跌 4.66%，沪深 300下跌 执业证号：S1250524030001 电话：15882659190 2.08%。中信广告指数相对于沪深 3 ...

Investment Rating - The report gives a "Hold" rating for Chang'an Minsheng Logistics (1292 HK) [44] Core Views - Chang'an Minsheng Logistics is a leading comprehensive logistics service provider in China's automotive logistics industry, with a strong client base and extensive service network [112][113] - The company benefits from the steady growth of its major client Chang'an Automobile, which achieved record sales in 2023 and is expanding internationally [26][27][29] - Chang'an Minsheng Logistics is driving green, smart, and digital transformation, expanding service boundaries through multimodal transport, smart parks, and customized logistics solutions [18][19][20][84] - The company's profitability has improved overall, with strong cost control capabilities and positive cash flow growth [36][43] Business Model and Competitive Advantages - The company has established long-term cooperative relationships with nearly 1,000 domestic and foreign enterprises in both automotive and non-automotive fields [3] - It has a comprehensive multimodal transport service network combining road, rail, and water transport, with stable transport capacity guaranteed by strategic partnerships [10] - The company has 28 branches, subsidiaries, joint ventures, and offices across China, enabling nationwide logistics services [15] - It has developed innovative logistics platforms like Cheyi Cloud and Boyu Hengtong Network Freight Platform to provide integrated supply chain services [19][31] Financial Performance - In 2023, the company achieved revenue of 7 969 billion yuan, up 3 22% YoY, and net profit attributable to shareholders of 56 447 million yuan, up 46 68% YoY [23] - The gross profit margin was 4 66%, down 0 52 percentage points YoY, while the period expense ratio decreased by 0 31 percentage points to 3 63% [36] - Operating cash flow increased significantly to 198 million yuan, indicating improving operational efficiency [36] Industry Outlook - China's automotive industry is expected to maintain steady growth, with 2023 production and sales reaching 30 161 million and 30 094 million units respectively, up 11 6% and 12% YoY [133][135] - Multimodal transport is becoming the main transportation mode for automotive logistics due to regulatory changes and environmental concerns [148][151] - The used car market is growing rapidly, with 2023 transaction volume reaching 18 413 million units, up 14 9% YoY [143][144] Growth Drivers - Chang'an Automobile's sales growth and international expansion will directly increase logistics service demand [29] - The rapid development of new energy vehicles creates new growth opportunities in NEV logistics, especially for battery transportation and storage [29] - The company's digital transformation and smart logistics solutions will enhance efficiency and expand service capabilities [18][19][84] Financial Forecasts - Revenue is expected to grow to 8 359 billion yuan in 2024, 8 836 billion yuan in 2025, and 9 393 billion yuan in 2026 [43] - Net profit attributable to shareholders is forecasted to reach 72 749 million yuan in 2024, 82 146 million yuan in 2025, and 90 586 million yuan in 2026 [43] - The PE ratio is estimated at 5x for 2024-2026, lower than the industry average of 17x [44]

重庆 | --- | --- | --- | --- | --- | --- | |-------|----------------------------|----------------------|--------------|-------------|----------------------| | 区域 | [Table_SalesPerson] 姓名 | 职务 | 座机 | 手机 | 邮箱 | | | 蒋诗烽 | 总经理助理、销售总监 | 021-68415309 | 18621310081 | jsf@swsc.com.cn | | | 崔露文 | 销售副总监 | 15642960315 | 15642960315 | clw@swsc.com.cn | | | 谭世泽 | 高级销售经理 | 13122900886 | 13122900886 | tsz@swsc.com.cn | | | 汪艺 | 高级销售经理 | 13127920536 | 13127920536 | wyyf@swsc.com.cn | | | 李煜 | 高级销售经理 | 18801732511 | 188017325 ...

Investment Rating - The report does not explicitly state an investment rating for the pharmaceutical industry. Core Insights - The A-share innovative drug sector experienced a decline of 5.11% this week, underperforming the CSI 300 index by 3.03%. Over the past six months, the A-share innovative drug sector has cumulatively decreased by 5.40%, lagging behind the CSI 300 index by 6.62% [2][18]. - The Hong Kong innovative drug sector fell by 7.33% this week, underperforming the Hang Seng index by 2.50%. In the last six months, the Hong Kong innovative drug sector has seen a cumulative decline of 11.97%, trailing the Hang Seng index by 15.82% [2][21]. - The XBI index dropped by 3.77% this week, with a cumulative decline of 5.17% over the past six months [2][23]. Summary by Sections 1. Market Performance - A total of 6 stocks rose while 56 stocks fell in the innovative drug sector this week. The top gainers were Heptares Therapeutics-B (+8.70%), Fuhong Hanlin-B (+4.78%), and Dongyao Pharmaceutical-B (+2.07%). The largest declines were seen in Kangfang Biotech-B (-23.92%), Rongchang Biotech-B (-17.10%), and Saint No Pharmaceutical-B (-16.20%) [2][17]. 2. New Drug Approvals - In May, 16 new drugs were approved for market in China, with 21 new indications also receiving approval. This week alone, 7 new drugs and 8 new indications were approved [3][24]. 3. Global Drug Development - In the U.S., 2 NDA applications were approved in May, and 2 BLA applications were approved this week. No new drugs were approved in Europe or Japan during this period [3][29][31][32]. 4. Key Drug Developments - The report highlights the approval of the PD-1/VEGF dual antibody, Iwosimab, by Kangfang Biotech for the treatment of advanced non-squamous non-small cell lung cancer, marking a significant milestone in immunotherapy [4][33]. 5. Clinical Trials - A total of 37 new clinical trials were publicly announced this week in China, including 22 Phase I trials, 10 Phase II trials, and 5 Phase III trials [24][26]. 6. Sales Performance - The report notes significant sales growth for GLP-1 receptor agonists, with the drug Tirzepatide achieving sales of $5.163 billion in 2023, reflecting a 970.1% increase [12][14]. 7. Drug Pipeline - The report details ongoing developments in the GLP-1RA drug pipeline, with multiple candidates in various stages of clinical trials, indicating a robust pipeline for diabetes and obesity treatments [9][10]. 8. Market Capitalization - The total market capitalization of the pharmaceutical industry is reported at 49,649.09 billion yuan, with a TTM P/E ratio of 32.0, significantly higher than the TTM P/E ratio of the CSI 300 at 12.0 [1].

[2T0a2b4l年e_I0n5d月ust2ry5In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（5.20-5.26） 电力体制改革加速，煤价持续上涨 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 小幅上涨，预计后期逐渐企稳。截至 5月 24日，秦皇岛 [分Ta析bl师e_：Au池th天or惠] Q5500动力煤价格为890元/吨，周环比上涨4.7%。截至 2024年 5月 16日， 执业证号：S1250522100001 全国重点电厂煤炭库存为10757万吨，周环比库存增加262万吨，增速达2.5%， 电话：13003109597 库存可用天数为 27.6天，同比增长 1.5天；5月20日，CCTD北方港口库存 邮箱：cth@swsc.com.cn 为 3182万吨，周环比库存减少 691万吨，降幅达 17.8%。截至 2024年5月 分析师：刘洋 16日，全国重点电厂日耗量为377.6万吨，较上周下降6.2%。 执业证号：S1250523070005 电话：18019200867  电力体制改革未来可能方向：新能源装机大 ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry as of May 26, 2024 [1]. Core Insights - The report highlights that the penetration rate of new energy vehicles (NEVs) is expected to reach 46.7% in May 2024, driven by government policies such as the "old-for-new" vehicle replacement program and initiatives to promote NEVs in rural areas [2][20]. - The automotive sector experienced a decline of 4.2% last week, while the broader market (CSI 300) fell by 2.1%. The price-to-earnings (P/E) ratio for the automotive industry is reported at 20 times, down 4.3% from the previous week [2][11]. - The report suggests that the implementation of the "old-for-new" policy and the promotion of NEVs will gradually strengthen the automotive market, with a forecast of 1.65 million retail sales of narrow-sense passenger vehicles in May, reflecting a month-on-month increase of 7.5% but a year-on-year decrease of 5.3% [2][20]. Summary by Sections Market Review - The SW automotive sector closed at 5398.65 points, down 4.2%, with the passenger vehicle segment declining by 3.4% and the commercial vehicle segment showing mixed results [7][20]. - The report notes that the automotive sector's performance ranked among the bottom five across industries during the week [7]. Investment Recommendations - The report recommends focusing on opportunities arising from the "old-for-new" policy and the NEV promotion activities, particularly in the complete vehicle segment and the natural gas heavy truck sector [2][20]. - Key stocks to watch include GAC Group, BYD, and other companies involved in the NEV supply chain [2][20]. Key Company Performance - In April, major automotive companies reported varied sales figures, with BYD showing a significant year-on-year increase of 49% in passenger vehicle sales, while GAC Group experienced a decline of 24.8% [22][25]. - The report emphasizes the strong performance of pure electric heavy trucks, which accounted for 95.05% of the sales in the new energy heavy truck market [3][20]. Industry News - The report discusses the implementation of policies across 25 provinces to promote the "old-for-new" vehicle replacement initiative, which is expected to invigorate the commercial vehicle market [20]. - Audi and SAIC have announced a strategic partnership to develop a new "smart digital platform" aimed at accelerating electric vehicle transformation in the Chinese market [20].

Investment Rating - The report maintains an "Outperform" rating for the utility and environmental protection industry [1]. Core Insights - The report highlights the acceleration of power system reforms and the continuous rise in coal prices, indicating a potential stabilization in the future [2]. - It emphasizes the increasing pressure on renewable energy consumption in provinces with significant wind and solar installations, suggesting that future reforms may focus on enhancing power source regulation capabilities and accelerating UHV (Ultra High Voltage) construction [2][10]. - The report suggests a focus on high-elasticity thermal power companies and defensive hydro and nuclear power enterprises as key investment opportunities [2]. Summary by Sections 1. Power System Reform - A review of past reforms indicates a shift towards a more competitive electricity market, with the current focus on addressing green electricity consumption issues [7][9]. - Future reform directions include improving auxiliary service market pricing and promoting the market entry of renewable energy [9][10]. 2. Industry High-Frequency Data Tracking - Coal prices have shown slight increases, with the Qinhuangdao Q5500 coal price at 884 RMB/ton as of May 23, 2024 [11]. - Key power plants' coal inventory reached 107.57 million tons, with a week-on-week increase of 2.5% [15]. - The daily coal consumption of key power plants was reported at 3.776 million tons, down 6.2% from the previous week [22]. 3. Market Review - The A-share market experienced an overall decline, but the utility sector showed resilience with a weekly increase of 1.59% [33]. - The report notes that the utility sector has outperformed the broader market since the beginning of the year, with a 5.49% increase relative to the CSI 300 index [35]. 4. Investment Strategy and Key Focus Stocks - The report recommends focusing on companies with high elasticity in thermal power and those with defensive attributes in hydro and nuclear power [2]. - Specific companies highlighted for investment include Guodian Power, Huaneng International, and China Nuclear Power, among others [2].

[2T0a2b4le年_I0n5du月str2y6In日fo ] 证券研究报告•行业研究•医药生物 医药行业创新药周报（5.20-5.26） 2024 年 5 月第四周创新药周报 （附小专题 PD-1/VEGF 双抗研发概况） A股和港股创新药板块及XBI指数本周走势 西南证券研究发展中心 20 2[T4a年ble5_S月u第mm4a周ry，] 陆港两地创新药板块共计 6个股上涨，56个股下跌。其中 [分Ta析bl师e_：Au杜th向or阳] 涨幅前三为和铂医药-B(+8.70%)、复宏汉霖-B(+4.78%)、东曜药业-B(+2.07%)。 执业证号：S1250520030002 跌幅前三为康方生物-B(-23.92%)、荣昌生物-B(-17.10%)、圣诺医药-B(-16.20%)。 电话：021-68416017 邮箱：duxy@swsc.com.cn 本周A股创新药板块下跌5.11%，跑输沪深300指数3.03%，生物医药下跌4.37%。 近6个月A股创新药累计下跌5.40%，跑输沪深300指数 6.62%，生物医药累计 分析师：汤泰萌 下跌14.59%。 执业证号：S1250522120001 电 ...