Domestic Economic Policy - The issuance of special long-term bonds totaling 1 trillion yuan is set to begin on May 17, aimed at supporting major national strategies and key areas of security capability construction[5] - The People's Bank of China (PBOC) conducted a 1,250 billion yuan Medium-term Lending Facility (MLF) operation at a rate of 2.50%, maintaining the previous level, indicating continued support for the real economy[39] Inflation and Consumer Data - The U.S. Consumer Price Index (CPI) for April increased by 3.4% year-on-year, slightly down from 3.5% in March, while core CPI rose by 3.6%, matching expectations[46] - U.S. retail sales for April showed no growth month-on-month, falling short of the expected 0.4% increase, indicating weakened consumer demand for non-essential goods[22] International Relations and Market Impact - Japan's central bank reduced its bond purchase amount from 4,750 billion yen to 4,250 billion yen, potentially increasing bond yield pressures and affecting the yen's value against the dollar[19] - The ongoing strategic cooperation between China and Russia is expected to deepen, with trade between the two countries reaching 240.11 billion USD in 2023, a 26.7% increase year-on-year[40] Commodity Prices and Market Trends - Brent crude oil prices decreased by 1.69% week-on-week, while copper prices increased by 1.49%, reflecting mixed trends in commodity markets[24] - The average price of iron ore fell by 1.20% week-on-week, indicating a downward trend in raw material costs[24]

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (9888.HK) [1][17] Core Insights - Baidu's core business shows steady growth, with AI becoming a significant driver of business expansion. In Q1 2024, the company reported revenue of 31.5 billion RMB, a year-on-year increase of 1%, and a Non-GAAP net profit of 7 billion RMB, up 22% year-on-year. The profit growth outpaced revenue growth, primarily due to high-quality growth in AI business and improved operational efficiency [2][18] - The online advertising revenue grew steadily, reaching 17 billion RMB in Q1 2024, a 3% increase year-on-year. Baidu is transitioning its advertising user experience from traditional mobile products to generative AI experiences, which is expected to enhance ad conversion rates and attract more advertisers. The Baidu APP's monthly active users (MAU) reached 676 million in March 2024, a 3% increase year-on-year [2][18] - Demand for intelligent cloud services is increasing, and advancements in autonomous driving capabilities are notable. The non-marketing revenue for Q1 2024 was 6.8 billion RMB, a 6% year-on-year increase, driven by intelligent cloud services. As of mid-April 2024, the Baidu PaddlePaddle platform has gathered 13 million developers. In autonomous driving, Baidu's ride-hailing service "Luobo Kuaipao" provided over 6 million rides by April 19, 2024, with a 25% year-on-year increase in Q1 2024 [2][18] - AI tools have been updated to enhance development efficiency. The Wenxin large model has over 200 million users, with a daily API call volume of 200 million. In Q1 2024, several lightweight large language models were launched, along with three major development tools: AgentBuilder, AppBuilder, and ModelBuilder, to assist developers and enterprises in creating intelligent applications and custom models [2][18] Financial Forecast and Rating - The company is expected to achieve adjusted EPS of 10.56 RMB, 11.10 RMB, and 11.69 RMB for the years 2024-2026, with Non-GAAP net profit projected to continue growing over the next three years. As a leading provider of comprehensive internet services, Baidu is actively building a new AI ecosystem, enhancing its AI capabilities to empower advertising, intelligent cloud, and autonomous driving business development. The order volume is expected to continue growing in 2024, maintaining the "Buy" rating [3][19][20]

Investment Rating - The report does not explicitly provide an investment rating for the vaccine industry Core Insights - The vaccine industry experienced mixed performance in Q1 2024, with some products showing growth while others declined. Overall, the majority of vaccine batches saw a decrease in approvals compared to the previous year [3][4][10] Summary by Category Multi-Component Vaccines - In Q1 2024, the five-component vaccine saw a year-on-year decline in batch approvals, while the four-component vaccine experienced growth. Specifically, the four-component vaccine from Minhai Biological had 6 batches approved (+50%), while the five-component vaccine from Sanofi Pasteur had 17 batches approved (-23%) [3][6][8] Pneumonia Vaccines - Pneumonia vaccines showed significant growth in Q1 2024, with total batch approvals reaching 33, a 106% increase year-on-year. The 13-valent pneumonia vaccine had 19 batches approved (+138%), while the 23-valent pneumonia vaccine had 14 batches approved (+75%) [10][12][21] HPV Vaccines - The HPV vaccine sector saw a substantial decline in batch approvals, with a total of 35 batches approved in Q1 2024, representing an 80% decrease year-on-year. The two-component HPV vaccine faced the most significant drop, with only 9 batches approved (-93%) [28][31] Influenza Vaccines - Influenza vaccines had a mixed performance in Q1 2024, with a total of 8 batches approved, reflecting a 33% increase year-on-year. The three-component influenza vaccine had 5 batches approved (+150%), while the four-component vaccine had 3 batches approved [37][45] Rabies Vaccines - The rabies vaccine sector remained stable in Q1 2024, with a total of 163 batches approved, unchanged from the previous year. The market is shifting towards freeze-dried products, which accounted for all approved batches [58][62] Varicella Vaccines - The varicella vaccine saw a decline in batch approvals in Q1 2024, with 60 batches approved, representing a 17% decrease year-on-year. The largest contributor was Baike Biological, with 16 batches approved (-53%) [68][71]

Investment Rating - The report maintains a "Buy" rating for Baidu Group-SW (9888.HK) [1] Core Insights - Baidu Group reported a revenue of 31.5 billion RMB in Q1 2024, representing a year-on-year growth of 1%. The Non-GAAP net profit reached 7 billion RMB, showing a year-on-year increase of 22% [2] - The growth in profit outpaced revenue growth, primarily driven by high-quality growth in AI business and improved operational efficiency [2] - Core online advertising revenue was 17 billion RMB in Q1 2024, up 3% year-on-year, with an increase in user engagement on Baidu APP, which reached 676 million monthly active users, a 3% increase year-on-year [2] - Non-marketing revenue, driven by intelligent cloud services, reached 6.8 billion RMB, a 6% year-on-year growth, with significant advancements in smart driving capabilities [2] - The AI tools have been updated to enhance development efficiency, with the Wenxin large model user base exceeding 200 million and daily API calls reaching 200 million [2] Financial Forecasts - The adjusted EPS for Baidu Group is projected to be 10.56 RMB, 11.10 RMB, and 11.69 RMB for the years 2024, 2025, and 2026 respectively [3] - Non-GAAP net profit is expected to continue growing over the next three years, with the company actively building an AI ecosystem to empower its advertising, intelligent cloud, and smart driving businesses [3] - Revenue forecasts for 2024 to 2026 are 143.6 billion RMB, 153.2 billion RMB, and 162.3 billion RMB respectively, with growth rates of 6.69%, 6.71%, and 5.91% [4]

Group 1: Industry Overview - The domestic new energy sector has entered a phase of oversupply, with product prices halved, leading to profit clearance across all segments and a dual hit on earnings and valuations in the equity market[1] - Stakeholders are uncertain about when and how the oversupply in the industry will be resolved[1] Group 2: Supply and Demand Dynamics - The black industry is experiencing a supply surplus, with demand and supply factors alternating in pricing[1] - The Big 4 iron ore producers account for approximately 30% to 50% of global production, with their marginal production costs being among the lowest in the industry, positioning them as strong price setters[8] Group 3: Historical Context and Comparisons - The current lithium battery supply chain environment shares similarities with the "declining profit" period of the black chain in 2014[36] - The steel sector's performance can be divided into five phases from 2013 to 2015, with significant fluctuations in profitability and market performance[40] Group 4: Economic Indicators and Risks - The report highlights risks such as potential global economic volatility and the unreliability of historical data in predicting future market conditions[1] - The steel industry has shown a significant decline in demand from key sectors like real estate, home appliances, and automobiles since 2013, leading to a prolonged down cycle[13]

[Table_Summary] 转债市场表现回顾（2024.04.17-2024.05.17） 转债表现整体弱于正股。过去一个月（2024.04.17-2024.05.17），中证转债 指数上涨 3.87%，涨幅低于上证指数 4.89%和深证成指 6.06%。分风格来看， 万得可转债双低指数上涨 4.38%，偏股转债指数上涨 3.77%。在偏债转债和平 衡转债中，可转债收益率涨幅不及正股。 过去一个月，在转债市场，国防军工、商贸零售、环保行业的可转债涨幅居前， 美容护理、交通运输、电力设备行业的可转债涨幅最小。 可转债估值情况 [Table_ReportInfo] 2024 年 05 月 20 日 证券研究报告•金融工程动态报告 可转债量化月报系列 隐含波动率、YTM、波动率因子表现较好 ——可转债因子量化跟踪（2024.4.17-5.17） 过去一个月，全市场可转债加权的转股溢价率估值高位下降，纯债溢价率估值 低位修复。分风格来看，低价可转债，特别是 110-120元价格可转债转股溢价 率估值抬升；高价可转债转股溢价率估值压缩。 低价可转债数量减少，100元以下可转债由 53只减少至 27只，110-110 ...

Investment Rating - The report suggests a focus on companies such as Jianyou Co., Borui Pharmaceutical, and Jiuzhou Pharmaceutical for potential investment opportunities in the raw material pharmaceutical sector [4]. Core Insights - In April 2024, VB1 and Sulfacycline prices saw significant year-on-year increases, while Heparin and its salts experienced a notable month-on-month decline. It is recommended to closely monitor the price trends of vitamins, antibiotics, and heparin [4]. - Long-term growth potential for specialty raw materials is identified through three pathways: integration of raw materials and formulations, strong capabilities in the M-end leading to performance elasticity, and high-barrier businesses based on innovative technology platforms [4]. Summary by Sections Raw Material Prices Overview - Vitamin B2 price is 104 CNY/kg (up 20.2% YoY), Vitamin B6 is 150 CNY/kg (down 1.6% MoM, up 15.4% YoY), Sulfacycline is 550 CNY/kg (up 10.0% YoY), and Dexamethasone Sodium Phosphate is 45,000 CNY/kg (up 361.5% YoY) [2][6]. - Heparin and its salts are priced at 3,833.2 USD/kg (down 29.8% MoM, down 57.8% YoY) [2][6]. Vitamin Market Analysis - The vitamin market remains stable, with Vitamin B6 showing a month-on-month price decrease. Prices for Vitamin A, E, B1, and B2 increased slightly in April 2024 [7][9]. - Major producers of Vitamin E include Zhejiang Medicine, which held an 81.79% market share in 2023 [9]. Antibiotics and Intermediates - 7-ACA and Sulfacycline prices increased to 480 CNY/kg (up 3.2% MoM, up 6.7% YoY) and 550 CNY/kg (up 5.26% MoM, up 10.0% YoY) respectively [28]. - Prices for 6-APA and Penicillin Industrial Salt decreased to 320 CNY/kg (down 3.0% MoM, down 13.5% YoY) and 130 CNY/BOU (down 13.3% MoM, down 23.5% YoY) [28]. Analgesics and Antipyretics - Prices for Anodyne, Aspirin, and Paracetamol remained stable, while Ibuprofen and Caffeine prices decreased to 170 CNY/kg (down 5.6% MoM, down 10.5% YoY) and 125 CNY/kg (down 10.7% MoM, down 26.5% YoY) respectively [30][31]. Hormonal Drugs - Dexamethasone Sodium Phosphate and Soap prices remained unchanged, with Dexamethasone showing a significant year-on-year increase of 361.5% [36]. Cardiovascular Raw Materials - Prices for cardiovascular raw materials such as Maleate Enalapril and Lisinopril remained stable, with slight year-on-year decreases for some products [39][42].

1.1 深耕绿色化工领域近二十年，围绕核心技术业务两翼发展 精细化工产品与技术解决方案两翼发展，下游应用广泛。公司以绿色制造技术的研发、 产业化及技术服务为主业，依托绿色化工催化、反应、分离等自研技术，目前已实现在四氢 呋喃、甲苯氧化系列产品等领域的产业化，生产并销售相关精细化学品。同时，公司通过技 术许可、关键设备、催化剂等形式为能源化工、新材料等领域客户提供解决方案，帮助客户 提高资源能源利用效率，提升绿色发展水平。公司持续开发新技术、不断拓展产业化领域， 形成了有梯次的技术及产品储备。 公司研究报告 / 美邦科技（832471） | --- | --- | --- | --- | --- | |----------|-------|--------------------------------------------------------------------------|------------------------------------------------------------|----------------------------------------------------- ...

低空经济专题（二） 飞行器大脑——飞控系统 西南证券研究发展中心 通信研究团队 2024年5月 ...

低空经济专题（二） 飞行器大脑——飞控系统 西南证券研究发展中心 通信研究团队 2024年5月 ...