Investment Rating - The report indicates a positive trend in the pharmaceutical sector, with a notable increase in holdings by public funds, particularly in chemical preparations [2][3]. Core Insights - The pharmaceutical sector's public fund holdings have shown a recovery, with significant increases in the chemical preparations sub-sector, which saw a rise of 9.3 percentage points to 24.8% [3][14]. - The total market capitalization of the pharmaceutical sector held by public funds reached 624.11 billion yuan, with a market share of 6.25%, reflecting a 0.19 percentage point increase [9][15]. - The top five stocks by public fund holdings include 恒瑞医药 (Hengrui Medicine) with 32.3 billion yuan, 药明康德 (WuXi AppTec) with 27.6 billion yuan, and 迈瑞医疗 (Mindray) with 25.6 billion yuan [2][29]. Summary by Sections Public Fund Holdings - The proportion of public funds in the pharmaceutical sector is 9.05%, with a quarter-on-quarter increase of 0.37 percentage points [2][9]. - The top five stocks by the number of public funds holding are 恒瑞医药 (528 funds), 药明康德 (376 funds), and 迈瑞医疗 (313 funds) [2][29]. Sub-sector Performance - The sub-sectors with the largest increases in public fund holdings include: - Chemical preparations: 24.8%, up 9.3 percentage points - Other biological products: 7.1%, up 5.7 percentage points - Raw materials: 2.0%, up 1.4 percentage points [3][14]. - The sub-sectors with the largest decreases include: - Medical devices: 2.8%, down 3.8 percentage points - Traditional Chinese medicine: 2.5%, down 2.2 percentage points - Vaccines: 0.0%, down 1.2 percentage points [3][14]. Foreign Investment - The foreign investment in the pharmaceutical sector remains stable, with a total market capitalization of 149.32 billion yuan, reflecting a slight decrease of 8.7 billion yuan [5][10].

2[Table_ReportInfo] 2025 年 05 月 19 日 证券研究报告• ETF 研究系列 ETF 周观察第 78 期（5.12-5.16） ETF 与指数产品周观察 [Table_Summary] ETF 与指数产品关注热点 跨境局势利好，跨境类 ETF表现亮眼。中美经贸高层会谈释放积极信号、关 税利好落地且地缘局势缓和，多重因素推动跨境类 ETF表现亮眼。其中，得 益于消费行业盈利预期改善、境外市场反弹吸引资金流入及部分 ETF流动性 不足致价格波动放大，标普消费 ETF工银（159378）上周以 13.15%的涨幅 位居榜首；标普 500ETF（159612）、纳指科技 ETF（159509）均涨超 6%， 前者受美联储降息预期提升估值、资金跨市场套利、人民币汇率上升及美元 走弱等因素驱动，后者则因纳斯达克科技公司创新能力强、行业发展机遇多 且宏观经济环境有利，吸引大量资金流入推动价格上涨。 央行降准降息，对金融和科技板块形成直接利好。金融板块中，降准增加银 行可贷资金规模，市场流动性提升刺激交易活跃度，利好券商佣金及投行业 务，银行贷款业务扩张也有望弥补存贷利差压缩的影响；科技板块方面 ...

[Table_IndustryInfo] 2025 年 05 月 18 日 强于大市(维持) 证券研究报告•行业研究•汽车 汽车行业周报（5.12-5.16） 汽车两新补贴申请量突破 1000 万份， 地平线发布 L2 城区辅助驾驶 HSD 相关研究 请务必阅读正文后的重要声明部分 -14% -4% 6% 15% 25% 35% 24/5 24/7 24/9 24/11 25/1 25/3 25/5 汽车 沪深300 数据来源：聚源数据 投资建议： [Table_Summary] 5月 1-11 日，乘用车零售 57.4万辆，同比增长 12%，环比增长 34%。 今年以来累计零售 744.6万辆，同比增长 8%。乘联会预计，5月乘用车市场零 售走势将继续保持平稳向好的态势。根据商务部数据，截至 5 月 11 日，2025 年汽车以旧换新补贴申请量达 322.5万份，其中报废更新 103.5万份，置换更 新 219万份，2024年以来累计补贴申请量已突破 1000万份，全国多地持续加 力"两新"政策，政策影响力有望进一步提升。智能汽车方面，地平线发布 L2 城区辅助驾驶 HSD，搭载最新 HorizonCell ...

202[Table_ReportInfo] 5 年 05 月 16 日 证券研究报告•金融工程定期报告 可转债量化月报系列（2025 年 5 月报） 技术类因子动量、波动率、换手率表现较好 ——可转债因子量化跟踪（2025.4.15-5.15） [Table_Summary] 转债市场表现回顾（2025.4.15-2025.5.15） 转债表现整体弱于正股。过去一个月（2025.4.15-2025.5.15），中证转债指 数上涨 1.65%，万得转债双低指数上涨 1.80%，涨幅低于上证指数 3.62%和 中证 1000 指数 2.00%。 分风格来看，各类型可转债收益率涨幅均低于正股，其中高价转债、偏股转债 与正股涨幅差异较小，低价转债、偏债转债与正股涨幅差异较大。高价转债涨 幅最大为 4.03%；低价转债涨幅仅为 1.08%，但低价转债的正股涨幅为 8.47%， 低价转债转股溢价率下降且波动较大。 可转债估值情况 过去一个月，股票市场反弹，全市场可转债的加权转股溢价率下降。从去年 9 月以来，全市场加权转股溢价率波动较大，达到历史上最高水平。全市场加权 纯债溢价率波动无较大变化。纯债溢价率从 2024年 ...

[Table_IndustryInfo] 2025 年 05 月 18 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0512-0518） 中证科创创业机器人指数发布， 华为、腾讯、美团持续布局机器人 | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 37,431.78 | | 流通市值（亿元） | 36,453.02 | | 行业市盈率 TTM | 31.9 | | 沪深 300 市盈率 TTM | 12.6 | 相关研究 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn [Table_QuotePic] 行业相对指 ...

[Table_IndustryInfo] 2025 年 05 月 18 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（5.12-5.16） 2025 年 5 月第三周创新药周报 A 股和港股创新药板块及 XBI 指数本周走势 西南证券研究院 2025[Table_Summary] 年 5月第三周，陆港两地创新药板块共计 39个股上涨，67个股下跌。其中 涨幅前三为德琪医药-B（18.34%）、思路迪（14.57%）、嘉和生物-B（14.48%）。 跌幅前三为歌礼制药-B（-17.10%）、康宁杰瑞制药-B（-8.72%）、云顶新耀-B （-7.77%）。 本周 A 股创新药板块上涨 1.75%，跑赢沪深 300 指数 0.63pp，生物医药上涨 1.19%。近 6 个月 A 股创新药累计上涨 12.20%，跑赢沪深 300 指数 13.49pp， 生物医药累计下跌 8.18%。 本周港股创新药板块上涨 2.77%，跑赢恒生指数 0.68pp，恒生医疗保健上涨 0.57%。近 6 个月港股创新药累计上涨 25.74%，跑赢恒生指数 5.95pp，恒生医 疗保健累计上涨 18.27% ...

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 18, 2025 [1]. Core Insights - The innovation drug sector in both A-shares and Hong Kong stocks showed mixed performance, with 39 stocks rising and 67 falling during the week of May 12-16, 2025. The top gainers included Deqi Medicine-B (up 18.34%), Silody (up 14.57%), and Jiahe Biology-B (up 14.48%). The biggest losers were Geely Pharmaceutical-B (down 17.10%), CanSino Biologics-B (down 8.72%), and Yunding Xinyao-B (down 7.77%) [3][19]. - A-shares innovation drug sector rose by 1.75%, outperforming the CSI 300 index by 0.63 percentage points, while the biopharmaceutical sector increased by 1.19%. Over the past six months, A-shares innovation drugs have cumulatively risen by 12.20%, outperforming the CSI 300 index by 13.49 percentage points, while biopharmaceuticals have dropped by 8.18% [22]. - The Hong Kong innovation drug sector increased by 2.77%, outperforming the Hang Seng Index by 0.68 percentage points, with the Hang Seng Healthcare Index rising by 0.57%. Over the last six months, the Hong Kong innovation drug sector has cumulatively increased by 25.74%, outperforming the Hang Seng Index by 5.95 percentage points, while the Hang Seng Healthcare Index has risen by 18.27% [24]. - The XBI index in the US rose by 3.49% during the week, but has seen a cumulative decline of 18.53% over the past six months [4][27]. Summary by Sections Domestic Key Innovation Drug Progress - In May, one new drug was approved for market launch in China, with no new indications approved during the week [5][42]. - The report highlights that there were no new drug approvals or new indications in the domestic market during the week [42]. Overseas Key Innovation Drug Progress - In May, one NDA was approved in the US, with no BLA approvals. There were no new drug approvals in the US or Europe during the week [6][46]. - Japan saw one new drug approved in May, with another approved during the week [39]. Global Key Innovation Drug Transaction Progress - A total of 11 key transactions were completed globally during the week, with four transactions disclosing amounts. Notable transactions included Rznomics signing an agreement with Eli Lilly for $1.3 billion, Septerna with Novo Nordisk for $2.2 billion, and Boston Pharmaceuticals with GSK for $2 billion [7].

[Table_IndustryInfo] 2025 年 05 月 18 日 强于大市(维持) 证券研究报告•行业研究•机械设备 机器人行业周报（0512-0518） 中证科创创业机器人指数发布， 华为、腾讯、美团持续布局机器人 请务必阅读正文后的重要声明部分 投资要点 西南证券研究院 [Table_Author] 分析师：邰桂龙 执业证号：S1250521050002 电话：021-58351893 邮箱：tgl@swsc.com.cn 分析师：周鑫雨 执业证号：S1250523070008 电话：021-58351893 邮箱：zxyu@swsc.com.cn 联系人：杨云杰 电话：021-58351893 邮箱：yyjie@swsc.com.cn | 基础数据 | | | --- | --- | | [股票家数 Table_BaseData] | 443 | | 行业总市值（亿元） | 37,431.78 | | 流通市值（亿元） | 36,453.02 | | 行业市盈率 TTM | 31.9 | | 沪深 300 市盈率 TTM | 12.6 | 相关研究 [Table_QuotePic] 行业相对指 ...

Investment Rating - The report maintains a "Hold" rating for Guodian NARI Technology Co., Ltd. (600406) with a current price of 22.66 CNY and a target price not specified for the next six months [1]. Core Insights - The company achieved a revenue of 57.42 billion CNY in 2024, representing a year-on-year growth of 11.2%. The net profit attributable to shareholders was 7.61 billion CNY, up 6.1% year-on-year. The first quarter of 2025 saw a revenue of 8.89 billion CNY, a 14.8% increase year-on-year, with a net profit of 680 million CNY, up 14.1% year-on-year [1][6]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 57,417.25 million CNY and a net profit of 7,610.12 million CNY. The projected revenues for 2025, 2026, and 2027 are 64,202.15 million CNY, 71,984.66 million CNY, and 78,981.51 million CNY respectively, with growth rates of 11.82%, 12.12%, and 9.72% [2][10]. Profitability Metrics - The company's gross profit margin for 2024 was 26.7%, with a net profit margin of 14.2%. For Q1 2025, the gross profit margin was 24.2% and the net profit margin was 7.8% [6][10]. Business Segments - The smart grid segment generated revenue of 28.47 billion CNY in 2024, growing 11% year-on-year. The low-carbon energy segment achieved 12.19 billion CNY in revenue, up 26.4% year-on-year. The company is positioned as a leading provider of integrated solutions in these areas [6][7]. Future Projections - The report forecasts that the company's revenue will continue to grow, with expected revenues of 64.20 billion CNY in 2025, 71.98 billion CNY in 2026, and 78.98 billion CNY in 2027. The net profit is projected to reach 8.44 billion CNY in 2025, 9.68 billion CNY in 2026, and 10.52 billion CNY in 2027 [2][10].

Investment Rating - The report does not specify a clear investment rating for the company [1] Core Views - The company achieved a revenue of 16.247 billion yuan in 2024, representing a year-on-year growth of 4.4%, and a net profit attributable to shareholders of 0.793 billion yuan, which is a significant increase of 49.6% year-on-year [1] - In Q1 2025, the company reported a revenue of 4.039 billion yuan, up 7.9% year-on-year, and a net profit of 0.268 billion yuan, reflecting a year-on-year growth of 20.4% [1] - The company is positioned to benefit from the low-altitude economy and robotics sectors, leveraging its core competencies in electric motors and drives [8] Financial Performance Summary - For 2024, the company’s gross margin was 24.0% and net margin was 5.1%, with a slight decrease in gross margin compared to the previous year [8] - The company’s revenue projections for 2025-2027 are 17.253 billion yuan, 18.606 billion yuan, and 19.963 billion yuan, respectively, with growth rates of 6.19%, 7.84%, and 7.29% [2][10] - The net profit attributable to shareholders is expected to grow from 1.037 billion yuan in 2025 to 1.434 billion yuan in 2027, with growth rates of 30.79% and 16.68% [2][11] Business Segments Overview - The industrial motor and drive segment is projected to generate revenue of 9.519 billion yuan in 2025, with a growth rate of 5.00% [10] - The daily-use motor segment is expected to see revenue growth of 26.5% in 2024, stabilizing at 5.00% growth from 2025 onwards [10] - The electric transportation segment is forecasted to recover with a revenue increase of 16.4% in 2025 [10] International Expansion and Strategic Initiatives - The company has completed its international layout with three overseas headquarters, enhancing its global operational capabilities [8] - Collaborations with major players in the low-altitude economy and robotics sectors are underway, positioning the company for future growth [8]