（2）韩国：12 月前 20 日出口保持正增长，但按开工日数算日均出口增速小幅下滑 当地时间 12 月 23 日，韩国关税厅发布的初步核实数据显示，韩国 12 月前 20 天出口 额为 403.1 亿美元，较去年同期的 377.3 亿美元相比增长了 6.8%；进口额为 389.53 亿美元， 同比增加 7.5%；贸易收支实现 13.5 亿美元顺差。 点评：韩国 12 月以来的开工日数为 16 天，较去年同期增加 0.5 天，按开工日数计算的 日均出口额为 25.2 亿美元，同比增长 3.5%，略低于 11 月全月初步报告的 3.7%增幅。分产 品来看，作为主要出口产品的半导体，韩国本月前 20 日出口激增 23.4%，达到 82.11 亿美 元，出口占同期全国总出口的 20.4%，比去年同期增长了 2.7 个百分点，但增速较 11 月前 20 日的 42.5%大幅走低。此外，钢铁产品出口增长 11.7%至 27.93 亿美元，电脑周边设备 出口激增 79.7%，乘用车出口同比下降 0.2%至 37.31 亿美元，石油产品出口下降 14.6%。 分地区来看，韩国对美国的出口增长 6%，至 80.12 亿美元；对 ...

New Quality Productive Forces - The 2024 Government Work Report prioritizes the development of modern industrial systems and new quality productive forces, focusing on strategic emerging industries such as new-generation information technology, new energy, new materials, high-end equipment, and green industries [2] - The Beijing Stock Exchange (BSE) hosts numerous SMEs within the new quality productive forces industrial chain, which are expected to benefit from policy dividends and drive industrial upgrading [2] - Government investment in 2024 is heavily tilted towards new quality productive forces, with local government special bonds and central budget investments totaling 3.9 trillion yuan and 700 billion yuan, respectively [3] - The BSE is a hub for "Little Giants" (specialized and sophisticated SMEs), with 85.8% of listed companies and 86.8% of queued companies being "Little Giants" [5] - The BSE's listed companies are concentrated in high-growth sectors such as machinery, power equipment, and basic chemicals, with 95.4% belonging to strategic emerging industries [6] Low-altitude Economy - The low-altitude economy was elevated to a strategic emerging industry in the 2024 Government Work Report, with several BSE companies playing key roles in its industrial chain [14] - Companies like Hanxin Technology and Yunxingyu are actively involved in low-altitude economy-related projects, including smart transportation and drone applications [16][34] AI and AI Applications - The 2024 Government Work Report introduced the "AI+" initiative, highlighting the importance of AI development and application, with BSE companies expected to benefit [35] - Companies like Parallel Technology and Leishen Technology are developing AI-related products, including AI PCs and GPU computing power services [21][22] Humanoid Robots - The "14th Five-Year Plan" for robot industry development aims for a 20% annual growth in robot industry revenue by 2025, with BSE companies in the humanoid robot industrial chain expected to benefit [25] - Companies like Dingzhi Technology and Suzhou Axle are actively developing key components for humanoid robots, such as linear actuators and precision bearings [26] Consumer Sector - The 2024 Central Economic Work Conference prioritized boosting domestic demand, with policies aimed at increasing consumer spending and upgrading consumer goods [30] - The BSE's consumer sector is expected to see a turnaround, driven by policies such as large-scale equipment upgrades and consumer goods replacement [36] - Companies like Hengtuo Open Source and Chuangyuan Information are involved in low-altitude economy-related consumer projects, including smart transportation and drone applications [34] Mergers and Acquisitions - The "Six Measures for M&A" introduced by the CSRC in September 2024 aims to support listed companies in injecting high-quality assets, leading to increased M&A activity in the BSE [53] - The BSE's smaller market capitalization and simpler equity structures make it an attractive platform for M&A, particularly among specialized and sophisticated SMEs [111] Market Performance and Liquidity - The BSE experienced a significant rally following the "924" policy announcements, with the BSE 50 Index rising 111.2% from September 24 to December 10, 2024 [52] - Liquidity in the BSE improved significantly, with daily average turnover reaching 338.38 billion yuan during the same period, a 516.97% increase year-on-year [81] - The BSE's valuation reached a historical high, with the median PE (TTM) rising from 17.9x to 42.1x during the "924" rally [99]

盈利预测与投资建议：我们预计公司2024-2026年营收为36.5、36.6、37.3亿港元，归母净利为7.7、7.7、 7.5亿港元。考虑公司从事业务的多元，未来的发展方向，以及自身的高分红属性，维持"买入"评级。 数据来源：股价截至2024年12月17日，Wind，西南证券 16 经济发展阶段: 高速增长 ▶ 高质量发展 17 | --- | --- | --- | --- | |----------|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------| | 交易收益 | ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|--------------------|-------| | | | | | | | 14 | | | | 国内重卡销量（月） | | | | | | | | | | | | | | | | | | | | | | 12 | | | | | | | | | | | | | | | | | | | | | | | | | | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | 8 | | | | | | | | | | | | | | | | | | | | | | | | | | e | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

上海 [Table_IndustryInfo] 2024 年 12 月 22 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（12.16-12.22） 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 本周 A 股创新药板块下跌 0.79%，跑输沪深 300 指数 1.11pp，生物医药下跌 2.04%。近 6 个月 A 股创新药累计上涨 12.03%，跑输沪深 300 指数 0.56pp， 生物医药累计上涨 5.85%。 本周 XBI 指数下跌 3.72%，近6 个月 XBI 指数累计下跌 1.26%。 12 月国内 11 款新药获批上市，无新增适应症获批上市；本周国内 2 款新药获批 上市，无新增适应症获批上市。 12 月美国 4 款 NDA 获批上市，3 款 BLA 获批上市。本周美国 2 款 NDA 获批上 市，1款 BLA 获批上市。12月欧洲无创新药获批上市，本周欧洲无新药获批上市。 12 月日本无创新药获批上市，本周日本无新药获批上市。 本周全球共达成 21起重点交易，披露金额的重点交易有 9起。默沙东与翰森制药 签订协议，交易金额为 2012百万 ...

Investment Rating - The report maintains a "Buy" rating for key companies in the automotive sector, indicating a positive outlook for the industry over the next six months [73]. Core Insights - The automotive industry is experiencing strong retail growth, with passenger car retail sales reaching 1.083 million units from December 1-15, a year-on-year increase of 34% and a month-on-month increase of 14% [50]. - The report highlights the increasing demand for smart vehicles and components, driven by regulatory support and technological advancements in areas such as intelligent driving and low-altitude economy [51]. - Key companies such as GAC Group and Aikodi are noted for their expanding production capacities and accelerating electric vehicle (EV) business [55][56]. Summary by Sections Sales Performance - Major automotive companies reported significant sales growth in November, with GAC Group selling 199,000 units, a decrease of 12.4% year-on-year but a 7.1% increase month-on-month [41]. - BYD's passenger car sales reached 504,000 units in November, reflecting a 67.2% year-on-year increase [41]. Market Trends - The automotive sector's price-to-earnings (P/E) ratio as of December 20 is 24 times, down 0.8% from the previous week, indicating a slight decline in valuation [26]. - The report notes a 1.3% decrease in steel prices and a 4% drop in natural rubber futures, which may impact production costs in the automotive industry [33]. Company Developments - Aikodi is expanding its production capacity and accelerating its EV business, with a projected increase in sales and profitability [55]. - Fuyao Glass is expected to enhance its market share due to its advantages in business focus and profitability [56]. - The report mentions that companies like KOBODA are increasing their market share in traditional lighting while also developing new growth points in domain controllers [59]. Investment Opportunities - The report identifies several companies as key investment opportunities, including GAC Group, Aikodi, and Fuyao Glass, due to their strong market positions and growth potential in the EV sector [55][56][60].

Domestic Policy Insights - The Chinese government aims to enhance domestic demand comprehensively, focusing on increasing consumer capacity and willingness through fiscal measures and social security improvements[6]. - In 2024, the government plans to allocate 3.9 trillion yuan in new special bonds, with expectations for the limit to exceed 4 trillion yuan, to support local government projects and stimulate economic growth[8]. - The State-owned Assets Supervision and Administration Commission (SASAC) has issued guidelines to improve the market value management of central enterprises, emphasizing quality development and strategic mergers and acquisitions[10]. Economic Indicators - The Markit Composite PMI for the U.S. in December reached 56.6%, the highest since March 2022, indicating strong economic growth but uneven performance between sectors[32]. - The Eurozone's Composite PMI for December was 49.5%, indicating continued contraction in economic activity, particularly in manufacturing, while services showed some resilience[16]. - Japan's exports grew by 3.8% year-on-year in November, while imports fell by 3.8%, resulting in a trade deficit of 117.6 billion yen, better than market expectations[17]. Market Reactions - Following the Federal Reserve's decision to cut interest rates by 25 basis points, the market reacted with increased bond yields and a decline in major stock indices, reflecting concerns over future monetary policy tightening[19]. - The Fed's updated projections indicate a potential increase in interest rates in the coming years, with 17 out of 19 officials expecting rates to exceed 3.5% by 2025[19]. Sector-Specific Developments - The real estate market is expected to see a rebalancing of supply and demand due to optimized local government bond management, which will support housing projects and improve market conditions[8]. - The government is focusing on new consumption sectors such as culture, tourism, and digital economy, aiming to foster innovative consumption models[6].

Investment Rating - The report indicates a positive outlook for the pharmaceutical industry, particularly focusing on innovative drugs and their commercialization potential [28][49]. Core Insights - The pharmaceutical industry is experiencing a recovery, with a notable increase in sales and profit margins, driven by policy support for innovative drugs and a growing aging population [4][14][20]. - The report highlights the importance of clinical data and commercialization milestones for investment decisions in innovative drugs [48][49]. - The overall healthcare expenditure in China is on the rise, with total health expenditure projected at 90,578.8 billion yuan in 2023, reflecting a 6.2% year-on-year increase [6]. Summary by Sections 1. Industry Performance - The pharmaceutical sector's revenue for the first three quarters of 2024 reached 296.8 billion yuan, with a year-on-year growth of 2.5% [53]. - The net profit attributable to shareholders for the same period was 37.09 billion yuan, marking a 9.6% increase [53]. 2. Demographic Trends - China's aging population is significant, with 220 million people aged 65 and above, accounting for 15.4% of the total population, which is expected to peak by mid-century [4]. 3. Government Policy and Support - The government has approved a comprehensive plan to support the development of innovative drugs, which includes optimizing pricing, insurance payments, and regulatory processes [28][66]. - The report notes that 89 out of 117 drugs successfully entered the insurance negotiation process, with an average price reduction of 63% [28]. 4. Investment Opportunities - Key investment opportunities are identified in leading innovative drug companies such as Heng Rui Medicine, and companies transitioning to innovation like Yi Fan Medicine and En Hua Pharmaceutical [49]. - The report emphasizes the potential for domestic innovative drugs to expand internationally, with significant licensing deals already in progress [29]. 5. Market Dynamics - The report notes a decline in the sales expense ratio for pharmaceutical companies, indicating improved operational efficiency [55]. - The overall research and development expense ratio for the A-share innovative drug sector is reported at 12%, slightly down from the previous year [38]. 6. Subsector Analysis - The report highlights that the chemical preparation sector has become the largest holding in public pharmaceutical funds, with a market share of 19.4% [62]. - The medical device sector has seen a decrease in market share, with a notable decline of 0.13 percentage points [1]. 7. Future Outlook - The pharmaceutical industry is expected to continue its growth trajectory, supported by favorable policies and demographic trends, with a focus on innovative drug development and commercialization [28][49].

Investment Rating - The report maintains a positive outlook on the innovative drug sector, particularly regarding the international expansion of innovative drugs [2][43]. Core Insights - The report highlights the recent licensing agreement between Hansoh Pharmaceutical and Merck for the oral GLP-1R agonist HS-10535, which includes an upfront payment of $110 million and potential milestone payments of up to $1.9 billion, indicating strong international collaboration in the innovative drug space [2][43]. - The report notes that the pharmaceutical industry index has underperformed, with a decline of 10.62% year-to-date, lagging behind the CSI 300 index by 25.1 percentage points [11][32]. - The current valuation level of the pharmaceutical industry (PE-TTM) is 27.31 times, with a premium of 79.55% relative to the entire A-share market [11][33]. Summary by Sections Investment Strategy and Key Stocks - The report recommends a portfolio including companies such as Sino Medical (688108), Enhua Pharmaceutical (002262), and Shanghai Laishi (002252), among others, with a focus on their growth potential and market performance [12][21][34]. Market Performance - The pharmaceutical index experienced a decline of 2.13% in the past week, ranking 14th among industries, while the year-to-date performance shows a significant underperformance compared to the broader market [11][32]. - The report provides insights into the performance of various sub-sectors, noting that traditional Chinese medicine has shown the best relative performance despite a slight decline [11][20]. Hong Kong Stock Portfolio Analysis - The report includes a portfolio of Hong Kong-listed companies such as Rongchang Biopharmaceutical (9995) and Hengrui Medicine (0013), analyzing their recent performance and market expectations [3][44][27]. Innovation and Research Developments - The report emphasizes the importance of ongoing research and development in the pharmaceutical sector, particularly in the context of new drug approvals and clinical trials, which are crucial for future growth [11][31].

请务必阅读正文后的重要声明部分 机器人行业周报（1216-1222） [Table_IndustryInfo] 2024 年 12 月 22 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（1216-1222） 面向证券 目 | --- | --- | |-------|--------------| | | | | | 1 行情回顾 … | | | 2 产业动态 . | | | 3 触黄动态 . | | | 4 风险提示 | 请务必阅读正文后的重要声明部分 机器人行业周报（1216-1222） | --- | --- | --- | |------------------------------------------------------------------------------------------------------|-------|-------| | | | | | | | | | | | | | 目 图 | 录 | | | | | | | 图 1: 机器人指数行情回顾 . | | | | 图 2: 智元机器人组装车间 . | | | | 图 3： 智元机器人 ...