Summary of Shanghai Real Estate Policy Update Industry Overview - The document discusses the recent updates to Shanghai's real estate policies aimed at promoting stable and healthy development in the housing market, responding to changes in supply and demand dynamics, and addressing residents' housing needs [1][12]. Key Points and Arguments 1. Housing Purchase Policy Optimization - The housing purchase policy has been comprehensively optimized, covering various demographics including non-local residents, talents, singles, divorced individuals, enterprises, and families with multiple children [2]. - Specific adjustments include: - Non-local residents' social security or tax payment period reduced from 5 years to 3 years [3]. - Talent purchase eligibility expanded from 3 years in specific industrial areas to 2 years across administrative districts [3]. - Singles can now purchase second-hand homes within the inner ring, previously limited to outer ring areas [3]. - Divorced individuals are no longer restricted by previous housing counts [3]. - Housing gifts no longer count towards the housing limit [3]. - Enterprises are now supported in purchasing small second-hand homes [3]. - Families with multiple children can purchase one additional home [3]. 2. Credit Policy Adjustments - The housing credit policy has been optimized to lower loan costs, including adjustments to down payment ratios, interest rates, and loan limits [4]. - Key changes include: - Down payment for first homes reduced from 30% to 20%, and for second homes from 50% to 35% [5]. - Interest rates for first homes decreased from 4.1% to 3.5% [5]. - Loan limits for first homes increased from 1.2 million to 1.6 million yuan [5]. - The reduction in monthly payments and interest expenses for loans in key areas is significant, with monthly payments for a second home loan of 1 million yuan dropping by 405 yuan [6]. 3. Second-Hand Housing Policy - New policies have been introduced to revitalize the second-hand housing market, including support for enterprises to purchase small second-hand homes for employee housing [7]. - Innovative subsidy models for "old-for-new" housing exchanges have been proposed to assist families in improving their living conditions [7]. 4. Other Policy Enhancements - Policies aimed at improving land and housing supply, enhancing housing quality, and accelerating urban renewal projects have been implemented [10]. - The focus is on creating a new mechanism that links housing prices with land prices, adjusting standards for small housing units, and increasing the supply of affordable housing [11]. 5. Policy Significance - The comprehensive real estate policy package is expected to positively impact the market by addressing new supply-demand dynamics and enhancing market confidence [12]. - The policies aim to balance market needs with housing quality improvements, thereby better meeting residents' housing demands [12]. Additional Important Content - The document emphasizes the importance of a coordinated approach to housing policies, integrating market and security measures, and ensuring that the policies reflect the expectations of the public for quality housing [12].

Investment Rating - The industry investment rating is "Accumulate (Maintain)" [3] Core Views - The report highlights the robust performance of Amer Sports (亚玛芬体育) in Q1 2024, with a revenue of 1.183 billion yuan, representing a 13% year-on-year growth, driven primarily by the outdoor functional apparel segment, which saw a 44% increase [4][5][16] - The report emphasizes the strong sales performance of apparel brands during the 618 shopping festival, particularly on platforms like Tmall and Douyin, indicating a positive consumer response [3][6][14][15] Summary by Sections 1. Textile and Apparel - Tmall reported that 3,225 apparel brands achieved sales exceeding last year's total within the first four hours of the 618 event, with notable growth in men's and women's clothing [3][14] - Douyin's 618 pre-sale highlighted a polarization in apparel demand, with significant sales in sun protection and down jackets, showcasing the popularity of lightweight outdoor products [3][15] 2. Light Industry Manufacturing - Tmall's 618 event saw 23 home decoration, furniture, and appliance brands each surpassing 100 million yuan in sales within four hours, indicating strong demand in the home goods sector [6][18] - The report notes that companies like Midea and Haier led the sales in major appliance categories, while new brands like Atour Star performed well in the home goods segment [6][18][19] 3. Cross-Border E-commerce - Huakai Yibai is enhancing its global layout by acquiring 100% of Tongtuo Technology for 700 million yuan, which is expected to strengthen its competitive position [7][20] - Temu has received certification under Brazil's tax incentive program, allowing for the exemption of import fees on goods under $50, facilitating its entry into the Brazilian market [8][20]

Investment Rating - The report maintains an "Overweight" rating for the social services industry [5]. Core Viewpoints - The tourism market is experiencing strong supply and demand, supported by robust policy backing. The National Development and Reform Commission, along with other governmental bodies, has released a plan aimed at updating cultural and tourism facilities by 2027, which is expected to sustain investment growth and enhance service quality [5][27]. - The upcoming summer tourism peak season is anticipated to further stimulate the tourism industry, making it a favorable time to focus on related listed companies [5]. Summary by Sections Market Performance - The social services industry index fell by 3.98% in the past week, underperforming the CSI 300 index by 1.90 percentage points. The CSI 300 index decreased by 2.08% [8][13]. - Among the sub-sectors, hotel and catering dropped by 4.79%, tourism and scenic spots by 2.90%, education by 3.00%, and professional services by 5.23% [8][13]. Investment Suggestions - Recommended stocks include Huazhu Group in the hotel sector, Haidilao in the catering sector, China Youth Travel Service and Changbai Mountain in the tourism sector, China Duty Free Group in the duty-free sector, and Midea International in the professional services sector [9]. Industry News - The report highlights a significant growth in the restaurant food ingredient consumption scale, which reached 2.12 trillion yuan in 2023, marking a year-on-year increase of 20.45% [20]. - The report also notes the rapid expansion of the overseas market for trendy toy brands, with Pop Mart's revenue from Hong Kong, Macau, and overseas markets growing by 245%-250% year-on-year in Q1 2024 [6][8]. Company Announcements - The report mentions that the Shanghai Disney Resort will implement a new six-tier ticket pricing structure starting November 24, 2024, while maintaining the base and highest ticket prices [27]. - Jin Jiang Hotels reported a 29.53% year-on-year increase in revenue for 2023, reaching 14.649 billion yuan, with a net profit growth of 691% [32][33].

Investment Rating - The report maintains an "Overweight" rating for the retail industry [9]. Core Insights - Pinduoduo's revenue and profit exceeded expectations, with Q1 2024 revenue reaching 86.812 billion yuan, a year-on-year increase of 131%. Operating profit was 25.974 billion yuan, up 275%, and net profit attributable to shareholders was 27.998 billion yuan, a 246% increase [5]. - Temu is expected to experience rapid growth, with significant advertising investments and a shift to a semi-managed model for logistics, which may reduce losses and improve profit margins in the long term [5]. - Traditional retail shows signs of recovery, with a 4.1% year-on-year increase in total retail sales from January to April 2024, and a 5.86% growth in offline retail during the same period [6]. - The gold and jewelry sector saw a 3.6% year-on-year increase in retail sales, supported by rising gold prices, which are expected to continue benefiting the sector [7]. Summary by Sections E-commerce - Pinduoduo's Q1 2024 revenue was 86.812 billion yuan, a 131% increase year-on-year. The operating profit was 25.974 billion yuan, up 275%, and net profit was 27.998 billion yuan, a 246% increase [5]. - Temu's advertising during the Super Bowl led to a 34% increase in downloads, and its search popularity surged post-event. The company is transitioning to a semi-managed logistics model, which is expected to narrow losses [5]. Traditional Retail - From January to April 2024, total retail sales increased by 4.1% year-on-year, with offline retail growing by 5.86%. In April, retail sales in urban areas grew by 2.1%, while rural areas saw a 3.5% increase [6]. - The report suggests focusing on retail companies with strong supply chain barriers and high dividend yields, such as Miniso and Chongqing Department Store [6]. Gold and Jewelry - Retail sales in the gold and jewelry sector grew by 3.6% year-on-year in the first four months of 2024, with gold prices rising by 14%. The report anticipates continued strong performance in this sector due to gold's safe-haven appeal [7]. Market Performance - The retail index fell by 3.30% in the week of May 20-24, 2024, underperforming the CSI 300 index by 1.22 percentage points. Year-to-date, the retail sector is down 9.87% [14]. - The report highlights significant company announcements and market movements, including the opening of new stores and promotional activities [23][24].

Summary of Conference Call Company and Industry Involved - The conference call involves Guohai Media and Shanghai Film Group, focusing on the cinema projection equipment upgrade sector and strategic cooperation with BOE Technology Group in the second round of field interconnection. Core Points and Arguments - The call discusses the strategic partnership between Guohai Media and BOE Technology Group aimed at enhancing cinema projection technology and equipment upgrades [1] - Emphasis is placed on the importance of innovation in the cinema industry to improve viewer experience and operational efficiency [1] Other Important but Possibly Overlooked Content - The call includes a disclaimer at the beginning, indicating the formal nature of the discussion and the importance of the information shared [1] - All participants were in a quiet state at the start of the call, suggesting a focused environment for the discussion [1]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [1]. Core Insights - The report highlights the expansion and quality improvement of centralized procurement, with provincial alliances expected to upgrade to national procurement levels. This is supported by a recent notification from the National Medical Insurance Administration [3][4]. - The inclusion of 12 assisted reproductive technologies in Shanghai's medical insurance is expected to benefit related medical services and pharmaceutical companies, given the rising infertility rates in China [4][6]. Summary by Sections Centralized Procurement - The notification aims to expand the alliance range to form a national centralized procurement system, enhancing regional collaboration and reducing repetitive bidding costs for enterprises [3]. - It emphasizes the need for coordinated selection of procurement varieties, focusing on high-value medical consumables and drugs that have received consistent evaluation [3]. - New rounds of national centralized procurement will be conducted for insulin and other drugs, with specific provinces leading the procurement of traditional Chinese medicine and high-value medical consumables [3]. Assisted Reproductive Technologies - The report notes that the infertility rate in China has increased from 2% to 18.5%, affecting approximately 50 million couples of childbearing age, with one in eight couples seeking assisted reproductive technology [4]. - Shanghai ranks second in the number of assisted reproductive technology cycles performed, with over 100,000 cycles annually [4]. - The new insurance policy is expected to positively impact patients seeking assisted reproductive services in Shanghai [4]. Investment Recommendations - The report suggests focusing on companies in the assisted reproductive sector, including Jinxin Fertility, Lizhu Group, and Xianju Pharmaceutical, as they are likely to benefit from the favorable policy changes [6].

Investment Rating - The report maintains an "Accumulate" rating for the beauty and personal care industry [1] Core Insights - The 618 shopping festival has commenced, highlighting the full-cycle performance of beauty brands, with notable performances from Proya and Kefu Mei. The first live broadcast by Li Jiaqi on May 19 generated a GMV of over 2.675 billion yuan, marking a 194.9% increase compared to this year's major promotional events [1] - The adjustment of medical beauty surgical projects in Guangdong is expected to boost investor confidence in the medical beauty sector. The inclusion of physical and injection treatments in the surgical project category is anticipated to enhance market compliance and increase the supply of medical professionals [2][3] Summary by Sections Beauty and Personal Care Performance - The first live broadcast of the 618 festival by Li Jiaqi featured 500 products, with 371 being beauty items from 141 brands. Domestic brands accounted for 36.9% of the GMV, totaling approximately 806 million yuan, while foreign brands made up 69.9% with 1.869 billion yuan [1] - Proya and Kefu Mei ranked first and fifth in skincare sales on Tmall during the event, with Proya achieving a GMV of 2.14 billion yuan and Kefu Mei 1.55 billion yuan [1] Medical Beauty Sector Developments - The Guangdong Provincial Health Commission announced adjustments to medical beauty surgical projects, adding physical and injection treatments. This includes various laser and injection therapies, which are expected to enhance the compliance and efficiency of the medical beauty market [2] - The report suggests that the adjustments will facilitate the entry of more doctors into the light medical beauty sector, potentially increasing its market share [2][3] Long-term Investment Outlook - The report indicates a positive long-term outlook for the medical beauty sector, with expectations of continued penetration and growth. Companies such as Kefu Mei and others in the medical beauty space are highlighted for their strong sales performance and product development [3]

证 汽车行业 23Q4+24Q1 财报总结：销量高增与 券 价格战扰动并存，看好电动化和智能化主线 研 究 报 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 告 [行Ta业bl:e _Indu汽 st车ry] 行情复盘：销量高增与价格战扰动并存，电动化和智能化是主线。 日期: s 20h2z4q年da0t5e月m2a5r日k 2023年8-9月，特斯拉降价1.4万元，其他厂商纷纷跟进，引发市场对 [T分ab析le师_A: utho仇r]百 良 价格战担忧，汽车股市震荡下行；10-11月，问界推出新M7销量高 增，华为与长安宣布成立合资公司整合智能化，同时汽车行业销量高 E-mail: qiubailiang@shzq.com SAC编号: S0870523100003 增；2023年12月-2024年2月，年底车企又开启价格战，比亚迪等多家 分析师: 李煦阳 车企降价促销，开年后乘用车市场产销下滑，以价换量是普遍现象；3 E-mail: lixuyang@shzq.com 月-4月，价格战成交量转化效率一般，北京车展来临各厂商陆续发布 SAC编号: S087 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is deeply engaged in the laptop keyboard backlight module market, with ongoing expansion into Mini LED backlight applications. It has established itself in the supply chains of major laptop manufacturers like Lenovo and HP, achieving a global penetration rate of approximately 40% for its laptop backlight modules, which is expected to increase further [5]. - The company has successfully broken the international monopoly on ultra-small waterproof switches, with products now meeting IP67 standards and gaining acceptance from major clients like Huawei. The acquisition of Xinfeng Technology is expected to enhance its precision component business and facilitate entry into the automotive sector [5]. - The company is transitioning towards the new energy sector, with plans to produce 12 million CCS modules and 39 million FPC modules, aiming to enter the power and energy storage battery supply chains. This shift is anticipated to significantly boost the company's performance [5]. Summary by Sections 1. Core Business and Expansion - The company focuses on backlight modules and is gradually expanding its business scope into new energy sectors. It has a stable shareholding structure and subsidiaries that specialize in niche markets, ensuring efficient collaboration [11][14]. - The core business maintains stable gross margins, while new ventures are expected to enhance overall performance [1][62]. 2. Market Recovery and Product Penetration - The company is embedded in the supply chains of leading laptop manufacturers, with expectations for market recovery to drive performance improvements. The Mini LED backlight products for automotive applications are projected to have significant market potential [2][46][52]. - The company anticipates a recovery in demand for keyboard backlight modules as the laptop market is expected to grow by approximately 3.60% in 2024, reaching 172 million units [45][76]. 3. Acquisition and New Business Development - The acquisition of Xinfeng Technology enriches the consumer product line while developing automotive connectors, creating synergies in technology, customer resources, and supply chains [92]. - The company is expanding its CCS and FPC module business, which is expected to facilitate a transition towards the new energy sector, responding to the growing demand for lightweight battery modules [96]. 4. Financial Forecast and Investment Recommendations - The company is projected to achieve a net profit of 209 million, 260 million, and 300 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 20, 16, and 14 times [5][19].

集采提质扩面，省级集采有望升级；上海 12 证 券 项辅助生殖技术纳入医保 研 究 ——医药生物行业周报（20240520-0524） 报 告 [Table 增_R 持at （ing 维] 持） [◼Ta bl主e_要Su观mm点a ry] 集采提质扩面，省级联盟采购有望升级。国家医保局近日印发《国家 [行Ta业bl:e _Indu医st药ry]生 物 医疗保障局办公室关于加强区域协同做好2024年医药集中采购提质扩 日期: s 20h2z4q年da0t5e月m2a6r日k 面的通知》（以下简称《通知》）。《通知》主要包括四部分内容。 （1）扩大联盟范围，形成全国联盟集中采购。在国家组织集采的基础 [T分ab析le师_A: utho张r]林 晚 上，加强区域协同，将条件具备的省级联盟采购提升为全国联采。全 Tel: 021-53686155 国联采要规范、高效开展，做好执行监测，增强效果；公平对待各类 E-mail: zhanglinwan@shzq.com 经营主体，严防“地方保护”。这有利于实现一地集采、全国跟进， SAC编号: S0870523010001 助力全国统一大市场，降低企业重复投标成本，营造 ...