行业月报 ·医药行业 聚焦 2025ASCO. 国产新药再创历史 -医药行业月报 25/05 2025 年 06 月 06 日 核心观点 医药行业 | | | 分析师 程培 ☎：021-20257805 网: chengpei_yj@chinastock.com.cn 分析师登记编码：S0130522100001 研究助理 闫晓松 相对沪深 300 表现图 2025-6-5 资料来源：中国银河证券研究院 相关研究 2025--5 行业 4 月动态报告：行业经营持续承压，创新 药迎来价值重塑 2025--4 行业 3 月动态报告：医药持仓触底回升，关 注创新及消费主线 2025-3 行业 2 月动态报告: AI 医疗再爆发, Deepseek 应用影响深远; www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明 2025ASCO 年会启幕,国产新药入选数量再创新高。2025年美国临床肿瘤 ● 学会（ASCO）年会于 2025 年 5 月 30 日至 6 月 3 日在美国芝加哥举行。今年 ASCO 年会由中国学者主导并入选的研究摘要达 74 项,包括 34 ...

金融工程 · 定期报告 量化选股策略更新(250530) 2025年6月5日 核心观点 分析师 马普凡 ☎：021-68597610 网: mapufan_yj @chinastock.com.cn 分析师登记编码：S0130522040002 研究助理:刘璐 金融工程 · 定期报告 中国银河证券|CGS 目录 Catalog □: liulu_yj @chinastock.com.cn 相关研究 1. 【银河金工】央国企引领专题: 国企 Beta+Alpha 共振,基本面选股收益稳健 2. 【银河金工】成长为矛基本面为盾, 量化掘金科技 股投资 -- 主题选股策略系列 www.chinastock.com.cn 证券研究报告 请务必阅读正文最后的中国银河证券股份有限公司免责声明。 国企基本面因子选股多头策略:2025年5月,策略实现收益+4.96%,相对 ● 于基准中证国企指数实现超额收益+2.66%。新调入股票：冠农股份、能特科 技、中国稀土、北大荒、菜百股份、五粮液、航天南湖、尖峰集团、国投中鲁、 南新制药、广农糖业、蓝焰控股、中钢天源、山东玻纤、天府文旅、亚邦股份、 金杯汽车、复旦张江、国科军工、一拖 ...

金融工程 · 专题报告 | 《多因子系列：因子投资手册（一）》 | | --- | | 《多因子系列：因子投资手册（二）》 | | 《多因子系列：因子投资手册（三）》 | | 《多因子系列：因子投资手册（四）》 | | 《多因子系列：因子投资手册（五）》 | F券 CGS 财务基本面解析(一) 财务报表重构-资产负债表 核心观点 分析师 吴俊鹏 ☎： 010-8092-7631 网：wujunpeng@chinastock.com.cn 分析师登记编码：S0130517090001 www.chinastock.com.cn 证券研究报告 相关研究 金融工程 · 专题报告 正券|CGS 中国银河证券|CGS 目录 Catalog | 一、财务报表重构研究 … | | --- | | 二、财务报表重构框架 | | （一）财务报表格式变更 | | (二) 新金融准则和新收入准则 … | | (三) 财务报表处理. | | 三、重构报表因子 … | | （一）资产类因子 | | （二）负债类因子 ……………………………………………………………………………………………………………………………………………………………… ...

行业月报 ·医药行业 聚焦 2025ASCO. 国产新药再创历史 -医药行业月报 25/05 2025 年 06 月 06 日 核心观点 医药行业 | | | 分析师 程培 ☎：021-20257805 网: chengpei_yj@chinastock.com.cn 分析师登记编码：S0130522100001 研究助理 闫晓松 相对沪深 300 表现图 2025-6-5 资料来源：中国银河证券研究院 中国银河证券|CGS 目录 Catalog | 一、 月度政策及行业更新 | | --- | | （一） 2025ASCO 年会启幕，国产新药入选数量再创新高 | | （二） 多款国产新药披露亮眼数据，肿瘤治疗领域迎来新突破 | | 二、 行业数据动态 ………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………… 7 | | （一） 医药行业表现弱于沪深 300 ………………………………………………………………………………………………… ...

Investment Rating - The report maintains a "Buy" recommendation for the building materials industry [1] Core Viewpoints - The building materials industry is expected to recover in 2025, driven by government policies and market demand [7][58] - The cement market is currently facing weak demand and declining prices, but a recovery is anticipated in the second half of the year [15][18] - The retail market for consumer building materials is showing signs of recovery, with increased sales expected due to policy support [44] - The glass fiber sector is experiencing price declines in raw yarn but stable prices in electronic yarn, with a focus on high-end products [48][49] Summary by Sections 1. Industry Outlook - The building materials industry plays a crucial role in supporting various sectors, including infrastructure and defense [7] - The "14th Five-Year Plan" emphasizes green and low-carbon development, with significant goals set for 2025 [8][10] - The building materials industry index rose to 102.8 in May, indicating a recovery trend [11] 2. Market Demand and Price Trends - Cement demand has declined in May due to weak real estate activity, with prices expected to continue falling until August [15][18] - The float glass market is under pressure with declining prices and high inventory levels, indicating weak demand [31][33] - Consumer building materials retail sales increased by 2.3% year-on-year in the first four months of 2025, with a significant jump in April [38][44] 3. Policy Impact - Government policies are expected to boost the valuation recovery of the building materials sector, with a focus on infrastructure investment [52][58] - The building materials sector's valuation is currently at a historical low, suggesting potential for growth [58] 4. Financial Performance - In 2024, the building materials sector faced significant profit declines, but Q1 2025 showed a notable recovery in profits [66][67] - The overall revenue for the sector in Q1 2025 was 1355.98 billion, with a year-on-year decline of 2.39% but a significant profit recovery [67]

Core Insights - The report highlights the gradual implementation of the 136 document details across provinces, with a focus on ensuring profitability for existing projects and clearer revenue expectations [3] - The report emphasizes the importance of mechanism electricity quantity and price, with specific guidelines from Shandong and Guangdong provinces, indicating a stronger support for existing projects compared to Inner Mongolia [3] - The national green electricity direct connection policy is seen as a significant step towards promoting green electricity consumption and reducing electricity costs for end-users, particularly export-oriented enterprises [4] Segment Summaries Thermal Power - Coal prices remain low, with the Qinhuangdao port 5500 kcal thermal coal price dropping to 610 RMB/ton as of June 3, 2025, and an average price of 688 RMB/ton year-to-date, a year-on-year decrease of 189 RMB/ton or 22%, which may mitigate the negative impact of long-term electricity price declines in 2025 [5] - Companies with a high market coal ratio and small electricity price reduction are recommended for attention [5] Hydropower and Nuclear Power - Current low interest rates enhance the investment value of hydropower and nuclear power [5] Renewable Energy - Continuous policy support for electricity price reform and green electricity consumption is expected to foster sustainable industry development, presenting a pivotal investment opportunity [5] - The report anticipates that provinces with stronger renewable energy consumption capabilities will set higher mechanism electricity quantity ratios, aligning with the 136 document's "new and old connection" approach [3] - The first bidding price in Shandong is capped at the previous year's settlement average price, with wind and solar prices at 0.357 and 0.346 RMB/kWh respectively, indicating a discount of 10% and 12% compared to coal benchmark prices [3] Electricity Consumption Trends - In April, total electricity consumption reached 772.1 billion kWh, a year-on-year increase of 4.7%, with notable growth in new business sectors such as information transmission and electric vehicle charging services [5] - The report notes a decline in hydropower generation growth, while wind and solar generation growth accelerated [5]

Investment Rating - The report provides a positive investment rating for the industry, suggesting a "Recommended" status for companies expected to outperform the benchmark index by over 10% [9]. Core Insights - The report emphasizes the importance of clean decarbonization and efficient adjustment modifications for power generation units, which are expected to catalyze the demand for domestic green ammonia and other zero-carbon low-carbon fuels. It recommends focusing on Jidian Co., Ltd. due to its imminent green ammonia project launch [5]. - Additionally, the report highlights the potential for successful transformation of coal power, leading to profit and valuation restructuring, recommending attention to national thermal power companies such as Huaneng International and Datang Power [5]. Summary by Sections Industry Overview - The report discusses the ongoing transition in the power generation sector towards cleaner energy sources, driven by regulatory support and market demand for low-carbon solutions [5]. Company Recommendations - Jidian Co., Ltd. is highlighted for its upcoming green ammonia project, which aligns with the industry's shift towards sustainable energy [5]. - Huaneng International and Datang Power are recommended for their potential in successfully transforming coal power operations, which could enhance profitability and market valuation [5].

Group 1: Macro Insights - The "Big Beautiful Bill" passed by the US House of Representatives is expected to increase the net deficit by at least $3 trillion over the next decade, with a focus on extending and making permanent tax cuts from the 2017 Tax Cuts and Jobs Act while increasing spending in defense and border security [2][3][6] - The short-term economic impact of the bill is limited, with a potential slight boost to economic growth in the coming years, but it is unlikely to accelerate the growth trend [7] - The projected deficit rate, even under optimistic scenarios considering tariff revenues, is expected to remain around 6.5% [5][7] Group 2: Digital Economy and Technology - The digital transformation implementation plan for the electronic information manufacturing industry aims to enhance core digital technologies, promote integrated digital transformation, and solidify a diversified transformation foundation [11][12] - The plan includes 15 typical scenarios and emphasizes a collaborative mechanism involving government guidance and market leadership to expand the depth and breadth of digital upgrades in the electronic information sector [12] - The focus on digital transformation is expected to strengthen the internal growth momentum of the electronic information manufacturing industry and enhance its capacity to support the digital transformation of other sectors [12] Group 3: ESG Strategies - The ESG screening strategy for central state-owned enterprises yielded an excess return of 1.23% in May, with a Sharpe ratio of 6.92 and an absolute return of 3.24% [17][19] - The strategy effectively identified stable stocks within central state-owned enterprises, outperforming both pure central state-owned and pure ESG strategies [19] - The overall performance of ESG strategies indicates a robust ability to manage risks while enhancing returns, with cumulative returns significantly higher than the broader market indices [19][20] Group 4: Chemical Industry - Brent and WTI oil prices averaged $64.0 and $60.9 per barrel in May, respectively, with expectations of fluctuating between $60 and $70 per barrel due to supply and demand dynamics [30][32] - The chemical industry is anticipated to see structural opportunities driven by domestic economic stimulus policies, despite ongoing global trade tensions [32] - The report highlights the importance of monitoring global trade disputes and OPEC+ production policies as key factors influencing the chemical sector's performance [32]

Market Performance - The average daily trading volume of the North Exchange reached 600 billion CNY as of June 4, 2025, with an average turnover rate of 16%[7] - The North Exchange's average price-to-earnings (PE) ratio varies significantly across industries, indicating diverse valuation levels[11] Stock Performance - The top-performing stock on June 4, 2025, was KQ Co., with a daily increase of 17.57% and a market capitalization of 2.21 billion CNY[9] - The worst-performing stock was Laisai Laser, which dropped by 8.79% with a market capitalization of 2.07 billion CNY[10] Industry Trends - The average daily price change for the North Exchange and A-shares shows a mixed performance, with some sectors experiencing gains while others face declines[6] - The technology and machinery sectors are particularly volatile, with significant fluctuations in stock prices observed[14] Risks and Challenges - There are risks associated with lower-than-expected policy support, insufficient technological innovation, and intensified market competition[14] - Market volatility remains a concern, impacting investor sentiment and stock performance[14]

Key Insights - The overall sentiment in the construction industry is showing signs of decline, with the business activity index dropping to 51.9% in April, a decrease of 1.5 percentage points from the previous month [6][7] - Fixed asset investment growth has slowed, with a total of 14,702.4 billion yuan in investment from January to April, reflecting a year-on-year growth of 4.0%, which is a decrease of 0.2 percentage points compared to the first quarter [7][8] - Infrastructure investment growth remains high, with broad infrastructure investment growth at 10.86% and narrow infrastructure investment growth steady at 5.8% for the same period [8][9] - Real estate development investment has decreased by 10.3% year-on-year, with a total of 2,773 billion yuan from January to April, indicating a worsening trend compared to the previous quarter [9][10] - The market concentration in the construction industry is increasing, with the market share of the eight major state-owned construction enterprises rising from 24.38% in 2013 to 47.43% in 2024 [10] ESG Insights - As of May 30, the majority of companies have seen an increase in their ESG scores, with 2,549 companies improving their ratings, while 731 companies saw a decline [2][4] - The average change in ESG scores for companies with improved ratings was 0.27%, while those with decreased ratings experienced an average change of -0.37% [2][3] - The top ten industries with rising ESG scores include banking, utilities, coal, steel, oil and petrochemicals, real estate, beauty and personal care, transportation, non-ferrous metals, and retail, all exceeding a 55% increase in ESG scores [2]