证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2025 年 06 月 04 日 投资评级： 看好（维持） 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 李冉 liran02@huayuanstock.com 板块表现： 生猪板块情绪回暖，建议关注低成本 高成长龙头 ——农林牧渔行业周报（20250526-20250530） 证券分析师 投资要点： 生猪：生猪板块情绪回暖，4 月行业中大猪存栏环比微增。 涌益数据最新猪价降至 14.42 元/kg，出栏均重略降至 129.18kg，15Kg 仔猪报价降 至 607 元/头左右。行业监管要求仍依赖于落地执行效果，但政策引导思路体现对猪 价的关注，伴随今年生猪企业持续降本增效，成本优势企业最新完全成本已降至 12 元/kg 左右，企业盈利或维持较好水平，估值有望修复。 联系人 摒弃周期思维、回归财务表现本身。从行业 ...

Group 1: Pet Economy - The pet economy in China has been growing steadily, with the market size for urban pet consumption increasing from 170.8 billion RMB in 2018 to 300.2 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 9.86% [2][6] - The pet food sector remains the primary market, with online market concentration (CR10) at only 33.7% in 2024, indicating a fragmented competitive landscape where domestic brands are gaining traction [2][6] - Companies like Lusi Co. and Haineng Technology are highlighted as key players in the pet industry chain, with Lusi focusing on meat snacks and expanding its overseas production capacity [2][6] Group 2: Autonomous Driving - The autonomous driving market in China is expected to reach nearly 450 billion RMB by 2025, with companies like Xiaoma Zhixing collaborating with public transport groups to commercialize self-driving technology [2][17] - The transition to L3+ level intelligent driving is underway, with significant investments in autonomous vehicle trials and applications across various sectors, including logistics and public transport [17][18] - The market for unmanned vehicles is expanding, with 11 companies identified in the North Exchange's autonomous vehicle industry chain, indicating a robust growth trajectory [17][19] Group 3: Media and Digital Assets - Hong Kong's introduction of the Stablecoin Bill is a significant step towards establishing itself as a digital finance hub, which may enhance the internationalization of the RMB and support offshore financial activities [10][11] - The upcoming summer film season is anticipated to boost box office performance, with several key films scheduled for release, highlighting the importance of quality content in driving industry growth [10][12] Group 4: Green Energy - The introduction of green electricity direct supply policies is expected to lower electricity costs for businesses and enhance carbon emission recognition, particularly benefiting export-oriented enterprises [23][24] - The policy allows for a more flexible supply model, which could accelerate the development of offshore wind energy projects in coastal regions [24][26] - Companies in the green energy sector, such as Shaoneng Co. and Yinxing Energy, are recommended for their potential to benefit from stable electricity demand through long-term contracts [27][28] Group 5: Pharmaceutical Industry - The Chinese innovative drug sector is experiencing significant growth, with a record high of 519 billion USD in license-out transactions in 2024, indicating increasing global recognition of domestic pharmaceutical companies [29][31] - The number of original research drugs entering clinical trials in China has surpassed that in the US, with 704 drugs reported in 2024, showcasing the country's growing capabilities in drug development [31][32] - Companies like Hengrui Medicine and Warner Pharmaceuticals are highlighted as key players in the innovative drug space, with strong potential for future growth [29][34] Group 6: Transportation and Logistics - The logistics industry is undergoing rapid transformation with the integration of artificial intelligence, as evidenced by the National Postal Administration's push for AI applications in postal services [36] - The introduction of new unmanned logistics vehicles, such as the E6 model by Jiushi Intelligent, is expected to lower operational costs and enhance delivery efficiency [36]

Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for its stock performance in the near term [5]. Core Insights - The company, Meideng Technology, is positioned as a leading provider of e-commerce SaaS software, focusing on differentiated products that enhance brand advantage and accelerate the commercialization of AI technology [5][6]. - The domestic SaaS market is expected to grow significantly, with projections indicating a market size exceeding 100 billion yuan in 2023, driven by increasing demand for operational efficiency among e-commerce merchants [7][10]. - The company has successfully integrated AI technology into its product offerings, enhancing user experience and operational capabilities, particularly in live-streaming e-commerce [8][10]. Summary by Sections Market Performance - As of May 30, 2025, the closing price of the stock is 58.93 yuan, with a market capitalization of approximately 2,294.82 million yuan [3]. Financial Performance - In 2024, the company achieved a revenue of 148 million yuan, representing a year-on-year growth of 29.23%, with a net profit of 41.78 million yuan [7][9]. - The company’s revenue is projected to reach 204 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 11.35% from 2025 to 2027 [9]. Product and Service Development - The company’s main products, "Meizhe" and "Woda," are designed to meet the marketing and order management needs of e-commerce merchants, with a strong user base and positive market reception [6][7]. - The integration of AI into the company's offerings, such as the "Light Circle Smart Broadcasting" product, has been well-received, enhancing its competitive position in the market [8][10]. Market Trends - The e-commerce SaaS market is characterized by rapid growth and a fragmented competitive landscape, with increasing diversification in e-commerce types and merchant needs [7][10]. - The company is expanding its product matrix to include new scenarios such as live-streaming e-commerce and supply chain management, which are essential for meeting the evolving demands of merchants [6][8].

Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company is recognized as a national-level "little giant" in the wire and cable industry, with a projected revenue growth of 20.19% year-on-year in 2024. The main products include power cables below 500kV, which are widely used in various sectors such as power, energy, transportation, and construction [5][6] - The company is expected to achieve a revenue of 3.585 billion yuan in 2024, with a net profit of 132.92 million yuan, reflecting a year-on-year increase of 8.43% [5][6] - The demand for cables is driven by equipment renewal policies and new infrastructure plans, with the power cable business projected to grow by 22% in 2024 [5][6] Financial Summary - The company’s total market capitalization is approximately 3.297 billion yuan, with a circulating market value of about 1.913 billion yuan [3] - The company’s earnings per share (EPS) for 2025 is projected to be 0.45 yuan, with corresponding price-to-earnings (P/E) ratios of 22.4, 19.3, and 16.1 for 2025, 2026, and 2027 respectively [6][7] - The company is expected to maintain a gross margin of 10.86% and a net margin of 3.71% in 2024 [5][7] Market Position and Strategy - The company aims to enhance its market position by focusing on high-voltage and special cables, while also expanding its presence in the new energy cable sector [5][6] - The company has established a strong customer base, with the State Grid Corporation and China Southern Power Grid being the largest clients, accounting for 63% of total sales [5][6] - The company plans to continue strengthening its market share in the local power sector and expand into large state-owned enterprises and foreign trade markets [6]

Investment Rating - The report indicates a positive outlook on the pet economy, particularly focusing on companies like Lusi Co., Ltd. and Haineng Technology within the pet industry chain [1][2] Core Insights - The pet economy in China has shown continuous growth, with the market size for urban pet consumption increasing from 170.8 billion RMB in 2018 to 300.2 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 9.86% [2][5] - The "cat economy" has outpaced the dog market, with a CAGR of 14.18% from 2018 to 2024, while the dog market grew at 6.69% [5] - Pet food remains the primary consumption market, accounting for 52.8% of the total pet consumption in 2024, with a steady increase in the share of staple food and nutritional products [5][11] - E-commerce platforms are the main sales channels for pet products, with a remarkable CAGR of 34.5% in pet food sales from 2017 to 2024 [2][11] - The competitive landscape in the pet food industry is fragmented, with the top 10 brands holding only 33.7% of the online market share in 2024 [2][11] Summary by Sections Market Growth - The overall market for urban pet consumption in China is projected to grow significantly, with a 7.48% year-on-year increase in 2024 [5] - The pet food market is expected to continue its upward trajectory, driven by increasing demand for staple foods and nutritional products [5][11] E-commerce Dynamics - E-commerce sales of pet food are thriving, with a 17% year-on-year growth in the first four months of 2025 [2][11] - New content e-commerce platforms like Douyin are emerging as strong competitors to traditional e-commerce giants [2][11] Company Performance - Lusi Co., Ltd. is focusing on expanding its domestic and international markets, with a projected revenue of 778 million RMB in 2024, representing an 11.68% year-on-year growth [2][23] - The company has seen a significant increase in its overseas revenue, which reached 483 million RMB in 2024, up 16.6% year-on-year [2][20][21] Industry Valuation - The median price-to-earnings (P/E) ratio for the broader consumer sector has decreased from 70.5X to 67.6X [38] - The P/E ratio for the food and agriculture sector has increased from 53.2X to 55.2X, indicating a positive sentiment towards these industries [39]

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company is experiencing continuous network integration, leading to sustained growth in performance. The first quarter of 2025 saw a revenue of approximately 2.587 billion RMB, representing a year-on-year increase of 8.8%, and an adjusted net profit of about 242 million RMB, up 15.9% year-on-year [8] - The company has optimized its service quality, with the average delivery time reduced to 65 hours, a lost package rate of 0.02 per 100,000 items, and a complaint rate of 33.2 per 100,000 shipments. The number of freight partners has increased to over 36,000 as of March 2025, up from approximately 29,400 in March 2024 [8] - The company is focusing on enhancing its regional structure and channel layout, which is expected to lead to a steady increase in unit revenue over the long term [8] Financial Summary - Revenue projections for the company are as follows: - 2023: 9,917 million RMB - 2024: 11,576 million RMB (growth rate: 16.7%) - 2025E: 13,185 million RMB (growth rate: 13.9%) - 2026E: 14,597 million RMB (growth rate: 10.7%) - 2027E: 16,162 million RMB (growth rate: 10.7%) [7] - Net profit projections are as follows: - 2023: 392 million RMB - 2024: 750 million RMB (growth rate: 91%) - 2025E: 954 million RMB (growth rate: 27%) - 2026E: 1,055 million RMB (growth rate: 11%) - 2027E: 1,247 million RMB (growth rate: 18%) [7] - The company’s price-to-earnings (P/E) ratios are projected to be: - 2025E: 9.3x - 2026E: 8.4x - 2027E: 7.1x [8]

Group 1: Autonomous Driving Market Insights - The autonomous driving market in China is expected to reach approximately CNY 450 billion by 2025, with a projected growth rate of 21% from CNY 3,993 billion in 2024[23] - The penetration rate of L2 autonomous driving technology is around 51%, while L3 and L4 levels have penetration rates of 20% and 11%, respectively[25] - By 2040, it is anticipated that L3 or higher level autonomous vehicles will account for 90% of all vehicle sales in China[25] Group 2: Strategic Collaborations and Developments - Xiaoma Zhixing signed a strategic cooperation framework agreement with Guangzhou Public Transport Group to enhance autonomous vehicle services and logistics operations[6] - The Guangdong Provincial Government is promoting smart connected vehicle pilot projects as part of its 2025 digital development goals[2] Group 3: Mining Industry Automation - As of September 2024, the number of autonomous mining trucks in China's open-pit coal mines reached 1,510, with 55.3% having eliminated the need for safety operators[30] - The demand for autonomous mining trucks is projected to grow rapidly, with an estimated 5,750 units expected by the end of 2025[30] - The open-pit coal mining truck market is primarily dominated by solution providers, holding approximately 80% market share, while manufacturers account for about 15%[41] Group 4: Stock Market Performance - The median price change for technology growth stocks on the Beijing Stock Exchange was +2.31% from May 26 to May 30, 2025, with 75% of the 146 tracked companies experiencing gains[53] - Notable stock performers included Luqiao Information (+94.20%) and Sanyou Technology (+28.37%) during the same period[53]

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [4] Core Viewpoints - Hong Kong's introduction of the "Stablecoin Regulation Draft" on May 30 marks a significant step in the digital asset sector, potentially positioning Hong Kong as an international Web3 and digital finance hub, which may also aid in the internationalization of the Renminbi and the development of offshore financial services [4] - The upcoming summer blockbuster season is highlighted, with a focus on the performance of quality content products, including new game launches and film releases [4] Summary by Sections Industry Performance - From May 26 to May 30, 2025, the Shanghai Composite Index decreased by 0.03%, while the Shenzhen Component Index fell by 0.91%. The media sector, however, saw a positive change of 1.74%, ranking 6th among all industries [13][14] Game Sector - The launch of quality products continues to significantly contribute to company performance, as seen with the game "Chaotic Chef" from Friendship Time, which boosted its market value after its release on May 28 [6] - Recommendations include focusing on leading gaming companies exploring AI+ gaming paradigms, as well as monitoring the performance of new game product cycles [6] Film Sector - The summer film season is approaching, with key films like "Liao Zhai: Lan Ruo Si" and "Chang'an's Lychee" being scheduled for release, which is expected to drive steady growth in box office revenues [6] Card and Trendy Toys - The sector shows high growth potential, with companies increasingly focusing on the "Guzi Economy" and expanding into trendy toy markets [7] Internet Sector - Major companies like Tencent and Alibaba have reported stable business development, emphasizing the optimization of business efficiency through AI [8] AI Applications - Companies embracing new technologies with data, user, and application advantages are recommended for continued observation, as AI applications are expected to undergo a paradigm shift [9] State-Owned Publishing - State-owned media companies are actively pursuing mergers and acquisitions, with some exploring new business models in education [9] Market Overview - The report notes that the media industry continues to experience an upward trend, suggesting ongoing investment in new channels and content directions [10]

Investment Rating - The report maintains a "Positive" investment rating for the utility sector [4] Core Insights - The introduction of the green electricity direct connection policy is expected to enhance the economic viability and environmental value of green electricity [5][12] - The policy allows for the direct supply of green electricity to single users, which can significantly reduce electricity costs for enterprises and assist in carbon emission recognition, particularly for export-oriented companies [13][18] - The report highlights the potential for rapid development in offshore wind power as the direct supply model is promoted in coastal regions [13][18] Summary by Sections Policy Interpretation - The National Development and Reform Commission and the Energy Administration have issued a notification to promote the orderly development of green electricity direct connections, specifying project types, methods, and fee payments [8] - The policy supports four types of projects eligible for green electricity direct supply, including new loads and existing loads from export-oriented enterprises [8][9] Economic and Environmental Benefits - The policy is expected to lower electricity costs due to reduced transmission costs associated with direct supply, as the dedicated lines are typically closer to the load [13][15] - The clear traceability of electricity sources will help in recognizing the carbon neutrality of direct-supplied green electricity, benefiting companies with stringent carbon emission requirements [13][18] Investment Analysis - For green electricity operators, the direct supply model offers stable long-term demand, allowing for fixed-price contracts that enhance profitability [18] - In the waste incineration power sector, transitioning to a direct supply model can improve cash flow and reduce risks associated with accounts receivable [20] - The report recommends specific companies for investment, including Shaoneng Co., Yinxing Energy, and Yongxing Co. in the green electricity sector, and Huanlan Environment and Junxin Co. in the waste incineration sector [18][20] Equipment Sector - The direct supply business model is expected to accelerate the development of integrated source-grid-load-storage projects, enriching commercial models in the electricity market [20] - Companies such as Goldwind Technology and Guoneng Rixin are recommended for investment in the power equipment sector [20]

证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 06 月 02 日 板块表现： 中国创新药 BD 能力显著提升，后续潜力值得继续期待 投资评级： 看好（维持） ——医药行业周报（25/5/26-25/5/30） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 本周医药市场表现分析：5 月 26 日至 5 月 30 日，医药指数上涨 2.21%，相对沪深 300 指数 超额收益为 3.30%。创新药板块依然是当前医药主旋律，石药集团本周披露重磅潜在 BD 项 目（合计规模可能达 50 亿美元）、中国创新药出海持续火热，本周舒泰神、华纳药厂、益方 生物、科兴制药等创新药资产表现亮眼。建议关注：1）创新药作为较为确定的产业趋势，继 续重点推荐 A 股华纳药厂、信立泰、科伦药业、热景生物、一品红、科兴制药、恒瑞医药； 港股三生制药、科伦博泰、康方生物、中国生物制药；2）业绩落地、估值水平较低且有边际 改善的个股，建议关注长春高新（创新药）、昆药集团、开立医疗、迈瑞医疗、鱼跃医疗、 海泰新光等。 医药指数和各细分领域表现、涨跌幅：本周上涨个股数量 383 家，下 ...