Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has successfully completed several significant license-out transactions in the oral small molecule GLP-1 space, including a deal with Merck that involves an upfront payment of $112 million and potential milestone payments totaling up to $1.9 billion [3][14] - The company's innovative pipeline is robust, and its global expansion is progressing smoothly, leading to a maintained "Buy" rating [4] Financial Forecasts - The company is expected to achieve total revenues of RMB 119.07 billion, RMB 133.28 billion, and RMB 148.36 billion for the years 2024, 2025, and 2026 respectively [4][5] - Net profits are projected to be RMB 40.10 billion, RMB 41.80 billion, and RMB 43.17 billion for the same years, with corresponding P/E ratios of 25, 24, and 23 times [4] - The company reported a significant increase in innovative drug sales, with a revenue of RMB 50.32 billion in the first half of 2024, representing a year-on-year growth of 80.6% [15] Market Performance - The closing price of the company's stock is HKD 17.80, with a one-year high of HKD 22.80 and a low of HKD 11.18 [2] - The total market capitalization is approximately HKD 105.65 billion [2]

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1）下游复产不及预期风险； 2）国内房地产需求不振风险； 我们在此提醒您，不同证券研究机构采用不同的评级术语及评级标准。我们采用的是相对评级体系，表示投资的相对比重建议； 投资者买入或者卖出证券的决定取决于个人的实际情况，比如当前的持仓结构以及其他需要考虑的因素。投资者应阅读整篇报告，以获取比较 完整的观点与信息，不应仅仅依靠投资评级来推断结论。 本报告采用的基准指数：A 股市场（北交所除外）基准为沪深 300 指数，北交所市场基准为北证 50 指数，香港市场基准为恒生中国企业指 数（HSCEI），美国市场基准为标普 500 指数或者纳斯达克指数，新三板基准指数为三板成指（针对协议转让标的）或三板做市指数（针对做 市转让标的）。 请务必仔细阅读正文之后的评级说明和重要声明 第 17页/ 共 17页 第 13页/ 共 17页 源引金融活水 润泽中华大地 4.小金属 球伍-元/吨(右轴) 越矿-澳门44块-元/电度(左轴) 10000 80 9000 70 8000 60 7000 50 6000 40 5000 4000 30 3000 20 2000 10 1000 0 about in 1 Perilia ...

证券研究报告 医药生物 行业定期报告 | --- | --- | |--------------------------------------------|--------------------------------------------| | | | | hyzqdatemark 2024 年 12 月 29 日 | 国产新药授权节奏前移，建议关注临床早期资产 | | 投资评级： 看好（维持） | ——医药行业周报（24/12/23-24/12/27） | 投资要点： 证券分析师 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 板块表现： 联系人 本周医药市场表现分析：12 月 23 日至 12 月 27 日，沪深 300 指数上涨 1.36%；医药生 物(申万)指数下跌 1.91%。本周医药表现承压，市场短期内缺乏投资主线，部分早期创 新药标的如科兴制药表现相对突出，展望后市，在医保局 2025 年推进健全多层次医疗 保障体系，强化医保战略购买，有望赋能医药产业创新发展，探索创新药的多元支付机 制，看好医药板块有望企稳回升。建议关注：1）医药最为明 ...

Group 1 - The report highlights the growth of the AI computing industry, emphasizing the integration of computing power, energy, and demand to promote green computing development [1][3] - By 2025, the computing power scale is projected to reach 300 EFLOPS, with the number of intelligent computing centers increasing to 50 [2] - The report indicates that the "East Data West Computing" project initiated by the National Development and Reform Commission is expected to benefit companies in the intelligent computing sector listed on the Beijing Stock Exchange [3] Group 2 - The report identifies five relevant concept stocks in the 5G and satellite internet sectors, including companies like Chuangyuan Xinke and Guangmai Technology [5] - It emphasizes the importance of building a modern industrial system, focusing on key technologies and components to ensure economic circulation and enhance competitiveness in traditional industries [7][9] - The report suggests that the digital economy and technological innovation will be key drivers for future growth, with a focus on AI, green technology, and other emerging fields [7][20] Group 3 - The report notes that as of mid-2024, there were 704.57 million qualified investors in the Beijing Stock Exchange, indicating a growing interest from institutional investors [12] - It highlights that the market capitalization of heavily held stocks on the Beijing Stock Exchange increased by 29% in Q3 2024 [13] - The report outlines that the merger and acquisition market in 2023 was dominated by materials, capital goods, real estate, diversified finance, and technology hardware sectors, accounting for 47% of the total [16][22] Group 4 - The report discusses the favorable policies for mergers and acquisitions, encouraging companies to integrate quality assets and enhance horizontal consolidation [28][85] - It mentions that the Beijing Stock Exchange is a gathering place for specialized and innovative enterprises, suggesting a focus on selecting high-quality growth stocks [44][63] - The report indicates that the average market capitalization of companies on the Beijing Stock Exchange has increased significantly, with a median market cap of approximately 20 billion [58][82]

建筑装饰 行业点评报告 王彬鹏 SAC：S1350524090001 wangbinpeng@huayuanstock.com 戴铭余 SAC：S1350524060003 daimingyu@huayuanstock.com 郦悦轩 SAC：S1350524080001 liyuexuan@huayuanstock.com 投向更加规范，重点支持保障性需求。《意见》明确提出专项债券实行"负面清单" 管理，严格禁止资金用于经常性支出，包括工资、养老金、单位运行经费及债务利 息等，不得投向一般竞争性产业领域，仅限于支持前瞻性、战略性新兴产业的基础 设施建设。此外，专项债券可用于土地储备，支持城市政府回收符合条件的闲置土 地，有需求的地区也可用于新增土地储备。专项债券还可以支持城市政府收购存量 商品房用于保障性住房，以推动社会民生需求的发展。 建议重点关注央国企及低空板块。我们认为，《意见》的发布将有效推动地方政府 板块表现： 风险提示：政策落地不及预期，资金到位低于预期，经济恢复不及预期。 证券分析师声明 华源证券股份有限公司（以下简称"本公司"）具有中国证监会许可的证券投资咨询业务资格。 本报告是机密文件，仅 ...

Investment Rating - The report does not provide a specific investment rating for the North Exchange consumption service industry [5] Core Insights - The central economic work conference has prioritized boosting consumption as the top task for 2025, indicating a strong governmental focus on expanding domestic demand [4][10] - The silver economy is rapidly developing, with the market size expected to reach approximately 7 trillion yuan in early 2024, accounting for about 6% of GDP, and projected to grow to 30 trillion yuan by 2035 [4][38][17] - The ice and snow economy is identified as a growing sector, with participation in ice sports events increasing significantly, reflecting a robust market potential [24][72] - The report highlights the ongoing exploration phase of the first-store economy, which is becoming an important force in urban brand building, despite facing challenges such as homogenization and sustainability [54][75] Summary by Sections Overall Market Performance - The median price change for consumption service stocks on the North Exchange was -8.67% for the week of December 13 to December 20, 2024, with a total market capitalization decrease to 79.491 billion yuan [1][63][87] - The median price-to-earnings (P/E) ratio for 35 companies in the consumption service sector dropped to 39.0X, down from 45.1X [1][64][85] Industry Analysis - The median TTM P/E ratio for the broader consumption industry decreased from 48.7X to 45.0X, indicating a general decline in valuation [90] - The food and beverage sector's median TTM P/E ratio fell from 35.2X to 30.4X, reflecting a downward trend in market sentiment [92] - The professional services sector also saw a decline in median TTM P/E from 22.6X to 20.5X, suggesting a broader market correction [96] Announcements - Companies such as Shandong Ruihua Technology are increasing their registered capital, indicating ongoing investment and expansion efforts within the industry [99][112]

Investment Rating - The report maintains a "Positive" investment rating for the lithium carbonate sector [2]. Core Insights - Lithium carbonate prices are stabilizing after fluctuations, with a focus on opportunities in incremental enterprises [2]. - The supply of lithium carbonate has been steadily increasing since the beginning of the year, but production has seen fluctuations since June [3]. - Demand from downstream production has improved, contributing to price rebounds, but the market is entering a phase of inventory accumulation [3]. - Future price trends are expected to decline initially before rising again, with a focus on demand during the peak season next year [3]. Summary by Sections 1. Market Performance - The report highlights the performance of various sectors, with specific attention to the fluctuations in energy metals and new materials [20]. 2. Energy Metals - Lithium carbonate price decreased by 1.11% to 75,550 CNY/ton, while lithium hydroxide price increased by 0.26% to 69,130 CNY/ton [23]. - The report suggests monitoring companies such as Yahua Group, Zhongmin Resources, Tianqi Lithium, and Ganfeng Lithium for potential investment opportunities [3]. 3. New Materials - The report discusses the performance of new materials, particularly in the context of power new materials and photovoltaic new materials [74]. - Prices for phosphoric acid and lithium iron phosphate have shown slight changes, with phosphoric acid remaining stable at 1.07 million CNY/ton [92].

Investment Rating - The report maintains a "Positive" investment rating for the public utilities sector, indicating that the sector's stock index is expected to outperform the market benchmark index [2][22]. Core Insights - The report highlights the recent issuance of guidelines by the State-owned Assets Supervision and Administration Commission (SASAC) aimed at improving the market value management of central enterprises, emphasizing mergers and acquisitions, and the potential for spin-off listings [2][10][28]. - It identifies 45 state-owned public utility and environmental companies with a price-to-book (PB) ratio close to 1, suggesting potential asset integration opportunities, particularly among central enterprises [33][34]. - The report notes that the majority of undervalued central enterprise stocks are concentrated in the Hong Kong market, with specific attention on companies like Huadian Power and Hubei Energy in the A-share market [3][33]. Summary by Sections Section 1: SASAC Guidelines - The SASAC's new guidelines encourage central enterprises to enhance their market value through asset restructuring and mergers, with a focus on integrating high-quality assets within the industry [10][28]. - The guidelines also stress the importance of addressing long-term undervalued companies by formulating and disclosing valuation enhancement plans [11][28]. Section 2: Company Analysis - The report lists specific companies with low PB ratios, such as Huadian Power (-7.99), Solar Energy (0.8), and Hubei Energy (0.94), indicating potential investment opportunities [15][33]. - It emphasizes the restructuring opportunities within major state-owned groups, including China Energy Group and China Power Investment Group, which may lead to significant asset realignment [3][34]. Section 3: Market Performance - The report notes that the public utility sector has seen rapid progress since September, with expectations for significant developments under the new SASAC guidelines [34]. - It highlights the potential for companies like China Resources Power and Aluminum Corporation of China to pursue spin-off listings and asset injections to enhance their market value [34].

Investment Rating - The investment rating for the media internet industry is "Positive" (maintained) [2] Core Viewpoints - The report emphasizes the importance of AI and AR applications, highlighting the recent upgrades in the Doubao model family and the release of the visual understanding model, which is expected to drive growth in the AI industry [2][23] - The introduction of the "Gift" feature in WeChat Mini Store is seen as a significant development, enhancing the e-commerce capabilities of WeChat and potentially boosting user engagement during the holiday season [14][73] - The report suggests focusing on leading companies in the media sector, particularly those making strategic adjustments to enhance shareholder returns [5] Summary by Sections Industry Performance - From December 16 to December 20, 2024, the media sector experienced a decline of 4.25%, ranking 25th among all industries [19][77] - The top five stocks in terms of weekly performance included: - Electric Sound Co. (44.90%) - Visual China (21.34%) - Guangdong Media (14.74%) - Century Huachuang (8.37%) - Wen Tou Holdings (7.55%) - The bottom five stocks included: - Guangbo Co. (-26.53%) - Sanwei Communication (-21.40%) - Shenguang Group (-19.95%) - Fuchun Co. (-18.31%) - Bona Film (-18.14%) [12][13] AI and Gaming - The report highlights the rapid advancement of the AI industry, particularly through partnerships with ByteDance, and suggests monitoring companies closely collaborating with them [2] - The gaming sector is advised to focus on new product cycles and the performance of key new games, which could lead to a reevaluation of related public companies [75] Film and Television - The report anticipates a recovery in film demand and box office performance in 2025, driven by quality content and increased holiday viewing [6] - The top films in terms of box office performance included "Misjudgment" with a weekly box office of 56.36 million yuan, capturing 18.6% of the market share [51] E-commerce Developments - The "Gift" feature in WeChat Mini Store is expected to enhance user interaction and drive sales during the holiday season, with a focus on brands that can leverage this feature effectively [73] - The report suggests that brands may need to collaborate with professional e-commerce operators to optimize their presence on WeChat [73] Overall Industry Outlook - The media industry is expected to continue its upward trend, with recommendations to explore new channels and content directions [38][78] - Companies that embrace new technologies are likely to benefit from the ongoing technological revolution and the resulting industry opportunities [63]