| 北交所定期报告 | | --- | hyzqdatemark 2025 年 02 月 09 日 证券研究报告 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 小米 AI 眼镜发布会提前至 2 月，关注北交所消费电子行业企业 ——北交所科技成长产业跟踪第十二期（20250209） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险。 请务必仔细阅读正文之后的评级说明和重要声明 联系人 搭载先进 AI 功能的小米 AI 眼镜发布会提前至 2 月。小米通讯技术有限公司旗下的官方 微博"小米眼镜"于 2025 年 2 月 7 日正式上线，预示着小米在智能穿戴设备领域的新动作。 据中关村在线消息，小米 AI 眼镜已获得入网许可，并计划将原定于 2025 年 3 月至 4 月的发 布会提前至 2 月，与备受瞩目的小米 15 Ultra 同台亮相。小米 AI 眼镜由小米与歌尔合作打造， 不仅搭载了先进的 AI 功能，还配备了音频耳机模块和摄像头模 ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 02 月 09 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 zhangfuzhe@huayuanstock.com 板块表现： 美国重启对伊制裁，快递需求持续景气 | 1. | 市场回顾 | | --- | --- | | 1.1. | 股板块指数回顾 | | 2. | 子行业数据跟踪 | | 2.1. | 快递物流 | | 2.2. | 公路铁路 | | 2.3. | 航空机场 | | 2.4. | 航运船舶 | | 3. | 风险提示 | 请务必仔细阅读正文之后的评级说明和重要声明 第 4页/ 共 15页 投资评级： 看好（维持） —交通运输行业周报（2025 年 2 月 3 日-2025 年 2 月 9 日） 投资要点： 联系人 " " 请务必仔细阅读 ...

证券研究报告 农林牧渔 行业定期报告 hyzqdatemark 2025 年 02 月 09 日 投资评级： 看好（维持） 证券分析师 雷轶 SAC：S1350524110001 leiyi@huayuanstock.com 冯佳文 SAC：S1350524120003 fengjiawen@huayuanstock.com 顾超 SAC：S1350524110005 guchao@huayuanstock.com 板块表现： 节后淡季肉价如期调整，聚焦优质龙头 长期价值 ——农林牧渔行业周报（20250203-20250208） 投资要点： 生猪：节后猪价弱势，龙头估值低位不应悲观。 节后出栏恢复、消费偏淡，猪价弱势调整。涌益数据最新猪价接近 15 元/kg，出栏 均重增至 124kg 左右，15Kg 仔猪涨至 653 元。25 年期货合约均低于 14000 元/吨， 3、5 月合约再次接近 13000 元/吨关口，意味着在当前行业成本下或将会引发全面 亏损，市场悲观情绪或已充分显现。短期看，冻品入库、二育补栏或对猪价形成支 撑，市场悲观预期或有回暖机会。 联系人 摒弃周期思维、回归财务表现本身。从行业与周 ...

证券研究报告 行业定期报告 hyzqdatemark 2025 年 02 月 09 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 田庆争 SAC：S1350524050001 tianqingzheng@huayuanstock.com 联系人 陈轩 chenxuan01@huayuanstock.com 板块表现： 受关税政策催化美铜大涨，电解铝盈利持续走阔 投资评级： 看好（维持） ——有色金属 大宗金属周报（2025/2/3/-2025/2/7） 投资要点： 有色金属 风险提示：下游复产不及预期风险；国内房地产需求不振风险；新能源汽车增速不及预期风险。 请务必仔细阅读正文之后的评级说明和重要声明 铜：特朗普关税政策触发市场再通胀预期，美铜涨幅领先。本周沪铜/伦铜/美铜价格分别上涨 2.26%/2.60%/7.54%，美铜涨幅领先，主 ...

证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 02 月 09 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 李强 SAC：S1350524040001 liqiang01@huayuanstock.com 林海霖 SAC：S1350524050002 linhailin@huayuanstock.com 孙洁玲 SAC：S1350524120004 sunjieling@huayuanstock.com 科研上游呈复苏迹象，建议关注板块机会 投资评级： 看好（维持） ——医药行业周报（25/2/5-25/2/7） 投资要点： 风险提示：行业竞争加剧风险，政策变化风险，行业需求不及预期风险。 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 本周医药市场表现分析：2 月 5 日至 2 月 7 日，沪深 300 指数上涨 1.98%；医药生物(申万) 指数上涨 3.21%，相对沪深 300 指数超额收益为 1.23%。本周市场情绪明显回暖，医药板块 整体表现强劲，标的方面，受到 Illumina 列入不可靠实体清单的事件 ...

Investment Rating - The investment rating for the utility sector is "Positive" (maintained) [4] Core Views - The report anticipates a significant recovery in hydropower performance in 2024, while thermal power shows resilience due to falling coal prices [5][6] - The green energy sector continues to face challenges, with revenue growth not translating into profit increases [5] - The report emphasizes the importance of regional supply-demand dynamics for thermal power companies, recommending those with better supply-demand conditions [5] Summary by Sections Thermal Power - Except for Huaneng International, thermal power companies showed high growth in the first three quarters of 2024, with an expected positive impact from falling coal prices in Q4 [5] - The report notes a significant drop in coal prices starting mid-November 2024, which is expected to boost thermal power performance [5][6] Hydropower - Hydropower performance is expected to improve significantly in 2024, driven by a return to normal rainfall levels in the first three quarters [5] - However, Q4 is projected to see weaker rainfall, leading to potential profit differentiation among hydropower companies [5][6] Nuclear Power - Nuclear power performance is expected to remain stable, with growth differences primarily due to the commissioning schedule of new units [5] Green Energy - The green energy sector is under pressure, with a mismatch between revenue growth and net profit growth due to high abandonment rates and market price pressures [5] - The report suggests that a reduction in impairment losses in 2024 could lead to year-on-year performance improvements for some companies [5] Investment Recommendations - The report continues to favor companies like Yangtze Power for their stable cash flow and strong risk resistance [5] - For the coal power sector, the report recommends focusing on companies with favorable supply-demand conditions, such as Sheneng Shares and Waneng Power [5] - In the green energy sector, companies with a higher proportion of wind power, such as Longyuan Power and Datang Renewable, are highlighted as more favorable investment options [5]

证券研究报告 贵金属 行业定期报告 hyzqdatemark 2025 年 02 月 09 日 证券分析师 田源 SAC：S1350524030001 tianyuan@huayuanstock.com 张明磊 SAC：S1350525010001 zhangminglei@huayuanstock.com 郑嘉伟 SAC：S1350523120001 zhengjiawei@huayuanstock.com 陈婉妤 SAC：S1350524110006 chenwanyu@huayuanstock.com 联系人 投资评级： 看好（维持） ——贵金属双周报（2025/1/25/-2025/2/8） 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 贵金属板块：金银价格稳步走强，黄金价格接近新高。近两周，伦敦现货黄金上涨 3.52%至 2874.65 美元/盎司，上期所黄金上涨 3.24%至 669.90 元/克，沪金持仓量 下跌 1.83%至 35.61 万手；伦敦现货白银上涨 4.65%至 32.28 美元/盎司，上期所白 银上涨 3.56%至 8055 元/千克，沪银持仓量上涨 7.85%至 65 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 02 月 08 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 请务必仔细阅读正文之后的评级说明和重要声明 第 3页/ 共 15页 源引金融活水 润泽中华大地 深入推进北交所普惠金融试点，关注业绩超预期公司+热点主题交易机会 ——北交所周观察第十二期（20250209） 投资要点： 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 深入推进北交所、新三板普惠金融试点，多措并举活跃并购重组市场。证监会发布 《关于资本市场做好金融"五篇大文章"的实施意见》，其中提到要着力做好科技 金融、绿色金融、普惠金融、养老金融、数字金融"五篇大文章"。在科技金融领 域，提出优化科技型上市公司并购重组制度。实施好《关于深化上市公司并购重组 市场改革的意见》，多措并举活跃并购重组市场。北交所作为服务创新型中小企业 主阵 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating significant potential for growth due to its successful transformation into an innovative pharmaceutical leader [5][8]. Core Insights - The company has made substantial progress in its transformation from a traditional generic drug manufacturer to a leader in innovative pharmaceuticals, focusing on four key therapeutic areas: oncology, liver disease, respiratory, and surgical/pain management [7][10]. - The impact of centralized procurement has largely dissipated, allowing for a rapid increase in the proportion of revenue from innovative drugs, with expectations of over 20 new drug approvals by 2025 [10][41]. - The company has a robust pipeline with 17 approved innovative products and over 70 in clinical development, which is expected to drive revenue growth significantly [10][38]. Summary by Sections 1. Accelerated Transformation of Traditional Pharma Leader - The company has been transitioning towards innovation-driven growth, with a focus on high clinical value products and a strong commercialization system [7][19]. - The financial performance has shown a notable improvement, with revenue for the first half of 2024 reaching RMB 15.87 billion, a year-on-year increase of 11.1% [10][30]. - The company is actively pursuing international expansion and strategic collaborations to enhance its innovative capabilities [41][42]. 2. Innovative Drug Pipeline Continues to Deliver - The oncology sector is a core focus, with multiple innovative drugs launched, including Anlotinib, which has shown promising sales potential [47][49]. - The company’s innovative product revenue reached RMB 99 billion in 2023, accounting for 38% of total revenue, with expectations to exceed 45% by 2025 [38][39]. - The company is also focusing on enhancing its research and development efficiency, with a significant increase in the proportion of innovative drug R&D expenses [10][28]. 3. Financial Forecast and Valuation - Revenue projections for 2024-2026 are estimated at RMB 289.04 billion, RMB 321.90 billion, and RMB 360.85 billion, with corresponding growth rates of 10.32%, 11.37%, and 12.10% [6][8]. - The forecasted net profit for the same period is RMB 49.00 billion, RMB 52.09 billion, and RMB 55.59 billion, with growth rates of 110.14%, 6.31%, and 6.70% respectively [6][8]. - The company is expected to trade at a price-to-earnings ratio of 11, 10, and 9 times for 2024, 2025, and 2026, respectively, indicating a favorable valuation compared to peers [8][10].

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The essence of the "Apple Tax" reduction is to benefit upstream IP/research/distribution companies, with companies that have a high revenue share from Apple's iOS expected to be the main beneficiaries [23][24] - If the restrictions on downloading from third-party platforms on iOS are lifted, companies like Xindong (TapTap) could see an increase in user numbers and engagement, leading to growth in traffic business [25][28] Summary by Sections 1. Event Overview - The Chinese antitrust regulatory authority is investigating Apple's policies and app store fees, focusing on the 30% commission on in-app purchases and restrictions on external payment services [6][9] 2. "Apple Tax" Definition - "Apple Tax" refers to the 30% commission Apple takes from users when they purchase apps or in-app services through the App Store [10] 3. Regional Market Policies - The "Apple Tax" rate in China is the highest globally, with standard enterprises paying 30% and small enterprises 15% [11] 4. Channel Commission Rates - The report outlines various commission rates across platforms, noting that iOS and traditional Android channels generally have a 30% commission rate [13][14] 5. "Apple Tax" Elasticity Analysis - The report estimates that the mobile gaming market revenue in China for 2024 will be approximately 238.2 billion yuan, with potential reductions in the "Apple Tax" benefiting developers significantly [17][19] 6. Investment Analysis Recommendations - Continuous attention is recommended for gaming companies and platforms in light of the Apple antitrust investigation, with specific companies like Tencent, Xindong, and NetEase highlighted as potential beneficiaries [28]