Investment Rating - The report maintains an "Outperform" rating for the medical biology industry [4]. Core Insights - The introduction of centralized procurement for aortic valve membranes is expected to open new growth avenues for leading domestic companies such as Qiming Medical, Peijia Medical, and Xintong Medical [2]. - The procurement process includes two rounds of price reduction opportunities, which will favor companies with superior product capabilities to replace foreign products [2]. - The collaborative procurement model involving major hospitals is anticipated to enhance the efficiency of price and volume control in the high-value consumables sector, leading to a more favorable environment for domestic leaders [2]. Summary by Sections Industry Dynamics - The Guangzhou Public Resource Trading Center has initiated a joint procurement process for medical consumables, including catheter-based aortic valve replacement systems and rechargeable deep brain stimulation devices [2]. - The procurement alliance consists of seven major hospitals and will last for one year, focusing on products that have received national medical insurance codes [2]. Market Trends - The report highlights the maturation of hospital alliance negotiation procurement methods, with two new categories of high-value consumables entering centralized procurement [2].

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the information technology industry [3]. Core Insights - OpenAI's acquisition of Rockset, a leading real-time analytics database company, aims to enhance AI and data integration, allowing OpenAI to transform its data into actionable intelligence [1][2]. - Real-time data access and processing technology are crucial in the current AI arms race, with Rockset's capabilities enabling OpenAI to support its cross-product search infrastructure and improve the robustness of AI applications [2]. - The synergy between large models and databases is emphasized, as large model technology creates new applications for unstructured data, while databases have seen revolutionary improvements through AI technology [2]. - The report suggests monitoring major players in the large model sector such as iFlytek, Kunlun Wanwei, and 360, as well as database companies like Dameng Data, Taiji Co., and others [2]. Summary by Sections Section: Acquisition Announcement - On June 21, 2024, OpenAI announced its acquisition of Rockset, focusing on integrating Rockset's data indexing and querying capabilities into its products [1]. Section: Technology Commentary - The report highlights the importance of real-time analysis and multi-modal vector retrieval for the application of large models in enterprises, indicating a high demand for database real-time capabilities and vector search abilities [2]. Section: Investment Recommendations - The report encourages attention to both large model vendors and database companies, indicating potential investment opportunities in these sectors [2].

智能网联汽车提速发展, 自动驾驶加快商业化落地 2024 年 06 月 25 日 【事项】 昨日,国家发展改革委、农业农村部、商务部、文化和旅游部和市场 监管总局联合印发《关于打造消费新场景培育消费新增长点的措施》 的通知,提出要打造高阶智能驾驶新场景,开展智能汽车"车路云一 体化"应用试点。 【评论】 政策端助力智能网联汽车提速发展以及自动驾驶商业化落地运营。五 部门发布《关于打造消费新场景培育消费新增长点的措施》的通知, 提出稳步推进自动驾驶商业化落地运营,打造高阶智能驾驶新场景, 开展智能汽车"车路云一体化"应用试点。 整车厂和各地政府齐发力,智能网联汽车不断提速加码。6 月 24 日, 广州智能网联汽车示范区运营中心宣布黄埔区新增 30 条智能网联汽 车开放测试道路,单向里程为 42.80 公里,双向里程为 80.77 公里。 同时,芜湖市公共资源交易中心显示,北湾智能网联汽车产业基地建 设项目(奇瑞最新整车项目)最新招标将于 7 月 23 日启动,项目位 置包含但不仅限于冲压车间、焊装车间、压铸车间、涂装车间、总装 车间、分拣配送车间、管理中心、餐饮中心、动力中心及其配套工程, 合同估算价 20 亿 ...

Investment Rating - The report maintains an "Outperform" rating for the industry [5]. Core Insights - The report highlights a significant shift in market share towards domestic companies in the orthopedic joint market, with leading domestic firms such as Aikang, Chunli, and Weigao increasing their market presence as foreign companies retreat [2]. - The recent procurement results indicate a competitive pricing environment, with the price difference between selected products decreasing from an average of 2.8 times to 1.1 times, suggesting a more equitable market competition [2]. - The procurement cycle has been extended from two years to three years, with a 6% average price reduction observed in the latest procurement compared to the first round [3]. Summary by Sections Market Dynamics - The recent procurement involved over 6,000 hospitals with a reported demand of 580,000 sets, marking a 7.42% increase from the previous round [3]. - The market share of domestic companies in the joint market has risen, with key players achieving significant volume shares: 16.31% for Aikang, 14.99% for Chunli, and 9.23% for Weigao, while foreign companies' combined share has dropped to 25.28% [2]. Procurement Rules - The procurement rules have been optimized, allowing for a more stable market and ensuring supply security through mechanisms such as "revival" for products that did not initially qualify but met certain price criteria [2]. - The report emphasizes the importance of performance in the procurement process, rewarding companies with good compliance records and penalizing those with poor performance [2]. Investment Recommendations - The report suggests focusing on leading domestic orthopedic companies, particularly Aikang Medical, Chunli Medical, and Weigao Orthopedics, as they are expected to benefit from increased product volumes in the joint procurement market [2].

618宠物食品战报发布,零食礼包品类 增速突出 挖掘价值 投资成长 强于大市(维持) 【事项】 相对指数表现 【评论】 【投资建议】 【风险提示】 2024 年 06 月 24 日 东方财富证券研究所 证券分析师:高博文 证书编号:S1160521080001 联系人:班红敏 电话:021-23586475 京东超市宠物业务披露 618 大促阶段战报。据战报显示,截至 5 月 20 日 20:00-6 月 18 日 24:00,京东宠物 618 全周期成交单量同比增长超 42%;新用户同比增长超 32%;936 个品牌销售额同比增长超 100%;261 个品牌销售额同比增长超 1000%;280 个品牌新用户同比增长超 100%; 超百万爆品数量同比增长超 210%。 -29.70% -22.38% -15.05% -7.73% -0.40% 6.92% 在宠物食品品类中,宠物零食礼包品类增速突出。其中:猫粮烘焙粮 销售金额 yoy+170%;猫主食冻干销售金额 yoy+186%;猫湿粮销售金 额 yoy+149%;猫零食礼包销售单量 yoy+2615%;老年犬粮销售金额 yoy+167%;狗零食礼包销售金额 ...

重症医学政策出台,助推市场扩容 2024 年 06 月 24 日 【事项】 2024 年 5 月 6 日,国家卫生健康委会同国家发改委、教育部、财政部、 人社部、医保局、中医药局、疾控局等八部门,正式印发《关于加强 重症医学医疗服务能力建设的意见》。(以下简称《意见》)。 【评论】 《意见》指出,到 2025 年末,全国重症医学床位达到 15 张/10 万人, 可转换重症医学床位达到 10 张/10 万人,相关医疗机构综合 ICU 床 医比达到 1:0.8,床护比达到 1:3;到 2027 年末,全国重症医学床位 达到 18 张/10 万人,可转换重症医学床位达到 12 张/10 万人,重症 医学医疗服务资源有效扩容,区域布局更加均衡,专科服务能力显著 提升。根据 QY research 报告数据,预计我国重症监护市场规模到 2027 年将攀升至 16.37 亿美元,2021-2027 年 CAGR 为 7.41%, 《意见》颁布有望带来重症监护市场的进一步扩容。 与欧美发达国家相比,中国的人均 ICU 床位数仍有提升空间,《意见》 对重症医学床位数量提出要求,重症监护病房数量和 ICU 床位数量的 提升将进 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [3][5]. Core Insights - The company has demonstrated steady revenue growth, achieving an operating income of 4.013 billion yuan in 2023, a year-on-year increase of 24.12%, and a net profit attributable to shareholders of 666 million yuan, up 29.60% from the previous year [2][5]. - The growth trajectory continued into the first quarter of 2024, with operating income reaching 978 million yuan, reflecting a 5.09% year-on-year increase, and a net profit of 156 million yuan, up 3.75% [2]. - All business segments are experiencing growth, with the cataract business showing the most significant increase, generating 987 million yuan in revenue, a 31.38% year-on-year growth [2]. - The company's overall gross margin slightly improved to 49.03% in 2023, with the cataract and posterior segment projects seeing increases in gross margin of 5.68% and 3.60%, respectively [2]. - The strategic focus on "internal growth + external mergers and acquisitions" is evident, with the company expanding its network of optical centers to 60 by the end of 2023, and plans to acquire 200 centers in the coming years [2][3]. Financial Projections - The company forecasts operating revenues of 4.732 billion yuan, 5.674 billion yuan, and 6.876 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 707 million yuan, 867 million yuan, and 1.153 billion yuan [5][6]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.84 yuan, 1.03 yuan, and 1.37 yuan, respectively, with price-to-earnings (P/E) ratios of 28.00, 22.85, and 17.17 [5][6].

[ 信Ta 息bl 技e_ 术T 行itl 业e] 动 态点评 行 业 研 陆家嘴论坛召开，聚焦科技创新与资本 究 挖掘价值 投资成长 / 市场高质量发展 信 [Table_Rank] 息 技 强于大市 （维持） 术 2024 年 06 月 19 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：方科 券 [Table_Summary] 研 【事项】 证书编号：S1160522040001 究 证券分析师：向心韵 报  2024陆家嘴论坛于2024年6月19日至20日召开。本次陆家嘴论坛 告 证书编号：S1160523100001 共有8场全体大会，其中议题之一为“科技创新与资本市场高质量发 联系人：童心怡 展”，旨在通过制度创新，突破体制机制约束，发挥科技与资本的协 电话：021-23586757 同效应，形成“科技-产业-金融”良性循环。 [相 T对 a指 bl数 e表 _现 Pi cQuote] 【评论】 2.28% -6.57%  政策持续助力科技企业发展。2023年6月，国务院常务会议审议通过 -15.42% ...

[ 电Ta 子bl 设e_ 备T 行itl 业e] 专 题研究 行 业 研 新型显示系列报告之二：OLED周期复苏 究 挖掘价值 投资成长 / 与国产替代双机遇 电 [Table_Rank] 子 设 强于大市 （维持） 备 2024 年 06 月 19 日 / [东Ta方bl财e_富Au证th券or研] 究所 证 证券分析师：周旭辉 券 [Table_Summary] 研 【投资要点】 证书编号：S1160521050001 究 联系人：袁泽生 报  OLED显示技术持续进步，供需和竞争格局优化。OLED显示在性能上 告 电话：021-23586475 优于LCD，同时生产成本和材料寿命也在技术进步下得到改善，得到 应用的领域越来越多。OLED面板主要应用市场是智能手机，渗透率已 [相 T对 a指 bl数 e表 _现 Pi cQuote] 超过50%，在智能穿戴、车载、移动电脑等领域也展现出成长潜力。 中韩厂商在OLED产能上占据主导地位，中国厂商正迎头赶上，市场 2.28% -4.75% 份额逐渐增加。由于产业对资金和技术水平要求高，行业壁垒显著， -11.78% 不断有企业退出，行业集中度提升，竞争格局 ...

T[ 2024 年 06 月 18 日 【风险提示】 挖掘价值投资成长 图表 17: 美联储点阵图和货币市场认为年内两次降息概率偏大 ............................................................................................. 10 图表 20: 2019-2024 年 4 月日本车企新注册汽车销量（辆） | --- | --- | |---------------------------------------------------------------------------------|-------| | | | | A 股市场概览 1. | | | 1.1 市场涨跌概览 . | | | 1.2 资金流向概览 | | | 1.3 沪深融资融券情况 | | | 全球 宏观 日历 . 2. | | | 2.1. 核心 CPI 回落，低通胀格局延续 | | | 2.2. 金融"挤水分"进行中, 金融数据短期波动……………………………………………………………………………………………… 9 | | | 2.3. 美 ...