Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The recent notification from the National Medical Insurance Administration and the National Health Commission aims to enhance the management of centralized procurement, ensuring that patients benefit from the reforms [3] - The policy encourages timely signing of procurement agreements between medical institutions and selected enterprises, facilitating quicker market access for selected products [3] - The policy also emphasizes improving the management level of selected products in medical institutions, promoting rational use and curbing the prescription of high-priced non-selected drugs [3] - Incentives for retaining savings from centralized procurement are expected to motivate medical institutions to participate actively in the procurement process [3] - The policy is anticipated to lead to an increase in market share for selected drug and consumable manufacturers, positively impacting their performance [3] - Related service industries, such as pharmaceutical distribution and logistics, are expected to see new development opportunities as the procurement policy deepens [3] Summary by Sections Recent Industry Performance - The relative return over the past month is 0.8%, while the absolute return is -2.64% [2] - Over three months, the relative return is -0.97%, and the absolute return is 24.22% [2] - Over twelve months, the relative return is -26.58%, and the absolute return is -9.93% [2] Investment Recommendations - The report suggests focusing on selected drug and consumable manufacturers, medical institutions, and related service industries for investment opportunities [3] - Companies to watch include Heng Rui Medicine, Fosun Pharma, China National Pharmaceutical Group, Shanghai Pharmaceuticals, Mindray Medical, and Yuyue Medical [3]

Industry Investment Rating - The report maintains a **Neutral** rating for the machinery and equipment industry [1] Core Viewpoints - The **Opinion on Promoting New Urban Infrastructure Construction to Build Resilient Cities** issued by the Central Committee and the State Council is expected to drive the development of related equipment sectors [1] - The integration of new-generation information technologies (big data, cloud computing, blockchain, AI) with urban construction and governance is a key focus, aiming for significant progress by 2027 and substantial achievements by 2030 [1] - The policy is anticipated to boost the machinery and equipment industry related to new urban infrastructure construction, building on the successful pilot projects in 21 cities since 2020 [1] Key Areas of Development Smart Municipal Infrastructure - Digital upgrades in water supply, power supply, drainage, gas, heat, fire hydrants, and underground utility tunnels are expected to increase demand for smart municipal equipment [1] - Accelerated intelligent upgrades in video surveillance and security equipment in public areas and roads will expand the market for smart security devices [1] - Synchronized construction of IoT devices with new municipal infrastructure will further advance the development of IoT automation equipment [1] - Real-time monitoring and 3D visualization of underground pipelines, along with intelligent monitoring of gas leaks, bridge and tunnel safety, and water quality, will drive demand for various sensors [1] - Flood prevention measures for residential pressure regulation facilities and improvements in urban drainage systems will boost demand for pumps and water gates [1] Transportation Infrastructure - The construction of integrated sensing systems for urban roads, buildings, and public facilities will promote the development and demand for various sensor products [1] - Enhanced urban logistics facilities and emergency logistics systems will create new opportunities for transportation equipment, automation devices, and logistics robots [1] Smart Construction - The development of digital design, intelligent production, and smart construction will drive the integration and innovation of automated construction machinery, construction robots, and 3D printing equipment [1] Investment Recommendations - The report suggests focusing on listed companies related to the aforementioned key machinery and equipment products [1]

Investment Rating - The industry rating is "Overweight (Maintain)" [1] Core Viewpoints - The satellite internet industry is experiencing rapid development driven by national policies, technological advancements, and market demand, with a promising future outlook [3] - Key companies to focus on include Shanghai Hanyun, Haige Communication, Zhenyou Technology, and Chengchang Technology [3] Summary by Sections Recent Industry Performance - On December 5, 2024, the "Qianfan Polar Orbit 03" satellite group was successfully launched, increasing the number of satellites in the "Qianfan Constellation" to 54 [1] - The "Qianfan Constellation" is part of China's low-orbit satellite internet project, with plans to deploy 648 satellites in the first phase, 1296 in the second phase, and over 15,000 in the third phase to provide diverse service integration [1] Key Events - On December 3, 2024, China successfully launched the Communication Technology Test Satellite No. 13, which is primarily used for satellite communication, broadcasting, and data transmission [1] - On November 30, 2024, China's first commercial space launch site successfully conducted its inaugural launch, filling a gap in the country's commercial space launch capabilities [1] - On November 26, 2024, Huawei launched the Mate X6, the world's first mass-market smartphone supporting tri-network satellite communication, including Beidou satellite messaging, Tiantong satellite communication, and low-orbit satellite internet [1]

Investment Rating - The industry rating is Neutral (maintained) [4] Core Viewpoints - The implementation plan for promoting the high-quality development of the ice and snow economy in Northeast China has been released, confirming the development prospects of specific equipment products related to the ice and snow industry [4] - The plan emphasizes the unique advantages of Northeast China, such as suitable snow quality, long snow seasons, and abundant natural snow resources, aiming to cultivate the ice and snow economy as a new growth point for comprehensive revitalization [4] - The plan outlines various initiatives to enhance ice and snow tourism, sports, and equipment manufacturing, which are expected to drive market expansion for related machinery and equipment [4] Summary by Sections Industry Performance - The report highlights the performance of the ice and snow industry, noting that the development of related machinery and equipment is expected to gain momentum due to supportive policies [4] Investment Highlights - The plan includes support for high-quality ice and snow tourism destination construction, promotion of local agricultural products, improvement of transportation facilities, and enhancement of service quality in tourism [4] - It also focuses on the development of ice and snow sports, including the construction of sports venues and the integration of ice and snow sports into school curricula [4] - The equipment manufacturing sector is targeted for growth, with an emphasis on enhancing the research and development capabilities of snow-making machines, ice-making machines, and other related equipment [4] Investment Recommendations - The report suggests paying attention to listed companies related to the mentioned machinery and equipment products [4]

Investment Rating - The report assigns an "Accumulate" rating for the company, Wuxi Dingbang Heat Exchange Equipment Co., Ltd. [2] Core Viewpoints - Wuxi Dingbang specializes in heat exchange equipment for the petrochemical sector and has been recognized as a "Little Giant" enterprise by the state for its technical innovation capabilities [2][16]. - The domestic heat exchange equipment market is expected to grow steadily, with a projected compound annual growth rate (CAGR) of 3.29%, increasing from 90.02 billion yuan in 2023 to 99.21 billion yuan by 2026 [2]. - The company has a strong competitive position in the market due to its focus on innovation and a well-established R&D team, which has developed proprietary technologies and products that meet both domestic and international standards [2][3]. - The company's products are widely recognized by both domestic and foreign clients, providing energy-efficient and stable solutions for various operational conditions, including extreme temperatures and toxic environments [2][3]. Summary by Sections Company Overview - Wuxi Dingbang was established in 2003 and focuses on the research and sales of heat exchange equipment, primarily serving the petrochemical industry [16][18]. - The company has a strong organizational structure, with a major shareholder holding 68.72% of the shares, and a management team with extensive industry experience [27][29]. Industry Overview - The heat exchange equipment industry is crucial for energy efficiency in various sectors, including petrochemicals, power generation, and metallurgy [55][62]. - The demand for heat exchange equipment is particularly high in the petrochemical sector, which accounts for approximately 30% of the market demand [57][62]. Financial Forecast and Valuation - The company is expected to achieve revenues of 467.05 million yuan, 501.12 million yuan, and 525.64 million yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 46.31 million yuan, 58.09 million yuan, and 61.56 million yuan [3]. - The report estimates the price-to-earnings (P/E) ratios for 2024, 2025, and 2026 to be 26.97, 21.50, and 20.29, respectively, indicating a favorable valuation compared to industry peers [2][3].

Investment Rating - The industry rating is maintained at "Accumulate" [4] Core Insights - The report highlights that the beauty care industry is experiencing a slowdown in growth rates, particularly in November, influenced by the early promotional activities of the Double 11 shopping festival [1] - The report emphasizes the strong performance of specific companies, such as 毛戈平, which is positioned as a high-end beauty brand and is set to become the first domestic color cosmetics stock listed in Hong Kong [1][3] - The report suggests monitoring leading domestic skincare companies like 珀莱雅, as well as other listed companies such as 爱美客, 华熙生物, 丸美股份, 贝泰妮, and 福瑞达 [1] Summary by Sections Company Performance - 毛戈平 plans to issue 70.5882 million shares at a price range of HKD 26.3-29.8 per share, with an expected market capitalization of HKD 12.376-14.024 billion [1] - 毛戈平's online sales performance is notable, with GMV in the color cosmetics category on Douyin reaching over 141 million and 68.583 million in October and November respectively, showing year-on-year growth of 169.62% and 73.0% [1] - 韩束 regained the top position in the Douyin skincare category in November with a GMV exceeding 650 million, while 珀莱雅 ranked second [1] Market Trends - The report indicates that the GMV for Douyin's beauty category grew by 6.54% year-on-year in November, a significant decrease from the 30.49% growth in October [1] - The skincare category on Douyin saw a GMV of over 13.49 billion, with a year-on-year growth of 7.77%, but a month-on-month decline of 27.8% [1] - The color cosmetics category's GMV exceeded 5.4 billion, with a year-on-year growth of 14.22% and a month-on-month decline of 11.91% [1]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Viewpoints - The implementation of the cross-provincial mutual aid policy for personal medical accounts is a significant reform aimed at improving fund utilization efficiency and facilitating the rational allocation of medical resources [2][2] - The personal medical account funds can now be used across provinces for family members, enhancing convenience for insured individuals and their close relatives [2][2] - The pilot program for cross-provincial mutual aid has been launched in 31 regions, with expectations for further expansion across the country [2][2] Summary by Sections Industry Performance - The relative return over the past month is 1.73%, while the absolute return is 1.14%. Over three months, the relative return is -0.93%, and the absolute return is 19.65%. Over twelve months, the relative return is -25.76%, and the absolute return is -12.42% [1] Investment Highlights - The personal medical account income for 2023 is 635.135 billion, with expenditures of 609.795 billion, resulting in a current balance of 25.339 billion and a cumulative balance of 1,395.421 billion [2] - The expected annual cross-provincial mutual aid funds will reach a scale of hundreds of billions, benefiting retail pharmacies and enhancing their business volume and service levels [2][2] - Key retail pharmacy companies to watch include Lao Bai Xing, First Pharmacy, Yi Xin Tang, and Yi Feng Pharmacy [2]

执业证书编号：S1410524050001 相关研究报告 1. 江海证券-行业点评报告-医药生物行 业：医保基金预付政策实施，关注医药行 业个股机会 – 2024.11.26 2. 江海证券-行业点评报告-医药生物行 业：国家医保药品目录调整顺利结束，新 版医保目录将于 2025 年 1 月正式实施 – 2024.11.12 3. 江海证券-行业点评报告-医药生物行 业：抗肿瘤药物临床试验中的 SUSAR 分 析与处理技术指导原则发布，提升研发效 率与安全性 – 2024.10.14 4. 行业点评报告-医药生物行业：聚焦慢 性心力衰竭药物临床试验，驱动医药行业 创新与发展 – 2024.09.23 5. 行业点评报告-医药生物行业：聚焦国 家药品监督管理局政策改革与市场机遇 – 2024.09.18 | --- | --- | --- | --- | |--------------------|--------|-------------------------------|----------------------| | | | | | | 近十二个月行业表现 | | | | | | | | | | | ...

Investment Rating - The industry rating is "Overweight" (maintained) [1] Core Viewpoints - The report highlights the continuous investment opportunities in the 5G industry as it deepens its integration into various sectors [1] - By the end of 2027, the goal is to achieve a 5G penetration rate exceeding 85%, with significant application penetration in large and medium-sized industrial enterprises [1] - The report emphasizes the importance of 5G in driving new consumption and innovation across various sectors, including smart devices and AI integration [1] Summary by Sections Industry Performance - The report outlines that by the end of 2027, the target is for 5G personal user network access traffic to exceed 75%, with over 100 million IoT terminal connections and more than 150 standardized 5G applications [1] - It also mentions the establishment of 70,000 5G industry virtual private networks and the construction of edge computing nodes [1] Investment Opportunities - The report suggests focusing on companies like Suobede and Feiling Kesi, which are expected to benefit from the ongoing development and upgrades in the 5G industry [1] - It encourages the development of new business models and products that leverage 5G technology, particularly in sectors such as automotive and smart home devices [1] Future Developments - The report indicates that the 5G network will evolve towards 5G-A, with a focus on enhancing coverage in rural and remote areas, utilizing satellite communication technology [1] - It also highlights the need for continuous innovation in 5G applications, particularly in AI and cloud computing, to meet the demands of various industries [1]

Industry Investment Rating - The industry rating for the shipbuilding sector is "Overweight" (maintained) [2] Core Views - The global shipbuilding market remains robust, with new ship prices maintaining stability [1] - The shipbuilding industry continues to experience high growth, with a significant increase in new orders in August 2024 [1] - The shipbuilding sector's upward trend in prosperity continued in the first half of 2024 [1] - China Shipbuilding Group secured multiple orders at the Greek exhibition, indicating sustained industry prosperity [1] - The shipbuilding industry maintains high prosperity, with green ships emerging as a new development direction [2] - From January to October, alternative fuel ship orders accounted for over 50% of total orders, surpassing the previous year's 39.6% [2] - The global cruise industry is steadily recovering, with the Asia-Pacific region expected to be the main driver of global cruise industry growth [2] Industry Performance - Over the past 12 months, the industry's relative return compared to the CSI 300 was 3.59%, with an absolute return of 16.93% [1] - Over the past 3 months, the industry's relative return was -18.05%, with an absolute return of 0.8% [1] - Over the past 1 month, the industry's relative return was -2.26%, with an absolute return of -0.78% [1] Market Dynamics - From November 25 to December 1, 2024, global shipyards received 44+2 new ship orders, with Chinese shipyards securing 30+2 orders [2] - South Korean shipyards led in alternative fuel ship orders in October, accounting for 55.5% of global orders by CGT [2] - Chinese shipyards secured 14 alternative fuel ship orders in October, with a market share of 25.9% [2] - The global new shipbuilding investment reached $168.4 billion, with alternative fuel ship orders valued at $89.6 billion, a 69% year-on-year increase [2] Future Outlook - The Asia-Pacific region is expected to drive global cruise industry growth, with a projected CAGR of 19.6% [2] - The US cruise market revenue is expected to reach $15.1 billion in 2024 and exceed $17 billion by 2028 [2] - Europe's cruise industry revenue is expected to grow at a CAGR of nearly 1% over the next five years [2] Investment Recommendations - Long-term prospects for China's shipbuilding industry remain strong, with companies benefiting from decarbonization and demand growth [2] - Key companies to watch include China Shipbuilding, China Heavy Industry, Songfa Co, China Power, CSSC Defense, Yaxing Anchor Chain, and Nanjing Steel [2]