Investment Rating - The investment rating for the company is "Accumulate" [4]. Core Insights - The company achieved a revenue of 326 million yuan in the first three quarters of 2025, representing a year-on-year growth of 11.58%, and a net profit attributable to the parent company of 102 million yuan, up 30.68% year-on-year [1][4]. - The core business of rehabilitation is steadily growing, while new emerging businesses in aesthetic medicine and urology are being developed, creating a multi-layered business structure [1]. - The mental rehabilitation business is benefiting from policy support and market demand, maintaining double-digit growth, while the pelvic floor rehabilitation business is experiencing single-digit growth due to product upgrades [1][2]. Financial Performance Summary - For the first three quarters of 2025, the company reported a revenue of 326 million yuan, with a net profit of 102 million yuan and a non-recurring net profit of 94 million yuan [1]. - The company expects net profits for 2025, 2026, and 2027 to be 133 million yuan, 165 million yuan, and 184 million yuan, respectively, with year-on-year growth rates of 30.1%, 24.0%, and 11.8% [2][3]. - The sales, management, and R&D expense ratios for the first three quarters of this year were 18.77%, 10.03%, and 9.74%, respectively, showing a decrease compared to the previous year [2].

Group 1: IVD Industry Insights - The IVD industry in China is currently under short-term pressure, with leading companies actively expanding overseas [4][6] - The global IVD market is projected to grow from USD 66.7 billion in 2018 to USD 186.1 billion by 2030, with a CAGR of 8.9% [4] - The Chinese immunodiagnostics market is experiencing rapid growth, with a market size increase from RMB 37.3 billion in 2021 to RMB 50.3 billion in 2023, reflecting a CAGR of 16.13% [5] Group 2: Health元 Company Overview - Health元, a large comprehensive pharmaceutical group, is focusing on innovation and internationalization to drive growth [7] - The company is expected to achieve revenues of RMB 15.81 billion, RMB 17.02 billion, and RMB 18.27 billion from 2025 to 2027, with respective growth rates of 1.2%, 7.6%, and 7.4% [8] - The core products of Health元 are expected to see reduced pricing pressure, with new products like tobramycin inhalation solution and maropitant capsules set to contribute to revenue growth [7][8]

Investment Rating - The report does not explicitly state an investment rating for the industry or specific companies [27]. Core Insights - The North Exchange A-shares trading volume reached 21.69 billion yuan on December 23, 2025, an increase of 1.215 billion yuan from the previous trading day, with the North Exchange 50 index closing at 1439.94, down 0.64% [2][9]. - The North Exchange specialized and innovative index closed at 2413.60, down 1.05% [2][9]. - Among 286 companies listed on the North Exchange, 33 saw an increase in stock price, while 253 experienced a decline [2][17]. - The report highlights that the hard technology sector, including semiconductors and AI computing, was the main focus of A-share trading, but this did not effectively transmit to the North Exchange [4]. Summary by Sections Market Review - On December 23, the North Exchange A-shares trading volume was 21.69 billion yuan, with a PE_TTM of 60.37 times [9][15]. - The North Exchange 50 index decreased by 0.64%, while the specialized and innovative index fell by 1.05% [2][9]. Stock Performance - The top five gainers included: - Rongyi Precision (up 8.9%) - Hongxi Technology (up 7.9%) - Shuguang Digital Innovation (up 6.8%) - Tonghui Electronics (up 6.5%) - Tianhong Lithium Battery (up 6.4%) [2][17]. - The top five losers were: - Hanxin Technology (down 14.9%) - Xingchen Technology (down 13.3%) - *ST Guandao (down 12.1%) - Tianye Co. (down 11.7%) - Ruixing Co. (down 9.1%) [2][17]. Important News - Beijing issued the first batch of L3 level special license plates for autonomous driving vehicles on highways, allowing dynamic driving tasks under certain conditions [3][20]. - The National Development and Reform Commission and the National Energy Administration aim for a total installed capacity of 15 million kilowatts for solar thermal power by 2030, with costs comparable to coal power [3][20]. Company Announcements - Changjiang Energy Technology plans to use up to 100 million yuan of temporarily idle raised funds to purchase safe and liquid investment products [21]. - Meideng Technology announced the use of 10 million yuan of idle self-owned funds for cash management [21][24].

Investment Rating - The industry rating is "Overweight" and has been maintained from the previous rating [4] Core Insights - The global IVD market is projected to grow from USD 66.7 billion in 2018 to USD 186.1 billion by 2030, with a CAGR of 8.9% [12] - The Chinese IVD market is expected to increase from RMB 71.3 billion in 2018 to RMB 415.2 billion by 2030, with a CAGR of 15.8%, significantly outpacing the global average [13] - The immunodiagnostics market in China is experiencing rapid growth, with a market size increase from RMB 37.3 billion in 2021 to RMB 50.3 billion in 2023, reflecting a CAGR of 16.13% [16] - The POCT market is also expanding quickly, growing from RMB 11.2 billion in 2021 to RMB 16 billion in 2023, with a CAGR of 19.52% [20] - The molecular diagnostics market, despite a decline from RMB 23.1 billion in 2021 to RMB 14.8 billion in 2023, still shows potential with a market size exceeding RMB 10 billion when excluding emergency-related factors [25] Summary by Sections IVD Market Outlook - The IVD industry began in the 1950s and has seen significant growth due to advancements in medical technology and increasing health demands [11] - The Chinese IVD market has diversified into various diagnostic technologies, including biochemical, immunological, POCT, molecular, and pathological diagnostics [15] Immunodiagnostics Market - The immunodiagnostics market is the largest segment in China's IVD market, accounting for over 40% in 2023 [15] - The market is expected to face some deceleration due to price reductions from centralized procurement policies [16] Biochemical Diagnostics Market - The biochemical diagnostics market in China grew from RMB 17.1 billion in 2021 to RMB 19 billion in 2023, with a CAGR of 5.41% [19] - Domestic products dominate this market with over 70% market share [19] POCT Market - The POCT market is driven by convenience and increased demand for home testing, growing from RMB 11.2 billion in 2021 to RMB 16 billion in 2023 [20] Molecular Diagnostics Market - The molecular diagnostics market has faced challenges, declining from RMB 23.1 billion in 2021 to RMB 14.8 billion in 2023, primarily due to reduced demand post-pandemic [25] Pathogen Microbiology Market - The pathogen microbiology diagnostics market in China is projected to grow from RMB 16.82 billion in 2018 to RMB 90.27 billion by 2030, with a CAGR of 15.0% [30]

公司深度研究 | 健康元 呼吸龙头再起航，创新+国际化开启成长新篇章 健康元（600380.SH）首次覆盖报告 大型综合医药集团，创新+国际化开启新篇章。公司始创于 1992 年，保健品 业务起家，通过收并购不断开拓商业版图，经过 30 余年逐步发展为大型综 合医药集团。近年来，公司加快布局国际化及创新转型，一方面推动海外生 产基地建设，同时通过合作引进等方式快速丰富研发管线，聚焦呼吸常见疾 病，同时拓展镇痛、抗感染等领域布局。 制剂集采压力出清，新品放量助力主业拐点向上。近年来受艾普拉唑系列产 品、盐酸左沙丁胺醇吸入溶液等大单品降价影响，公司主业短暂承压，目前 核心产品降价压力基本出清，后续随着妥布霉素吸入溶液、玛帕西沙韦等新 品陆续放量，公司主业有望拐点向上。 加快创新管线布局，聚焦呼吸大适应症。多年深耕呼吸领域，近年来随着公 司创新转型进程加速推进，公司通过合作引进快速扩充在研管线，覆盖支气 管扩张、流感、COPD 等呼吸常见适应症。目前改良新药妥布霉素吸入溶液 以及流感新药玛帕西沙韦胶囊已获批，另外 TSLP 单抗、MABA 双靶点吸入 溶液、PREP 抑制剂等核心药物已进入 2 期临床。 丽珠集团： ...

Group 1: Core Conclusions - The core conclusion of the report indicates that the pig farming industry is experiencing a significant increase in the number of pigs marketed in November 2025, with a year-on-year increase of 26.67% but a month-on-month decrease of 2.96% [1][4] - The revenue of listed pig companies in November 2025 was 22.556 billion yuan, reflecting a year-on-year decrease of 17.03% and a month-on-month decrease of 4.94% [1][5] Group 2: Industry Dynamics - In November 2025, the total number of pigs marketed by listed companies reached 18.2581 million, with leading companies such as Muyuan, Wens, and New Hope reporting respective sales of 6.602 million, 4.3535 million, and 1.5675 million pigs, showing year-on-year increases of 11.80%, 49.71%, and 24.44% [4][5] - The cumulative number of pigs marketed from January to November 2025 was 176 million, with a stable year-on-year growth rate of approximately 21.42% [4] - The average selling price of pigs in November 2025 increased by 1.60% month-on-month but decreased by 30.05% year-on-year, indicating a significant drop in prices due to oversupply and weak demand during the peak season [6][5] Group 3: Investment Recommendations - The report suggests seizing opportunities in the pig farming sector, focusing on companies with strong growth in marketing and stable operations, recommending companies such as Muyuan, Wens, Tangrenshen, Huadong, and Juxing Agriculture [7]

Group 1: Company Overview - The report predicts the company's net profit attributable to shareholders for 2025-2027 to be 57.52 billion, 67.48 billion, and 80.84 billion yuan respectively, with EPS of 3.03, 3.56, and 4.26 yuan, and PE ratios of 21, 18, and 15 times, respectively [1][5][6] - The target price for the company is set at 78.98 yuan per share, with a "Buy" rating assigned for the first coverage [1][5] Group 2: Nickel Market Analysis - Nickel prices are currently at a bottom level, with expectations of a cyclical turning point around 2027-2028, supported by significant investment scales in nickel projects that create financial and scale barriers [6][5] - The company has established a full industry chain layout from nickel ore to nickel intermediate products and nickel products, showcasing its core competitive advantages [6][5] Group 3: Cobalt Market Analysis - Cobalt supply is concentrated in the Democratic Republic of Congo, with significant policy disruptions affecting supply, while demand from sectors like electric vehicles and consumer electronics is steadily increasing [6][5] - The report anticipates that cobalt industry overcapacity will significantly ease by 2025, and the company's cobalt product business is expected to maintain or even increase its gross margin during periods of declining cobalt prices [6][5] Group 4: Battery Materials Outlook - The report highlights the potential for solid-state batteries to increase the market share of ternary materials, which are expected to see improved profitability due to upstream raw material security and downstream customer binding [7][5] - The company's ternary precursor and cathode materials business is projected to maintain industry-leading profitability, with a strong position expected to be reinforced as new projects come online [7][5] Group 5: Industry Trends - The industrial added value in China showed a year-on-year growth of 4.8% in November, indicating a stable economic development trend [9][10] - The U.S. CPI for November was reported at 2.7%, lower than expected, which has raised expectations for monetary easing by the Federal Reserve [10][11]

Investment Rating - The report indicates a positive investment outlook for the industry, suggesting a focus on structural investment opportunities driven by policy expectations [2][28]. Core Insights - The North Exchange market showed an average daily trading volume of 22.62 billion yuan, a 16.0% increase week-on-week, while the North Certificate 50 index fell by 0.13% [1][7]. - Key stocks that performed well included Tianli Composite (up 41.4%), Hanxin Technology (up 40.6%), and Hongxi Technology (up 26.0%), while the biggest losers were *ST Guandao (down 41.5%) and Kangla Weishi (down 20.0%) [1][14]. - The macroeconomic environment is characterized by a dual drive of strengthened policy expectations and boosted domestic demand, with a focus on consumer service-related enterprises benefiting from favorable policies [2][28]. Summary by Sections Market Overview - The North Exchange's average daily trading volume reached 22.62 billion yuan, reflecting a 16.0% week-on-week increase, with a daily turnover rate of 2.4% [1][7]. - The North Certificate 50 index experienced a slight decline of 0.13% during the week [1][7]. Key News and Policies - Xi Jinping emphasized the strategic importance of expanding domestic demand to maintain economic stability, advocating for measures to stimulate consumption and optimize income distribution [17][20]. - The Ministry of Industry and Information Technology announced the first batch of L3 conditional autonomous driving vehicle approvals, enhancing interest in the smart driving industry chain [19][29]. Core Driving Factors - The report highlights a positive market sentiment with increased trading activity, as evidenced by the 16.0% rise in average daily trading volume [28][31]. - The focus on emerging industries such as commercial aerospace, autonomous driving, and new energy is expected to drive growth [28][30]. Investment Recommendations and Strategies - The report suggests focusing on new productive forces, particularly in emerging sectors like commercial aerospace, autonomous driving, and biotechnology, while also considering companies with high growth potential based on financial metrics [32]. - Short-term attention is recommended for North Certificate 50 weighted stocks and newly added index constituents, which may benefit from passive allocation demands from index funds [32].

有色金属行业周报（2025.12.15 -2025.12.21） 当地时间周四，美国劳工部公布的数据显示，美国 11 月消费者价格涨幅低 于预期，这让投资者看到了通胀压力可能正在缓解的希望，从而为美联储货 币宽松政策提供了更多想象空间。具体数据显示，美国 11 月未季调 CPI 年 率录得 2.7%，低于市场预期的 3.1%；剔除波动较大的食品和能源价格后的 核心 CPI 同样低于预期，同比上涨 2.6%，为 2021 年 3 月以来新低，预期 值为 3%。数据公布后，现货黄金短线上扬 15 美元，美元指数短线下挫 22 点，非美货币对普涨；美股三大期指短线跳涨。 本周核心关注三：美国 11 月非农录得 6.4 万人，失业率为四年来新高，劳 动力市场面临不确定性 美东时间周二，美国劳工统计局公布的数据显示，美国 11 月季调后非农就 业人口录得 6.4 万人，高于市场普遍预期的 4.5 万人。而 10 月则减少了 10.5 万个，预期为下降 2.5 万人。美国 11 月失业率升至 4.6%，高于市场预期的 4.4%，为 2021 年 9 月以来新高。此外，8 月份非农新增就业人数从-0.4 万 人修正至-2. ...

Investment Rating - The report gives a "Buy" rating for the company, with a target price of 78.98 CNY per share based on a 26x PE for 2025 [2][6]. Core Insights - The company is expected to have a net profit of 57.52 billion, 67.48 billion, and 80.84 billion CNY from 2025 to 2027, with EPS of 3.03, 3.56, and 4.26 CNY respectively [2][25]. - The market views the company as a beta play on cobalt prices, but the report emphasizes that the greater opportunity lies in nickel, which is currently at a cyclical low and may see a turning point around 2027-2028 [2][19]. Summary by Sections Nickel - Nickel prices are at a cyclical low, with potential for a turning point in supply-demand dynamics by 2027-2028. The company has established a full industry chain from nickel mining to intermediate products and final products, showcasing significant competitive advantages [3][20]. - The investment scale for nickel projects is substantial, creating high barriers to entry, which further strengthens the company's market position [3][20]. Cobalt - Cobalt supply is concentrated in the Democratic Republic of Congo (DRC), with significant policy disruptions affecting exports. Demand is stable, driven by electric vehicles, consumer electronics, and high-temperature alloys [4][22]. - The company’s cobalt business has shown resilience, with gross margins increasing even during price declines, indicating strong competitive positioning [4][22]. Three-way Precursor and Cathode Materials - The report anticipates that solid-state batteries will increase the market share of ternary materials, leading to stable profitability for the company [4][23]. - The company benefits from upstream raw material security, midstream manufacturing scale effects, and strong customer relationships, which are expected to reinforce its leading position in the industry [4][23]. Financial Projections - Revenue is projected to reach 746.85 billion, 830.75 billion, and 1,038.31 billion CNY from 2025 to 2027, with growth rates of 22.5%, 11.2%, and 25.0% respectively [18][25]. - The company’s gross margins are expected to be 16.0%, 16.6%, and 16.2% over the same period, reflecting stable operational efficiency [18][25].