本篇报告以前列腺癌专题作为引子，对映恩生物的招股书进行全面梳理。作为 ADC 行业内拟上市公司，映恩生物研发管线储备丰富，积极对外合作，推进多 靶点 ADC 全球临床。管线内 HER2 ADC、B7H3 ADC、HER3 ADC、TROP2 ADC 均进行差异化临床策略推进，其中 B7H3 ADC 在前列腺癌适应症上具有 较大潜力与空间。 | 创新药系列报告（十）—映恩生物招股书梳理暨前列腺癌专题 | 推荐（维持） | | --- | --- | | 在研管线储备丰富，B7H3 ADC 前列腺癌适应症具备潜 | 消费品/生物医药 | | 力与空间 | | 行业指数 % 1m 6m 12m 绝对表现 8.0 9.4 5.4 相对表现 4.9 -9.6 -11.7 资料来源：公司数据、招商证券 -20 -10 0 10 20 30 Feb/24 Jun/24 Sep/24 Jan/25 (%) 生物医药 沪深300 相关报告 1、《AI 制药蓝海，人工智能助力新 药开发全流程—"AI+医药健康"系 列报告（三）》2025-02-17 2、《近期医美行业相关事件梳理— 消费医疗跟踪复盘周报（五）》 2025-01- ...

证券研究报告 | 行业定期报告 2025 年 02 月 17 日 石油焦价格涨幅居前，建议关注化工品涨价品种 招商化工行业周报 2025 年 2 月第 2 周 周期/化工 本报告阐述了基础化工板块一周行情走势、产品价格及价差变化、重点推荐子 行业及公司。 板块整体走势 2 月第 2 周化工板块（申万）上涨 1.45%，上证 A 指上涨 1.30%，板块落后 大盘 0.15 个百分点。涨幅排名前 5 的个股分别为：领湃科技（+47.83%）， 航锦科技（+47.20%），杭州高新（+35.07%），安诺其（+22.12%），同 大股份（ +18.33% ）；跌幅排名前 5 的个股分别为：嘉澳环保（ - 10.33%），氯碱化工（-8.63%），时代新材（-6.35%），南京化纤（- 6.25%），金禾实业（-6.03%）。此外，本周化工板块（申万）动态 PE 为 23.80 倍，低于 2015 年来的平均 PE 13.03%。 细分子行业走势 2 月第 2 周化工行业有 20 个子行业上涨，11 个子行业下跌。上涨子行业前 五是：氯碱（+10.49%），石油贸易（+3.52%），合成革（+3.46%），氨 纶（ ...

证券研究报告 | 行业深度报告 2025 年 02 月 09 日 银行资负跟踪 20250209 资金不松，分层缓解 总量研究/银行 ❑ 风险提示：经济基本面改善偏慢；政策力度低于预期；存款竞争加剧。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 41 | 0.8 | | 总市值（十亿元） | 9124.8 | 10.7 | | 流通市值（十亿元） | 9015.2 | 11.7 | 行业指数 % 1m 6m 12m 绝对表现 1.5 18.1 29.1 相对表现 -1.0 1.6 12.7 资料来源：公司数据、招商证券 -10 0 10 20 30 40 Feb/24 Jun/24 Sep/24 Jan/25 (%) 银行 沪深300 相关报告 1、《1 月信贷货币增速预期如何？— 2025 年 1 月 社 融 货 币 前 瞻 》 2025-02-07 2、《资金面紧，票据上行—银行资 负跟踪 20250125》2025-01-26 3、《如何理解近期银行间资金偏紧？ — 银 行 资 负 跟 踪 20250119 》 2025-01-19 王 ...

2025 年 01 月 27 日 猪企降重放量，母猪产能止增 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 89 | 1.8 | | 总市值（十亿元） | 980.3 | 1.2 | | 流通市值（十亿元） | 829.5 | 1.1 | 行业指数 % 1m 6m 12m 绝对表现 -3.5 11.9 -0.7 相对表现 0.3 -0.2 -17.7 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 30 40 Jan/24 May/24 Sep/24 Jan/25 (%) 农林牧渔 沪深300 生猪养殖行业 2024012 月报点评 消费品/农林牧渔 资料来源：公司数据，招商证券（备注：市值单位为十亿元） 推荐（维持） 12 月产业端降重增量，增加短期供给压力，15 家上市猪企出栏量环比增幅扩大 至 11%，而猪肉消费旺季不及预期，猪价延续调整。受制于产业端对后市猪价 的悲观预期，以及现金流偏紧的局面尚未彻底扭转，母猪产能 12 月止增，或支 撑 25 年猪价好于市场预期，成本控制能力较强的头部猪企或仍能实现可观利 润，持续修复资产负债 ...

证券研究报告 | 行业点评报告 2025 年 02 月 07 日 票房破 95 亿创纪录，《哪吒》冲入中国影史票房前五 春节档电影行业点评 TMT 及中小盘/传媒 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 152 | 3.0 | | 总市值（十亿元） | 1602.5 | 1.9 | | 流通市值（十亿元） | 1459.0 | 1.9 | 行业指数 % 1m 6m 12m 绝对表现 11.2 44.6 52.1 相对表现 9.2 29.7 36.1 资料来源：公司数据、招商证券 -20 0 20 40 60 Feb/24 Jun/24 Sep/24 Jan/25 (%) 传媒 沪深300 相关报告 1、《奈飞（NFLX.O）2024Q4 业绩 速览—季度新增付费用户超预期，优 质 内 容 储 备 支 撑 长 期 成 长 》 2025-01-26 2、《传媒行业深度报告—IP 与 AI 赋 能新消费，传媒再迎发展新机》 2025-01-24 事件： 根据灯塔专业版数据，春节档 1 月 28 日-2 月 4 日共 8 日期间，全国实现票房 95.11 亿元，同比 2 ...

证券研究报告 | 行业点评报告 2025 年 02 月 07 日 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 41 | 0.8 | | 总市值（十亿元） | 9151.5 | 10.9 | | 流通市值（十亿元） | 9041.6 | 11.9 | 行业指数 % 1m 6m 12m 绝对表现 2.7 17.3 31.3 相对表现 0.8 2.3 15.3 资料来源：公司数据、招商证券 -10 0 10 20 30 40 Feb/24 Jun/24 Sep/24 Jan/25 (%) 银行 沪深300 相关报告 2025 年 1 月社融货币前瞻 1 月信贷货币增速预期如何？ 总量研究/银行 2025 年 1 月，我们预期当月全口径人民币贷款增量 4.92 万亿（同比持平）， 其中社融口径信贷增量 4.84 万亿（同比持平）。预期当月社融增量 6.87 万亿， 同比多增 0.40 万亿；其中政府债增量 0.95 万亿元，同比多增 0.66 万亿元。预 期社融余额增速 8.0%，环比上月持平；根据央行通告，2025 年 1 月起，启用 新修订的狭义货币（M1）统计口径，预 ...

证券研究报告 | 行业定期报告 2025 年 02 月 07 日 春风送暖，券商起舞 券商板块最新观点 总量研究/非银行金融 券商板块受益于监管旗帜鲜明的支持态度、宽松充裕的流动性环境、稳健可期 的业绩、自上而下贯穿的并购重组主线，有望迎来一段估值修复行情、存在较 大的估值修复空间，坚定看好！ 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 84 | 1.7 | | 总市值（十亿元） | 5518.5 | 6.6 | | 流通市值（十亿元） | 5268.4 | 6.9 | 行业指数 % 1m 6m 12m 绝对表现 3.8 38.1 43.9 相对表现 1.9 23.1 27.9 资料来源：公司数据、招商证券 -20 0 20 40 60 Feb-24 Jun-24 Sep-24 Jan-25 (%) 非银行金融 沪深300 相关报告 1、《非银金融 24Q4 重仓持股分析及 板块最新观点—持仓回落，看好政策 驱动资金入市带来的板块机会》 2025-01-24 2、《资本市场改革发展系列点评— 政策驱动多路资金跑步入市》 2025-01-24 ...

Investment Rating - The report maintains a positive outlook on the consumer electronics industry, emphasizing the investment opportunities in AI-enabled products and the automotive smart technology sector [23][24]. Core Insights - The consumer electronics industry is expected to see a recovery in demand and innovation in 2025, with AI continuing to be a central theme [2][23]. - The report highlights the importance of AI in driving growth across various segments, including smartphones, PCs, wearables, and automotive technologies [25][26]. - The report suggests that companies within the Apple supply chain are well-positioned for long-term growth due to hardware innovation and AI integration [23][24]. Summary by Sections 1. Terminal Demand and Innovation Tracking - Smartphone shipments are projected to grow by 6% in 2024, with AI smartphone innovations expected to accelerate [2]. - The global PC market is anticipated to see a slight increase in shipments, driven by the end of support for Windows 10 and the introduction of AI PCs [3]. - The CES 2025 showcased a significant focus on AI glasses, with major brands like Xiaomi and Samsung expected to release new products [4]. - The automotive sector saw a 4.5% increase in sales in 2024, with a notable trend towards advanced driver-assistance systems (ADAS) penetrating lower-priced models [10]. - Tesla aims to produce one million humanoid robots within three years, marking a significant milestone in robotics [11]. 2. Industry Chain Tracking - AI remains a key innovation driver in 2025, with a focus on core component innovations [12]. - Apple is expected to release new products in spring 2025, with a focus on AI capabilities [12]. - The report highlights the optimistic outlook for assembly manufacturers and the potential for a new upgrade cycle driven by AI innovations [13]. - The main chip manufacturers are expected to benefit from flagship product launches, with Qualcomm and MediaTek projecting revenue growth [14]. - The optical component sector is set to see advancements in mobile camera technology, driven by AI and smart driving trends [15]. 3. Investment Recommendations - The report recommends focusing on companies within the Apple supply chain that are expected to benefit from AI innovations, such as Luxshare Precision and BYD Electronics [23][24]. - For the Android supply chain, companies like Xiaomi and Transsion Holdings are highlighted as potential beneficiaries of AI innovations and consumer subsidy policies [24]. - The report emphasizes the importance of AI applications across various sectors, including smartphones, PCs, wearables, and automotive technologies, suggesting a broad investment opportunity [25][26].

Investment Rating - The report maintains a "Recommendation" rating for the media industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The new consumption market is in a golden period, driven by policy support, changes in consumer demographics, the development of the IP licensing market, and breakthroughs in innovative technologies [1][7]. - The report highlights that various sub-sectors are experiencing positive changes, with companies like Focus Media and Pop Mart expected to benefit from the new consumption wave [1][7]. Summary by Sections 1. New Emerging Consumption Trends - The new consumption market is characterized as a blue ocean market, entering a development golden period, supported by multiple policies and a strong consumer base from Generation Z [7][16]. - Generation Z is projected to significantly increase their consumption scale, contributing to 40% of total consumption despite being only 20% of the population [16][21]. - The IP licensing market in China has surpassed 140.1 billion yuan in retail sales, with domestic IPs dominating the market [26][27]. 2. Focus Media as a Leading Company - Focus Media has been a key player benefiting from the new consumption wave, helping numerous emerging brands achieve brand recognition through advertising [7][34]. - The advertising demand from new consumption brands is expected to grow, particularly in health and entertainment sectors [7][34]. 3. Sub-Sector Opportunities - The "Guzi Economy" is emerging as a typical representative of new consumption trends, with a projected market size growth from 189 billion yuan in 2016 to 2.219 trillion yuan by 2023 [33]. - The short drama market is experiencing explosive growth, with a market size expected to exceed 500 billion yuan in 2024 [42]. - AI wearable devices, particularly AI glasses and headphones, are anticipated to become a new consumption trend, with global sales expected to reach 55 million units by 2029 [51]. 4. Technological Innovations - Breakthroughs in AI, AR, VR, and MR technologies are creating new consumption scenarios, enhancing interactive and immersive experiences for consumers [30][31]. - The report emphasizes the integration of AI technologies in content creation, significantly improving production efficiency and quality [47][49].