Market Overview - The three major stock indices experienced a rally, with the ChiNext Index rising over 1% at one point. The Shanghai Composite Index closed up 0.38% at 3380.48 points, the Shenzhen Component Index rose 0.77% to 10249.17 points, and the ChiNext Index increased by 0.77% to 2048.46 points. The Northbound 50 Index saw a gain of 1.22%. The total trading volume in the Shanghai and Shenzhen markets reached 1211.4 billion yuan, an increase of 92.3 billion yuan from the previous day [1]. Wind Power Industry - The wind turbine sector is expected to see a fundamental turning point, with major domestic wind turbine manufacturers reporting a year-on-year increase of over 40% in orders by the end of 2024. The first quarter of 2025 is anticipated to be strong for wind turbine shipments, leading to potential over-expectation growth in industry installations and revenues. The profitability of leading wind turbine manufacturers is expected to stabilize and recover by the second half of 2024, with a projected gross margin recovery of over 6.5 percentage points in the next two years [2]. Pharmaceutical Industry - On May 20, 2023, 3SBio announced a partnership with Pfizer, granting exclusive global rights (excluding mainland China) for the development, production, and commercialization of the PD-1/VEGF bispecific antibody SSGJ-707. 3SBio retains rights for SSGJ-707 in mainland China and will grant Pfizer an option for commercialization in that region based on agreed financial terms [3]. - The domestic innovative drug market is expected to benefit from policy and industry trends, with valuations set for recovery. The market size for innovative drugs in China is projected to grow from $132.5 billion in 2019 to $159.2 billion in 2024, maintaining a global market share of around 15%. In the first quarter of 2025, there were 41 license-out transactions totaling $36.9 billion, setting a new historical high for the same period [4]. Alcohol Industry - Recent revisions to the "Regulations on Strict Economy and Opposition to Waste by Party and Government Agencies" are expected to have a limited impact on the liquor industry. Leading liquor companies are enhancing shareholder returns through increased dividends, buybacks, and shareholdings. The outlook for the consumption stimulus policies and macroeconomic recovery supports continued investment in leading liquor brands [5].
今日投资参考：国产创新药迎催化 风机基本面拐点已至
Zheng Quan Shi Bao Wang·2025-05-21 02:28