山西证券：研究早观点-20240930

Market Overview - The report highlights a significant increase in major domestic market indices, with the Shanghai Composite Index closing at 3,087.53, up by 2.89%, and the Shenzhen Component Index rising by 6.71% to 9,514.86 [1] - The ChiNext Index saw a notable increase of 10.00%, closing at 1,885.49, indicating strong market performance [1] Economic Policy Insights - The Central Political Bureau of the Communist Party of China held a meeting on September 26, 2024, emphasizing the need for incremental policies to stabilize economic growth amid increasing downward pressure [2][3] - The meeting acknowledged the challenges faced by the economy, including declining housing prices and slowing inflation, and reiterated the commitment to achieving annual economic and social development goals [2] - A proactive stance on fiscal and monetary policies was adopted, with a focus on increasing government spending and implementing measures such as lowering the reserve requirement ratio and interest rates [2][3] Industry Commentary: Human Serum Albumin - The report discusses the potential for domestic production of human serum albumin to replace imports, driven by an increase in domestic plasma collection [4][5] - The market for human serum albumin in China is projected to reach 42.1 billion yuan by 2025, with a current annual demand of approximately 1,000 tons [4] - The report notes that imported human serum albumin accounted for 64.38% of the market in 2023, indicating significant room for domestic alternatives [4] Product Development and Market Potential - Recombinant human serum albumin (rHSA) is expected to address domestic shortages and reduce the risk of pathogen transmission from plasma sources, with clinical applications expanding to conditions like liver failure and infectious diseases [5][6] - Companies such as Tian Tan Biological and Boya Biological are highlighted as key players benefiting from increased plasma collection and sales growth in the human serum albumin market [5][6] - The report anticipates that recombinant products will receive regulatory approvals, with potential market entries planned for 2025 [5]