万联晨会-2025-03-28

Core Viewpoints - The A-share market experienced a slight rebound with the Shanghai Composite Index rising by 0.15%, the Shenzhen Component Index by 0.23%, and the ChiNext Index by 0.24%. The total market turnover reached 12,168 billion yuan, an increase of 366 billion yuan from the previous day, with over 1,900 stocks rising. The sectors leading the gains included photolithography machines, chemicals, and innovative pharmaceuticals, while marine engineering and industrial metals saw declines [2][7]. Important News - The State Council's Employment Promotion and Labor Protection Work Leading Group released a plan to support employment and entrepreneurship for key groups, focusing on seven areas to enhance job creation, including tapping into new productivity potential in advanced manufacturing and expanding employment channels through major engineering projects [3][8]. - The Deputy Governor of the People's Bank of China emphasized a clear stance on maintaining a moderately loose monetary policy, indicating that the central bank will adjust policies based on domestic and international economic conditions, including potential cuts in reserve requirements and interest rates [3][8]. Industry Insights Pharmaceutical and Biological Sector - Shanghai Laishi plans to acquire 100% of Nanyue Biological for 4.2 billion yuan, which will enhance its plasma resources and production capabilities, indicating a trend towards increased industry concentration through mergers and acquisitions [9][10]. - Nanyue Biological is the only blood product manufacturer in Hunan with GMP certification, with a designed production capacity of 500 tons and an expected plasma collection of 278 tons in 2024. This acquisition is projected to increase Shanghai Laishi's plasma collection by over 18% [10]. - The blood product industry is experiencing a "Matthew Effect," with major players consolidating resources and technology through acquisitions, leading to increased industry concentration. In 2024, the total plasma collection is expected to reach 13,400 tons, a year-on-year increase of 10.9%, with major companies capturing approximately 80% of the market [11]. - The commercialization of blood products is accelerating, with several products approved for market entry, intensifying competition. Companies are pursuing technological acquisitions to enhance their product lines and market positions [13]. - The blood product sector remains a defensive investment area characterized by high entry barriers and increasing demand due to an aging population, particularly in first-tier cities. Companies with strong resource acquisition capabilities and R&D strengths are expected to benefit [14]. Media Sector - In March 2025, the National Press and Publication Administration announced the approval of 129 domestic games and 5 imported games, marking a significant increase in the issuance of game licenses compared to previous months [16][18]. - Tencent's game "Snow in the Knife" is based on a popular IP and is expected to perform well in the market due to its high-quality production and strong fan base [17]. - The gaming industry is seeing a diverse range of products being approved, indicating a stable market environment and potential for new game releases to perform well [18].