东吴证券晨会纪要-20250513

Macro Strategy - The recent US-China trade negotiations have led to a significant reduction in tariffs, with the highest tariffs dropping from 145% to 30% before May 14, and a complete cancellation of 91% of retaliatory tariffs, reducing export uncertainties [1][12] - The progress in trade talks is attributed to increasing political and economic pressures within the US, with expectations for a comprehensive trade framework agreement to be reached within the year [1][12] - The US's demand for tariff reductions is more urgent compared to China's, as evidenced by a 14% month-on-month increase in the US trade deficit in March and record-high consumer goods imports [1][12] Industry Insights - The report highlights a shift in local state-owned enterprises' bond financing from infrastructure and real estate projects to technology innovation, with a 31.41% increase in bond issuance for equity or fund investments and a 47.85% decrease for infrastructure or real estate projects [4][17] - The technology sector is becoming a focal point for investment, with local state-owned enterprises increasingly directing funds towards innovation and technology projects, indicating a broader trend of "export to domestic sales" as domestic products gain market share due to tariff impacts [4][17] - The report emphasizes the growing importance of technology-driven sectors in China's economy, with digital economy core industries expected to contribute around 10% to GDP by the end of 2024, reflecting a significant increase in the share of technology in economic growth [1][15] Company Highlights - JingTai Holdings is identified as a key player in the AI for Science sector, with a strong research team and significant revenue growth, achieving 266 million RMB in 2024, a 53% increase year-on-year [9] - The company has made substantial progress in its drug development pipeline, including a collaboration with SigGen Bio for a dual-target inhibitor now in clinical trials, showcasing its innovative capabilities in the pharmaceutical sector [9] - BoRui Pharmaceutical is also highlighted for its strategic fundraising efforts, with a total of 500 million RMB raised through a directed issuance, and promising clinical trial results for its weight loss drug BGM0504, which shows superior efficacy compared to competitors [10][11]