东吴证券晨会纪要-20250523

Macro Strategy - The central bank's balance sheet is expected to continue shrinking due to the recent reserve requirement ratio cut, which may lead to further "balance sheet reduction" [1][9] - The U.S. CPI for April showed an unexpected decline, but concerns about fluctuating tariffs and inflation remain, with the 10-year U.S. Treasury yield rising to 4.477% [1][11] - The recent U.S.-China trade negotiations have boosted market confidence, leading to significant increases in U.S. stock markets and a drop in gold prices by 3.65% [1][11] Fixed Income - The report analyzes the common characteristics of city investment platforms eligible to issue technology innovation bonds, highlighting that platforms with AAA ratings and located in core provincial cities are more likely to succeed in this area [2][14] - The participation of city investment entities in the technology bond market is limited due to their focus on public service and infrastructure projects, which are less aligned with technology innovation [2][15] Industry Analysis - The beer industry is currently experiencing a phase where leading brands are well-positioned for growth, with recommendations to increase allocations in quality leaders like Qingdao Beer and Yanjing Beer [3][16] - The report indicates that while beer consumption is under pressure, the resilience of leading brands and the potential for recovery in the restaurant and retail sectors could provide positive support for the beer market [3][17] Company Recommendations - Sanofi's recent licensing agreement with Pfizer for SSGJ-707 marks a significant milestone, with an upfront payment of $1.25 billion and potential future payments totaling up to $4.8 billion [4][18] - Naixue's Tea is focusing on a green health strategy and optimizing its store operations, with revenue projections for 2025-2027 expected to grow steadily [5][20] - Anji Food is shifting its strategy from channel-driven to product-driven, with new product launches aimed at enhancing differentiation and market presence [6][21]