渤海证券研究所晨会纪要（2025.06.03）-20250603

Macro and Strategy Research - The external environment shows volatility, with the US experiencing a decline in durable goods orders, particularly in non-defense capital goods, leading to cautious investment outlooks among businesses [2][3] - Domestic policies are expected to focus on boosting internal demand, with local governments implementing measures to enhance consumption, reflecting a trend towards quality upgrades and environmental improvements [3] Fixed Income Research - Industrial enterprise profit data for January to April shows improvement, with a narrowing decline in profit margins due to the impact of tariff policies and falling international commodity prices [4][6] - The primary market saw the issuance of 66 bonds totaling 769.2 billion, with net financing of 511.1 billion, indicating a high issuance scale for government bonds [6] - The secondary market experienced mixed performance in bond yields, with the 10-year government bond yield decreasing by 3 basis points to 1.69% [6][7] Industry Research - The pharmaceutical and biotechnology sector continues to thrive, with multiple innovative drugs receiving approval, including three from Heng Rui Medicine and others from Fosun Pharma and Zai Lab [8][10] - The industry saw a 2.26% increase in the pharmaceutical sector index, outperforming other sectors, with a current price-to-earnings ratio of 27.74, indicating a 150% premium over the CSI 300 index [10] - The upcoming American Society of Clinical Oncology (ASCO) conference is expected to provide significant updates on innovative drug data, suggesting continued investment opportunities in the sector [11]