东吴证券晨会纪要-20250613

Macro Strategy - The report discusses the shift in policy focus from "controlling high prices" to "controlling low prices" to boost core CPI, suggesting that service price subsidies could increase core CPI by approximately 0.3 percentage points, offsetting declines in housing service prices [1][11] - It highlights that core CPI has shown a significant rebound since September of the previous year, despite a four-month negative growth trend driven mainly by food and energy prices [1][11] - The report emphasizes the limited upward potential for core goods and housing service prices, indicating that future policy should focus on enhancing prices of other services [1][11] Industry Analysis - The report on the energy sector recommends Foshan City Gas (佛燃能源) as a leading player with a strong dividend policy, projecting net profits of 8.72/9.22/9.76 billion yuan for 2025-2027, reflecting growth rates of 2.2%/5.7%/5.9% respectively, with a buy rating assigned [8] - In the pharmaceutical sector, QHRD107 is highlighted for its promising clinical data presented at the EHA conference, showing significant overall survival benefits for patients with relapsed/refractory acute myeloid leukemia, with a projected net profit of 4.43/5.12/6.09 billion yuan for 2025-2027, maintaining a buy rating [9][10]