SBT(SH:688392) Shanxi Securities·2025-06-20 01:04Market Overview - The domestic market indices showed a decline, with the Shanghai Composite Index closing at 3,362.11, down 0.79%, and the Shenzhen Component Index at 10,051.97, down 1.21% [4] Macro Insights - The 2025 Lujiazui Forum emphasized high-quality development and deepening financial reform and opening up, with key speeches from leaders of major financial institutions discussing global financial governance and the challenges facing the international monetary system [6][7] - The report highlighted the need for a diversified cross-border payment system and the importance of a robust global financial safety net to address regulatory fragmentation and emerging financial risks [6][7] Industry Commentary: Biopharmaceuticals - The report provided updates on the innovative drug HLX43, which has shown significant anti-tumor efficacy in early clinical trials for non-small cell lung cancer (NSCLC), with an overall response rate (ORR) of 36.8% in phase Ia and 38.1% in phase Ib [11][13] - HLX43 is a novel antibody-drug conjugate (ADC) targeting PD-L1, demonstrating a favorable safety profile with low hematological toxicity, supporting its potential for first-line therapy and combination treatment [11][13] Industry Commentary: Communications - AMD showcased its Helios ultra-node cabinet, indicating advancements in AI infrastructure, while East Mountain Precision announced plans to acquire Source Photonics, reflecting ongoing consolidation in the optical communication sector [12][14][16] - The report noted that the optical communication industry is experiencing a trend of mergers and acquisitions, with a focus on integrating upstream capabilities to enhance competitive advantages [16] Company Analysis: Jiao Cheng Ultrasound - Jiao Cheng Ultrasound reported a significant turnaround in performance, with a 2024 revenue of 585 million yuan, up 11.3%, and a net profit of 86 million yuan, up 29.04% [17] - The company is benefiting from strong growth in its automotive and semiconductor businesses, driven by trends in energy storage and electric vehicles, with expectations for continued revenue growth in the coming years [17][18] - The report forecasts a net profit of 130 million yuan for 2025, representing a 54.9% year-on-year increase, with a projected EPS of 1.2 yuan [18]