渤海证券研究所晨会纪要（2025.12.22）-20251222

Company Research - The report focuses on Gongchuang Turf (605099), a leading global artificial turf company, which has shown steady growth with a revenue increase of 9.52% and a net profit growth of 30.89% in the first three quarters of the year [10] - The company has a strong presence in the leisure turf segment, with over 70% of its revenue coming from this category, and it exports to more than 140 countries, with over 95% of its revenue generated from overseas [10] - The global artificial turf market is expected to grow, with a projected CAGR of 9.28% in industry size and 11.21% in sales area from 2015 to 2023, reaching €4.141 billion by 2027, representing a 28.64% increase from 2023 [11] - Gongchuang Turf has established a robust R&D system, with R&D expenses of 71.82 million yuan in the first three quarters of 2025, a 10.58% increase year-on-year, significantly higher than its peers [11] - The company has a planned production capacity of 17.6 million square meters after the completion of its overseas production bases, with a high capacity utilization rate maintained above 95% from 2020 to 2024 [11] Industry Research - The report highlights the recent National Medical Security Work Conference, which outlines eight key tasks for 2026, focusing on supporting the development of commercial health insurance and promoting innovation in the pharmaceutical industry [13][16] - The SW pharmaceutical and biotechnology sector saw a decline of 1.23% in the week of December 12-18, 2025, with mixed performance across sub-sectors [13] - The report suggests that with the implementation of the new drug catalog and commercial insurance for innovative drugs, there are investment opportunities in pharmaceutical companies whose products enter the medical insurance system [16] - The report also notes that the pharmaceutical and biotechnology sector has shown weak reactions to recent catalysts, leading to a downgrade of the industry rating from "positive" to "neutral" [16]