Group 1 - Luye Pharmaceutical has launched Rotigotine Luye in the UK, a generic version of Neupro®, for treating early and advanced idiopathic Parkinson's disease and moderate to severe idiopathic restless legs syndrome [1] - Rotigotine Luye is the first generic version of Neupro® to be launched in the UK, demonstrating bioequivalence with the original product [1] - The product features a smaller patch size, 8% smaller than Neupro®, and has a lower drug load while maintaining the same release dosage [1] Group 2 - Parkinson's disease affects over 10 million people globally and is the second most common neurodegenerative disease, leading to significant mobility and mental health issues [2] - Restless legs syndrome affects approximately 3% of the global population, causing an irresistible urge to move the legs, which can severely disrupt daily activities [2] - Rotigotine, as a dopamine receptor agonist, improves both motor and non-motor symptoms in Parkinson's patients and alleviates symptoms in restless legs syndrome patients [2] Group 3 - Luye Pharmaceutical has a strong focus on the central nervous system treatment field, with a portfolio of internationally competitive innovative drugs and formulations [3] - The company has several approved products, including Erzofri® and Rykindo® in the US, and Ruoxinlin® and Jinyouping® in China [3] - Multiple first-in-class innovative drugs are in clinical stages, including LY03020, LY03021, and LY03015, targeting various mechanisms [3]

观点聚焦 我们认为，全球钨供需或将长期维持紧缺，钨价中枢有望迎来系统性上行。在钨价中枢抬升、中国钨业上市公司加速钨矿资源注入及开发、下游产能高端化 三大趋势下，中国钨业龙头的配置价值有望逐步凸显。 资源开发放缓；钨供给增量超预期；下游需求不足；钨价大幅波动。 T正文ext 1.供给：钨资源稀缺性强，供给有望维持偏紧格局 钨是一种战略性较强的资源，具有多种优秀且独特的性质，应用广泛并且难以替代。 据中钨在线，钨的熔点约3410摄氏度，在所有金属元素中位列第一； 钨的密度为19.35g/cm3，在非贵金属中位列第一；钨的莫氏硬度高达7.5，在金属中名列前茅。此外，钨还具有较强耐磨性、较强耐腐蚀性、高导电性、高导 热性等优势。凭借自身优良的性能，钨及其制品广泛应用于机械制造、矿山采掘、航空航天、汽车工业、新能源、国防等领域，且难以被其他金属材料替代 理由 供给侧，全球钨供给稀缺性强，集中度高，2023年中国钨的储量和产量占比均列全球第一，对全球钨供应具有较大影响力。 由于前期钨矿资源的较快消 耗，中国钨矿储采比明显低于全球平均水平，整体面临矿山老化、品位下降的压力，加之钨精矿开采总量控制及供改、环保政策趋严，使得国 ...