机构：中信建投证券 研究员：贺菊颖/袁清慧/王云鹏 金斯瑞是被低估的生命科学与基因治疗龙头。我们预计金斯瑞有望迎来估值重估，合理市值为654亿港 币，62%上涨空间。①生命科学板块随着创新药投融资回暖，蛋白业务第二增长极日益壮大，将逐步看 到业绩加速回暖；②蓬勃生物抗体业务逐步回暖，稀缺的兼具激活T细胞和猴交叉能力的CD3 vhh具备 对外授权潜力；③传奇生物重磅产品Carvykti2026年有望读出一线临床数据，继续巩固其在多发性骨髓 瘤中的优势领先地位。 传奇生物：海外商业化持续推进，期待26年Carvykti一线数据读出。Carvykti长期生存显著领先，CR具 有优势，神经毒性可控，已经成为NCCN指南中的MM推荐疗法，是目前爬坡最快的CAR-T产品。随着 产能逐渐落地，有望加速放量。 此外，期待2026年Carvykti一线数据读出，继续巩固其在MM领域的疗效地位。 盈利预测：预计2025-2027年公司总收入分别为9.5亿美元、8.1亿美元、9.7亿美元，对应增速分别为 60%、-15%、20%；经调整归母净利润分别为1.6亿美元、1.5亿美元、3.2亿美元。 投资建议：公司各业务板块估值方式差异 ...

8月26日早盘，生猪板块逆市拉升，养殖ETF(516760)现涨1.72%，成交额大幅放大，成分股牧原股份 (002714)上涨6.79%，晓鸣股份(300967)上涨4.70%，圣农发展(002299)上涨3.88%，巨星农牧(603477)， 天康生物(002100)等个股跟涨。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 8月21日发改委指出全国平均猪粮比价跌至6∶1以下，将于近期开展中央冻猪肉储备收储。华储网随后公 告将于8月25日单向收储猪肉1万吨，于8月26-29日轮储猪肉1.9万吨。收储助推猪价情绪见底，叠加前 期疫情、大猪出栏等因素导致生猪超卖，月末月初供给缩量消费好转，猪价新一轮上行逐步开启。 资金流入方面，养殖ETF最新资金净流入69.38万元。拉长时间看，近17个交易日内有9日资金净流入， 合计"吸金"1080.08万元。 养殖ETF紧密跟踪中证畜牧养殖指数，中证畜牧养殖指数选取涉及畜禽饲料、畜禽药物以及畜禽养殖等 业务的上市公司证券作为样本，以反映畜牧养殖相关上市公司的整体表现。从估值层面来看，养殖ETF 跟踪的中证畜牧养殖指数最新市盈率（PE-TTM）仅1 ...

2025.08. 22 本文字数：3379，阅读时长大约5.5分钟 作者 | 第一财经 周艾琳 从怀疑到惊讶，到将信将疑，到大致确信，再到持续加仓，投资者对A股牛市的认可，往往会经历多 个阶段。 本轮牛市，先是有国家队的资金"托底"，而后有保险资金加速入市助力，在真金白银的支撑之下，散 户的情绪被点燃。这一切背后，A股实则已经历了较长时间的蜕变——公司治理改革，加大分红回购 力度，中长期资金入市，双向开放…… 随着上证综指站上3700点，成交量居高不下，从散户、基金、理财、险资到外资，究竟各方资金的A 股加仓之路走到了哪一步？未来还有多少加仓的空间？对此，第一财经记者采访了各个投资细分领域 的一线业内人士，希望可以从资金流向的角度，更清晰地展现A股本轮牛市的发展阶段。 散户资金入市潜力大 个人投资者是本轮牛市的"后来者"，但却一举点燃了牛市热度。 高盛数据显示，6月以来，代表国家队的资金（相关ETF）几乎处于"场边观望"状态，个人投资者占 据了主导。 上证综指在8月20日收于3766.21点，创出十年新高，消费板块开始发力。8月21日，上证综指无视美 国科技股的大幅回调，继续创出新高。 A股近期的持续上涨，是 ...

Core Viewpoint - The company is undergoing a strategic transformation from a traditional internet medical beauty platform to a more controllable and growth-oriented offline light medical beauty chain model, which has become its primary revenue source despite facing challenges in its traditional business [1][4][7]. Financial Performance - In Q2, the company reported total revenue of 379 million RMB, a year-on-year decline of 7.0%, with a net loss of 36 million RMB. However, the stock price had increased over fivefold prior to the earnings announcement [1][3]. - The traditional information and reservation services segment generated revenue of 135 million RMB, down 35.6% year-on-year, while the aesthetic treatment services segment saw revenue of 144 million RMB, up 426.1% year-on-year, becoming the largest revenue contributor [4][5]. Strategic Transformation - The company is shifting from a "traffic broker" model to an "industry landlord" model, focusing on offline chain operations, which has led to a significant increase in revenue from light medical beauty services [6][7]. - The rapid growth of the offline chain business has largely offset the decline in traditional business, indicating a successful transition to a new growth engine [7][8]. Business Model and Competitive Advantage - The company has established a comprehensive business model combining "platform + supply chain + stores," creating a closed-loop system that enhances customer acquisition, operational efficiency, and service delivery [10][19]. - The company has built a large private traffic pool, allowing for lower customer acquisition costs compared to industry averages, which supports the expansion of its offline chain business [10][11]. Market Potential - The light medical beauty market in China is projected to grow from 176 billion RMB in 2023 to over 258 billion RMB by 2025, with a compound annual growth rate exceeding 20% [26][29]. - As a leading player in the industry, the company is well-positioned to capitalize on this growth, with plans to expand its store count significantly in the coming years [29]. Future Outlook - The company is expected to achieve a positive cash flow from its 25 stores, indicating a clear path to profitability as it continues to scale its operations [24][25]. - The ongoing digital transformation and integration of AI technologies are anticipated to enhance operational efficiency and service quality, further solidifying the company's competitive edge [25][26].

Core Viewpoint - Morgan Stanley suggests buying Zijin Mining (02899.HK) during gold price pullbacks due to solid valuation re-evaluation prospects [1] Group 1: Valuation and Market Potential - Zijin Mining's overseas gold mining assets are expected to be listed, potentially increasing its market value by 11% to 17% [1] - The company's gold exposure is projected to surpass its copper exposure by Q2 2025, which may help narrow the valuation gap between Zijin and pure gold companies [1] Group 2: Current Valuation Metrics - Zijin Mining currently has a 12-month forward P/E ratio of 11 times, compared to the average expected P/E of 17 times for pure gold companies [1] - Morgan Stanley reiterates an "overweight" rating for both Zijin's A-shares and H-shares [1]

Core Viewpoint - The mid-term performance reports of listed companies are crucial for market valuation reassessment, reflecting both past operational results and future development trends [1][2][3] Group 1: Importance of Mid-term Performance Reports - Mid-term performance reports serve as a direct reflection of a company's operational status over a specific period, providing valuable insights for investors [1][2] - These reports allow investors to shift focus from macroeconomic factors and market sentiment back to the intrinsic operational performance of the companies [1][2] Group 2: Impact on Valuation - Adjustments in performance expectations are not merely numerical changes but represent a profound restructuring of market perceptions [1][2] - When actual performance exceeds expectations, it often leads to a reevaluation of the company's valuation, potentially increasing stock prices and attracting investment [1][2] - Conversely, if performance falls short of expectations, even previously optimistic market sentiments may lead to significant stock price declines and reduced valuations [1][2] Group 3: Analytical Approach for Investors - Accurately grasping the valuation changes brought by mid-term performance expectations requires in-depth analysis of financial statements, including revenue, profit, and cash flow [2] - Understanding the competitive landscape, market demand shifts, and policy impacts is essential for predicting performance changes [2] - For ordinary investors, focusing on mid-term performance expectations and analyzing performance changes is key to enhancing investment capabilities and mitigating risks [2][3]