交银国际研究 每日晨报 2025 年 7 月 3 日 今日焦点 | 北方华创 | | 002371 CH | | --- | --- | --- | | 国产半导体设备龙头：成长性与韧性兼备，首 | | 评级: 买入 | | 予买入 | | | | 收盘价: 人民币 443.30 | 目标价: 人民币 530.00 | 潜在涨幅: +19.6% | | 王大卫, PhD, CFA | Dawei.wang@bocomgroup.com | | 半导体行业国产替代最核心的环节：正如之前主题报告中所提到的，我 们看好国产半导体设备行业前景，并关注龙头公司北方华创。 下游需求持续旺盛，国产设备市占率提升：中国内地半导体设备市场在 全球市场的份额从 2015 年的 13%升至 2024 年的 42%。在这个过程中， 北方华创业绩在上行周期中表现出高成长性，在下行周期中韧性较强。 与市场一致预测同比下降不同，我们预测中国内地 2025 年市场将保持增 长，达 500 亿美元。进口设备占比呈下降趋势，我们估算从 2015 年的 91.8%到 2024 年的 67.6%。我们预测北方华创 2025 年在内地半导体设备 市场 ...

AI + mRNA 技术平台亮相研发日：公司近期举办研发日活动，集中展示其完全整合且本地化的AI + mRNA 平台，及基于该平台的多款mRNA 肿瘤药物研发进展：1）个性化肿瘤治疗性疫苗EVM16 目前 已在小鼠黑色素瘤模型中验证疗效并展现出与PD-1 抗体存在协同作用。其IIT 研究的初步结果显示，即 使低起始剂量，也能在晚期肿瘤患者中激发特异性T 细胞反应，具有良好的免疫原性。2）通用型现货 肿瘤治疗性疫苗EVM14 同时靶向5种肿瘤相关抗原，适用于多种鳞癌，临床前研究发现其具备诱导免疫 记忆、降低肿瘤复发的潜力，正同步推进中美双报。3）自体生成CAR-T 项目也已在动物模型中验证有 效，具备现货型、无需淋巴耗竭、剂量可控等优势，展现了开发用于肿瘤及自身免疫疾病的潜力。 可逆BTK 治疗膜性肾病更新优异数据：公司公布了共价可逆BTK 抑制剂EVER001 治疗膜性肾病的 Ib/IIa 期数据。试验招募抗PLA2R 自抗体阳性的患者，分为低剂量组（100mg QD x 4 周 + 100mg BID x 32 周）和高剂量组（200mg BID x 36 周），36 周治疗后接受16 周随访。结果显示：1 ...

mRNA 平台开发稳步推进，可逆 BTK 膜性肾病数据优异；上调目标价 | 买入 | | | | --- | --- | --- | | 1 | 年股价表现 | | | 250% | 1952 HK | 恒生指数 | | 200% | | | | 150% | | | | 100% | | | | 50% | | | | 0% -50% | | | 股份资料 交银国际研究 公司更新 | 医药 | 收盘价 | 目标价 | 潜在涨幅 | 2025 年 7 月 2 日 | | --- | --- | --- | --- | --- | | 62.20 | 港元 | 港元 72.50↑ | +16.6% | | | 云顶新耀 (1952 HK) | | | | | | 52周高位 (港元) | 65.15 | | --- | --- | | 52周低位 (港元) | 18.28 | | 市值 (百万港元) | 20,198.83 | | 日均成交量 (百万) | 13.36 | | 年初至今变化 (%) | 28.51 | | 200天平均价 (港元) | 47.94 | | 资料来源 : FactSet | | 丁 ...

Core Viewpoint - CICC maintains the profit forecast for CloudTop New Horizon (01952) for 2025 and 2026, adjusting the target price by 14.3% to HKD 80.0, indicating a potential upside of 28.6% from the current stock price [1] Company Status - On June 27, CloudTop New Horizon held an mRNA innovation technology platform R&D day, showcasing three core product lines: the universal on-demand therapeutic vaccine EVM14, the personalized therapeutic vaccine EVM16, and the autologous CAR-T project. The company has established extensive contacts with global top 20 pharmaceutical companies, focusing on leveraging international partnerships to promote the global layout of innovative drugs [2] Complete mRNA R&D and Production Platform - The company has successfully built a comprehensive mRNA platform covering antigen design, algorithm optimization, LNP delivery systems, CMC process development, and GMP industrial production. Key patents include: 1) self-developed third-generation AI algorithm optimization, significantly enhancing target protein expression; 2) proprietary LNP delivery platform with over 500 internal lipid types, capable of liver and extrahepatic delivery, supporting both "passive" and "active" targeting strategies; 3) two major bases in Zhangjiang and Jiashan ensuring process development and industrial production [3] Project Progress - EVM16: Utilizes the company's self-developed EVER-NEO-01 "MiaoSuan" AI algorithm system to identify patient-specific tumor cell mutations and design mRNA vaccines encoding dozens of new tumor antigens. Preclinical data indicates good safety and strong immunogenicity, with IIT research completing the first patient dosing in March this year [4] - EVM14: A universal on-demand therapeutic bivalent vaccine targeting five tumor-related antigens, intended for squamous cell carcinoma, including non-small cell lung cancer and head and neck cancer. Preclinical data shows EVM14 can induce a strong immune response and can be combined with IO drugs to enhance anti-tumor activity, with FDA approval for clinical trials obtained in March [4] - Autologous CAR-T: Developed based on the proprietary LNP (tLNP) system, demonstrating efficient T cell transfection, CAR expression, and B cell clearance effects in monkey models [4]