Investment Rating - The report maintains a "Buy" rating for the company with a target price of 28.24 CNY, reflecting a reasonable market value of 163.33 billion CNY [2][6]. Core Insights - The company has shown a narrowing of losses, with a reported revenue of 1.69 billion CNY in 2024, a decrease of 9.0% year-on-year, and a net loss of 240 million CNY, which is a reduction of 15.4% compared to the previous year [9]. - The approval of the drug Gexosrayse for commercialization is expected to enhance revenue streams, with 2025 being the first full year of commercialization for this product [9]. - The clinical pipeline is progressing well, with positive data from the TYK2 inhibitor trials, indicating strong potential for future growth [9]. Financial Forecasts - Revenue projections for 2025-2027 have been adjusted downwards, with expected net profits of -346 million CNY, -377 million CNY, and -290 million CNY respectively [2]. - The company is expected to achieve a significant revenue increase in 2026 and 2027, with growth rates of 129.3% and 62.6% respectively [4]. - The gross margin is projected to remain high, around 100% in 2025, while the net margin is expected to improve significantly by 2027 [4]. Financial Metrics - The company reported a net profit margin of -153.1% in 2023, which is expected to improve to -55.1% by 2027 [4]. - The earnings per share (EPS) is projected to be -0.60 CNY in 2025, improving to -0.50 CNY by 2027 [4]. - The price-to-earnings (P/E) ratio is forecasted to be -40.6 in 2025, indicating the company's current valuation relative to its earnings [4].

Market Overview - In May, the A-share market showed a recovery with major indices experiencing varying degrees of increase, with the Shanghai Composite Index rising by 2.09%, the Shenzhen Component Index by 1.42%, and the ChiNext Index by 2.32% [3] - The North Exchange 50 Index performed notably well, with a significant increase of 5.83% for the month, while the CSI 2000 Index also saw a rise of 4.11% [3] Stock Performance - Approximately 3,900 A-shares increased in value during May, accounting for over 70% of the total A-shares [6] - Nearly 400 stocks recorded a cumulative increase of over 20%, with around 60 stocks achieving a rise of more than 50% [6][8] - Notable stocks that doubled in price include Zhongyou Technology, Shutaishen, Wangzi New Materials, Hezhuan Intelligent, and Luqiao Information [6][8] Sector Analysis - All major sectors experienced growth, with textiles and apparel, beauty care, pharmaceuticals, and defense industries leading the gains [6] - Concept sectors such as weight loss drugs and pet economy also performed well, driven by relevant news [6] Trading Volume - The total trading volume for the three major exchanges in May was 23.08 trillion yuan, a decrease from April's 25.93 trillion yuan [4] Declining Stocks - Over 1,500 A-shares saw a decline in price, with 189 stocks dropping more than 10%. Among these, 20 stocks experienced a decline exceeding 20%, with *ST Guandao showing the largest drop of 31.61% [8]

创业板指今日下跌0.96%，报收1993.19点，创业板全日成交额3210.41亿元，比上个交易日减少156.04亿 元。今日可交易创业板股中，229只股收盘上涨，涨幅超过10%的有7只，其中，霍普股份、睿智医药等 2股涨停，涨幅在5%至10%之间的有23只，收盘下跌的有1129只，跌幅超10%的有8只。 证券时报·数据宝统计显示，换手率方面，创业板今日平均换手率为3.70%，换手率区间分布显示，换手 率超过20%的有35只，换手率10%~20%之间的有138只，换手率5%~10%的有254只，换手率1%~5%的有 849只，换手率不足1%的有104只。 换手率最高的是雄帝科技，该股今日收盘上涨13.22%，全天换手率61.62%，成交额21.30亿元；其次是 新天地，该股今日收盘上涨0.76%，全天换手率51.57%，成交额8.52亿元；换手率居前的还有广康生 化、四方精创、信邦智能等，换手率分别为49.93%、42.43%、34.73%。 高换手率个股中，公布上半年业绩预告的共有1只。（数据宝） 5月30日创业板换手率居前个股 | 代码 | 简称 | 最新收盘价 | 日涨跌幅（%） | 日换手率（%） | ...

沪指本周下跌0.03%，其中，81股成交活跃，周换手率超过100%。 证券时报·数据宝统计显示，本周共有81只个股换手率超过100%；换手率在50%~100%的有293只；换手 率在10%~50%的有2097只。分行业看，本周换手率100%以上个股中，基础化工行业个股最多，有16只 个股上榜；轻工制造、机械设备等紧随其后，分别有12只、11只个股上榜。 新天地是本周换手率最高的个股，一周换手率为247.65%，一周股价上涨3.40%，该股本周因日换手率 达30%等5次登陆龙虎榜，买卖居前营业部中，机构专用席位净卖出5618.21万元，营业部累计净卖出 1.06亿元。资金流向上，该股本周主力资金净流出0.90亿元。 | 002229 | 鸿博股 | 17.61 | 13.17 | 172.48 | 26067.96 | 轻工制 | | --- | --- | --- | --- | --- | --- | --- | | | 份 | | | | | 造 | | 300963 | 中洲特 | 29.20 | -13.66 | 169.61 | -42261.14 | 有色金 | | | 材 | | | | | 属 ...

Market Overview - On the last trading day of May, the A-share market experienced a weak fluctuation with a decline in both volume and price, led by technology stocks, resulting in nearly 4,200 stocks closing lower [1][2] - The Shanghai Composite Index fell by 0.47% to 3,347.49 points, while the ChiNext Index dropped by 0.96% to 1,993.19 points, with total trading volume decreasing to 1.16 trillion yuan [2][3] Sector Performance - The agriculture, forestry, animal husbandry, and fishery sector led the gains, with stocks like Juxing Agriculture and Xiangjia Co. hitting the daily limit [5] - Defensive sectors such as banking and pharmaceuticals also showed slight gains, while technology stocks faced significant declines, with many sectors experiencing drops of nearly 2% [6][7] Individual Stock Movements - A total of 1,116 stocks rose, with 53 hitting the daily limit, while 4,163 stocks fell, including 19 hitting the lower limit [3] - Notable declines were observed in technology-related sectors, including a 3.29% drop in the reducer sector and a 3.14% drop in molten salt energy storage [9] Investor Sentiment - Investor sentiment appears cautious ahead of the Dragon Boat Festival holiday, with some choosing to hold cash due to uncertainties in overseas factors [1][10] - The market lacks clear industry themes, leading to insufficient overall trading volume, which may limit potential rebounds in technology stocks [10][12] Future Outlook - Analysts suggest that if trading volume exceeds 1.2 trillion yuan post-holiday, technology stocks may see a technical rebound; otherwise, sector rotation may continue [11] - The market is expected to maintain a fluctuating pattern, with indices oscillating between 3,300 and 3,400 points in the short term, while long-term focus remains on sectors benefiting from policy support and technological self-reliance [12][13]

盘后数据出炉。 5 月 30 日， A 股市场整体下跌。截至收盘，上证指数报 3347.49 点，下跌 0.47% ；深证成指报 10040.63 点，下跌 0.85% ；创业板指报 1993.19 点，下跌 0.96% ；北证 50 指数下跌 0.51% 。 A 股市场合计成交 11646.09 亿元，较上 一交易日减少 489.92 亿元。 1.A股市场主力资金净流出352.62亿元 今日A股市场主力资金开盘净流出158.05亿元，尾盘净流出37.83亿元，A股市场全天主力资金净流出352.62亿元。 | | | 沪深两市近五日主力资金流向情况(亿元) | | | | --- | --- | --- | --- | --- | | 日期 | | | 净流入金额 开盘净流入 尾盘净流入 超大单净买入 | | | 2025-5-30 | -352. 62 | -158. 05 | -37.83 | -193. 19 | | 2025-5-29 | 74. 33 | -19.58 | 23. 89 | 121. 48 | | 2025-5-28 | -185. 39 | -73.21 | -22. 45 | - ...

Report Industry Investment Rating No relevant content provided. Core View of the Report - Due to US tariffs and the Fed's stance, the probability of a divergence between the US dollar and US Treasury yields is high, which will trigger asset fluctuations. The domestic A-share market is expected to rebound after the Dragon Boat Festival or after filling the gap. The market may experience short - term fluctuations, and the real market trend will be observed after the festival [2][8] Summary by Directory 1. Market Views 1.1 Overseas Overnight - The revised annualized quarterly rate of real GDP in the US in Q1 was - 0.2%, higher than the expected and previous value of - 0.3%. The monthly rate of the existing home sales contract index in April was - 6.3%, lower than the expected - 1% and the previous value of 5.5%, indicating an economic slowdown in Q1 and a cooling real - estate market. Fed's Goolsbee said that if tariffs are avoided, the Fed may return to a rate - cut scenario. The probability of a rate cut in September is 52.4%. US tariffs are volatile, causing overnight market fluctuations. The US dollar index fell, US Treasury yields rose, gold rose, US stocks rose, the Nasdaq Golden Dragon China Index rose, and the offshore RMB exchange rate first depreciated and then appreciated. A divergence between the US dollar index and US Treasury yields is expected, and capital market volatility will increase [1][4] 1.2 Domestic Market Review - On Thursday, the market rebounded with the Shanghai Composite Index up 0.7%, the Shenzhen Component Index up 1.24%, and the ChiNext Index up 1.37%. Stocks generally rose, and trading volume increased. Brokerage and technology sectors were active. Computer, medicine, electronics, and military industries led the gains, while beauty care, banking, food and beverage, and petrochemical sectors declined. There were 4468 rising stocks and 831 falling stocks [2][5] 1.3 Important Information - The US Court of Appeals allowed Trump's tariff policy to continue temporarily. Trump's officials were confident of victory in the lawsuit and believed alternative ways to impose tariffs could be found. Three agreements are expected in the next few weeks. The US Treasury Secretary said trade partners' attitudes remained unchanged in the past 48 hours. Trump met Powell and asked for a rate cut, but Powell insisted on monetary policy independence. There is no plan for Putin to talk with Trump. The CPC Central Committee General Office and the State Council General Office issued an opinion on improving the market - based allocation system for resource and environmental elements. China's Ministry of Commerce responded to US semiconductor export controls and urged the US to cancel tariffs. The US decided to revoke Chinese student visas, and China's Ministry of Foreign Affairs criticized it. The Hongdao operating system was launched. Yushu's name change sparked listing speculation, and the company said it was a routine change [6][7] 1.4 Today's Strategy - Thursday's A - share and overseas market movements reflected news. Given US tariffs and the Fed's attitude, a divergence between the US dollar and US Treasury yields is likely, causing asset fluctuations. The domestic A - share market is expected to rebound after the Dragon Boat Festival or after filling the gap. The Thursday's rebound was unexpected, and the market may fluctuate in the short - term. The real market trend will be observed after the festival [8] 2. Futures Market Tracking Futures Market Performance - Data on the closing prices, settlement prices, price changes, price change rates, basis, and other indicators of various stock index futures contracts such as the Shanghai 50, CSI 300, CSI 500, and CSI 1000 are provided [10] Futures Trading Volume and Open Interest - Data on trading volume, trading volume changes, trading value, trading value changes, open interest, open interest changes, and other indicators of various stock index futures contracts are provided, as well as the positions of the top 20 members [11] 3. Spot Market Tracking Spot Market Performance - Information on the current points, daily, weekly, monthly, and annual price changes, trading value, and other indicators of major domestic stock indexes such as the Wind All - A, Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index is provided. It also includes data on different sectors such as upstream, mid - stream, consumer, TMT, and financial sectors [33] Impact of Market Styles on Index Fluctuations - Analyzes the impact of market styles (cycle, consumption, growth, finance, stability) on the Shanghai 50, CSI 300, CSI 500, and CSI 1000 indexes in terms of the number of stocks, weights, and daily, weekly, monthly, and annual contributions [34][36] Index Valuation - Presents the current valuations and historical percentile rankings of important indexes and Shenwan sectors [37][40] Other Market Indicators - Includes data on the Sunday average trading volume, Sunday average turnover rate, number of rising and falling stocks, north - bound funds, Hong Kong Stock Connect, margin trading balance, and margin trading net purchase amount and its proportion in A - share trading volume [42][50] 4. Liquidity Tracking - Information on central bank open - market operations and Shibor interest rate levels is provided, presented in graphical form [52]

Q： 请问重阳投资， 如何看待今年以来港股IPO爆发 ？ A： 今年以来，港股IPO规模明显上升。根据Wind统计，截止5月28日，港股已有27家企业成 功上市，首次招股募资总额已超770亿港元，接近去年全年。现象级IPO频发，蜜雪集团上市融 资认购金额达1.77万亿港元，宁德时代赴港上市成功融资超350亿港元成为全球范围内仅次于 沙特阿美的第二大IPO。目前港股仍有157家公司等待上市，募资超50亿港币的待上市项目有 18家。根据德勤的预测，年内港股IPO募资规模有望冲击1500亿港元，重返全球前三。 受益于IPO环境改善，港股正经历优质资产供给的结构性升级。 以蜜雪集团为代表的全球消费 企业，以宁德时代为代表的中国核心制造企业，以及以恒瑞医药为代表的中国优质创新药企等 纷纷赴港上市。这些优质核心资产港股IPO基石投资者认购比例高，上市后股价平均涨幅优 秀，带动港股优质资产占比进一步提升，行业结构的优化有望进一步吸引中长期资金对港股的 配置。港股当前兼具估值安全边际、产业升级动能与流动性支撑，中长期配置价值凸显，我们 坚定看好港股的中长期表现。 ▲向上滑动阅览 【免责声明】 本材料由上海重阳投资管理股份有限 ...

（文章来源：证券时报网） 以幅度进行统计，综合行业融资余额增幅最高，最新融资余额为30.97亿元，环比增长1.26%，其次是美 容护理、银行、环保行业，环比增幅分别为1.13%、0.52%、0.46%；融资余额环比降幅居前的行业有煤 炭、有色金属、房地产等，最新融资余额分别有157.66亿元、773.04亿元、299.67亿元，分别下降 0.96%、0.41%、0.40%。（数据宝） | 汽车 | 915.15 | -1.02 | -0.11 | | --- | --- | --- | --- | | 房地产 | 299.67 | -1.20 | -0.40 | | 公用事业 | 422.05 | -1.49 | -0.35 | | 煤炭 | 157.66 | -1.53 | -0.96 | | 通信 | 612.08 | -2.43 | -0.40 | | 有色金属 | 773.04 | -3.22 | -0.41 | | 医药生物 | 1238.87 | -4.44 | -0.36 | 截至5月29日，市场最新融资余额为17975.80亿元，较上个交易日环比减少11.28亿元，分行业统计，申 万所属一级行 ...

证 券 研 究 报 告 【债券日报】 转债市场日度跟踪 20250529 ❖ 市场概况：今日转债增量上涨，估值环比抬升 指数表现：中证转债指数环比上涨 0.58%、上证综指环比上涨 0.70%、深证成 指环比上涨 1.24%、创业板指环比上涨 1.37%、上证 50 指数环比上涨 0.29%、 中证 1000 指数环比上涨 1.76%。 市场风格：小盘成长相对占优。大盘成长环比上涨 0.62%、大盘价值环比下降 0.03%、中盘成长环比上涨 1.48%、中盘价值环比上涨 0.62%、小盘成长环比 上涨 1.53%、小盘价值环比上涨 0.84%。 资金表现：转债市场成交情绪升温。可转债市场成交额为 571.54 亿元，环比 增长 12.24%；万得全 A 总成交额为 12134.10 亿元，环比增长 17.37%；沪深 两市主力净流入 74.33 亿元，十年国债收益率环比上升 0.45bp 至 1.69%。 转债价格：转债中枢提升，高价券占比提升。转债整体收盘价加权平均值为 118.69 元，环比昨日上升 0.59%。其中偏股型转债的收盘价为 162.71 元，环比 上升 0.07%；偏债型转债的收盘价为 11 ...