(本版专题数据由证券时报中心数据库提供) 内需市场一头连着经济发展，一头连着社会民生，是经济发展的重要依托。 2025年政府工作报告将"大力提振消费、提高投资效益，全方位扩大国内需求"列为今年政府工作十项任 务之首，并围绕"大力提振消费"作出了具体工作部署，提出要"实施提振消费专项行动，制定提升消费 能力、增加优质供给、改善消费环境专项措施，释放多样化、差异化消费潜力，推动消费提质升级"。 今年以来，一系列扩内需促消费政策发力显效，做强国内大循环，进一步释放我国超大规模市场活力。 在一季度实现"开门红"后，多地抓紧部署二季度经济工作重点，明确进一步聚焦提振内需，加快释放政 策效能。 广东明确，大力提振消费需求，深入实施提振消费专项行动，推动消费品以旧换新政策惠及领域进一步 延伸拓展，持续放大撬动效应；适度加大消费补贴和政府采购力度，促进广货国货消费、新型消费、入 境消费、公共消费等，不断挖掘消费增量，激发消费活力。 紧随其后的是达仁堂（600329），滚动市盈率为10.3倍。公司2024年归母净利润为22.3亿元，同比增长 125.94%，拟向全体股东每10股派发现金红利12.80元(含税)。市盈率较低的还有 ...

| 行业名 | 成交量（亿 | 成交量较昨日增减 | 换手率 | 涨跌幅 | 今日主力资金净流入（亿 | | --- | --- | --- | --- | --- | --- | | 称 | 股） | （%） | （%） | （%） | 元） | | 计算机 | 80.08 | 16.11 | 4.54 | 3.65 | 56.72 | | 电子 | 73.37 | 23.97 | 2.68 | 2.64 | 46.98 | | 非银金 融 | 42.19 | 31.55 | 1.02 | 1.38 | 24.29 | | 机械设 备 | 90.99 | 18.74 | 3.40 | 3.04 | 22.76 | | 有色金 属 | 43.08 | 42.69 | 1.97 | 2.57 | 20.75 | | 通信 | 31.97 | 41.66 | 1.85 | 3.59 | 20.12 | | 电力设 备 | 54.55 | 8.54 | 2.26 | 2.16 | 15.08 | | 汽车 | 53.94 | 4.84 | 2.51 | 2.20 | 13.02 | | 传媒 | 41.10 | 1 ...

Summary of Key Points Core Viewpoint - The A-share market shows a significant number of low-priced stocks, with 63 stocks priced below 2 yuan, indicating a potential area for investment analysis and opportunities in the market [1]. Group 1: Market Overview - As of May 6, the Shanghai Composite Index closed at 3316.11 points, with an average A-share price of 11.34 yuan [1]. - The distribution of high-priced and low-priced stocks is relatively small in the overall A-share market [1]. Group 2: Low-Priced Stocks - Among the 63 stocks priced below 2 yuan, the lowest is *ST Jiayao at 0.21 yuan, followed by *ST Pengbo at 0.62 yuan and Puli Tui at 0.69 yuan [1]. - 41.27% of the low-priced stocks are ST stocks, indicating a significant presence of companies under special treatment [1]. Group 3: Performance of Low-Priced Stocks - Out of the low-priced stocks, 49 stocks experienced an increase in price, with Guangtian Group leading at a rise of 9.94%, followed by Shanzi Gaoke at 6.18% and Baogang Co. at 5.78% [1]. - Conversely, 6 stocks saw a decline, with *ST Sihuan dropping by 5.24%, *ST Jinguang by 4.81%, and *ST Xingguang by 4.79% [1].

证 券 研 究 报 告 自媒体热度降低，杠杆资金净流出规模扩大 ——投资者温度计第23期 2025年5月6日 证券分析师：姚佩 执业编号：S0360522120004 邮箱：yaopei@hcyjs.com 联系人：朱冬墨 邮箱：zhudongmo@hcyjs.com 证 券 研 究 报 告 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 2 • 上周市场小幅下行，受五一假期影响自媒体热度降低。 • 公募抱团趋势不变，风格偏向成长，行业偏向消费；24/9/18至今公募重仓股四成领涨，行业集中于电子、汽车、 医药等。 • 最近一周以小单衡量的沪深两市A股散户资金净流入469.7亿元，较前值减少200.3亿元，处过去五年9.0%分位， 净流入规模持续下降至谷底；融资资金净流出157.6亿元，较上周增加145.1亿元。 1.1、自媒体：热度降低 证 券 研 究 报 告 2600 2800 3000 3200 3400 3600 0 50 100 150 200 250 300 350 400 450 9/11 9/16 9/21 9/26 10/1 10/6 10/11 10/16 10 ...

降本增效显著，采浆快速增长 ——派林生物 2024 年报&2025 年一季报点评 核心观点 盈利预测与投资建议 ⚫ 考虑到公司产能扩增带来的短期影响，我们下调盈利预期，预测公司 2025-2027 年 每股收益分别为 1.23、1.42、1.60 元（原预测值 2025-2026 年分别为 1.28/1.47 元），参考可比公司平均市盈率，我们给予公司 2025 年 23 倍 PE 估值，对应目标价 28.29 元，维持"买入"评级。 风险提示 ⚫ 行业估值水平波动的风险；采浆量不达预期风险；新品上市不达预期风险；行业政 策变动风险；商誉减值风险等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,329 | 2,655 | 3,217 | 3,637 | 4,043 | | 同比增长 (%) | -3.2% | 14.0% | 21.2% | 13.1% | 11.2% | | 营业利润(百万元) | 695 | 880 | 1,018 | 1 ...

以最新收盘价计算，科创板平均股价为30.56元，其中股价超100元的有40只，股价最高的是寒武纪。 证券时报·数据宝统计显示，科创板股今日上涨的有525只，下跌的有57只，以收盘价为基准测算，科创 板平均股价为30.56元，其中，收盘价超过100元的有40只，股价在50元至100元之间的有100只，股价在 30元至50元的有147只。 科创板股中，收盘价最高的是寒武纪，今日报收707.22元，上涨0.51%，其次是恒玄科技、惠泰医疗 等，最新收盘价分别为437.59元、413.00元。 科创板百元股中，今日平均上涨1.32%，具体来看，今日上涨的有29只，涨幅居前的有思看科技、源杰 科技、金山办公等。下跌的有9只，跌幅居前的有泽璟制药、热景生物、极米科技等。 向前追溯发现，科创板百元股最新收盘价相对发行价平均溢价328.86%，溢价幅度居前的有百利天恒、 安集科技、寒武纪等，溢价幅度分别为1058.22%、1044.73%、998.34%。 以申万一级行业分类，科创板百元股较为集中的行业有电子、医药生物、计算机等，分别有20只、8 只、5只股票上榜。 资金流向方面，科创板百元股今日主力资金合计净流入4106. ...

降本增效显著，采浆快速增长 ——派林生物 2024 年报&2025 年一季报点评 核心观点 盈利预测与投资建议 ⚫ 考虑到公司产能扩增带来的短期影响，我们下调盈利预期，预测公司 2025-2027 年 每股收益分别为 1.23、1.42、1.60 元（原预测值 2025-2026 年分别为 1.28/1.47 元），参考可比公司平均市盈率，我们给予公司 2025 年 23 倍 PE 估值，对应目标价 28.29 元，维持"买入"评级。 风险提示 ⚫ 行业估值水平波动的风险；采浆量不达预期风险；新品上市不达预期风险；行业政 策变动风险；商誉减值风险等。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,329 | 2,655 | 3,217 | 3,637 | 4,043 | | 同比增长 (%) | -3.2% | 14.0% | 21.2% | 13.1% | 11.2% | | 营业利润(百万元) | 695 | 880 | 1,018 | 1 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" [2] Core Viewpoints - The report indicates that the performance recovery phase has begun, focusing on "innovative drugs + AI healthcare" as key investment themes [4][17] - The report highlights a structural market trend in the pharmaceutical sector, with a strong performance expected in Q2 2025 due to the gradual recovery of the healthcare market and increased consumer demand [4][17] - The report emphasizes the potential for innovative drugs and AI healthcare to drive future growth, supported by favorable policy developments and market conditions [4][17] Summary by Sections 1. Industry Overview - The pharmaceutical and biotechnology sector saw a weekly return of 0.49%, outperforming the CSI 300 by 0.93%, ranking 9th among 31 sub-industry indices [11] - In Q1 2025, 99% of pharmaceutical companies disclosed their earnings, with 33% showing growth in both revenue and net profit [13][14] 2. Market Performance and Valuation - The pharmaceutical sector's recent one-month return was -3.24%, with a relative performance of 0.45% against the CSI 300, ranking 11th among sub-indices [18][26] - The current PE (TTM) for the pharmaceutical sector is 26.43, which is below the historical average of 31.15 [20][23] 3. Key Investment Themes - **Innovative Drugs**: The report suggests focusing on companies with rapid commercialization and high R&D potential, such as Innovent Biologics and BeiGene [17] - **AI Healthcare**: The report identifies AI as a key growth area, with significant developments expected in drug discovery and diagnostics [17] - **Consumer Recovery**: The report anticipates benefits for the consumer healthcare sector due to strong policy support for consumption stimulation [17] 4. Company Dynamics - Notable companies with strong Q1 performance include Aidi Pharmaceutical, which reported a 113% year-on-year revenue increase [42] - The report lists several companies to watch in the innovative drug and AI healthcare sectors, including Zai Lab and Ping An Good Doctor [17][42]

Core Insights - April marks a critical month for A-share listed companies as they disclose annual and quarterly reports, leading to intensified research activities by public funds [1] - A total of 162 public fund institutions conducted research on A-share listed companies in April, covering 732 stocks across 30 primary industries, with a total of 9,796 research instances, representing a 129.47% increase from March and setting a new high for research activity in the year [1] Industry Analysis - The electronics and pharmaceutical industries led in research activity, with the electronics sector dominating the top ten most-researched stocks [1] - Luxshare Precision (002475) topped the list of most-researched stocks, followed by Huada Technology (002463), Lanke Technology, and Anker Innovation (300866) in the electronics sector [1] - In the pharmaceutical sector, stocks such as East China Pharmaceutical (000963), Aibo Medical, Aopumai, and Kaili Medical (300633) received significant attention [1] Stock Performance - Among the researched stocks, Red Bull (002165) from the basic chemical industry achieved the highest increase in stock price, soaring by 104.27%, making it the biggest dark horse of the month [1] - In the automotive sector, Lin Tai New Materials saw a remarkable stock price increase of 84.94% in April [1] - The pharmaceutical and biological sector also performed well, with Yipin Hong (300723) and Kexing Pharmaceutical recording stock price increases of 56.20% and 55.19%, respectively, both making it into the top ten for price increases [1]

Group 1 - In April 2025, public fund institutions showed a significant increase in research activity, with a total of 162 institutions conducting 9,796 research sessions on A-share listed companies, marking a 129.47% month-on-month increase and setting a new high for the year [1] - A total of 169 stocks received significant attention from public fund institutions, with 147 stocks being researched 20 to 49 times, and 22 stocks exceeding 50 research sessions [1] - The electronics sector, particularly Luxshare Precision, was the most favored by public fund institutions, receiving 182 research sessions from 114 institutions, making it the only stock to surpass 100 research sessions in April [1] Group 2 - The electronics and biopharmaceutical sectors led the research activity, with 98 and 100 stocks being researched respectively, and total research frequencies reaching 1,754 and 1,400, significantly higher than other sectors [2] - The top ten stocks by research frequency in April included Luxshare Precision, Tianzi Communication, and Huadong Medicine, with Luxshare Precision experiencing a price drop of 24.55% [2] - The leading public fund institutions in terms of research frequency included Bosera Fund with 241 sessions, followed by Huaxia Fund with 192 sessions, focusing on popular stocks like Luxshare Precision and Tianzi Communication [3]