Core Insights - The report highlights the strong performance of the U.S. job market, with June non-farm employment data showing an increase of 147,000 jobs and a decrease in the unemployment rate from 4.2% to 4.1% [4] - The report notes the significant growth of the jewelry brand Zhou Li Fu, which went public on the Hong Kong Stock Exchange, raising approximately HKD 1.292 billion [5][6] - The report discusses the rapid expansion of 361 Degrees, which opened 49 new stores, establishing itself as a new landmark in urban sports consumption [6][7] Market Trends - The U.S. economy is experiencing a mild cooling phase, with concerns about the job market being alleviated by strong employment data [4] - The textile and apparel sector saw a 1.36% increase, while the light industry manufacturing sector rose by 0.58% [6] - The gold and jewelry retail sector reported a year-on-year growth of 21.8% in May, indicating a robust demand for gold and jewelry products [7] Company Performance - Zhou Li Fu's revenue is projected to grow from CNY 3.102 billion in 2022 to CNY 5.718 billion in 2024, with a compound annual growth rate (CAGR) of 35.8% [5] - The net profit of Zhou Li Fu is expected to increase from CNY 575 million in 2022 to CNY 706 million in 2024, with a CAGR of 10.8% [5] - Tao Tao Vehicle's net profit for the first half of 2025 is projected to be between CNY 310 million and CNY 360 million, representing a year-on-year growth of 70.34% to 97.81% [14][16] Industry Developments - The global regulatory framework for stablecoins is advancing, with significant legislative actions in the U.S., EU, and Hong Kong [9][10] - The report emphasizes the entry of traditional financial institutions and tech giants into the stablecoin market, enhancing the ecosystem [9] - The report also highlights the potential for Real World Assets (RWA) to create new growth opportunities for stablecoins [10] Investment Recommendations - The report recommends focusing on companies with strong mid-year performance, particularly in the textile and apparel sector, such as Anta Sports and 361 Degrees [6][7] - In the gold and jewelry sector, companies like Lao Pu Gold and Chao Hong Ji are highlighted as having strong mid-year performance potential [7] - The report suggests monitoring the progress of virtual asset licensing in Hong Kong and the core application scenarios for stablecoins in the long term [12]

2025 年 07 月 02 日 行业点评 看好/维持 医药 医药 《支持创新药高质量发展的若干措施》出台，创新药迎来高质量 发展机遇 ◼ 走势比较 (10%) (2%) 6% 14% 22% 30% 24/7/1 24/9/12 24/11/24 25/2/5 25/4/19 25/7/1 ◼ 子行业评级 ◼ 推荐公司及评级 相关研究报告： 《2025 年医药行业投资策略：穿越风 雪，奔赴山海》-2025.01.06 证券分析师：谭紫媚 电话：0755-83688830 E-MAIL：tanzm@tpyzq.com 分析师登记编号：S1190520090001 证券分析师：郭广洋 电话：15601950558 E-MAIL：guoguangyang@tpyzq.com 分析师登记编号：S1190524100001 事件：国家医保局、国家卫生健康委于 2025 年 6 月 30 日联合印 发《支持创新药高质量发展的若干措施》（简称《措施》），从研发、支 付、临床应用等五大维度推出 16 项举措，着力破解创新药"研发难、 支付难、进院难"的核心痛点。 《措施》进一步完善了全链条支持创新药发展举措，为推动创新 药 ...

2025 年 05 月 19 日 行业点评 看好/维持 医药 医药 礼来 25Q1 收入增长强劲，关注 GLP-1 药物数据读出 研究助理：戎晓婕 E-MAIL：rongxj@tpyzq.com 一般证券业务登记编号：S1190123070050 (20%) (12%) (4%) 4% 12% 20% 24/5/20 24/7/31 24/10/11 24/12/22 25/3/4 25/5/15 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | ◼ 推荐公司及评级 相关研究报告 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：霍亮 E-MAIL：huoliang@tpyzq.com 分析师登记编号：S1190523070002 报告摘要 事件： 近日，礼来发布 2025 年第一季度财报。 （来源：礼来，太平洋证券研究院） 核心观点： GLP-1 药物驱动核心业绩，2025Q1 收入增长强劲。礼来 ...

2025 年 05 月 14 日 行业日报 看好/维持 医药 医药 相关研究报告 <<太平洋医药日报（20250513）：诺和 诺德 Sogroya 三期临床成功>>-- 2025-05-14 <<生命科学上游系列研究（一）：供需 回暖，板块向上>>--2025-05-13 <<太平洋医药日报（20250509）：GSK 在研小分子linerixibat三期临床成 功>>--2025-05-13 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： 太平洋医药日报（20250514）：默克匹米替尼拟纳入优先审评 ◼ 走势比较 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 报告摘要 市场表现： 2025 年 5 月 14 日，医药板块涨跌幅+0.10%，跑输沪深 300 指数 1.1 ...

2025 年 05 月 13 日 行业日报 看好/维持 医药 医药 太平洋医药日报（20250513）：诺和诺德 Sogroya 三期临床成功 ◼ 走势比较 ◼ 子行业评级 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<太平洋医药日报（20250509）：GSK 在研小分子linerixibat三期临床成 功>>--2025-05-13 <<迈瑞医疗点评报告：海外高速增 长，看好国内全年复苏>>--2025-05- 12 <<联影医疗点评报告：国内市占率持 续提升，海外高速增长>>--2025-05- 12 证券分析师：周豫 近日，诺和诺德（Novo Nordisk）公布了篮式 3 期临床试验 REAL8 的 积极数据，数据显示，每周一次使用 Sogroya（somapacitan）在改善小于 胎龄儿（SGA）、努南综合征（NS）或特发性矮小（ISS）患儿的青春期前 年生长速率方面，与每日一次使用的生长激素 Norditropin（somatropin） 相比，达到非 ...

Investment Rating - The industry rating is neutral, indicating that the expected overall return in the next six months will be between -5% and 5% compared to the CSI 300 index [9]. Core Insights - The pharmaceutical sector experienced a decline of 0.74% on April 28, 2025, underperforming the CSI 300 index by 0.60 percentage points, ranking 15th among 31 sub-industries [4]. - Notable performers within the pharmaceutical sub-industries included offline pharmacies (+2.83%), medical research outsourcing (+0.53%), and other biological products (+0.17%), while medical consumables (-1.98%), vaccines (-1.73%), and in vitro diagnostics (-1.65%) lagged behind [4]. - Novartis' application for a new indication for Pluvicto has been accepted by the Chinese National Medical Products Administration, targeting earlier-stage PSMA-positive mCRPC patients [5]. Summary by Sections Market Performance - On April 28, 2025, the pharmaceutical sector's performance was -0.74%, underperforming the CSI 300 index by 0.60 percentage points, with offline pharmacies and medical research outsourcing showing positive growth [4]. Sub-industry Ratings - Chemical pharmaceuticals: No rating - Traditional Chinese medicine: No rating - Biopharmaceuticals II: Neutral - Other pharmaceutical industries: Neutral [3]. Company News - WuXi AppTec reported Q1 2025 revenue of 9.655 billion yuan, a year-on-year increase of 20.96%, with net profit rising by 80.06% to 3.672 billion yuan [6]. - Hongbo Pharmaceutical reported Q1 2025 revenue of 169 million yuan, up 29.61%, with net profit increasing by 226.47% to 12 million yuan [6]. - Xingqi Eye Medicine reported Q1 2025 revenue of 536 million yuan, a 53.24% increase, with net profit soaring by 319.86% to 146 million yuan [6]. - Yingke Medical reported Q1 2025 revenue of 2.494 billion yuan, a 13.20% increase, with net profit rising by 48.08% to 353 million yuan [6].