Macro Overview - The Federal Reserve is expected to maintain interest rates for a longer period, with a higher probability of rate cuts occurring in the second half of the year, although the likelihood of a July cut is decreasing due to slow tariff negotiations and resilient economic growth [1][2][7] - The A-share market is anticipated to show stronger resilience due to ongoing policy support aimed at stabilizing and activating the capital market, with a focus on mergers and acquisitions for company transformation [1][12] Equity Market Insights - The U.S. stock market is facing multiple pressures that could trigger a downward spiral, despite some recovery due to eased tariff policies and fiscal stimulus expectations [1][17] - The A-share market is expected to benefit from policies promoting long-term capital inflows and corporate restructuring, with a focus on high-margin assets and sectors boosted by policy support [1][17] Fixed Income Strategy - The convertible bond market is experiencing a decline, with a focus on identifying undervalued securities and opportunities related to redemption clauses [19][20] - The performance of convertible bonds is closely tied to the overall equity market, with a recommendation for a diversified portfolio including specific convertible bonds [19][21] Non-Banking Financial Sector - The "Action Plan for Promoting the High-Quality Development of Public Funds" aims to enhance investor returns and expand the scale of equity investments in public funds, which is crucial for long-term capital market stability [24][28] - The plan emphasizes performance-based fee structures and long-term investment strategies to improve the overall quality of the public fund industry [25][26] Automotive Industry - The automotive sector has shown strong performance in Q1 2025, with significant fund allocation and a continuous increase in holdings by public funds, driven by favorable policies and market conditions [30][31] - The sector is expected to maintain high growth momentum due to new product launches and consumer demand stimulation [30][31] Pharmaceutical Sector - The pharmaceutical industry is under pressure due to cost control measures, with a notable decline in revenue and profit margins, but there are signs of recovery in the innovative drug segment [36][39] - The innovative drug sector is projected to benefit from supportive policies and improving market conditions, leading to potential value recovery [38][39]

Group 1 - The company reported a revenue of 782 million yuan for 2024, representing a year-on-year growth of 33.33%, with a net profit attributable to the parent company of 83 million yuan, up 20.82% year-on-year [1] - In Q1 2025, the company achieved a revenue of 189 million yuan, a year-on-year increase of 22.39%, and a net profit attributable to the parent company of 29 million yuan, up 72.98% year-on-year [1] - The core business of chromatography fillers and media generated a revenue of 451 million yuan in 2024, with a year-on-year growth of 10.20% [2] Group 2 - The newly added chromatography analysis instruments and accessories contributed a revenue of 154 million yuan, primarily from the consolidation of the acquired company Fuli Instruments [2] - The market for chromatography fillers is expanding, with a current domestic market penetration rate of only about 10%, indicating significant potential for domestic substitution [3] - The company has established strategic cooperation agreements with five major clients, resulting in a sales volume of 224 million yuan, accounting for 50% of the revenue from chromatography fillers [3] Group 3 - The company is evolving into a leading domestic supplier of chromatography fillers, consumables, and instruments, driven by underlying technology [4] - Revenue projections for 2025-2027 are 977 million yuan, 1.17 billion yuan, and 1.37 billion yuan, with net profits of 134 million yuan, 203 million yuan, and 290 million yuan respectively [4] - The current stock price corresponds to a PE ratio of 67, 45, and 31 times for 2025-2027 [4]