国泰海通晨报 2025 年 08 月 26 日 国泰海通证券股份有限公司 研究所 [Table_Summary] 1、【计算机研究】金山办公：公司 2025 年上半年经营业绩稳健，加大研发投入并推出 WPS AI 3.0 版本，实现 AI 月活大幅增长，持续夯实 AI 办公时代的竞争优势。 2、【生物医药研究】泽璟制药-U：公司产品放量加速，研发成果密集兑现，核心管线布局收获期， 早研管线稳步挺进，有望进一步提升竞争力，维持"增持"评级。 3、【建筑工程研究】建筑工程业：国办转发关于规范 PPP 存量项目建设和运营的指导意见，对于 存量项目分类分级推进，对于已运营项目要依法履约按效付费，强化政策和资金支持。 [汤蔚翔 Table_Authors] (分析师) 电话：021-38676172 邮箱：tangweixiang@gtht.com 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 杨林(分析师) 021-23183969 yanglin2@gtht.com S0880525040027 杨蒙(分析师) 021-23185700 yangmeng@gtht ...

商业化持续拓展，早研产品释放积极数据 泽璟制药-U(688266) 泽璟制药 2025 年半年报点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 彭娉(分析师) | 021-23185619 | pengping@gtht.com | S0880525040080 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | | 廖博闻(研究助理) | 021-23187268 | liaobowen@gtht.com | S0880125042239 | 本报告导读： 公司产品放量加速，研发成果密集兑现，核心管线布局收获期，早研管线稳步挺进， 有望进一步提升竞争力，维持"增持"评级。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 386 | 533 ...

Macro Strategy - The "urban renewal" initiative is expected to achieve a total investment of at least 4.48 trillion yuan during the 14th Five-Year Plan period, averaging nearly 900 billion yuan annually. The main sources of potential demand will come from the renovation of urban villages, old residential areas, and urban infrastructure upgrades [1][18] - The renovation of old residential areas and urban infrastructure is projected to contribute at least 2.35 trillion yuan in new investment during the 14th Five-Year Plan period, supported by over 470 billion yuan in central budget investments and special bonds [1][18] - The urban village renovation is estimated to contribute 2.13 trillion yuan in new investment during the 14th Five-Year Plan period, assuming a "half-demolition, half-renovation" approach for the remaining self-built houses [1][18] Economic Data - The actual GDP growth rate for Q2 was 5.2%, with a cumulative growth of 5.3% for the first half of the year, indicating a strong performance compared to the previous year. However, the nominal GDP growth rate was lower at 3.9% [2][20] - Consumer spending showed a year-on-year increase of 5.0% in the first half, driven by the "old-for-new" policy, while real estate sales showed resilience compared to the previous year [2][20] - Industrial production in June saw a year-on-year increase of 6.8%, supported by strong external demand, particularly in the equipment manufacturing sector [2][21] Company Analysis - Zhongkuang Resources (002738) has adjusted its profit forecast for 2025-2027 due to pressure from falling lithium prices and temporary losses in copper smelting, projecting net profits of 4.0/9.6/19.3 billion yuan [10] - Li Ning (02331.HK) anticipates challenges in sales due to deepening discounts and increased expenses, with revised net profit forecasts of 23.1/26.0/29.3 billion yuan for 2025-2027 [10] - 361 Degrees (01361.HK) is expanding its superstore network and maintaining industry-leading growth, with net profit forecasts of 13.0/14.6/16.2 billion yuan for 2025-2027 [11] - Zhongrong Electric (301031) expects continued high growth in its electric vehicle-related products, projecting net profits of 3.4/4.8/6.3 billion yuan for 2025-2027 [12] - Huanxin Cement (600801) reported a significant increase in Q2 profits, driven by improvements in domestic cement profitability and overseas operations, with revised net profit forecasts of 28.8/32.2/35.6 billion yuan for 2025-2027 [15]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 18, 2025 [1]. Core Insights - The report highlights that the A-share innovative drug sector outperformed the CSI 300 index by 0.63 percentage points, with a weekly increase of 1.75% [3][22]. - The Hong Kong innovative drug sector also showed strong performance, rising 2.77% and outperforming the Hang Seng Index by 0.68 percentage points [24]. - The report notes a significant increase in the number of innovative drug transactions globally, with notable deals including Rznomics and Eli Lilly for $1.3 billion, and Septerna and Novo Nordisk for $2.2 billion [7]. Summary by Sections 1. Market Performance - In the week of May 12-16, 2025, 39 stocks in the innovative drug sector rose while 67 fell, with the top gainers being Deki Medicine-B (up 18.34%), Sillodide (up 14.57%), and Jiahe Biology-B (up 14.48%) [3][19]. - Over the past six months, the A-share innovative drug sector has increased by 12.20%, outperforming the CSI 300 index by 13.49 percentage points [22]. - The Hong Kong innovative drug sector has seen a cumulative increase of 25.74% over the last six months, outperforming the Hang Seng Index by 5.95 percentage points [24]. 2. Drug Approvals and Clinical Trials - In May, one new drug was approved in China, with no new indications approved [5][30]. - The report indicates that in the U.S., one NDA was approved in May, but no new BLA approvals occurred during the week [6][34]. - Japan saw one innovative drug approved in May, with the same occurring in the week of the report [39]. 3. Key Transactions - The report details 11 significant global transactions, with four disclosing amounts, including a $1.3 billion deal between Rznomics and Eli Lilly, and a $2.0 billion agreement between Boston Pharmaceuticals and GSK [7]. 4. Innovative Drug Development - The report outlines the progress of GLP-1RA drugs for diabetes, noting 11 approved drugs globally, with three in NDA stage and nine in Phase III clinical trials [13]. - For obesity-related GLP-1RA drugs, three are approved, with one in NDA stage and six in Phase III clinical trials [15]. 5. Company-Specific Developments - The report mentions that several companies are advancing their innovative drugs, including Heng Rui Medicine's JAK1 inhibitor for atopic dermatitis and the approval of a new opioid analgesic by Haisco [43][44].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company's performance meets expectations, with a focus on the positive progress of key pipelines [5] - The company reported a revenue of 533 million RMB in 2024, a year-on-year increase of 37.91%, and a net profit attributable to shareholders of -138 million RMB [7] - The company has successfully commercialized existing products and is advancing two products towards market launch [7] - The company is developing multiple innovative drugs with promising clinical trial results expected to be announced in 2025 [7] Financial Summary - Revenue projections for 2025-2027 are 864 million RMB, 1.471 billion RMB, and 2.387 billion RMB respectively, with growth rates of 62.12%, 70.23%, and 62.33% [6][8] - The net profit attributable to shareholders is projected to be -11 million RMB in 2025, followed by 313 million RMB in 2026 and 734 million RMB in 2027 [6][8] - The company’s gross margin is expected to remain high, with estimates of 95.69% in 2025 and 94.46% in 2027 [9]