2025 年 9 月 1 日 招银国际环球市场 | 睿智投资 | 公司更新 固生堂 (2273 HK) 固生堂 (2273 HK) - | 目标价 | 48.28 港元 | | --- | --- | | (此前目标价 | 52.75 港元) | | 潜在升幅 | 48.6% | | 当前股价 | 32.50 港元 | 中国医药 武 煜, CFA (852) 3900 0842 jillwu@cmbi.com.hk 黄本晨, CFA huangbenchen@cmbi.com.hk 公司数据 客单价企稳，业绩有望回到加速通道 固生堂发布 1H25 业绩报告，收入同比增长 9.5%至 14.9 亿元，净利润同比增长 41.6%至 1.5 亿元，经调整净利润同比增长 15.2%至 1.7 亿元。1H25 收入占我们 此前全年预测的 39.1%，稍低于历史区间 (42%-45%)，经调整净利润占我们此前 全年预测的 35.4%，处在历史区间的高位 (30%-35%)。固生堂业绩增长持续由稳 健的线下需求驱动，1H25 线下收入同比增长 11.1%，其中老店收入同比增长 8.2%，门诊人次同比增长 15.3%。公司主 ...

Group 1 - The medical health ETF Taikang (159760) has risen by 2.02%, marking a three-day consecutive increase, while the index it tracks, the National Certificate Public Health and Medical Health Index (980016), surged by 2.23% [1] - A total of 534 drugs have passed the formal review for the basic medical insurance directory, and 121 drug generic names have passed the commercial insurance innovative drug directory review, including high-priced innovative drugs like CAR-T [1] - The top ten weighted stocks in the National Certificate Public Health and Medical Health Index account for 51.67%, including leading companies such as Hengrui Medicine and WuXi AppTec, which are expected to benefit from policy changes [3][4] Group 2 - Medical AI is transitioning from "point tools" to "agents," with significant commercial breakthroughs achieved by companies like SoundHound and Ant Group in healthcare applications [2] - The global generative AI market in healthcare is projected to reach $22.8 billion by 2032, while China's medical large model market is expected to grow from 2 billion to 10 billion RMB from 2025 to 2028, with a CAGR of 140% [2] - The index's constituent companies are primarily focused on prevention, testing, and treatment, which are areas with significant potential for AI technology applications [3]

2025 年 3 月 14 日 晨会速递 分析师点评 市场数据 总量研究 2 月美国通胀迎来超预期降温，主因前期高利率环境叠加财政紧缩效应，共同压制需 求。从通胀前景来看，结合基数效应以及当前需求降温的趋势，预计未来两个月美国 通胀将保持回落态势，美联储仍具备一定降息空间。但进入下半年后，考虑到关税政 策影响显现，叠加减税法案的推出将支撑需求侧，预计美国通胀易上难下，货币政策 或转为观望态度，全年超预期降息 3 次概率较低。 行业研究 【电子】AI 和晶圆厂扩建驱动半导体材料市场回暖，高端材料国产化进程加速——半 导体材料系列报告之二(买入) 在 AI 产业驱动、存储芯片补货、晶圆厂扩建的驱动下，半导体材料市场回暖，高端 材料国产化进程加速，硅片、电子特气、掩膜版、光刻胶、湿电子化学品、CMP 材 料、靶材等各环节均受益。建议关注半导体材料领域公司：雅克科技、南大光电、彤 程新材、安集科技、鼎龙股份、上海新阳、江丰电子、有研新材、菲利华、清溢光电、 路维光电、华特气体、德邦科技。 【电新】亿航智能实现 24 年调整后盈利和正向经营现金流，适航进展打开应用场景 ——低空经济行业系列报告八(买入) 2024 年， ...