资产负债率高于同业平均，毛利率低于同业平均 偿债能力方面，2025年三季度ST香雪资产负债率为85.08%，高于去年同期的73.72%，且远高于行业平均的 32.81%，偿债压力较大。从盈利能力看，2025年三季度毛利率为31.58%，略高于去年同期的31.10%，但低 于行业平均的52.44%，盈利能力有待提升。 董事长王永辉薪酬90万元，同比无变化 公司控股股东为广州市昆仑投资有限公司，实际控制人为王永辉、陈淑梅。董事长兼总经理王永辉，1962 年生，中国国籍，无境外永久居留权，工商管理硕士。曾任广州万宝集团洗衣机工业公司技术开发部部 长、副总经理，现任多个行业协会重要职务。2024年薪酬90万，与2023年持平。 A股股东户数较上期减少14.36% 截至2025年9月30日，A股股东户数为3.5万，较上期减少14.36%；户均持有流通A股数量为1.88万，较上期 增加16.78%。 ST香雪（维权）成立于1986年4月30日，于2010年12月15日在深圳证券交易所上市，注册地址和办公地址 均为广东省广州市。该公司是国内现代中药领域企业，在抗癌药物研发上有一定技术优势。 公司主营业务为现代中药的研发、生 ...

Group 1 - The collaboration represents a trend of partnerships between Chinese companies and international pharmaceutical firms aiming to enhance their global presence [1] - The initiative focuses on leveraging promising drug development pipelines that are emerging in China [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - The listing of platinum and palladium futures and options meets the hard - demand of China's platinum and palladium industry, and is significant for the futures market to serve China's green development strategy and improve the global pricing mechanism of platinum and palladium [2]. - The price curves of platinum and palladium reflect the comprehensive game of automobile technology iteration, supply shocks, and macro - sentiment. The future price difference between them depends on fuel cell penetration, mine supply recovery speed, and the expansion rhythm of the recycling system [66][71]. - Gold acts as a "ballast stone" in asset allocation, while platinum is a high - elasticity gaming chip for the automotive industry and hydrogen economy [74]. Summary According to the Directory 1. Platinum and Palladium Concept and Industry Chain Overview - **Concept and Characteristics** - Platinum is a silver - white, high - density, ductile, and chemically stable precious metal with high melting and boiling points, excellent catalytic performance, and strong corrosion resistance. It is used in electronics, automotive catalysts, jewelry, etc. [6][10] - Palladium is also a platinum - group metal, with lower density than platinum, excellent ductility, and chemical stability. It has unique strong hydrogen - absorption ability and is mainly used in automotive catalysts (especially for gasoline vehicles), electronics, etc. [11][14] - **Industry Chain Characteristics** - Supply: Platinum has an Russia - South Africa duopoly supply pattern, while palladium is dominated by South Africa. Platinum mining has high costs due to deep - mining, while palladium is a by - product of nickel mining with lower costs [20]. - Demand: Platinum has rigid jewelry demand in the Asian market, so its demand elasticity is low. Palladium has no substitutes in automotive catalysts, so its demand elasticity is high [20]. - Pain Points: The industry chain faces problems such as single - origin supply risk, low demand elasticity for platinum in jewelry, and high demand elasticity and low secondary - supply recovery rate for palladium [20]. - **Industry Chain Structure** - Upstream: It is mainly the supply of primary minerals from South Africa, Russia, etc. The key challenges include high - cost mining, ESG risks, and geopolitical issues [23]. - Mid - stream: It involves refining and processing, using complex hydrometallurgy. Core participants include mining giants' refineries, professional refiners, traders, and banks [25]. - Downstream: It is the manufacturing and distribution of products, with applications in automotive catalysts, jewelry, MLCCs, etc. Key manufacturers come from different industries [27]. - Recycling: Secondary supply mainly comes from waste automotive catalysts, electronic waste, etc., accounting for about 25% of platinum supply and 30% of palladium supply [34]. 2. Platinum and Palladium Supply - Demand Conditions - **Supply - side Factors** - Mineral Supply: It is highly concentrated in South Africa and Russia. Supply is affected by factors such as the COVID - 19 pandemic, power crises, and geopolitical issues, leading to significant fluctuations [37]. - Recycling Supply: It accounts for an increasing proportion, buffering supply - side fluctuations. However, the recycling volume is affected by precious - metal price fluctuations [38]. - **Demand - side Factors** - Automotive Catalysts: Palladium is the core material for gasoline - vehicle exhaust catalysts, accounting for 84% of global palladium demand in 2023. Platinum is mainly used in diesel - vehicle catalysts, with a 45% demand share in 2023. There is a substitution effect between them, but short - term substitution is limited [42]. - Industrial and Investment Demand: China is the largest platinum - demand country, using it for jewelry, chemical catalysts, and the hydrogen - energy industry. Europe is the largest palladium - demand country, with strong demand in the automotive industry. Emerging fields such as hydrogen fuel cells and 5G electronics are long - term demand growth points [43]. - **Inventory - side Factors** - Global platinum and palladium reserves have shown a trend of "first decline, then rise, and then stability" in the past 30 years. The sharp increase in 2024 is due to resource re - evaluation and large - scale resource upgrades in South Africa and Zimbabwe [48]. - **Import - Export Factors** - China's platinum - group metal resources are scarce, and the industry depends on imports. Import and export are affected by geopolitical, policy, and production - capacity factors. China encourages recycling technology R & D and hydrogen - energy industry investment to reduce import risks [51]. - Seasonal Patterns: Platinum imports peak from November to January and in September - October, and are low in February. Palladium imports peak from December to February and may have small peaks in July - August [54]. 3. Platinum and Palladium Spot and Futures Market Prices - **Futures Market Prices** - From 2011 to 2025, the futures prices of platinum and palladium can be divided into three stages. The price difference between them is mainly affected by automotive technology changes, supply - demand imbalances, and economic expectations [66]. - **Spot Market Prices** - From 2007 to 2025, the spot prices of platinum and palladium can also be divided into three stages. The price difference is mainly due to the "technology change" in automotive catalysts and the development of the recycling system [70]. - **Platinum - Gold Price Comparison** - In terms of price, gold is rarely surpassed by platinum. In terms of trend rhythm, gold shows a "step - by - step slow - bull" trend, while platinum has large fluctuations. In terms of divergence, the gold - platinum price ratio has reached a historical extreme, reflecting the dual discount of platinum [73][74]. 4. Platinum and Palladium Futures and Options Introduction - **Futures Contracts** - Platinum and palladium futures contracts have a trading unit of 1000 grams/hand, a minimum price change of 0.05 yuan/gram, a daily price limit of 4%, and a minimum margin of 5%. They use physical delivery, and the delivery months are February, April, June, August, October, and December [78]. - **Options Contracts** - Platinum and palladium options contracts are based on their respective futures contracts. They have a trading unit of 1 hand (1000 grams) of the underlying futures contract, a minimum price change of 0.05 yuan/gram, and an American - style exercise method [100].

Core Viewpoint - The rise of China's biotechnology industry is causing concern among U.S. pharmaceutical companies and politicians, with Pfizer's CEO emphasizing the need for the U.S. to focus on surpassing China rather than preventing technology transfer [1][3]. Group 1: Industry Trends - By the first half of 2025, one-third of global pharmaceutical licensing deals will involve Chinese drugs, up from 21% in 2023 and 2024, indicating a significant increase in China's role in the global pharmaceutical market [3]. - Pfizer's recent licensing deal with China's 3SBio for an oncology drug, valued at $60.5 billion, highlights the growing importance of Chinese biotech firms in the global landscape [3]. - Over the past decade, China's biotechnology sector has rapidly developed due to government support, flexible regulations, and a skilled workforce, leading to increased investment and competition with the U.S. [3][5]. Group 2: Competitive Landscape - China is now on par with the U.S. in clinical trial activities, and Chinese researchers are leading in CRISPR gene editing and structural biology publications [4][5]. - By 2025, the number of biotechnology patent applications submitted by Chinese researchers is expected to surpass that of their U.S. counterparts, attracting more private investment into Chinese biotech companies [5]. Group 3: Government and Policy Implications - The U.S. biotechnology sector has faced funding challenges, with calls for significant government investment to avoid falling behind China [5]. - Recent U.S. tax and spending legislation has provided some support for domestic pharmaceutical companies, allowing immediate deductions for certain R&D expenses [5]. - However, the Trump administration's proposed tariffs on imported drugs could create further uncertainty for the U.S. pharmaceutical industry [5][6].

联环药业：公司及全资子公司拟新建厂房和生产线 总投资3亿元 智通财经7月15日电，联环药业(600513.SH)公告称，公司及全资子公司扬州制药拟规划共出资30,000.00 万元人民币建设三栋厂房，包括出口制剂厂房、抗肿瘤合成厂房和抗肿瘤制剂厂房。其中，联环药业拟 出资15,000.00万元建设相关厂房及生产线，扬州制药拟出资15,000.00万元建设出口制剂药生产线及配套 立体库。项目建设工期预计分别为36个月和24个月，总投资分别为15,000.00万元。项目有助于提升公司 在抗癌治疗领域的布局，增强国内抗癌药物市场的竞争力，并推动公司国际化战略目标的实现。 ...

Group 1 - Dow futures fell by 0.06%, S&P 500 futures dropped by 0.17%, and Nasdaq futures decreased by 0.17% [1] - Chip stocks experienced a decline, with Nvidia down 1.25%, Intel down 0.4%, and AMD down 0.63% [1] - Toyota is reportedly proposing a $42 billion acquisition of Toyota Industries Corporation, which is the origin company of the Toyota Group [1] - DHL has resumed sending packages over $800 to individuals in the U.S. after constructive dialogue with U.S. authorities [1] - Merck has agreed to acquire SpringWorks Therapeutics for $3.9 billion to enhance its oncology drug portfolio [1] Group 2 - Bernstein upgraded Boeing's stock rating to "outperform" and raised the target price from $181 to $218, anticipating a 26% revenue growth for the year [2] - Nike is facing a lawsuit from NFT buyers after abruptly shutting down its NFT business, which was acquired in December 2021 [2] - Airbus signed a $439 million asset acquisition agreement with Spirit AeroSystems, taking over specific commercial aircraft assets in the U.S., France, Morocco, and Northern Ireland [2] Group 3 - Amazon has seen an average price increase of 30% on nearly a thousand products since the second week of April, affecting various categories including electronics and apparel [3]

德国 默克集团以39亿美元收购生物制药公司SpringWorks，旨在促进其抗癌药物业务的发展。 ...

Investment Rating - The report suggests a "Buy" rating for several companies, including Xiangxin Technology and TCL Technology, with specific earnings per share (EPS) forecasts for 2025 and 2026 [24][28]. Core Insights - The central economic meeting has a "preview" effect on the main sectors for the upcoming year, with significant performance expected in the 20 trading days following the meeting [2][36]. - The report identifies key sectors for investment in the coming year, including communication, electronics, home appliances, and automobiles, with a focus on AI and new consumption trends [2][36]. - The report emphasizes the importance of monitoring liquidity and economic indicators, particularly M1 and long-term loans, as they are critical for determining market trends [3][41]. Summary by Sections Economic Outlook - The report indicates that the economic cycle is currently in a phase where stock performance is generally positive, particularly during the recovery of M1 and long-term loans [3][41]. - It highlights that the social financing pulse has shown a rebound, with an increase in new government bonds and a notable rise in social financing stock [3][41]. Sector Performance - The report notes that sectors such as AI and new consumption are expected to lead the market, particularly following the central economic meeting [2][36]. - It also mentions that the consumer sector is showing signs of recovery, supported by low valuations and favorable policies [3][38]. Investment Strategy - The report recommends focusing on the "DeepSeek" breakthrough in technology and the gradual recovery of consumer stocks as key investment strategies [2][38]. - It suggests that the market may experience fluctuations but maintains a positive outlook as long as key indicators remain above critical levels [10][38]. Market Data - The report provides market data indicating significant increases in major indices, with the Shanghai Composite Index closing at 3419.56, reflecting a 1.81% increase [8][15]. - It also notes the performance of various sectors, with communication and electronics showing strong growth potential [17][19].