研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 迈威生物(688062) BD 落地优化现金流，ADC+TCE 平台产品出海可期 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 34.90 | | --- | --- | | 总股本/流通股本（亿股）4.00 | / 2.04 | | 总市值/流通市值（亿元）139 | / 71 | | 52 周内最高/最低价 | 37.33 / 15.60 | | 资产负债率(%) | 63.6% | | 市盈率 | -13.37 | | 第一大股东 | 朗润(深圳)股权投资基 | | | 金企业(有限合伙) | 证券研究报告：医药生物 | 公司点评报告 发布时间：2025-07-30 l 商业化快速推进，研发管线持续加码 2024 年度，公司实现营收 2.0 亿元（+56.28%），主要来自药品销 售收入 14459.2 万元和技术服务收入 5503.0 万元。2025Q1 公司实现 营收 4478.9 万元（-33.7%）。其中药品销售收入为 4472. ...

Macro Strategy - The macroeconomic indicators show a structural differentiation in domestic demand while external demand remains stable overall, with a focus on improving the efficiency of fund utilization in monetary policy [1][10] - The ECI supply index is at 50.12%, down 0.03 percentage points from last week, while the demand index is at 49.94%, up 0.01 percentage points [10] - The overall economic outlook is cautiously optimistic, with the central bank's tone shifting from "timely adjustments" to "flexibly grasping the implementation of policies" [10] Fixed Income - The report emphasizes a preference for medium to low-priced, high-rated convertible bonds with a remaining maturity of 1-3 years, which can contribute stable cash flow and have a strong willingness to convert [2][13] - The issuance of green bonds totaled approximately 31.44 billion yuan this week, a decrease of 11.72 billion yuan from the previous week, with a total transaction volume of 73.5 billion yuan [3][15] - The issuance of secondary capital bonds amounted to 9.1 billion yuan this week, with a total transaction volume of approximately 199 billion yuan, down 55.5 billion yuan from the previous week [4][16] Industry Recommendations - Maiwei Biotech (688062) is entering a new stage with significant potential in its differentiated ADC+TCE dual platform, with revenue forecasts for 2025 adjusted from 750 million yuan to 1.108 billion yuan [6][20] - Dashishi Co. (01405.HK) is expanding against the trend, benefiting from continued store openings and expected recovery in average transaction amounts [7] - Luzhou Laojiao (000568) is rationally addressing transformation pains while actively seizing opportunities, with profit forecasts adjusted to 12.4 billion, 12.9 billion, and 14.1 billion yuan for 2025-2027 [8][9]