京新药业 20260112 摘要 金鑫药业传统业务聚焦仿制药、原料药和医疗器械，仿制药涵盖精神神 经、心脑血管等领域，集采影响已逐步消除，原料制剂一体化布局具备 成本优势，收购深圳巨峰进入医用显示器市场，巩固了其在传统制药领 域的地位。 地达西尼作为新一代抗失眠创新药，通过独特机制规避了传统苯二氮卓 类药物的安全性问题，起效迅速且半衰期短，适合多病共存患者，上市 后已进入医保目录，2025 年前三季度销售额达 1.1 亿人民币，超出市 场预期，预计未来两年将迎来快速放量。 JX2,201 是一款靶向降脂的新靶点创新小分子药物，目前处于二期临床 阶段，虽然短期内难以贡献显著业绩，但其 BD 潜力巨大，有望成为公 司远期估值弹性的关键因素，为金鑫药业提供持续增长动力。 金星药业在降脂领域的小分子 LPA 创新药与礼来的莫法贝林结构相似， 后者已进入三期临床，若莫法贝林成功上市，金星的 2,201 也有较高成 药潜力，具备较高的 BD 交易潜力。 Q&A 金鑫药业的业务架构和发展逻辑是什么？ 金鑫药业的业务主要分为传统制药和创新药两大部分。传统业务包括仿制药、 原料药和医疗器械，其中仿制药对营收影响最大。尽管过去由 ...

Core Viewpoint - The stainless steel market is experiencing a downward adjustment, with prices declining and a cautious market sentiment prevailing [1][4]. Price Trends - As of November 6, the price of Tai Steel 304 cold rolled sheet in Wuxi is between 13,450-13,550 CNY/ton, down 200 CNY/ton from the previous week, a decrease of 1.46%, and down 5.92% year-on-year [1][2]. - The average price of Tai Steel 304 cold rolled sheet this week is 13,620 CNY/ton, down 70 CNY/ton from the previous week, a decline of 0.51% [1][2]. - The price of Hongwang 304 cold rolled sheet 2mm in Wuxi is between 12,700-12,800 CNY/ton, also down 200 CNY/ton from the previous week, a decrease of 1.54%, and down 6.59% year-on-year [1][2]. Market Drivers - The stainless steel futures market is primarily experiencing a downward trend, with macroeconomic sentiment being cautious, leading to significant pressure on both raw material and finished product prices [4][6]. - Social inventory levels have slightly increased due to demand falling short of expectations, and market participants are adopting a risk-averse stance, leading to some price increases in 201 products [4][6]. Market Outlook - The short-term market supply and demand situation remains unsatisfactory, with transaction volumes struggling to break through effectively [5][6]. - The expectation of reduced production in November is mainly concentrated in the 200 series, while the 300 and 400 series markets have limited reduction expectations, indicating ongoing supply-demand conflicts [5][6]. - Cost support is gradually becoming more evident, limiting further price declines in finished products, with the market likely to stabilize and await a rebound [5][6].

Summary of Conference Call Records Industry Overview - The domestic computing chip industry is experiencing a long-term investment opportunity driven by domestic substitution and market demand growth, with companies like Cambricon, Huawei, and Haiguang showing development potential alongside self-developed ASICs from major firms [1][2][3] Key Points and Arguments - **Revenue Growth and Financial Performance**: - Moer Thread's IPO raised 8 billion, with projected revenues of 438 million in 2024, while Muxi raised 4 billion with projected revenues of 743 million in 2024. Both companies have high gross margins despite negative net profits due to upfront semiconductor design and R&D costs [1][3][4] - **Competitive Positioning**: - Moer Thread's latest Pinghu architecture chip has an IP 32 computing power close to NVIDIA's H20, with an interconnect bandwidth of 800GB per second and memory capacity of 80GB, indicating strong competitiveness against NVIDIA's high-end chips [1][5] - **Policy Impact**: - Recent policies from the National Cyberspace Administration of China require companies like Alibaba and ByteDance to stop testing and purchasing NVIDIA's RTX PRO6,000D, indicating a push for domestic processors that have reached or surpassed NVIDIA's performance levels [1][6] - **Market Growth Projections**: - The domestic computing chip market is expected to see significant growth, with early estimates predicting a market size of 200 billion, potentially reaching 800 billion by 2027 according to NVIDIA [3][8][9] - **Supply Chain and Production Capacity**: - By 2026, domestic computing chip manufacturers are expected to scale up production significantly due to resolved supply chain issues and capacity releases, with major internet companies beginning to test and adopt domestic chips [1][7] Additional Important Insights - **Product Development and Competitiveness**: - Moer Thread has enhanced AI training and inference capabilities in its products, with significant improvements in parameters and performance, indicating a positive trend in product strength and supply chain progress [5][11] - **Market Dynamics**: - The coexistence of self-developed ASICs and traditional chip manufacturers like Huawei and Haiguang is feasible due to the large market size and low domestic penetration rates, providing ample growth opportunities [2][10] - **End-Side Computing Trends**: - Companies like Rockchip are positioned well in the end-side computing sector, with recent product launches showing better performance and price competitiveness compared to Qualcomm and NVIDIA [12][13][15] - **3D Stacking Technology**: - 3D stacking technology is becoming increasingly important for high-bandwidth hardware in model training and inference, with companies like Zhaoyi holding a strong position in this area [17]