证券研究报告 行业研究——周报 [Table_ReportType] [Table_StockAndRank] 石油加工行业 [Table_Author] 左前明 能源行业首席分析师 执业编号：S1500518070001 联系电话：010-83326712 邮箱：zuoqianming@cindasc.com 刘红光 石化行业联席首席分析师 执业编号：S1500525060002 邮箱：liuyilin@cindasc.com 刘奕麟 石化行业分析师 执业编号：S1500524040001 邮箱：liuyilin@cindasc.com 信达证券股份有限公司 CINDASECURITIESCO.，LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 大炼化周报：炼化产品价格价差仍 偏弱运行 [Table_ReportDate0] 2025 年 7 月 13 日 本期内容提要： [Table_Summary] ➢ 国内外重点炼化项目价差跟踪：截至 7 月 11 日当周，国内重点大炼 化项目价差为 2534.93 元/吨，环比变化-101.49 元/吨（-3. ...

Core Insights - Moderna (MRNA) received FDA approval for its COVID-19 vaccine, Spikevax, for children aged six months to 11 years at increased risk for the disease [1][6] - The vaccine was previously available under Emergency Use Authorization [1][6] - Following the announcement, Moderna's shares increased by 4.5% [1] Group 1: FDA Approval and Vaccine Availability - Spikevax is now fully approved for adults aged 65 and above, and individuals aged six months to 64 years at increased risk for severe COVID-19 [2] - The updated Spikevax will be available for eligible patients during the 2025-2026 vaccination season in the U.S. [2][6] Group 2: Stock Performance - Year-to-date, Moderna's shares have decreased by 17.5%, while the industry has seen a growth of 0.2% [3] Group 3: Competitive Landscape - Other COVID-19 vaccines include Pfizer (PFE)/BioNTech's (BNTX) Comirnaty and Novavax's (NVAX) Nuvaxovid, with Comirnaty also using mRNA technology [4] - Novavax's Nuvaxovid is the only non-mRNA vaccine in the U.S. and has received full approval for older adults and high-risk individuals aged 12-64 [7] Group 4: Company Ranking - Moderna currently holds a Zacks Rank of 3 (Hold) [8]

Key Takeaways MRK to acquire Verona Pharma for $10B, adding FDA-approved COPD drug Ohtuvayre to its portfolio. Ohtuvayre offers dual PDE3/4 inhibition, combining bronchodilation and anti-inflammatory effects. The deal supports MRK's diversification as Keytruda faces patent expiry and increased competition. Earlier this week, Merck (MRK) announced a definitive agreement to acquire Verona Pharma (VRNA) for approximately $10 billion. The deal will add Verona’s Ohtuvayre, approved for the maintenance treatmen ...

Core Viewpoint - The article highlights the potential investment opportunities in healthcare companies Merck and Bristol Myers Squibb, which are currently undervalued due to company-specific challenges but have strong long-term prospects. Group 1: Merck - Merck is nearing the loss of patent exclusivity for its key drug Keytruda, which is expected to face biosimilars by the end of the decade [4] - Despite the challenges, Merck's subcutaneous version of Keytruda has shown positive phase 3 results, potentially extending its patent exclusivity into the next decade [5] - The subcutaneous formulation is easier and faster to administer, reducing patient and physician time in the administration process by 49.7% and 45.7% respectively [6] - Merck has a strong pipeline with new approvals, including Winrevair and Enflonsia, and offers a reliable dividend program [7][8] - The stock's forward price-to-earnings ratio is 9.1, significantly lower than the healthcare industry average of 16.3, indicating potential upside for long-term investors [8] Group 2: Bristol Myers Squibb - Bristol Myers Squibb is facing patent expiration for its cancer drug Opdivo and has already lost exclusivity for Revlimid and Sprycel [9] - The company reported a 6% year-over-year revenue decline to $11.2 billion in the first quarter, but its growth portfolio saw a 16% increase in sales to $5.6 billion [11] - BMS has received recent approvals, including a subcutaneous version of Opdivo, which will help mitigate losses from biosimilar competition [10] - The company has a robust pipeline and is expected to secure additional approvals, positioning it to navigate current challenges [12] - Bristol Myers Squibb's stock is undervalued with a forward P/E ratio of 7, suggesting strong long-term return potential despite a 17% decline this year [13]

近日，名为"上海浦东玛莎拉蒂"的账号发布海报称，玛莎拉蒂的SUV车型Grecale限时尊享价38.88万元起，活动时间截止到9月30日。 玛莎拉蒂中国官网信息显示，玛莎拉蒂Grecale起售价为65.08万元，上述促销价格与之相比直降26.2万元，降幅超40%。 国际智能运载科技协会秘书长张翔认为，玛莎拉蒂出现这种降价情况涉及多方面的原因，这背后其实是中国汽车市场环境的变化，如宏观经济的影响、中国 新能源汽车产业崛起、电动化转型缓慢、自主品牌冲击豪华车市场以及消费者心智变化等影响。 "骨折价"背后是销量骤降 发布降价消息的账号企业认证信息为"上海三叉戟汽车销售服务有限公司"，简介为"玛莎拉蒂上海浦东授权经销商"。 针对该优惠信息，上海浦东玛莎拉蒂门店的销售人员接受智通财经采访时回应称，38.88万的活动是门店专属，经销商买断包销行为，与玛莎拉蒂品牌无 关。只有白色外观黑色内饰一款，车型为Grecale2023款，落地价预计43万元左右。活动开始后非常火爆，2天已经卖出了10多辆，该售价此批车辆售完为 止。 销量方面，据21世纪经济报道，乘联会数据显示，玛莎拉蒂在华销量巅峰出现在2017年，达到1.44万辆。当 ...

Core Viewpoint - The company has been awarded a contract for a significant project in the coal chemical industry, which is expected to positively impact its operational performance [1] Group 1: Project Details - The company received a bid notification confirming its role as the contractor for the Shaanxi Coal Group's Yulin Chemical Co., Ltd. project, which involves a 15 million tons/year coal-to-chemical clean conversion demonstration project [1] - The total contract value is 2.392 billion yuan, with a project duration of 740 calendar days [1] - The project is located in the Yushen Industrial Park, Dabaodang Town, Shenmu City, Shaanxi Province [1] Group 2: Project Scope - The first phase of the project includes the construction of a 5.6 million tons/year methanol production facility, a 1.48 million tons/year methanol-to-olefins unit, and downstream deep processing facilities [1] - The project aims to produce a total of 2.77 million tons/year of eight types of products, including polyethylene, polypropylene, EVA, and SAP [1] - Successful implementation of this project is anticipated to have a positive impact on the company's financial performance [1]

Core Viewpoint - PresentAgent is a multimodal AI agent designed to automatically convert structured or unstructured documents into video presentations with synchronized voiceovers and slides, aiming to replicate human-like information delivery [1][3][22]. Group 1: Functionality and Process - PresentAgent generates highly synchronized visual content and voice explanations, effectively simulating human-style presentations for various document types such as business reports, technical manuals, policy briefs, or academic papers [3][21]. - The system employs a modular generation framework that includes semantic chunking of input documents, layout-guided slide generation, rewriting key information into spoken text, and synchronizing voice with slides to produce coherent video presentations [11][20]. - The process involves several steps: document processing, structured slide generation, synchronized subtitle creation, and voice synthesis, ultimately outputting a presentation video that combines slides and voice [13][14]. Group 2: Evaluation and Performance - The team conducted evaluations using a test set of 30 pairs of human-made "document-presentation videos" across various fields, employing a dual-path evaluation strategy that assesses content understanding and quality through visual-language models [21][22]. - PresentAgent demonstrated performance close to human levels across all evaluation metrics, including content fidelity, visual clarity, and audience comprehension, showcasing its potential in transforming static text into dynamic and accessible presentation formats [21][22]. - The results indicate that combining language models, visual layout generation, and multimodal synthesis can create an explainable and scalable automated presentation generation system [23].

Group 1: Moderna's Vaccine Approval - The U.S. FDA has approved Moderna's supplemental Biologics License Application for Spikevax, allowing its COVID-19 vaccine for children aged six months to 11 years at increased risk for COVID-19 disease [1] - Moderna's CEO emphasized the importance of vaccination for protecting children against severe disease and hospitalization, expressing appreciation for the FDA's review and approval [2] - The updated Spikevax vaccine is expected to be available for eligible populations in the U.S. for the 2025-2026 respiratory virus season [2] Group 2: Legal Challenges and Patent Issues - Pfizer and BioNTech have requested a reversal of a court ruling that found their COVID-19 vaccine infringed on a Moderna patent, while a previous ruling declared one of Moderna's patents invalid [3] - The companies argue that Moderna's mRNA technology is a continuation of earlier research, questioning the validity of the patent [4] - Moderna maintains that the court's decision to uphold the patent is correct and should remain [4] Group 3: FDA's Vaccine Approval Decisions - The FDA's top vaccine official overruled agency scientists to limit the approval of two COVID-19 vaccines, despite recommendations for broader use [6] - The official restricted the vaccines to higher-risk individuals, citing declining hospitalization and death rates from COVID-19 as a factor in the decision [7] - Following the news, Moderna's stock price increased by 3.60% to $33.97 [7]

MONTREAL and SAN FRANCISCO, July 10, 2025 /PRNewswire/ - Coveo (TSX: CVO), the leader in AI-Relevance, delivering best-in-class search and generative experiences that maximize business outcomes at every point-of-experience, today announced that it will release financial results for its fiscal first quarter 2026 ended June 30, 2025 after market close on Thursday, July 31, 2025. Coveo will host a conference call that day at 5:00 pm Eastern Time to discuss the results. The call will be hosted by Louis Têtu, Ex ...

新版童鞋强制性国家标准GB 30585—2024《童鞋安全技术规范》已于2025年6月1日实施。与旧标准相 比，其扩大适用范围，删除"不适用于童胶鞋"及"童鞋鞋号不大于250毫米"的限制，覆盖所有类型童 鞋；强化安全要求，升级婴幼儿鞋类安全标准，新增含氯苯酚、短链氯化石蜡等限量物质要求，提高六 价铬、重金属（铅）总量、邻苯二甲酸酯等指标的限量要求，并进一步明确和增加部分项目的检测材料 材质信息。 需特别提醒的是，儿童塑料拖鞋有质量安全警示价格。根据《广东省首批异常低价产品质量安全风险监 测评估报告》，儿童塑料拖鞋EVA材质的，每双售价低于11元的应引起警惕；PVC材质的，对每双售价 低于7元的应引起警惕。 据介绍，市面上"儿童塑料拖鞋"主要材质为聚氯乙烯（PVC）或乙烯-醋酸乙烯共聚物（EVA）。PVC 材质本身质地较硬，需添加增塑剂以改善柔软度和弹性。部分厂家为增加产品舒适度并控制成本，使用 邻苯二甲酸酯类增塑剂，可能导致该类物质总含量超出国家标准限值（要求<0.1%）。<> 7月8日，广东省市场监督管理局发布儿童塑料拖鞋消费提示，提醒广大家长在选购儿童塑料拖鞋时需提 高风险防范意识。 广东省市场监督管理局 ...