Core Viewpoint - The company has received approval from the National Medical Products Administration for its innovative drug, HSK21542, which is expected to provide better options for patients suffering from itching [1] Company Summary - HSK21542, marketed as Anruikefen Injection (brand name: Sishujing), is a highly selective peripheral kappa opioid receptor agonist developed independently by the company [1] - Clinical research indicates that HSK21542 significantly alleviates itching, with both primary and secondary efficacy indicators showing substantial improvement over the placebo group [1] - The safety profile of HSK21542 injection is reported to be good and controllable [1] Industry Summary - The newly approved indication for HSK21542 will be included in the priority review and approval process in July 2024, highlighting the drug's potential impact on the market [1] - The approval of HSK21542 is expected to enhance treatment options for patients, indicating a positive development in the pharmaceutical industry focused on innovative therapies [1]

Group 1: Utility Industry - The report maintains an "Overweight" rating for the utility sector, particularly focusing on city gas companies transitioning from growth to dividend phases, with expected improvements in free cash flow and dividend payouts [2][24]. - The natural gas consumption volume is projected to grow significantly, with a 5-year CAGR of 12.4%, driven by urbanization and environmental policies [3][24]. - The report highlights the challenges faced by the city gas industry, including slowing gas consumption growth and rising costs, which have led to a decline in return on equity (ROE) and net profit growth [3][25]. Group 2: Kid's King Company - The report maintains an "Overweight" rating for Kid's King, projecting EPS growth of 76%, 65%, and 37% for 2024-2026, with a target price of 19.14 yuan [6][7]. - The establishment of a subsidiary, Smart Future, aims to provide AI-driven solutions for children and new families, enhancing the company's position in the mother and child retail sector [6][7]. - Kid's King is expanding its store network and enhancing its digital capabilities, which are expected to accelerate its AI product deployment and improve customer engagement [6][7]. Group 3: Market Performance - The report notes that the equity market has performed well, with a year-to-date return of 0.59% for risk parity strategies, indicating a positive outlook for equity investments [8][10]. - The report emphasizes the strong historical performance of H-share gas companies, which have benefited from early market entry and the establishment of exclusive operating rights [3][24]. - The report suggests that the overall market sentiment remains optimistic, with expectations for continued growth in the equity market driven by favorable economic conditions [8][10].