Investment Rating - The industry investment rating is "Overweight (Maintain)" [3][26] Core Viewpoints - The report indicates that the overall asset quality is stable and improving, with a decrease in both non-performing loans and the non-performing loan ratio [5][9] - The net interest margin remains stable, with a slight decrease of 1 basis point to 1.52% [12][14] - The report highlights a decline in credit growth, with the industry experiencing a year-on-year growth rate of 7.5% [16][17] - The overall net profit of the banking industry has turned negative, primarily due to the underperformance of city and rural commercial banks [21][22] - Capital adequacy ratios continue to improve, with the core Tier 1 capital adequacy ratio reaching 11% [24][25] Summary by Sections Asset Quality - The overall asset quality is stable and improving, with the non-performing loan scale at 3.28 trillion yuan, a decrease of 97.7 billion yuan from the previous quarter, resulting in a non-performing loan ratio of 1.50%, down 5 basis points [5][9][10] - The proportion of special mention loans decreased to 2.22%, down 6 basis points from the previous quarter [8] Net Interest Margin - The net interest margin for the industry is 1.52%, reflecting a slight decrease of 1 basis point [12][14] - The report anticipates that the net interest margin will continue to decline in the first quarter due to loan repricing, but will stabilize thereafter [14] Scale - The industry experienced a decline in asset and credit growth rates, with total assets growing at 7.2% year-on-year and credit growth at 7.5% [16][17] - City commercial banks have seen a significant impact from early debt repayments, leading to a notable decrease in credit growth [17][18] Net Profit - The overall net profit of commercial banks decreased by 2.27% year-on-year, with significant disparities among different bank categories [21][22] - State-owned banks and joint-stock banks showed varied performance, with state-owned banks experiencing a slight decline while joint-stock banks improved due to favorable market conditions [21] Capital - The capital adequacy ratios are on the rise, with the core Tier 1 capital adequacy ratio at 11%, reflecting a positive trend in capital management [24][25]

Investment Rating - The report assigns a "Buy" rating for the company for the first time [1][5]. Core Insights - The company has a diversified product matrix focusing on neurology, oncology, and autoimmune diseases, with a significant increase in the proportion of revenue from new drugs, which is expected to continue growing [2][3]. - The company has achieved important milestones in its innovative drug pipeline, including several approvals and negotiations for inclusion in national insurance [2][3]. - The launch of the sublingual formulation of a key drug is anticipated to meet the growing demand for outpatient treatment of ischemic stroke, enhancing the company's market position [2][3][4]. Summary by Sections Company Overview - The company, established in 1995 and listed in 2020, focuses on innovative drug development in neurology, oncology, and autoimmune diseases, with a solid commercial foundation and ongoing product innovation [10][15]. Financial Performance - Revenue projections for 2024-2026 are estimated at 66.36 billion, 76.90 billion, and 86.54 billion CNY, with expected growth rates of 0%, 16%, and 13% respectively [5][18]. - The net profit forecast for the same period is 10.37 billion, 11.93 billion, and 13.36 billion CNY, with growth rates of 45%, 15%, and 12% respectively [5][18]. Product Pipeline and Market Strategy - The company has successfully increased the proportion of revenue from innovative drugs, reaching 72% in 2023, and is expected to further enhance this with upcoming product approvals [2][15]. - The approval of the sublingual formulation of a key drug is expected to create synergies with existing products and address outpatient treatment needs [2][34]. - The company has established a strong commercial system with a wide reach across various medical institutions in China, supporting its product distribution and market penetration [26][30]. Research and Development - The company has a robust pipeline of innovative drugs, including several in late-stage clinical trials, and has successfully licensed out its research products internationally, indicating strong innovation capabilities [3][4][30]. - The company is actively pursuing international clinical research for its innovative drugs, reflecting its strategic intent to expand globally [2][3].

【中泰研究丨晨会聚焦】策略徐驰：国内科技突破与国际地缘局 势演绎或带来哪些影响？ 证券研究报告/晨会聚焦 2025 年 02 月 23 日 分析师：戴志锋 执业证书编号：S0740517030004 Email：daizf@zts.com.cn 欢迎关注中泰研究所订阅号 晨报内容回顾 1、《【中泰研究丨晨会聚焦】先进产 业冯胜：宇树科技：吹响中国科技资 产价值重估的号角 ——人形机器人 专题研究五》2025-02-21 2、《【中泰研究丨晨会聚焦】互联网 传媒康雅雯：比特币 2025 年投资策 略：朝阳初露，未及炎阳》2025-02-19 3、《【中泰研究丨晨会聚焦】政策杨 畅：等待民企增量政策出台——当前 经济与政策思考》2025-02-18 今日预览 今日重点>> 我们认为美俄元首通话并非意味着俄乌冲突或很快结束，仅是进入"边打边谈"状态的开始。无 论最终形式如何，仅近期特朗普及其政府官员本身的一系列表态已标志着美欧关系和美国主导下 的战后国际秩序出现了不可逆的崩塌。美国国内特朗普支持率的变化与欧洲军费与制造业支出的 力度是决定俄乌冲突"终局形式"的最关键观察点。 请务必阅读正文之后的重要声明部分 今日重 ...

钢铁需求回升明显，铁水产量环比回落 分析师：谢鸿鹤 执业证书编号：S0740517080003 Email：xiehh@zts.com.cn | 上市公司数 | 45 | | --- | --- | | 行业总市值(亿元) | 8,386.84 | | 行业流通市值(亿元) | 7,972.55 | 发运受阻》2025-02-16 旺季开工》2025-02-09 3、《【中泰钢铁】2025 年策略报告： 改弦更张，大刀阔斧》2025-01-28 钢铁 证券研究报告/行业定期报告 2025 年 02 月 23 日 报告摘要 风险提示：宏观经济大幅下滑导致需求承压；供给端压力持续增加；研究报告使用信息更 新不及时风险。 评级： 增持（维持） 执业证书编号：S0740525010001 Email：renheng@zts.com.cn 请务必阅读正文之后的重要声明部分 分析师：任恒 投资策略：钢铁需求回升明显，铁水产量环比回落，维持行业为"增持"评级。 本周螺纹需求明显回升，其中建材和板材需求同比均有增长，其中主要用于制造业的 板材需求增长较为明显，行业处于主动补库存状态，带动本周钢矿价格回升，但周五 越南拟对中国 ...

电子化学品Ⅱ 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 85.03 | | 流通股本(百万股) | 38.64 | | 市价(元) | 32.43 | | 市值(百万元) | 2,757.46 | | 流通市值(百万元) | 1,253.13 | 唯特偶（301319.SZ） 证券研究报告/公司深度报告 2025 年 02 月 21 日 | 评级： | 增持（首次） | | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） 分析师：冯胜 | | | | 1,045 | 964 | 1,116 | 1,329 | 1,544 | | 增长率 yoy% | | | | 21% | -8% | 16% | 19% | 16% | | 归母净利润（百万元） ...

分析师：由子沛 执业证书编号：S0740523020005 Email：youzp@zts.com.cn 分析师：侯希得 执业证书编号：S0740523080001 Email：houxd@zts.com.cn 齐鲁基建排头兵，务实奋发创先进 基础建设 ——深度报告 执业证书编号：S0740520110003 Email：liyao01@zts.com.cn 分析师：陈希瑞 执业证书编号：S0740524070002 Email：chenxr@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 1,561.00 | | 流通股本(百万股) | 1,457.90 | | 市价(元) | 5.75 | 股价与行业-市场走势对比 相关报告 山东路桥（000498.SZ） 证券研究报告/公司深度报告 2025 年 02 月 20 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2022A | 2023A | 2024E ...

毛精纺一体化龙头，锦纶+超高新材料加速成长 纺织制造 南山智尚（300918.SZ） 证券研究报告/公司深度报告 2025 年 02 月 20 日 | 评级： | 买入（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | 2022A | | 2023A | 2024E | 2025E | 2026E | | 分析师：张潇 | | 营业收入（百万元） | | 1,634 | 1,600 | 1,651 | 2,307 | 2,937 | | 增长率 | | yoy% | | 10% | -2% | 3% | 40% | 27% | | 执业证书编号：S0740523030001 | | 归母净利润（百万元） | | 187 | 203 | 193 | 245 | 308 | | Email：zhangxiao06@zts.com.cn | | 增长率 yoy% | | 23% | 9% | -5% | 27% | 26% | | 每股收益（元） | | | | 0.52 ...

【中泰研究丨晨会聚焦】互联网传媒康雅雯：比特币 2025 年投资策略：朝阳初露， 未及炎阳 证券研究报告 2025 年 2 月 19 日 [Tab[ble__SMuyain] 今日预览 今日重点>> 【互联网传媒】康雅雯：比特币 2025 年投资策略：朝阳初露，未及炎阳 ——深度分析入市资金量，潜在资金量，行情所处位置 [分[TTa析balb师e_l：eT_i戴tlIen志]d锋ustry] 执业证书编号： S0740517030004 电话： Email： 欢迎关注中泰研究所订阅号 2）当前加密市场处在什么位置？（情绪和资金还未充分反馈） 1、当前加密受众总量为 6.53 亿，是 2021 年 5 月交易量峰值的 3.2 倍，但 2024 年 11 月成交量 仅有 2.71 亿美元，为峰值成交量的 65.1%，单用户的交易热情远未释放。当前相对较紧的资金 环境，加密用户的人均月交易额截至 2024 年 12 月为 0.45 万美元，相较于 2021 年高峰月度的 2.2 万美元还有较大差距。 2、链上反应情绪泡沫的 MVRV Z-Score 分当前为 2.65，远不及上一轮牛市顶部时的 7.53。 晨报内容 ...

Group 1: Market Analysis - The total amount of new funds entering the market is approximately $2,330.53 billion, driven by stablecoins ($859.4 billion), fiat ($200.5 billion), and ETFs ($1,273.65 billion) [6][26]. - The current cryptocurrency market capitalization has increased by $2.44 trillion, with Bitcoin's market value rising by $1.6 trillion, accounting for 65.6% of the total increase [7][29]. - The current total audience for cryptocurrencies is 653 million, which is 3.2 times the peak trading volume in May 2021, but the trading volume in November 2024 is only $2.71 billion, 65.1% of the peak [8][33]. Group 2: Future Potential - The global equity market has a total market capitalization of $108.4 trillion, while the cryptocurrency market is at $3.4 trillion, representing only 3.13% of the equity market [10][52]. - If 1% to 2% of the global equity and debt markets were allocated to Bitcoin, potential new funds could reach $2.74 to $5.49 trillion, significantly exceeding the current inflow [11][56]. - The MVRV Z-Score is currently at 2.63, indicating that the market is not in a bubble compared to the previous peak of 7.53 [8][41]. Group 3: Market Dynamics - The trading volume of centralized exchanges (CEX) has not yet reached previous peak levels, with the highest ratio to Nasdaq trading volume being 109.5% as of January 2025 [9][45]. - The average monthly trading amount per crypto user is $0.45 million, significantly lower than the peak of $2.2 million in 2021, indicating room for growth [8][46]. - The supply of Bitcoin is tightening, with 19.82 million BTC already mined, leaving only 117,481 BTC to be mined until 2140 [29][30].

链接天地，航天测控"小巨人"有望充分受益于卫星互联网建设 加速 ——星图测控深度报告 | | | | | | 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 执业证书编号：S0740524060001 Email：songhq01@zts.com.cn | 基本状况 | | --- | 起家于特种领域，公司背靠中科星图积极拓展民用、商用领域。公司从特种领域业务 起家，高度重视技术研发。依靠其丰富项目经验与技术储备，公司近年从特种领域积 | 总股本(百万股) | 114.13 | | --- | --- | | 流通股本(百万股) | 26.13 | | 市价(元) | 58.98 | | 市值(百万元) | 6,731.09 | | 流通市值(百万元) | 1,540.85 | 星图测控（920116.BJ） 证券研究报告/公司深度报告 2025 年 02 月 17 日 | 评级： | 增持（首次） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...