New Quality Productive Forces - The 2024 Government Work Report prioritizes the development of modern industrial systems and new quality productive forces, focusing on strategic emerging industries such as new-generation information technology, new energy, new materials, high-end equipment, and green industries [2] - The Beijing Stock Exchange (BSE) hosts numerous SMEs within the new quality productive forces industrial chain, which are expected to benefit from policy dividends and drive industrial upgrading [2] - Government investment in 2024 is heavily tilted towards new quality productive forces, with local government special bonds and central budget investments totaling 3.9 trillion yuan and 700 billion yuan, respectively [3] - The BSE is a hub for "Little Giants" (specialized and sophisticated SMEs), with 85.8% of listed companies and 86.8% of queued companies being "Little Giants" [5] - The BSE's listed companies are concentrated in high-growth sectors such as machinery, power equipment, and basic chemicals, with 95.4% belonging to strategic emerging industries [6] Low-altitude Economy - The low-altitude economy was elevated to a strategic emerging industry in the 2024 Government Work Report, with several BSE companies playing key roles in its industrial chain [14] - Companies like Hanxin Technology and Yunxingyu are actively involved in low-altitude economy-related projects, including smart transportation and drone applications [16][34] AI and AI Applications - The 2024 Government Work Report introduced the "AI+" initiative, highlighting the importance of AI development and application, with BSE companies expected to benefit [35] - Companies like Parallel Technology and Leishen Technology are developing AI-related products, including AI PCs and GPU computing power services [21][22] Humanoid Robots - The "14th Five-Year Plan" for robot industry development aims for a 20% annual growth in robot industry revenue by 2025, with BSE companies in the humanoid robot industrial chain expected to benefit [25] - Companies like Dingzhi Technology and Suzhou Axle are actively developing key components for humanoid robots, such as linear actuators and precision bearings [26] Consumer Sector - The 2024 Central Economic Work Conference prioritized boosting domestic demand, with policies aimed at increasing consumer spending and upgrading consumer goods [30] - The BSE's consumer sector is expected to see a turnaround, driven by policies such as large-scale equipment upgrades and consumer goods replacement [36] - Companies like Hengtuo Open Source and Chuangyuan Information are involved in low-altitude economy-related consumer projects, including smart transportation and drone applications [34] Mergers and Acquisitions - The "Six Measures for M&A" introduced by the CSRC in September 2024 aims to support listed companies in injecting high-quality assets, leading to increased M&A activity in the BSE [53] - The BSE's smaller market capitalization and simpler equity structures make it an attractive platform for M&A, particularly among specialized and sophisticated SMEs [111] Market Performance and Liquidity - The BSE experienced a significant rally following the "924" policy announcements, with the BSE 50 Index rising 111.2% from September 24 to December 10, 2024 [52] - Liquidity in the BSE improved significantly, with daily average turnover reaching 338.38 billion yuan during the same period, a 516.97% increase year-on-year [81] - The BSE's valuation reached a historical high, with the median PE (TTM) rising from 17.9x to 42.1x during the "924" rally [99]

盈利预测与投资建议：我们预计公司2024-2026年营收为36.5、36.6、37.3亿港元，归母净利为7.7、7.7、 7.5亿港元。考虑公司从事业务的多元，未来的发展方向，以及自身的高分红属性，维持"买入"评级。 数据来源：股价截至2024年12月17日，Wind，西南证券 16 经济发展阶段: 高速增长 ▶ 高质量发展 17 | --- | --- | --- | --- | |----------|---------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------| | 交易收益 | ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-------|-------|-------|-------|-------|-------|-------|--------------------|-------| | | | | | | | 14 | | | | 国内重卡销量（月） | | | | | | | | | | | | | | | | | | | | | | 12 | | | | | | | | | | | | | | | | | | | | | | | | | | 10 | | | | | | | | | | | | | | | | | | | | | | | | | | 8 | | | | | | | | | | | | | | | | | | | | | | | | | | e | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ...

上海 [Table_IndustryInfo] 2024 年 12 月 22 日 强于大市(维持) 证券研究报告•行业研究•医药生物 医药行业创新药周报（12.16-12.22） A 股和港股创新药板块及 XBI 指数本周走势 西南证券研究发展中心 本周 A 股创新药板块下跌 0.79%，跑输沪深 300 指数 1.11pp，生物医药下跌 2.04%。近 6 个月 A 股创新药累计上涨 12.03%，跑输沪深 300 指数 0.56pp， 生物医药累计上涨 5.85%。 本周 XBI 指数下跌 3.72%，近6 个月 XBI 指数累计下跌 1.26%。 12 月国内 11 款新药获批上市，无新增适应症获批上市；本周国内 2 款新药获批 上市，无新增适应症获批上市。 12 月美国 4 款 NDA 获批上市，3 款 BLA 获批上市。本周美国 2 款 NDA 获批上 市，1款 BLA 获批上市。12月欧洲无创新药获批上市，本周欧洲无新药获批上市。 12 月日本无创新药获批上市，本周日本无新药获批上市。 本周全球共达成 21起重点交易，披露金额的重点交易有 9起。默沙东与翰森制药 签订协议，交易金额为 2012百万 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a target price of 40.95 yuan based on a 45 times PE ratio for 2025, indicating a strong growth potential in the coming years [49]. Core Insights - The company, Laibotai Technology, is a leading supplier in the domestic experimental analysis instrument and clean environmental laboratory sectors, with a strong competitive advantage built on years of technological accumulation and market reputation [8][39]. - The domestic spectrometer market is projected to exceed 10 billion yuan by 2025, with a significant portion of demand coming from educational institutions and research organizations [5][13]. - The company has successfully expanded its product line to include various high-end analytical instruments, enhancing its market competitiveness and addressing diverse customer needs [30][61]. Summary by Sections Company Overview - Laibotai Technology has established itself as a key player in the experimental analysis instrument market, focusing on food safety, environmental monitoring, and laboratory solutions [8][39]. - The company offers a comprehensive range of products, including sample preparation instruments and analytical testing devices, which cater to various sectors such as environmental, medical, and semiconductor industries [30][35]. Market Analysis - The domestic spectrometer market is currently valued at approximately 9 billion yuan, with imported brands holding a 70% market share. The market is expected to grow significantly, driven by increasing demand from various sectors [5][14]. - The company has identified stable demand from environmental, medical, and third-party testing sectors, while also accelerating expansion into new industries like semiconductors [13][39]. Product Development - Laibotai Technology has a robust pipeline of innovative products, including automated sample preparation systems and advanced spectrometers, aimed at enhancing performance and expanding market reach [32][40]. - The company has made significant advancements in its ICP-MS products, particularly for the semiconductor and medical sectors, positioning itself as a competitive player in these high-demand markets [39][43]. Financial Projections - The company is expected to achieve a compound annual growth rate (CAGR) of 43.6% in net profit from 2024 to 2026, with projected revenues of 449.33 million yuan in 2024 and 619.38 million yuan in 2026 [49][65]. - The sample preparation and customer service segments are anticipated to maintain steady growth, supported by increasing instrument sales and a focus on high-margin products [63][65].

Core Insights - The overall performance of the Beijing Stock Exchange (BSE) was weak during the week of December 16-20, 2024, with a closing market value of 603.31 billion yuan on December 20, representing a 3.9% decline from the opening market value on December 16 [11][47]. - Among the 261 stocks listed on the BSE, 24 stocks increased, 1 stock remained flat, and 236 stocks decreased in value during the week [11][48]. - The newly listed stock, Lin Tai New Material (920106.BJ), saw a significant increase of 183.2% during the week, while Hua Yang Racing experienced a decline of 22.6% [11][48]. Market Overview - The BSE's trading volume for the week was 86.34 billion yuan, with an average weekly trading amount of 3.31 million yuan and a turnover rate of 31.4%, indicating a decrease in liquidity compared to the previous week [11][30]. - The average market capitalization of companies listed on the BSE is 2.31 billion yuan, which is significantly lower than the average market capitalization of 9.68 billion yuan for the ChiNext and 12.05 billion yuan for the Sci-Tech Innovation Board [11][30]. Industry Performance - The telecommunications sector performed relatively well, with a median sector return of 2.3%, an increase of 4.2 percentage points from the previous week [39]. - Conversely, the media sector showed a weak performance with a median sector return of -15.7%, a decrease of 20.8 percentage points from the previous week [39]. New Listings - Lin Tai New Material (920106.BJ) was listed on December 18, 2024, with an opening price of 19.8 yuan per share and a closing price of 68.4 yuan per share, resulting in a single-day increase of 245.1% [44]. - The company reported a revenue of 210 million yuan and a net profit of 4.92 million yuan for the year 2023, with a price-to-earnings ratio (TTM) of 31.9 [44]. Fund Performance - The overall performance of BSE-related theme funds and index funds was weak, with several funds showing negative returns during the week of December 16-20 [52].

图 11: 丁苯橡胶价格走势（元/吨） 图 12: 布伦特原油期货价格(关元/桶) 图 13: 国内浮法玻璃价格势（元/吨） 图 14: 国内液化天然气市场价（元/吨）… 表 1: 主要车企 11月销量情况（万辆）. 与各行业比较,SW 汽车板块周涨跌幅位于行业第 8位。 图 1: 汽车板块周内累计涨跌幅(%, 12.16-12.20) 5 4 3 2 1 0 2024/12/20 2024/12/16 2024/12/17 2024/12/18 2024/12/19 -1 -2 -3 -4 -5 -6 -沪深300 -汽车(中万) 一乘用车(中万) -- 商用载客车(中万) =商用载货车(中万) —汽车家部件(中万) =汽车服务(中万) 数据来源：Wind，西南证券整理 4% -6% 请务必阅读正文后的重要声明部分 图 3: 汽车板块 PE（TTM）水平 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|----------|--------|----------|-------|------ ...

加强央企市值管理，美联储降息但放鹰 的 1 录 ooo[Table_ReportInfo] 2024 年 12 月 20 日 证券研究报告•宏观定期报告 宏观周报（12.16-12.20） 请务必阅读正文后的重要声明部分 | --- | --- | |----------------------------------------------------|-------| | | | | 1 一周 大事记 | | | 1.1 国内：全方位扩大国内需求，央企市值管理意见发布 | | | 1.2 海外：关联储"鹰派降息"，日本央行维持利率不变… | | | 2 国内高频数据 | | | 3 下周重点关注 | | 宏观周报（12.16-12.20） （1）宏观政策更加积极有为，全方位扩大国内需求 点评：消费方面，要在增强消费能力、提升消费意愿上下功夫。明年将通过加大财政对 终端消费直接投入、提升社会保障水平等多种方式，推动居民收入稳定增长；要在适应消费 结构变化、增强供需适配性上做文章。着力满足居民在健康、养老、托幼、家政等方面的消 费需求。要大力培育文化、旅游、体育、演出、数字等新型消费，积极发展首发经济、冰雪 ...

子行业重仓市值占比环比下降前三：医疗设备占比0.56%，环比下降最大，环比-0.13pp；其他生物 制品占比0.05%，环比-0.07pp；中药占比0.23%，环比-0.04pp 。 2024年医药行业复盘：申万一级行业收入同比增速 2024年医药行业复盘：申万一级行业扣非归母净利润同比增速 数据来源：wind，统计局，西南证券整理 20 我国人口老龄化现状呈现出老年人口基数大、增速快、高龄化等特点。国际上通常将65岁及以上的人口占总人口的 比重达到7%，作为一个国家进入老龄化社会的标准。2023年我国总人口数14.1亿人（-0.2%），65岁以上人口数 2.2亿人（+3.1%），65岁以上人口占总人口的15.4%（+0.5pp）。预计到本世纪中叶，我国老年人口规模、老龄化 率将相继达到峰值。 65岁以上人口总数YOY 中国卫生总费用稳健增长，政府支出放缓，社会和个人支出加快。根据卫健委统计，2023年全国卫生总费用初步推 算为90578.8亿元（+6.2%），其中：政府卫生支出亿元24148（+0.5%），占26.7%；社会卫生支出41677亿元（ +8.7%），占46.0%；个人卫生支出24751亿元（+ ...

创新药出海再添重磅产品，持续看好创新药出海 创新药出海再添重磅产品，持续看好创新药出海。12 月 18 日，翰森制药向默 沙东授权其口服 GLP-1R 激动剂 HS-10535 的全球权益，默沙东将支付翰森 1.1 亿美元首付款，以及最多达 19 亿美元的里程碑付款，特定条件下翰森可 在中国市场销售该产品。HS-10535 目前处于临床前研究阶段。此次产品成功 携手默沙东出海，系今年年初恒瑞减肥药组合授权 Kailera 以来的又一起国产 减肥药重磅出海交易。 港股组合：荣昌生物(9995)、和黄医药(0013)、科伦博泰生物-B(6990)、先声 药业(2096)、亚盛医药-B(6855) 、康方生物(9926)。 风险提示：医药行业政策风险超预期；研发进展不及预期风险；业绩不及预 期风险。 [Table_QuotePic] 行业相对指数表现 -27% -16% -5% 7% 18% 29% 23/12 24/2 24/4 24/6 24/8 24/10 24/12 医药生物 沪深300 相关研究 医 药行业周报（12.16-12.20） 请务必阅读正文后的重要声明部分 图 | --- | --- | -- ...