北京电话会议系统请输入参会密码您已成功加入会议Please remain on the line感谢大家参加本次会议会议即将开始请稍后 Thanks for your participation.The meeting is ready to start.Please remain on the line. 各位参会人员本次会议观点和信息仅限于此次受邀的海庚证券客户中的专业投资者参考所有参与者均负有合规参会义务和保密义务严禁私自录音录像 严禁传播会议纪要或泄露会议内容严禁发表落到他人发表或传播违规言论市场有风险投资需谨慎投资者应自主独立决策一海之言一海通达海通研究小程序金门财经全时等是研究所指定会议平台各位尊敬的投资者大家下午好我是海通的基础化工行业的分析师孙文荣 然后今天我们非常荣幸的邀请到了浙江医药的总理邵总来为我们对行业还有公司的近况进行一个解读然后最近因为维生素的确A和E还有一些其他的品种关注度非常的高所以我们先请邵总跟我们对最近的一个行业的近况做一个简单的介绍然后我们就进入到自由问答环节邵总 好的那我就直接聊一下就是说维生素这个板块那么维生素这个板块从去年年底到历史低谷以来就是说今年上半年持续的有一 ...

Financial Data and Key Indicators Changes - The vitamin A and E market has experienced a recovery phase, with prices rising significantly from historical lows since the end of last year, particularly between May and July [11] - The supply structure has stabilized, but the explosion at BASF has caused market volatility, impacting prices [2][4] Business Line Data and Key Indicators Changes - The discussion highlighted the rapid price changes for vitamins A and E, with a focus on inventory management challenges faced by producers and distributors [3][12] - Companies are adopting a "lock volume, not price" strategy during market upswings, indicating a lag in price adjustments relative to market conditions [13][16] Market Data and Key Indicators Changes - The inventory levels for vitamins A and E are difficult to ascertain due to production halts, but seasonal factors suggest that most manufacturers' inventories will not exceed one month [12] - The market is experiencing a cautious sentiment due to the uncertainty following the BASF incident, affecting demand for vitamin E [15] Company Strategy and Development Direction - The new management is focused on cost reduction and efficiency improvements, while also addressing significant internal matters such as plant relocations and capacity restructuring [7][18] - Companies are encouraged to remain flexible in their operational strategies and emphasize technological innovation and cost control to maintain competitiveness in a cyclical industry [9] Management Comments on Operating Environment and Future Outlook - The management acknowledged the unpredictability of profit expectations in a cyclical industry, emphasizing the need to adjust performance metrics based on market conditions rather than setting specific profit targets [9][18] - There is a recognition of the potential for new production capacity in the vitamin A market, although information on vitamin E capacity remains uncertain [14] Other Important Information - The market is closely monitoring the price and settlement price discrepancies for vitamins E and A, which typically have a one-month lag [8][16] - The management noted that the demand for vitamin A is relatively stable, influenced by inventory adjustments from distributors and traders [15] Q&A Session Summary Question: What were the main topics discussed in the recent meeting regarding Zhejiang Medicine? - The meeting focused on the operational status of Zhejiang Medicine and the vitamin A and E chemical product industry, analyzing current supply and demand conditions and future trends [10] Question: What major changes has the vitamin industry experienced in the past year and a half? - Since the historical low at the end of last year, the vitamin sector has seen a gradual price recovery due to increased demand, particularly during the maintenance period of major manufacturers like BASF [11] Question: How are the inventory levels of vitamins A and E in domestic and overseas markets? - Specific inventory levels are hard to determine, but it is expected that most manufacturers' inventories will not exceed one month due to seasonal factors [12] Question: Are there any agreements in place for locking orders for the second half of the year? - Typically, during market upswings, companies adopt a "lock volume, not price" approach, with a slight lag in executing prices relative to market conditions [13] Question: What is the current production capacity and monthly output for Zhejiang Medicine's vitamin A? - Specific data on production capacity and monthly output for vitamin A was not disclosed [14] Question: How does the management view the price increase of vitamin E to 300 yuan/kg in 2008? - The price increase in 2008 shares similarities with recent fluctuations, particularly influenced by the BASF explosion, but predicting future price peaks remains challenging [14] Question: Is there any impact on DSM's production capacity due to recent incidents? - There have been no reports indicating that DSM's production capacity has been affected by recent incidents [15] Question: How is the demand for vitamin B and E from downstream purchasers? - Demand for vitamin A is stable, while vitamin E demand is uncertain due to the impact of the BASF incident [15]

Summary of the Conference Call on Zhejiang Medicine's Recent Developments Industry Overview - The focus is on the vitamin A and E sectors, which have seen increased attention and price fluctuations from recovery to volatility [2][3] - The supply structure has stabilized, but the explosion at BASF has impacted market sentiment and prices [2][5] - Future price trends are uncertain and depend on supply-demand dynamics [2][5] Key Points and Arguments - **Market Dynamics**: The prices of vitamins A and E have been volatile, with significant price increases noted from May to July due to supply constraints during BASF's maintenance [12] - **Inventory Management**: Producers and distributors face challenges in managing inventory amid market uncertainties, with some adopting a "lock volume, not price" strategy to navigate market cycles [4][14] - **BASF's Impact**: The explosion at BASF has raised concerns about its production capacity and future expansion plans, although specific details remain unclear [5][15] - **Cost Control and Efficiency**: Companies are focusing on improving efficiency and reducing costs while monitoring internal matters that could significantly impact operations [8][19] - **Market Price and Settlement Price**: There is a typical one-month lag between market price increases and the implementation of new settlement prices, affecting revenue recognition [9][17] Additional Important Insights - **Future Production Plans**: There are rumors of potential new production capacity for vitamin A, but information on vitamin E remains uncertain [16] - **Downstream Demand**: The demand for vitamin A is stable, influenced by inventory adjustments from distributors, while vitamin E demand is affected by the uncertainty following the BASF incident [16] - **Management Changes**: The new management is expected to continue cost-cutting measures and focus on significant internal issues such as plant relocations and capacity restructuring [8][19] - **Market Behavior**: The market exhibits typical behaviors of price chasing and panic selling, which can affect future inventory purchasing decisions [8][16] Conclusion - The vitamin industry is experiencing significant fluctuations influenced by external events like the BASF explosion, necessitating flexible strategies from companies to maintain competitiveness and manage costs effectively [2][10]

感谢各位投资者来参加我们海丰药业组合的电话会议我是海丰药的首席分析温馨跟我们团队的创下团队的负责人朱照明一起主持本次的电话会议我先讲明一下药股近期表现的情况以及我们上个月的月度组合的一个情况 然后那我们的这个上个月的阅读组合实际上是这个上涨到现在是0.3%然后跟同期全职的医药指数是差不多的其中跑的相对比较好一点的是通特国药股份跟天坛生物那么这三只股票 那么在2024年的8月份的这个组合中间我们这个推荐的是几只就是包括这个通科医疗卫星生物国药股本麦瑞新产业天才生物跟特宝这几只A股的公司那港股呢我们建议关注的是信达科伦伯泰中国生物治疗共产党时代天使上海药京东健康药美合联跟金斯威对那么那这是我们的这个板块的一个情况 那接下来呢我就主要讲一下我们对于行业的一个判断吧那事实上就是只是过去一段时间以来可能药骨的表现一直是不太这个好的那么那我们觉得就是这个当然有几个原因那主要的原因呢在于药行业其实它的供给是没有什么产能过剩的 其实就是供给侧的情况也比较好但是需求端实际上是受到一些影响的那么这种需求主要是在于海外的需求其实大家可以看到受到的这个 美国相关的一些生还生法案的一些影响那么国内的需求实际上又因为招标的短期比较慢等等 ...

在7月下旬的时候发布了医药生物公募持仓的报告其中有些数据跟大家在这里再进行一些汇报一个是医药的重仓比例其实实际上在相比一季度和缓比一季度都有一些下降但它的降幅相比一季度是有所收窄的那么可能从5月中旬整个医药指数确实还是跌幅比较大的 跌了百分之二十左右那当然这个其实我们分析也是因为四月中旬大家本身认为这个疫情报是一个底部嘛所以四月中旬其实有一些基金详讨所以他比较早的这个时间配了医药那么到五月中旬的时候大家去摸拍医药的中报的话发现能离自己的预期是有一些差距的所以医药会有一个比较大比较大幅度的一个回调 因为体数超百分之二十可能大部分个股能超到三十以上但是有一些个股是有资金净流入的比如说像医疗企业行业其实主要还是迈瑞因为迈瑞一个人可能是占整个期限市值的差不多三分之一然后包括一些化药加仓的服务大一点点仓较多的像医疗服务主要还是根据消费的这些大数据去有所变化的 当然从上周开始由于这个医药指数一直超跌以及出现了一些相对比较利好的政策比如上海全产业链支持的政策包括最近大家比较关注新冠有一定的这种太多的趋势所以市场对医药的关注度会更高一点可持续的行情我们觉得还是需要医药的这个业绩能够触底 我们其实在5月的时候对于中报比较悲观但 ...

医药策略分享及核心公司推荐20240804_1_导读 2024年08月05日 00:47 关键词 医药板块 药明康德 C超板块 恩华 二季度 景气度 创新领域 有国际化能力 设备更新 股息率 创新药 创新 器械 国际化 恒瑞医药 科伦国泰 迈瑞医疗 海尔生物 电生理 爱国医疗 品牌OTC 全文摘要 整体医药板块表现突出，特别是经历了调整之后，伴随着业绩公布展现出结构性行情。看好创新药和医 疗器械领域以及高景气度的细分市场，例如设备更新和OTC品牌。特别推荐关注恒瑞医药等具备成长潜 力和良好基本面的企业。恒瑞医药作为行业领先者，受到多项政策支持，包括临床试验、审评审批和医 保支付等方面的利好消息，预示着创新药领域将迎来快速发展期。公司不仅更新员工持股计划，并对创 新药销售额设定高增长目标，显示出对公司前景的乐观态度。此外，汉森和百济信达依靠其创新药产品 线和市场策略，展示出医药行业的蓬勃发展态势及投资潜力。迈瑞医疗和爱博医疗则分别在医疗设备和 人工晶体领域展现出稳健增长潜力，而另一家公司凭借专注家用医疗器械，在老龄化社会趋势和消费升 级下实现稳定增长。这些企业的优秀表现和战略布局，使得它们成为当前医药行业的投资 ...

等会也会为大家重点推荐我们当下的一些优质的公司和现价可以去买的公司首先我这边先为大家分享一下整体医药板块的一个策略的一个观点首先其实我们回顾过去一周整体来讲医药板块的一个行情还是不错的整体还是不错的 那么也是在经历了长时间调整之后那么我们看到药板块最近随着一批公司的业绩的披露其实我们看到相应的有了一些结构性的行情在本周来讲股价表现之前其实主要还是跟业绩相关一个是像药明康德 发布了他的二季度的一个业绩同时呢对于他的一个订单做了一个这个拆分那也可以看到他扣掉这个特定项目后的一个订单那个增速其实还是非常快的就是本周整个追超板块其实还是出现了一定的反弹另外的话本周表现比较好的像这个恩华等等也都是发布了他的一个二季度业绩那整体来讲也都是 在这个符合预期的所以我们也看到其实要经历了这个一轮比较大幅的调整之后其实在近期对相关的这个业绩出来以后其实市场总体还是在一个符合预期的或是超出预期的情况下其实市场总体还是给予一个偏正面的一个反应的同时我们去展望未来的一个 要板块我们觉得在当下这个时点呢我们觉得也是随着这个我们看到这个二季度的一个池塘在一个非常低的位置叠加一些这个警惕度比较高的公司呢其实也找到一个合理的位置我们觉得在这个 ...

you Hello, everyone. Welcome to ChuanLun JiePan. I'm Li Quan, investor consultant of GuangDa Securities. You can also call me Brother Li. Every trading day at 4 p.m., we will be in the live broadcast room to accompany you to look at the market. Today, the overall market is in a relatively weak state. This Wednesday, the market is in an uptrend. After two trading days, the market has fallen sharply. It has also swallowed up a considerable amount of space on Wednesday. Today, the share price is over 0.9%, and ...

大家早上好欢迎参加和黄医药2024年中期业绩发布会我是和黄医药投资关系部的主管吴嘉俊我们公司的详细的业绩和演示稿PPT已经在昨天晚上上载于我们的官网大家也可以在香港交易所网页上面下载在开始之前先要举个温馨提示 所有听众现在是在静音模式今天的内容我们首先会由管理层做一个业绩的这个讲解之后会有一个答问的环节麻烦大家将你的名字和你公司的名称都填好让我们之后在发问的时候可以正确的读出你的名字最后请大家留意一下我们演示稿PPT的第二页里面有我们的免责声明 本公告所在自本集团表现和经营业织都属于历史的信息过往的表现并不保证本集团之未来业织谢谢大家的留意好那现在我们正式开始首先请我们和黄医药执行董事首席执行官兼首席科学官苏卫国博士开始今天我们中期业绩发布会苏总请 谢谢David各位投资界的朋友大家上午好欢迎大家参加和皇一样2024上半年的半年报发布会那么像David刚才说的我们详细的业绩报告已经在昨天晚上公布那么今天跟我一起参加这个发布会了 我先简单介绍一下江丽成是我们的CFO那么原则志George Yuan商业化部门的负责人那么简单介绍一下George可能意内的朋友对George也非常了解George可以说是总流产品业务 ...

大家好欢迎参加东吴医药首席看事周度行情前瞻纪重点各路推荐会议目前所有参会者均处于静音状态下面开始播报免责声明声明播报完毕后主持人可直接开始发言谢谢 动物证券研究所提醒您本次电话会议即面向机构投资者或受邀客户第三方专家发言内容仅代表其个人观点所有信息或所表述的意见均不构成对具体证券在具体价位具体时点具体市场表现的判断或投资建议未经合法授权严禁录音转发及相关解读涉嫌违反上述情形的 我们将保留追究法律责任的权利感谢您给予的理解和配合谢谢好的非常感谢各位投资人参加我们动物医药团队组织的关于每周的医药行情的复盘的前瞻及重点各国推荐第12期 我是东欧证券的联席所长 尖锡亚首席分析师朱布伯今天和我一块主持的还有我们的创效分析师郑川川博士跟大家来去重点讲一下创效的情况我这边的重点跟大家会去讲一下这个本周的这个A股的医药板块的表现情况和这个H股的整体的表现情况以及大家关心的相关的政策的相关问题我给大家来做一个分享 后面的话 我们会请我们的创销郑传传博士把我们重点推荐的创销歌谷现在目前给大家做一个梳理尤其是结合我们本周的调研情况给大家做一个重点的分享接下来由我来跟大家重点分享一下现在目前本周的一二板块的整体上表现 本周的药指数A ...