Investment Rating - The industry rating is neutral for the biopharmaceutical sector and other pharmaceutical sectors, while the chemical pharmaceutical sector has no rating [2][9]. Core Insights - The pharmaceutical sector experienced a rise of 2.37% on May 29, 2025, outperforming the CSI 300 index by 1.81 percentage points, ranking second among 31 sub-industries in the Shenwan classification. The best-performing sub-industries included medical research outsourcing (+5.34%), other biological products (+3.79%), and in vitro diagnostics (+2.33%), while offline pharmacies (-1.61%), medical devices (+0.65%), and pharmaceutical distribution (+0.66%) lagged behind [3][4]. - Notable individual stock performances included Rui Zhi Pharmaceutical (+20.06%), Yi Fang Bio (+20.00%), and Shu Tai Shen (+20.00%) leading the gainers, while Yong An Pharmaceutical (-9.99%), Jia Ying Pharmaceutical (-7.46%), and Yi Sheng Pharmaceutical (-3.62%) were among the biggest losers [3]. Summary by Sections Market Performance - On May 29, 2025, the pharmaceutical sector's performance was +2.37%, surpassing the CSI 300 index by 1.81 percentage points, with medical research outsourcing, other biological products, and in vitro diagnostics showing the highest gains [3]. Industry News - Novartis announced that its oral monotherapy, Ipratropium Bromide, received approval from the National Medical Products Administration (NMPA) in China for a new indication to treat adult patients with paroxysmal nocturnal hemoglobinuria (PNH). This drug is a complement pathway inhibitor that selectively inhibits the upstream complement pathway, addressing the shortcomings of anti-complement C5 therapies [4]. - Hai Chuang Pharmaceutical announced that its self-developed new drug, Deutero Enzalutamide soft capsules, has been approved for treating metastatic castration-resistant prostate cancer (mCRPC) in adult patients who have progressed after receiving Abiraterone acetate and chemotherapy [4]. - Sunshine Novo announced that its subsidiary, Novo Sheng Tai, achieved expected goals in the Phase II clinical trial of STC007 injection for moderate to severe pain after abdominal surgery [4]. - Te Bao Bio announced that its product, Yipei growth hormone injection, has been approved for marketing, utilizing a long-acting growth hormone modification technology [4]. - Zejing Pharmaceutical announced that its new drug application for Jikaxitinib tablets has been approved for adult patients with intermediate or high-risk primary myelofibrosis, secondary myelofibrosis due to polycythemia vera, and essential thrombocythemia [5].

Investment Rating - The industry rating is optimistic, expecting overall returns to exceed the CSI 300 index by more than 5% in the next six months [8]. Core Insights - Aurobindo Pharma reported Q4 revenue of 83.82 billion INR, a year-on-year increase of 10.6%, while net profit slightly declined by 0.5% to 9.03 billion INR [3][4]. - The Q4 revenue reached a historical high, driven by sales growth, new product launches, and stable market prices, despite one-time operating expenses impacting EBITDA by over 1.05 billion INR [4]. - The U.S. and European markets showed strong growth, with U.S. formulation sales at 40.72 billion INR (up 13.5%) and European formulation sales at 21.47 billion INR (up 17.2%), while emerging markets saw a decline of 7.8% to 7.86 billion INR [5]. - For FY2026, the company anticipates high single-digit revenue growth and stable profit margins, with two biosimilars expected to contribute to revenue starting in FY2026 [5]. Summary by Sections Financial Performance - Q4 revenue was 83.82 billion INR, with a gross margin of 59.1% and EBITDA of 17.92 billion INR, reflecting a 6.2% increase [4]. - Net profit for Q4 was 9.03 billion INR, showing a slight decline of 0.5% year-on-year [4]. Market Analysis - U.S. formulation business accounted for 48.6% of total sales, while European formulation business represented 25.6% [5]. - Emerging markets contributed 9.4% to total sales, indicating a slowdown in growth [5]. Future Outlook - The company expects revenue growth in FY2026 to be in the high single digits, excluding the impact of gRevlimid [5]. - The European formulation business is projected to steadily approach the milestone of 1 billion USD (approximately 85 billion INR) [5].

Quantitative Models and Construction Methods - **Model Name**: Relative Index Trend Tracking Model for Home Appliances [2] - **Model Construction Idea**: The model assumes that the price movement of the target has strong local continuity, always following a certain trend. Reversal periods are shorter than trend continuation periods. In cases of narrow-range consolidation, the model assumes the continuation of the previous trend. By observing a short-term window, the price movement is expected to extend the local trend. When reversals occur, the price change direction at the start and end of the observation window will exceed the range caused by random fluctuations, eliminating the impact of randomness [3] - **Model Construction Process**: 1. Calculate the difference between the closing price on day T and day T-20, denoted as `del` 2. Calculate the volatility (`Vol`) during the period from day T-20 to day T (excluding day T) 3. If the absolute value of `del` exceeds N times `Vol`, the current price is considered to have exited the original oscillation range and formed a trend. The trend direction (long/short) corresponds to the sign of `del`. If the absolute value of `del` is less than or equal to N times `Vol`, the current movement is considered to continue the previous trend direction (same as day T-1) 4. For tracking, N is set to 1, considering the higher volatility of the stock market compared to the bond market, which provides more small-wave opportunities 5. The model evaluates returns in both long and short directions for home appliances and combines the results for final assessment Formula: $ \text{If } |del| > N \cdot Vol, \text{trend direction} = \text{sign}(del) $ $ \text{Else, trend direction} = \text{trend direction of } T-1 $ [3] - **Model Evaluation**: The model is not suitable for direct application to the relative value of the SW First-Level Home Appliances Index due to prolonged periods of drawdown and lower annualized returns compared to the index's total return rate during the tracking period [4] Model Backtesting Results - **Annualized Return**: -4.09% [3] - **Annualized Volatility**: 14.89% [3] - **Sharpe Ratio**: -0.27 [3] - **Maximum Drawdown**: 18.49% [3] - **Total Return Rate of Index During Period**: 28.86% [3]

<<策略日报（2025.05.28）：延续震 荡>>--2025-05-28 <<策略日报（2025.05.27）：成交量跌 破万亿>>--2025-05-28 <<策略日报（2025.05.26）：胜兵先胜 而后求战>>--2025-05-26 证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 2025 年 05 月 29 日 大类资产跟踪 投资策略 债券市场：利率债全天震荡走低，长端跌幅大于短端。后续展望：随 着美国贸易法庭针对特朗普的全球关税作出禁制的裁定，市场风险偏好提 升，国债期货预计将进入震荡模式。 策略日报（2025.05.29）：情绪重回乐观 A 股：市场放量上涨，创业板指涨 1.37%，领涨市场。美国贸易法庭 针对特朗普的全球关税作出禁制的裁定，市场风险偏好上升。市场全天成 交额 1.21 万亿，较昨日放量 0.18 万亿，个股超 4400 只上涨。预计市场 将进入震荡区间，科技、红利、消费将轮动上涨。 相关研究报告 ...

金 金融工程点评 [Table_Title] [Table_Message]2025-05-29 食品饮料相对指数趋势跟踪模型效果点评 结果评估： 区间年化收益：0.52% 波动率（年化）：14.35% 夏普率：0.04 最大回撤：14.00% 指数期间总回报率：-21.90% 工 程 点 评 太 平 洋 证 券 股 份 [Table_Summary] [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 模型概述 融 有 限 公 司 证 券 研 究 报 告 ◼ 设计原理：模型假定标的价格走势具有很好的局部延续性，标的价格永远处 于某一趋势中，出现反转行情的持续时间明显小于趋势延续的时间，若出现 窄幅盘整的情况，亦假设其延续之前的趋势。当处于大级别的趋势之中时， 给定较短时间的观察窗口，走势将延续观察窗口内的局部趋势。而当趋势发 生反转时， ...

[Table_Title] 金 金融工程点评 [Table_Message]2025-05-29 金工 ETF 点评：宽基 ETF 单日净流出 20.27 亿元；军工、中证 2000ETF 可关注 [Table_Author] 证券分析师：刘晓锋 电话：13401163428 E-MAIL：liuxf@tpyzq.com 执业资格证书编码：S1190522090001 研究助理：孙弋轩 电话：18910596766 E-MAIL：sunyixuan@tpyzq.com 一般证券业务登记编码：S1190123080008 一、资金流向 二、行业拥挤度监测 ◼ 通过构建行业拥挤度监测模型，对申万一级行业指数的拥挤度进行每日监测， 前一交易日基础化工、纺织服饰、轻工制造拥挤度靠前，相比较而言，房地 产、电子、社会服务、钢铁、非银金融的拥挤度水平较低，建议关注。此外， 石油石化单日拥挤度变动较大。从主力资金流动来看，前一交易日主力资金 流入环保、纺织服饰、建筑材料，流出计算机、基础化工、医药生物。近三个 交易日主力资金增配环保、食品饮料、美容护理，减配电子、汽车、电力设 备。 三、ETF 产品关注信号 ◼ 根据溢价率 ...

2025 年 05 月 29 日 行业点评 看好/维持 医药 医药 Aurobindo Q4 净利润小幅下滑，低于市场预期 (20%) (12%) (4%) 4% 12% 20% 24/5/29 24/8/9 24/10/20 24/12/31 25/3/13 25/5/24 子行业评级 推荐公司及评级 相关研究报告 <<太平洋医药日报（20250527）：卫材 lemborexant 在华获批上市 >>-- 2025-05-28 <<行业基本企稳，有望持续复苏>>-- 2025-05-27 <<太平洋医药日报（20250526）：PDE4 抑制剂 Zoryve 获 FDA 批准>>--2025- 05-28 证券分析师：周豫 E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：乔露阳 E-MAIL：qiaoly@tpyzq.com 分析师登记编号：S1190524080001 报告摘要 事件： 2025 年 5 月 26 日，印度制药企业 Aurobindo Pharma 发布 2024-2025 财年第四季度财报，Q4 实现营业收入 838.2 亿卢 ...

食品饮料行业 证券研究报告 |古茗深度报告 2025/5/27 平价茶饮之王，供应链打造下沉 市场领跑者 郭梦婕 S1190523080002 证券分析师： 分析师登记编号： 林叙希 S1190525030001 证券分析师： 分析师登记编号： P2 报告摘要 10-20元价格带茶饮龙头，2021-2024年公司营收/门店数量CAGR为26%/20%。古茗于2010年在浙江省温岭市大溪镇成立，按2024年GMV以 及门店数量统计，是中国最大的10-20元价格带现制茶饮品牌。公司凭借高效的供应链体系以及下沉市场深耕优势，形成"规模扩张→品牌 强 化 →盈 利 提升 " 的正 向 循环 。 截至 2024 年末 公 司门 店 数量 达 9914家 ， 一线 /新 一线 /二 线/三 线 /四 线及 以 下门 店分 别 占比 3%/17%/29%/27%/24%。2021-2024年公司营收/归母净利润CAGR为26%/319%，业绩增长迅速主因门店快速扩张，2021-2024门店数量CAGR 达20%。2024年公司实现营业总收入87.91亿元，同比+14.5%，实现归母净利润14.8亿元，同比+36.9%。 现 ...

贸易战背景下出口贡献减弱，提振内需成为中长期主线。中国过去依靠出口和投资拉动经济增长，居民资产中房产占比较重， 2023年中国居民家庭住房资产占总资产约61%，高于英国的50%、日本的38%、美国的28%，居民消费比例偏低，中国居民消费占 GDP比重为38-40%，对比发达国家仍有差距，如美国和日本分别占比68-70%和55-60%，较其他国家中长期仍有巨大提升空间，贸易 战背景下出口贡献减弱，提振消费和扩大内需是必然进程。促消费政策持续落地，2025年3月召开的两会国家对于消费提及次数高于 之前，政策层首次将提高居民财产性收入写入报告。消费刺激政策从我们去年看到的国补、消费券已经开始逐步落到实处如提升公 务员薪资、为骑手缴纳社保、发放新生儿补贴等，更多从居民实际收入和现金补贴着手。呼和浩特新生儿补贴政策超预期，深圳陆 续跟进，后续有望扩大到更多城市。2025年1-3月经济演绎弱复苏趋势，2025Q1社零总额同比增长4.6%，增速稳定趋势向好。 食品饮料行业 证券研究报告 |行业深度报告 2025/05/28 拥抱新消费的浪潮 证券分析师: 郭梦婕 分析师登记编号: S1190523080002 P2 报告摘 ...

Investment Rating - The report gives a "Buy" rating for Jiuhua Tourism (603199) with a target price based on the last closing price of 37.29 [1][8]. Core Views - Jiuhua Tourism has announced a private placement plan to raise up to 500 million yuan, aimed at enhancing the core competitiveness of its scenic area through projects such as the Lion Peak cableway, hotel renovations, and transportation upgrades [4][5]. - The major shareholder, Wenlv Group, will participate significantly in the private placement, increasing its shareholding from 29.93% to 30.40% [4]. - The funds raised will be used to address uneven tourist distribution in the Jiuhua Mountain scenic area, improve the overall visitor experience, and enhance the scenic area's capacity [5][6]. Financial Projections - Jiuhua Tourism is expected to achieve net profits of 212 million yuan, 236 million yuan, and 263 million yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 13.86%, 11.62%, and 11.37% [6][9]. - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.91 yuan, 2.14 yuan, and 2.38 yuan respectively, with corresponding price-to-earnings (PE) ratios of 19.5X, 17.5X, and 15.7X [6][9]. Business Strategy - The company aims to optimize its business layout to enhance competitiveness in the tourism market, which includes improving the quality of hotel accommodations and transportation networks to meet diverse visitor needs [5][6]. - The Lion Peak cableway project is a key initiative that will improve accessibility and promote balanced development across the scenic area [5]. - Renovations of key hotels are expected to enhance service quality and increase profitability in the tourism accommodation sector [6].