Brokerage Morning Meeting Highlights | Self-immunotherapy moves from the era of large molecules towards precision and oral new stage

Yesterday, all three major indices closed in the red, with the Growth Enterprise Market Index probing the bottom and rebounding, and the Sci-Tech Innovation 50 Index soaring by 4.61%. The total trading volume in the Shanghai and Shenzhen markets was 3.52 trillion yuan. In terms of sectors, concepts such as semiconductor equipment, electronic special gases, pharmaceuticals, and controllable nuclear fusion were active. On the downside, concepts like optical fiber and glass fiber experienced volatile adjustments. At the close, the Shanghai Composite Index rose by 1.16%, the Shenzhen Component Index rose by 0.19%, and the Growth Enterprise Market Index rose by 0.54%. At today's brokerage morning meeting, Huaxi believes that self-immune drugs are transitioning from the era of large molecules to precision and oral new stages; China Securities Co., Ltd. believes that the pricing power of the semiconductor industry chain is shifting structurally from chip terminals to equipment and components; Huatai believes that the three-party agreement in the European Union anchors high growth in energy storage. Huaxi: Self-immune drugs are transitioning from the era of large molecules to precision and oral new stages Global autoimmune drugs are the second largest innovative drug race track after anti-tumor drugs, with a steadily expanding market size reaching 132.3 billion US dollars in 2022. Sullivan predicts it to rise to 176.7 billion US dollars by 2030, with the proportion of biologics continuing to increase, which has become a long-term trend replacing traditional small molecule drugs. The domestic market has stronger growth momentum, with a compound annual growth rate exceeding 26% from 2022 to 2030, significantly leading the global market. Core DRIVE comes from the improvement in the penetration rate of biologic drugs, the landing of medical insurance, domestic substitution, and the iteration of new target drugs. At the same time, the construction of specialty departments in rheumatology and dermatology in China continues to improve, with supporting policies such as dual channels and commercial insurance being implemented, gradually eliminating bottlenecks in commercialization. Self-immune drugs have the characteristics of long-term use for chronic diseases and expansion across indications, which can continuously incubate blockbuster products, with a strong long-term outlook and investment certainty in the race track. China Securities Co., Ltd.: The pricing power of the semiconductor industry chain is shifting structurally from chip terminals to equipment and components The global economic cycle continues to be confirmed, focusing on price increases and going global. SEMI raised its full-year expectations, and Huali's capacity is set to triple by 2034, establishing a sustained global semiconductor cycle. SEMI released a report on June 11th, raising the growth rate of the global front-end semiconductor equipment market size for 2026 from the previous 16.5% to a significant 23.5%, reaching $152.2 billion. Global semiconductor equipment shipments in Q1 reached $36.55 billion, an increase of 14% year-on-year, setting a new historical high for a single quarter. The pricing power of the semiconductor industry chain is structurally moving from chip terminals to equipment and components. Component companies have smaller scales and higher fixed costs, with price increases directly translating into profits; at the same time, the production line expansion cycle is as long as 12-18 months, with the worst supply elasticity. Attention should be given to the demand for domestic substitution and price increase logic caused by longer delivery times from overseas suppliers for components such as valves, pipelines, ceramic parts, RF power supplies, and GAS BOX. Huatai: The European Union's three-party agreement anchors high growth in energy storage On June 26th, local time in Europe, the European Union officially signed the "Tripartite Agreement for Energy Storage", jointly promoted by the European Commission & Member States, industry developers, and consumers, aiming to accelerate the comprehensive deployment of renewable energy and ensure energy supply and price stability. This round of policies once again strengthens the growth space for European energy storage demand, providing promising investment opportunities for energy storage companies with channel research and development advantages. This article is reprinted from "Cai Lian She", GMTEight editor: Liu Jiayin.