OVERVIEW The large molecules that constitute biopharmaceuticals differ from small molecules not only in their size but also in behavior, manufacture, and action in the human body. Manufacturing these molecules is significantly more complex than producing traditional pharmaceuticals. Despite the industry’s high complexity, however, outsourcing has become extremely popular. Not surprisingly, global contract manufacturing organizations (CMO) sales are growing steadily, fed not only by increased outsourcing but by overall growth in new and existing products, including clinical-trial supply. Contract manufacturing in the biopharmaceutical industry involves drug product manufacturing services on a fee-for-service basis for biopharmaceuticals, including formulation, fill, packaging and labeling, lyophilization, and other services related to the final production of the biopharmaceutical drug product. For biopharma companies requiring manufacturing capabilities and experience, partnering with a vaccine or biologics-focused contract manufacturing organization is likely to bring several advantages.

总结：测算的4 月超储率环比下降，但仍处于较好水平。4 月市场利率围绕政策利率波动，均值下行，表明银行间市场流动性维持合理充裕。期末M2 增速8.1%，环比下降1.3 个百分点，主要是财政因素和非标压缩对M2 拖累超预期，同时，信贷投放规模略低于市场预期，高基数使其对M2 增速贡献也有所下降。

5 月15 日，银保监会发布《关于展开专属商业养老保险试点的通知》，决定于2021 年6 月1 日起在浙江省（含宁波市）和重庆市开展专属商业养老保险试点，期限暂定一年，中国人寿、人保寿险、太平人寿、太保寿险、泰康人寿以及新华人寿等六家保险公司参与此次试点。

5 月10 日至14 日，股票市场日均成交金额为8,331.26 亿元，环比下降5.26%，同比提升34.33%。截至2021 年5 月13 日，沪深两市融资融券余额达16,715.07亿元，较5 月7 日增长0.79%，较2021 年初上升1.70%。截至2021 年4 月30 日，市场质押市值为41,115.76 亿元，市场质押股数占总股本6.53%。2021年前5 月，IPO 累计金额为1,267.45 亿元，同比增加11.95%；增发募集资金规模年内累计为2,889.66 亿元，同比增加1.28%；可转债累计募集资金金额为1,520.06 亿元，同比增加78.13%。

后疫情时代，中国凭借强大的疫情控制能力和经济韧性，一季度国内生产总值249310亿元，同比增长18.3%。经济整体保持平稳复苏态势，带动居民收入实现稳步增长；同时稳投资政策显效，进一步刺激居民金融理财需求，为证券市场向稳、向好发展注入动力。

2020 年9 月开始券商持续跑输大盘，交易端四大原因是主要边际催化因素，背后本质原因是估值与ROE 不匹配，目前头部券商估值已回到匹配位置，与头部银行接近，券商左侧布局时点到来。中长期看，直接融资扩容趋势不改，机构化趋势延续，券商财富管理、资产管理、机构业务和投行业务持续增长可期，轻资本业务扩张有望驱动ROE 持续上行，头部券商表现将更强。预计上市券商2021-2023 年净利润分别+13.3%/+21.1%/+18.2% ， ROE 分别为8.33%/9.05%/9.68%，维持行业“看好”评级。三条主线选择受益标的：（1）继续推荐互联网财富管理龙头东方财富；（2）资管和财富管理优势较强且低估值的兴业证券、广发证券、东方证券有所受益；（3）低估值龙头券商中信证券、国泰君安和中金公司(H 股)有所受益。