截至2025年7月22日 09:47，恒生医疗保健指数(HSHCI)强势上涨2.14%，成分股丽珠医药(01513)上涨11.57%，联邦制药(03933)上涨7.00%，再鼎医药(09688) 上涨6.03%，博安生物(06955)，金斯瑞生物科技(01548)等个股跟涨。恒生医疗ETF(513060)上涨2.02%，最新价报0.66元。拉长时间看，截至2025年7月21 日，恒生医疗ETF近1周累计上涨8.95%，涨幅排名可比基金1/3。 流动性方面，恒生医疗ETF盘中换手10.09%，成交8.40亿元，市场交投活跃。拉长时间看，截至7月21日，恒生医疗ETF近1周日均成交28.22亿元，排名可比 基金第一。 第十一批国家药品集采正式启动，共涉及55个品种，释放出集采政策向创新药倾斜的积极信号。中信建投证券指出，本次集采坚持"新药不集采、集采非新 药"的原则，并进一步优化了品种遴选条件，包括排除协议期内的医保谈判药品、专利侵权风险高的品种以及年采购额低于1亿元的品种，体现出政策对创新 药的保护力度不断增强。同时，集采规则更加注重"稳临床、保质量、防围标、反内卷"，通过品牌报量机制、价差控制优化、低价声明制 ...

Group 1 - The Hong Kong pharmaceutical outsourcing sector stocks experienced a collective surge, indicating positive market sentiment [1] - Kingsoft Biotech (01548.HK) rose over 6%, reflecting strong investor interest [1] - Kelaiying (06821.HK) increased by more than 5%, showcasing robust performance in the sector [1] - WuXi AppTec (02359.HK) saw a rise of over 2%, contributing to the overall strength of the industry [1] - Tigermed (03347.HK) gained more than 1%, further highlighting the upward trend in pharmaceutical outsourcing stocks [1]

Core Points - The CSI Biopharmaceutical Theme 50 Index (CSI Pharma 50) has shown significant growth, with an increase of 8.88% over the past month, 15.61% over the past three months, and 12.91% year-to-date [1] - The index comprises 50 listed companies in the biopharmaceutical sector that exhibit high profitability, strong cash flow, and innovation capabilities, reflecting the overall performance of representative companies in this theme [1] Index Composition - The top ten weighted companies in the CSI Pharma 50 Index are: WuXi AppTec (17.54%), Hengrui Medicine (15.25%), Mindray Medical (11.6%), Aier Eye Hospital (4.96%), Kelun Pharmaceutical (3.32%), New Horizon (2.9%), Changchun High-tech (2.83%), Aimeike (2.28%), Huatai Medical (2.12%), and Baillie Gifford (2.05%) [1] - The index is evenly split between the Shenzhen Stock Exchange and the Shanghai Stock Exchange, each accounting for 50% of the holdings [1] Industry Breakdown - The industry composition of the CSI Pharma 50 Index is as follows: Chemical drugs (31.34%), Medical devices (25.53%), Pharmaceutical and biotechnology services (19.38%), Biopharmaceuticals (15.64%), Medical commerce and services (4.96%), and Traditional Chinese medicine (3.14%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December each year [2]

7月21日，沪指上涨0.72%，深成指上涨0.86%，创业板指上涨0.87%，沪深300指数上涨0.67%。可交易 A股中，上涨的有4005只，占比74.11%，下跌的1291只。 资金面上，今日主力资金全天净流出69.45亿元。其中，创业板主力资金净流出86.67亿元；科创板主力 资金净流出17.36亿元；沪深300成份股主力资金净流出17.19亿元。 分行业来看，申万所属的一级行业中，今日上涨的有27个，涨幅居前的行业为建筑材料、建筑装饰，涨 幅为6.06%、3.79%。跌幅居前的行业为银行、综合，跌幅为0.77%、0.34%。 个股方面，全天资金净流入的个股共有2209只，净流入在1000万元以上的有888只，其中，净流入资金 超亿元的有104只，净流入资金最多的是宁德时代，今日上涨3.12%，全天资金净流入11.45亿元，其次 是卧龙电驱、C华新等，净流入资金分别为8.78亿元、8.66亿元。资金净流出超亿元的有99只，净流出 资金规模居前的个股为东方财富、四方精创、药明康德，分别净流出资金10.41亿、7.32亿元、7.23亿 元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨 ...

Core Viewpoint - The Hong Kong Hang Seng Index closed up 0.68% at 24,994.14 points, reaching a new high since February 2022, with significant contributions from state-owned enterprises [1] Group 1: Market Performance - The Hang Seng Index briefly surpassed the 25,000 points mark during trading [1] - The AH premium decreased by 0.67% to 125.44, marking the lowest level since June 2020, indicating a narrowing price gap between H-shares and A-shares [2] Group 2: Stock Movements - Major state-owned enterprises led the gains in the Hang Seng Index, with China Petroleum & Chemical Corporation rising by 5.53%, China National Petroleum Corporation by 3.61%, and China Shenhua Energy Company by 2.94% [1] - Several companies related to the Yarlung Tsangpo River hydropower project saw significant stock price increases, with Huaxin Cement, Dongfang Electric, and Chongqing Iron & Steel achieving daily price limits in A-shares, while their H-shares surged by 85.63%, 65.21%, and 25.53% respectively [2] Group 3: AH Share Premiums - As of July 21, the number of AH companies with H-shares priced higher than A-shares increased to 8, with CATL showing the highest premium of 36.69% [3] - Other companies with significant premiums included Huaxin Cement (17.99%), Dongfang Electric (14.84%), and Hengrui Medicine (14.1%) [3] Group 4: Market Trends and Outlook - The AH premium has remained low for the past month, with only 3 companies previously showing H-shares priced higher than A-shares [4] - Despite challenges such as external tariff pressures and a weakening domestic growth cycle, the Hong Kong market remains active, with a daily average trading volume of 2,406 million HKD, an increase of over 80% from 2024 [4] - The influx of southbound capital has also been robust, with an average daily inflow of 61.5 million HKD, nearly double the 34.7 million HKD from 2024 [4] Group 5: IPO and Market Dynamics - The number of companies listing in Hong Kong is increasing, with 10 A-share companies converting to H-shares, raising 70% of their funds from this transition [5] - Short-term AH premiums are constrained by a "hidden floor" due to dividend tax arrangements, while long-term macro factors supporting Hong Kong's capital market remain unchanged [5]

| 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | 於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | 2025年7月18日 | 2,485,141,055 | | 0 | | 2,485,141,055 | | 1). 其他 (請註明) | | | % | | | | | 參見B部 | | | | | | | | 變動日期 | 2025年7月21日 | | | | | | | 於下列日期結束時的結存 (註5及6) | 2025年7 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 無錫藥明康德新藥開發股份有限公司 呈交日期： 2025年7月21日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | | 說明 | 於上海證券交易所上市 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 ...

Group 1 - The computer sector experienced a significant net outflow of over 10.3 billion yuan, indicating a bearish sentiment in this industry [1][2] - The construction materials, construction engineering, and new energy sectors saw net inflows, with construction materials leading at 1.653 billion yuan [2] - Notable individual stocks with significant net inflows include Ningde Times with 1.081 billion yuan and CASI with 0.758 billion yuan [3] Group 2 - The top stock with the highest net outflow was Oriental Fortune, which saw a net outflow of 1.15 billion yuan [4] - Other companies with substantial net outflows include WuXi AppTec and Sifang Jingchuang, with outflows of 0.632 billion yuan and 0.629 billion yuan respectively [4] - The overall trend indicates a shift in investor focus away from technology and pharmaceuticals towards construction and energy sectors [1][2]

Investment Rating - The report assigns a "Buy-A" investment rating to the company with a 6-month target price of 95.60 CNY per share, based on an expected EPS of 4.78 CNY for 2025 and a PE ratio of 20 times [4][9]. Core Insights - The company is evolving into a leading integrated CRDMO service platform, driving continuous growth in its business segments, particularly in small molecule D&M, TIDES, testing, and biological services [13][15]. - The CRDMO industry is expected to see a gradual recovery in outsourcing demand, driven by ongoing investments in drug development, particularly in GLP-1 and ADC sectors [27][28]. - The company has shown robust growth in its project pipeline, with significant increases in both the number of projects and commercialized products, indicating strong operational capabilities and market demand [40][42]. Summary by Sections 1. Integrated CRDMO Service Platform - The company has developed into a global leader in integrated CRDMO services, expanding its global network and service offerings since its establishment in 2000 [13][14]. - Revenue has grown from 4.883 billion CNY in 2015 to an expected 39.241 billion CNY in 2024, with a CAGR of 26.05%, while net profit has increased from 0.349 billion CNY to 9.450 billion CNY in the same period, reflecting a CAGR of 44.27% [15][19]. 2. CRDMO Industry Outlook - The report anticipates a recovery in CRDMO outsourcing demand, supported by the rapid commercialization of drugs like GLP-1 and ADC, which are expected to drive revenue growth for CRDMO companies [27][28]. - The company’s backlog of orders reached 523.3 billion CNY by March 2025, representing a year-on-year increase of 47.1% [35]. 3. Business Segment Performance 3.1. Chemical Business - The small molecule D&M business is experiencing steady growth, with revenue reaching 17.870 billion CNY in 2024, and a projected increase of 13.8% year-on-year in Q1 2025 [40][42]. - The TIDES business is benefiting from high demand in the peptide sector, with revenue expected to grow from 2.04 billion CNY in 2022 to 5.8 billion CNY in 2024, reflecting a CAGR of 68.74% [54][55]. 3.2. Testing Business - The testing segment, including SMO services, has maintained a leading position in the industry, with revenue from clinical CRO and SMO services growing from 1.087 billion CNY in 2020 to 1.810 billion CNY in 2024 [59][61]. - The SMO service team has expanded to 4,700 personnel, covering over 1,000 hospitals across 150 cities, contributing to the successful approval of 255 new products over the past decade [61][62]. 3.3. Biological Business - The company is focusing on building capabilities related to new molecular types, with over 290 clients served and more than 1,400 projects delivered since 2021 in the nucleic acid platform [63][64]. - The revenue from new molecular types is increasingly contributing to the overall growth of the biological segment [63].

Core Viewpoint - The Hong Kong stock market is experiencing significant changes, with the Hang Seng AH Premium Index declining and reaching a new low for the year, indicating a narrowing premium of A-shares relative to H-shares, reflecting improved liquidity and value reassessment in the market [1] Group 1: AH Premium Rate Trends - The trend of narrowing AH premium rates is particularly evident at the individual stock level, with all 160 A+H listed companies seeing their AH premium rates drop below 200% [3] - The highest premium rate is for Chenming Paper, at 199.54%, contrasting sharply with the end of 2024 when over 10 stocks had premium rates exceeding 200% [3] - As of July 18, the number of stocks with premium rates over 100% has decreased to 32, down from 57 at the end of 2024, with BYD and Hongye Futures leading at 185.83% and 185.47% respectively [3] - Notably, four stocks are now trading at a discount of A-shares relative to H-shares, with CATL showing the largest discount at 24.63% [3] Group 2: Foreign Investment Trends - H-shares have performed strongly this year, supporting the narrowing premium rates, with seven H-shares doubling in value, including Rongchang Bio, which surged by 3.91 times [4] - Foreign institutions are increasingly favoring leading assets in the Hong Kong market, as evidenced by Wellington Management's purchase of 1.14 million shares of Hengrui Medicine for approximately 84.93 million HKD [4] - CATL's H-shares have seen a cumulative increase of 50.19% since their listing on May 20, with JPMorgan increasing its stake to 5.26% after purchasing 851,600 shares [4] - WuXi AppTec also attracted foreign investment, with FMR LLC increasing its holdings to 14.04% after buying 1.72 million shares [4] Group 3: Structural Changes in the Market - The Hong Kong stock market is undergoing structural changes, with new economy sectors like innovative pharmaceuticals, new energy, and consumer electronics rapidly emerging [5] - These sectors demonstrate stronger profit growth certainty and align better with global investors' long-term allocation preferences [5] - There is a noticeable differentiation in market structure, with large-cap companies having significantly lower premium rates compared to small-cap companies, indicating institutional investors' growing recognition of industry leaders and companies with solid fundamentals [5]