Market Overview - On September 15, the medical services sector rose by 1.58%, led by Zhaoyan New Drug, while the Shanghai Composite Index closed at 3860.5, down 0.26% [1] - The Shenzhen Component Index closed at 13005.77, up 0.63% [1] Top Performers - Zhaoyan New Drug (603127) closed at 41.65, with a gain of 10.01% and a trading volume of 597,900 shares, amounting to a transaction value of 2.418 billion [1] - Boteng Co., Ltd. (300363) closed at 28.59, up 9.21%, with a trading volume of 571,200 shares, totaling 1.633 billion [1] - Kanglong Chemical (300759) closed at 35.90, increasing by 6.37%, with a trading volume of 895,600 shares, amounting to 3.178 billion [1] Underperformers - Jukang Life (300143) closed at 12.19, down 5.21%, with a trading volume of 245,900 shares, totaling 306 million [2] - Digital Human (835670) closed at 17.13, down 3.22%, with a trading volume of 55,800 shares, amounting to 9.562 million [2] - BGI Genomics (300676) closed at 53.20, down 3.11%, with a trading volume of 152,700 shares, totaling 81.5 million [2] Capital Flow - The medical services sector saw a net inflow of 502 million from institutional investors, while retail investors experienced a net outflow of 423 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional buying contrasting with retail selling [2] Individual Stock Capital Flow - Kailaiying (002821) had a net inflow of 1.90 billion from institutional investors, while retail investors saw a net outflow of 1.87 billion [3] - Kanglong Chemical (300759) experienced a net inflow of 184 million from institutional investors, with retail investors seeing a net outflow of 1.51 billion [3] - Jiuzhou Pharmaceutical (603456) had a net inflow of 47.19 million from institutional investors, while retail investors experienced a net outflow of 81.89 million [3]

Core Viewpoint - The medical sector is experiencing significant growth, with the largest medical ETF in A-shares (512170) showing a notable increase and attracting substantial investment recently [1][3]. Group 1: ETF Performance - The medical ETF (512170) rose over 1% on September 15, with a trading volume exceeding 460 million yuan [1]. - The ETF has attracted a total of 380 million yuan over four consecutive days leading up to September 12, bringing its total size to 27.584 billion yuan, ranking first among similar ETFs [1]. Group 2: Stock Performance - CXO stocks performed well, with notable gains from companies such as Zhaoyan New Drug, which hit the daily limit, and Kanglong Chemical and Jiuzhou Pharmaceutical, with increases of 6.37% and 3.95% respectively [3]. - Conversely, companies like BGI Genomics, Weining Health, and BGI Intelligent Manufacturing saw declines of 2.91%, 2.38%, and 1.93% respectively [3]. Group 3: Industry Outlook - According to Wanlian Securities, the overall revenue of the medical R&D outsourcing CXO sector is expected to grow by 13.77% year-on-year in the first half of 2025, with net profit attributable to shareholders increasing by 63.82% [3]. - The period from September 1 to 15, 2025, saw over 400 new Class I drugs in clinical trials and more than 1,800 Class II and III medical devices approved for market [3]. - Xinda Securities highlighted that the recovery of in-hospital procurement in the high-end medical device sector is driving growth, alongside a gradual recovery in consumer medical demand and increased penetration of high-end consumables [3]. Group 4: ETF Composition - The ETF (512170) and its off-market linked fund (012323) passively track the CSI Medical Index, with the top ten weighted stocks including WuXi AppTec, Mindray Medical, and United Imaging Healthcare [4][5].

9月12日，国家药监局发布公告"对符合要求的创新药临床试验申请，在受理后30个工作日内完成审评审批"，自发布之日起实施。通道范围为满足三条标准之一的中药、化学药品、生物制品1类 此外，美国行政草案再度引发市场担忧。华福证券指出，自2023年底以来，《生物安全法案》一共经历过10次变化。从股价反应来看，代表性CXO公司对《生物安全法案》进展的股价反应逐步 责任编辑：郝欣煜 港股医药外包概念股集体上攻，康龙化成涨超9%，昭衍新药涨超8%，药明生物、凯莱英涨超4%，泰格医药涨超2%。 ...

Group 1 - The Hang Seng Index rose by 0.29%, gaining 75 points to reach 26,463 points, while the Hang Seng Tech Index increased by 1.11%. The early trading volume in Hong Kong was HKD 162 billion [1] - CRO concept stocks saw significant gains, with Kanglong Chemical (03759) rising over 8% due to accelerated clinical trial review and approval processes. Other notable performers included Zhaoyan New Drug (06127) up 7%, WuXi Biologics (02269) up 5.5%, and Kelaiying (06821) up 4.2% [1] Group 2 - Yaojie Ankang (02617) surged over 33% after being included in the Hong Kong Stock Connect list, effective from September 8 [2] - The lithium battery sector performed well, with Morgan Stanley issuing a positive report on CATL, as market attention shifts to lithium demand expectations for next year. Notable stock movements included Zhongxin Hang (03931) up 4%, CATL (03750) up 7%, and Ganfeng Lithium (01772) up 4% [2] Group 3 - Yunfeng Financial (00376) increased by over 19%, with its stock price doubling within the month following the approval of its virtual asset trading services [3] Group 4 - Ruipu Lanjun (00666) rose nearly 2%, driven by sustained high production levels at major battery manufacturers and a significant increase in the company's energy storage battery shipments [4] Group 5 - Hushang Ayi (02589) gained over 8% after being included in the Hong Kong Stock Connect list, with stable growth in store numbers during the first half of the year [5] - Brainstorm Cell Therapeutics-B (06681) saw a dramatic rise, initially up 83% to a record high, and closing up 36%, with a cumulative increase of over 130% since its inclusion in the Stock Connect list on September 8. The company is noted for developing the first medical-grade digital therapy product for cognitive disorders in China [5] Group 6 - Baiao Saitu-B (02315) increased by over 11% after signing an antibody selection rights evaluation agreement with Merck to advance antibody-drug conjugate lipid delivery solutions [6] Group 7 - Domestic property stocks collectively declined, with Shimao Group (00813) falling nearly 5% and Zhongliang Holdings (02772) dropping over 3% [7]

昭衍新药再度涨停，7个交易日内录得4个涨停，累计涨幅为34.70%，累计换手率为62.78%。截至 11:05，该股今日成交量4942.81万股，成交金额19.86亿元，换手率7.84%。最新A股总市值达262.60亿 元。 证券时报·数据宝统计，两融数据来看，该股最新（9月12日）两融余额为7.09亿元，其中，融资余额 7.05亿元，较前一个交易日增加1.29亿元，环比增长22.44%，近7日累计增加1.84亿元，环比增长 35.31%。 公司发布的半年报数据显示，上半年公司共实现营业收入6.69亿元，同比下降21.28%，实现净利润 6093.24万元，同比增长135.90%，基本每股收益为0.0800元，加权平均净资产收益率0.75%。（数据 宝） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.09.12 | 9.99 | 9.73 | 23918.32 | | 2025.09.11 | -2.88 | 9.44 | -17805.92 | | 2025.09.10 | 9.99 | 11 ...

每经AI快讯，9月15日，港股CRO概念股早盘走高，截至发稿，康龙化成(03759.HK)涨8.11%，报25.58 港元；昭衍新药(06127.HK)涨6.27%，报24.76港元；药明生物(02269.HK)涨4.88%，报38.26港元；凯莱 英(06821.HK)涨4.33%，报101.3港元。 ...

Group 1 - CRO concept stocks experienced a rise in early trading, with notable increases in share prices for companies such as 康龙化成 (up 8.11% to HKD 25.58), 昭衍新药 (up 6.27% to HKD 24.76), 药明生物 (up 4.88% to HKD 38.26), and 凯莱英 (up 4.33% to HKD 101.3) [1] - On September 12, the National Medical Products Administration of China announced a new policy to complete the review and approval of clinical trial applications for innovative drugs within 30 working days, effective immediately [1] - The new policy applies to clinical trial applications for innovative drugs that meet one of three specified criteria, further accelerating the approval process for certain applications [1] Group 2 - Concerns have arisen in the market regarding the U.S. administrative draft, with 华福证券 noting that the "Biological Safety Act" has undergone 10 changes since the end of 2023 [2] - The stock price response of representative CXO companies to the progress of the "Biological Safety Act" has shown a trend of desensitization, with current stock prices recovering and reaching new highs [2] - The ongoing BD wave in China's innovative drug sector reflects the advantages of talent resources, research efficiency, and cost, indicating that U.S. policies will not significantly impact the competitiveness of China's innovative drug industry [2]

Group 1 - CRO concept stocks experienced a significant rise, with 康龙化成 (03759) up 8.11% to HKD 25.58, 昭衍新药 (06127) up 6.27% to HKD 24.76, 药明生物 (02269) up 4.88% to HKD 38.26, and 凯莱英 (06821) up 4.33% to HKD 101.3 [1] - On September 12, the National Medical Products Administration announced a new policy to complete the review and approval of clinical trial applications for innovative drugs within 30 working days after acceptance, effective immediately [1] - The new policy applies to innovative drug clinical trials that meet one of three criteria: traditional Chinese medicine, chemical drugs, and biological products of Class 1 [1] Group 2 - Concerns have arisen in the market regarding the U.S. administrative draft, with 华福证券 noting that the "Biosafety Act" has undergone 10 changes since the end of 2023 [2] - The stock price response of representative CXO companies to the progress of the "Biosafety Act" has become desensitized, with current stock prices recovering and reaching new highs [2] - The ongoing BD wave in China's innovative drug sector reflects the advantages of talent resources, research efficiency, and research costs, indicating that U.S. policies will not significantly impact the globally competitive Chinese innovative drug industry [2]

Summary of the Conference Call for Zhaoyan New Drug Industry Overview - The CXO industry is performing well, driven by the concentration of early orders towards leading companies, benefiting firms like Zhaoyan New Drug, Weiya Bio, and WuXi AppTec among others [2][3] - The demand recovery in domestic R&D and growth in clinical outsourcing business are key factors for the positive outlook in the CRO sector [2][5] Company Performance - Zhaoyan New Drug, as a leading safety evaluation CRO in China, is expected to see revenue growth from 2025 to 2027, with projected revenues of 1.7 billion, 2 billion, and 2.23 billion RMB respectively, and net profits of 370 million, 550 million, and 570 million RMB [2][5] - The company experienced rapid revenue growth from 2018 to 2022, but faced a slowdown in 2023 due to a cooling investment environment and increased competition [4][10] - In the first half of 2025, Zhaoyan New Drug signed new orders worth 1.02 billion RMB, a 13% year-on-year increase, with a backlog of 2.3 billion RMB [4][11] Market Dynamics - The experimental monkey market is currently facing a supply-demand imbalance, leading to rising prices. The aging population of existing monkeys and strict import policies exacerbate this issue [6][7] - The demand for experimental monkeys is particularly high for large molecule drug development, which uses monkeys in over 70% of cases, compared to 20%-30% for small molecules [8] Strategic Initiatives - Zhaoyan New Drug has invested in building an experimental animal base since 2018 and acquired monkey breeding facilities to mitigate supply shortages and stabilize operations [9] - The company has successfully expanded its overseas business, leveraging competitive advantages in cost and efficiency, particularly in offshore outsourcing [12] Future Outlook - The company is expected to maintain a strong growth trajectory, with a projected compound annual growth rate of 54% from 2018 to 2022, despite facing challenges in 2023 and 2024 [10][13] - Investors are advised to consider potential risks including market demand fluctuations, increased competition, and changes in import/export policies [13]

Market Performance - The medical services sector increased by 1.24% on September 12, with Zhaoyan New Drug leading the gains [1] - The Shanghai Composite Index closed at 3883.69, up 0.22%, while the Shenzhen Component Index closed at 12996.38, up 0.13% [1] Top Gainers in Medical Services - Zhaoyan New Drug (603127) closed at 37.86, up 9.99% with a trading volume of 554,000 shares [1] - BGI Genomics (300676) closed at 55.81, up 7.58% with a trading volume of 225,300 shares [1] - Haoyuan Pharmaceutical (688131) closed at 74.67, up 6.05% with a trading volume of 69,800 shares [1] Decliners in Medical Services - Yuaner Eye Hospital (300015) closed at 12.97, down 1.14% with a trading volume of 741,800 shares [2] - Nomo Gene (688315) closed at 16.49, down 1.08% with a trading volume of 85,800 shares [2] - Haochen Medical (002622) closed at 3.84, down 1.03% with a trading volume of 200,100 shares [2] Capital Flow Analysis - The medical services sector saw a net inflow of 293 million yuan from institutional investors, while retail investors experienced a net outflow of 207 million yuan [2] - Zhaoyan New Drug had a net inflow of 2.20 billion yuan from institutional investors, but a net outflow of 1.47 billion yuan from retail investors [3] Notable Stocks in Capital Flow - HaiTe Bio (300683) had a net inflow of 112 million yuan from institutional investors, with a net outflow of 1.30 billion yuan from retail investors [3] - Innovation Medical (002173) saw a net inflow of 110 million yuan from institutional investors, while retail investors had a net outflow of 1.12 billion yuan [3]