Investment Rating - The investment rating for the industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 5.89%, ranking third among 31 primary industries, outperforming the CSI 300 index which rose by 1.92% [5][17] - The sub-industries of medical research outsourcing and chemical preparations saw significant gains of 13.94% and 8.43% respectively, while offline pharmacies experienced a decline of 3.91% [5][17] - As of July 18, 2025, the overall PE (TTM) for the pharmaceutical and biotechnology industry is 30.09x, up from 28.52x in the previous period, indicating an upward trend in valuation but still below the average [6][22] - The top three sub-industries by PE (TTM) are vaccines (57.37x), hospitals (37.75x), and other biological products (36.95x), while pharmaceutical circulation has the lowest valuation at 15.84x [6][22] Industry Review - The report highlights that 37 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 2.182 billion yuan, with 4 companies increasing their holdings by 145 million yuan and 33 companies reducing theirs by 2.328 billion yuan [6] Important Industry News - The National Medical Products Administration (NMPA) approved the BCL-2 inhibitor "Lisatinib" for market entry, marking it as the first domestic product of its kind [8] - The NMPA also approved "Recombinant Human Albumin Injection (Rice)" as the first of its kind in China [8] - The eleventh batch of national procurement rules has been optimized, significantly reducing policy uncertainty for innovative drugs [9] Investment Recommendations - The report suggests continued attention to pharmaceutical companies with innovative capabilities and those with high-end and cost advantages in generic drugs, especially in light of the optimized procurement rules that favor high-quality production and cost-effective generics [9]

Group 1 - The stock price of Nocera Biopharma (688428) closed at 30.6 yuan on July 18, 2025, down 0.33% with a turnover rate of 2.88% and a trading volume of 77,200 shares, amounting to a total transaction value of 235 million yuan [1] - On July 18, 2025, the net outflow of main funds was 11.82 million yuan, accounting for 5.02% of the total transaction value, while retail investors saw a net inflow of 7.19 million yuan, representing 3.06% of the total transaction value [2][4] - Nocera Biopharma submitted a disclosure report on July 18, 2025, indicating that the number of issued shares and treasury shares remained unchanged at 1,494,598,235 shares and 1,686,000 shares, respectively, totaling 1,496,284,235 shares [2] Group 2 - On July 18, 2025, Nocera Biopharma issued a total of 2,076,750 new RMB shares under the 2023 RMB Share Incentive Plan, with an issuance price of 6.95 yuan per share [3][4] - The issuance included 512,500 shares to 2 directors, 1,169,750 shares to 94 incentive recipients, and 394,500 shares to 42 incentive recipients, resulting in an increase in the total number of issued RMB shares from 266,282,967 to 268,359,717 shares [3]

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： 諾誠健華醫藥有限公司（於開曼群島註冊成立的有限公司） 呈交日期： 2025年7月18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 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09969 | 說明 | | | | | | 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 ...

Core Viewpoint - As of July 18, 160 stocks reached their 52-week highs, with notable performances from China New Economy Investment (00080), Aoyuan Group Equity (02905), and Zhong An Holdings Group (08462) showing high growth rates of 288.89%, 55.28%, and 50.00% respectively [1][2]. Summary by Category 52-Week High Performers - China New Economy Investment (00080) closed at 0.440, with a peak price of 0.700, achieving a growth rate of 288.89% [2]. - Aoyuan Group Equity (02905) closed at 0.218, with a peak price of 0.250, achieving a growth rate of 55.28% [2]. - Zhong An Holdings Group (08462) closed at 0.221, with a peak price of 0.228, achieving a growth rate of 50.00% [2]. - Other notable performers include Hualian International (00969) with a growth rate of 40.13% and Zhongke Bio (01237) with a growth rate of 37.25% [2]. Additional High Performers - Wanma Holdings (06928) closed at 0.550 with a growth rate of 30.43% [2]. - Lepu Biopharma-B (02157) closed at 7.940 with a growth rate of 24.54% [2]. - Other stocks with significant growth include ZhiJianYueDong (06860) at 17.14% and China Jindian Group (08281) at 17.12% [2]. 52-Week Low Performers - The document also lists stocks that reached their 52-week lows, with XI Ernan CO-U (09311) showing a decline of 16.10% [6]. - Other notable declines include XI Ernan CO (07311) at -12.62% and Haotian International Construction Investment (01341) at -5.70% [6].

Core Viewpoint - The innovative drug market is experiencing a surge in interest and investment, with significant inflows of capital and strong performance in related stocks [1][5]. Group 1: Market Performance - On July 15, the pharmaceutical ETF (562050) experienced a sharp increase during the opening auction, indicating heightened investor enthusiasm for innovative drugs [2][3]. - The ETF closed up 0.59% at 1.017 yuan per share, with a total trading volume of approximately 26.34 million yuan and a turnover rate of 22.94% [4]. - A-shares in innovative drugs have shown notable gains, with companies like ShenZhou Cell rising nearly 50% in the past month, and others like BoRui Medicine and Jilin AoDong increasing over 10% [5]. Group 2: Fund Performance and Strategy - The latest public fund reports reveal a significant shift towards innovative drugs, with the Changcheng Pharmaceutical Industry Selected Fund achieving over 90% returns, increasing its scale nearly 30 times in the second quarter [6][9]. - The fund manager of Yongying Medical Health Fund indicated a complete portfolio overhaul towards innovative drugs, with top holdings including ShuTaiShen and Rejing Biology, the latter seeing a staggering 443.59% increase this year [6][7]. - The Changcheng fund plans to continue focusing on innovative drugs in the third quarter, emphasizing clinical data, overseas licensing, and domestic sales growth [8]. Group 3: Policy and Market Trends - The innovative drug sector is benefiting from favorable policy developments, with the National Medical Insurance Bureau initiating adjustments to the drug catalog for 2025 [10]. - Data shows that the total amount for Chinese innovative drug licenses reached nearly 66 billion USD in the first half of 2025, surpassing the total for 2024, indicating a rapid rise in global competitiveness [11]. - The current market rally is primarily driven by clinical results and expectations for overseas licensing, with a focus on companies that have the potential for international expansion and those that have successfully transformed [11].

证券代码：688428 A 股简称：诺诚健华 公告编号：2025-026 归属结果暨股份上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次 A 股股票上市类型为股权激励股份；股票认购方式为网下，上市股数 为2,076,750股。 本次 A 股股票上市流通总数为2,076,750股。 ? 本次 A 股股票上市流通日期为2025 年 7 月 18 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，诺诚健华医药有限公司（以下简称"诺诚健华" 或"公司"）于近日收到中国证券登记结算有限责任公司上海分公司出具的《证券 变更登记证明》，公司完成了 2023 年科创板限制性股票激励计划首次授予部分第 二个归属期及预留授予部分第一个归属期的股份登记工作。现将有关情况公告如 下： 一、本次限制性股票归属的决策程序及相关信息披露 港股代码：09969 港股简称：诺诚健华 诺诚健华医药有限公司 关于 2023 年科创板限制性股票激励计划首次 授予部分第二个归 ...

重要内容提示： 本次 A 股股票上市类型为股权激励股份；股票认购方式为网下，上市股数 为2,076,750股。 本次 A 股股票上市流通总数为2,076,750股。 本次 A 股股票上市流通日期为2025 年 7 月 18 日。 | 证券代码：688428 | A 股简称：诺诚健华 | 公告编号：2025-026 | | --- | --- | --- | | 港股代码：09969 | 港股简称：诺诚健华 | | 诺诚健华医药有限公司 关于 2023 年科创板限制性股票激励计划首次 授予部分第二个归属期及预留授予部分第一个归属期 归属结果暨股份上市的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，诺诚健华医药有限公司（以下简称"诺诚健华" 或"公司"）于近日收到中国证券登记结算有限责任公司上海分公司出具的《证券 变更登记证明》，公司完成了 2023 年科创板限制性股票激励计划首次授予部分第 二个归属期及预留授予部分第一个 ...

中国2025年6月重磅宏观经济数据公布，其中Q2GDP同比5.2%超预期。港股三大指数午后持续拉升走 强，一扫早盘冲高回落行情。截止收盘，恒生科技指数一马当先，最终收涨2.8%，恒生指数、国企指 数分别上涨1.6%及1.65%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | ○ 24590.12 | +386.80 | 1:60% | | 800100 | 国企指数 | 8877.10 | +144.36 | 1.65% | | 800700 | 恒生科技指数 | 5431.29 | +147.79 | 2.80% | 盘面上，作为市场风向标的大型科技股午后持续攀升助力大市上涨，其中，阿里巴巴大涨近7%，美 团、百度涨超4%，腾讯涨3.5%，京东涨超2%；行业利好不断，稳定币概念股普遍走高，云锋金融大涨 19.5%；生物医药股全天维持强势行情；苹果概念股、软件类股、汽车股、电信股、海运股午后涨幅持 续扩大。另一方面，比特币下破11.7万美元，加密货币概念股低迷，上半年全国房地产开发投资同比跌 11 ...

港股生物医药股午后走强，荣昌生物(09995.HK)涨超8%，诺诚健华(09969.HK)涨超7%，百济神州 (06160.HK)涨超6%，科伦博泰生物(06990.HK)、复宏汉霖(02696.HK)均涨超5%。 ...

Policy Developments - The National Healthcare Security Administration reported that the basic medical insurance coverage rate in China remains stable at over 95%, with 1.32662 billion people insured by the end of 2024 [2] - The total income of the national basic medical insurance fund for 2024 is projected to be CNY 34,913.37 billion, while total expenditures are expected to be CNY 29,764.03 billion, resulting in a current balance of CNY 4,639.17 billion [2] - Since the establishment of the National Healthcare Security Administration in 2018, 835 new drugs have been added to the medical insurance drug list, with over 5,400 million CNY in sales from newly negotiated drugs between 2018 and 2024 [2] Drug and Device Approvals - Bayer's non-hormonal drug elinzanetant has been approved by the UK Medicines and Healthcare products Regulatory Agency for treating moderate to severe vasomotor symptoms related to menopause [5] - Innovent Biologics' new BCL2 inhibitor mesutoclax has received FDA approval to commence clinical trials for treating myeloid malignancies, including acute myeloid leukemia and myelodysplastic syndromes [6] - Tianyu Co., Ltd.'s subsidiary has passed the review for ezetimibe raw materials by the National Medical Products Administration, pending GMP compliance inspection results for market launch [7] Capital Market Activities - Innostellar Biotherapeutics has signed a ten-year exclusive promotion agreement with Golden Age Health for the commercialization of its gene therapy candidate LX101 in mainland China [9] Earnings Disclosures - Da'an Gene anticipates a net loss of CNY 140 million to 200 million for the first half of 2025 [11] - Huahai Pharmaceutical expects a net profit decline of 40% to 50% year-on-year, projecting a profit range of CNY 374 million to 449 million [12] - KingMed Diagnostics forecasts a net loss of CNY 95 million to 65 million for the first half of 2025, representing a significant year-on-year decline [13] - Xinmai Medical projects a net profit of CNY 304 million to 361 million for the first half of 2025, a decrease of 10.52% to 24.78% compared to the previous year [14] - Wantai Biological Pharmacy anticipates a net loss of CNY 130 million to 160 million for the first half of 2025 due to market pressures and policy adjustments [15] Industry Events - *ST Suwu has received a notice of administrative penalty from the China Securities Regulatory Commission for falsifying financial reports, which may lead to forced delisting [17] - This incident serves as a warning for the pharmaceutical industry to focus on genuine innovation and establish effective internal controls to mitigate risks associated with management [17] Shareholder Movements - Qihe Venture, a shareholder holding over 5% of Xuantai Pharmaceutical, plans to reduce its stake by up to 7 million shares, representing no more than 1.5441% of the company's total shares [19]