炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 今天，A股三大指数集体回调。全市场成交额为31666亿元，较上日增加7637亿元。截至收盘，上证指 数下跌1.15%，深证成指下跌1.06%，创业板指下跌1.64%。 | 上证指数 | 深证成指 | 创业板指 | | --- | --- | --- | | 3831.66 | 13075.66 | 3095.85 | | -44.68 -1.15% | -139.80 -1.06% | -51.50 -1.64% | | 跌 4350 | | 涨1027 > 18.6 | | 今日成交额总计31666亿 较上一日增量+7637亿 | | | 午后，多只高位股"炸板"，大盘回调。临近尾盘，旅游股逆势拉升，曲江文旅（维权）直线拉升涨停。 从板块来看，机器人板块分化，首开股份（维权）走出"12天11板"；低价股表现活跃，香江控股、山子 高科、上海建工均实现"5连板"。芯片产业链逆势上涨，中芯国际创历史新高。旅游、CPO、芯片产业 链等板块涨幅居前，有色金属、大金融、稀土永磁等板块跌幅居前。 旅游股上涨 临近尾盘，旅游股逆势拉升，曲江文旅涨停， ...

9月18日午后，A股三大指数涨跌不一。截至发稿，上证指数跌0.34%，深证成指涨0.13%，创业板指涨0.08%。 医药商业板块异动拉升。其中，中国医药（600056）午后直线冲上涨停，截至发稿报12.05元/股，总市值超180亿元。柳药集团、漱玉平民、老百姓等跟 涨。 固态电池概念午后回暖，先导智能涨超7%，天赐材料、杭可科技、利元亨等跟涨。 < V 固态电池 2328.75 0.23% ri Q 港股方面，东方甄选日内涨超14%，成交额超23亿港元。 | 成份股 | 股吧 | | 资讯 | | --- | --- | --- | --- | | 名称 | 最新 | 涨幅 ↓ | 涨跌 | | 万向钱潮 | 11.52 | 10.03% | 1.05 | | 000559 歐 | | | | | 科森科技 | 17.70 | 10.01% | 1.61 | | 603626 融 | | | | | 华正新材 | 43.44 | 10.00% | 3.95 | | 603186 | | | | | 江东股份 | 8.18 | 9.95% | 0.74 | | 600869 融 | | | | | 金发科技 | ...

Core Viewpoint - China Pharmaceutical (SH600056) reached its daily limit up on September 18, 2025, with a closing price of 12.05 yuan, marking a 10.05% increase and a total market capitalization of 18.025 billion yuan [1] Group 1: Company Developments - The company is undergoing strategic adjustments and governance structure optimization, revising multiple rules and simplifying the supervisory board, which is expected to enhance decision-making efficiency and improve governance standards [2] - Several subsidiaries have obtained European CEP certification and multiple approvals for active pharmaceutical ingredients, leading to a 50% increase in international business revenue, indicating significant progress in international expansion [2] - The company has enriched its R&D pipeline with multiple subsidiaries' drugs passing consistency evaluations or obtaining registration certificates, which is likely to help gain more market share [2] - The company announced a cash dividend of 0.1966 yuan per 10 shares, reflecting a healthy cash flow situation, and has established a systematic market value management framework, promising to increase the frequency and proportion of cash dividends [2] Group 2: Industry Context - The pharmaceutical sector has seen some stocks become active recently due to international business expansion and R&D advancements, with capital inflow noted in the sector on September 18 [2] - Technical indicators suggest that if the MACD forms a golden cross and the stock price breaks through key resistance levels, it may attract more technical investors [2] - Monitoring data indicates a favorable net buying situation from large orders on that day, suggesting that major funds are optimistic about the company's growth prospects [2]

Market Performance - The pharmaceutical commercial sector increased by 0.17% compared to the previous trading day, with XD Yifeng Pharmaceutical leading the gains [1] - The Shanghai Composite Index closed at 3876.34, up 0.37%, while the Shenzhen Component Index closed at 13215.46, up 1.16% [1] Stock Performance - Key stocks in the pharmaceutical commercial sector showed varied performance, with XD Yifeng Pharmaceutical closing at 26.22, up 2.66%, and Dazhenglin at 17.66, up 2.56% [1] - Other notable performers included Liuyao Group at 18.90, up 1.02%, and China Pharmaceutical at 10.95, up 0.83% [1] Trading Volume and Value - XD Yifeng Pharmaceutical had a trading volume of 106,700 shares and a transaction value of 279 million yuan [1] - Dazhenglin recorded a trading volume of 72,200 shares with a transaction value of 126 million yuan [1] Capital Flow - The pharmaceutical commercial sector experienced a net outflow of 225 million yuan from institutional investors, while retail investors saw a net inflow of 205 million yuan [2] - Speculative funds had a net inflow of approximately 19.83 million yuan [2] Individual Stock Capital Flow - China Pharmaceutical had a net inflow of 20.91 million yuan from institutional investors, while it faced a net outflow of 8.68 million yuan from retail investors [3] - Liuyao Group saw a net inflow of 7.14 million yuan from institutional investors, but a net outflow of 10.03 million yuan from retail investors [3]

Core Viewpoint - Novartis is committed to deepening its investment in the Chinese market, recognizing significant changes and opportunities for innovation in the pharmaceutical industry [1][5]. Group 1: Market Performance - In the first half of 2025, Novartis reported net sales of $27.287 billion, a year-on-year increase of 13%, with sales in China reaching $2.2 billion, growing by 8% [2]. - Novartis has become one of the top three multinational pharmaceutical companies in China [2]. Group 2: Innovation and Collaboration - Novartis has received approvals for nine new drugs and indications in China in 2025, which is a key driver for its growth [2]. - The company emphasizes the importance of collaboration with Chinese academic institutions and regulatory bodies to enhance innovation [3][5]. - Novartis is actively partnering with local biotech companies, exemplified by a recent strategic collaboration with Boehringer Ingelheim to develop cardiovascular products [3]. Group 3: Future Investment Strategy - Novartis plans to increase its investment in China through three main strategies: focusing on innovative products, building an ecosystem with local production and R&D facilities, and prioritizing talent development [5]. - The company has established three R&D centers in Shanghai, Beijing, and Suzhou, and is building a radioactive drug production facility in Zhejiang, expected to be operational by the end of 2026 [5]. Group 4: Regulatory Environment - The improvement in China's regulatory environment and favorable policies has accelerated the introduction of innovative drugs and technologies to the market [4][5].

9月12日，在北京证监局及上海证券交易所的指导下，由北京上市公司协会与中信建投证券联合举办、中国医药承 办的"《股东来了》《我是股东》——投资者走进中国医药"专题活动成功举行，活动旨在搭建公司与投资者之间 的直接沟通桥梁，增进市场对公司的了解，传递企业价值，保护投资者权益。 本次活动成功地为投资者提供了一个零距离、全方位了解中国医药的机会。通过沉浸式的参观和高质量的互动交 流，有效增进投资者对上市公司经营状况及企业价值的全面、客观认知，不仅落实了资本市场投资者教育保护工 作这一重要实践，也为中国医药提升透明度和市场形象提供了良好平台，为公司高质量发展提供更多助力。（燕 云） 活动当日，中国医药董事长、总经理杨光详细介绍了中国医药作为沪市大型医药类央企控股公司，秉持新发展理 念与企业核心价值观，围绕"科、工、贸、技、服"一体化目标，并通过强化创新主体地位、推进实业化转型，以 提升核心竞争力。公司始终重视股东权益，持续通过研发创新、渠道拓展、国际化经营等举措回报投资者信任， 并期待通过坦诚沟通倾听投资者的声音，为公司高质量发展及资本市场价值提升凝聚更多共识。 投资者们参观了公司展厅，系统性地了解了中国医药作为通用 ...

Group 1 - The core activity involved investors visiting China National Pharmaceutical Group, which is a key player in the pharmaceutical and medical device industry, showcasing its comprehensive business model and strategic layout [1][2] - The company emphasizes its mission of leading a better life through technological advancement and quality service, with a focus on high-quality development and innovation [1][3] - The company operates across a full industry chain, including planting, processing, research and development, production, sales, logistics, international trade, academic promotion, and technical services [1][2] Group 2 - During the event, the management team presented detailed operational data, highlighting the company's competitive strengths in the pharmaceutical health industry [3] - The company is committed to green production and new drug research, while also enhancing its innovative business platforms in medical devices [3] - The company maintains a high cash dividend ratio to strengthen shareholder return mechanisms, and it aims to improve operational efficiency amid national enterprise reforms [3]

Group 1 - Junshi Bioscience's product Mindewei achieved full-channel coverage in the first half of 2025, exploring community and county market medical cooperation models [1] - Mindewei was conditionally approved for marketing by the National Medical Products Administration in January 2023, and the company has actively built a commercialization team [1] - The company has established strategic partnerships with national pharmaceutical companies and chain pharmacies, and is exploring sales models on platforms like Meituan, JD, and Alibaba Health [1] Group 2 - Changchun High-tech's subsidiary GS3-007a dry mixed suspension has received acceptance for its clinical trial application, aimed at treating pediatric growth hormone deficiency (PGHD) [2] - PGHD is a common endocrine disease in pediatrics, with an incidence rate of approximately 1 in 8600 in China, primarily caused by insufficient secretion of growth hormone-releasing hormone [2] Group 3 - Chengda Biologics has gained market access for its human rabies vaccine in Indonesia and is actively expanding into larger markets like Brazil [3] - The company's international business has shown significant growth, covering over 30 countries, and is advancing its "vaccine going abroad" strategy [3] Group 4 - Taiji Group's subsidiary has received clinical trial approval for semaglutide injection, targeting blood sugar control in adults with type 2 diabetes [4] - The indication includes patients whose blood sugar remains uncontrolled despite diet and exercise, and those at risk of major cardiovascular events [4] Group 5 - China National Pharmaceutical Group plans to strengthen accounts receivable management and establish a tracking ledger for key customers [5] - The company reported a net cash flow of -546 million yuan in the first half of 2025, a significant improvement from -743 million yuan in the same period last year [5] Group 6 - Zhend Medical expects its African production base to break even by the end of the year while actively advancing the construction of its Mexican production base [6][7] - The company is focusing on expanding into emerging markets with increasing demand for basic medical supplies and is enhancing operational efficiency in its African base [6][7]

Market Overview - On September 12, the pharmaceutical commercial sector declined by 0.51%, with Baiyang Pharmaceutical leading the drop [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] Stock Performance - Key stocks in the pharmaceutical commercial sector showed varied performance, with Seer Medical (603716) leading with a 10.01% increase, closing at 31.31 [1] - Other notable performers included Haiwang Biological (000078) with a 2.69% increase and Runda Medical (603108) with a 1.30% increase [1] Capital Flow - The pharmaceutical commercial sector saw a net inflow of 295 million yuan from institutional investors, while retail investors experienced a net outflow of 113 million yuan [2] - Major stocks like Seer Medical had a significant net inflow of 5.15 billion yuan from institutional investors, while retail investors showed a net outflow of 2.61 billion yuan [2]

Core Viewpoint - The company is focused on improving its cash flow and profitability through various strategic initiatives, including cost control, business transformation, and leveraging acquisitions to enhance its operational capabilities [1][2]. Group 1: Financial Performance - In the first half of 2025, the company's net cash flow from operating activities was -546 million yuan, a significant improvement from -743 million yuan in the same period last year, indicating a narrowing of cash outflow [1]. - The company aims to strengthen accounts receivable management and optimize inventory structure to further enhance cash flow [1]. Group 2: Business Strategy - The company is committed to transforming its core profitability by implementing lean management practices, optimizing sales strategies, and reducing costs through centralized procurement and capacity integration in its industrial sector [1]. - The company has initiated a systematic approach to product development, with 12 industrial products launched, 10 submitted for approval, and 10 approved in the first half of the year, alongside 17 patent applications [1]. Group 3: Acquisition and Synergy - The company has completed the acquisition of 100% equity in Jinsui Technology, which is expected to create synergies with its existing pharmaceutical and industrial businesses [1][2]. - Jinsui Technology's established e-commerce operations and marketing expertise will support the company's transition from a pharmaceutical enterprise to a health-focused enterprise, enhancing its capabilities in e-commerce platform development and brand building [2].