Core Viewpoint - Zhongheng Group's subsidiary, Chongqing Laimei Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for clinical trials of its innovative anti-cancer drug, "Nano Carbon Iron Suspension Injection" [1][2] Group 1: Product Development - The drug "Nano Carbon Iron" is a next-generation nano drug developed based on Laimei's existing product, utilizing Fe2+ as the active anti-cancer ingredient and nano carbon as its carrier [1] - The mechanism of action involves regulating ferroptosis pathways to exert anti-cancer effects, with the drug administered via intratumoral injection to inhibit tumor growth [1] Group 2: Clinical Trial and Mechanism - The approved clinical trial will explore the safety and potential efficacy of the combination of "Nano Carbon Iron" and standard radiotherapy in treating solid tumors [2] - Research indicates that the mechanisms of action of "Nano Carbon Iron" and radiotherapy are complementary, potentially enhancing the local treatment effects, especially in large, hypoxic tumors that are difficult to control with radiotherapy alone [2]

Investment Rating - The industry rating is maintained at "Overweight" [8] Core Views - The market performance of the traditional Chinese medicine (TCM) sector showed a slight increase of 1.29%, which is the smallest among secondary sub-sectors [1] - The price governance of Chinese patent medicines is being actively implemented across multiple regions, aiming to create a unified and competitive drug market [4][5] - The valuation metrics for the TCM sector indicate a PE (ttm) of 27.72X and a PB (lf) of 2.33X, with both metrics showing slight increases compared to the previous week [2] Market Performance - The TCM sector reported a market index of 6501.99 points, reflecting a 1.29% increase over the last week [1] - The overall pharmaceutical and biological sector index rose to 8430.03 points, with a 2.67% increase [1] Valuation Metrics - The TCM sector's PE (ttm) is at 27.72X, up by 0.36X week-on-week, with a one-year maximum of 30.26X and a minimum of 24.72X [2] - The PB (lf) stands at 2.33X, increasing by 0.02X from the previous week, with a one-year maximum of 2.54X and a minimum of 2.17X [2] Supply Chain Insights - The market for TCM raw materials has shown signs of recovery, with a price index of 225.55 points, reflecting a 0.4% increase from the previous week [3] - The market sentiment for TCM raw materials is improving, with increased foot traffic and positive investment sentiment [3] Policy and Regulatory Environment - Multiple regions have initiated price governance for Chinese patent medicines, focusing on high-priced products with significant price discrepancies [4][5] - The ongoing supply-side reforms are expected to reshape competitive factors within the industry, with a shift from channel-driven to value and cost-driven competition [5] Investment Recommendations - The report suggests focusing on three main investment themes: price governance, consumption recovery, and state-owned enterprise reform [11] - Specific recommendations include companies with strong R&D capabilities, unique products, and those less affected by centralized procurement [12]

Group 1 - The Chinese medicine sector experienced a decline of 0.83% on November 28, with Yue Wannianqing leading the drop [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] - Key stocks in the Chinese medicine sector showed mixed performance, with Tai Long Pharmaceutical rising by 5.37% to a closing price of 8.04 [1] Group 2 - Yue Wannianqing saw a significant drop of 13.71%, closing at 22.84, with a trading volume of 296,100 shares [2] - Other notable declines included Zhongsheng Pharmaceutical, which fell by 10.00% to 23.95, and Te Yi Pharmaceutical, which decreased by 6.41% to 14.01 [2] - The overall net capital flow in the Chinese medicine sector indicated a net outflow of 981 million yuan from main funds, while retail investors contributed a net inflow of 766 million yuan [2]

Core Viewpoint - The announcement highlights that Chongqing Laimei Pharmaceutical Co., Ltd., a subsidiary of Guangxi Wuzhou Zhongheng Group Co., Ltd., has received approval for a supplementary application for the injectable drug Aztreonam, which is expected to enhance its market competitiveness and future expansion opportunities [1][3]. Group 1: Drug Information - Aztreonam is indicated for the treatment of infections caused by sensitive Gram-negative bacteria, including urinary tract infections, lower respiratory tract infections, sepsis, skin and skin structure infections, intra-abdominal infections, and gynecological infections [1]. - The drug was developed by the French company Bristol-Myers Squibb and was first launched in France in 1983, followed by Italy in 1984, and subsequently in other European and American countries, with its introduction to China occurring in 1997 [1]. Group 2: Market Data - According to MoShang data, the sales revenue of Aztreonam in Chinese hospitals for the years 2023 to the first half of 2025 is projected to be 259 million yuan, 220 million yuan, and 40 million yuan, respectively [2]. - As of the date of the announcement, Laimei Pharmaceutical has invested a total of 6.3781 million yuan in the research and development of Aztreonam (unaudited data) [2]. Group 3: Impact on the Company - The approval of the supplementary application for Aztreonam is expected to improve the product's market competitiveness and facilitate future market expansion for the company [3]. - The pharmaceutical production and sales are subject to uncertainties due to factors such as changes in national policies, bidding procurement, and market environment fluctuations [3].

Core Viewpoint - Zhongheng Group's subsidiary, Chongqing Laimei Pharmaceutical Co., Ltd., has received approval from the National Medical Products Administration for the injection of Amikacin (0.5g), which is expected to enhance the product's market competitiveness and future market expansion [1] Group 1: Product Approval - The approval notification for Amikacin injection is a significant milestone for Laimei Pharmaceutical, as it allows the company to strengthen its position in the market [1] - Amikacin is indicated for treating infections caused by sensitive Gram-negative bacteria, including urinary tract infections, lower respiratory tract infections, sepsis, skin and skin structure infections, intra-abdominal infections, and gynecological infections [1] Group 2: Market Data - According to MoShang data, the sales revenue of Amikacin in Chinese hospitals is projected to be CNY 259 million, CNY 220 million, and CNY 40 million for the years 2023, 2024, and the first half of 2025, respectively [1] - As of the date of the announcement, Laimei Pharmaceutical has invested a total of CNY 6.3781 million in the research and development of Amikacin (unaudited data) [1] Group 3: Competitive Landscape - The approval is expected to improve the market competitiveness of Amikacin, which has been produced by 12 manufacturers that have passed the consistency evaluation [1]

广西梧州中恒集团股份有限公司 关于控股子公司获得药品补充申请批准通知书的公告 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、准确性和完整性承担法律责任。 近日，广西梧州中恒集团股份有限公司（以下简称"公司"或"中恒集团"） 的控股子公司重庆莱美药业股份有限公司（以下简称"莱美药业"）收到国家 药品监督管理局核准签发的注射用氨曲南（规格：0.5g）《药品补充申请批准通 知书》，现将有关事宜公告如下： 1 药品名称 通用名称：注射用氨曲南 英文名/拉丁名：Aztreonam for Injection 剂型 注射剂 注册分类 化学药品 规格 0.5g 包装规格 10 瓶/盒 通知书编号 2025B05696 原药品批准文号 国药准字 H20059939 药品注册标准编号 YBH31162025 申请内容 申请注射剂仿制药质量和疗效一致性评价，其他变更事项包括：1.变更 药品质量标准（包括有效期和贮藏条件）；2.变更直接接触药品的包装 材料和容器。 审批结论 根据《中华人民共和国药品管理法》《国务院关于改革药品医疗器械审 评审批制度的意见》（国发〔2015〕4 ...

Core Insights - On November 26, 2023, the Shanghai-Hong Kong Stock Connect saw its dedicated seats appear on the trading leaderboard for 15 stocks, indicating significant trading activity in these companies [1][2] Group 1: Net Buying Stocks - Dongxin Co., Ltd. (688110) had a net buying amount of 162.92 million yuan, with a daily increase of 20.00% and a turnover rate of 11.72% [2] - Yongding Co., Ltd. (600105) recorded a net buying of 127.82 million yuan, with a daily increase of 9.99% and a turnover rate of 27.71% [2] - China Shipbuilding Defense (600685) saw a net buying of 52.25 million yuan, but experienced a daily decrease of 9.34% with a turnover rate of 10.13% [2] - Other notable net buying stocks include Aerospace Power (600343) with 44.17 million yuan and a slight increase of 0.05%, and Changguang Huaxin (688048) with 26.61 million yuan and a 20.00% increase [2] Group 2: Net Selling Stocks - Shanghai Port (605598) had the highest net selling amount at 40.15 million yuan, with a daily decrease of 4.31% and a turnover rate of 10.45% [2] - Other significant net selling stocks include Electronics Science and Technology (600877) with a net selling of 18.97 million yuan and a decrease of 8.46%, and Great Wall Military Industry (601606) with 17.80 million yuan and a decrease of 8.05% [2] - The total number of stocks on the leaderboard was 55, with 15 stocks showing activity from the Shanghai-Hong Kong Stock Connect [1]

Core Viewpoint - Zhongheng Group (600252) experienced a significant increase in stock price, reaching the daily limit with a trading volume of 374 million yuan and a turnover rate of 4.06% [2] Trading Activity - The stock was listed on the Shanghai Stock Exchange due to a price deviation of 10.23%, with a net sell of 4.67 million yuan from the Shanghai-Hong Kong Stock Connect [2] - The top five trading departments accounted for a total transaction of 113 million yuan, with a net buy of 46.70 million yuan [2] - The main buying departments included Kaiyuan Securities and Goldman Sachs, with buying amounts of 26.66 million yuan and 21.40 million yuan respectively [3][4] Fund Flow - The stock saw a net inflow of 129 million yuan from major funds, with a significant inflow of 124 million yuan from large orders [2] - Over the past five days, the net inflow of major funds totaled 151 million yuan [2] Financing and Margin Trading - As of November 25, the margin trading balance for the stock was 353 million yuan, with a financing balance of 353 million yuan and a securities lending balance of 102,100 yuan [2] - The financing balance decreased by 2.52 million yuan over the past five days, representing a decline of 0.71%, while the securities lending balance increased by 23,400 yuan, showing a growth of 29.80% [2] Financial Performance - For the first three quarters, Zhongheng Group reported a revenue of 1.948 billion yuan, reflecting a year-on-year growth of 1.10%, and a net profit of 24.64 million yuan, which is a substantial increase of 119.61% year-on-year [3]

Group 1 - The pharmaceutical e-commerce sector rose by 1.38%, ranking fifth among concept sectors, with 96 stocks increasing, including 20% limit-up stocks like Yuyuan Health and Huaren Health [1][2] - Notable gainers included Zhongheng Group, Renmin Tongtai, and Ruikang Pharmaceutical, which all reached their daily limit-up, while Yuyuan Pharmaceutical, Shuyupingmin, and Laimei Pharmaceutical saw increases of 12.00%, 9.35%, and 7.78% respectively [1][2] - The sector experienced a net inflow of 175 million yuan from main funds, with 74 stocks receiving net inflows, and six stocks exceeding 50 million yuan in net inflow, led by Huaren Health with 140 million yuan [2][3] Group 2 - The top three stocks by net inflow ratio were Zhongheng Group at 34.46%, Huaren Health at 24.58%, and Ruikang Pharmaceutical at 22.77% [3] - The trading volume and turnover rates for leading stocks were significant, with Huaren Health showing a turnover rate of 23.16% and Zhongheng Group at 4.06% [3][4] - Other notable stocks included Yuyuan Pharmaceutical with a 12.00% increase and a turnover rate of 4.86%, and Shuyupingmin with a 9.35% increase and a turnover rate of 14.23% [4]

Market Overview - The Chinese traditional medicine sector saw a slight increase of 0.2% on November 26, with Yue Wannianqing leading the gains [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Top Performers - Yue Wannianqing (301111) closed at 22.06, up 20.02% with a trading volume of 142,800 shares and a transaction value of 304 million yuan [1] - Zhongheng Group (600252) closed at 2.95, up 10.07% with a trading volume of 1,291,400 shares and a transaction value of 374 million yuan [1] - ST Xiangxue (300147) closed at 9.77, up 4.27% with a trading volume of 196,000 shares [1] Underperformers - ST Changyao (300391) closed at 2.49, down 8.79% with a trading volume of 466,300 shares and a transaction value of 119 million yuan [2] - Jinhua Co. (600080) closed at 8.71, down 3.01% with a trading volume of 259,800 shares [2] - Zhongsheng Pharmaceutical (002317) closed at 25.51, down 1.77% with a trading volume of 1,682,400 shares and a transaction value of 441.9 million yuan [2] Capital Flow - The traditional medicine sector experienced a net outflow of 390 million yuan from institutional investors, while retail investors saw a net inflow of 396 million yuan [2][3] - Major stocks like Zhongheng Group and Yue Wannianqing had significant net inflows from retail investors, while institutional investors showed a net outflow [3]