一、药物的基本情况 药物名称：SHR-2173 注射液 剂 型：注射剂 申请事项：临床试验 受 理 号：CXSL2500298 证券代码：600276 证券简称：恒瑞医药 公告编号：临 2025-101 江苏恒瑞医药股份有限公司 关于获得药物临床试验批准通知书的公告 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，江苏恒瑞医药股份有限公司（以下简称"公司"）子公司广东恒瑞医 药有限公司收到国家药品监督管理局（以下简称"国家药监局"）核准签发关于 SHR-2173 注射液的《药物临床试验批准通知书》，将于近期开展临床试验。现 将相关情况公告如下： SHR-2173 注射液是公司自主研发的治疗用生物制品，能够通过靶向异常激 活的免疫细胞，发挥抗炎和抑制免疫的生物学效应，有望降低自身抗体水平，改 善原发性膜性肾病患者的疾病活动状态，为患者带来新的治疗选择。目前国内外 尚无同类药物上市或在临床研发阶段。截至目前，SHR-2173 注射液相关项目累 计研发投入约 6,407 万元。 三、风险提示 根据我国药品注册相关的法律法规要求 ...

Industry Performance - The FTSE China A50 Index components showed a mixed performance with the liquor and oil sectors rising, while the banking and automotive sectors experienced varied movements [1][6]. - The liquor industry saw significant market capitalizations with Kweichow Moutai at 1,780.28 billion, Wuliangye at 213.86 billion, and Shanxi Xinghuacun Fen Wine at 468.01 billion [3]. - The oil sector also performed well, with China Petroleum at 1,572.15 billion and China National Offshore Oil at 237.46 billion [3]. Company Highlights - China Pacific Insurance reported a market capitalization of 1,200 billion with a trading volume of 5.62 million [3]. - North Huachuang in the semiconductor sector had a market cap of 239.77 billion, while Cambrian Technology reached 226.87 billion [3]. - Gree Electric Appliances and Haier Smart Home in the home appliance sector had market caps of 262.43 billion and 236.16 billion respectively [4]. Trading Volumes - The trading volume for Kweichow Moutai was 15.53 million, while Wuliangye had 6.50 million [3]. - In the semiconductor sector, North Huachuang had a trading volume of 7.22 million, and Cambrian Technology had 11.30 million [3]. - The trading volume for Gree Electric Appliances was 7.15 million, and Haier Smart Home was 3.24 million [4].

Group 1 - The U.S. announced new tariff rates of up to 40% on 14 countries, leading to a decline in U.S. stock indices while Chinese concept stocks rose [1] - Hong Kong's stock indices opened higher, with the Hang Seng Index up 0.17%, driven by gains in major tech stocks like Baidu and JD.com [1] - Southbound funds recorded a net purchase of HKD 12.067 billion in Hong Kong stocks, marking the largest single-day net inflow since May 6 [1] Group 2 - The Hong Kong Internet ETF (159568) tracks sectors such as internet software and services, with top holdings including Alibaba, Xiaomi, and Tencent, indicating a high concentration of major players [2] - The index has seen a 47.38% increase over the past year, outperforming the Hang Seng Index, driven by the commercialization of AI models and profit releases from internet leaders [2] - The market capitalization of companies in the index is significant, with 50% of firms valued over HKD 1 trillion, highlighting a "giant-led + mid-tier innovation" investment landscape [2] Group 3 - The influx of southbound capital and increased retail trading are expected to drive up the turnover rate in Hong Kong stocks, which has historically been lower compared to global markets [3] - Southbound funds have a trading turnover rate 2.4 times higher than non-southbound funds, indicating a shift in market dynamics [3] Group 4 - A strong recovery in the Hong Kong IPO market is noted, with 24 A-share companies listing in Hong Kong in the first half of 2025, covering key industries [4] - The trend of high-quality assets crossing borders continues, with major firms like Heng Rui Pharmaceutical and Ningde Times leading the way [4] Group 5 - The potential return of Chinese concept stocks to Hong Kong is expected to bring additional capital, as U.S. regulations pose risks to these companies [5] - The Hong Kong government has established a regulatory framework to facilitate dual listings for companies previously listed overseas [5] Group 6 - Hong Kong's absolute valuations are relatively low, with long-term investment potential remaining high despite global macroeconomic risks [6] - The technology sector is highlighted as having significant investment opportunities, supported by policy and strong earnings growth [6] - Consumer sectors, particularly pharmaceuticals and discretionary spending, are expected to see improved performance due to domestic consumption policies [6]

Investment Rating - The report rates the China Healthcare industry as Attractive [4][47]. Core Insights - The NHSA and NHC have released measures to support the high-quality development of innovative drugs, including establishing a new drug list for commercial insurance and encouraging investment funds for innovative drug development [2]. - Sino Biopharma has received approval for anlotinib in combination with chemotherapy for the first-line treatment of advanced or metastatic soft tissue sarcoma, marking a significant milestone as the first combination therapy approved globally for this indication [2]. - Hengrui has gained approval for an additional indication for its JAK1 inhibitor, ivarmacitinib, now also indicated for severe alopecia areata [2]. Summary by Sections Regulatory Developments - New measures from NHSA and NHC include a drug list for commercial insurance that will not count towards DRG/DIP budgets and a commitment to ensure hospital access for newly listed drugs within three months [2]. Company Updates - Sino Biopharma has achieved multiple approvals, including for anlotinib and recombinant human coagulation factor VIIa N01, enhancing its product portfolio [2]. - Hengrui's ivarmacitinib has expanded its indications, showcasing the company's innovative capabilities in the biopharmaceutical sector [2]. Market Trends - The report highlights ongoing R&D progress among covered companies, indicating a robust pipeline and potential for future growth in the healthcare sector [10].

2024年，在业绩增长持续承压的大背景下，前100位企业仍在持续加码创新，平均研发费用达8.3亿元， 同比增长6.3%。 过去一年，我国医药行业继续承压，医药工业百强企业的总体收入已连续三年出现下滑，但百强企业出 口交货值显著回升等行业积极势头也开始显现。 与此同时，百强企业持续加码创新。2024年，百强企业平均研发费用达8.3亿元，再创历史新高，13家 企业研发强度超过15%；创新回报进一步显现，我国当年共获批48个创新药物，其中12个来自百强企 业，多家本土创新药企凭借国际授权收入，拉动位次上涨。 近日，在2025年（第42届）全国医药工业信息年会上，中国医药工业信息中心公布的《2024年度中国医 药工业主营业务收入前100位企业》显示了上述信息。 业界观点认为，前100位企业的业绩表现和结构特征是医药行业运行状况和结构性变化的重要投射。当 前，产业生态正经历从规模增长向质量效益转变的结构性调整，在这一过程中，外资药企本土化突破、 本土企业创新转型和生物药快速布局三大趋势或将重塑头部企业竞争格局。 百强企业出口逆势上涨 "2024年度中国医药工业主营业务收入前100位企业"即行业通常所说的医药工业百强企业 ...

金融界2025年7月7日消息，汇添富医疗服务灵活配置混合A(001417) 最新净值1.7320元，下跌2.26%。该 基金近1个月收益率0.35%，同类排名1209|2349；近6个月收益率49.18%，同类排名3|2317；今年来收益 率43.85%，同类排名4|2315。 来源：金融界 汇添富医疗服务灵活配置混合A股票持仓前十占比合计64.17%，分别为：恒瑞医药（10.23%）、科伦药 业（9.09%）、百利天恒（8.94%）、海思科（8.27%）、信立泰（6.66%）、泽璟制药-U（6.10%）、新 诺威（4.69%）、荣昌生物（3.49%）、诺诚健华-U（3.35%）、微电生理（3.35%）。 公开资料显示，汇添富医疗服务灵活配置混合A基金成立于2015年6月18日，截至2025年3月31日，汇添 富医疗服务灵活配置混合A规模44.08亿元，基金经理为张韡。 简历显示：张韡女士:中国。康奈尔大学生物医学硕士,曾任东方证券医药助理研究员,汇添富基金医药研 究员、高级医药研究员及医药行业研究组组长。2021年3月25日至今任汇添富健康生活一年持有期混合 型证券投资基金的基金经理。2021年9月29日至 ...

Summary of Key Points Core Viewpoint - The Hong Kong Stock Exchange (HKEX) saw 11 companies submit applications for listing from June 30 to July 6, with no companies passing the listing hearing during this period. Additionally, 7 companies initiated their public offerings, and 5 new stocks were listed. Group 1: Companies Submitting Applications - Puxiang Health Holdings Limited is a leading provider of integrated medical and elderly care services in North China, ranking second in revenue among its peers and first in revenue growth from 2022 to 2024 [2] - Magnesium Health Technology Co., Ltd. focuses on innovative payment solutions for medical expenses, being the largest provider of innovative health insurance solutions in China by policy count [3] - Yangtuo Technology Inc. operates a trading and service platform for home care and nutrition products, holding a 10.1% market share in the low-tier market [4] - Xiamen Ruiwei Information Technology Co., Ltd. specializes in image intelligent analysis products and solutions, leveraging machine learning and computer vision technologies [5] - Zijin Gold International Limited is a leading global gold mining company, ranking ninth in gold reserves and eleventh in production as of 2024 [6] - EVE Energy Co., Ltd. is a leading lithium battery platform company, ranking first in China for consumer cylindrical battery shipments and second globally for energy storage battery shipments [7] - Zhejiang Yifei Intelligent Technology Co., Ltd. is a leading industrial robotics company in China, focusing on the light industry [8] - ChipMight Semiconductor Technology (Hangzhou) Co., Ltd. is a leading power semiconductor company, ranking second in the global OLED display PMIC market [9] - Beijing Tongrentang Medical Investment Co., Ltd. is the largest non-public Chinese medicine hospital group by outpatient and inpatient visits [11] - Shandong Linglong Tire Co., Ltd. is the largest OE tire manufacturer in China and the third largest globally [12] - Magnesium Holdings Limited is an innovative automotive technology company focused on AI-driven integrated domain control solutions [13] Group 2: Public Offerings and New Listings - Seven companies initiated their public offerings, including Anjii Foods, which had a subscription rate of 44.2 times for its public offering [14][15] - Other companies like Lens Technology and Fortior also initiated their public offerings with significant interest from cornerstone investors [16][19] - Five new stocks were listed, including Yunzhisheng, which saw a closing price increase of 44.59% on its first day [20][21][22][23] Group 3: Market Insights - The Hong Kong Stock Exchange raised over HKD 107 billion in the first half of 2025, with a 20% increase in the Hang Seng Index [24] - The biopharmaceutical sector has seen a resurgence, with 10 companies successfully listing in the first half of 2025, compared to only 12 for the entire previous year [25][26] - The total fundraising amount for the biopharmaceutical sector reached HKD 15.6 billion in the first half of 2025, indicating strong market interest [26][27]

Group 1 - The weight loss drug concept sector experienced a decline of 1.10%, ranking among the top declines in concept sectors, with notable declines from companies like Kexing Pharmaceutical, Yipinhong, and Ganli Pharmaceutical [1][2] - Among the 17 stocks that rose, Tainkang, *ST Sansheng, and Lanxiao Technology led with increases of 4.12%, 3.21%, and 2.31% respectively [1][2] - The weight loss drug sector saw a net outflow of 683 million yuan from main funds, with 33 stocks experiencing outflows, and 8 stocks seeing outflows exceeding 30 million yuan [2][4] Group 2 - Kexing Pharmaceutical had the highest net outflow of main funds at 116 million yuan, followed by Hanyu Pharmaceutical and Ganli Pharmaceutical with outflows of 112 million yuan and 109 million yuan respectively [2][4] - The stocks with the highest net inflow of main funds included Tainkang, Zhongsheng Pharmaceutical, and Changshan Pharmaceutical, with inflows of 34.43 million yuan, 23.74 million yuan, and 20.84 million yuan respectively [2][4] - The trading volume for Kexing Pharmaceutical was 7.99%, with a price drop of 14.19%, indicating significant trading activity despite the decline [3][4]

金十图示：2025年07月07日（周一）富时中国A50指数成分股今日收盘行情一览：银行股多数飘红，酿酒、保险、半导体板块走 势分化 +0.09(+1.60%) +0.09(+1.01%) +0.06(+1.37%) 保险 中国太保 中国平安 0.000 中国人保 08 3860.75亿市值 3629.75亿市值 10276.04亿市值 8.81亿成交额 18.14亿成交额 5.90亿成交额 37.73 8.73 56.43 +0.59(+1.59%) -0.14(-0.25%) +0.07(+0.81%) 酸酒行业 贵州茅台 XD山西分 五粮液 17721.18亿市值 2104.32亿市值 4654.44亿市值 33.71亿成交额 10.30亿成交额 7.66亿成交额 119.91 1410.70 172.49 -11.52(-0.81%) +0.39(+0.23%) -0.48(-0.40%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2400.63亿市值 2264.86亿市值 3161.80亿市值 12.51亿成交额 18.10亿成交额 9.82亿成交额 332.68 541.38 136.03 ...

Group 1 - The core viewpoint of the article highlights a significant surge in IPO activities in Hong Kong, with 43 companies successfully listing in the first half of the year, compared to 30 in the same period last year, and total fundraising reaching 1,067.14 billion HKD, surpassing last year's total of 876.77 billion HKD, making it the largest globally [1] - The IPO wave is characterized by a diverse range of companies, particularly in new consumption and hard technology sectors, indicating a shift in the Hong Kong stock market ecosystem [1][10] - The Hong Kong Stock Exchange (HKEX) is preparing for over 100 IPOs, with more than 160 companies currently in the queue, reflecting a robust market interest [5][6] Group 2 - The article notes that the IPO landscape is evolving, with companies adopting various listing strategies, including direct listings and A+H share structures, to access capital markets [6][18] - Notable companies like Midea Group and SF Express have successfully listed, reigniting investor interest in the Hong Kong market [6][15] - The influx of A-share companies seeking to list in Hong Kong, including well-known firms like Seres and Zhaoyi Innovation, indicates a growing trend of companies looking to capitalize on the favorable market conditions [7][26] Group 3 - The article emphasizes the dual focus on new consumption and hard technology as the main drivers of the current IPO boom, with companies in these sectors receiving increased market acceptance and valuation [10][12] - The performance of newly listed companies, such as Mixue Group and Gu Ming, demonstrates strong market enthusiasm, with significant stock price increases post-IPO [10][11] - The article also highlights the improved liquidity in the Hong Kong market, which has attracted international long-term funds and sovereign wealth funds to participate in IPOs [13][30] Group 4 - The article predicts that the total fundraising for the year could reach 2,000 billion HKD, with expectations of 80 new listings, primarily from technology, media, telecommunications, and consumer sectors [26][28] - The trend of companies shifting from US listings to Hong Kong is noted, driven by a more favorable market environment and improved liquidity in Hong Kong [29][30] - The article concludes that the current IPO climate in Hong Kong is a result of supportive policies, market demand, and the internationalization of the Hong Kong stock market [21][25]