一、并购 1、纳微科技：投资1576.92万元取得纳信科技51.25%股权。 5、三联锻造：设立机器人及航空部件研究院分公司。 6、金杨股份：投资不超9000万美元建设马来西亚锂电池精密结构件项目。 7、中毅达：公司生产产能保持稳定，近期无新建计划。 二、回购、增持 1、古越龙山：拟2亿元-3亿元回购。 2、凯撒旅业：控股股东拟0.7亿元-1.1亿元增持。 三、对外投资，日常经营 1、星网宇达：公司与吉林省仿生机器人创新中心签署战略合作协议。 2、中国平安：计划发行不超过500亿元人民币的境内债券融资工具。 3、纽威数控：拟投资8.5亿元建设五期高端智能数控装备项目。 4、元利科技：拟投资7.6亿元建设年产25000吨受阻胺类光稳定剂项目。 1、恒玄科技：2024年净利润4.60亿，同比增长272% 拟每10股派发12元并转增4股。 四、业绩变动 2、中微公司：一季度净利润3.13亿元 同比增长25.67%；公司针对先进逻辑和存储器件制造中关键刻蚀 工艺的高端产品新增付运量显著提升，六种薄膜设备已顺利进入市场。 3、惠而浦：一季度净利润1.16亿元，同比增长1029%；主要系外销订单增加。 4、甘李药业：一季 ...

Core Insights - Heng Rui Pharmaceutical reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 7.206 billion yuan, a year-on-year growth of 20.14%, and net profit attributable to shareholders at 1.874 billion yuan, up 36.90% year-on-year [1][2] Financial Performance - The growth in profit is attributed to revenue recognition from licensing agreements, particularly a $75 million upfront payment from IDEAYA, which significantly boosted profits [2][5] - The net cash flow from operating activities was 555 million yuan, a decline of 55.75% year-on-year, primarily due to increased R&D investments, although cash received from sales still showed a 22% increase year-on-year [2][3] - R&D expenses for Q1 2025 reached 1.533 billion yuan, a 25.66% increase year-on-year, with cumulative R&D investments totaling 46 billion yuan [4] Innovation and Product Development - The company has received approval for 19 first-class innovative drugs and 4 second-class new drugs in China, with over 90 innovative products currently in clinical development [4] - Recent approvals include six innovative products this year, highlighting the company's strong pipeline in oncology and diabetes treatment [4][6] Licensing and Partnerships - Heng Rui's licensing business has become a key growth driver, with 14 licensing agreements for innovative drugs, including a recent $200 million licensing deal with Merck for the Lp(a) inhibitor HRS-5346 [5][6] - The company also granted exclusive commercialization rights for the oral GnRH receptor antagonist SHR7280 to Merck, further validating its innovative capabilities [6] Internationalization and Leadership - The appointment of Feng Ji as the new CEO is seen as a strategic move to accelerate innovation and international expansion, supported by his extensive industry experience [7] - The company has also strengthened its international strategy by hiring Jiang Ningjun to oversee global drug development and business expansion, leading to several overseas business development transactions [7] Compliance Challenges - Despite the positive growth and innovation, Heng Rui faces challenges regarding quality compliance, having received complete response letters (CRLs) from the FDA, indicating that it has not fully met the regulatory standards [8][9] - The company must address these compliance issues as it transitions from a hybrid model of generic and innovative drugs to a fully innovative global pharmaceutical enterprise [9]

Group 1 - The core viewpoint of the news is the performance and holdings of the Huatai-PineBridge Medical Services Flexible Allocation Mixed A Fund, which has shown significant returns in recent months and has a strong portfolio in the healthcare sector [1][3]. - As of April 24, 2025, the fund's latest net value is 1.5450 yuan, reflecting a growth of 1.25% [1]. - The fund has achieved a return of 18.21% over the past month, ranking 2 out of 8 in its category, and a return of 30.60% over the past three months, ranking 1 out of 8 [1]. - Year-to-date, the fund has returned 28.32%, also ranking 1 out of 8 in its category [1]. Group 2 - The top ten stock holdings of the fund account for a total of 64.17%, with significant positions in companies such as Heng Rui Pharmaceutical (10.23%), Kelun Pharmaceutical (9.09%), and Bai Li Tianheng (8.94%) [1]. - The fund was established on June 18, 2015, and as of March 31, 2025, it has a total asset size of 4.408 billion yuan [1]. - The fund manager, Zhang Wei, has a strong background in biomedical studies and has held various positions in the pharmaceutical research field prior to managing this fund [2].

恒瑞医药净利润大增的主要原因是公司收到7500万美元的对外许可首付款，这项交易是公司国际化战略的一部分，推动了利润增长。 4月24日，恒瑞医药发布2025年第一季度报告：营收：Q1营收72.06亿元，同比增长20.14%；净利润：Q1归母净利润18.74亿元，同比大增 36.9%；扣非净利润：Q1扣非净利润18.63亿元，同比增长29.35%；基本每股收益：Q1基本每股收益0.30元，同比增长42.86%；现金流： Q1经营活动现金流净额同比下降55.75%；研发费用：Q1研发费用达15.33亿元，同比增长25.7%；开发支出达39.4亿元。 这项交易是恒瑞医药国际化战略的一部分。此前，恒瑞医药与美国IDEAYA Biosciences公司达成了一项关于创新药的合作协议。 此外，恒瑞医药在2025年Q1继续加大研发投入力度，研发费用达到15.33亿元，同比增长25.7%，占营收比重为21.28%。此外，公司资产 负债表显示，开发支出达到39.4亿元，环比增长2.67%，显示公司对创新研发的持续投入。 恒瑞医药Q1营收同比增20.14%，归母净利润同比增36.9%，扣非净利润同比增29.35%。 值得注意的是， ...

4月24日，恒瑞医药发布2025年一季报。披露公司一季度实现营业收入72.06亿元，同比增长20.14%，归属净利润18.74 亿元，同比增长36.9%。公告介绍，报告期内，公司将IDEAYABiosciences海外独家许可的7500万美元首付款确定为收 入，推动利润进一步增长。 公司2025年一季度研发费用达15.33亿元。在持续高强度研发投入驱动下，在研管线快速推进，创新研发成果加速转 化。 截至目前，公司已在国内获批上市19款新分子实体药物（1类创新药）和4款其他创新药（2类新药）， 90多个自主创 新产品正在临床开发，约400项临床试验在国内外开展。年报所披露的未来三年预计获批上市47项创新成果正陆续兑 现。 在新药和新适应症获批方面，自2025年至今，有6项创新成果获批。恒瑞医药自主研发的全球首个超长效PCSK9单抗 瑞卡西单抗（商品名：艾心安®）上市。该产品是公司在心血管疾病领域上市的首个1类创新药。 1类创新药、中国首个自主研发的高选择性JAK1抑制剂硫酸艾玛昔替尼片（商品名：艾速达®）上市，先后获批用于 活动性强直性脊柱炎、中重度活动性类风湿关节炎、中重度特应性皮炎。 此外，1类创新药、中国 ...

汇添富健康生活一年持有A业绩表现较为突出。 2025年以来的震荡市场中，沪深300指数下跌3.76%，汇添富健康生活一年持有A仍保持36.03%的正收益，跑赢 业绩比较基准超过30个百分点，同类排名34/4575。 重仓股科伦博泰生物、百利天恒年内股价涨幅超四成 汇添富健康生活一年持有基金经理为张韡。公开资料显示，张韡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。 截至2025年4月23日数据（下同），该基金近一年收益率达29.23%，成立以来回报率达到16.67%，大幅跑赢业 绩比较基准及同类平均。 基金经理张韡在行业分化中抓住结构性机会，成为近年来健康主题基金的领跑者。2025年以来，基金净值累计 上涨36.03%，同类排名34/4575。 业绩领跑：年内回报达36.03% 汇添富健康生活一年持有A成立于2021年3月，基金采用自下而上的投资方法，以深入的基本面分析为立足点， 精选健康生活主题中的优质上市公司，在科学严格管理风险的前提下，谋求基金资产的中长期稳健增值。 基金业绩比较基准为中证医药卫生指数收益率*50%+中证消费服务领先指数收益率*20%+中债综合指 ...

本文来自彭博终端，终端用户可运行NSN STYJUDT0AFB4 阅读原文。非终端用户可点击文末 "阅读原文" 预约演示。 全球市场版图日新月异，彭博行业研究（Bloomberg Intelligence）为您的企业战略助力。在 制药与生物技术领域，无论是全球行业资讯与热点，还是制药管线里程碑及催化剂事件、财务 预测…… BI涵盖广泛且深度的关键信息，旨在为您的决策提供可靠且具有竞争力的洞见支撑。 扫描二维码 立即订阅 彭博生物制药双周报 本期主题： 中国药企瞄准肥胖症领域研发管线引起诺和诺德和默克的关注 (彭博行业研究)——中国药企正寻求解决国内肥胖率不断上升的问题，其中信达生物最有希 望推出可比肩诺和诺德和礼来的高效治疗药物，而恒瑞医药、联邦制药等企业或将进一步提 高疗效标准。中国本土研发管线由GLP- 1类药物主导，已引起诺和诺德和默克等国际巨头的 关注，但要让西方药企保持兴趣，还需要持续创新。 中国可能成为减肥药生产企业的必争之地 数据来源：公司文件、彭博行业研究 恒瑞医药或将提高中国减肥药的疗效标准 恒瑞医药HRS9 5 3 1的一项中期研究显示，该药物可使中国成年人体重减轻1 6 . 7%（经安慰 ...

Core Viewpoint - Chinese pharmaceutical companies are focusing on developing treatments for obesity, with significant interest from international giants like Novo Nordisk and Merck in their pipelines [3][4]. Group 1: Market Overview - The obesity rate in China is rising, with projections indicating that by 2030, up to 140 million adults may be affected [4]. - Novo Nordisk's Wegovy and Eli Lilly's Zepbound are expected to be approved in China in Q2 and Q3 of 2024, respectively [5]. - The Chinese market is becoming a battleground for both international and local pharmaceutical companies due to the increasing prevalence of obesity [4]. Group 2: Key Players and Products - Innovators like Innovent Biologics, Hengrui Medicine, and United Pharmaceuticals are leading the development of GLP-1 class drugs, with promising assets such as IBI362, HRS9531, UBT251, and GZR18 [4][5]. - Hengrui's HRS9531 shows a weight reduction of 16.7% in mid-stage studies, outperforming competitors [8]. - United Pharmaceuticals' UBT251 has demonstrated a 16.6% weight loss in early trials, indicating strong potential in the competitive GLP-1 market [9]. Group 3: Competitive Landscape - Over 100 companies globally are developing obesity treatments, with about one-third being Chinese firms, focusing primarily on GLP-1 based therapies [6]. - The competition in the GLP-1 space is intense, with a need for continuous innovation to maintain interest from Western pharmaceutical companies [6]. - The emergence of new therapies, such as triple agonists, may provide opportunities for long-term partnerships with Western firms [6].

金十图示：2025年04月23日（周三）富时中国A50指数成分股今日收盘行情一览：银行、半导体行业午后延续跌势 保险 中国太保 中国人保 中国平安 电机 3175.28亿市值 2972.69亿市值 9232.59亿市值 6.46亿成交额 15.15亿成交额 3.17亿成交额 50.70 7.18 30.90 -0.07(-0.23%) +0.13(+0.26%) +0.03(+0.42%) 酸酒行业 贵州茅台 五粮液 山西汾酒 19496.19亿市值 2620.00亿市值 5044.93亿市值 28.95亿成交额 12.47亿成交额 9.73亿成交额 1552.00 129.97 214.76 -3.19(-1.46%) +3.20(+0.21%) -0.13(-0.10%) 半导体 北方华创 寒武纪-U 海光信息 HYGON 2433.47亿市值 2860.46亿市值 3463.26亿市值 21.92亿成交额 19.14亿成交额 37.76亿成交额 455.79 685.21 149.00 -3.10(-2.04%) -6.06(-1.31%) -9.77(-1.41%) 汽车整车 铁路公路 比亚迪 长城汽 ...

Core Viewpoint - The report from China Europe Fund highlights the performance and strategic outlook of three funds managed by renowned fund manager Ge Lan, focusing on the healthcare and innovation sectors, indicating a positive trend in the Chinese pharmaceutical and medical device markets [1][3]. Fund Performance - The largest fund, China Europe Healthcare Mixed Fund, reported a net value growth rate of 2.37% for Class A shares and 2.17% for Class C shares, outperforming the benchmark return of 0.46% during the same period [3]. - The top ten holdings of the fund include major companies such as Heng Rui Medicine, WuXi AppTec, and Mindray Medical, with notable changes in the portfolio compared to the end of 2024 [3]. Market Environment - The overall policy environment continues to support innovation while reinforcing compliance, with the National Medical Insurance Administration exploring a new category for Class B drugs, which expands payment options for innovative drugs [3]. - The normalization of anti-corruption and price governance in the pharmaceutical sector is leading companies to enhance their academic promotion systems, fostering a healthier and more sustainable domestic medical market [3]. Innovation and Collaboration - The report emphasizes the acceleration of research and development in innovative drugs, particularly in areas like multi-antibody and ADC technologies, with increasing collaboration between domestic companies and international firms [4]. - Key clinical data disclosures and ongoing global partnerships are expected to enhance the competitiveness of Chinese companies in the ADC, multi-antibody, and peptide sectors [4]. Consumer Healthcare and Medical Devices - The consumer healthcare sector is anticipated to see structural opportunities, particularly in aesthetic medicine and ophthalmology, driven by rising health management awareness among residents [4]. - The demand for home medical devices is projected to grow steadily due to the aging population, while the medical device sector is recovering, with significant growth in domestic bidding data observed in the first quarter [4].