Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [18]. Core Insights - The report emphasizes the sustained high growth of innovative drugs and suggests focusing on companies with consistently high performance in the innovative drug sector, as well as those in the medical devices, CXO, and upstream segments that are showing significant improvement [3][4]. Performance Forecast - As of October 11, 2025, two pharmaceutical companies have released performance forecasts for Q3 2025, with Heavy Drug Holdings expecting a profit growth rate between 40% and 117%, and ST Nuotai expecting a growth rate between 6% and 14% [4]. - For Q3 2025, the report predicts the following net profit growth rates for 22 pharmaceutical companies: - 5 companies with growth rates of 40% and above: Yiling Pharmaceutical, Furuide, Huakang Clean, Haitai New Light, and Beida Pharmaceutical - 3 companies with growth rates between 20% and 35%: Heng Rui Pharmaceutical, Jianyou Pharmaceutical, and Zuoli Pharmaceutical - 7 companies with growth rates between 10% and 20%: Wo Wu Biological, Jingxin Pharmaceutical, Enhua Pharmaceutical, Xinmai Medical, Kaiyin Technology, Huaxia Eye Hospital, and Qianyuan Pharmaceutical - 6 companies with growth rates between 0% and 10%: Aier Eye Hospital, Kangchen Pharmaceutical, Renfu Pharmaceutical, Weier Pharmaceutical, Jiuzhitang, and Guangyuyuan - 1 company is expected to turn a profit: New Mileage [3][4][6]. Revenue Forecast - The report forecasts revenue growth for 33 pharmaceutical companies in Q3 2025 as follows: - 7 companies with growth rates of 40% and above: San Sheng Guo Jian, Aidi Pharmaceutical, Xinmai Medical, Zejing Pharmaceutical-U, Huakang Clean, Dize Pharmaceutical-U, and Haitai New Light - 9 companies with growth rates between 20% and 40%: Nuo Cheng Jian Hua-U, Bai Ji Shen Zhou-U, Wei Xin Biological, Jun Shi Biological-U, Furuide, Kang Huo Nuo, Meng Ke Pharmaceutical-U, Ke Xing Pharmaceutical, and Qianyuan Pharmaceutical - 10 companies with growth rates between 10% and 20%: Olin Biological, Beida Pharmaceutical, Xinlitai, Wo Wu Biological, Guangyuyuan, Heng Rui Pharmaceutical, Kaili Medical, Kangchen Pharmaceutical, Kaiyin Technology, and Wu Ming Kang De - 3 companies with growth rates between 5% and 10%: Enhua Pharmaceutical, Mai Rui Medical, and Aier Eye Hospital - 4 companies with growth rates between 0% and 5%: Changchun High-tech, Runda Medical, Weier Pharmaceutical, and Yiling Pharmaceutical [3][7][9]. Key Companies to Watch - The report suggests focusing on companies that are expected to maintain high growth in Q3 2025, including Heng Rui Pharmaceutical, Changchun High-tech, Kelong Pharmaceutical, Enhua Pharmaceutical, Mai Rui Medical, Furuide, Xiangsheng Medical, Huakang Clean, Wu Ming Kang De, Kanglong Huacheng, Kailai Ying, Pruisi, and Hanbang Technology [3][4].

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector's potential for a reversal in 2025, particularly focusing on innovative drugs and the recovery of left-side sectors as the biggest investment opportunities for the year [5][14]. Core Insights - The innovative drug sector is expected to continue its upward trend, with BD (business development) activities anticipated to catalyze market movements. The upcoming ESMO conference (October 17-21) is highlighted as a key event for clinical data disclosures from domestic innovative drug companies [2][13]. - The report emphasizes the importance of recent Nobel Prize discoveries related to peripheral immune tolerance, which are relevant to the development of new therapies in oncology and autoimmune diseases. This underscores the significance of innovation in these fields [40][50]. - The report notes that the CXO industry in China is entering a recovery phase, with improvements expected in industry orders, capacity utilization, and performance metrics due to enhanced domestic investment and financing data [2][5]. Summary by Sections Innovative Drugs - The innovative drug sector has seen a recent pullback, but the long-term upward trend remains intact. The report suggests that the market is awaiting further BD catalysts and highlights the importance of upcoming clinical data from the ESMO conference [2][13]. - The report indicates that the overall sentiment in the innovative drug sector is still positive, with a focus on potential breakthroughs in cancer and autoimmune therapies following the recent Nobel Prize discoveries [40][50]. Biologics - Novo Nordisk announced an agreement to acquire Akero for $4.7 billion, with Akero's FGF21 analog EFX showing promise as a leading therapy for metabolic dysfunction-related fatty liver disease (MASH) [3][51]. - The report suggests that EFX is the only drug in Phase 2 trials demonstrating significant fibrosis regression in F4 patients, highlighting the need for continued attention to developments in this area [51][57]. Medical Devices - The commercialization of innovative products is accelerating, with domestic replacements making significant progress. For instance, MicroPort's Tumi laparoscopic surgical robot has surpassed 100 global orders and is leading the domestic market share [4][58]. - The report notes that the Tumi robot has received market access in over 60 countries and regions, with a strong presence in high-end markets such as Europe [60][62]. Traditional Chinese Medicine - There has been a continuous increase in new drug IND and NDA applications for traditional Chinese medicine, with 92 new IND applications and 42 NDA applications reported in the first nine months of 2025 [3][64]. - The report highlights ongoing policy support for traditional Chinese medicine, which is expected to drive further innovation and development in this sector [64][65].

证券研究报告·策略报告·策略深度报告 10 月度金股：聚焦高质量发展组合 2025 年 10 月 11 日 [Table_Summary] ◼ 10 月预计指数将保持震荡上行态势 假期海外市场与产业层面催化都偏正面。9 月市场受阅兵、节前避险、季 末调仓等因素影响走势偏震荡，而节后压制因素将逐步消退。此外，假期 期间全球主要股市表现突出，AI 产业催化密集，预计内地资金风险偏好也 有望提升。 预期四季度货币政策或将积极变化，推动权益市场上行。9 月底召开的央 行三季度例会调整了部分关键表述：二季度对宏观经济用"向好态势"， 本次改为"稳中有进"。结合美国降息周期与国内经济，四季度货币政策 加大刺激的必要性有所增强。若四季度政策/政策预期出现积极变化，在当 前市场情绪下，将对股市产生偏正面作用。 ◼ 结构上建议聚焦科技成长 从顶层设计思想出发，继续聚焦"高质量发展相关行业"。 9 月 30 日起， 《人民日报》连发 8 篇 "钟才文" 文章，核心是明确后续经济政策要保 障高质量发展态势，或为后续四中全会、"十五五"规划思路做铺垫。同 时，央行例会也侧重该领域，后续投资仓位应将继续向 "高质量发展相关 行业"靠拢 ...

Core Insights - The aging population in China is leading to an increase in the prevalence of neurodegenerative diseases, significantly driving the demand for related medications. The market size for neurodegenerative disease drugs in China is projected to reach approximately 10.55 billion yuan in 2024, reflecting a year-on-year growth of 24.12% [1][5]. Industry Overview - Neurodegenerative disease drugs are designed to treat chronic progressive neurological disorders characterized by the degeneration of neurons, including Alzheimer's disease, Parkinson's disease, Huntington's disease, and amyotrophic lateral sclerosis [2][3]. Industry Development History - The neurodegenerative disease drug industry in China has evolved through several phases: - From the 1990s to 2010, the industry began with the introduction of generic drugs to meet clinical needs, supported by regulatory improvements [3]. - From 2010 to 2020, the industry saw advancements in drug approval processes and clinical trial networks, leading to increased research quality and the emergence of innovative therapies [3]. - Since 2020, the focus has shifted towards innovation, with AI-driven drug development and the inclusion of Alzheimer's disease in special medical insurance categories enhancing drug accessibility [3]. Market Size - The market for neurodegenerative disease drugs in China is expected to grow to about 10.55 billion yuan in 2024, with a year-on-year increase of 24.12%. The government's efforts to improve medical insurance policies are expected to further boost market growth by increasing drug accessibility for patients [5][6]. Key Companies and Performance - The competitive landscape of the neurodegenerative disease drug industry is characterized by the rise of domestic innovation and the presence of multinational pharmaceutical companies. Notable domestic companies include: - **Xiansheng Pharmaceutical**: Focuses on early intervention strategies and has a diverse pipeline in the central nervous system area [7]. - **Hengrui Medicine**: Engages in extensive R&D across neurology and pain management, with significant revenue growth and R&D investment [9][10]. - The industry is witnessing a shift towards innovative therapies, with companies like Ruijian Pharmaceutical and Shenji Changhua making breakthroughs in cell therapy for Parkinson's disease [6]. Industry Development Trends 1. **Accelerated Innovation**: The development of neurodegenerative disease drugs is expected to accelerate, with a focus on innovative therapies driven by advancements in biotechnology and artificial intelligence [11]. 2. **Diverse Competitive Landscape**: The market will see increased competition, with domestic companies enhancing their capabilities to compete with international firms [12]. 3. **Policy Support and Regulation**: The government is likely to continue supporting the industry through policies that encourage R&D investment and improve drug accessibility for patients [13].

● 本报记者傅苏颖 此前的9月5日，恒瑞医药还公告称，公司与美国Braveheart Bio达成协议，将具有自主知识产权的1类创 新药HRS-1893项目有偿许可给Braveheart Bio。恒瑞医药称，协议的签署有助于拓宽HRS-1893的海外市 场，为全球患者提供优质的治疗选择，也将进一步提升公司海外业绩。 核心竞争力得到海外认可 2025年上半年，我国创新药对外授权总金额已接近660亿美元，全球市场对中国创新药的认可度正在不 断提升。 启明创投主管合伙人胡旭波日前在接受中国证券报记者采访时表示，近年来，我国创新药企海外授权的 核心驱动力主要体现在两个方面：一是验证价值与建立信任。中国创新药大规模发展仅十余年，全球研 发体系对其认知需要时间沉淀，海外授权是最直接的实力证明，尤其是国际药企获得授权后会在海外市 场开展临床研究，进一步夯实信任基础。二是高效回笼资金。创新药研发周期长、投入大，海外授权可 快速变现，为后续研发注入现金流，同时企业也能借合作参与全球研发体系，长期提升在全球价值链中 的定位。 日前，诺诚健华与全球生物制药公司Zenas共同宣布达成一项全球授权合作协议，潜在总交易金额超20 亿美元， ...

Core Insights - The recent global licensing agreement between Innovent Biologics and Zenas has a potential total transaction value exceeding $2 billion, marking a significant milestone for Chinese innovative drugs entering international markets [1] - The trend of increasing overseas licensing agreements reflects the global recognition of China's innovative drug development capabilities, driven by effective research and cost advantages [1][3] Group 1: Global Licensing Agreements - The agreement is expected to accelerate the global development and commercialization of drugs like Orelabrutinib, enhancing the company's international competitiveness [1] - In September, several Chinese pharmaceutical companies, including Heng Rui Medicine, secured overseas licensing deals, indicating a growing trend in the industry [1][2] - Heng Rui Medicine's agreements with Glenmark Specialty and Braveheart Bio aim to expand the overseas market for their innovative drugs, further enhancing their international performance [2] Group 2: Market Dynamics and Trends - By the first half of 2025, the total value of China's innovative drug licensing agreements approached $66 billion, showcasing the increasing acceptance of Chinese innovative drugs in the global market [2][3] - The core drivers for overseas licensing include establishing trust through clinical validation and the need for rapid capital recovery due to the lengthy and costly drug development cycles [3] - The impending patent cliff for major pharmaceutical companies is prompting them to seek innovative drug assets globally, further driving demand for Chinese innovations [3] Group 3: Long-term Industry Impact - The trend of increasing licensing agreements is expected to create a positive cycle of "R&D-licensing-reinvestment," providing financial support for ongoing innovation [4] - Chinese innovative drug companies are becoming integral to the global research ecosystem, enhancing their positioning in the global value chain [4] Group 4: Policy Support - The development of innovative drugs in China is supported by government policies, including recent guidelines aimed at promoting high-quality health insurance and collaboration between health insurance and pharmaceutical companies [4][5] - The establishment of a commercial health insurance directory for innovative drugs is expected to expand the market, with projected total compensation for innovative drugs reaching approximately 12.4 billion yuan in 2024 [5] - The evolving payment systems for innovative drugs are anticipated to create a positive feedback loop, encouraging insurance companies to include more innovative drugs in their coverage [5]

2025年9月，公司通过上海证券交易所交易系统以集中竞价交易方式回购股份457.24万股，已回购股份 占公司总股本的比例为0.07%，购买的最高价为人民币70.00元/股，最低价为人民币67.20元/股，已支付 的总金额为人民币31,540.42万元（不含交易费用）。 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。 重要内容提示： ■ 一、回购股份的基本情况 江苏瑞医药股份有限公司（以下简称"公司"）于2025年8月20日召开第九届董事会第十八次会议审议通 过了《关于以集中竞价交易方式回购公司A股股份方案的议案》，同意公司使用自有资金，以集中竞价 交易方式回购公司股份用于实施A股员工持股计划。回购价格不超过人民币90.85元/股（含），回购资 金总额不低于人民币10亿元且不超过20亿元。回购期限为自董事会审议通过回购股份方案之日起12个月 以内。具体内容详见公司披露于上海证券交易所网站（www.sse.com.cn）的《关于以集中竞价交易方式 回购公司A股股份的回购报告书》（公告编号：临2025-130）。 二、回购股份的进展 ...

股 票 研 究 股票研究 /[Table_Date] 2025.10.10 小核酸，大时代，靶向治疗新纪元 [Table_Industry] 医药 siRNA 药物行业深度报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 彭娉(分析师) | 021-23185619 | pengping@gtht.com | S0880525040080 | | 余文心(分析师) | 021-38676666 | yuwenxin@gtht.com | S0880525040111 | 本报告导读： 小核酸药物行业近期 BD 和数据催化密集，随着技术平台的成熟和适应症的不断拓 展，属于小核酸药物的治疗时代将逐步开启，我们重点关注 siRNA 药物在常见病大 适应症的商业价值。 投资要点： [Table_Report] 相关报告 医药《景气延续，继续推荐创新药械产业链》 2025.10.09 医药《集采优化，持续看好创新药械产业链》 2025.09.21 医药《继续看好创新药械产业链》2025.09.14 医药《设备更新政策持续落地，医疗 ...

Investment Themes - Recommended stocks include Huaxin Cement, China State Construction, and Ningde Times in the cyclical sector[2] - In the consumer sector, recommended stocks include Hengrui Medicine and Shanxi Fenjiu[2] - In the power equipment and new energy vehicle sector, recommended stocks include Ningde Times and Goldwind Technology[2] - In the TMT sector, recommended stocks include Longi Green Energy and Luxshare Precision[2] Market Performance - As of September 30, 2025, the Shanghai Composite Index rose by 12.73%, the Shenzhen Component Index by 29.25%, and the ChiNext Index by 50.40%[4] - The average gain of the recommended stock portfolio was 33.11%, significantly outperforming the CSI 300 Index's gain of 17.90%[4] - Key outperformers included Huaxin Cement and Ningde Times, with quarterly gains exceeding 50%[4] Economic Outlook - The macroeconomic environment remains stable, with a focus on "appropriate easing" in monetary policy to support growth[4] - The manufacturing PMI showed signs of recovery but remained in contraction territory as of September[4] - The report anticipates continued inflow of foreign capital due to the Federal Reserve's interest rate cuts, enhancing the attractiveness of equity assets[4] Company Highlights - Huaxin Cement's projected EPS for 2025 is 1.30, with a PE ratio of 14.27[6] - China State Construction's projected EPS for 2025 is 1.16, with a PE ratio of 4.68[12] - China Rare Earth's projected EPS for 2025 is 0.34, with a PE ratio of 150.92[25] - Hengrui Medicine's projected EPS for 2025 is 1.26, with a PE ratio of 56.90[33]

在这一背景下，我们认为对全球交易所的认知绝不能仅仅以区域位置划分，而应该站在战略、产业的角度对交易所进行高维定义，因此，我们认为全球交易 所可做如下四类区分： 第一类：前瞻科技类交易所：上海证券交易所、深圳证券交易所、北京证券交易所、中国香港交易所、中国台湾交易所、纽约证券交易所、纳斯达克交易 所、伦敦证券交易所、德国法兰克福交易所、瑞士证券交易所、瑞典斯德哥尔摩交易所、韩国交易所、东京交易所； 第二类：娱乐消费类交易所：法国泛欧交易所、意大利米兰交易所； 引言： 2025年10月9日，上证指数盘中突破3900点，这是自2015年8月以来，上证指数再次突破3900点，伴随沪指续创10年新高。鼎帷从大国竞争的角度对全球主要 国家与中国台湾、香港的股票交易所进行研究分析，使大家从另外一个角度领略中国股市正在崛起的底层逻辑。 在全球资本加速流动与产业竞争深度演进的当下，各国证券交易所早已超越"股票交易场所"的单一属性，成为映射本国经济战略、承载产业升级诉求的核心 载体。不同市场的上市企业构成，恰似一把钥匙——透过美国纳斯达克聚集的AI、生物医药巨头，意大利米兰交易所扎堆的奢侈品企业，中国A股密布的硬 科技与高端制造 ...