Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

Market Overview - The market sentiment has improved, with all three major indices rising. The Shanghai Composite Index increased by 1.09%, stabilizing above 3500 points, while the Shenzhen Component Index rose by 1.78% and the ChiNext Index by 2.36% [1] Industry Performance - Among the 31 primary industries, 27 experienced gains, with real estate, steel, and non-bank financials leading the way. Concept sectors such as rare earths, real estate developers, innovative drugs, photovoltaic glass, brokerages, and stablecoins saw significant surges [1] Institutional Research Activities - A total of 160 listed companies disclosed institutional research minutes, with around 100 stocks achieving positive returns. Notably, Lianhuan Pharmaceutical's stock surged by 38.58% during the week, and several other companies also saw gains exceeding 10% [1] Company Highlights - Lianhuan Pharmaceutical has conducted four institutional research activities in July, with a cumulative increase of 49% in stock price. The company is collaborating on the development of an SGLT2 inhibitor for diabetes treatment, expecting key data in Q1 2024 and plans to submit for market approval in 2026 [1][2] - Wantai Biological Pharmacy recently hosted 19 institutional research sessions and announced the pricing of its domestically produced nine-valent HPV vaccine at 499 yuan per dose. The company aims to enhance market penetration through a differentiated sales strategy [2] - Zhongyi Technology, while not currently involved in stablecoin business, confirmed its participation in IT infrastructure for digital currency systems, ensuring stability and security [2] - Zhenghai Magnetic Materials responded to export control measures by actively pursuing export declarations and maintaining normal production operations. The company anticipates growth in demand for neodymium-iron-boron in emerging sectors like energy-saving and new energy vehicles [3] Financial Sector Insights - Several banks, including Ningbo Bank and Suzhou Bank, received institutional attention. Suzhou Bank reported a narrower net interest margin decline compared to the industry average and plans to enhance margin management throughout the year [3]

Core Viewpoint - Lianhuan Pharmaceutical (600513) has experienced significant stock price increases, with four trading halts in five days, prompting the company to clarify that there are no undisclosed major events affecting its operations or financials [1][2]. Financial Performance - For Q1 2025, the company reported revenue of 628 million yuan, an increase of 18.78% year-on-year, while net profit attributable to shareholders was 23.06 million yuan, a decrease of 29.15% year-on-year [1]. Investment Activities - The company approved an investment of 183 million yuan to acquire 49% of Changle Pharmaceutical, which had an audited revenue and net profit ratio of 17.75% and 24.44% respectively for 2023 [1]. - On May 28, 2025, the company approved its wholly-owned subsidiary to invest 70.38 million yuan to acquire 51% of Sichuan Longyi Pharmaceutical, although the transaction agreement has not yet become effective [2]. Strategic Goals - The acquisition of Changle Pharmaceutical aims for strategic synergy, optimization of layout, production line complementarity, and cost advantages to enhance overall competitiveness [2]. - The acquisition of Longyi Pharmaceutical is intended to expand the CSO business and improve the pharmaceutical distribution sector, leveraging its market foundation and sales network in the Sichuan-Chongqing region [2]. Operational Updates - The company emphasized the importance of integrating research and development, resource allocation, and sales networks post-acquisition to improve efficiency and reduce costs [2]. - On June 10, the company received an administrative penalty of 61.04 million yuan from the Tianjin Market Supervision Administration for violating the Anti-Monopoly Law, which represents over 72% of the previous year's net profit [2].

1、江苏联环药业股份有限公司（以下简称"公司"）股票于 2025 年 7 月 10 日、7 月 11 日连续两个交易日内收盘价格涨幅偏离值累计超过 20%，根据《上 海证券交易所交易规则》的有关规定，属于股票交易异常波动。 2、经公司自查并书面征询公司控股股东和实际控制人，截至本公告披露日， 控股股东及实际控制人不存在应披露而未披露的重大信息，包括但不限于重大资 产重组、股份发行、重大交易类事项、业务重组、股份回购、破产重整、重大业 务合作、引进战略投资者等重大事项。 一、股票交易异常波动的具体情况 公司股票于 2025 年 7 月 10 日、7 月 11 日连续两个交易日内收盘价格涨幅 偏离值累计超过 20%，根据《上海证券交易所交易规则》的有关规定，属于股票 交易异常波动。 二、公司关注并核实的相关情况 证券代码：600513 证券简称：联环药业 公告编号：2025—043 江苏联环药业股份有限公司 股票交易异常波动公告 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： （三）媒体报道、市场传闻、热点概念情况 ...

江苏联环药业股份有限公司: 《江苏联环药业股份有限公司关于公司股票交易异常 波动的询证函》收悉,经自查确认,现回复如下:一一 我公司作为江苏联环药业股份有限公司（以下简称"联 环药业")的控股股东,截至目前,除联环药业在指定媒体 已披露信息之外,我公司不存在影响联环药业股票价格异常 波动的重大事项;不存在应披露而未披露的重大信息,包括 但不限于重大资产重组、股份发行、上市公司收购、债务重 组、业务重组、资产剥离、资产注入、股份回购、股权激励、 引进战略投资者等重大事项。 江苏联环药业集团有限公司 关于江苏联环药业股份有限公司股票交易 异常波动询证函的回复 我公司在本次股票异常波动期间未买卖联环药业股票。 我公司亦将严格遵守《上海证券交易所交易规则》等相 关规定,依法履行信息披露义务。 特此回函。 江苏联网药业 限公司 t 2035年7 月~1 同时,经与扬州市国有资产监督管理委员会(以下简称 "扬州市国资委"）确认,截至目前,扬州市国资委作为联 环药业的实际控制人,除联环药业在指定媒体已披露信息之 外,扬州市国资委不存在影响联环药业股票价格异常波动的 重大事项:不存在应披露而未披露的重大信息,包括但不限 于重 ...

Market Activity - On July 11, the A-share market showed active trends with 61 stocks hitting the daily limit up, and a total of 17 stocks achieved consecutive limit ups, resulting in a success rate of 69% for limit orders [1] - The market focused on several strong stocks, with Sifang New Materials achieving a remarkable five consecutive limit ups, and Guotou Zhonglu also performing well with a T-shaped limit up, reaching five consecutive limit ups [1] - Stocks like Jingyi Co. and Yamaton achieved their fifth limit up within eight trading days through reverse limit up strategies [1] Stock Performance - Among the stocks with consecutive limit ups, Forest Packaging demonstrated a strong performance with seven consecutive limit ups, while companies like Shuangwei New Materials, Nanhua Futures, and Hemei Group achieved three consecutive limit ups [1] - ST Yazhen maintained an impressive performance with 12 limit ups over 15 days, while Yamaton and Jingyi Co. kept a pace of five limit ups over eight days [2] Market Sentiment and Capital Inflow - The market showed positive sentiment with active participation from investors, as evidenced by over 15 billion yuan in limit order funds supporting Shuangwei New Materials, and several other stocks like Sifang New Materials and Jin'an Guoji also receiving billions in limit order funds [1] - The total trading volume in the Shanghai and Shenzhen markets exceeded 1.7 trillion yuan, marking the highest level in nearly four months, indicating a significant increase in overall market activity and investor engagement [1] Sector Performance - The non-ferrous metal sector was notably active, with stocks like Hunan Silver and China Nonferrous Metals achieving limit ups [1] - The rare earth permanent magnet sector also showed strength, with companies like Northern Rare Earth and Jingyuntong achieving two consecutive limit ups, while Baogang Group and China Rare Earth also hit limit ups [1] - The securities IT sector attracted capital interest, with stocks like Jinzhen Co. and Guo'ao Technology hitting limit ups [1]

Market Overview - The market showed a strong upward trend in the morning, with both the Shanghai Composite Index and the ChiNext Index rising over 1% [1] - The total trading volume in the morning session reached 1.03 trillion [1] Sector Performance - The rare earth permanent magnet sector experienced a collective surge, with stocks such as Northern Rare Earth, Baogang Co., and Shenghe Resources hitting the daily limit [1] - Financial stocks, including brokerage and banking sectors, continued their strong performance, with stocks like China Merchants Bank and Harbin Investment hitting the daily limit, while Industrial and Commercial Bank of China and Zhihang Innovation reached new highs [1] - The innovative drug concept remained active, with stocks like WuXi AppTec, Kailai Pharmaceutical, and Lianhuan Pharmaceutical also hitting the daily limit [1] - Conversely, the PCB concept stocks faced adjustments, with Jin'an Guoji hitting the daily limit down [1] Stock Movement - A total of 2,667 stocks rose, with 50 stocks hitting the daily limit up; 2,237 stocks declined, with 10 stocks hitting the daily limit down [1] - 21 stocks experienced a "炸板" (a term indicating a stock hitting the limit up and then falling back), with a rate of 33% [1]

联环药业再度涨停，5个交易日内录得4个涨停，累计涨幅为38.58%，累计换手率为72.67%。截至9:44， 该股今日成交量4315.75万股，成交金额6.33亿元，换手率15.12%。最新A股总市值达42.76亿元。 （文章来源：证券时报网） 近日该股表现 | 日期 | 当日涨跌幅（%） | 换手率（%） | 主力资金净流入（万元） | | --- | --- | --- | --- | | 2025.07.10 | 10.02 | 15.86 | 13079.20 | | 2025.07.09 | -5.35 | 26.39 | -10327.43 | | 2025.07.08 | 10.01 | 5.90 | 2787.30 | | 2025.07.07 | 9.99 | 9.40 | 11549.88 | | 2025.07.04 | 2.27 | 10.12 | 1423.80 | | 2025.07.03 | 2.22 | 8.11 | 1197.14 | | 2025.07.02 | 1.17 | 9.22 | -881.15 | | 2025.07.01 | 1.89 | 7.79 | -14 ...

A股创新药概念早盘涨幅居前，常山药业涨超16%，康辰药业涨停，联环药业涨超9%，广生堂、立方制 药、华北制药等个股跟涨。日前国家医保局公布工作方案，今年将首次制定商保创新药目录。 ...

Market Overview - The market experienced a strong upward trend, with the Shanghai Composite Index stabilizing above 3500 points. Real estate stocks surged in the afternoon, with several stocks such as Huaxia Happiness and Deep Deep Housing A hitting the daily limit. Major financial stocks continued to perform well, with the four major banks reaching historical highs. The photovoltaic sector also saw a rebound, particularly in the organic silicon segment, with multiple stocks hitting the daily limit. Overall, over 2800 stocks in the Shanghai and Shenzhen markets rose, with a total transaction volume of 1.51 trillion yuan [1]. Real Estate Sector - The real estate sector saw significant gains, with stocks like Sifang New Materials and Yucheng Development hitting the daily limit. The National Development and Reform Commission emphasized increasing investment in new urbanization, which catalyzed the market. Additionally, around 20 cities, including Chongqing and Shenyang, have supported and optimized the "commercial to public" policy this year [4][5]. - According to the China Index Academy, to alleviate insufficient effective demand, some cities may further relax purchase and loan restrictions, while also accelerating the construction of affordable housing and optimizing land supply structures to promote a stable and healthy real estate market [5]. Pharmaceutical Sector - The pharmaceutical sector remained active, with stocks like Saily Medical and Lianhuan Pharmaceutical hitting the daily limit. Merck announced a $10 billion acquisition of Verona Pharma to enhance its COPD treatment product line. The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, which include 16 initiatives to strengthen support for innovative drug research and development [6][7]. - The trend of Chinese innovative drugs going global is expected to enhance profitability and market space, leading to improved industry valuation levels. The adjustment plan for the national medical insurance directory and commercial insurance innovative drug directory is anticipated to be implemented in November [8]. Hydrogen Energy Sector - The hydrogen energy sector showed strong performance, with stocks like Huaguang Huaneng and Tianwo Technology hitting the daily limit. The emphasis on developing hydrogen energy as part of a new energy system was highlighted during a recent inspection by the General Secretary in Shanxi [9][10]. - The strategic position of hydrogen energy has been established, with local policies supporting its development. The renewable energy green hydrogen production capacity is expected to reach over 400,000 tons by 2025 in the Sanbei region. The construction of hydrogen pipelines is also entering a capital-intensive phase, with major state-owned enterprises as primary investors [10]. Other Notable Sectors - Other sectors such as consumer goods and finance showed localized activity, while military and digital currency high-priced stocks experienced declines [11]. - The market is also witnessing a focus on performance as the mid-year reporting period approaches, with expectations for continued improvement in the performance of innovative drugs and their supply chains [8].