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].

New Stock Listings - The new stock "同宇新材" (code: 301630) is listed at an issue price of 84 on July 10, 2025[1] - "中程退" (code: 300208) and "退市锦港" (code: 600190) have 6 trading days remaining until their last trading day[1] - "恒立退" (code: 000622) has 3 trading days remaining until its last trading day[1] Delisting and Trading Alerts - "退市九有" (code: 600462) has 2 trading days remaining until its last trading day[1] - "工智退" (code: 000584) will have its last trading day on July 10, 2025[1] - "美迪西" (code: 688202) is listed with no specific trading alerts mentioned[1] Market Volatility - "北方长龙" (code: 301357) has been flagged for severe abnormal fluctuations[1] - "浙江东日" (code: 600113) and "诺德股份" (code: 600110) have also been noted for abnormal trading activities[1] - "长春一东" (code: 600148) is included in the list of stocks with trading alerts[1]

Group 1 - The core viewpoint of the articles highlights the renewed activity in the innovative drug sector, driven by supportive government policies and recent approvals of innovative drugs in the domestic market [1][2] - The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, including 16 specific measures across five areas [1] - The introduction of a commercial health insurance directory for innovative drugs aims to include high-value, clinically significant drugs that are not yet part of the basic medical insurance list, indicating a shift towards multi-layered medical insurance systems [1] Group 2 - East China Securities emphasizes the strong policy support for innovative drug development, which is expected to lead to significant growth in the market as new drugs are approved and commercial insurance directories are established [2] - The successful international approval of domestic innovative drugs, such as the approval of Shuwotini by Dize Pharmaceutical in the U.S., showcases the international competitiveness of local innovative drugs [2] - The innovative drug sector is identified as a core investment theme within the biopharmaceutical industry, with recommendations to explore investment opportunities in related segments such as medical devices, traditional Chinese medicine, chain pharmacies, and medical services [2]

Market Overview - The pharmaceutical sector experienced a significant surge on July 10, with stocks such as Seer Medical, Lianhuan Pharmaceutical, and Kangchen Pharmaceutical hitting the daily limit [1] - Seer Medical recorded a price of 25.61 with a rise of 10.01%, Lianhuan Pharmaceutical reached 13.62 with a 10.02% increase, and Kangchen Pharmaceutical was at 40.68 with a 10.01% gain [2] Key Events - Merck, a major U.S. pharmaceutical company, announced its intention to acquire UK-based Verona Pharma for approximately $10 billion to enhance its product line for chronic obstructive pulmonary disease (COPD) [3] - Former President Trump threatened to impose a 200% tariff on pharmaceuticals, although this may not take effect immediately, allowing pharmaceutical companies a one-year buffer [3] - The National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, including 16 initiatives to enhance support for R&D and encourage clinical application [3] Institutional Insights - The trend of Chinese innovative drugs entering international markets is expected to grow over the next 3-5 years, driven by improved innovation capabilities and profitability of Chinese pharmaceutical companies, which will enhance industry valuation levels [4] - The upstream raw material drug sector has seen a valuation adjustment, now positioned at relatively low levels, with the commercialization of GLP-1 products expected to drive growth in upstream peptide raw materials [4] - As the mid-year reporting period approaches, performance metrics will become a focal point for the market, with expectations for continued improvement in innovative drugs and their supply chains [4]

Report Summary 1. Report Industry Investment Rating - No information provided regarding the industry investment rating. 2. Core Viewpoints - The report focuses on the in - depth investigation of Lianhuan Pharmaceutical, covering the company's strategic positioning, responses to challenges, and future development plans [26][28][30]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is Lianhuan Pharmaceutical, belonging to the chemical pharmaceutical industry. The reception time was July 9, 2025. The company's reception staff included the chairman, board secretary, general manager, and other key personnel [16]. 3.2. Detailed Research Institutions - The institutions participating in the research include Jiangsu Securities Industry Association, China CITIC Bank, CITIC Construction Securities, Huabao Securities, Yida Capital, Xianghe Investment, Jiazhi Private Equity, Junzilan Capital, Yuanfang Capital, Jintou Assets, Yipin Assets, Deep Vision Technology, and Yangzhou Newspaper Group [17][18]. 3.3. Proportion of Research Institutions - Other types of institutions account for 54%, asset management companies 23%, securities companies 15%, and joint - stock commercial banks 8% [20][21][22]. 3.4. Main Content Information - **Event Background**: On July 8, 2025, CITIC Construction Securities Yangzhou Jiangyang Middle Road Securities Business Department, together with the Jiangsu Securities Industry Association, organized an event to visit Lianhuan Pharmaceutical [25]. - **Strategic Positioning and Core Competitiveness**: The company adheres to the "innovation - driven development" strategy. In 2024, the R & D investment was about 277 million yuan. It focuses on innovation drugs, high - end preparations, and large - variety generic drugs in R & D, promotes business model innovation in sales, and improves quality stability through intelligent transformation in production. It has passed the FDA on - site inspection twice and won the "Advanced - level Intelligent Factory in Jiangsu Province" title [26]. - **Impact of Centralized Procurement and Countermeasures**: The company recognizes the strategic value of centralized procurement policies and has established a dynamic policy research mechanism. It copes with challenges by optimizing product structure, accelerating innovation R & D, and deepening hospital - enterprise cooperation [28]. - **Logic and Synergy of Mergers and Acquisitions**: The acquisition of Changle Pharmaceutical aims at strategic synergy, layout optimization, production line complementarity, and cost advantages. The acquisition of Longyi Pharmaceutical is to expand CSO business and improve the pharmaceutical circulation layout. After the acquisitions, the company achieves all - round synergy through various measures [28]. - **Market Value Management Plan**: As a state - owned enterprise, the company attaches great importance to market value management. It is drafting a special market value management plan, focusing on R & D investment, market expansion, capital operation, and investor relationship management, and has maintained a 30% annual dividend ratio [29][30]. - **Future Development Strategy**: The company will continue to adhere to a market - oriented and innovation - centered development strategy, optimize product structure, expand the market, improve management efficiency, and carry out strategic investments and cooperation in a timely manner [30].

Group 1 - The company has made strategic acquisitions of Chang Le Pharmaceutical and Long Yi Pharmaceutical to enhance overall competitiveness through synergy, optimization of layout, complementary production lines, and cost advantages [1] - The acquisition of Long Yi Pharmaceutical aims to expand the CSO business and improve the pharmaceutical distribution sector, leveraging its market foundation and sales network in the Sichuan-Chongqing region to quickly increase local market share [1] - Post-acquisition, the company is focusing on improving efficiency through coordinated R&D project management and resource allocation, optimizing product layout to reduce costs, and integrating sales networks for resource sharing [1] Group 2 - The company is concentrating on innovative drugs, high-end formulations, and large-volume generic drugs, with a R&D team led by over ten PhDs and a planned R&D investment of approximately 277 million yuan in 2024 [1] - The company is innovating in sales by building a compliance system internally and enhancing market expansion externally [1] - The company is enhancing quality stability through intelligent transformation in production, with its new facility set to pass FDA inspections again in August 2024 [1] Group 3 - The company's core new drug LH-1801 (SGLT2 inhibitor) is in Phase III clinical trials, with 615 patients enrolled by January 2025, and the follow-up is expected to conclude in January 2026 [2] - LH-1801 shows significant synergistic effects for diabetic patients with hypertension, potentially opening a market worth 2 billion yuan upon approval in 2026 [2] - The prevalence of hypertension among adults in China is 31.6%, with the market for antihypertensive drugs dominated by sartans, which had sales of 2.2 billion yuan and 2 billion yuan for Irbesartan and Valsartan respectively in 2023 [2] Group 4 - The company recognizes the strategic value of centralized procurement policies for the pharmaceutical industry and has established a dynamic policy research mechanism to enhance its ability to respond to market changes [3] - The company aims to transform policy challenges into new opportunities for corporate transformation and upgrading through product structure optimization, accelerated innovation, and deepened cooperation with hospitals [3]

证券代码：600513 证券简称：联环药业 公告编号：2025-042 江苏联环药业股份有限公司 投资者关系活动记录表 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 □业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | 现场参观 | | | □其他 （请文字说明其他活动内容） | | | 江苏证券业协会、中信银行、中信建投证券、华宝证券、 | | 参与单位名称 | 毅达资本、湘禾投资、嘉植私募、君子兰资本、远方资 | | | 本、金投资产、翼品资产、深度视觉科技、扬州报业 | | 时间 2025 | 年 7 月 9 日 | | | 江苏省扬州市扬州生物健康产业园健康一路 9 号 3 楼第 | | 地点 | 八会议室 | | | 董事长兼董事会秘书：钱振华先生 | | | 董事兼总经理：牛犇博士 | | | 总工程师助理兼药物研究所所长：贾志祥先生 | | 上市公司接待人员 | | | 姓名 | 董事会办公室主任兼证券事务代表：葛楷先生 | | | 临床医学部经理：谭琼女士 | | | 药物研究所副所长：李家慧博士 | | | 为响应 ...

Core Viewpoint - The stock of Jiangsu Lianhuan Pharmaceutical Co., Ltd. experienced abnormal trading fluctuations, with a cumulative closing price increase exceeding 20% over three consecutive trading days, prompting the company to issue a notice regarding the situation [1][2]. Group 1: Stock Trading Abnormalities - The company's stock closed with a price increase deviation of over 20% on July 4, July 7, and July 8, 2025, which is classified as abnormal trading behavior according to the Shanghai Stock Exchange regulations [1]. - The board of directors confirmed that there are no undisclosed significant matters related to major asset restructuring, share issuance, or other major transactions that could affect stock trading [2]. Group 2: Company Operations and Market Conditions - The company conducted a self-examination and confirmed that its production and operations are normal, with no significant changes in the market environment or industry policies [1]. - There are no major events identified that could significantly impact the company's stock price, and no media reports or market rumors have been found that require clarification [2]. Group 3: Board of Directors' Statement - The board of directors affirmed that there are no undisclosed matters that should be reported according to the Shanghai Stock Exchange listing rules, and previous disclosures do not require correction or supplementation [2].

证券代码：600513 证券简称：联环药业 公告编号：2025—041 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： 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 4 日、7 月 7 日、7 月 8 日连续三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 4 日、7 月 7 日、7 月 8 日连续三个交易日收盘价格 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 针对公司股票交易异 ...