New Stock Issuance - Jin Hua New Material (920015) issued at a price of 18.15[1] - Jianfa Zhixin (301584) issued at a price of 7.05[1] Market Alerts - Cash option declaration period for *ST Tianmao (000627) from September 15 to September 19, 2025[1] - 13 trading days remaining for the delisting period of Zitian Tui (300280)[1] - Severe abnormal fluctuation reported for Jishi Media (601929)[1] Other Announcements - Multiple companies including Shanghai Construction (600170) and Zhongke Shuguang (603019) have recent announcements linked[1] - Various stocks are under scrutiny for abnormal trading activities, including *ST Yu Shun (002289) and ST Huaneng (000851)[3]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of September 15, 2025 [1] Core Insights - The trend of Chinese innovative drugs going overseas continues, with a focus on selective opportunities. The report highlights that the global pharmaceutical transaction volume reached 456 deals in the first half of 2025, a 32% year-on-year increase, with upfront payments totaling $11.8 billion, a 136% surge, and total transaction value hitting $130.4 billion, up 58% year-on-year [2] - The report emphasizes the promising clinical data from Chinese innovative drugs presented at the World Lung Cancer Conference, particularly in the ADC (Antibody-Drug Conjugate) field, showcasing significant efficacy advantages [3] - The report discusses the potential of small nucleic acid drugs and innovative delivery systems, indicating new market opportunities arising from strategic collaborations between Chinese companies and multinational corporations [4] - The CXO (Contract Research Organization) sector is expected to gradually recover, with a notable increase in orders anticipated in the third quarter of 2025, driven by improved innovation environments and funding from license-out transactions [5] - The 2025 medical insurance negotiation and commercial insurance innovative drug directory work has commenced, with a focus on orphan drugs and breakthrough treatment varieties [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry underperformed the CSI 300 index by 1.75% in the past week, with a recent one-month increase of 3.32%, lagging behind the CSI 300 by 5.81% [22][26] - The medical device sector showed the highest weekly increase of 2.23%, while the chemical pharmaceutical sector experienced a decline of 2.57% [31] 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical industry index's current PE (TTM) stands at 40.60, above the five-year historical average of 31.60 [46] - The report notes that the pharmaceutical sector has shown a 15.06% increase over the past three months, outperforming the CSI 300 by 16.11% [43] 3. Recent Research Achievements - The report outlines recent research achievements by the Huaxin pharmaceutical team, including various in-depth and commentary reports on innovative drug developments and market trends [50] 4. Recent Industry Policies and News - The report details recent policy updates from the National Healthcare Security Administration regarding the 2025 drug directory adjustments and the approval of new drug applications [52][55]

经公司自查，并书面征询控股股东及实际控制人，截至本公告披露日，不存在影响公司股票交易价格异 常波动的重大事项，不存在涉及公司应披露而未披露的重大信息，包括但不限于重大资产重组、发行股 份、上市公司收购、债务重组、资产剥离和资产注入等重大事项。 昭衍新药（603127）(06127)发布公告，该公司A股股票于2025年9月11日、9月12日和9月15日连续3个交 易日内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 交易异常波动情形。 针对公司股票交易异常波动，公司对有关事项进行了核查，现将有关情况说明如下： (一)生产经营情况 经自查，公司目前生产经营活动正常，内、外部经营环境未发生重大变化，不存在影响公司股票交易价 格异常波动的应披露而未披露的重大信息。 (二)重大事项情况 (三)媒体报道、市场传闻、热点概念情况 公司未发现需要澄清或回应的媒体报道或市场传闻，公司未发现其他可能对公司股价产生较大影响的重 大事件。 (四)其他股价敏感信息 经公司核实，未发现公司控股股东及实际控制人、董事、监事、高级管理人员在公司本次股票交易异常 波动期间买卖公司股票的情况。 ...

(三)媒体报道、市场传闻、热点概念情况 公司未发现需要澄清或回应的媒体报道或市场传闻，公司未发现其他可能对公司股价产生较大影响的重 大事件。 针对公司股票交易异常波动，公司对有关事项进行了核查，现将有关情况说明如下： (一)生产经营情况 经自查，公司目前生产经营活动正常，内、外部经营环境未发生重大变化，不存在影响公司股票交易价 格异常波动的应披露而未披露的重大信息。 (二)重大事项情况 经公司自查，并书面征询控股股东及实际控制人，截至本公告披露日，不存在影响公司股票交易价格异 常波动的重大事项，不存在涉及公司应披露而未披露的重大信息，包括但不限于重大资产重组、发行股 份、上市公司收购、债务重组、资产剥离和资产注入等重大事项。 智通财经APP讯，昭衍新药(06127)发布公告，该公司A股股票于2025 年9月11日、9月12日和9月15日连 续3个交易日内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情形。 (四)其他股价敏感信息 经公司核实，未发现公司控股股东及实际控制人、董事、监事、高级管理人员在公司本次股票交易异常 波动期间买卖公司股票的情况。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 JOINN LABORATORIES (CHINA) CO., LTD. 北京昭衍新藥研究中心股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：6127） 海外監管公告 本公告乃北京昭衍新藥研究中心股份有限公司（「本公司」）根據香港聯合交易 所有限公司證券上市規則第13.10B條 而 作 出。 茲 載 列 本 公 司 於 上 海 證 券 交 易 所 網 站 刊 登 公 告 如 下，僅 供 參 閱。 承董事會命 北京昭衍新藥研究中心股份有限公司 馮宇霞 董事長 中 國 北 京，2025年9月15日 於 本 公 告 日 期，董 事 會 包 括 主 席 兼 執 行 董 事 馮 宇 霞 女 士、執 行 董 事 高 大 鵬 先 生、孫雲霞女士、羅樨女士及顧靜良先生，及獨立非執行董事張帆先生、楊福全 ...

证券代码：603127 证券简称：昭衍新药 公告编号：2025-040 北京昭衍新药研究中心股份有限公司 股票交易异常波动公告 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个别及连带责任。 重要内容提示： （三）媒体报道、市场传闻、热点概念情况 一、股票交易异常波动的具体情况 公司股票于 2025 年 9 月 11 日、9 月 12 日和 9 月 15 日连续 3 个交易日内日 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情形。 二、公司关注并核实的相关情况 针对公司股票交易异常波动，公司对有关事项进行了核查，现将有关情况说 明如下： （一）生产经营情况 经自查，公司目前生产经营活动正常，内、外部经营环境未发生重大变化， 不存在影响公司股票交易价格异常波动的应披露而未披露的重大信息。 （二）重大事项情况 经公司自查，并书面征询控股股东及实际控制人，截至本公告披露日，不存 在影响公司股票交易价格异常波动的重大事项，不存在涉及公司应披露而未披露 的重大信息，包括但不限于重大资产重组、 ...

Market Overview - On September 15, the medical services sector rose by 1.58%, led by Zhaoyan New Drug, while the Shanghai Composite Index closed at 3860.5, down 0.26% [1] - The Shenzhen Component Index closed at 13005.77, up 0.63% [1] Top Performers - Zhaoyan New Drug (603127) closed at 41.65, with a gain of 10.01% and a trading volume of 597,900 shares, amounting to a transaction value of 2.418 billion [1] - Boteng Co., Ltd. (300363) closed at 28.59, up 9.21%, with a trading volume of 571,200 shares, totaling 1.633 billion [1] - Kanglong Chemical (300759) closed at 35.90, increasing by 6.37%, with a trading volume of 895,600 shares, amounting to 3.178 billion [1] Underperformers - Jukang Life (300143) closed at 12.19, down 5.21%, with a trading volume of 245,900 shares, totaling 306 million [2] - Digital Human (835670) closed at 17.13, down 3.22%, with a trading volume of 55,800 shares, amounting to 9.562 million [2] - BGI Genomics (300676) closed at 53.20, down 3.11%, with a trading volume of 152,700 shares, totaling 81.5 million [2] Capital Flow - The medical services sector saw a net inflow of 502 million from institutional investors, while retail investors experienced a net outflow of 423 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional buying contrasting with retail selling [2] Individual Stock Capital Flow - Kailaiying (002821) had a net inflow of 1.90 billion from institutional investors, while retail investors saw a net outflow of 1.87 billion [3] - Kanglong Chemical (300759) experienced a net inflow of 184 million from institutional investors, with retail investors seeing a net outflow of 1.51 billion [3] - Jiuzhou Pharmaceutical (603456) had a net inflow of 47.19 million from institutional investors, while retail investors experienced a net outflow of 81.89 million [3]

Core Viewpoint - The medical sector is experiencing significant growth, with the largest medical ETF in A-shares (512170) showing a notable increase and attracting substantial investment recently [1][3]. Group 1: ETF Performance - The medical ETF (512170) rose over 1% on September 15, with a trading volume exceeding 460 million yuan [1]. - The ETF has attracted a total of 380 million yuan over four consecutive days leading up to September 12, bringing its total size to 27.584 billion yuan, ranking first among similar ETFs [1]. Group 2: Stock Performance - CXO stocks performed well, with notable gains from companies such as Zhaoyan New Drug, which hit the daily limit, and Kanglong Chemical and Jiuzhou Pharmaceutical, with increases of 6.37% and 3.95% respectively [3]. - Conversely, companies like BGI Genomics, Weining Health, and BGI Intelligent Manufacturing saw declines of 2.91%, 2.38%, and 1.93% respectively [3]. Group 3: Industry Outlook - According to Wanlian Securities, the overall revenue of the medical R&D outsourcing CXO sector is expected to grow by 13.77% year-on-year in the first half of 2025, with net profit attributable to shareholders increasing by 63.82% [3]. - The period from September 1 to 15, 2025, saw over 400 new Class I drugs in clinical trials and more than 1,800 Class II and III medical devices approved for market [3]. - Xinda Securities highlighted that the recovery of in-hospital procurement in the high-end medical device sector is driving growth, alongside a gradual recovery in consumer medical demand and increased penetration of high-end consumables [3]. Group 4: ETF Composition - The ETF (512170) and its off-market linked fund (012323) passively track the CSI Medical Index, with the top ten weighted stocks including WuXi AppTec, Mindray Medical, and United Imaging Healthcare [4][5].

9月12日，国家药监局发布公告"对符合要求的创新药临床试验申请，在受理后30个工作日内完成审评审批"，自发布之日起实施。通道范围为满足三条标准之一的中药、化学药品、生物制品1类 此外，美国行政草案再度引发市场担忧。华福证券指出，自2023年底以来，《生物安全法案》一共经历过10次变化。从股价反应来看，代表性CXO公司对《生物安全法案》进展的股价反应逐步 责任编辑：郝欣煜 港股医药外包概念股集体上攻，康龙化成涨超9%，昭衍新药涨超8%，药明生物、凯莱英涨超4%，泰格医药涨超2%。 ...

昭衍新药再度涨停，7个交易日内录得4个涨停，累计涨幅为34.70%，累计换手率为62.78%。截至 11:05，该股今日成交量4942.81万股，成交金额19.86亿元，换手率7.84%。最新A股总市值达262.60亿 元。 证券时报·数据宝统计，两融数据来看，该股最新（9月12日）两融余额为7.09亿元，其中，融资余额 7.05亿元，较前一个交易日增加1.29亿元，环比增长22.44%，近7日累计增加1.84亿元，环比增长 35.31%。 公司发布的半年报数据显示，上半年公司共实现营业收入6.69亿元，同比下降21.28%，实现净利润 6093.24万元，同比增长135.90%，基本每股收益为0.0800元，加权平均净资产收益率0.75%。（数据 宝） 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） | | --- | --- | --- | --- | | 2025.09.12 | 9.99 | 9.73 | 23918.32 | | 2025.09.11 | -2.88 | 9.44 | -17805.92 | | 2025.09.10 | 9.99 | 11 ...