2025 年 07 月 31 日 八月策略和十大金股 —8 月十大金股 投资要点 ▌ 总量观点 核心要点：海外关注经济韧性、关税进展和 9 月降息预 期。美股延续科技成长配置，左侧布局美债、黄金、美 股中的地产、金融、保健等降息受益资产，警惕波动放 大风险。国内政治局会议定调偏稳，预告 10 月四中全 会，反内卷表述弱化，资本市场定调积极，A 股震荡偏 强，尝试挑战去年高点，关注科技成长和内卷出清机 会。 行业选择：1）科技成长：海外映射——AI 算力、应用 等；自主可控——半导体；产业催化——军工、创新药 等；2）内卷出清：结合产能压力、盈利压力、政策强 度、去化难度四维度，推荐关注钢铁、煤炭、水泥、玻 璃、光伏、新能源汽车、生猪等。 ▌ 本期金股组合： 电子：中际旭创（300308.SZ） 电子：世运电路（603920.SH） 电子：通富微电（002156.SZ） 新能源：强瑞技术（301128.SZ） 电力设备：新时达（002527.SZ） 有色：兴业银锡（000426.SZ） 化工：江山股份（600389.SH） 医药：珍宝岛（603567.SH） 医药：众生药业（002317.SZ） 计算机&AI& ...

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1]. Core Insights - The company is expected to face short-term impacts from centralized procurement, but sales are anticipated to improve post-implementation. The net profit for the first half of 2025 is projected to be between -77 million and -66 million yuan, primarily due to delayed procurement timelines and price reductions on core products, leading to a 57% decline in revenue and a 64% drop in gross profit year-on-year [3][4]. - The company has made significant progress in the development of innovative traditional Chinese medicine, with a key milestone achieved in the clinical trial of Qingjiang Hewei Granules, which targets a complex syndrome of non-erosive gastroesophageal reflux disease [5]. - The company holds a 17.0211% stake in Zhejiang Tereis, which is developing a first-in-class ADC product, TRS005, showing promising clinical results for treating relapsed or refractory CD20-positive diffuse large B-cell lymphoma [6][7]. Summary by Sections Financial Performance - The company is expected to see a revenue decline in 2025, with projections of 1.984 billion yuan, followed by a recovery to 2.823 billion yuan in 2026 and 3.066 billion yuan in 2027. The earnings per share (EPS) are forecasted to be 0.07 yuan in 2025, 0.50 yuan in 2026, and 0.54 yuan in 2027, with corresponding price-to-earnings (P/E) ratios of 185.9, 24.8, and 23 respectively [8][10]. Market Position and Growth Drivers - The company’s core products are expected to regain sales momentum following the implementation of centralized procurement, which is anticipated to positively impact revenue in the latter half of 2025 [4]. - The innovative drug development and the ADC platform are seen as potential growth drivers for the company, with the ADC product expected to receive regulatory approval in 2024 [6][8]. Investment Outlook - The report suggests that despite short-term challenges due to procurement policies, the company’s innovative drug pipeline and strategic partnerships could lead to significant growth in the coming years, justifying the "Buy" rating [8].

Group 1 - The A-share innovative drug concept stocks continue to rise, with Nanxin Pharmaceutical hitting the 20% daily limit up [1] - Qizheng Tibetan Medicine and Hanshang Group also reached the daily limit up, indicating strong market interest [1] - Other companies such as Hitec Biological, Anke Biological, Huisheng Biological, Zhendong Pharmaceutical, Tebao Biological, and Treasure Island saw increases of over 5% [1]

Group 1 - The core viewpoint of the news is that Heilongjiang Zhenbaodao Pharmaceutical Co., Ltd. has experienced significant declines in revenue and net profit in its latest quarterly report, indicating potential challenges for the company [1] - As of July 29, 2025, Zhenbaodao's stock closed at 12.4 yuan, down 2.21%, with a trading volume of 182,700 hands and a transaction amount of 227 million yuan [1] - The company's latest quarterly report shows total operating revenue of 469 million yuan, a year-on-year decrease of 58.03%, and a net profit attributable to shareholders of 75.3 million yuan, a year-on-year decrease of 74.33% [1] Group 2 - The company has a current ratio of 2.300, a quick ratio of 1.770, and a debt-to-asset ratio of 34.99%, indicating a relatively stable liquidity position [1] - Zhenbaodao has made investments in 27 enterprises and participated in 2,123 bidding projects, showcasing its active engagement in the market [2] - The company holds 133 trademark registrations and 204 patents, along with 229 administrative licenses, reflecting its commitment to intellectual property and regulatory compliance [2]

Core Viewpoint - The legal opinion letter from Beijing Lantai Law Firm confirms that Heilongjiang Zhenbaodao Pharmaceutical Co., Ltd. has complied with necessary legal procedures and disclosure obligations regarding the repurchase and cancellation of part of its restricted stock under the 2023 equity incentive plan [2][9]. Group 1: Decision Process and Disclosure - The company has obtained legal authorization from the board of directors to proceed with the repurchase and cancellation of restricted stocks for three former employees who have not yet lifted their sales restrictions [6]. - The company plans to repurchase a total of 144,094 shares of restricted stock at a price of 8.232 yuan per share, following the approval of relevant proposals by the board and supervisory committee [6][7]. - The company has disclosed the repurchase plan to creditors, allowing them a 30-day period to claim debts or request guarantees, with no claims reported during the disclosure period [6][7]. Group 2: Repurchase Details - The repurchase is due to the departure of three key employees, and the company will buy back the restricted stocks that have not yet been lifted from their restrictions [7]. - The total amount for the repurchase is calculated to be 1,186,181.80 yuan, sourced from the company's own funds [8]. - The company has set up a dedicated securities account for the repurchase and expects to complete the cancellation of the restricted stocks by July 29, 2025 [8].

Core Viewpoint - The company, Heilongjiang Zhenbaodao Pharmaceutical Co., Ltd., is implementing a buyback and cancellation of 144,094 restricted stocks due to the departure of three employees, which represents 5.95% of the total stock under the incentive plan and 0.02% of the company's total share capital [1][2]. Group 1: Buyback and Cancellation Details - The buyback and cancellation are based on the provisions of the "Incentive Plan" and the "Management Measures for Equity Incentives of Listed Companies," which stipulate that restricted stocks cannot be released from restrictions if the employee has left the company [2][3]. - The total amount for the buyback is 1,186,181.80 yuan, sourced from the company's own funds [2][3]. - The cancellation of the stocks is expected to be completed by July 29, 2025, with the company having opened a dedicated securities account for this purpose [3]. Group 2: Impact on Share Capital Structure - Following the cancellation, the company's total share capital will decrease from 941,140,609 shares to 940,996,515 shares [3][4]. - The cancellation will not affect the controlling shareholder or the actual controller, and the company's equity distribution will still meet the listing requirements [4]. Group 3: Legal Compliance and Commitments - The board of directors confirmed that the decision-making process and information disclosure comply with relevant laws and regulations, ensuring no harm to the rights of the incentive objects or creditors [4][5]. - The company has committed to handling any disputes arising from this buyback and cancellation responsibly [4][5].

证券代码：603567 证券简称：珍宝岛 公告编号：临 2025-056 黑龙江珍宝岛药业股份有限公司 关于部分限制性股票回购注销的实施公告 | 回购数量（股） | 注销数量（股） | | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | --- | | 144,094 | 144,094 | 2025 | 年 | 7 月 | 29 | 日 | 一、本次限制性股票回购注销的决策与信息披露 1、公司于 2025 年 3 月 25 日召开第五届董事会第十九次会议和第五届监事 会第十六次会议，分别审议并通过《关于公司回购注销部分离职激励对象已获授 但尚未解除限售的限制性股票的议案》，同意公司回购注销本激励计划中 3 名离 职人员已获授但尚未解除限售的 144,094 股限制性股票，北京市兰台律师事务所 关于本次回购注销事项出具了法律意见书，具体内容详见公司于 2025 年 3 月 26 日在上海证券交易所网站 www.sse.com.cn 披露的相关公告。 2、公司已根据相关法律规定就以上回购注销部分限制性股票事项履行通知 债权人程序，具体内容详见公司于 2025 ...

法律意见书 黑龙江珍宝岛药业股份有限公司 2023 年限制性股票激励计划 部分限制性股票回购注销实施的 法律意见书 地址：北京市朝阳区曙光西里甲1号第三置业B座29层 电话：（8610）52287799 传真：（8610）58220039 邮编：100028 网址：www.lantai.cn 二〇二五年七月 北京市兰台律师事务所 关于 北京市兰台律师事务所 关于黑龙江珍宝岛药业股份有限公司 2023 年限制性股票激励计划 部分限制性股票回购注销实施的 法律意见书 兰 台 意 字 （ 2025） 第 3874 号 致 ： 黑 龙 江 珍 宝 岛 药 业 股 份 有 限 公 司 北京市兰台律师事务所（以下简称"兰台"或"本所"）接受黑龙江珍宝岛 药业股份有限公司（以下简称"公司"或"珍宝岛"）的委托，作为公司 2023 年限制性股票激励计划（以下简称"本次股权激励计划"）的特聘专项法律顾问。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中 华人民共和国证券法》（以下简称"《证券法》"）、中国证券监督管理委员会 （以下简称"中国证监会"）《上市公司股权激励管理办法》（以下简称"《管 理办法》" ...

Group 1 - The company has provided a guarantee of up to RMB 200 million for its subsidiary Anhui Jiuzhou Fangyuan Pharmaceutical Co., Ltd. to meet its bank financing needs [1][2] - The guarantee is structured as a joint liability guarantee with a term of 12 months, and there is a counter-guarantee in place [1][2] - The board of directors approved the guarantee proposal with a majority vote, and it was subsequently ratified by the shareholders' meeting [1][2] Group 2 - A counter-guarantee agreement has been signed with other shareholders of Anhui Jiuzhou Fangyuan, who will use their personal assets to cover the guarantee provided by the company [2] - The counter-guarantee covers all loan principal and interest, including penalties and related costs incurred by the company [2] - The necessity and reasonableness of the guarantee are justified by the stable operational status and good credit record of the subsidiary, ensuring that the risks are manageable and do not harm the company's interests [3]

一、担保的基本情况 为满足黑龙江珍宝岛药业股份有限公司（以下简称"公司"或"珍宝岛"） 参股子公司安徽九洲方圆制药有限公司（以下简称"安徽九洲方圆"）的银行融 资需要，公司于 2025 年 7 月 16 日与中国农业银行亳州谯城支行签订《最高额保 证合同》，为参股子公司安徽九洲方圆向其申请借款提供担保，担保本金最高金 额为人民币 2.00 亿元，担保方式为连带责任保证，保证期限为 12 个月。本次担 保存在反担保。 二、内部决策程序 证券代码：603567 证券简称：珍宝岛 公告编号：临2025-055 公司于 2025 年 6 月 15 日召开第五届董事会第二十四次会议，审议并通过了 《关于为参股子公司提供担保的议案》，该议案已经全体董事的过半数董事审议 通过以及出席董事会会议的三分之二以上董事审议通过，董事会同意提请公司股 东大会授权公司法定代表人处理在核定担保额度内的担保事项并签署相关协议。 黑龙江珍宝岛药业股份有限公司 公司于 2025 年 6 月 25 日召开 2024 年年度股东大会会议，审议并通过了《关 于为参股子公司提供担保的议案》，同意公司对参股子公司提供担保金额为 2.00 亿元的担保。 ...