Core Viewpoint - The Chinese innovative pharmaceutical sector is experiencing a significant rebound, with numerous stocks doubling in value and a strong performance from innovative drug companies, indicating a potential for continued growth and investment opportunities [1][2][3]. Group 1: Market Performance - As of July 29, 2023, the pharmaceutical sector has seen 42 stocks double in value this year, with Shuyatain leading at a 560% increase [1]. - Eight stocks, including Saifen Technology and Yipin Hong, have risen over 200%, while over 30 stocks have increased by more than 100% [1]. Group 2: Fund Performance - The surge in the pharmaceutical sector has led to significant gains in several pharmaceutical-themed funds, with many achieving over 100% returns in the past year [2]. - Fund managers believe that innovative drugs are likely to gain traction due to high demand and the upcoming product launches from various A-share and H-share companies [2]. Group 3: Industry Insights - Analysts highlight that the innovative drug sector is entering a golden development phase, supported by short-term performance from research outcomes and long-term benefits from aging populations and health demand upgrades [2]. - The innovative drug sector is seen as the most promising sub-industry within pharmaceuticals, with a clear growth trajectory and investment potential [3]. Group 4: Future Outlook - The innovative drug sector is expected to benefit from a combination of policy support and fundamental growth, leading to a revaluation of the sector [3]. - Analysts recommend continued investment in specific segments such as CRO & CDMO, GLP-1, and unique raw materials, which are anticipated to show strong performance [3].

New Stock Listings - HanGao Group listed on July 30, 2025, with an issue price of 15.43[1] - *ST Zitian and *ST Suwu are under severe abnormal fluctuations as of July 30, 2025[1] - Tianlu Convertible Bonds listed on July 30, 2025, with a risk warning[1] Market Alerts - Multiple stocks including *ST Xinchao and *ST Yuancheng are flagged for severe abnormal fluctuations on July 30, 2025[1] - New listings include companies like Xianghe Precision and Shenshui Planning, with announcements made on July 30, 2025[1] - The report includes links to detailed announcements for each stock, ensuring transparency and accessibility for investors[1] Trading Insights - The report highlights the importance of monitoring newly listed stocks for potential volatility and investment opportunities[1] - Investors are advised to review the latest announcements and risk warnings associated with these stocks to make informed decisions[1]

Core Viewpoint - The stock price of Sely Medical has declined significantly, reflecting challenges in its financial performance and market perception [1] Company Overview - Sely Medical operates in the pharmaceutical commercial sector, focusing on intensive in vitro diagnostics and medical consumables supply chain management [1] - The company is attempting to transition into the AI healthcare field, particularly in brain science and large model technologies [1] Financial Performance - As of July 29, 2025, Sely Medical's stock price is 31.62 yuan, down 1.53 yuan or 4.62% from the previous trading day [1] - The company reported a net profit loss forecast of 55 million to 66 million yuan for the first half of the year, indicating a year-on-year increase in loss magnitude [1] - The company has recovered 4.2 million yuan of overdue equity transfer payments but still faces 9.3 million yuan in outstanding payments [1] Market Activity - On July 29, the net outflow of main funds was 204.55 million yuan, accounting for 3.39% of the circulating market value [1] - Over the past five days, the cumulative net outflow of main funds reached 42.78 million yuan [1] Credit Rating - Rating agencies have downgraded Sely Medical's credit rating to BB+ [1]

Core Viewpoint - After more than a month of overdue payments, Seli Medical has received part of the overdue equity transfer payment, but the company continues to face significant operational and financial pressures, leading to a drastic decline in revenue and net profit losses [1][4]. Group 1: Financial Performance - Seli Medical reported a projected net loss of between 55 million to 66 million yuan for the first half of the year, marking a year-on-year increase in losses of over 1053%, the worst mid-year performance since its listing [4]. - The company has experienced continuous net profit losses over the years, with cumulative losses reaching approximately 570 million yuan from 2021 to 2024 [4][5]. - The company's cash flow is under severe strain, with a cash balance of only 167 million yuan as of the end of March, while short-term borrowings reached 310 million yuan [3][7]. Group 2: Equity Transfer and Payments - Seli Medical has received a total of 17.5 million yuan in equity transfer payments, with an outstanding amount of 9.3 million yuan still owed by Rongda Zhiyuan No. 2 [1][2]. - The equity transfer involved the sale of a 51% stake in a subsidiary for 31 million yuan, with payments scheduled in five installments, of which the fourth installment was partially overdue [2]. Group 3: Business Strategy and Transformation - The company is attempting to pivot towards "AI medical" solutions to find new growth opportunities, despite the ongoing challenges in its core business [1][6]. - Seli Medical's main profit source, the IVD business, has seen significant revenue declines, while the SPD business, although growing, has insufficient margins to offset the losses from IVD [6]. - The company is exploring partnerships to develop digital systems for mental health treatment and aims to enter advanced fields like brain science and rare diseases [6][7]. Group 4: Market Reaction - Despite deteriorating fundamentals, Seli Medical's stock price has surged approximately 370% this year, driven by market enthusiasm for "AI+medical" and "innovative drugs" concepts [3][7].

Market Overview - The Shanghai Composite Index rose by 0.33% on July 29, with 16 out of 28 sectors experiencing gains, led by the communication and steel industries, which increased by 3.29% and 2.59% respectively [1] - The pharmaceutical and biological industry ranked third in terms of daily gains, rising by 2.06% [1] - Conversely, the agriculture, forestry, animal husbandry, and fishery sectors, along with the banking sector, saw declines of 1.36% and 1.19% respectively [1] Capital Flow Analysis - The net outflow of capital from the two markets reached 35.637 billion yuan, with only four sectors experiencing net inflows [1] - The pharmaceutical and biological sector led the net inflow with 2.996 billion yuan, followed by the steel sector with a net inflow of 419 million yuan [1] - The non-ferrous metals sector had the highest net outflow, totaling 4.434 billion yuan, followed by the machinery equipment sector with a net outflow of 3.792 billion yuan [1] Pharmaceutical and Biological Sector Performance - The pharmaceutical and biological sector saw a net inflow of 2.996 billion yuan, with 341 out of 474 stocks in the sector rising, including 11 stocks hitting the daily limit [2] - The top three stocks with the highest net inflow were: - Zhongsheng Pharmaceutical with a net inflow of 303 million yuan and a daily increase of 9.98% - Zhifei Biological with a net inflow of 256 million yuan and a daily increase of 6.50% - Jiuzhou Pharmaceutical with a net inflow of 250 million yuan and a daily increase of 10.01% [2] - Seven stocks in the sector experienced net outflows exceeding 100 million yuan, with the largest outflows from: - Hengrui Medicine at 352 million yuan - Saili Medical at 187 million yuan - WuXi AppTec at 173 million yuan [2][4] Capital Inflow and Outflow Rankings - The top stocks by capital inflow in the pharmaceutical sector included: - Zhongsheng Pharmaceutical: +9.98%, turnover rate 15.34%, inflow 302.59 million yuan - Zhifei Biological: +6.50%, turnover rate 9.19%, inflow 255.84 million yuan - Jiuzhou Pharmaceutical: +10.01%, turnover rate 12.54%, inflow 249.88 million yuan [2] - The top stocks by capital outflow included: - Hengrui Medicine: +2.84%, turnover rate 2.64%, outflow -352.45 million yuan - Saili Medical: -4.62%, turnover rate 28.21%, outflow -186.81 million yuan - WuXi AppTec: +7.72%, turnover rate 3.78%, outflow -173.05 million yuan [4]

Investment Rating - The industry investment rating is "Overweight" [2] Core Viewpoints - The pharmaceutical sector is experiencing a divergence among its sub-industries, entering a phase of logical exploration [5] - The pharmaceutical index has outperformed the CSI 300 index, with a 1.9% increase this week, ranking 19th in terms of performance [17][19] - The highest valuation sub-industry is vaccines, with a PE (TTM) of 62X, while the lowest performing sub-industry is chemical preparations, which decreased by 2.02% [22] Summary by Sections Market Review - The pharmaceutical index rose by 1.9%, outperforming the CSI 300 index by 0.21 percentage points and the Shanghai Composite Index by 0.23 percentage points [17] - As of July 25, the PE (TTM) for the pharmaceutical industry is 28X, which is below the historical average of 33X [19] - Among 13 sub-industries, 11 saw increases, with medical research outsourcing leading at an 8.29% rise [22] Stock Performance - In the A-share market, 72.36% of the 474 pharmaceutical stocks increased in value this week [24] - The top ten performing stocks include Haitai Biological (+46.93%) and Zhendong Pharmaceutical (+42.89%) [25] - In the Hong Kong market, 66.67% of 114 stocks rose, with the top performer being MicroPort Medical (+28.86%) [31] Weekly Insights - The divergence in sub-industries is attributed to the focus on innovation and potential high-value products, with medical devices gaining market attention [5] - The National Healthcare Security Administration's guidance against price-only bidding has renewed interest in the medical device and IVD sectors [5] - The report maintains a bullish outlook on the pharmaceutical sector, emphasizing innovation in hard technology, including innovative drugs and devices [37] Investment Strategy - The investment strategy is divided into two main areas: innovative drug sector and other sectors [38] - Key recommendations include Zai Lab, BGI Genomics, and Junshi Biosciences, with a focus on oncology and innovative drug development [38] - Other sectors of interest include medical hard technology, medical consumption, and companies with significant overseas business [39][41]

Group 1 - The Beijing Future Science City Management Committee has developed a draft implementation plan for the "Artificial Intelligence + Pharmaceutical Health" industry in Changping District, focusing on brain-computer interface (BCI) innovation [1] - The plan emphasizes the development and application of BCI products, supporting research in key areas such as neural signal acquisition, decoding, control, and feedback [1] - The document encourages medical and health institutions in the region to adopt BCI products for clinical applications in treating neurological and mental disorders, as well as in smart rehabilitation and health monitoring [1] Group 2 - Open Source Securities highlights the significant potential of the downstream application market for brain-computer interfaces, which connect the brain with external devices for information exchange [2] - The BCI technology is expected to accelerate its implementation due to favorable policies and technological advancements, benefiting companies such as Rock Mountain Technology, Zhongke Information, and others [2] - The applications of BCI span across medical fields for disease warning, diagnosis, treatment, and functional enhancement, as well as in consumer and industrial sectors [2]

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [2][40]. Core Insights - The pharmaceutical and biotechnology sector saw an overall increase of 1.90% from July 21 to July 25, 2025, ranking 19th among 31 industries in the Shenwan index, outperforming the CSI 300 index by 0.21 percentage points [4][12]. - The current PE valuation of the pharmaceutical and biotechnology sector is 30.67 times, which is at the historical median level, with a valuation premium of 140% compared to the CSI 300 index [4][18]. - The top three performing sub-sectors during the same period were medical services (6.73%), medical devices (4.43%), and pharmaceutical commerce (1.84%) [4][12]. Market Performance - In the year-to-date, the pharmaceutical and biotechnology sector has increased by 18.81%, ranking 3rd among 31 industries, and outperforming the CSI 300 index by 13.92 percentage points [4][13]. - The sub-sectors that achieved significant gains include chemical pharmaceuticals (34.25%), medical services (32.34%), and biological products (13.49%) [4][19]. Industry News - The National Healthcare Security Administration (NHSA) held two meetings to support the high-quality development of innovative drugs and medical devices, emphasizing the need for comprehensive value assessments for innovative products [5][34]. - The NHSA introduced new measures to empower innovation in drug and device pricing, aiming to support genuine innovation and improve the quality of healthcare in China [5][36]. Investment Recommendations - The report suggests focusing on high-quality stocks in the following segments: innovative drugs, CXO (Contract Research Organization), chain pharmacies, medical services, and second-class vaccines [5][37][38]. - Recommended stocks include Betta Pharmaceuticals, Teva Biopharmaceuticals, Kaili Medical, Haier Biomedical, Huaxia Eye Hospital, and Lao Bai Xing [5][38]. Stock Performance - During the last week, 337 stocks in the sector increased in value (71.10%), while 127 stocks decreased (26.79%). The top five gainers were Haitai Biological (46.93%), Zhendong Pharmaceutical (42.89%), Saili Medical (31.73%), Chenxin Pharmaceutical (30.75%), and Rendu Biological (27.82%) [4][27].

特此公告。 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法律责任。 塞力斯医疗科技集团股份有限公司（以下简称"公司"）于2024年9月6日在 上海证券交易所网站(www.sse.com.cn)披露了《关于转让控股子公司股权暨被动 形成财务资助的公告》（公告编号：2024-112）。公司将持有的控股子公司阿克 苏咏林瑞福电子科技有限公司（以下简称"阿克苏咏林"）51%的股权转让给容 大致远贰号（福建）创业投资合伙企业（有限合伙）（以下简称"容大致远贰号"）， 转让价格为3,100万元。交易完成后，公司不再持有阿克苏咏林股份,阿克苏咏林 不再纳入公司合并报表范围。 公司前期为支持控股子公司阿克苏咏林日常经营产生的借款，在本次股权转 让交易后被动形成对外提供财务资助。截至2024年5月31日，阿克苏咏林尚欠公 司借款本金及利息合计1,367万元，公司已与阿克苏咏林就前述借款本息签订了 《还款协议》。按照协议约定，公司已收到收购方容大致远贰号支付的股权转让 款1,750万元,阿克苏咏林归还的前三笔借款及提前归还的部分第四笔借款合计 936.7 ...

Investment Rating - The report does not explicitly state an investment rating for the industry, but it provides insights into market performance and trends [2][4]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.9%, underperforming the Wind All A index (2.21%) but outperforming the CSI 300 index [2][7]. - The medical research outsourcing segment experienced the highest growth at 8.29%, while chemical preparations and other biological products faced declines of -2.02% and -0.58%, respectively [2][8]. - The Quark Health model achieved a significant milestone by passing the written assessment for chief physician in 12 core disciplines, marking a rapid development phase for medical AI models in China [2][11]. - State-owned equity funds are actively acquiring stakes in pharmaceutical companies, with notable transactions including the acquisition of Kanghua Biological and a significant stake in MicroPort Medical [2][11]. Summary by Sections Market Weekly Review - The pharmaceutical and biotechnology sector rose by 1.9% from July 21 to July 25, 2025, with medical research outsourcing leading the gains at 8.29% [2][7]. - Individual stocks such as Haitai Biological (46.9%), Zhendong Pharmaceutical (42.9%), and Saily Medical (31.7%) saw significant increases, while *ST Suwu (-22.3%) and Yong'an Pharmaceutical (-13.7%) faced notable declines [2][10]. Industry News and Key Company Announcements Important Industry Events - The National Medical Insurance Administration announced new measures to optimize drug procurement, emphasizing quality over lowest price and launching a nationwide drug price comparison tool [2][11]. Industry News - Shanghai Biopharmaceutical M&A Fund is set to acquire shares in MicroPort Medical, becoming a strategic shareholder [2][11]. - Kangfang Biologics' new indication application for Ivoris monoclonal antibody has been accepted by the National Medical Products Administration [2][11]. Company Announcements - WuXi Biologics reported a positive mid-year earnings forecast, expecting a 16% revenue increase and a 3.6% rise in gross margin [2][14]. - The Quark Health model's capabilities continue to align closely with human physicians, marking a significant advancement in AI healthcare applications [2][14]. - WuXi AppTec and other companies reported substantial revenue growth, with WuXi AppTec expecting over 60% growth in the first half of 2025 [2][14].