Group 1 - Shanghai Yizhong's stock price increased by 3.59% on September 15, with a trading volume of 429 million yuan [1] - The financing buy-in amount for Shanghai Yizhong on the same day was 33.88 million yuan, while the financing repayment was 30.57 million yuan, resulting in a net financing buy-in of 3.32 million yuan [1] - As of September 15, the total financing and securities lending balance for Shanghai Yizhong was 624 million yuan [1] Group 2 - The financing balance for Shanghai Yizhong is 623 million yuan, accounting for 4.97% of its circulating market value, which is above the 90th percentile level over the past year [1] - On the same day, Shanghai Yizhong repaid 1,267 shares in securities lending and sold 1,800 shares, with a selling amount of 109,100 yuan [1] - The securities lending balance is 957,400 yuan, which is below the 40th percentile level over the past year [1] Group 3 - As of June 30, the number of shareholders for Shanghai Yizhong was 6,521, an increase of 6.14% from the previous period [2] - The average circulating shares per person decreased by 5.78% to 31,698 shares [2] - For the first half of 2025, Shanghai Yizhong achieved operating revenue of 160 million yuan, a year-on-year increase of 31.48%, and a net profit attributable to shareholders of 38.00 million yuan, a year-on-year increase of 10.13% [2] Group 4 - Since its A-share listing, Shanghai Yizhong has distributed a total of 92.23 million yuan in dividends [2] - The company specializes in the research and industrialization of modified new drugs for anti-tumor treatments, with its main revenue source being the injectable paclitaxel polymer micelle, accounting for 99.84% of its total revenue [1]

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]

Core Viewpoint - The pharmaceutical industry is expected to experience a marginal improvement in 2025, with further operational performance enhancements anticipated in 2026, particularly in structurally high-growth segments and individual stocks [1] Group 1: Industry Trends - The focus on "innovation" will be the main theme for 2025, with attention on "going overseas" and "aging" assets that are relatively undervalued in the second half of the year [1] - The Chinese pharmaceutical industry has largely completed the transition from old to new growth drivers, with innovation replacing generics and enhanced overseas capabilities [3] - The demand side is being driven by an accelerating aging population, leading to increased needs for chronic disease treatments such as cardiovascular, endocrine, and orthopedic care [4] Group 2: Investment Opportunities - The report suggests focusing on Shanghai Yizhong (688091.SH) due to its complementary mechanisms involving PD1, VEGF, and IL-2, which are integrated into a single molecule for enhanced therapeutic efficacy [2] - The Chinese innovative pharmaceutical sector has gained significant scale, with companies like Heng Rui Medicine (600276.SH, 01276) and Hansoh Pharmaceutical (03692) successfully transitioning to innovation [3] - The medical device and home care equipment sectors are expected to stabilize and recover in performance starting from Q3 2025, with a focus on the aging population and outpatient consumption [4] Group 3: Market Dynamics - The healthcare payment system is experiencing steady growth, with the National Healthcare Security Administration actively promoting the development of commercial insurance to create a multi-tiered payment system [4] - New technologies, particularly AI, are anticipated to accelerate industry transformation, providing new growth logic for the pharmaceutical sector [4]

Investment Rating - Investment rating: Positive (maintained) [4] Core Viewpoints - The report emphasizes the potential of PD1/VEGF/IL-2 mechanisms and suggests continued attention on Shanghai Yizhong [3][4] - The Chinese pharmaceutical industry has completed the transition from old to new growth drivers, with innovative drugs significantly opening new growth curves for Chinese pharmaceutical companies [51][52] - The report highlights the importance of innovation in the pharmaceutical sector, with a focus on the growth of innovative drugs and the increasing ability of Chinese companies to expand internationally [51][52] Summary by Sections Market Performance - From September 8 to September 12, the pharmaceutical index rose by 1.03%, outperforming the CSI 300 index by 0.47% [5] - The number of stocks that rose this week was 263, while 220 stocks fell, with the top gainers being Zhend Medical (+41%) and Haooubo (+28%) [5][35] Investment Opportunities - Suggested stocks to watch include: 1) Innovative drugs: Xinlitai, Rejing Bio, Shanghai Yizhong, Kanghong Pharmaceutical, and others [5] 2) Companies with improving performance and low valuation: WuXi AppTec, Tigermed, and others [5] 3) Medical consumables and drug companies benefiting from marginal improvements in centralized procurement [5] Mechanism Insights - The report discusses the complementary mechanisms of PD1, VEGF, and IL-2, highlighting Shanghai Yizhong's YXC-001, which integrates these three targets into a single molecule, potentially offering significant advantages in efficacy and pharmacokinetics [3][30][34] Industry Trends - The report notes that the aging population and chronic disease demand are increasing, with a focus on cardiovascular, endocrine, and orthopedic diseases [51] - The payment side is also improving, with steady growth in medical insurance revenue and the promotion of commercial insurance [51] Future Outlook - The report anticipates a rebound in the pharmaceutical industry in 2025, driven by innovative drugs, with structural growth expected in specific sectors and stocks [51][52] - It suggests that the second half of 2025 will see a recovery in medical consumption and manufacturing performance, with a focus on low-valuation assets [52]

Group 1 - Dongcai Technology's high-speed electronic resin has gained attention due to the rising demand in the high-end server industry, benefiting from the development of artificial intelligence and computing power upgrades [1] - The company's products, including various types of resins, have been successfully supplied to major server systems of leading companies such as NVIDIA, Huawei, Apple, and Intel, marking a new growth point for the company [1] Group 2 - Shangwei New Materials announced that 60 days have passed since the offer acquisition notice, and Zhiyuan Hengyue has deposited 232 million yuan as a performance guarantee, currently working on compliance confirmation and share transfer procedures [2] - The acquisition offer remains unconfirmed and carries uncertainty [2] Group 3 - Tianpu Co., Ltd. will hold an investor briefing on September 16, 2025, to discuss matters related to the transfer of control, with participation from the chairman, financial director, independent directors, and financial advisors [3] Group 4 - Zhongchao Holdings signed a strategic cooperation agreement with Hefei Intelligent Robot Research Institute to collaborate on technology and industrial applications in intelligent robotics and aerospace lightweight alloy casting [4] Group 5 - Juguang Technology's controlling shareholder and actual controller, along with their concerted actions, reduced their holdings by 868,821 shares, decreasing their total shareholding from 16.70% to 15.73% [5] Group 6 - Huakang Clean has won a medical service construction project with a bid price of 131 million yuan [7] - Guodun Quantum plans to sign a sales contract with China Telecom Quantum Group [7]

Group 1 - The company Shanghai Yizhong announced a share repurchase plan with a total amount between 30 million and 35 million yuan, at a maximum price of 106.08 yuan per share, which is 81.24% higher than the current price of 58.53 yuan [1] - The company's stock price has increased by 46.62% year-to-date [1] - Shanghai Yizhong specializes in the research and industrialization of modified new anti-tumor drugs, with its main revenue source being 99.84% from injectable paclitaxel polymer micelles [1] Group 2 - As of June 30, the number of shareholders for Shanghai Yizhong increased by 6.14% to 6,521, while the average circulating shares per person decreased by 5.78% to 31,698 shares [2] - For the first half of 2025, Shanghai Yizhong reported a revenue of 160 million yuan, representing a year-on-year growth of 31.48%, and a net profit attributable to shareholders of 38.0038 million yuan, up 10.13% year-on-year [2] - The company has distributed a total of 92.232 million yuan in dividends since its A-share listing [3]

Core Viewpoint - Shanghai Yizhong (688091.SH) plans to repurchase shares worth between 30 million to 35 million yuan, with a maximum repurchase price of 106.08 yuan per share, aimed at maintaining company value and shareholder rights [1] Summary by Relevant Categories - **Share Repurchase Plan** - The company intends to repurchase shares valued at 30 million to 35 million yuan [1] - The maximum price for the repurchase is set at 106.08 yuan per share [1] - **Purpose of Repurchase** - The repurchased shares will be used entirely to maintain the company's value and protect shareholder interests [1]

证券代码：688091 证券简称：上海谊众 公告编号：2025-036 上海谊众药业股份有限公司 关于以集中竞价方式回购股份的预案 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、准确性和完整性依法承担法律责任。 重要内容提示： ● 回购股份价格：不超过人民币 106.08 元/股（含），价格不高于公司董事会通过 回购决议前 30 个交易日公司股票交易均价的 150%； ● 回购股份方式：集中竞价交易方式； ● 回购股份期限：自股东会审议通过本次回购方案之日起 3 个月内； ● 相关股东是否存在减持计划：截至本公告披露日，公司控股股东、实际控制人 及一致行动人、回购提议人、持股 5%以上的股东及全体董事、高级管理人员在董 事会通过回购决议之日的未来 3 个月、未来 6 个月暂无减持计划。 ● 相关风险提示： 1、本次回购股份方案尚需提交股东大会审议通过，存在未能获得股东大会审 议通过的风险； 2、可能存在公司股票价格持续超出回购方案披露的价格上限，导致回购方案 无法按计划实施或只能部分实施的风险； 3、本次拟回购的股份将在披露回购结果暨股份变动公告 12 ...

证券代码：688091 证券简称：上海谊众 公告编号：2025-037 上海谊众药业股份有限公司 关于召开2025年第一次临时股东会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 召开地点：上海市奉贤区仁齐路 79 号公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 29 日 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东会类型和届次 2025年第一次临时股东会 召开日期时间：2025 年 9 月 29 日 14 点 00 分 至2025 年 9 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 股东会召开日期：2025年9月29日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票 ...

证券代码：688091 证券简称：上海谊众 公告编号：2025-035 第二届董事会第十二次会议决议公告 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、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 上海谊众药业股份有限公司（以下简称"公司"）第二届董事会第十二次会议（以 下简称"会议"）于 2025 年 9 月 12 日以现场结合通讯方式召开，会议通知已于 2025 年 9 月 11 日以通讯方式送达全体董事。会议应出席董事 6 人，实际出席董事 6 人。 本次会议由公司董事长周劲松召集和主持，会议的召集和召开程序符合有关法律 法规和《公司章程》的规定，会议决议合法、有效。 二、董事会会议审议情况 本次会议经全体董事表决，形成决议如下： 1、审议通过《关于以集中竞价交易方式回购公司股份方案的议案》 董事会认为：公司现阶段拟回购公司股份有利于维护公司的价值与股东权益， 公司拟实施的股份回购方案符合证监会《上市公司股份回购规则》、《上海证券交 易所上市公司自律监管指引第 7 号——回购股份》等有关规定。董事会同意公司 使用 3,000–3,500 ...