Group 1 - The weight loss drug concept increased by 2.51%, ranking 6th among concept sectors, with 46 stocks rising, including Kexing Pharmaceutical, Yipinhong, and Lepu Medical, which rose by 15.62%, 14.72%, and 7.62% respectively [1][2] - The weight loss drug sector saw a net inflow of 576 million yuan, with 24 stocks receiving net inflows, and 8 stocks exceeding 50 million yuan in net inflow, led by Yipinhong with a net inflow of 168 million yuan [2][3] - The top stocks by net inflow rate include Taiankang, Kexing Pharmaceutical, and Yipinhong, with net inflow rates of 20.64%, 14.10%, and 13.25% respectively [3] Group 2 - The concept sectors with the highest daily gains include China Shipbuilding System at 4.90%, Cell Immunotherapy at 3.12%, and Innovative Drugs at 3.01%, while sectors like Electronic ID and Digital Currency experienced declines of -2.52% and -2.40% respectively [2] - The weight loss drug sector's performance is notable among other sectors, indicating a growing interest and investment in this area [1][2]

Core Viewpoint - The hepatitis concept sector has seen a 2.30% increase, ranking 10th among concept sectors, with significant gains from stocks like Guizhou Bailing, Weiming Pharmaceutical, and Kexing Pharmaceutical [1]. Group 1: Sector Performance - The hepatitis concept sector had 116 stocks rising, with Guizhou Bailing, Weiming Pharmaceutical, and *ST Sailong hitting the daily limit up [1]. - Notable gainers included Kexing Pharmaceutical, Yipin Hong, and Rejing Biological, which rose by 15.62%, 14.72%, and 11.60% respectively [1]. - The sector's performance was contrasted by declines in stocks like *ST Suwu, *ST Sihuan, and New Industry, which fell by 0.79%, 0.78%, and 0.48% respectively [1]. Group 2: Capital Inflow - The hepatitis concept sector attracted a net inflow of 790 million yuan, with 71 stocks receiving net inflows [1]. - Yipin Hong led the net inflow with 168 million yuan, followed by Guizhou Bailing and Kexing Pharmaceutical with net inflows of 158 million yuan and 97.8 million yuan respectively [1]. - The top three stocks by net inflow rates were Guizhou Bailing at 17.80%, Weiming Pharmaceutical at 16.28%, and Kexing Pharmaceutical at 14.10% [2].

Group 1 - The core point of the news is that Sinovac Biotech (科兴制药) announced a reduction in shareholding by its controlling shareholder, Shenzhen Keyi Pharmaceutical Holdings Co., Ltd. (科益医药), and its concerted actor, Deng Xueqin, which resulted in a decrease in their combined shareholding from 66.32% to 65.00% [1][2] - The reduction in shareholding was due to the implementation of a previously disclosed share reduction plan and the dilution of shares resulting from the 2022 restricted stock incentive plan [1][2] - The total number of shares held by Keyi Pharmaceutical and Deng Xueqin decreased from 131,778,347 shares to 129,767,472 shares, representing a reduction of 2,010,875 shares, or 1.32% of the total share capital [1][2] Group 2 - The equity change will not lead to a change in the controlling shareholder or actual controller of Sinovac Biotech [2] - Sinovac Biotech was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 14, 2020, with an initial public offering (IPO) of 49.6753 million shares at a price of 22.33 yuan per share [2] - The total amount raised from the IPO was 1.109 billion yuan, with a net amount of 999.5 million yuan, which was 710 million yuan less than the originally planned amount of 1.705 billion yuan [2][3]

Core Viewpoint - The A-share innovative drug sector experienced a significant surge on July 1, driven by favorable policy announcements from the National Medical Insurance Administration and the National Health Commission, which aim to support the high-quality development of innovative drugs [1][4]. Group 1: Market Performance - Frontier Biotech reached a 20% limit-up, with other companies like Guizhou BaiLing, Saily Medical, and AngliKang also hitting their limits [2]. - Notable stock performances included: - Frontier Biotech: 12.05 (+20.02%) - Kexing Pharmaceutical: 44.19 (+15.62%) - Yuyuan Pharmaceutical: 22.00 (+15.55%) - Shuyitai: 43.00 (+15.34%) - Rongchang Biotech: 68.39 (+13.04%) [3]. Group 2: Policy Support - The new measures encourage the use of medical insurance data for innovative drug research and development, enhancing collaboration among medical, insurance, and pharmaceutical sectors [4][6]. - The policy promotes the expansion of commercial health insurance investments in innovative drugs, establishing a new directory for innovative drugs that exceed basic insurance coverage [6]. - The National Medical Insurance Administration plans to streamline the application process for including drugs in both commercial and medical insurance directories, reducing the administrative burden on companies [6]. Group 3: Industry Outlook - The innovative drug sector is in a golden development phase, with over 20 first-class innovative drugs approved for market entry from January to May, marking a five-year high [7]. - Chinese pharmaceutical companies are accelerating their international expansion, with over 90 overseas licensing transactions expected in 2024, totaling over $50 billion [7]. - Significant licensing deals include: - 12.5 billion USD deal by 3SBio - 53.3 billion USD collaboration between CSPC and AstraZeneca - 42.3 billion USD agreement by Rongchang Biotech [7]. - Several biotech firms are increasing R&D investments through share placements, with funds directed towards global R&D pipelines [8]. Group 4: Investment Sentiment - Analysts agree on the sustainable growth potential of the innovative drug sector, emphasizing the "innovation + internationalization" trend as a core focus for the pharmaceutical industry [9]. - Investment opportunities are seen in the upstream pharmaceutical supply chain, advanced manufacturing, and healthcare services, with a focus on companies with strong growth potential and profitability [9].

Core Insights - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, focusing on the entire chain from research and development to payment systems [1] - The inclusion of innovative drug directories in commercial health insurance is expected to enhance the multi-tiered medical security system and provide economic support for the development of innovative drugs [1][2] - The stock market reacted positively, with significant gains in innovative drug concept stocks and ETFs, indicating strong investor interest and liquidity in this sector [1][2] Industry Developments - The establishment of a commercial insurance innovative drug directory marks a significant step in enhancing the role of commercial insurance in the multi-tiered medical security system, providing payment support for high-priced innovative drugs and medical devices [2] - The "18A" policy has catalyzed a wave of medical companies listing in Hong Kong, focusing on cutting-edge medical industry directions, which has attracted market attention and investment [2] Market Performance - The Hong Kong innovative drug ETF (513120) saw a rise of over 2%, with a trading volume of 4.1 billion yuan, leading the market in the pharmaceutical ETF category [1] - The latest scale of the Hong Kong innovative drug ETF reached 13.4 billion yuan, indicating its leading position in the market [1] - The innovative drug ETF (515120) also performed well, with a trading volume of 145 million yuan and a net inflow of nearly 200 million yuan over five consecutive days [1]

Investment Rating - The report maintains a "Recommended" investment rating for the healthcare sector [7]. Core Insights - The healthcare sector has shown a mixed performance, with the Shenyin Wanguo Pharmaceutical Bio Index rising by 1.60% from June 23 to June 27, 2025, underperforming the CSI 300 Index by 0.35 percentage points [2][12]. - Year-to-date, the pharmaceutical sector has increased by 6.24%, outperforming the CSI 300 Index by 6.57 percentage points, ranking 11th among 31 sectors [2][14]. - As of June 27, 2025, the valuation of the pharmaceutical sector stands at 27.54 times (TTM overall method, excluding negative values), with a premium of 140.94% compared to the CSI 300 [2][17]. Summary by Sections 1. Market Performance - The pharmaceutical sector's performance from June 23 to June 27, 2025, was a 1.60% increase, ranking 23rd among 31 sectors [12]. - The year-to-date performance shows a 6.24% increase, ranking 11th among 31 sectors [14]. 2. Important Events - The National Healthcare Security Administration released the "2025 Basic Medical Insurance Directory and Commercial Insurance Innovative Drug Directory Adjustment Application Guidelines," marking a significant step for commercial health insurance in the multi-level medical security system [4][21]. 3. Industry Perspective - The inclusion of the commercial insurance innovative drug directory indicates an enhanced role for commercial insurance in the multi-level medical security system, providing greater opportunities for the industry [5][22]. - The report expresses optimism for innovative drugs, overseas expansion, and the clearing of procurement in specific segments, suggesting a focus on companies involved in these areas [22].

证券代码：688136 证券简称：科兴制药 公告编号：2025-043 科兴生物制药股份有限公司 关于股东及其一致行动人权益变动触及 5%整数倍的提示性公告 本公司董事会、全体董事及相关股东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： ? 本次权益变动为科兴生物制药股份有限公司（以下简称"公司"）控股股 东深圳科益医药控股有限公司（以下简称"科益医药"）履行此前披露的减持股 份计划，此外公司 2022 年限制性股票激励计划归属后总股本增加导致科益医药 及其一致行动人邓学勤合计持股比例被动稀释，以及公司实际控制人邓学勤 （1）信息披露义务人：科益医药 企业名称 深圳科益医药控股有限公司 深圳市南山区粤海街道科技园社区科苑路 15 号科兴科学园 D1 栋 注册地址 ? 本次权益变动后，科益医药及其一致行动人邓学勤合计持有公司股份减 少至 129,767,472 股，占公司总股本的比例减少至 65.00%，股东权益变动触及 5% 的整数倍。截至本公告披露日，科益医药本次减持计划尚未实施完毕。 ? 本次权益变动不会导致公司控股股东、实 ...

Core Viewpoint - The report outlines the equity changes of Sinovac Biotech Ltd, indicating a reduction in shareholding by the information disclosing parties, Shenzhen Keyi Pharmaceutical Holdings Co., Ltd. and Deng Xueqin, due to a planned divestment and passive dilution from stock vesting [1][3]. Group 1: Information Disclosure Obligors - The information disclosing parties include Shenzhen Keyi Pharmaceutical Holdings Co., Ltd. and Deng Xueqin, with the former holding 100% of the shares of the latter [4][5]. - Deng Xueqin serves as the legal representative and is the chairman of the company, with no adverse record in the securities market over the past three years [4][5]. Group 2: Equity Change Details - The total number of shares held by the disclosing parties before the equity change was 131,778,347 shares, representing 66.32% of the total share capital at that time [6][10]. - After the equity change, the total number of shares held decreased to 129,767,472 shares, accounting for 65.00% of the current total share capital [7][10]. - The reduction in shareholding was due to a combination of planned divestment and passive dilution from stock vesting, leading to a decrease of 2,010,875 shares or 1.32% [9][10]. Group 3: Future Plans - The disclosing parties plan to reduce their holdings by up to 5,989,200 shares, which is not more than 3.00% of the total share capital [9]. - There are no current plans for additional share purchases within the next 12 months, but the possibility of future changes remains open [6][13].

科兴生物制药股份有限公司 简式权益变动报告书 上市公司名称：科兴生物制药股份有限公司 股票上市地点：上海证券交易所 股票简称：科兴制药 股票代码：688136 信息披露义务人一：深圳科益医药控股有限公司 通讯地址：深圳市南山区粤海街道科兴科学园 D1 栋 42 层 信息披露义务人二：邓学勤 通讯地址：深圳市南山区粤海街道科兴科学园 D1 栋 42 层 股份变动性质：股份减少 签署日期：2025 年 6 月 30 日 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》（以下简称"《证券法》"）、 《上市公司收购管理办法》（以下简称"《收购办法》"）、《公开发行证券公司信息 披露内容与格式准则第 15 号—权益变动报告书》（以下简称"准则 15 号"）及相 关的法律、法规编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人章程或内部规则中的任何条款，或与之相冲突。 三、依据《证券法》、《收购办法》、准则 15 号的规定，本报告书已全面披露 了信息披露义务人在科兴生物制药股份有限公司中拥有权益的股份变动情况； 截至本报告书签署之日，除本报告书披露的持股 ...

证券代码：688136 证券简称：科兴制药 公告编号：2025-043 科兴生物制药股份有限公司 关于股东及其一致行动人权益变动触及 5%整数倍的提示性公告 本公司董事会、全体董事及相关股东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： 本次权益变动为科兴生物制药股份有限公司（以下简称"公司"）控股股 东深圳科益医药控股有限公司（以下简称"科益医药"）履行此前披露的减持股 份计划，此外公司 2022 年限制性股票激励计划归属后总股本增加导致科益医药 及其一致行动人邓学勤合计持股比例被动稀释，以及公司实际控制人邓学勤 2023 年、2024 年增持公司股份等综合所致，不触及要约收购。 本次权益变动后，科益医药及其一致行动人邓学勤合计持有公司股份减 少至 129,767,472 股，占公司总股本的比例减少至 65.00%，股东权益变动触及 5% 的整数倍。截至本公告披露日，科益医药本次减持计划尚未实施完毕。 本次权益变动不会导致公司控股股东、实际控制人发生变化。 公司于 2025 年 6 月 30 日收到股东科益医药及其一致行动人邓 ...