Group 1: Market Overview - The People's Bank of China conducted a 7-day reverse repo operation of 448 billion yuan at an interest rate of 1.40% on May 27, with 357 billion yuan of reverse repos maturing on the same day [1][5] - A-shares opened slightly lower but showed signs of recovery, with the Shanghai Composite Index fluctuating and turning positive [5][6] - The consumer sector, particularly food and beverage, showed initial strength, while the pharmaceutical sector rebounded [6][12] Group 2: Pharmaceutical Sector - The pharmaceutical and biotechnology sector experienced a partial rebound, with notable stocks such as Longshen Rongfa hitting the daily limit, and Sanofi Guojian rising over 10% [12][13] - Hong Kong pharmaceutical stocks also saw gains, with notable increases in companies like CSPC Pharmaceutical and China Biologic Products [8][14] Group 3: Nuclear Power Sector - The nuclear power sector continued its recent strong performance, with stocks like Shangwei Co. and Rongfa Nuclear Power achieving multiple consecutive gains [9][11] - Recent reports indicate a positive outlook for the controllable nuclear fusion industry, driven by favorable policies and increased financing [11] Group 4: Food and Beverage Sector - The food and beverage sector saw a surge, with stocks like Kuaijishan and Junyao Health achieving significant gains [15][16] - Kuaijishan's market capitalization surpassed that of Guyue Longshan, establishing it as a leading player in the yellow wine industry [15] Group 5: Cultivated Diamond Sector - The cultivated diamond sector experienced a sharp rise, with stocks like Huanghe Xuanfeng and Huifeng Diamond hitting the daily limit [17][18] - Huanghe Xuanfeng announced a partnership to establish a joint venture focused on advanced semiconductor materials, which is expected to enhance the development of high-performance thermal materials [19]

自愿披露关于获得 GB18 注射液药物临床试验批准通知书的公告 证券代码：688136 证券简称：科兴制药 公告编号：2025-029 科兴生物制药股份有限公司 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。 1、产品名称：GB18 注射液 2、受理号：CXSL2500226 3、审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，GB18 注射液临床试验申请符合药品注册的有关要求，同意本品开展肿瘤恶病质的临床 试验。 二、药品相关介绍 公司 GB18 注射液是一种针对 GDF15（生长分化因子 15）靶点的创新型药 物，用于治疗肿瘤恶病质。该分子采用了独特的 Fc 融合纳米抗体结构设计，不 仅提高了药物的稳定性和生物利用度，还显著增强了其在抑制信号通路传递中的 表现。 近日，科兴生物制药股份有限公司（以下简称"公司"）全资子公司深圳科 兴药业有限公司（以下简称"深圳科兴"）收到国家药品监督管理局（以下简称 "国家药监局"）签发的《药物临床试验批准通知书》，国家药监局批准同意深 圳科兴开展"GB18注射液"的临床 ...

Core Viewpoint - The company has adjusted the total cash dividend for the 2024 profit distribution due to changes in the number of shares eligible for distribution following a share buyback program [1][2] Group 1: Dividend Adjustment - The cash dividend per 10 shares remains unchanged at RMB 0.8 (including tax), while the total cash dividend amount has been adjusted from RMB 15,820,934.24 (including tax) to RMB 15,778,506.00 (including tax) [1][2] - The adjustment was necessitated by a reduction in the number of shares eligible for profit distribution, which decreased from 197,761,678 shares to 197,231,325 shares due to the company's share buyback activities [1][2] Group 2: Share Buyback Impact - From March 31, 2025, to the date of this announcement, the number of shares in the company's buyback account increased from 1,880,572 shares to 2,410,925 shares, affecting the total shares available for profit distribution [2] - The company will maintain the per-share distribution ratio while adjusting the total distribution amount based on the current number of shares eligible for profit distribution [2]

证券代码：688136 证券简称：科兴制药 公告编号：2025-028 科兴生物制药股份有限公司 关于调整 2024 年度利润分配现金分红总额的公告 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。 重要内容提示： ●现金分红总额调整情况：维持每10股派发现金红利人民币0.8元（含税）不 变，现金分红总额由15,820,934.24元（含税）调整为15,778,506.00元（含税）。 ●本次调整原因：自2025年3月31日之日起至本公告披露日，科兴生物制药 股份有限公司（以下简称"公司"）因通过上海证券交易所交易系统以集中竞价 交易方式回购公司股份，导致公司回购专用证券账户中股份总数发生变动，故本 次实际参与分配的股份数发生变动，可参与利润分配的股份数由197,761,678股减 少至197,231,325股。根据公司2024年年度利润分配方案，按照维持每股分配比例 不变的原则，相应调整分配总额。 一、调整前利润分配方案 公司于2025年4月9日召开第二届董事会第二十二次会议和第二届监事会第 十九次会议，于2025年5月8 ...

Summary of Key Points Core Viewpoint - The financing balance of the Sci-Tech Innovation Board (STAR Market) has increased, indicating a growing interest in investments within this sector, with notable changes in both financing and securities lending balances [1][2]. Financing Balance - As of May 21, the total financing balance on the STAR Market reached 1527.37 billion yuan, an increase of 2.87 billion yuan from the previous trading day, marking three consecutive days of growth [1]. - The highest financing balance is held by SMIC (中芯国际) at 75.19 billion yuan, followed by Cambrian (寒武纪) and Haiguang Information (海光信息) with balances of 48.34 billion yuan and 32.99 billion yuan, respectively [1]. - A total of 343 stocks saw an increase in financing balance, while 240 stocks experienced a decrease. The stocks with the largest increases in financing balance were Jingwei Hengrun (经纬恒润), Kexing Pharmaceutical (科兴制药), and Guangge Technology (光格科技), with increases of 20.46%, 20.08%, and 19.38% respectively [1][2]. Securities Lending Balance - The total securities lending balance on the STAR Market reached 5.47 billion yuan, with an increase of 891.53 million yuan from the previous trading day [1]. - The highest securities lending balance is held by Haiguang Information at 0.20 billion yuan, followed by SMIC and Cambrian, both at 0.18 billion yuan [2]. - A total of 123 stocks saw an increase in securities lending balance, while 137 stocks experienced a decrease. The stocks with the largest increases in securities lending balance were Ruikeda (瑞可达), Maixinlin (迈信林), and Xidiwei (希荻微), with increases of 313.91%, 273.38%, and 224.07% respectively [2].

证券代码：688136 证券简称：科兴制药 公告编号：2025-027 科兴生物制药股份有限公司 自愿披露关于创新药 GB18 注射液 获得美国 FDA 新药临床试验许可的公告 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。 近日，科兴生物制药股份有限公司（以下简称"公司"）全资子公司深圳科兴 药业有限公司（以下简称"深圳科兴"）收到美国食品药品监督管理局（以下简称 "FDA"）的通知，深圳科兴自主研发的创新药GB18注射液药品临床试验申请已 获得FDA批准，可在美国开展临床试验，适应症为治疗肿瘤恶病质。现将相关情 况公告如下： 1 一、许可基本情况 药品名称：GB18注射液 申请事项：美国境内开展临床试验 申请编号：IND 175450 审评结论：本药品临床试验申请获得美国FDA批准，同意本药品按照提交的 方案开展临床研究。 二、GB18注射液基本情况 GB18注射液是一种针对GDF15（生长分化因子15）靶点的创新型药物，用 于治疗肿瘤恶病质。该分子采用了独特的Fc融合纳米抗体结构设计，不仅提高了 药物的稳定性和生物利 ...

Core Viewpoint - The animal vaccine sector has shown a significant increase, with a 4.00% rise, ranking third among concept sectors, driven by notable gains in several stocks [1][2]. Group 1: Sector Performance - As of May 20, the animal vaccine concept increased by 4.00%, with 19 stocks rising, including *ST Xianfeng, which hit the daily limit, and others like Kexing Pharmaceutical, Ruipu Biological, and Kanghua Biological, which rose by 15.56%, 8.41%, and 6.70% respectively [1][2]. - The animal vaccine sector was among the top-performing sectors, alongside cultivated diamonds and pet economy, which rose by 4.10% and 4.08% respectively [2]. Group 2: Capital Inflow - The animal vaccine sector saw a net inflow of 67 million yuan, with 13 stocks receiving net inflows, and 6 stocks attracting over 10 million yuan in net inflows [2]. - Jinhe Biological led the net inflow with 36.88 million yuan, followed by Kexing Pharmaceutical, Dabeinong, and Plk, which received net inflows of 15.38 million yuan, 13.79 million yuan, and 13.60 million yuan respectively [2][3]. Group 3: Capital Flow Ratios - Stocks such as *ST Xianfeng, Kexing Pharmaceutical, and KQ Biotech had the highest net inflow ratios, at 14.17%, 6.56%, and 5.52% respectively [3]. - The top stocks in terms of capital inflow included Jinhe Biological with a turnover rate of 18.22% and a daily increase of 4.40%, and Kexing Pharmaceutical with a turnover rate of 3.46% and a daily increase of 15.56% [3][4].

Group 1 - The core viewpoint indicates that the domestic innovation opportunities outweigh challenges, with a potential shift towards "source innovation" and integration into the global industrial chain restructuring [3] - The ChiNext Composite Index ETF (Hua Xia) closely tracks the performance of the ChiNext Composite Index, reflecting the overall performance of eligible companies listed on the ChiNext board, including dividend income [4] - Recent performance shows that the ChiNext Composite Index ETF has seen a 1.19% increase over the past month, with a trading volume of 1.07 billion yuan and a turnover rate of 3.9% [3] Group 2 - The Chinese innovative drug sector is characterized by low R&D costs and high efficiency, positioning it as a preferred choice for business development transactions, with China expected to become a low-cost R&D and production center [4] - The CXO industry chain in China is likely to strengthen its market position as multinational pharmaceutical companies seek to reduce R&D and production costs under stricter pricing systems [4] - There are investment opportunities in segments such as innovative drugs, medical devices, traditional Chinese medicine, medical services, and chain pharmacies [4]

Group 1 - The pharmaceutical sector is experiencing significant activity, with notable stocks such as Sanofi and Yipinhong reaching their daily limit up of 19.99%, and others like Shutaishen rising over 9% [1] - Major pharmaceutical companies reported impressive Q1 earnings, with BeiGene achieving a revenue of 8.048 billion yuan, a 50.2% increase from the previous year, and a significant reduction in net losses [1] - Innovent Biologics reported a revenue of 381 million yuan for Q1, marking a 129.92% year-on-year growth, and a net profit of 18 million yuan, up 112.62% year-on-year, indicating a turnaround to profitability [1] Group 2 - Wanlian Securities forecasts a performance divergence in the pharmaceutical sub-sectors for Q1 2024 and 2025, with strong revenue and profit growth expected in medical R&D outsourcing, hospitals, and other biological products [2] - The chemical pharmaceutical sector is gaining market attention, focusing on innovation-driven growth, domestic production, and policy immunity [2] - China Galaxy notes that the pharmaceutical sector has undergone a long adjustment period, resulting in low valuations and underweight public holdings, with expectations for policy support and market demand recovery to drive growth [2]

Investment Rating - The report suggests a positive outlook on the pharmaceutical industry, particularly focusing on innovative drugs and potential treatments for cancer cachexia [1][11]. Core Insights - The report highlights the complexity of cancer cachexia and the limited treatment options currently available, emphasizing the importance of developing targeted therapies [17][18]. - It identifies key companies to watch, including Changchun High-tech, Kexing Pharmaceutical, Sunshine Nuohuo, Shiyao Group, and Jinfang Pharmaceutical, which are involved in promising drug candidates [1][17]. - The report anticipates a structural bull market in the pharmaceutical sector, driven by innovative drugs and new technologies [3][14]. Summary by Sections 1. Industry Performance - The pharmaceutical index increased by 1.27% during the week of May 12-16, underperforming the ChiNext index but outperforming the CSI 300 index [1][12]. 2. Cancer Cachexia Insights - Cancer cachexia affects 60%-80% of cancer patients, with approximately 20% of these patients dying from it, highlighting the critical need for effective treatments [17]. - The report discusses the mechanisms of cancer cachexia, including metabolic abnormalities and inflammatory responses, which complicate treatment options [18][21]. 3. Potential Drug Targets - The report identifies GDF15/GFRAL and GHSR as key potential drug targets for cancer cachexia, with several companies developing therapies targeting these pathways [27][35]. - Notable drug candidates include ponsegromab by Pfizer, which has shown promising results in clinical trials [33]. 4. Investment Strategies - The report outlines investment strategies focusing on innovative drugs, including overseas big pharma, early-stage research, and undervalued generics [15][16]. - It emphasizes the importance of self-sufficiency and restructuring the supply chain within the pharmaceutical industry [5][14]. 5. Future Outlook - The report predicts a favorable trading atmosphere for the pharmaceutical sector in 2025, with a high likelihood of structural growth driven by innovative drugs and new technologies [3][14].