Group 1 - The total margin balance of the STAR Market reached 176.24 billion yuan on August 5, an increase of 1.34 billion yuan from the previous trading day [1] - The financing balance amounted to 175.63 billion yuan, up by 1.35 billion yuan, while the securities lending balance decreased to 0.62 billion yuan, down by 0.01 billion yuan [1] - A total of 307 STAR Market stocks experienced net financing purchases, with 19 stocks having net purchases exceeding 30 million yuan [1] Group 2 - Dongxin Technology topped the list with a net financing purchase of 103 million yuan, followed by Borui Pharmaceutical, Zhuhai Guanyu, Huahong Semiconductor, Haiguang Information, Shengyi Electronics, and Chipone Technology with net purchases of 84.22 million yuan, 80.13 million yuan, 79.03 million yuan, 73.75 million yuan, 67.11 million yuan, and 58.72 million yuan respectively [1]

Core Insights - Adidas reported a 7% year-on-year revenue growth for FY2025H1, reaching €12.105 billion, with a net profit increase of 121% to €798 million [4] - The brand's revenue growth was 14% on a currency-neutral basis, with all regional markets achieving double-digit growth [4] - The company maintains its full-year guidance, expecting high single-digit revenue growth on a currency-neutral basis for FY2025, with double-digit growth for the Adidas brand [4] Market Trends - The domestic market indices showed positive performance, with the Shanghai Composite Index closing at 3,617.60, up 0.96% [3] - The textile and apparel sector experienced a decline of 2.14% this week, underperforming the broader market [5] - Retail sales of sports and entertainment products grew significantly, with a 22.2% year-on-year increase in the first half of 2025 [5] Industry Dynamics - The Chinese gold consumption in the first half of 2025 was 505.205 tons, a decrease of 3.54% year-on-year, with jewelry consumption dropping by 26% [5] - The pharmaceutical industry is seeing advancements in innovative drugs, particularly in obesity treatments with GLP-1 and Amylin therapies showing promising results in clinical trials [8][11] - In the biopharmaceutical sector, ADC drugs for lung cancer are demonstrating significant efficacy, with several products showing improved outcomes in clinical trials [10][12]

华润三九属于医药制造行业，主要从事医药产品的研发、生产和销售。公司核心业务涵盖CHC健康消 费品和处方药领域，拥有覆盖全国的销售网络，与超过60万家药店保持合作。 8月1日，华润三九与博瑞医药就创新药BGM0504注射液达成合作协议。根据协议，华润三九将获得该 药物在中国大陆地区的研发、注册、生产及商业化权利。BGM0504是一种GLP-1和GIP受体双重激动 剂，目前正在进行III期临床试验，在降糖和减重效果上展现出优于同类产品的潜力。 8月5日主力资金净流出1877.29万元，占流通市值的0.04%。近五日主力资金累计净流入1.22亿元，占流 通市值的0.23%。 风险提示：医药研发存在不确定性，合作项目进展可能不及预期。 华润三九最新股价报32.16元，较前一交易日上涨0.12%。盘中最高触及32.28元，最低下探至31.82元， 成交金额达4.54亿元。 ...

Investment Rating - The report maintains an investment rating of "Leading the Market" for the chemical pharmaceutical industry, indicating an expected price increase exceeding the benchmark index by over 10% [9]. Core Insights - The GLP-1 and Amylin combination therapy has shown significant potential in weight loss for overweight and obese patients, with clinical trials demonstrating superior results compared to existing treatments [3][4]. - The CagriSema combination of GLP-1 RA and Amylin has achieved major clinical endpoints in Phase III trials, with a weight reduction of -22.7% over 68 weeks, outperforming individual components [4]. - The Amycretin dual agonist has also shown promising results in early clinical trials, with weight reductions of -24.3% and -13.1% in different dosing regimens [5]. Summary by Sections Market Performance - The chemical pharmaceutical industry has experienced rapid growth, particularly in the sales of PDE 3/4 inhibitors for COPD maintenance therapy, with ongoing clinical advancements in related conditions [3]. Drug Evaluation - The report highlights the efficacy and safety of BGB-43395 in breast cancer and solid tumor patients, indicating initial positive outcomes [3]. Clinical Trial Results - In the REDEFINE 1 trial, CagriSema demonstrated a weight loss of -22.7% in non-diabetic obese patients, with 34.7% of participants losing ≥25% of their body weight [4]. - In the REDEFINE 2 trial, diabetic obese patients treated with CagriSema achieved a weight loss of -15.7%, with 22.9% losing ≥20% [4]. Preclinical Findings - The combination of BGM0504 and BGM1812 showed superior weight loss effects in diet-induced obesity models, indicating the potential for further development of GLP-1/GIP RA and Amylin combination therapies [6].

Group 1 - The core viewpoint highlights the strong performance and growth of the Kexin Pharmaceutical ETF managed by Jiashi, with significant trading activity and inflows [2] - As of August 4, the Kexin Pharmaceutical ETF Jiashi has seen a weekly average trading volume of 58.54 million yuan, ranking first among comparable funds [2] - The fund's scale increased by 12.30 million yuan over the past two weeks, also leading among comparable funds [2] - The fund's net asset value has risen by 50.01% over the past year, placing it in the top 15.64% of index equity funds [2] Group 2 - The top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index account for 49.14% of the index, with leading companies including United Imaging Healthcare and BeiGene [2][4] - The biopharmaceutical industry is expected to stabilize and grow throughout 2025, supported by favorable policies for innovative drug development and medical equipment updates [5] - The transition to the 2.0 era of innovative drugs in China is marked by a qualitative improvement, with domestic new drugs expected to participate deeply in the global market over the next decade [4]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index (000698) has shown a slight increase of 0.28% as of August 5, 2025, with notable gains from individual stocks such as Borui Pharmaceutical (688166) up by 6.56% and Huaheng Biological (688639) up by 5.88% [3][4] - The Sci-Tech 100 Index ETF (588030) has reported a 1.74% increase over the past week, with a current price of 1.11 yuan and a trading volume of 1.14 billion yuan [3][4] - The ETF has experienced a significant growth in scale, increasing by 13.55 million yuan over the past year, ranking first among comparable funds [4] Group 2 - The Shanghai Municipal Government has issued measures to support enterprises in enhancing basic research, particularly in critical fields such as integrated circuits, biomedicine, and artificial intelligence [4] - According to CITIC Securities, mainstream and niche storage prices are expected to rise in Q3 2025, with a focus on recommending leading storage chip design companies [4] - The latest financing buy-in amount for the Sci-Tech 100 Index ETF reached 11.4961 million yuan, with a financing balance of 177 million yuan [4] Group 3 - The Sci-Tech 100 Index ETF has achieved a net value increase of 22.98% over the past six months, ranking in the top 9.90% among equity funds [5] - The ETF has a management fee rate of 0.15% and a custody fee rate of 0.05%, which are among the lowest in comparable funds [5] - The ETF closely tracks the Sci-Tech Innovation Board 100 Index, which consists of 100 securities selected for their market capitalization and liquidity [6]

Summary of the Conference Call for Borui Pharmaceutical Company Overview - **Company**: Borui Pharmaceutical - **Key Collaborations**: Huazhu Sanjiu, Hanyu Pharmaceutical Industry Insights - **Market Potential**: The GLP-1 market is projected to reach a scale of $100 billion by 2030, indicating significant growth opportunities for leading companies in this sector [6][12]. Key Points and Arguments Strategic Collaborations - **Collaboration with Huazhu Sanjiu**: - A commercial partnership was established to leverage Huazhu's strong market access and promotional capabilities in hospitals and retail [2][3]. - Huazhu Sanjiu paid CNY 282 million (approximately $40 million) as a milestone fee for product distribution rights, reflecting high sales expectations for Borui's products [2][9]. - This partnership aims to address channel issues post-product launch and enhance market penetration [5][7]. - **Collaboration with Hanyu Pharmaceutical**: - A strategic agreement was signed to ensure stable supply chains and meet future commercialization demands [4][16]. - Hanyu has multiple peptide products approved in the U.S., which strengthens Borui's quality assurance and regulatory compliance [4][16]. Product Development and Pipeline - **GLP-1 Pipeline**: - Borui's GLP-1 pipeline is robust, with strong collaborations enhancing R&D capabilities and commercial readiness [2][6]. - The Amlin pipeline shows promise in diabetes and weight loss, with milder gastrointestinal side effects and minimal impact on heart rate [2][14]. - **Amlin Drug Efficacy**: - Amlin has demonstrated significant additive effects at high doses, achieving over 30% weight loss, comparable to surgical outcomes [2][15]. - The drug's unique characteristics may address limitations of existing weight loss medications [14][15]. Market Expansion Plans - **Global Market Strategy**: - Borui plans to actively expand into overseas markets, maintaining global rights for its products despite domestic partnerships [10][11]. - Ongoing clinical trials in the U.S. for the 0,504 injection are progressing, with plans for further phases [13][11]. Competitive Landscape - **Positioning Against Competitors**: - Borui aims to establish itself as a leader in the GLP-1 segment through strategic partnerships and innovative product offerings [6][12]. - The collaboration with Huazhu Sanjiu and Hanyu Pharmaceutical is expected to enhance Borui's competitive edge in both domestic and international markets [5][16]. Additional Important Insights - **Regulatory Considerations**: - The partnerships are designed to bolster Borui's regulatory capabilities and address potential supply chain concerns from future partners [16]. - **Market Dynamics**: - The collaboration with Huazhu Sanjiu is seen as a strategic move to accelerate the transition from clinical development to commercialization in China [16]. This summary encapsulates the critical insights from the conference call, highlighting Borui Pharmaceutical's strategic initiatives, product pipeline, and market expansion plans.

艾伯维和罗氏先后在2025年一季度花重金布局amylin分子。3月3日，艾伯维引进丹麦biotech公司Gubra 的amylin分子GUBamy/GUB014295(1期)。艾伯维将支付首付款3.5亿美金，里程碑高达18.75亿美金，以 及销售分成。3月12日，罗氏与丹麦Zealand公司达成合作，共同开发和商业化amylin分子petrelintide(2b 期)。罗氏将支付首付款16.5亿美金，里程碑高达36亿美金，双方将在美国和欧洲地区平分利润，罗氏 将支付其他国家地区双位数销售分成。值得注意的是，礼来在拥有Eloralintide(amylin-biased)的同时， 仍然加注布局amylin相关分子。2024年10月，礼来和瑞士Keybioscience进一步扩大合作，包括引进一款 新的DACRA分子(amylin/降钙素双重激动剂)KBP-336：支付一笔首付款，最高14亿美金的里程碑，以及 中等单位数到双位数的分成。 开源证券发布研报称，25H1行业龙头相继布局amylin分子。其单药早期数据显示无论是在安全性、高质 量减重还是长效化的维度，均展现了优异的竞争力。随着amylin的数据不断的读 ...

Group 1 - Source Le Sheng Asset Management conducted research on the listed company Borui Pharmaceutical, focusing on the collaboration with China Resources Sanjiu to expedite the commercialization of the BGM0504 product in China [1] - China Resources Sanjiu is confident in the BGM0504 product and plans to conduct more clinical trials to demonstrate its advantages, indicating a strong partnership [1] - The BGM0504 product is expected to have global competitiveness and plans for international expansion without affecting global rights [1] Group 2 - BGM1812 is characterized by fat reduction without muscle loss and has mild side effects, with ongoing IND applications in China and the US [1] - The collaboration with Hanyu Pharmaceutical is aimed at preparing for future commercialization needs and regulatory market clinical and industrialization [1]

Group 1 - Dan Yi Investment recently conducted research on a listed company, specifically focusing on BoRui Pharmaceutical [1] - BoRui Pharmaceutical is collaborating with China Resources Sanjiu to expedite the commercialization of the BGM0504 product in China, leveraging Sanjiu's hospital access and promotional capabilities [1] - China Resources Sanjiu expresses confidence in the BGM0504 product and plans to conduct more clinical trials to demonstrate its advantages [1] - The BGM0504 product is considered globally competitive, with plans for international expansion that will not affect global rights [1] - The BGM1812 product is characterized by fat reduction without muscle loss and has mild side effects, with ongoing IND applications in China and the U.S. [1] - BoRui Pharmaceutical is preparing for future commercialization needs and regulatory market clinical and industrialization through collaboration with Hanyu Pharmaceutical [1] Group 2 - Dan Yi Investment Management Partnership was established in April 2015 with a registered capital of 10 million [2] - The company has a management record with the China Securities Investment Fund Industry Association, with a registration number of P1015236 [2] - The core executives of the company have over ten years of experience in investment research, having previously worked at prominent institutions such as Huabao Xingye Fund and Guotou Ruijin Fund [2]