执业证书编号：S1410524050001 行业评级：增持（维持） 证券研究报告·行业点评报告 2025 年 7 月 2 日 江海证券研究发展部 医药行业研究组 分析师：吴春红 2025 措施标志着我国创新药支持政策 正式迈入 2.0 阶段或将激活创新药产 业链新一轮的机遇 事件： 7 月 1 日，国家医保局、国家卫生健康委印发《支持创新药高质量发展的若干措 施》（以下简称"2025 措施"）。措施提出支持医保数据用于创新药研发，加强 医疗、医保、医药三方信息互通与协同，探索为创新药研发提供必要的医保数 据服务；措施中还提出鼓励商业健康保险扩大创新药投资规模，加强药品目录 准入政策指导，统筹推动创新药研发等。 投资要点： 近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -0.15 5.42 4.76 绝对收益 2.52 6.85 18.66 数据来源：聚源注：相对收益与沪深 300 相比 1.江海证券-行业点评报告-医药生物行业： ASCO 会议见证了中国创新药的 "DeepSeek 时刻"–2025.06.12 2.江海证券-行业点评报告-医药生物行业： 紧密型城市医疗集团建设将重构医疗产 ...

元 当日主力成本 君实生物-U688180 时间: 2025年7月2日星期三 55.77分综合得分 较强 趋势方向 主力成本分析 35.40 34.59 元 5日主力成本 34.92 元 20日主力成本 31.52 元 60日主力成本 周期内涨跌停 过去一年内该股 涨停 0次 次 北向资金数据 持股量1309.16万股 占流通比1.71% 昨日净买入11.44万股 昨日增仓比0.015% 5日增仓比0.036% 20日增仓比0.23% 跌停 0 技术面分析 35.68 短期压力位 中期支撑位 目前短线趋势不慎明朗，静待主力资金选择方向； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 ★长上影★ 表明行情上档压力沉重,升势受阻 ★身怀六甲★ 33.81 短期支撑位 38.65 中期压力位 33.02 出现在底部,是见底回升信号出现在顶部,是见顶回落信号 资金流数据 2025年07月02日的资金流向数据方面 主力资金净流入3346.31万元 占总成交额7% 超大单净流入2382.25万元 大单净流入964.06万元 散户资金净流入51.00万 关联行业/概念板块 生物制品 -1.69%、精准医疗 -0.5 ...

2025 年 06 月 29 日 行业周报 看好/维持 医药 医药 板块出现缩量上涨，持续看好创新药（附 PCSK9 靶点研究）(2025.06.23-2025.06.29) 走势比较 推荐公司及评级 | 君实生物 | 买入 | | --- | --- | | 华领医药-B | 买入 | | 奥锐特 | 买入 | | 同和药业 | 买入 | | 阳光诺和 | 买入 | | 泓博医药 | 买入 | | 福元医药 | 买入 | | 三生制药 | 买入 | | 京新药业 | 买入 | | 共同药业 | 增持 | | 亿帆医药 | 买入 | | 诺诚健华 | 买入 | | 诺思格 | 买入 | | 奥翔药业 | 买入 | | 科伦药业 | 买入 | | 国邦医药 | 买入 | | 来凯医药-B | 买入 | | 百利天恒 | 买入 | | 益方生物 | 买入 | | 皓元医药 | 买入 | | 普洛药业 | 买入 | | 信达生物 | 买入 | | 加科思-B | 买入 | 相关研究报告 原料药——①2025-2030 年，下游制剂专利到期影响的销售额为 3900 亿美元，相较 2019-2024 年总额增长 124 ...

证券代码：688180 证券简称：君实生物 公告编号：临 2025-037 上海君实生物医药科技股份有限公司 2018 年股权激励方案第三个行权期 行权限售股上市流通公告 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： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 1,845,200股。 本次股票上市流通总数为1,845,200股。占公司总股本比例为 0.18%，限售期为 自行权之日起三年。 本次股票上市流通日期为2025 年 7 月 7 日。 一、本次上市流通的限售股类型 本次上市流通的限售股为上海君实生物医药科技股份有限公司（以下简称 "公司"）2018 年股权激励方案第三个行权期行权形成，本次上市流通的限售股 股份数量为 1,845,200 股，占截至本公告披露日公司总股本的 0.18%，限售期为自 行权之日起三年，涉及限售股股东 187 名。该部分限售股将于 2025 年 7 月 7 日起 上市流通。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 （一）2020 年限制性 ...

Core Insights - The recent surge in licensing deals for Chinese biotech companies, such as the $12.5 billion upfront payment for a PD-1/VEGF dual antibody by Pfizer, indicates a new record for domestic innovative drugs entering global markets [1][2] - The Hang Seng Innovation Drug Index has risen over 70% this year, reflecting renewed investor interest in the innovative drug sector, reminiscent of the pre-2020 market boom [1] Group 1: Licensing Deals and Market Dynamics - Concerns have emerged regarding whether the current business development (BD) trend signifies that Chinese pharmaceutical companies are "selling seedlings" [2] - Most licensing deals involve a license-out model, retaining domestic rights while granting commercial rights in overseas markets, which is a common practice in global resource allocation [2][4] - The majority of BD projects are still in early clinical stages, with many in preclinical or Phase I, indicating that these transactions are about sharing risks rather than selling mature products [2][3] Group 2: Challenges and Strategic Choices - The global drug development landscape is characterized by long R&D cycles, high costs, and low success rates, making it challenging for Chinese companies to independently manage global Phase III trials and commercialization [3][4] - Licensing out is a rational strategy for Chinese biotech firms to collaborate with global giants, sharing risks and resources in an uncertain environment [3][4] Group 3: Industry Transition and Global Positioning - Chinese biotech is in a transitional phase, with some companies focusing on domestic commercialization while others leverage BD strategies for global expansion [4][5] - A Morgan Stanley report indicates that global licensing deals reached $56.8 billion in Q1 2025, with a significant portion involving early-stage assets, highlighting the market's recognition of early-stage projects [4] Group 4: Risk Sharing and Collaboration - BD transactions are not merely short-term solutions but are strategic choices to lock in certain returns amid uncertainty, allowing companies to avoid overextending resources [6][7] - High-value licensing deals often serve as validation signals, enhancing the credibility and market perception of the involved biotech firms [7][8] Group 5: Capacity Building and Resource Optimization - Chinese biotech firms are leveraging their strengths in early-stage development while relying on global partners to fill gaps in international clinical execution and regulatory approval processes [9][10] - The collaboration between Chinese firms and global players is seen as a means to enhance efficiency and expedite the commercialization of innovative drugs [12] Group 6: Financing Trends and Strategic Evolution - The financing landscape for Chinese biotech has shifted dramatically, with a significant decline in capital inflow since 2021, leading to a reliance on BD transactions as a primary funding mechanism [16][18] - In 2023, upfront payments from BD transactions exceeded 21 billion RMB, surpassing IPO financing, indicating a shift in how companies approach funding [16][18] Group 7: Future Pathways and Strategic Recommendations - The future of Chinese biotech lies in optimizing mechanisms and building a robust institutional and capital framework to support innovation and growth [28] - Strategies such as establishing a national fund for pharmaceutical innovation and facilitating access to capital markets for biotech firms are essential for sustaining growth and development [28]

6月27日，君实生物跌0.76%，截至发稿，报33.81元/股，成交2.70亿元，换手率1.04%，总市值347.12亿 元。君实生物股价已经连续3天下跌，区间累计跌幅4.41%。 截至发稿，史宝珖累计任职时间3年210天，现任基金资产总规模26.18亿元，任职期间最佳基金回报 35.42%， 任职期间最差基金回报-40.34%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 转自：新浪基金∞工作室 数据显示，工银瑞信基金旗下1只基金重仓君实生物。科创医药ETF（588860）一季度减持24.28万股， 持有股数58万股，占基金净值比例为4.15%，位居第八大重仓股。根据测算，今日浮亏损失约15.08万 元。连续3天下跌期间浮亏损失90.49万元。 科创医药ETF（588860）成立日期2024年8月8日，最新规模4.21亿。今年以来收益23.12%，同类排名 168/4241；成立以来收益35.42%。 科创医药ETF（588860）基金经理为史宝珖。 资料显示，上海 ...

君实生物-U688180 时间: 2025年6月26日星期四 55.38分综合得分 趋势方向 主力成本分析 34.07 元 当日主力成本 34.42 元 5日主力成本 34.61 较强 元 20日主力成本 31.26 元 60日主力成本 周期内涨跌停 过去一年内该股 涨停 0次 跌停 0 短期压力位 33.02 短期支撑位 38.65 中期压力位 30.63 次 北向资金数据 | 持股量1309.16万股 | 占流通比1.71% | | --- | --- | | 昨日净买入11.44万股 | 昨日增仓比0.015% | | 5日增仓比0.036% | 20日增仓比0.23% | 技术面分析 35.36 中期支撑位 目前短线趋势不慎明朗，静待主力资金选择方向； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 暂无特殊形态 资金流数据 2025年06月26日的资金流向数据方面 | 主力资金净流入1370.92万元 | | --- | | 占总成交额4% | | 超大单净流入1060.27万元 | | 大单净流入310.65万元 | | 散户资金净流出305.85万 | 关联行业/概念板块 生物制品 -1. ...

Core Viewpoint - The newly established "Science and Technology Innovation Board Growth Layer" aims to support unprofitable technology companies by providing a more accommodating regulatory framework, benefiting existing companies while posing higher challenges for new entrants [1][2][5]. Group 1: Regulatory Changes - The Shanghai Stock Exchange has released the "Self-Regulatory Guidelines No. 5 for Science and Technology Innovation Board Listed Companies," which will include companies that have not yet achieved profitability since their listing [1][2]. - Currently, there are 32 companies on the Science and Technology Innovation Board that have not been delisted and will be classified as existing companies in the growth layer [2][3]. - The guidelines introduce a "new and old distinction" in the criteria for delisting and investor suitability management, favoring existing unprofitable companies [5][6]. Group 2: Impact on Companies - Existing companies will only need to achieve profitability for the first time to remain in the growth layer, while new companies face stricter criteria, including a requirement for positive net profit over the last two years or a minimum revenue of 100 million yuan [4][5]. - The introduction of a specialized risk disclosure document for investors in new registered companies increases compliance costs and liquidity pressure for these firms [5][6]. Group 3: Market Implications - The growth layer is designed to support technology companies with significant breakthroughs and ongoing R&D investments, even if they are currently unprofitable [6][8]. - The policy aims to enhance investor expectations for unprofitable companies, potentially improving their market valuation and financing environment [6][7]. - The reforms reflect a commitment to adapt the capital market to better serve the real economy and support emerging industries [6][8]. Group 4: Future Directions - Future reforms should focus on strengthening information disclosure regulations to ensure investors receive timely and accurate information [8][9]. - Enhancements to trading mechanisms, such as relaxing price limits and introducing more market makers, are suggested to improve market liquidity and attract quality technology companies [9]. - A refined delisting system is necessary to maintain a healthy market ecosystem by allowing non-compliant companies to exit while retaining high-quality firms [9].

- The "CNY Index" selects up to 50 listed companies in Hong Kong whose main business involves innovative drug R&D to reflect the overall performance of securities in the innovative drug theme in the Hong Kong market[37][38][39] - The historical performance of the "CNY Index" is outstanding, with a 74.99% increase in the past year, a 33.92% increase over the past three years, and a 7.83% decline over the past five years, outperforming other innovative drug indices[39][41][42] - The valuation level of the "CNY Index" is relatively low, with a PE (TTM) of 32.47x, ranking at the 26.12% percentile over the past three years and the 15.48% percentile over the past five years[42][43][44] - The "CNY Index" focuses more on small-cap stocks, with 68.42% of its constituent stocks having a market cap below 30 billion HKD[44][47][48] - The industry distribution of the "CNY Index" shows a higher proportion in "Other Biological Products" and "Chemical Preparations"[44][47][48] - Recent performance of some constituent stocks in the "CNY Index" is strong, such as Innovent Biologics with a 90.79% YoY increase in net profit and BeiGene with a 100.51% YoY increase in Q1 net profit for 2025[49][50][51] - The EPS forecast for the top 10 constituent stocks of the "CNY Index" shows growth in 2025 compared to 2024, with Three S Pharmaceutical's forecast EPS reaching 2.1661 HKD[52][53][54]

中泰证券指出，从基本面来看，创新药仍是当前医药板块中产业趋势最为明确且具备未来成长空间的子 行业，全年维度创新药作为医药板块的投资主线不会变化，短暂调整后板块有望在分化中持续上涨，在 调整中建议坚守相对主流的优质创新药标的，以及将有BD或是数据催化的公司。同时建议关注有积极 变化的AI医疗/医药相关公司；Q2逐步进入尾声，关注Q2业绩较好，或者有望逐步走出困境的细分板块 及个股。 国金证券研报指出，继续对医药板块在2025年走出反转行情抱有强烈信心，创新药主线和左侧板块困境 反转依然是2025年医药板块的最大投资机会。后续建议积极关注创新药临床数据更新，以及临近暑期带 来的中药/药房/医疗服务和消费行情。 湘财证券认为，创新药十年持续投入后迎来成果兑现期，临床数据不断读出、海外授权持续落地及商业 化加速有望为板块持续提供基本面支撑，短期回调迎来布局良机。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 6月25日，A股三大指数早盘悉数翻红，医药板块继续活跃。相关ETF中，创新药ETF天弘（517380）截 至发稿涨1.53%，冲击三连涨，成分股中，荣昌生物涨 ...