Group 1 - The core viewpoint of the article highlights the financial performance and market activity of Junshi Biosciences, indicating a recent decline in stock price and significant capital outflow [1][3] - As of August 1, 2025, Junshi Biosciences' stock closed at 38.08 yuan, down 0.99%, with a trading volume of 15.26 million shares and a transaction amount of 589 million yuan [1] - The latest quarterly report shows total revenue of 501 million yuan, a year-on-year increase of 31.46%, and a net profit attributable to shareholders of 234.88 million yuan, up 17.01% [1] Group 2 - The company has a current liquidity ratio of 1.398 and a quick ratio of 1.204, indicating a stable financial position [1] - Junshi Biosciences has invested in 41 companies and participated in 39 bidding projects, showcasing its active engagement in the industry [2] - The company holds 151 trademark registrations and 116 patents, along with 133 administrative licenses, reflecting its strong intellectual property portfolio [2]

爆款、上市、融资、出海，这是今年中国创新药产业的四大关键词。这些动作绝非一朝一夕的博弈，而 是历经过去数年的资本"寒潮"、行业波动和周期冷暖后，自我倒逼、奋力突围、穿越周期的结果。 把镜头拉回上海。去年上海三大先导产业规模达1.8万亿元，其中生物医药产业规模超9800亿元。今 年，这一数字有望突破万亿大关。行业迎来拐点，企业何尝不是。"上海药圈新拐点"系列报道，将独家 专访三家扎根上海的上市药企掌舵人，共同讲述当全球创新药行业进入"中国时间"，作为上海打造生物 医药产业高地的侧影，他们如何腾挪和突破，迎接属于自己的新拐点。 节目第三集，将走进老牌科创板上市药企——君实生物。它是第一个国产PD-1药物的拥有者，也是第 一批带着国产创新药出海的中国公司之一。它曾在三年内，实现了两款抗新冠新药的商业化，目前总市 值约400亿元。在新任总经理邹建军的掌舵之下，这家扎根上海13年的创新药企，今年能否迎来新的发 展拐点，第一财经记者将与之深度对话。 ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical and biotechnology industry, emphasizing the transition from "Made in China" to "Created in China" for innovative drugs [10]. Core Insights - The report highlights that domestic innovative drugs are gaining global competitiveness and are currently in the first and second stages of international expansion, primarily through licensing agreements and partnerships [10][12]. - The report identifies key areas of focus for investment, including PD-(L)1 plus, ADCs, and GLP-1 drugs, which are expected to drive future growth and business development (BD) opportunities [10][51]. Summary by Sections Section 1: Transition from "Manufacturing" to "Innovation" - The policy reforms initiated in 2015 have stimulated a shift from generic to innovative drug development in China, with significant increases in R&D investment since 2018 [19][21]. - The number of First-in-Class (FIC) drugs developed in China has risen from 9 in 2015 to 120 in 2024, indicating a substantial increase in innovation [25][26]. Section 2: Continued BD Opportunities - PD-(L)1 plus is identified as a cornerstone for next-generation cancer treatments, with significant demand and potential for new products [51]. - The report notes that ADCs are transitioning towards more differentiated targets, focusing on unmet clinical needs, with promising candidates like PD-L1, DLL3, and EGFR [51]. - The GLP-1 market is experiencing rapid growth, with a focus on multi-target, oral, combination, and long-acting formulations [51]. Section 3: Investment Recommendations - For PD-(L)1 plus, companies such as Kangfang Biotech, Shansheng Pharmaceutical, and Junshi Biosciences are recommended for investment due to their strong pipelines [5]. - In the ADC space, companies like Fuhong Hanlin and Zai Lab are highlighted for their potential in addressing unmet clinical needs [5]. - In the GLP-1 sector, firms such as Borui Pharmaceutical and Zai Lab are noted for their promising developments [5].

8月1日，君实生物跌0.99%，截至发稿，报38.08元/股，成交5.89亿元，换手率1.99%，总市值390.96亿 元。君实生物股价已经连续3天下跌，区间累计跌幅7.12%。 资料显示，上海君实生物医药科技股份有限公司位于上海市浦东新区平家桥路100弄6号7幢16层,香港铜 锣湾希慎道33号利园1期19楼1918室，成立日期2012年12月27日，上市日期2020年7月15日，公司主营业 务涉及单克隆抗体药物和其他治疗型蛋白药物的研发与产业化,单克隆抗体药物研发的技术服务与技术 转让等。主营业务收入构成为：药品销售84.18%，技术许可及特许权使用收入12.08%，其他(补 充)3.73%。 从基金十大重仓股角度 来源：新浪基金∞工作室 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。 基金名称基金代码基金经理持股数量(股)占流通股比例(%)占基金净值比(%)持股数量变动(股)嘉实上证 科创板生物医药ETF588700王紫菡2498300.03264.15-242422 ...

Group 1 - The core viewpoint highlights the active trading and significant growth of the Science and Technology Innovation (Sci-Tech) Pharmaceutical ETF managed by Harvest, with a turnover rate of 21.72% and a transaction volume of 47.63 million yuan on July 31 [2] - Over the past week, the Sci-Tech Pharmaceutical ETF has seen an average daily transaction volume of 53.21 million yuan, ranking first among comparable funds [2] - The fund's scale increased by 16.78 million yuan in the past week, also leading among comparable funds, with a share increase of 12.50 million shares [2] Group 2 - The fund has attracted a total of 14.72 million yuan in inflows over the last five trading days [2] - As of July 31, the net value of the Sci-Tech Pharmaceutical ETF has risen by 48.77% over the past year, ranking 350 out of 2943 in the index stock fund category, placing it in the top 11.89% [2] - The fund's highest monthly return since inception was 23.29%, with the longest consecutive monthly gain being six months and a maximum increase of 41.76% [2] Group 3 - The top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index account for 49.14% of the index, with leading companies including United Imaging Healthcare and BeiGene [2] - The stock performance of the top ten companies shows mixed results, with some stocks experiencing slight declines while others have positive growth [4] Group 4 - The National Healthcare Security Administration has established a "new drug first launch price mechanism" to encourage drug research and innovation, marking a significant policy development [4] - The pharmaceutical and biotech sectors are expected to benefit from a high level of innovation and a potential revaluation of value stocks, with recommendations for companies in the Pharma and Biopharma/Biotech sectors [5] - The medical device industry is also anticipated to benefit from policy optimizations, with recent statements from relevant authorities supporting innovation and addressing issues of internal competition [5]

Group 1 - The National Healthcare Security Administration (NHSA) has established a "first launch price mechanism" for new drugs to encourage innovation in drug development, marking a shift from a cost-control approach to one that promotes high-quality innovation [1][2][3] - The NHSA aims to support high-level innovative drugs by ensuring that their initial pricing reflects the high investment and risk associated with their development, and proposes a price stability period for these drugs [1][3] - The NHSA is facilitating the approval process for innovative drugs through a "joint review and approval" model, which allows for quicker clinical access to new drugs [1][5] Group 2 - The introduction of the first launch price mechanism addresses the previous ambiguity surrounding the pricing of innovative drugs in China, which often led to challenges in market entry and pricing for companies [2][3] - The NHSA's new pricing guidelines include over 100 new pricing projects for innovative products and devices, establishing a parallel structure for pricing and technological innovation [2] - The proposed pricing mechanism allows companies to self-assess their drugs based on clinical value and evidence, which can influence their initial pricing and market entry strategy [4][5] Group 3 - The NHSA's approach is seen as a structural response to enhance the incentive mechanisms for drug development, potentially establishing a "real market price" for innovative drugs before they enter negotiations for inclusion in the healthcare insurance catalog [3][4] - The new pricing model includes a five-year price stability period for high-scoring drugs, which will not be subject to centralized procurement during this time, allowing companies to recover their investments more effectively [5] - Industry experts express optimism about the evolving policy environment for innovative drugs, anticipating that these changes will enhance investment returns and strengthen the position of Chinese markets in global pharmaceutical strategies [6]

Group 1 - The stock price of Junshi Biosciences-U closed at 38.46 yuan on July 31, down 1.69% from the previous trading day [1] - The trading volume on that day reached 782 million yuan, with a turnover rate of 2.60% [1] - Junshi Biosciences-U is focused on the research, production, and commercialization of innovative drugs, with key products including Toripalimab, targeting oncology and autoimmune diseases [1] Group 2 - In 2025, the National Medical Products Administration has approved over 20 Class 1 innovative drugs for market launch, setting a record for the past five years [1] - There have been more than 50 licensing cooperation events for domestic innovative drugs going abroad, with a total disclosed cooperation amount exceeding 48.4 billion USD [1] - On July 31, the net outflow of main funds for Junshi Biosciences-U was 49.655 million yuan, accounting for 0.17% of the circulating market value [1]

7月31日，上证指数跌1.18%，收报3573.21点，恒生指数跌1.6%，收报24773.33点。 君实生物-UAH溢价达64.6%，位居AH股溢价率第59位。当日收盘，君实生物-UA股报38.46元，跌幅 1.69%，H股报25.5港元，下跌4.14%。 资料显示，上海君实生物医药科技股份有限公司成立于2012年12月,是一家以创新为驱动,致力于创新疗 法的发现、开发和商业化的生物制药公司。凭借卓越的创新药物发现能力、先进的生物技术研发、全产 业链大规模生产技术和极具市场潜力的在研药品组合,君实生物在肿瘤免疫疗法,以及自身免疫系统疾 病、慢性代谢类疾病、神经系统疾病、感染类疾病等治疗方面极富潜力。 *注：AH股是指同时在A股和港股上市的公司，溢价（A/H）越大，说明H股相比A股越便宜。 本文源自：金融界 作者：行情君 ...

Core Viewpoint - Junshi Biosciences aims to establish itself as a global innovative pharmaceutical company with a complete industry chain capability from drug discovery to commercialization, focusing on quality and innovation [2][3]. Group 1: Company Overview - Junshi Biosciences was founded on December 27, 2012, and listed on July 15, 2020, with its main business involving the research and commercialization of monoclonal antibody drugs and other therapeutic proteins [7]. - The company's revenue composition includes 84.18% from drug sales, 12.08% from technology licensing, and 3.73% from other sources [7]. Group 2: Product Development and Pipeline - The company has developed a significant product portfolio, including the first domestically approved PD-1 monoclonal antibody, Toripalimab, which has received approval for 11 indications in mainland China and is also approved in multiple countries [2]. - Junshi's Tifcemalimab is the first anti-tumor anti-BTLA monoclonal antibody to enter clinical development, with ongoing Phase III trials and several combination studies [2]. Group 3: Recent Collaborations and Innovations - On October 27, 2023, Junshi announced collaborations with several institutions to develop a monkeypox recombinant protein vaccine, currently in preclinical development [3]. - The company is also working on other vaccine candidates, including Zika virus vaccines, through partnerships with research institutions and universities [3]. Group 4: Financial Performance - For the first quarter of 2025, Junshi reported revenue of 5.01 billion, a year-on-year increase of 31.46%, while the net profit attributable to shareholders was -2.35 billion, reflecting a 17.01% year-on-year increase [8].

作者：智投君 融券方面，当日融券卖出0.62万股，净卖出0.48万股。 本文源自：金融界 7月30日，沪深两融数据显示，君实生物获融资买入额0.85亿元，居两市第244位，当日融资偿还额0.83 亿元，净买入199.21万元。 最近三个交易日，28日-30日，君实生物分别获融资买入0.60亿元、1.02亿元、0.85亿元。 ...