Core Insights - The A-share private placement market is experiencing significant participation from public funds in 2025, with a total allocation amount reaching 17.3 billion yuan, marking a 140% increase compared to the entire year of 2024 [1][7]. Group 1: Market Participation - A total of 33 public fund companies have participated in private placements in 2025, with the leading company, E Fund, securing 3.687 billion yuan [3][10]. - Other notable participants include GF Fund, Fortune Fund, and China Universal Fund, with allocations of 2.288 billion yuan, 1.529 billion yuan, and 1.463 billion yuan respectively [3][10]. - The trend shows a competitive landscape where larger firms dominate, but smaller firms are also actively participating [3][10]. Group 2: Investment Focus - Public fund investments are heavily concentrated in hard technology sectors, particularly semiconductors, artificial intelligence, and innovative pharmaceuticals [5][12]. - In the electronics sector, public funds have allocated 7.45 billion yuan, while in the biopharmaceutical sector, the allocation reached 5.6 billion yuan [5][13]. - Key companies receiving significant allocations include Baile Tianheng, Cambricon, Chipone, and Dizhe Pharmaceutical, each exceeding 1 billion yuan in public fund allocations [5][14]. Group 3: Drivers of Growth - The resurgence in private placements is driven by three main factors: policy incentives, a safety margin from discounts, and significant profit potential [6][14]. - The favorable policy environment encourages capital market support for the real economy, particularly in technology sectors [6][14]. - The overall performance of public funds in private placements has been strong, further motivating institutional participation [6][14].

Core Viewpoint - The A-share private placement market is experiencing significant participation from public funds in 2025, with a total allocation amount reaching 17.3 billion yuan, marking a 140% increase compared to the entire year of 2024 [1][3][5] Group 1: Participation and Investment Trends - A total of 33 public fund companies have participated in private placements in 2025, with the total allocation amount reaching 17.3 billion yuan, a substantial increase from 7.2 billion yuan in 2024 [3][9] - Leading public fund institutions, such as E Fund, GF Fund, and others, are taking the lead in this investment trend, with E Fund alone allocating 3.687 billion yuan [3][10] - The investment focus is heavily on hard technology sectors, particularly semiconductors, artificial intelligence, and innovative pharmaceuticals, reflecting a strong market sentiment [4][11] Group 2: Fund Allocation and Sector Focus - Public funds have allocated 7.45 billion yuan in the electronics sector and 5.6 billion yuan in the biopharmaceutical sector, targeting key companies like Cambricon and Dize Pharmaceutical [4][11][12] - The most favored private placement projects in 2025 include companies like Baile Tianheng and Cambricon, each receiving over 1 billion yuan in public fund allocations [12] Group 3: Drivers of Market Activity - The resurgence of private placements is driven by three main factors: policy incentives, a safety margin from discounts, and significant profit potential [5][13] - Policies encouraging capital market support for the real economy, especially in technology, have created a favorable environment for refinancing [6][13] - The overall performance of public funds in private placements has been strong, further motivating institutional participation [6][13]

Core Points - The company announced the convening of the 2025 Employee Representative Assembly on November 21, 2025, via electronic communication [2] - The assembly approved the election of Ms. Kang Xiaojing as the employee director, with her term starting from the resolution date until the end of the second board's term [2]

证券代码：688192 证券简称：迪哲医药 公告编号：2025-59 特此公告。 迪哲（江苏）医药股份有限公司董事会 2025 年 11 月 25 日 1 附：职工董事康晓静女士简历 迪哲（江苏）医药股份有限公司 关于选举职工董事的公告 本公司董事会及全体董事保证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。 迪哲（江苏）医药股份有限公司（以下简称"公司"）根据《中华人民共和 国公司法》（以下简称"《公司法》"）《迪哲（江苏）医药股份有限公司章程》 （以下简称"《公司章程》"）《迪哲（江苏）医药股份有限公司职工代表大会制 度》（以下简称"《职工代表大会制度》"）等法律法规、规范性文件的要求，于 2025 年 11 月 21 日以电子通信方式召开 2025 年职工代表大会选举职工董事并形 成会议决议。 本次共有 105 名公司职工代表出席会议，占公司职工代表总数的三分之二 以上。本次会议召集程序合法，出席人数符合法定人数，通过的决议有效，符 合《职工代表大会制度》的相关规定。经出席会议的全体职工代表一致决议， 同意选举康晓静女士为公司职工董事，任期自本 ...

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Views - The innovative drug industry chain continues to show strong performance, with the pharmaceutical and biotechnology sector outperforming the CSI 300 index, rising by 3.29% while the index fell by 1.08% during the week of November 10 to November 14, 2025 [9][10] - The market potential for small nucleic acids is continuously increasing, indicating that it may become a significant technological hotspot in innovative drugs [19][22] - The sentiment in the innovative drug sector has recently declined, but the sustainability of the sector's prosperity is expected to continue, with a focus on "innovation + internationalization" [22][24] Summary by Sections 1. Weekly Pharmaceutical Sector Performance - The pharmaceutical and biotechnology sector has shown a year-to-date increase of 22.99%, outperforming the CSI 300 index by 5.38 percentage points [9] - The sector's valuation as of November 14, 2025, is 30.89 (PE, TTM), with a premium of 129.74% over the CSI 300 index [10] 2. Industry Events/Policy Overview - On November 14, 2025, the National Bureau of Statistics reported a stable economic performance, with industrial production increasing by 4.9% year-on-year [17] - The People's Bank of China reported an increase of 14.97 trillion yuan in RMB loans in the first ten months of 2025 [17] 3. Industry Investment Strategy - The report highlights the active business development (BD) transactions in the innovative drug sector, with significant collaborations and licensing agreements, such as the partnership between Sainty Biotech and Eli Lilly [19] - The report suggests a focus on the recovery of the medical device and traditional Chinese medicine sectors, as well as the ongoing improvement in the innovative drug industry chain [22][28] 4. Recommended Stocks - Recommended stocks include: - **Hengrui Medicine**: Expected to achieve rapid growth in both domestic and international markets [29] - **BeiGene**: Anticipated to achieve comprehensive profitability in 2025, with strong performance in its core products [30] - **Innovent Biologics**: Expected to reach a revenue target of 20 billion yuan by 2027 [31] - **Kanglong Chemical**: Projected to see significant revenue growth driven by its innovative products [32] - **WuXi AppTec**: Anticipated to maintain rapid growth in its core business and increase global production capacity [33]

Core Viewpoint - Dize Pharmaceutical has seen a 5.19% increase in stock price, reaching 64.86 CNY per share, with a total market capitalization of 29.913 billion CNY as of November 13 [1] Company Overview - Dize Pharmaceutical (Jiangsu) Co., Ltd. was established on October 27, 2017, and went public on December 10, 2021. The company is located in Wuxi, Jiangsu Province, and focuses on the research and industrialization of innovative drugs, with 100% of its main business revenue derived from drug sales [1] Fund Holdings - Jin Yuan Shun An Fund has a significant holding in Dize Pharmaceutical, with its Jin Yuan Shun An Medical Health Mixed A Fund (007861) maintaining 35,200 shares, unchanged from the previous period, representing 4.26% of the fund's net value, ranking as the seventh largest holding [2] - The Jin Yuan Shun An Medical Health Mixed A Fund was established on July 29, 2021, with a current scale of 38.3683 million CNY. Year-to-date returns are 11.56%, with a one-year return of 0.37%, and a cumulative loss of 54.15% since inception [2] Fund Manager Performance - The fund managers of Jin Yuan Shun An Medical Health Mixed A Fund are Chen Mingjie and Zhang Haidong. Chen has been in position for 2 years and 19 days, managing assets totaling 72.6952 million CNY, with the best return of 5.16% and the worst return of -26.14% during his tenure [3] - Zhang has been in position for 81 days, managing assets of 628 million CNY, with the best return of 1.4% and the worst return of -3.77% during his short tenure [3]

Core Viewpoint - Dize Pharmaceutical has shown a significant increase in stock performance and trading activity, with a notable rise in revenue despite a net loss in profit for the year [1][2]. Group 1: Stock Performance - On November 12, Dize Pharmaceutical's stock rose by 3.44%, with a trading volume of 255 million yuan [1]. - The financing buy-in amount on the same day was 14.46 million yuan, while the financing repayment was 15.54 million yuan, resulting in a net financing buy of -1.07 million yuan [1]. - As of November 12, the total financing and securities lending balance was 165 million yuan, which is 0.59% of the circulating market value, indicating a high level compared to the past year [1]. Group 2: Financial Performance - For the period from January to September 2025, Dize Pharmaceutical achieved a revenue of 586 million yuan, representing a year-on-year growth of 73.23% [2]. - The net profit attributable to the parent company was -580 million yuan, reflecting a year-on-year decrease of 3.85% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders increased to 8,806, a rise of 5.01% from the previous period [2]. - The average circulating shares per person increased to 46,528 shares, up by 108.97% [2]. - Notable changes in institutional holdings include Yongying Pharmaceutical Innovation Mixed Fund becoming the fourth largest shareholder, increasing its holdings by 2.30 million shares [2].

Core Viewpoint - Dize Pharmaceutical experienced a decline of 1.11% in stock price on November 11, with a trading volume of 112 million yuan, indicating a challenging market environment for the company [1]. Financing Summary - On November 11, Dize Pharmaceutical had a financing buy-in amount of 6.961 million yuan and a financing repayment of 8.1604 million yuan, resulting in a net financing buy of -1.1994 million yuan [1]. - The total financing and securities balance for Dize Pharmaceutical as of November 11 is 166 million yuan, which accounts for 0.62% of its circulating market value, indicating a high level compared to the past year [1]. - The company had a financing balance of 166 million yuan, which is above the 70th percentile level over the past year [1]. - In terms of securities lending, Dize Pharmaceutical repaid 200 shares on November 11, with no shares sold, and the remaining securities amount to 2,300 shares, with a balance of 137,100 yuan, which is below the 10th percentile level over the past year [1]. Financial Performance - As of September 30, Dize Pharmaceutical had 8,806 shareholders, an increase of 5.01% from the previous period, with an average of 46,528 circulating shares per person, up by 108.97% [2]. - For the period from January to September 2025, Dize Pharmaceutical reported a revenue of 586 million yuan, representing a year-on-year growth of 73.23%, while the net profit attributable to the parent company was -580 million yuan, a decrease of 3.85% year-on-year [2]. - Among the top ten circulating shareholders as of September 30, 2025, Yongying Pharmaceutical Innovation Mixed Fund A ranked fourth with 5.9109 million shares, an increase of 2.2951 million shares from the previous period [2]. - Hong Kong Central Clearing Limited entered as a new sixth-largest circulating shareholder with 4.5066 million shares, while Dongfanghong Medical Upgraded Stock Fund A and Penghua Pharmaceutical Technology Stock A also saw changes in their holdings [2].

Group 1 - The core viewpoint of the article highlights that innovative pharmaceutical companies are transitioning from a "research and development investment phase" to a "commercialization harvest phase," driven by policy benefits, capital support, and clinical demand [1][4][5] Group 2 - Innovative pharmaceutical companies have reported impressive third-quarter results, with BeiGene achieving over 10 billion yuan in revenue, a year-on-year increase of 41.1%, and total revenue for the first three quarters reaching 27.595 billion yuan, up 44.2% [2] - Other leading innovative pharmaceutical companies also showed strong performance, with Hengrui Medicine reporting a revenue of 23.188 billion yuan for the first three quarters, a year-on-year growth of 14.85%, and WuXi AppTec achieving 32.857 billion yuan in revenue, up 18.61% [3] - The sales growth of core products, such as BeiGene's Zebrutinib and Junshi Biosciences' Toripalimab, is driving the performance of these companies, indicating a significant return on investment in research and development [5][6] Group 3 - The innovative drug sector is experiencing rapid growth, with a notable increase in business development (BD) transactions, totaling 92.03 billion USD in the first three quarters of 2025, reflecting a surge in licensing deals for domestic innovative drugs [6] - Analysts from Dongwu Securities express optimism about the innovative drug sector, predicting it will remain a key investment theme in the pharmaceutical industry through 2026, driven by the rising international status of Chinese innovative drug companies and a boom in BD transactions [7]

证券代码：688192 证券简称：迪哲医药 公告编号：2025-58 迪哲（江苏）医药股份有限公司 2022 年限制性股票激励计划首次授予部分第一类激励 对象第二个归属期归属结果暨股票上市公告 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1,775,000股。 本次股票上市流通总数为1,775,000股。 1. 2022 年 11 月 25 日，公司召开第一届董事会第十二次会议，审议通过了《关 于<公司 2022 年限制性股票激励计划（草案）>及其摘要的议案》《关于<公司 2022 年限制性股票激励计划实施考核管理办法>的议案》《关于 2022 年限制性股票激励 计划拟激励对象获授股份数量累计超过公司总股本 1%的议案》及《关于提请股东 大会授权董事会办理公司限制性股票激励计划相关事宜的议案》。公司独立董事就 本次激励计划相关议案发表了独立意见。具体内容详见公司于 2022 年 11 月 28 日 1 在上海证券交易所网站（www.sse. ...