| 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营业部 | 卖方营 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | | 业部 | | 6.93 | 435.32 | 62.78 | 0.00 | 中信证券股份有限公司总部 | 机构专 | | | | | | (非营业场所) | 用 | （文章来源：证券时报网） 证券时报·数据宝统计显示，迪哲医药-U今日收盘价为62.78元，下跌4.08%，日换手率为2.03%，成交额 为5.79亿元，全天主力资金净流入2525.36万元，近5日该股累计下跌5.88%，近5日资金合计净流出 1397.72万元。 两融数据显示，该股最新融资余额为1.43亿元，近5日增加100.62万元，增幅为0.71%。（数据宝） 10月20日迪哲医药-U大宗交易一览 迪哲医药-U10月20日大宗交易平台出现一笔成交，成交量6.93万股，成交金额435.32万元，大宗交易成 交价为62.78元。该笔交易的买方营业部为中信证券股份有限公司总部(非营业场所)，卖方营业部为机构 专用。 ...

Core Viewpoint - On October 20, a total of 9 stocks from the Sci-Tech Innovation Board (STAR Market) experienced block trading, with a cumulative transaction amount of 165 million yuan [1][2]. Group 1: Trading Overview - There were 23 block trades executed, totaling a volume of 2.4156 million shares and an aggregate transaction value of 165 million yuan [1]. - The stock with the highest transaction amount was Bawei Storage, with 3 block trades totaling 536,026 shares and a transaction value of 50.3626 million yuan [1]. - Other notable stocks in terms of transaction value included Honghua Digital Science and Dameng Data, with transaction amounts of 43.7311 million yuan and 18.8032 million yuan, respectively [1]. Group 2: Price Performance - The average discount rates for block trades relative to the closing prices were highest for Bolivian, Dameng Data, and Dekeli, with discount rates of 29.36%, 20.75%, and 12.24% respectively [1]. - Stocks with the highest premium rates included Dize Pharmaceutical and Lair Technology, both at 0.06% [1]. - The STAR 50 Index rose by 0.35%, with 447 stocks (76.02%) on the STAR Market increasing in value, while the average increase for stocks involved in block trading was 1.75% [1]. Group 3: Institutional Participation - Among the block trades, there were 5 transactions involving institutional buyers or sellers, covering 3 stocks [2]. - The leading stocks for institutional buying were Bawei Storage and Honghua Digital Science, with buying amounts of 46.98 million yuan and 9.8986 million yuan, respectively [2]. - The stocks with the highest net inflow of funds included Dekeli, Dize Pharmaceutical, and Bawei Storage, with net inflows of 82.1361 million yuan, 25.2536 million yuan, and 6.3566 million yuan, respectively [2].

Group 1 - A total of 56 stocks in the A-share market experienced block trading today, with a total transaction value of 1.168 billion yuan [1] - The top three stocks by transaction value were Hengli Petrochemical (220 million yuan), Wantong Development (99.9929 million yuan), and Chuangye Huikang (68.4 million yuan) [1] - Among the stocks, 7 were traded at par, 4 at a premium, and 45 at a discount; the highest premium rates were for Aidi Precision (4.02%), Hengli Petrochemical (0.86%), and Lier Technology (0.06%) [1] Group 2 - The stocks with the highest discount rates included Boliview (29.35%), Yuxin Electronics (21.36%), and Zhongji Xuchuang (21.09%) [1] - The ranking of institutional buy amounts showed Chuangye Huikang leading with 66.24 million yuan, followed by Jinlong Co. (51.3405 million yuan) and Baiwei Storage (46.98 million yuan) [1] - The top three stocks by institutional sell amounts were Longqi Technology (13.008 million yuan),招商公路 (6.156 million yuan), and Dize Pharmaceutical-U (4.3532 million yuan) [2]

Core Insights - The Shanghai Stock Exchange Sci-Tech Innovation Board 100 Index has shown a slight increase of 0.21%, with notable gains from companies such as Sangfor Technologies and Dige Medical [3] - The ETF tracking the Sci-Tech 100 Index has also risen by 0.22%, with a cumulative increase of 1.81% for the month as of October 15, 2025 [3] - The liquidity of the Sci-Tech 100 Index ETF is strong, with a turnover rate of 1.93% and a transaction volume of 1.26 billion yuan [3] - Recent partnerships in the AI sector, such as the collaboration between Yuke and Haiguang Information, highlight the growing demand for AI computing power [4] - OpenAI's significant cloud computing contract with Oracle, valued at 300 billion USD, indicates a surge in global AI computing needs [4] Market Performance - The Sci-Tech 100 Index ETF has experienced a scale increase of 4.64 million yuan over the past month, ranking second among comparable funds [4] - The ETF's share count has grown by 2.76 million shares in the same period, also placing it second among comparable funds [4] - Despite recent net outflows of 1.56 million yuan, the ETF has attracted a total of 4.61 billion yuan over the last 16 trading days [4] Index Composition - The Sci-Tech 100 Index is composed of 100 medium-sized, liquid stocks selected from the Sci-Tech Innovation Board, reflecting the overall performance of different market capitalizations [5] - As of September 30, 2025, the top ten weighted stocks in the index account for 24.32% of the total index, including companies like Hua Hong Semiconductor and BeiGene [5]

Core Viewpoint - The A-share market continues to show strength in innovative drug concept stocks, with significant gains observed across multiple companies on October 16 [1] Group 1: Stock Performance - Guizhou BaiLing and Luoxin Pharmaceutical reached the daily limit up [1] - Yifang Bio increased by over 7% [1] - Laime Pharmaceutical, Guangsheng Tang, Anglikang, and Shutaishen all rose by over 6% [1] - Dize Pharmaceutical and Lianhuan Pharmaceutical saw increases of over 5% [1]

证券代码：688192 证券简称：迪哲医药 公告编号：2025-54 迪哲（江苏）医药股份有限公司 向特定对象发行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向特定对象发行股份；股票认购方式为网 下，上市股数为41,764,808股。 本次股票上市流通总数为41,764,808股。 本次股票上市流通日期为2025 年 10 月 20 日。 一、本次上市流通的限售股类型 2025 年 2 月 8 日，迪哲（江苏）医药股份有限公司（以下简称"公司"）公告 收到中国证券监督管理委员会（以下简称"中国证监会"）出具的《关于同意迪哲（江 苏）医药股份有限公司向特定对象发行股票注册的批复》（证监许可〔2025〕171 号），同意公司向特定对象发行股票的注册申请。 本次发行最终获配发行对象共计 14 名，新增股份 41,764,808 股于 2025 年 4 月 18 日在中国证券登记结算有限责任公司上海分公司办理完成登记、托管及限售 手续。本次发行新增股份为有限售条件流通股，限 ...

华泰联合证券有限责任公司关于 迪哲（江苏）医药股份有限公司 向特定对象发行股票限售股上市流通的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合"、"保荐机构"）作为迪 哲（江苏）医药股份有限公司（以下简称"迪哲医药"或"公司"）2023 年度向 特定对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》以及《上海证券交易所科创板上市公司 自律监管指引第 1 号——规范运作》等相关规定履行持续督导职责，对迪哲医药 向特定对象发行股票限售股上市流通事项进行了核查，核查的具体情况如下： 一、本次上市流通的限售股类型 2025 年 2 月 8 日，公司公告收到中国证券监督管理委员会（以下简称"中 国证监会"）出具的《关于同意迪哲（江苏）医药股份有限公司向特定对象发行 股票注册的批复》（证监许可〔2025〕171 号），同意公司向特定对象发行股票的 注册申请。 本次发行最终获配发行对象共计 14 名，新增股份 41,764,808 股于 2025 年 4 月 18 日在中国证券登记结算有限责任公司上海分公司办理完成登记、托管及限 售手续。本次发行新增股份为有限售 ...

Core Viewpoint - The Shanghai Stock Exchange emphasizes its mission to support the real economy and enhance its capacity to support technological innovation through the STAR Market, which has established inclusive listing standards for unprofitable companies [1][5]. Group 1: Listing Standards - The STAR Market has developed five sets of listing standards, with the second to fifth sets not imposing profit thresholds, thereby creating diverse pathways for unprofitable companies to access the capital market [1][2]. - The second to fourth sets of standards assess companies based on "revenue scale + R&D intensity," "revenue scale + cash flow," and "revenue scale + market capitalization," respectively, catering to hard technology enterprises with strong R&D capabilities [1][2]. - The fifth set of standards evaluates companies based on "market capitalization + stage of R&D achievements," allowing innovative firms with promising technologies but no commercialization to list [2]. Group 2: Performance of Unprofitable Companies - As of 2024, 54 unprofitable companies listed on the STAR Market achieved a total revenue of 1,745 billion, a 24% year-on-year increase, with 26 companies exceeding 100 million in revenue [3]. - These companies collectively reduced their net losses by 36% to 136 billion, with 22 companies achieving profitability and "delisting" from the unprofitable category [3]. - In the first half of 2025, these companies reported a total revenue of 999 billion, an 8% increase, and reduced net losses by 70% to 15 billion [3]. Group 3: Industry Highlights - Leading companies in the innovative drug sector, such as BeiGene and Baillie Gifford, have achieved significant sales milestones, with BeiGene's new drug generating over 10 billion in sales in just six months [4]. - In the semiconductor sector, companies like SMIC and Cambrian are breaking foreign monopolies and enhancing domestic capabilities in AI chip development [4]. - The STAR Market has facilitated the approval of 46 drugs/vaccines, with 20 new innovative drugs launched domestically, showcasing the rapid advancement of unprofitable companies towards commercialization [6]. Group 4: Policy Impact - The STAR Market's "1+6" policy framework aims to further support unprofitable companies by creating a "STAR Growth Layer" that focuses on emerging sectors like AI and commercial aerospace [6]. - Since the implementation of this policy, 15 new IPO applications have been accepted, including four from unprofitable companies, indicating a positive market response [6]. - Companies in the STAR Growth Layer reported a 38% year-on-year revenue growth and a significant reduction in net losses by 71 billion in the first half of 2025 [6]. Group 5: Future Outlook - The STAR Market is positioned to assist unprofitable hard technology companies in transitioning from research to market, reinforcing the importance of capital support for technological self-reliance [7].

Investment Rating - The industry rating is "Positive" for the next 12 months, expecting a growth rate exceeding 10% relative to the CSI 300 index [67][79]. Core Insights - The report highlights the impressive research outcomes of Chinese pharmaceutical companies showcased at the 2025 World Lung Cancer Conference (WCLC), emphasizing the strength of innovation in the sector. It also notes that Heng Rui has further advanced its overseas licensing strategy through the NewCo model [9][67]. - The report suggests continuous monitoring of the R&D progress of Chinese pharmaceutical companies, particularly in innovative drugs and related industrial chains, benefiting from optimized procurement rules in the pharmaceutical and medical device sectors, as well as the recovery of traditional Chinese medicine and medical services due to domestic demand [9][67]. Industry News - Bai Li Tian Heng's dual-target ADC for EGFR/HER3 has shown promising results at WCLC, with a 100% overall response rate in a study involving 154 patients [18]. - BeiGene presented the latest findings from its RATIONALE studies at WCLC, demonstrating significant survival benefits for its drug in treating non-small cell lung cancer [19]. - Kangfang Biotech updated data from its HARMONi study, showing improved overall survival rates, particularly in North America [20]. Company Announcements - Heng Rui Pharma signed a licensing agreement with Braveheart Bio for the HRS-1893 project, with an upfront payment of $65 million and potential milestone payments totaling up to $1.013 billion [35]. - The new drug application for KN026 by CSPC has been accepted by the National Medical Products Administration (NMPA) [39]. - Junshi Biosciences reported positive results from its Phase III clinical trial for an anti-IL-17A monoclonal antibody [40]. Market Review - The Shanghai Composite Index rose by 2.91%, while the Shenzhen Component Index increased by 7.11%. The pharmaceutical and biological sector saw a 1.76% increase, with most sub-sectors showing positive performance [53][57]. - As of September 11, 2025, the TTM P/E ratio for the pharmaceutical and biological industry was 31.56, with a valuation premium of 148% relative to the CSI 300 [57]. Weekly Strategy - The report recommends focusing on investment opportunities in innovative drugs and medical devices, as well as sectors benefiting from domestic demand recovery, while maintaining a "Positive" industry rating [67].

Core Insights - The commercialization success of Shuwotini represents a model in China's innovative drug sector, but it has also placed Dizhi Pharmaceutical in a precarious position where its fortunes are heavily tied to this single product [1] - The company reported a 74.4% year-on-year revenue increase to 355 million yuan in the first half of 2025, but the reliance on Shuwotini raises concerns about product structure imbalance [1][4] - The rapid growth of Shuwotini's sales, which is the first targeted drug approved for EGFR Exon20ins non-small cell lung cancer, has been a significant driver of revenue, with projected sales nearing 400 million yuan in 2024 [2][4] Revenue and Financial Performance - In 2022, the company had no commercialized products, resulting in a net loss of 736 million yuan; however, after Shuwotini's approval in August 2023, revenue surged to 91.29 million yuan in 2023, although net losses widened to 1.108 billion yuan [4] - By 2024, revenue is expected to increase by 294.35% to 360 million yuan, with net losses narrowing to 846 million yuan [4] - The company’s revenue in the first half of 2025 is already close to the total for 2024, indicating strong sales momentum [4] Market Dynamics and Challenges - The inclusion of Shuwotini in the national medical insurance directory in November 2024 significantly improved drug accessibility, leading to monthly sales exceeding 25 million yuan [5] - The domestic market for EGFR Exon20ins non-small cell lung cancer has an estimated annual new patient population of about 35,000, with a peak sales potential of 2 billion yuan, indicating a clear growth ceiling [5] - The company faces challenges in international markets, as it has yet to establish a clear commercialization path for Shuwotini in the U.S., despite its approval by the FDA [6] R&D and Pipeline Concerns - The company has invested heavily in R&D, with cumulative expenditures reaching 2.204 billion yuan over three years, but concerns about the efficiency and pace of development persist [8] - The reliance on a single product like Shuwotini poses risks, especially given the natural resistance cycles associated with its target indications [7] - The company is working on expanding its pipeline, with several clinical trials ongoing, but the lack of a diversified product portfolio raises questions about long-term sustainability [7][9] Management and Market Sentiment - Multiple executives, including the chairman, have sold shares in 2025, raising market concerns about the company's future prospects [9] - The company asserts that these share sales were for personal financial needs and emphasizes its commitment to long-term value creation [9] - The shift in the pharmaceutical industry from capital-driven to value-driven models highlights the challenges faced by companies like Dizhi Pharmaceutical that depend heavily on a single product [9]