8月13日盘中科创板股首药控股-U涨停，截至11:09，股价报55.94元，成交2.41亿元，换手率7.39%，振 幅21.17%。 科创板个股中，截至发稿上涨的共有295只，涨幅在10%以上的共有6只，涨幅较高的有中船特气、首药 控股-U、广钢气体等，分别上涨20.01%、19.99%、16.49%，下跌的有282只，跌幅较大的有品茗科技、 通源环境、麦澜德，分别下跌6.03%、4.90%、4.88%。 资金面上，首药控股-U上一交易日主力资金净流入1745.12万元，近5日净流入2435.29万元。 融资融券数据显示，该股最新（8月12日）两融余额为2.78亿元，其中，融资余额为2.78亿元，较上一个 交易日减少111.26万元，降幅为0.40%；近10日两融余额合计增加1407.29万元，增幅为5.34%，其间融 资余额增长5.34%。（数据宝） （文章来源：证券时报网） ...

Market Performance - The three major A-share indices collectively rose, with the Shanghai Composite Index increasing by 0.56% to 3686.34 points, reaching a new high since December 2021 [1] - The Shenzhen Component Index rose by 1.47%, and the ChiNext Index increased by 2.81% [1] - The total trading volume in the Shanghai and Shenzhen markets reached 13,283 billion yuan, an increase of 1,181 billion yuan compared to the previous day, with over 2,600 stocks rising [1] Sector Performance - The securities sector saw a comprehensive increase, with Changcheng Securities and Guosheng Financial Holdings hitting the daily limit [1] - The liquid cooling server sector continued to strengthen, with Feilong Co., Zhunchong Technology, and Dayuan Pump Industry also hitting the daily limit [1] - The pharmaceutical sector collectively rose, with Shouyao Holdings hitting the daily limit and Meidi West rising over 11%, marking the first appearance of drugs under the "dual directory" of medical insurance [1] - The military industry stocks experienced a broad increase, with Changcheng Military Industry achieving seven consecutive limits in ten days and Fenghuo Electronics hitting the daily limit [1] Declining Sectors - The breeding industry sector declined, with Xiaoming Co. falling over 5% and Minhe Holdings dropping over 3% [1] - The port and shipping stocks generally fell, with Lianyungang dropping over 4%, and both China National Offshore and Ningbo Maritime falling over 3% [1]

Group 1 - A total of 99 stocks in the Shanghai and Shenzhen markets have received net buying from main funds for 5 consecutive days or more as of August 8 [1] - The stocks with the longest consecutive net buying days are Laofengxiang, Beijiajie, Qingsong Jianhua, and Hu塑股份, each with 13 consecutive trading days of net buying [1] - Other notable stocks with significant net buying days include Tengda Construction, Juxing Agriculture, Shouyao Holdings, Haiyou New Materials, Haier Smart Home, ST Qibu, Bangji Technology, and Weichuang Electric, with 11, 11, 10, 9, 9, 9, 8, and 8 trading days of net buying respectively [1]

Core Insights - As of August 7, a total of 101 stocks in the Shanghai and Shenzhen markets have experienced net buying from major funds for five consecutive days or more [1] - The stocks with the longest streak of net buying are Beijiajie, Qingsong Jianhua, Laofengxiang, and Hu塑股份, each having received net buying for 12 consecutive trading days [1] - Other notable stocks with significant net buying days include Zhongnan Chuanmei, Juxing Nongmu, Xinda Real Estate, Daqin Railway, Tengda Construction, Haishi Ke, Shouyao Holdings, and ST Qibu, with net buying for 11, 10, 10, 10, 10, 9, 9, and 8 trading days respectively [1]

Core Insights - The report maintains a positive outlook on small molecule drug conjugates (SMDCs) and related companies, highlighting their potential in cancer treatment due to their ability to enhance efficacy while reducing toxicity [1][5][17] - The report emphasizes the clinical advantages of SMDCs, including better tumor penetration, reduced toxicity to normal cells, and easier control over synthesis and costs compared to antibody-drug conjugates (ADCs) [5][11][12] - The report identifies domestic biopharmaceutical companies, particularly Affinivax, as leaders in the SMDC space, showcasing significant advancements in innovative cancer drug development [5][12][17] Industry Overview - The pharmaceutical and biotechnology sector has shown a relative price-to-earnings (P/E) ratio of 51.14 as of July 25, 2025, which is significantly higher than its historical low of 24.38, indicating a premium valuation compared to the broader market [19] - The report notes that the healthcare sector's valuation is 279% higher than the Shanghai Composite Index, reflecting strong investor interest and confidence in the industry [19] - Recent market performance indicates a 1.90% increase in the pharmaceutical and biotechnology sector from July 21 to July 25, 2025, ranking it 16th among 27 sub-industries [26][29] Company Focus - The report suggests monitoring companies involved in the SMDC space, including Affinivax, and those collaborating with them, such as Innovent Biologics and others, which are expected to benefit from the growing interest in innovative cancer therapies [5][17][18] - Specific companies highlighted for their innovative drug development capabilities include Innovent Biologics, Shunyi Pharmaceutical, and others, which are positioned to capitalize on the advancements in SMDC technology [5][18]

Group 1 - The Shanghai Stock Exchange has released the "Self-Regulatory Supervision Guidelines for Companies Listed on the Sci-Tech Innovation Board No. 5 - Sci-Tech Growth Tier" [1] - The reform does not impose additional listing thresholds for unprofitable companies entering the Sci-Tech Growth Tier, allowing 32 existing unprofitable companies to enter immediately upon the guideline's implementation [1] - Newly registered unprofitable companies will enter the Sci-Tech Growth Tier from the date of their listing [1] Group 2 - Investors participating in the subscription and trading of newly registered stocks in the Sci-Tech Growth Tier must sign a "Risk Disclosure Statement for the Sci-Tech Growth Tier" [2] - The 32 existing companies that have not yet removed the "U" designation include: Zejing Pharmaceutical, Junshi Biosciences, Frontier Biotech, Qingyun Technology, Hehui Optoelectronics, Jingjin Electric, BeiGene, Dize Pharmaceutical, Maiwei Biotech, Aojie Technology, Yuhong Pharmaceutical, Shouyao Holdings, Haichuang Pharmaceutical, CloudWalk Technology, Yifang Biotech, Obsidian Optics, Mengke Pharmaceutical, Nuo Cheng Jianhua, Xinke Mobile, Xinghuan Technology, Yutai Micro, Yuntian Lifa, Tianzhihang, Qi Anxin, Hanwujin, Yihua Tong, Aifute, Huizhiwei, Xinlian Integrated, Zhixiang Jintai, Shengke Communication, and Zhongjuxin [2]

Core Viewpoint - The Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index has shown strong performance, with significant increases in constituent stocks, indicating a positive trend in the biopharmaceutical sector [1][3]. Market Performance - As of July 11, 2025, the Biopharmaceutical Index rose by 1.23%, with notable gains from stocks such as Yifang Biotech (+10.31%), Shouyao Holdings (+8.34%), and Te Bao Biotech (+7.18%) [1]. - The Jiashi Science and Technology Medicine ETF (588700) also increased by 1.14%, marking its third consecutive rise [1]. Liquidity and Trading Volume - The Jiashi Science and Technology Medicine ETF recorded a turnover rate of 9.54% and a trading volume of 21.11 million yuan [3]. - Over the past month, the ETF has maintained an average daily trading volume of 33.32 million yuan, ranking first among comparable funds [3]. Fund Growth and Performance - In the last two weeks, the Jiashi Science and Technology Medicine ETF's scale increased by 17.56 million yuan, leading among comparable funds [3]. - The ETF's net value has risen by 37.70% over the past year, with a maximum single-month return of 23.29% since its inception [3]. Top Holdings - As of June 30, 2025, the top ten weighted stocks in the Biopharmaceutical Index accounted for 50.3% of the index, including companies like United Imaging Healthcare, BeiGene, and Huatai Medical [3][5]. Policy Support and Market Outlook - Recent policy documents have been released to support the high-quality development of innovative drugs, highlighting government backing for the sector [6]. - The number of innovative drugs in development in China has reached over 4,000, representing approximately 30% of the global total [5][6].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 5.30%, outperforming the CSI 300 index which rose by 3.52% during the reporting period [3][14] - The PE ratio (TTM, excluding negative values) for the pharmaceutical and biotechnology industry as of July 4, 2025, is 28.52x, up from 27.28x in the previous period, indicating an upward trend in valuation [3][19] - Notable sub-industries include "Other Biological Products" and "Medical R&D Outsourcing," which saw increases of 11.20% and 9.37% respectively, while "Medical Equipment" and "Blood Products" lagged with increases of only 0.98% [3][14] Industry Trends - The report highlights significant policy measures from the National Healthcare Security Administration and the National Health Commission aimed at supporting the high-quality development of innovative drugs [5][6] - The introduction of a commercial health insurance innovative drug directory is a key breakthrough, facilitating better pricing and reimbursement mechanisms for high-value drugs [6] - The report emphasizes the importance of the innovative drug industry chain, particularly focusing on platform pharmaceutical companies, clinical CROs, and high-barrier CDMOs [6] Important Industry News - The approval of several innovative drugs, including "ZEGFROVY" by Dize Pharmaceutical and "TQG203" by Zhengda Tianqing, marks significant advancements in the industry [41][42][46] - The report notes that the global number of hemophilia patients is expected to increase by 25% by 2025, highlighting the growing market for innovative treatments [42] - The approval of "Mastrudep" by Innovent Biologics for weight management in adults showcases the expanding therapeutic applications of GLP-1R/GCGR dual agonists [49][50] Investment Recommendations - Continuous attention is recommended for the innovative drug industry chain, particularly for companies that can navigate the new dual directory system and have international expansion capabilities [6] - The report suggests that the recent policy changes and the successful IPO of a biotech company signal a positive outlook for the innovative drug sector [6]

Group 1 - The second meeting of the supervisory board of Shouyao Holdings was held on June 20, 2025, with all three supervisors present, confirming the legality and validity of the meeting [1][2] - The supervisory board approved the proposal to use self-owned funds to pay part of the fundraising project expenses and to replace it with an equivalent amount of raised funds, with a unanimous vote of 3 in favor [1][2] - The supervisory board confirmed that the use of self-owned funds complies with necessary approval procedures and does not affect the normal implementation of the fundraising project [2] Group 2 - The decision made by the supervisory board was reported in the company's announcement published on the Shanghai Securities Journal and the Shanghai Stock Exchange website [2] - The meeting's resolution document has been filed as part of the company's official records [2]

中信建投证券股份有限公司 关于首药控股（北京）股份有限公司 使用自有资金支付募投项目部分款项并以募集资金等额置换的 核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐人"）作 为首药控股（北京）股份有限公司（以下简称"首药控股"或"公司"）首次公 开发行股票并在科创板上市的保荐人，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》《上海证券交易所科创板上市公司自律 监管规则适用指引第 1 号——规范运作》和《上市公司募集资金监管规则》等有 关规定，对首药控股使用自有资金支付募投项目部分款项并以募集资金等额置换 事项进行了审慎核查，核查情况及核查意见如下： 1 单位：万元 | 项目名称 | 拟投入募集资金金额 | 截至 2024 | 年 12 资金投入金额 | 月 | 日募集 31 | | --- | --- | --- | --- | --- | --- | | 首药控股新药研发项目 | 93,023.79 | | | 54,979.69 | | | 首药控股新药研发与产业化基 地项目 | 1,976.21 | | | 1,976.21 | | | 补充流动资金 | ...