证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 07 月 06 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 板块表现： "HDAC+IO"潜力值得期待，重视微芯生物 投资评级： 看好（维持） ——医药行业周报（25/6/30-25/7/4） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 本周医药市场表现分析：6 月 30 日至 7 月 4 日，医药指数上涨 3.64%，相对沪深 300 指数超 额收益为 2.10%。本周，涨幅靠前的主要为创新药标的如塞力医疗、广生堂、神州细胞、热 景生物，核心因素为临床数据更新催化，我们认为 6 月下旬以来创新药板块的调整已到位， 继续看好创新药，关注下半年有 BD 强催化的核心标的。建议关注：1）创新药作为较为确定 的产业趋势，建议关注：A 股）热景生物、华纳药厂、微芯生物、悦康药业、前沿生物、福元 医药、信立泰、一品红、科兴制药、泽璟制药、科伦药业、恒瑞医药；港股）三生制药、中 国生物制药、科伦博泰、康方生物、信达生物、翰森制药；2）25 年业绩或逐季度边 ...

Core Viewpoint - Shenzhen Micu Biotechnology Co., Ltd. experienced a significant stock price fluctuation, with a cumulative closing price increase of 30% over three consecutive trading days from July 1 to July 3, 2025, which is classified as abnormal trading activity according to relevant regulations [2][4]. Group 1: Stock Trading Abnormality - The company's stock price increased by a cumulative 30% over three trading days, indicating abnormal trading activity [2][4]. - The company has conducted a self-examination and confirmed that there are no undisclosed significant information affecting the stock price [5][6]. Group 2: Company Operations and Information Disclosure - The company's production and operational activities are normal, with no significant changes in market conditions, industry policies, or production costs [5]. - There are no undisclosed major events such as mergers, acquisitions, or restructuring that could impact the company's stock price [6][7]. - The company has not identified any media reports or market rumors that could have significantly influenced its stock price [7]. Group 3: Board of Directors' Statement - The Board of Directors confirms that there are no undisclosed matters that should be reported according to the relevant regulations [9]. - The company emphasizes the importance of timely and accurate information disclosure to assist investors in making informed decisions [10].

Core Viewpoint - Shenzhen Micu Biotechnology Co., Ltd. experienced a significant stock price fluctuation, with a cumulative increase of 30% over three consecutive trading days from July 1 to July 3, 2025, which is classified as abnormal trading activity according to relevant regulations [1][2]. Group 1: Stock Trading Abnormalities - The company's stock price increased by 30% over three trading days, indicating abnormal trading activity as per the Shanghai Stock Exchange rules [1]. - The company conducted a self-examination and confirmed that there are no undisclosed significant information affecting the stock price, including mergers, debt restructuring, or asset transfers [2]. Group 2: Company Operations and Market Conditions - The company reported that its production and operational activities are normal, with no significant changes in market conditions or industry policies [2]. - There have been no major fluctuations in production costs or sales, and the internal operational order remains stable [2]. Group 3: Board of Directors' Statement - The Board of Directors confirmed that there are no undisclosed matters that should be reported according to the Shanghai Stock Exchange rules, and they have not been made aware of any significant information that could impact the stock price [2].

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： 深圳微芯生物科技股份有限公司（以下简称"公司"）股票交易价格连 续三个交易日（2025 年 7 月 1 日、2025 年 7 月 2 日、2025 年 7 月 3 日）内收 盘价格涨幅偏离值累计达到 30% 。根据《上海证券交易所交易规则》《上海证 券交易所科创板股票异常交易实时监控细则》的有关规定，属于股票交易异常 波动的情形。 证券代码：688321 证券简称：微芯生物 公告编号：2025-041 深圳微芯生物科技股份有限公司 股票交易异常波动公告 公司股票价格短期波动幅度较大，敬请广大投资者注意二级市场交易风 险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 经公司自查，并向公司控股股东及实控人 XIANPING LU 博士核实，截 至本公告披露日，公司及控股股东、实际控制人不存在应披露而未披露的重大信 息。 所交易规则》《上海证券交易所科创板股票异常交易实时监控细则》的有关规定， 属于股票交易异常波动的情形。 二、公司关注并核实的相关情况 针对 ...

关于《深圳微芯生物科技股份有限公司股票交易异常 波动问询函》的回函 深圳微芯生物科技股份有限公司: 贵公司发出的《深圳微芯生物科技股份有限公司股票交易异常波动问询函》 已收悉，经认真自查核实,现将有关问题回复如下: 一、截至目前,本人及一致行动入不存在涉及贵公司的应披露而未披露的重大 信息; 二、截至目前,本人及一致行动人不存在处于筹划阶段的涉及贵公司的重大 事项，包括但不限于并购重组、股份发行、收购、债务重组、业务重组、资产剥离、 资产注入等重大事项; 三、在本次股票交易异常波动期间,本人及一致行动人不存在买卖贵公司股票 的情形。 特此函复。 (本页以下无正文) (本页无正文，为《关于〈深圳微芯生物股份有限公司股票交易异常波动问询 函>的回函》之签字页) 实际控制人: 2025 年 7 月 3 日 ...

微芯生物：生产经营正常 无应披露而未披露的重大信息 金十数据7月3日讯，微芯生物公告，公司股票交易价格连续三个交易日收盘价格涨幅偏离值累计达到 30%，属于股票交易异常波动情形。经自查，公司目前生产经营活动一切正常，不存在应披露而未披露 的重大信息。 ...

Group 1 - The core viewpoint of the news highlights the positive market sentiment in the biopharmaceutical sector driven by supportive government policies and significant milestones in innovative drug approvals [1][2] - The State Medical Insurance Administration and the National Health Commission issued 16 supportive policies for the high-quality development of innovative drugs, covering research, market access, hospital use, and payment [1] - The FDA's accelerated approval of DiZhe Pharmaceutical's EGFR Exon20ins targeted drug, Shuwozhe®, marks it as the first domestically developed innovative drug approved for this indication globally, further boosting market confidence [1] Group 2 - Guosheng Securities points out that the innovative drug sector within the biopharmaceutical industry is characterized by small and mid-cap pipeline blockbuster features, with a diversification trend in pain relief mechanisms [2] - Everbright Securities analyzes that the pharmaceutical industry's policies, driven by both medical insurance and commercial insurance, expand the market space for innovative drugs, with dynamic adjustments to the medical insurance catalog reducing the access cycle for innovative drugs [2] - Both institutions emphasize the policy dividends and clinical value realization in the innovative drug sector, aligning with the performance of innovative drug companies within the Sci-Tech Biopharmaceutical ETF [2]

Group 1 - CITIC Construction Investment has received approval from the China Securities Regulatory Commission to issue perpetual subordinated bonds with a total face value of no more than 20 billion yuan [1] - Bluefocus Technology has received a loan commitment of up to 900 million yuan from CITIC Bank for stock repurchase [1] - Huaren Pharmaceutical's subsidiary has received approval for the listing of Bumetanide raw materials, which are used to treat severe heart failure and hypertension emergencies [3] Group 2 - Betta Pharmaceuticals has received approval for the listing of Enasidenib capsules in Macau, aimed at treating ALK-positive locally advanced or metastatic non-small cell lung cancer [4] - Juewei Food plans to use 110 million yuan of idle fundraising for cash management, with an expected annual yield of 1.00%-1.89% [6] - China Huadian has successfully completed the issuance of 1 billion yuan medium-term notes with a coupon rate of 1.95% [9] Group 3 - Fosun Pharma's subsidiary has received a GMP certificate from the Belgian Federal Agency for Medicines and Health Products for the production facilities of two monoclonal antibodies [11] - China Nuclear Engineering has signed a civil engineering contract for the Taishan Nuclear Power Units 3 and 4 [13] - Kanglongda has faced administrative regulatory measures from the Zhejiang Securities Regulatory Bureau due to the failure of performance commitment parties to fulfill compensation obligations [15] Group 4 - Gaoling Information has received three invention patent certificates in the second quarter, covering various technological fields [16] - Weimais plans to use 190 million yuan of excess fundraising to increase capital in its subsidiary for building a new energy vehicle powertrain production base [17] - Huazhong Technology has received a project designation notice from a leading eVTOL manufacturer for the development and supply of an intelligent cockpit multimedia display system [19] Group 5 - Madi Technology expects a net profit of 25 million to 27 million yuan for the first half of 2025, marking a turnaround from a loss in the previous year [19] - Dazhong Mining's subsidiary has obtained a mining license for the Zhouyoufang Iron Mine, increasing production capacity to 6.5 million tons per year [20] - Zhongguancun's subsidiary has had its application for the listing of Arolol hydrochloride tablets accepted by the National Medical Products Administration [21] Group 6 - Tianhong Co. has signed a property management contract worth 15 million yuan with a local company [22] - Dong'an Power has secured nine new market designation agreements in the second quarter, with a projected total sales volume of 1.5 million units [24] - Zhujiang Co. has appointed Zhao Kun as the new deputy general manager [25] Group 7 - Jinyi Industrial has won a bid for a project worth 335 million yuan from the China Railway Shanghai Bureau Group [26] - Kangchen Pharmaceutical has received a clinical trial notification for its innovative drug KC1086, aimed at treating advanced solid tumors [27] - Changhua Group has received a project designation notice from a new energy vehicle company, with an expected total sales amount of 970 million yuan [29] Group 8 - Lingxiao Pump Industry plans to use 60 million yuan of idle funds to purchase financial products [31] - Mould Technology has received a project designation for exterior parts from a well-known North American electric vehicle company, with an expected total sales of 1.236 billion yuan [34] - Fulongma has pre-bid for five sanitation service projects in June, with a total contract amount of 181 million yuan [35] Group 9 - Changchun High-tech plans to issue H-shares and list on the Hong Kong Stock Exchange [36] - *ST Yuancheng is under investigation by the CSRC for suspected false financial disclosures [37] - Beilu Pharmaceutical's subsidiary has received approval for the listing of Iopamidol raw materials [38] Group 10 - Zhejiang Liming's shareholder plans to reduce their stake by up to 2.93% [39] - Zhejiang Liming's actual controller has committed not to reduce their holdings within a year [40] - SAIC Motor reported a total vehicle sales of 2.0526 million units in the first half of 2025, a year-on-year increase of 12.35% [41] Group 11 - Xinhongcheng expects a net profit increase of 50%-70% for the first half of 2025 [42] - Xianhe Co. plans to invest 11 billion yuan in a bamboo pulp paper integrated project [42] - Great Wall Motors reported a total vehicle sales of 569,800 units in the first half of 2025, a year-on-year increase of 1.81% [43] Group 12 - Dongfeng Co. received a government subsidy of 10 million yuan [44] - Zhongke Environmental Protection has acquired two water environmental companies in Guangxi for a total of 353 million yuan [45] - Anji Food's H-share public offering is priced at 60 Hong Kong dollars per share [46]

Group 1 - The Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index decreased by 0.89% as of July 2, 2025, with mixed performance among constituent stocks [1] - Microchip Biotech led the gains with an increase of 9.47%, followed by Yuyuan Pharmaceutical at 3.45% and Junshi Biosciences at 2.05%, while Rongchang Biotech, Weigao Orthopedics, and BeiGene experienced declines [1] - The CSI Sci-Tech Medicine ETF (Jia Shi) adjusted its holdings [1] Group 2 - The CSI Sci-Tech Medicine ETF (Jia Shi) had a turnover rate of 2.46% and a trading volume of 5.4294 million yuan, with an average daily trading volume of 39.1454 million yuan over the past month, ranking first among comparable funds [3] - The ETF's scale increased by 15.801 million yuan over the past week, also ranking first among comparable funds, with a growth of 12.5 million shares [3] - The latest net inflow of funds into the ETF was 10.4149 million yuan, with a total net inflow of 15.5373 million yuan over the last five trading days [3] - The net value of the ETF increased by 32.18% over the past year, with the highest single-month return since inception being 23.29% and the longest consecutive monthly gain being five months [3] Group 3 - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Sci-Tech Innovation Board Biopharmaceutical Index accounted for 50.3%, including United Imaging Healthcare, BeiGene, and Huatai Medical [3][5] - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including increased support for R&D and inclusion in insurance directories [5] Group 4 - Zhongtai Securities believes that innovative drugs will remain the main investment theme in the pharmaceutical sector for the year, with expectations of continued growth amid differentiation [6] - Guolian Minsheng Securities anticipates that 2025 will be a significant year for domestic innovative drugs to enter international markets, following a shift from generic to innovative drugs over the past seven years [6] - Investors without stock accounts can access opportunities in the Sci-Tech Innovation Board biopharmaceutical sector through the CSI Sci-Tech Medicine ETF (Jia Shi) linked fund [6]

Group 1: Policy Support for Innovative Drugs - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, focusing on five areas and sixteen specific measures [1] - The measures aim to create a clinical value-oriented environment for innovative drug research and development, establish a diversified payment system, and enhance the accessibility of innovative drugs [1] Group 2: Longhua High-Tech's H-Share Listing - Changchun High-Tech announced plans to issue H-shares and list on the Hong Kong Stock Exchange to deepen its global strategy and accelerate internationalization [2] - The move aligns with the trend of domestic pharmaceutical companies pursuing both domestic and international growth, potentially enhancing the company's international financing capabilities and brand image [2] Group 3: IPO Approval for He Yuan Bio - Wuhan He Yuan Bio's IPO was approved by the Shanghai Stock Exchange, marking the first company to pass under the newly restarted fifth set of listing standards for the Sci-Tech Innovation Board [3] - The company focuses on recombinant human albumin, with its core product expected to be the first recombinant human albumin drug approved in China [3] Group 4: Clinical Trial Acceptance for Microchip Bio - Microchip Bio announced that its clinical trial application for CS231295, a selective Aurora B inhibitor for advanced solid tumors, was accepted by the FDA [4] - This drug is the first of its kind to enter clinical trials globally, showcasing the company's technological strength in innovative drug development [4] Group 5: Angli Kang's Innovation Drug Pipeline - Angli Kang reported that it currently has only one innovative drug project, ALK-N001, which is in the I phase of clinical trials as of the announcement date [5][6] - The company highlighted the long cycle, high investment, and uncertainty associated with innovative drug development, which may temper market speculation [6]