Macro Insights - In April, the general fiscal expenditure increased by 12.9% year-on-year, indicating a continued moderate easing of fiscal policy, although the momentum of fiscal expansion showed seasonal slowdown [2] - The general fiscal revenue turned positive with a 2.7% year-on-year increase, primarily driven by a significant rebound in government fund revenue [2] - The fiscal deficit recorded 336.7 billion yuan in April, an increase of 247.9 billion yuan compared to the same period last year, maintaining a loose fiscal stance [2] Strategy Insights - The market consensus remains fragmented, with domestic investors showing varied interest across different sectors, while foreign capital continues to flow into the A-share market, albeit with structural divergence [3] - The recent downgrade of the US sovereign credit rating by Moody's from Aaa to Aa1 reflects worsening long-term debt issues, which may influence global asset prices [3] - The recent interest rate cuts by major banks aim to support the real economy while maintaining reasonable bank interest margins, although ongoing rate declines may increase deposit-taking pressures [6] Fixed Income Insights - The recent adjustments in deposit and LPR rates indicate a comprehensive easing of policy rates, with the one-year LPR now at 3.0% and various deposit rates reduced [4] - The 2024 city investment report highlights structural improvements in local debt management, although inherent pressures remain, particularly regarding profitability and debt repayment capabilities [10] Technology Sector Insights - NVIDIA's recent announcements at Computex 2025 indicate a shift towards an open ecosystem for AI deployment, which may attract large cloud service providers [7] - The competitive landscape among global battery manufacturers is intensifying, with domestic firms like CATL leveraging supply chain integration and diverse technology paths for global expansion [11] Company-Specific Insights - Nanjing E-commerce is undergoing a brand transformation aimed at enhancing product quality and restoring brand image, with expected revenue growth in 2024 [12] - Ningde Times' recent listing on the Hong Kong Stock Exchange is anticipated to bolster its global market competitiveness and facilitate international business expansion [13] - Trip.com reported a 16.2% year-on-year revenue increase in Q1 2025, driven by resilient domestic travel demand and strong growth in cross-border business [14] - Three Life Health's collaboration with Pfizer on the 707 project is expected to unlock significant commercial potential, with a maximum milestone payment of $6.05 billion [15] - Leap Motor's Q1 2025 performance exceeded expectations, with a revenue increase of 187.1% year-on-year, driven by high sales growth [17]

Core Viewpoint - The innovative pharmaceutical sector experienced a significant surge, with multiple companies achieving substantial stock price increases, indicating a positive market sentiment towards domestic innovative drugs and their international expansion opportunities [1][2]. Group 1: Market Performance - On May 21, the innovative drug sector saw a broad increase, with companies like Sanofi Guojian and Shuyou Shen reaching their daily price limits, while others like Saiseng Pharmaceutical and Ruizhi Pharmaceutical rose over 10% [1]. - Specific stock performances included Sanofi Guojian (688336.SS) achieving a price of 47.24 with a 19.99% increase, and Shuyou Shen (300204.SZ) reaching 14.15 with a 20.02% increase [2]. Group 2: International Expansion of Domestic Innovative Drugs - On May 19, Sanofi Guojian and its affiliates granted Pfizer exclusive rights for the development, production, and commercialization of a product, with an upfront payment of $12.5 billion and potential milestone payments up to $4.8 billion [3]. - On May 15, Shiyao Group announced an exclusive licensing agreement with Cipla for the commercialization of a drug in the U.S., with an upfront payment of $15 million and potential total payments nearing $1.1 billion [3]. - Data from Yao Medicine Cube indicated that in 2024, China completed 94 transactions for innovative drug licensing abroad, totaling $51.9 billion, a 26% year-on-year increase [3]. Group 3: Institutional Insights - Following a recent executive order by former U.S. President Trump aimed at lowering drug prices, the impact on China's innovative drug exports is expected to be minimal [4]. - The domestic innovative drug policy is anticipated to undergo significant changes, with 2025 expected to be a pivotal year for policy implementation, including the introduction of a new insurance directory and support for innovative drug pricing mechanisms [5]. - Projections indicate that the net profit for A/H innovative drug companies in 2024 will reach 11.67 billion, a substantial increase from 670 million in 2023, reflecting improved industry profitability [5].

资金面上，三生国健上一交易日主力资金净流入5458.17万元，近5日净流入8305.90万元。 融资融券数据显示，该股最新（5月20日）两融余额为6977.93万元，其中，融资余额为6887.49万元，较 上一个交易日增加9.50万元，增幅为0.14%；融券余额为90.44万元，较上一个交易日增加15.07万元，增 幅为19.99%。近10日两融余额合计增加1371.07万元，增幅为24.45%，其间融资余额增长24.22%，融券 余额增长45.20%。 4月23日公司发布的一季报数据显示，一季度公司共实现营业收入3.11亿元，同比增长16.57%，实现净 利润1.03亿元，同比增长12.99%。 5月21日开盘科创板股三生国健涨停，截至09:32，股价报46.92元，成交3.07亿元，换手率1.07%，振幅 7.62%。 科创板个股中，截至发稿上涨的有130只，下跌的有439只，涨幅居前的有三生国健、天岳先进、复旦微 电等，分别上涨19.18%、9.00%、3.62%，跌幅居前的有正弦电气、天智航-U、上纬新材等，分别下跌 5.47%、4.44%、3.34%。 从机构评级来看，近一个月该股获2家机构买入评级 ...

智通财经5月21日电，舒泰神20CM涨停，此前三生国健3连板，赛升药业、海创药业、海辰药业、诺思 格、君实生物等跟涨。消息面上，港股创新药企三生制药公告称，其与辉瑞公司就前者自主研发的PD- 1/VEGF双特异性抗体SSGJ-707签订了独家许可协议。本次协议中12.5亿美元的首付款再次刷新了国产 创新药出海首付款金额纪录。 创新药概念延续强势 舒泰神20CM涨停 ...

1. Macro Data Overview - GDP in Q1 2025 increased by 5.4% year-on-year, the same as the previous quarter and higher than the same period last year [1] - In April 2025, the manufacturing PMI was 49.0%, down from 50.5% in the previous month and 50.4% in the same period last year [1] - The non-manufacturing PMI for business activities in April 2025 was 50.4%, down from 50.8% in the previous month and 51.2% in the same period last year [1] - Other economic indicators such as CPI, PPI, and social financing scale also showed corresponding changes [1] 2. Commodity Investment Reference Comprehensive - The central bank will implement a moderately loose monetary policy to support key areas of the real economy [2] - China's latest LPR has been lowered, and major banks have cut deposit and mortgage rates [2] - China's gold and platinum imports reached new highs in April [2] - The EU is considering zero quotas on Russian natural gas imports [2] Metals - The holdings of the world's largest gold ETF increased by 0.57 tons [3] Coal, Coke, Steel, and Minerals - Two coke ovens of Tangshan Guoyi Special Steel Co., Ltd. were shut down [4] Energy and Chemicals - The EU may propose to lower the price cap on Russian seaborne oil [5] - Macquarie Group expects OPEC+ to increase production in July [6] - Turkey discovered a new natural gas field [6] - Abu Dhabi National Oil Company reached agreements with US energy companies [6] - Kazakhstan's oil production increased in May [7] Agricultural Products - China's expected summer grain purchase volume in 2025 is about 200 billion jin [8] - Henan Province will implement policies to support grain production [8] - Gansu Province launched a drought emergency response [9] - South Korean flour mills bought US wheat [10] - Japan will not sacrifice its agriculture in trade agreements [10] 3. Financial News Compilation Open Market - The central bank conducted 357 billion yuan of 7-day reverse repurchase operations, resulting in a net injection of 177 billion yuan [11] - The Ministry of Finance issued treasury cash deposits with lower interest rates [11] Key News - China's LPR and bank deposit rates were lowered [12] - The central bank will support the real economy with a moderately loose monetary policy [12] - Fiscal revenue showed positive growth in April, and expenditure progress was fast [13] - Unemployment rates for different age groups were released [13] - A press conference on science and technology finance policies will be held [13] - The government will continue to support infrastructure and urban renewal projects [14][15] - The financial regulator will study a loan management method for urban renewal projects [14] - The scale of wealth management products exceeded 31 trillion yuan in May [16] - Views on the impact of interest rate cuts on bank net interest margins are divided [17] - Large - denomination certificates of deposit are losing popularity [17] - Insurance companies have raised over 74 billion yuan this year [17] - Japan's central bank's reduction in bond purchases affected the bond market [18] - There were various bond - related events and credit rating adjustments [18][19] Bond Market Summary - Treasury futures mostly declined slightly, and bond yields generally rose [20] - Exchange - traded bonds showed mixed performance [20] - Convertible bond indexes rose, and money market rates mostly declined [21] - Domestic and foreign bond yields showed different trends [23] Foreign Exchange Market - The on - shore RMB depreciated against the US dollar, and the US dollar index declined [24] Research Report Highlights - CICC believes short - end yields may be range - bound, while medium - and long - end yields may decline [25] - Guosheng believes the 4 - month economic data is strong, and mid - term bond rates have room to fall [25] Today's Reminders - Many bonds will be listed, issued, have payments, and pay principal and interest on May 21 [27] 4. Stock Market News - A - shares rose on Tuesday, with small - cap stocks active and the North Exchange 50 and micro - cap indexes hitting new highs [28] - The Hong Kong Hang Seng Index and related indexes rose, with biotech stocks performing strongly [29] - Shengsheng Guojian and Shengsheng Pharmaceutical signed a large - scale cooperation agreement with Pfizer [29][30] - Huaxi Bio responded to the "naming brokerage" incident [30] - Xinhua Insurance will participate in the establishment of Honghu Fund Phase III [30] - Bilibili's Q1 revenue increased, and it achieved profitability [30] - CATL's H - share issuance increased after the over - allotment option was exercised [31]

Policy Trends - Recent COVID-19 infections show a slight increase in some regions, but the clinical severity has not changed significantly according to a Chinese CDC expert [2] Drug and Device Approvals - Changshan Pharmaceutical's nadroparin calcium injection has received a drug registration certificate from Belarus, used for treating venous thromboembolism and other related conditions [3] - Shanghai Pharmaceuticals announced that its rivaroxaban tablets have received approval from the US FDA, aimed at reducing the risk of stroke and systemic embolism in non-valvular atrial fibrillation patients, among other uses [4] Capital Markets - Shanghai Kejun Pharmaceutical Technology Co., Ltd. completed a B+ round financing exceeding 100 million yuan, with funds primarily allocated for the phase III clinical development of its core product CG-0255 in the cardiovascular field [5] Industry Developments - Jingyin Pharmaceutical and CRISPR Therapeutics have formed a strategic partnership to jointly develop and commercialize a long-acting siRNA therapy for thrombotic diseases [6] - Buchang Pharmaceutical's subsidiary signed a commissioned research agreement with Fubicheng Pharmaceutical for the development of MF59 adjuvant [7] - Sanofi and Pfizer entered into a licensing agreement for a bispecific antibody product targeting PD-1 and VEGF, with Pfizer gaining exclusive rights outside mainland China [9] Public Sentiment Alerts - Jinhua Co., Ltd. reported that shareholder Xinyu Jinyu has reduced its holdings by 133,500 shares, representing 0.035765% of the company's total share capital [10] - Fosun Pharma announced the resignation of its Senior Vice President Rong Yang for personal reasons, effective May 16, 2025 [11]

Group 1 - Sanofi's innovative drug company, Sangfor, has granted Pfizer exclusive global rights (excluding mainland China) for the development, production, and commercialization of the PD-1/VEGF bispecific antibody SSGJ-707, marking a significant milestone for domestic pharmaceutical companies in entering the global market [1] - Pfizer will pay a non-refundable and non-offsettable upfront payment of $1.25 billion, with potential milestone payments reaching up to $4.8 billion based on development, regulatory approval, and sales, along with a double-digit percentage sales revenue share based on product sales in authorized regions [1] Group 2 - Yipinhong announced the acquisition of a 15.25% stake in its subsidiary Guangzhou Rui'an Bo from minority shareholder Arthrosi for $6.8 million (approximately 49 million RMB) to enhance its market rights for the innovative drug AR882 in China and to promote efficient research and rapid market entry [2] - The transaction's pricing and the ongoing technical support from Arthrosi will be closely monitored for future clinical progress and market access efficiency [2] Group 3 - Huasheng Technology received an administrative regulatory measure from the Sichuan Securities Regulatory Bureau, which ordered the company to rectify issues related to accounting irregularities, non-operating fund occupation, and inadequate internal controls [3] - The regulatory action highlights weaknesses in the company's governance structure and compliance awareness, potentially affecting the rights of minority investors [3] Group 4 - Fosun Pharma announced the resignation of Rong Yang, CEO of its U.S. subsidiary, due to personal reasons, raising concerns about the continuity of leadership and strategic direction in the critical U.S. market for innovative drug commercialization [4] - The company is currently expanding its capabilities in the U.S. for both generic and innovative drug registration and commercialization [4]

Core Viewpoint - The collaboration between Sanofi and Pfizer for the dual-specific antibody SSGJ-707 marks a significant step in the global commercialization of innovative cancer therapies, enhancing the international recognition and accessibility of Sanofi's products [1][2]. Company Summary - Sanofi and its affiliates granted Pfizer exclusive global rights (excluding mainland China) for the development, production, and commercialization of the dual-specific antibody SSGJ-707, with Pfizer retaining rights for commercialization in mainland China through additional payments [1]. - Pfizer will pay an upfront non-refundable fee of $1.25 billion, with potential milestone payments reaching up to $4.8 billion based on development, regulatory approval, and sales, along with a double-digit percentage sales share based on product sales in authorized regions [1]. - The antibody SSGJ-707 targets PD-1 and VEGF, having received breakthrough therapy designation from the National Medical Products Administration for treating advanced non-small cell lung cancer (NSCLC) [1][2]. Industry Summary - The collaboration signifies recognition of Sanofi's dual-specific antibody research platform by a leading international company, which is expected to enhance the global reach and acceptance of its products [2]. - The SSGJ-707 is currently in Phase III clinical trials for NSCLC and Phase II for other indications, indicating a robust pipeline for Sanofi's innovative therapies [2]. - The trend of Chinese innovative drug companies entering into licensing agreements with multinational pharmaceutical companies is growing, driven by the increasing recognition of Chinese innovation and the need for multinational firms to address patent cliffs [3][4].

证券代码： 688336 证券简称：三生国健 公告编号：2025-023 三生国健药业（上海）股份有限公司 股票交易异常波动公告 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： 根据上海证券交易所相关规定，公司对相关问题进行了自查，并 发函向公司控股股东及实际控制人核实。现将有关情况： 说明如下： 处的行业政策未发生重大调整。 ? 三生国健药业（上海）股份有限公司（以下简称"公司"或"三 生国健"）股票交易连续两个交易日内（2025 年 5 月 19 日、2025 年 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情形。 ? 经公司自查并向控股股东及实际控制人核实，截止本公告披露 日，除公司已披露信息外，公司及公司控股股东、实际控制人不存在 筹划关于公司的应披露而未披露的重大事项的情况，公司日常经营情 况正常，未发生重大变化，所处的行业政策未发生重大调整。 ? 公司及本公司的关联方三生制药和沈阳三生制药有限责任公 司（以下简称"沈阳三生"，以下合称"许可方 ...

证券代码：688336 证券简称：三生国健 公告编号：2025-022 三生国健药业（上海）股份有限公司 关于召开2025年第二次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络 投票相结合的方式 召开地点：中国（上海）自由贸易试验区李冰路 399 号公司会议 室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 6 月 5 日 至2025 年 6 月 5 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投 票时间为股东大会召开当日的交易时间段， 即 9:15-9:25,9:30-11:30， 的 9:15-15:00。 （六） 融资融券、转融通、约定购回业务账户和沪股通投资者的投票 程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通 投资者的投票，应按照《上海证券交易所科创板上市公司自律监管指 引第 ...