Investment Rating - The report recommends a "Buy" rating for multiple companies in the pharmaceutical sector, including Junshi Biosciences, Hualan Biological Engineering-B, and others [3]. Core Insights - The pharmaceutical sector has shown a 1.90% increase this week, outperforming the CSI 300 index by 0.21 percentage points. Sub-sectors such as pharmaceutical outsourcing, vaccines, and medical consumables performed well, while innovative drugs lagged behind [6][42]. - The report emphasizes the potential of the 4-1BB target in cancer treatment, particularly the PD-L1/4-1BB bispecific antibodies, which may address the limitations of PD-1/PD-L1 monotherapy [5][16][17]. Summary by Sections Industry Viewpoints and Investment Recommendations - 4-1BB is recognized as a promising target for tumor therapy, enhancing T cell activation and survival, which is crucial for effective immune responses against cancer [16]. - Investment strategies focus on the innovative drug sector, driven by increased liquidity and risk appetite, with a recommendation to pay attention to companies with strong pipelines in bispecific antibodies and ADCs [6][38]. Pharmaceutical Industry Market Performance - The pharmaceutical sector's overall P/E ratio is reported at 30.67 times, with a premium of 40.37% compared to the overall A-share market excluding financials [42]. Company Dynamics - Notable company developments include: - LIZHU Group's successful Phase III trial for a monoclonal antibody for psoriasis [43]. - Baiyang Pharmaceutical's planned share reduction by its major shareholder [43]. - Mylab's new medical device approval, enhancing market competitiveness [44]. Industry Dynamics - The report highlights the increasing focus on innovative drug development and the potential for significant market opportunities in the context of upcoming patent expirations for key small molecule drugs [38].

Core Insights - The innovative drug sector has seen significant growth this year, with the innovative drug index achieving a cumulative increase of 73.62% year-to-date, and over a quarter of its constituent stocks doubling in price [2][5] - Despite strong performance, there is a notable divergence in fund flows, with some high-performing funds experiencing substantial increases in scale while others face significant reductions [3][4] Fund Performance - Over 98% of pharmaceutical-related theme funds have reported gains this year, with 72 products seeing increases exceeding 50%. Notable performers include Changcheng Pharmaceutical Industry Select Mixed Fund A, which has achieved a return of 116.12% [1][2] - Conversely, some funds have reported negative returns, such as Taikang Medical Health Stock Fund A, which has a year-to-date return of -3.41% [2][3] Fund Flow Dynamics - There has been a significant inflow of funds into certain high-performing products, with some funds experiencing scale increases of over 30 times in a single quarter. For instance, Changcheng Pharmaceutical Industry Select Mixed Fund A's scale surged from 0.36 million to 11.32 million [3][4] - However, more than 30% of funds with returns exceeding 30% have seen a decrease in scale, indicating a complex investor sentiment [3][6] Investor Behavior - Investor behavior reflects a cautious approach, with some choosing to "take profits" amid concerns over short-term volatility. This has led to a significant outflow of over 6.7 billion from related pharmaceutical theme products in the past month [5][6] - Fund managers suggest that the current market adjustment may present a good opportunity for long-term investment in the innovative drug sector, which is believed to be undergoing a significant transformation [6][7] Market Outlook - The innovative drug sector is expected to continue attracting attention, with fund managers focusing on clinical data, overseas licensing, and domestic sales growth as key areas for investment [7]

Group 1 - The core viewpoint of the article highlights the significant increase in fund holdings in certain core assets, with 126 stocks having a fund holding ratio exceeding 10%, indicating enhanced "control" by funds over these assets [1][3] - The stock with the highest fund holding is Nine Company, with 216 funds collectively holding 195 million shares, accounting for 35.24% of its circulating stock [1] - Other notable stocks include BeiGene and Innovent Biologics, with fund holding ratios of 33.47% and 32.70% respectively, and 17 stocks have fund holding ratios exceeding 20%, reflecting high recognition from funds [1][3] Group 2 - In Q2, funds were active in adjusting their holdings, with 85 out of 126 stocks seeing increased fund holdings, particularly notable increases in Puyuan Precision, Huahong Semiconductor, and Yuanjie Technology, with increases of 409.08%, 354.96%, and 317.64% respectively [3] - Conversely, 41 stocks experienced reductions in fund holdings, with Hengxuan Technology, Stone Technology, and Nairui Radar seeing decreases of 37.29%, 32.21%, and 30.98% respectively [3] - The "hugging" phenomenon is prominent among high holding ratio stocks, with 44 stocks held by over 100 funds and 32 stocks held by 50 to 99 funds, with Ningde Times leading at 1,775 funds holding 14.49% of its shares [3][4] Group 3 - From a valuation perspective, among the high holding ratio stocks, 42 stocks have a price-to-earnings ratio below 30, with Gujing Distillery having the lowest at 8.20 times [4] - Major sectors represented among these stocks include electronics, pharmaceuticals, and automotive, with 32, 21, and 12 stocks respectively [4] - Of the 24 stocks that have released half-year performance forecasts, 23 are expected to see profit increases, with Huaxia Airlines projecting a staggering 875.10% year-on-year profit growth [4]

Group 1 - In the second quarter, a total of 2950 stocks appeared on the fund's heavy holdings list, with 126 stocks having a fund holding ratio exceeding 10% [1] - Among the stocks with a fund holding ratio over 10%, 17 stocks had a holding ratio exceeding 20%, while 109 stocks had a holding ratio between 10% and 20% [1] - The stock with the highest fund holding ratio is Ninebot Company, with 216 funds collectively holding 195 million shares, accounting for 35.24% of the circulating shares [1] Group 2 - A total of 44 stocks are held by more than 100 funds, while 32 stocks are held by 50 to 99 funds [2] - The stock with the most fund holders is CATL, with 1775 funds holding a total of 14.49% of the shares [2] - In terms of valuation, 41 stocks with high fund holdings have a price-to-earnings ratio below 30, with the lowest being Gujing Distillery at 7.90 times [2] Group 3 - 24 stocks have announced performance forecasts for the first half of the year, with 23 expecting profit increases, the highest being Huaxia Airlines with an expected increase of 875.10% [3] - The stocks with the largest increase in fund holdings include Puyuan Precision Electronics, Huahong Semiconductor, and Yuanjie Technology, with increases of 409.08%, 354.96%, and 317.64% respectively [1][3] - The industry distribution of high fund holdings is mainly concentrated in electronics, biomedicine, and the automotive sector, with 32, 21, and 12 stocks respectively [2]

Core Viewpoint - The article discusses the growth and significance of International Multi-Center Clinical Trials (MRCT) in the pharmaceutical industry, highlighting the shift towards biological drugs and the increasing participation of domestic companies in MRCTs [1][9][21]. Group 1: Overview of MRCT - MRCT refers to clinical trials conducted simultaneously at multiple centers across different regions to evaluate the efficacy, safety, and applicability of new drugs or treatments [2][3]. - MRCT has gained global recognition in the pharmaceutical and medical device industries, becoming a primary source of clinical trial data for product registration in multiple countries [9][21]. Group 2: Current Status of MRCT in China - The number of MRCTs in China peaked in 2021, saw a decline, and is projected to reach a new high of 336 in 2024, representing a 15% year-on-year increase [9][11]. - The transition from small molecule chemical drugs to large molecule biological drugs is evident, with biological trials surpassing chemical trials for the first time in 2023 [11][21]. - In 2024, 55.4% of MRCTs will be biological trials (186 trials), while chemical trials will account for 150 trials [11][13]. Group 3: MRCT Phases and Trends - The majority of MRCTs in China are Phase III trials, maintaining over 55% of the total, followed by Phase II (21.1%) and Phase I (17.0%) trials [13][21]. - The increase in Phase I trials is attributed to improved review and approval efficiency, allowing for faster market entry of drugs based on early clinical data [13][21]. Group 4: Company Landscape in MRCT - Foreign companies like AstraZeneca, Sanofi, and Merck dominate MRCTs in China, holding the top positions in trial numbers [17][19]. - Domestic companies such as BeiGene, Zai Lab, and Ascentage Pharma are increasingly active in MRCTs, with their participation rising significantly from less than 3% in 2015 to 30.1% in 2024 [15][17]. Group 5: Future Trends in MRCT - The trend towards MRCTs is expected to continue, driven by supportive policies and an improving market environment, enhancing the market position of domestic companies [21][23]. - Biotech companies are increasingly engaging in MRCTs as a first step towards internationalizing their products for overseas registration [21][23].

Investment Rating - The investment rating for the industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 5.89%, ranking third among 31 primary industries, outperforming the CSI 300 index which rose by 1.92% [5][17] - The sub-industries of medical research outsourcing and chemical preparations saw significant gains of 13.94% and 8.43% respectively, while offline pharmacies experienced a decline of 3.91% [5][17] - As of July 18, 2025, the overall PE (TTM) for the pharmaceutical and biotechnology industry is 30.09x, up from 28.52x in the previous period, indicating an upward trend in valuation but still below the average [6][22] - The top three sub-industries by PE (TTM) are vaccines (57.37x), hospitals (37.75x), and other biological products (36.95x), while pharmaceutical circulation has the lowest valuation at 15.84x [6][22] Industry Review - The report highlights that 37 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 2.182 billion yuan, with 4 companies increasing their holdings by 145 million yuan and 33 companies reducing theirs by 2.328 billion yuan [6] Important Industry News - The National Medical Products Administration (NMPA) approved the BCL-2 inhibitor "Lisatinib" for market entry, marking it as the first domestic product of its kind [8] - The NMPA also approved "Recombinant Human Albumin Injection (Rice)" as the first of its kind in China [8] - The eleventh batch of national procurement rules has been optimized, significantly reducing policy uncertainty for innovative drugs [9] Investment Recommendations - The report suggests continued attention to pharmaceutical companies with innovative capabilities and those with high-end and cost advantages in generic drugs, especially in light of the optimized procurement rules that favor high-quality production and cost-effective generics [9]

按所属板块统计，基金高比例持有个股中，创业板有13只、科创板有15只、沪深主板有8只。行业分布 上，主要集中在电子、医药生物、汽车行业，分别有9只、9只、6只个股上榜。（数据宝） 基金二季度持股比例排名 | 证券代码 | 证券简称 | 基金家数 | 合计持股数量（万股） | 环比（%） | 占流通股比例（%） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 688235 | 百济神州 | 107 | 2590.39 | -31.74 | 22.51 | 医药生物 | | 000880 | 潍柴重机 | 36 | 3476.58 | 75.56 | 21.44 | 汽车 | | 688428 | 诺诚健华 | 28 | 4689.44 | -51.09 | 17.61 | 医药生物 | | 002541 | 鸿路钢构 | 23 | 8483.13 | -41.33 | 17.10 | 建筑装饰 | | 300502 | 新易盛 | 318 | 15023.00 | -12.52 | 17.00 | 通信 | | 603119 | 浙江荣泰 | 27 | ...

Group 1 - The stock price of Nocera Biopharma (688428) closed at 30.6 yuan on July 18, 2025, down 0.33% with a turnover rate of 2.88% and a trading volume of 77,200 shares, amounting to a total transaction value of 235 million yuan [1] - On July 18, 2025, the net outflow of main funds was 11.82 million yuan, accounting for 5.02% of the total transaction value, while retail investors saw a net inflow of 7.19 million yuan, representing 3.06% of the total transaction value [2][4] - Nocera Biopharma submitted a disclosure report on July 18, 2025, indicating that the number of issued shares and treasury shares remained unchanged at 1,494,598,235 shares and 1,686,000 shares, respectively, totaling 1,496,284,235 shares [2] Group 2 - On July 18, 2025, Nocera Biopharma issued a total of 2,076,750 new RMB shares under the 2023 RMB Share Incentive Plan, with an issuance price of 6.95 yuan per share [3][4] - The issuance included 512,500 shares to 2 directors, 1,169,750 shares to 94 incentive recipients, and 394,500 shares to 42 incentive recipients, resulting in an increase in the total number of issued RMB shares from 266,282,967 to 268,359,717 shares [3]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 諾誠健華醫藥有限公司（於開曼群島註冊成立的有限公司） 呈交日期： 2025年7月18日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 09969 | 說明 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件 ...

证券代码：688428 A 股简称：诺诚健华 公告编号：2025-026 归属结果暨股份上市的公告 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 A 股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2,076,750股。 本次 A 股股票上市流通总数为2,076,750股。 ? 本次 A 股股票上市流通日期为2025 年 7 月 18 日。 根据中国证券监督管理委员会、上海证券交易所、中国证券登记结算有限责 任公司上海分公司相关业务规定，诺诚健华医药有限公司（以下简称"诺诚健华" 或"公司"）于近日收到中国证券登记结算有限责任公司上海分公司出具的《证券 变更登记证明》，公司完成了 2023 年科创板限制性股票激励计划首次授予部分第 二个归属期及预留授予部分第一个归属期的股份登记工作。现将有关情况公告如 下： 一、本次限制性股票归属的决策程序及相关信息披露 港股代码：09969 港股简称：诺诚健华 诺诚健华医药有限公司 关于 2023 年科创板限制性股票激励计划首次 授予部分第二个归 ...