New Stock Listings - Yitang Co., Ltd. (688729) listed at an issue price of 8.45 on July 8, 2025[1] - Jichuan Pharmaceutical (600566) has a tender offer period from June 18 to July 17, 2025[1] - ST Yazhen (603389) has a tender offer period from June 10 to July 9, 2025[1] Delisting and Trading Reminders - Tui Shi Jin Gang (600190) has 8 trading days remaining until the last trading day[1] - Hengli Tui (000622) has 5 trading days remaining until the last trading day[1] - Tui Shi Jiu You (600462) has 4 trading days remaining until the last trading day[1] Market Volatility - North China Long Dragon (301357) reported severe abnormal fluctuations[1] - Multiple stocks including ST Zhengping (603843) and Hunan Tianyan (600698) have reported abnormal fluctuations[3]

New Stock Issuance - Huadian New Energy (证券代码: 730930) issued shares at a price of 3.18 on July 7, 2025[1] - Jichuan Pharmaceutical (证券代码: 600566) has a tender offer period from June 18 to July 17, 2025[1] - ST Yazhen (证券代码: 603389) has a tender offer period from June 10 to July 9, 2025[1] Trading Alerts - The last trading day for TSM Jinguang (证券代码: 600190) is in 9 trading days[1] - The last trading day for TSM Jinyou (证券代码: 600462) is in 5 trading days[1] - The last trading day for TSM Gongzhi (证券代码: 000584) is in 3 trading days[1] Abnormal Fluctuations - Northern Long (证券代码: 301357) is experiencing severe abnormal fluctuations[1] - ST Dongjing (证券代码: 002199) reported abnormal fluctuations[3] - ST Yunchuang (证券代码: 835305) reported abnormal fluctuations on July 4, 2025[3]

Investment Rating - The report maintains a rating of "Overweight" for the pharmaceutical and biotechnology industry [1] Core Insights - The PD1/VEGF dual antibody is leading the next generation of immuno-oncology (IO) treatments, with significant attention on companies like Kangfang Biopharma and Shenzhou Cell [5][6] - The report highlights the approval of the first domestic recombinant human coagulation factor VIIa by Zhengda Tianqing, marking a significant milestone in the industry [2] - The report suggests a ranking of favored sub-industries: innovative drugs > research services > CXO > traditional Chinese medicine > medical devices > pharmacies [3][12] Summary by Sections Industry Performance - The A-share pharmaceutical index has increased by 3.9% this week and 10% year-to-date, outperforming the CSI 300 by 3.0% and 8.9% respectively [6][11] - The H-share biotechnology index has seen a rise of 5.0% this week and 62% year-to-date, outperforming the Hang Seng Technology Index by 7.3% and 44% respectively [6][11] R&D Progress and Company Dynamics - The report details the significant advancements in innovative drugs, including the initiation of Phase III clinical trials for HER2 dual antibodies by Zhengda Tianqing [2] - It emphasizes the competitive edge of PD1/VEGF dual antibodies, particularly the success of Kangfang Biopharma's Ivosidenib in clinical trials against the leading PD-1 inhibitor, Pembrolizumab [17][23] Market Insights - The report notes that the pharmaceutical sector has shown strong performance, particularly in innovative drugs, with significant gains in stock prices for companies like Saily Medical (+55%) and Shenzhou Cell (+47%) [6][11] - The report also highlights the performance of various sub-sectors, with chemical drugs and biological products showing substantial price increases [6][11] Specific Company Recommendations - The report recommends focusing on companies such as Shenzhou Cell, Huahai Pharmaceutical, and Rongchang Biopharma from the perspective of PD1/VEGF dual antibodies [3][12] - It also suggests looking at companies with strong growth potential like Borui Pharmaceutical and Innovent Biologics, as well as those with low valuations such as Zhaoli Pharmaceutical and Dong'e Ejiao [3][12]

Core Viewpoint - Beijing Shenzhou Cell Biotechnology Group Co., Ltd. experienced a significant stock price fluctuation, with a cumulative closing price increase of 30% over three consecutive trading days (July 2, 3, and 4, 2025) [2][4] Group 1: Stock Trading Anomaly - The company's stock price deviation reached a cumulative increase of 30%, qualifying as an abnormal trading situation according to the Shanghai Stock Exchange regulations [2][4] - The company conducted a self-examination and confirmed that there are no undisclosed significant matters related to the company or its controlling shareholders [5][6] Group 2: Company Operations and Information Disclosure - The company reported that its production and operational conditions are normal, with no significant changes in market environment or industry policies [5] - There are no ongoing major matters such as mergers, debt restructuring, or asset injections that have not been disclosed [5][6] - The company’s board confirmed that there are no undisclosed matters that could significantly impact the stock price [7][8]

Market Overview - On July 4, A-shares showed mixed performance with the three major indices fluctuating. The total trading volume reached 1.45 trillion yuan, an increase of 121 billion yuan compared to the previous trading day, with over 4,100 stocks declining [1] - Market focus was on stablecoins, digital currencies, and cross-border payment sectors, while banking and gaming sectors strengthened. Energy metals and small metals sectors experienced declines [1] Stock Performance - A total of 39 stocks hit the daily limit up, with 10 stocks achieving consecutive limit ups. The limit up rate was 65% (excluding ST and delisted stocks) [3] - Notable stocks included Chengbang Co., which saw a significant drop after hitting the limit up, while innovative drug concept stock Seli Medical achieved a limit up for the fourth consecutive day [3] Key Stocks and Trading Data - **Shenzhou Cell**: Increased by 16.46% with a trading volume of 20.17 million shares and a total transaction value of 1.63 billion yuan. Institutional net buying amounted to 156 million yuan [18] - **Jingxin Pharmaceutical**: Rose by 10.02% with a trading volume of 8.74 million shares and a total transaction value of 1.49 billion yuan. The company focuses on innovative drugs and medical devices [9][10] - **Hengbao Co.**: Engaged in financial technology and digital currency, with a focus on expanding overseas markets. The company reported overseas revenue of 93.62 million yuan, accounting for 10.37% of total revenue [12] - **Jingbeifang**: Engaged in stablecoin and digital currency sectors, recently signed a strategic cooperation agreement to enhance financial technology innovation [15] Institutional Trading - The top three net buying stocks by institutions were Shenzhou Cell, Hengbao Co., and Nanling Technology, with net purchases of 156 million yuan, 98.35 million yuan, and 91.73 million yuan respectively [6] - The top three net selling stocks were Haoshanghao, Jingbeifang, and Yingfangwei, with net sales of 110 million yuan, 105 million yuan, and 72.72 million yuan respectively [6] Summary of Key Companies - **Jingxin Pharmaceutical**: Focuses on the mental health sector and has a first-class innovative drug expected to be listed in March 2024, with plans to enter the medical insurance payment directory [9][10] - **Hengbao Co.**: Involved in financial technology and digital security, with a focus on digital currency innovation and expanding into overseas markets [12] - **Jingbeifang**: Actively participates in the construction of key digital currency systems for major state-owned banks and aims to innovate in financial technology [15]

Market Overview - On July 4, the Shanghai Composite Index rose by 0.32%, while the Shenzhen Component Index and the ChiNext Index fell by 0.25% and 0.36% respectively [2] - A total of 54 stocks appeared on the "Dragon and Tiger List" due to significant price movements, with the highest net inflow of funds being 111 million yuan into Jingxin Pharmaceutical (002020.SZ) [3][5] Stock Performance - Jingxin Pharmaceutical saw a net purchase of 111 million yuan, accounting for 9.41% of its total trading volume, and closed up by 10.02% with a turnover rate of 11.2% [3][5] - The stock with the highest net outflow was Haoshanghao (001298.SZ), which experienced a net sell of 110 million yuan, representing 4.06% of its total trading volume, and closed down by 10.01% with a turnover rate of 49.46% [6][3] Institutional Activity - On the same day, 24 stocks on the Dragon and Tiger List had institutional participation, with institutions net buying 91,500 yuan in total [7] - The stock with the highest institutional net purchase was Shenzhou Cell (688520.SH), which closed up by 16.46% and had a turnover rate of 4.53% [7][8] Northbound Capital Flow - Northbound funds participated in 14 stocks on the Dragon and Tiger List, with a total net outflow of 243 million yuan [12] - The highest net purchase by northbound funds was also in Jingxin Pharmaceutical, amounting to 48.64 million yuan, while the highest net sell was in Jingbeifang (002987.SZ) at 180 million yuan [12][14] Summary of Institutional and Northbound Fund Activities - Institutions and northbound funds jointly net bought stocks such as Longyang Electronics, Guangsheng Hall, and Shenzhou Cell, while they jointly net sold stocks including Lingang Steel, Yingfang Micro, and Haoshanghao [14][15] - The total net purchase by institutions for Shenzhou Cell was 155.81 million yuan, while the total net sell for Haoshanghao was 249.7 million yuan [15]

Trading Activity - The total trading volume of the Shanghai and Shenzhen Stock Connect today reached 159.12 billion, with Kweichow Moutai and CATL leading in trading volume for the Shanghai and Shenzhen markets respectively [1] - The top ten stocks by trading volume in the Shanghai Stock Connect included Kweichow Moutai (1st), Industrial Fulian (2nd), and China Merchants Bank (3rd) [2] - In the Shenzhen Stock Connect, CATL (1st), Dongfang Wealth (2nd), and BYD (3rd) were the top three stocks by trading volume [2] Sector Performance - The computer sector saw the highest net inflow of funds, amounting to 33.53 billion, with a net inflow rate of 2.03% [4] - Other sectors with significant net inflows included banking (9.45 billion, 2.60%) and public utilities (5.92 billion, 5.95%) [4] - Conversely, the non-ferrous metals sector experienced the largest net outflow of funds, totaling -54.15 billion, with a net outflow rate of -9.37% [5][6] ETF Trading - The top ETF by trading volume was the Hong Kong Securities ETF, with a transaction amount of 19.94 billion, reflecting a 121.23% increase from the previous trading day [9] - The SSE 50 ETF saw a remarkable increase in trading volume, with a 150% growth compared to the previous day, reaching 15.97 billion [10] Futures Market - In the futures market, both long and short positions in major index futures contracts saw significant increases, with the IC contract showing a greater increase in long positions compared to short positions [11] Institutional Activity - Institutional buying was notable in stocks like Shenzhou Cell, which saw a purchase of 378 million from four institutions, while Xicai Testing received over 60 million in institutional buying [12] - On the selling side, stocks like Jingbeifang and Yingfangwei faced significant institutional sell-offs, exceeding 60 million and 70 million respectively [13] Quantitative Trading - Quantitative trading activity showed a decline, with stocks like Meinuohua experiencing over 100 million in buying from two quantitative seats, while also facing significant selling from other quantitative seats [15]

经公司自查并发函问询控股股东及实际控制人，确认截至本公告披露日， 公司及控股股东、实际控制人不存在关于公司的应披露而未披露的重大信息，也 不存在处于筹划阶段的重大事项。公司生产经营情况正常，未发生重大变化。 公司股价短期涨幅较大，敬请投资者注意二级市场股票交易风险。 一、股票交易异常波动的具体情况 公司股票交易连续三个交易日内（2025 年 7 月 2 日、7 月 3 日和 7 月 4 日） 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。 证券代码：688520 证券简称：神州细胞 公告编号：2025-036 北京神州细胞生物技术集团股份公司 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： 北京神州细胞生物技术集团股份公司（以下简称"公司"）股票交易连续 三个交易日内（2025 年 7 月 2 日、7 月 3 日和 7 月 4 日）收盘价格涨幅偏离值累 计达到 30%，根据《上海证 ...

Group 1 - The China Securities Innovation Drug Industry Index (931152) increased by 0.55%, with notable stock performances including Zhenhua Cell (688520) up 16.46%, Rongchang Bio (688331) up 10.65%, and Aosaikang (002755) up 10.00% [1] - The Innovation Drug 50 ETF (159835) has shown a cumulative increase of 33.49% over the past year, indicating significant growth in its market share [1] - The National Healthcare Security Administration and the National Health Commission released measures to support the high-quality development of innovative drugs, marking a pivotal step in the integration of commercial health insurance into the multi-tiered medical security system [1] Group 2 - Multiple policy releases are seen as significant for the development of innovative drugs, with the introduction of a commercial health insurance innovative drug directory expected to expand market opportunities and encourage pharmaceutical companies to enhance R&D efforts [2] - The domestic innovative drug industry is anticipated to reach a turning point by 2025, shifting from capital-driven growth to profit-driven growth, presenting dual opportunities for performance and valuation recovery [2] - The Innovation Drug 50 ETF closely tracks the China Securities Innovation Drug Industry Index, which selects up to 50 representative listed companies involved in innovative drug R&D to reflect the overall performance of the innovative drug sector [2]

Market Overview - The Shanghai Composite Index closed at 3461.15 points, up 0.18%, with a trading volume of 500.21 billion yuan [1] - The Shenzhen Component Index closed at 10534.58 points, up 1.17%, with a trading volume of 809.55 billion yuan [1] - The ChiNext Index closed at 2164.09 points, up 1.9%, with a trading volume of 382.01 billion yuan [1] - The total trading volume of both markets was 1.31 trillion yuan, a decrease of 67.22 billion yuan from the previous trading day [1] Sector Performance - Strong sectors included electronics, pharmaceuticals, power equipment, communications, construction materials, textiles, beauty care, and automotive [2] - The electronic sector saw the highest net inflow of funds, amounting to 5.36 billion yuan [5] - Weak sectors included coal, transportation, steel, oil and petrochemicals, and banking [2] Stock Performance - 3127 stocks rose while 1746 stocks fell, with 66 stocks hitting the daily limit up and 9 stocks hitting the limit down [2] - The top net inflow stocks included Ningde Times with 1.32 billion yuan, followed by Luxshare Precision and Beijing North with 740 million yuan and 510 million yuan respectively [8][9] - The top net outflow stock was Yuyin Co., with a net outflow of 783 million yuan [10][11] Institutional Activity - Institutions had a net sell of approximately 315 million yuan, with the highest net buy in Shenzhou Cell at about 119 million yuan [13][14] - The top net sell stocks included Pengding Holdings and Yuyin Co., with net sells of 1.53 billion yuan and 718 million yuan respectively [13][14]