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: ETF Performance - The liquidity of the Kexin Pharmaceutical ETF managed by Jiashi showed a turnover rate of 5.93% with a transaction volume of 13.27 million yuan [2] - Over the past month, the average daily transaction volume reached 38.52 million yuan, ranking first among comparable funds [2] - In the past week, the Kexin Pharmaceutical ETF saw a significant scale increase of 16.98 million yuan, also ranking first among comparable funds [2] - The ETF's share increased by 15 million shares in the past week, marking a notable growth and leading among comparable funds [2] - In the last three days, the ETF experienced continuous net inflows, with a maximum single-day net inflow of 10.41 million yuan, totaling 18.13 million yuan [2] Group 2: Historical Performance - As of July 2, 2025, the Kexin Pharmaceutical ETF's net value increased by 30.63% over the past year [2] - The highest monthly return since inception was 23.29%, with the longest consecutive monthly gains being five months and the maximum gain during this period being 23.50% [2] - The average return during the months of increase was 7.43%, with a historical one-year profit probability of 73.77% [2] Group 3: Index Composition - As of June 30, 2025, the top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index accounted for 50.3% of the total index [2] - The top stocks include: - United Imaging Healthcare (8.97% weight, +0.35% change) - BeiGene (7.05% weight, -0.05% change) - Huatai Medical (5.85% weight, -1.19% change) - Aier Eye Hospital (4.91% weight, -0.14% change) - Baillie Gifford (4.77% weight, +1.51% change) - Zai Lab (4.75% weight, +2.29% change) - BGI Genomics (4.17% weight, -0.73% change) - Junshi Biosciences (4.15% weight, +2.18% change) - Aibo Medical (3.33% weight, +0.25% change) - Teva Pharmaceutical (3.25% weight, -0.22% change) [4] Group 4: Policy Support - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, focusing on key issues faced by the industry [4] - The measures include 16 specific actions across five areas, aiming to provide comprehensive support for innovative drug research, access, hospital use, and multi-channel payment [4] Group 5: Industry Outlook - According to Industrial Securities, the innovative drug sector's prosperity is expected to be sustainable, with a focus on "innovation + internationalization" as the core direction of the pharmaceutical sector [5] - The sector is benefiting from policy support, enhanced global competitiveness, and the realization of commercial profitability [5] - Investors without stock accounts can access opportunities in the biopharmaceutical sector through the Kexin Pharmaceutical ETF Jiashi linked fund [5]

Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) has enabled 20 innovative biopharmaceutical companies to list under the fifth set of listing standards, reshaping China's biopharmaceutical landscape [1] - The China Securities Regulatory Commission (CSRC) has introduced measures to enhance the STAR Market's support for high-growth, unprofitable tech companies, emphasizing the importance of "hard technology" [1][3] - The fifth set of listing standards allows unprofitable innovative companies to raise funds, breaking traditional capital market constraints and facilitating financing for R&D-focused firms [1][2] Industry Developments - Since its inception, the STAR Market has seen 20 innovative biopharmaceutical companies adopt the fifth set of listing standards, with significant fundraising efforts directed towards advanced technologies such as antibody drugs and ADCs [1] - In 2024, these 20 companies collectively achieved revenue of 14.21 billion yuan, a year-on-year increase of 44.17%, with several companies projected to exceed 1 billion yuan in revenue soon [1] - Companies like Dizhe Pharmaceutical have reported substantial revenue growth, with a 294.24% increase to 360 million yuan, driven by innovative drug development [2] Company Performance - Companies such as Junshi Biosciences have successfully raised over 8 billion yuan through the STAR Market, significantly advancing their clinical projects and R&D initiatives [2][3] - Ailis, which listed under the fifth set of standards, achieved commercialization of its core product within 2 years and 5 months, demonstrating the effectiveness of the STAR Market in supporting innovative firms [3] - ShenZhou Cell has transitioned from having no products or revenue at the time of listing to achieving 2.51 billion yuan in revenue, marking a successful turnaround [5] Innovation Ecosystem - The STAR Market has fostered an innovation-driven ecosystem, enhancing the flow of resources and increasing recognition of innovative technologies within the capital market [3][4] - Companies are increasingly focusing their resources on R&D, maintaining high levels of investment intensity, and establishing a virtuous cycle of research and development [6] - The introduction of the STAR Market has led to a fundamental shift in the development logic of listed companies, prioritizing quality over scale and fostering collaborative ecosystems [6]

证券代码：688520 证券简称：神州细胞 公告编号：2025-035 北京神州细胞生物技术集团股份公司 关于持股 5%以上股东权益变动触及 1%刻度 暨减持股份结果公告 本公司董事会、全体董事及相关股东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： 持股 5%以上股东持股的基本情况 本次减持计划实施前，北京神州细胞生物技术集团股份公司（以下简称"公 司"或"神州细胞"）股东暨员工持股平台南昌神州安元企业管理咨询合伙企业 （有限合伙）（以下简称"神州安元"）直接持有公司股份 21,900,000 股，占公 司总股本的 4.92%；南昌神州安恒企业管理咨询合伙企业（有限合伙）（以下简 称"神州安恒"）直接持有公司股份 7,300,000 股，占公司总股本的 1.64%；安 义神州安隆企业管理咨询合伙企业（有限合伙）（以下简称"神州安隆"）直接 持有公司股份 1,825,000 股，占公司总股本的 0.41%；安义神州安成企业管理咨 询合伙企业（有限合伙）（以下简称"神州安成"）直接持有公司股份 1,825,000 股，占公司总股 ...

神州细胞：股东6月30日至7月2日减持公司股份185.79万股 智通财经7月2日电，神州细胞(688520.SH)公告称，股东神州安元、神州安恒、神州安隆、神州安成、 神州安乾及神州安弘自2025年6月30日至2025年7月2日通过集中竞价交易方式合计减持公司股份185.79 万股，占公司总股本的0.42%。本次减持计划已实施完毕。本次权益变动后，神州安元、神州安恒、神 州安隆、神州安成、神州安乾及神州安弘合计持有的公司股份数量减少至3464.21万股，占公司总股本 比例由8.20%减少至7.78%。 ...

Core Viewpoint - Shareholders of Shenzhou Cell have reduced their holdings due to personal financial needs, impacting the company's total share distribution [1] Group 1: Shareholder Actions - Six shareholders, including Nanchang Shenzhou Anyuan Enterprise Management Consulting Partnership and others, collectively reduced their holdings by 1.8579 million shares, representing 0.42% of the total share capital [1] - The reduction occurred between June 30, 2025, and July 2, 2025, through centralized bidding transactions, with share prices ranging from 59.21 to 63.88 yuan per share [1] - Post-reduction, the total shares held by these shareholders decreased from 36.5 million shares to 34.6421 million shares, lowering their ownership percentage from 8.20% to 7.78% of the total share capital [1]

Investment Rating - The report maintains a "Recommended" investment rating for the healthcare sector [7]. Core Insights - The healthcare sector has shown a mixed performance, with the Shenyin Wanguo Pharmaceutical Bio Index rising by 1.60% from June 23 to June 27, 2025, underperforming the CSI 300 Index by 0.35 percentage points [2][12]. - Year-to-date, the pharmaceutical sector has increased by 6.24%, outperforming the CSI 300 Index by 6.57 percentage points, ranking 11th among 31 sectors [2][14]. - As of June 27, 2025, the valuation of the pharmaceutical sector stands at 27.54 times (TTM overall method, excluding negative values), with a premium of 140.94% compared to the CSI 300 [2][17]. Summary by Sections 1. Market Performance - The pharmaceutical sector's performance from June 23 to June 27, 2025, was a 1.60% increase, ranking 23rd among 31 sectors [12]. - The year-to-date performance shows a 6.24% increase, ranking 11th among 31 sectors [14]. 2. Important Events - The National Healthcare Security Administration released the "2025 Basic Medical Insurance Directory and Commercial Insurance Innovative Drug Directory Adjustment Application Guidelines," marking a significant step for commercial health insurance in the multi-level medical security system [4][21]. 3. Industry Perspective - The inclusion of the commercial insurance innovative drug directory indicates an enhanced role for commercial insurance in the multi-level medical security system, providing greater opportunities for the industry [5][22]. - The report expresses optimism for innovative drugs, overseas expansion, and the clearing of procurement in specific segments, suggesting a focus on companies involved in these areas [22].

证券代码：688520 证券简称：神州细胞 公告编号：2025-034 北京神州细胞生物技术集团股份公司 自愿披露关于控股子公司产品 SCTB39G 获得 药物临床试验批准通知书的公告 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: 近日，北京神州细胞生物技术集团股份公司控股子公司神州细胞工程有限公 司（以下简称"公司"）收到国家药品监督管理局（以下简称"国家药监局"）核 准签发的《药物临床试验批准通知书》，同意公司自主研发的产品 SCTB39G 注 射液单药在晚期实体瘤患者中开展临床试验。由于药物临床试验过程中不可预测 因素较多，临床试验、审评和审批的结果以及时间都具有一定的不确定性，敬请 广大投资者谨慎决策，注意防范投资风险。 1. 产品名称：SCTB39G 注射液 2. 受理号：CXSL2500307 审批结论：根据《中华人民共和国药品管理法》及有关规定，经审查，申请 人提交的 SCTB39G 注射液临床试验申请符合药品注册的有关要求，同意本品单 药在晚期实体瘤患者中开展临床试验。 二、产品其他相关情 ...

Core Viewpoint - The company Shenzhou Cell has received approval from the National Medical Products Administration for clinical trials of its self-developed product SCTB39G injection in patients with advanced solid tumors [1] Group 1: Product Development - SCTB39G is a multi-target immune therapy trispecific antibody injection [1] - The clinical trial will focus on the efficacy of SCTB39G as a monotherapy in late-stage solid tumor patients [1] Group 2: Regulatory Approval - The approval includes a "Drug Clinical Trial Approval Notification" which allows the company to proceed with the clinical trials [1] - The timeline and outcomes of the clinical trials, reviews, and approvals are subject to unpredictability and uncertainty [1]

资金流向方面，该股今日全天主力资金净流入4505.86万元。（数据宝） 神州细胞6月23日龙虎榜 | 买入营业部名称 | 买入金额(万元) | | --- | --- | | 沪股通专用 | 3966.35 | | 机构专用 | 2025.97 | | 机构专用 | 1354.46 | | 机构专用 | 1221.25 | | 瑞银证券有限责任公司上海浦东新区花园石桥路第二证券营业部 | 1181.37 | | 卖出营业部名称 | 卖出金额(万元) | | 沪股通专用 | 2570.92 | | 中国银河证券股份有限公司重庆渝中证券营业部 | 1319.13 | | 中信证券股份有限公司上海分公司 | 1228.00 | | 中国国际金融股份有限公司上海分公司 | 1124.21 | | 瑞银证券有限责任公司上海浦东新区花园石桥路第二证券营业部 | 924.14 | 6月23日神州细胞(688520)收盘价52.67元，收盘上涨16.66%，全天换手率1.88%，振幅17.86%，成交额 4.13亿元。科创板交易公开信息显示，当日该股因日收盘价涨幅达15%等上榜。 证券时报·数据宝统计显示，上榜的前五大买卖营 ...