Core Viewpoint - YKYY029 injection, developed by YKANG Pharmaceutical and Hangzhou Tianlong, has received approval for clinical trials, marking a significant milestone in the company's drug development efforts [1][2]. Group 1: Drug Development - YKYY029 is a novel siRNA drug targeting the AGT gene, featuring a unique sequence and a proprietary delivery system developed by the company, which has been granted a national patent [2]. - The drug utilizes a GalNAc delivery system for efficient liver-targeted delivery, enhancing its therapeutic potential [2]. - The approval of the IND for YKYY029 is seen as a testament to the company's capabilities in new drug development, reinforcing its competitive edge in the cardiovascular disease sector [3]. Group 2: Preclinical Research - Preclinical studies have demonstrated significant AGT suppression activity in both in vitro and in vivo models [3]. - In pharmacological trials on spontaneously hypertensive crabs, YKYY029 maintained normal blood pressure levels, achieving a reduction of over 20 mmHg in systolic blood pressure at the study endpoint [3]. - Toxicity tests in SD rats and crabs showed no adverse reactions at high doses, indicating good safety and tolerability [3]. Group 3: Publication and Future Potential - Research papers related to YKYY029 have been published in the reputable journal "Molecular Therapy Nucleic Acids," highlighting the drug's enhanced efficacy and safety in various animal models [3]. - The combination of optimized sequence composition, modification patterns, and delivery systems is expected to further improve the drug's clinical trial outcomes for hypertension treatment [3].

Core Viewpoint - The AI Fund Zhaoshang Frontier Healthcare Stock A (011373) reported a profit of 41.645 million yuan for Q2 2025, with a fund net value growth rate of 7.89% and a total fund size of 570 million yuan as of the end of Q2 2025 [2][12]. Fund Performance - The fund's weighted average profit per share for the reporting period was 0.0404 yuan [2]. - As of July 17, the unit net value was 0.625 yuan [2]. - The fund's performance over various time frames includes a 32.00% growth rate over the last three months, 43.06% over the last six months, and 42.96% over the last year, ranking 22/54 and 21/53 among comparable funds respectively [2]. Fund Management - The fund is managed by Li Jiasun, who oversees four funds, all of which have shown positive returns over the past year [2]. - The fund focuses on sectors with a comparative advantage in certain growth, particularly in innovative drugs, R&D outsourcing, medical devices, and AI healthcare [2]. Risk Metrics - The fund's three-year Sharpe ratio stands at -0.1027, ranking 28/46 among comparable funds [7]. - The maximum drawdown over the last three years was 48.11%, with the largest single-quarter drawdown occurring in Q3 2022 at 26.38% [8]. Investment Strategy - The fund maintains a high stock position, averaging 90.79% over the last three years, with a peak of 94.27% at the end of Q3 2024 [11]. - The fund has a high concentration in its top ten holdings, which have consistently exceeded 60% over the past two years [15].

Policy Developments - The National Medical Products Administration (NMPA) has released a draft for public consultation regarding the adjustment of medical device classifications, aiming to optimize the registration and filing requirements for medical devices [1] Drug Approval - Yuyuan Pharmaceutical's YKYY029 injection has received clinical trial approval for treating hypertension, marking a significant step in the development of a novel siRNA drug [2] - Hengrui Medicine has received clinical trial approvals for four drugs, including SHR-8068 injection and Abediterib injection, with total R&D investments amounting to approximately 20.33 million yuan [3] Financial Reports - Microchip Biotech expects a net profit of 30.06 million yuan for the first half of 2025, driven by increased sales from new drug listings and optimized sales strategies [4] - China National Pharmaceutical Modern reported a 6.46% decline in net profit for the first half of the year, attributed to decreased sales and prices of certain antibiotics and other products [5] Capital Market - Tigermed announced the sale of its stake in Lixin Pharmaceutical for approximately 34.11 million USD, reflecting a strategic move in the context of the domestic pharmaceutical industry's consolidation [6] Industry Events - A breakthrough in brain-computer interface technology has been achieved in Shanghai, allowing patients with speech impairments to communicate through decoded brain activity [8] - Yuan Da Pharmaceutical's innovative nasal spray for dry eye treatment has received approval and its first prescriptions have been issued, providing a new treatment option for patients [9] Debt Resolution - Kangmei Pharmaceutical has reached a settlement agreement to resolve historical debt issues for 43.5 million yuan, facilitating the closure of related legal matters [10] Market Sentiment - Weier Pharmaceutical announced plans for its employee stock ownership platform to reduce its holdings by up to 1% of the company's shares, driven by shareholder funding needs [11]

Group 1 - Datang Power achieved a total on-grid electricity of approximately 123.99 billion kWh for the first half of 2025, a year-on-year increase of 1.30%, with wind and solar power generation increasing by 31.27% and 36.35% respectively [1] - North Self Technology signed an equipment procurement contract with a total amount of 164 million yuan [1] - Jinchuan Co. reported a net profit of 1.38 billion yuan for the first half of 2025, a year-on-year decrease of 8.45%, with operating revenue of 6.96 billion yuan, an increase of 5.55% [1][2] Group 2 - Microchip Biotech expects a revenue of 407 million yuan for the first half of 2025, a year-on-year increase of 35%, and a net profit of approximately 30.06 million yuan, a year-on-year increase of 173% [3] - Zongheng Co. anticipates a revenue of 135 million yuan for the first half of 2025, a year-on-year increase of 61.72%, with a net loss of 34.68 million yuan, reducing losses by 18.34 million yuan compared to the previous year [5] - Tuojing Technology expects a revenue of 1.21 billion to 1.26 billion yuan for the second quarter of 2025, a year-on-year increase of 52% to 58%, with a net profit of 238 million to 247 million yuan, a year-on-year increase of 101% to 108% [7] Group 3 - Star Power reported a net profit of 73.42 million yuan for the first half of 2025, a year-on-year decrease of 13.44%, with total revenue of 1.52 billion yuan, an increase of 13.70% [8] - Xiamen Tungsten reported a net profit of 972 million yuan for the first half of 2025, a year-on-year decrease of 4.41%, with operating revenue of 19.18 billion yuan, an increase of 11.75% [9] - Yikang Pharmaceutical's subsidiary received approval for clinical trials of YKYY029 injection for hypertension [11] Group 4 - Mould Technology received a project designation for luxury car exterior parts, with an expected total sales of 2.044 billion yuan over a five-year lifecycle [13] - Jinzhik Technology won multiple projects from the State Grid and Southern Power Grid, with a total bid amount of 133 million yuan [14] - Changjiang Media plans to use up to 700 million yuan of idle funds to purchase financial products [16] Group 5 - Ningbo Gaofa plans to invest up to 20 million USD to establish a production base in Morocco [20] - Xuantai Pharmaceutical's subsidiary received EU GMP certification for solid dosage production lines [22] - Changhua Group received a project designation for key metal structural components from a domestic new energy vehicle company, with an expected total sales of 235 million yuan over a four-year lifecycle [23]

证券代码：688658 证券简称：悦康药业 公告编号：2025-032 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。 悦康药业集团股份有限公司（以下简称"公司"）子公司北京悦康科创医药 科技股份有限公司（以下简称"悦康科创"）、杭州天龙药业有限公司（以下简 称"杭州天龙"）于近日获得国家药品监督管理局（以下简称"NMPA"）核准 签发的关于 YKYY029 注射液用于治疗高血压的《药物临床试验批准通知书》， 公司将开展本品 I 期临床试验。现将相关情况公告如下： 一、《药物临床试验批准通知书》主要内容： 1、药品名称：YKYY029 注射液 2、受理号：CXHL2500569 3、通知书编号：2025LP01808 4、申请适应症：高血压 5、申请人：北京悦康科创医药科技股份有限公司、杭州天龙药业有限公司 6、申报阶段：临床试验 悦康药业集团股份有限公司 关于自愿披露子公司 YKYY029 注射液获得国家药品 监督管理局临床试验批准的公告 YKYY029 注射液是悦康科创和杭州天龙自主开发的靶向 AGT 基因的小干 扰核 ...

Core Viewpoint - The announcement details the progress of a second judicial auction of shares held by the controlling shareholder of Yuekang Pharmaceutical Group Co., Ltd, indicating that 26,500,000 shares have been auctioned off, representing 5.88% of the company's total share capital [4][5]. Group 1: Auction Details - The auction took place from July 14, 2025, to July 15, 2025, on the JD.com judicial auction platform [1]. - A total of 26,500,000 shares were auctioned, with the final transaction amounting to 486,520,200.00 yuan [2][4]. - The shares sold represent 5.88% of the company's total share capital and 14.70% of the shares held by the controlling shareholder [4][5]. Group 2: Auction Results - The auction concluded successfully, with all shares sold to two bidders: Li Chunyan and Ni Aihua, who acquired 1,250,000 shares and 1,200,000 shares respectively [2][4]. - The auction results are subject to the completion of payment and transfer procedures, with the final outcome dependent on the court's confirmation [4][5]. Group 3: Impact on Company - The auction is not expected to have a significant adverse impact on the company's management or lead to changes in the controlling shareholder [4][5]. - The new shareholders will be restricted from selling the acquired shares for six months following the auction [5].

证券代码：688658 证券简称：悦康药业 公告编号：2025-031 悦康药业集团股份有限公司 关于控股股东所持公司部分股份被第二次司法拍卖 的进展公告 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： 一、本次司法拍卖的基本情况 公司控股股东京悦永顺持有的公司 26,500,000 股无限售流通股股票于 2025 年 7 月 14 日 10 时至 2025 年 7 月 15 日 10 时止（延时除外）在京东网司法拍卖 网络平台（网址：http://sifa.jd.com/29 户名：北京市第二中级人民法院）上进行 司法拍卖。具体内容详见公司于 2025 年 6 月 28 日在上海证券交易所网站 注 2：在网络拍卖中竞买成功的用户，必须依照标的物《竞买须知》、《竞买公告》要求， 按时交付标的物网拍成交余款、办理相关手续。最终成交以北京市第二中级人民法院出具的 拍卖成交裁定为准。 本次被司法拍卖的标的为悦康药业集团股份有限公司（以下简称"公司"） 控股股东阜阳京悦永顺信息咨询有限公司（以下简称"京悦永顺"）持 ...

Group 1 - The core viewpoint highlights the significant growth and performance of the Kexin Pharmaceutical ETF managed by Jiashi, with a notable increase in trading volume and fund size [2] - As of July 9, the Kexin Pharmaceutical ETF achieved a daily average trading volume of 34.95 million yuan over the past month, ranking first among comparable funds [2] - The fund's size increased by 16.76 million yuan in the past two weeks, also ranking first among comparable funds [2] - The ETF saw a total inflow of 12.84 million yuan over the last ten trading days, indicating strong investor interest [2] - The net value of the Kexin Pharmaceutical ETF rose by 36.83% over the past year, showcasing its strong performance [2] Group 2 - The top ten weighted stocks in the Shanghai Stock Exchange Science and Technology Innovation Board Biopharmaceutical Index account for 50.3% of the index, with leading companies including United Imaging Healthcare and BeiGene [2][4] - On July 9, Shanghai Pharmaceuticals announced an expected net profit of 4.45 billion yuan for the first half of 2025, representing a year-on-year increase of approximately 52% [4] Group 3 - Short-term market expectations for overseas transactions in innovative drugs are high, leading to a continuous rise in valuations [5] - China's innovative drug research and development capabilities are competitive globally, and the trend of innovative drugs going overseas is expected to persist [5] - The commercial health insurance sector in China is anticipated to see significant growth in premium income and payout rates, becoming an important source of funding for innovative drugs [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the acquisition of Capstan Therapeutics by AbbVie for up to $2.1 billion, focusing on in vivo CAR-T therapy development [6][15] - The report emphasizes the growing interest and investment in in vivo CAR-T technology, with multiple companies actively pursuing diverse delivery systems [7][26] - The pharmaceutical and biotechnology sector saw a weekly increase of 3.64%, outperforming the CSI 300 index by 2.1 percentage points, ranking 4th among 31 sub-industries [8][31] Summary by Sections 1. AbbVie Acquisition of Capstan - AbbVie announced the acquisition of Capstan Therapeutics for a maximum of $2.1 billion, focusing on in vivo CAR-T therapies [6][15] - Capstan's main asset, CPTX2309, is an RNA delivery candidate for anti-CD19 CAR-T therapy, currently in Phase I clinical trials [15][20] 2. MNC's Active Layout in In Vivo CAR-T Technology - MNC has been actively investing in in vivo CAR-T technology through collaborations and acquisitions, focusing on both lentiviral and lipid nanoparticle delivery systems [7][26] - The report notes that over 20 disclosed mRNA technology projects in in vivo CAR-T are primarily concentrated in the lipid nanoparticle direction [22][30] 3. Weekly Performance of the Pharmaceutical Sector - The pharmaceutical sector increased by 3.64% in the first week of July, outperforming the CSI 300 index [31] - Among sub-sectors, other biological products saw the highest increase of 8.28%, while medical equipment experienced the largest decline of 0.21% [35][36] 4. Recommended Stocks - Recommended stocks include major pharmaceutical and biotechnology companies such as Heng Rui Medicine, East China Medicine, and others [9]

Group 1 - The core viewpoint of the news is that Yuekang Pharmaceutical Group has been recognized as one of the first batch of advanced intelligent factories in Beijing for 2025, highlighting its strong capabilities and leadership in the pharmaceutical intelligent manufacturing sector [1][2][3] - The selection process involved strict procedures including enterprise application, district recommendations, expert evaluations, and public announcements, establishing Yuekang as a benchmark for intelligent manufacturing in the industry [2] - Yuekang's intelligent manufacturing facilities feature advanced equipment and systems such as AI visual inspection, smart monitoring platforms, and a comprehensive digital management system that ensures quality and efficiency throughout the production process [2][3] Group 2 - Since 2011, Yuekang has consistently passed international certifications such as EU GMP and Japan JGMP, adhering to high standards in quality management [2] - In early 2024, Yuekang entered a comprehensive strategic partnership with Huawei to enhance its digital transformation, management system upgrades, and smart factory development, accelerating its transition to a "data-driven" enterprise [3] - The recognition as an advanced intelligent factory marks a significant milestone for Yuekang, which aims to continue investing in technological innovation to improve drug quality and contribute to the intelligent development of China's pharmaceutical industry [3]