Group 1 - The stock of Yuekang Pharmaceutical increased by 15.55% today [1] - The trading volume reached 6.92 billion yuan [1] - The turnover rate was 7.52% [1] Group 2 - Three institutional special seats net bought 239 million yuan in the after-hours trading [1]

Core Viewpoint - The A-share innovative drug sector experienced a significant surge on July 1, driven by favorable policy announcements from the National Medical Insurance Administration and the National Health Commission, which aim to support the high-quality development of innovative drugs [1][4]. Group 1: Market Performance - Frontier Biotech reached a 20% limit-up, with other companies like Guizhou BaiLing, Saily Medical, and AngliKang also hitting their limits [2]. - Notable stock performances included: - Frontier Biotech: 12.05 (+20.02%) - Kexing Pharmaceutical: 44.19 (+15.62%) - Yuyuan Pharmaceutical: 22.00 (+15.55%) - Shuyitai: 43.00 (+15.34%) - Rongchang Biotech: 68.39 (+13.04%) [3]. Group 2: Policy Support - The new measures encourage the use of medical insurance data for innovative drug research and development, enhancing collaboration among medical, insurance, and pharmaceutical sectors [4][6]. - The policy promotes the expansion of commercial health insurance investments in innovative drugs, establishing a new directory for innovative drugs that exceed basic insurance coverage [6]. - The National Medical Insurance Administration plans to streamline the application process for including drugs in both commercial and medical insurance directories, reducing the administrative burden on companies [6]. Group 3: Industry Outlook - The innovative drug sector is in a golden development phase, with over 20 first-class innovative drugs approved for market entry from January to May, marking a five-year high [7]. - Chinese pharmaceutical companies are accelerating their international expansion, with over 90 overseas licensing transactions expected in 2024, totaling over $50 billion [7]. - Significant licensing deals include: - 12.5 billion USD deal by 3SBio - 53.3 billion USD collaboration between CSPC and AstraZeneca - 42.3 billion USD agreement by Rongchang Biotech [7]. - Several biotech firms are increasing R&D investments through share placements, with funds directed towards global R&D pipelines [8]. Group 4: Investment Sentiment - Analysts agree on the sustainable growth potential of the innovative drug sector, emphasizing the "innovation + internationalization" trend as a core focus for the pharmaceutical industry [9]. - Investment opportunities are seen in the upstream pharmaceutical supply chain, advanced manufacturing, and healthcare services, with a focus on companies with strong growth potential and profitability [9].

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：688658 证券简称：悦康药业 公告编号：2025-029 悦康药业集团股份有限公司 关于董事会、监事会延期换届的提示性公告 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。 在换届选举工作完成前，公司第二届董事会、第二届监事会全体成员、董事 会各专门委员会成员及高级管理人员将依照相关法律法规和《公司章程》等有关 规定，继续履行董事、监事及高级管理人员的义务和职责。 公司董事会、监事会延期换届不会影响公司的正常运营。公司将积极推进相 关工作，尽快完成董事会与监事会的换届选举工作，并及时履行信息披露义务。 特此公告。 悦康药业集团股份有限公司董事会 2025 年 6 月 28 日 悦康药业集团股份有限公司（以下简称"公司"）第二届董事会、第二届监 事会于 2025 年 6 月 27 日任期届满。鉴于相关换届工作尚在积极筹备中，为保证 公司董事会、监事会相关工作的连续性和稳定性，公司第二届董事会、第二届监 事会将延期换届，董事会各专门委员会及董事会聘任的高级管理人员的任期亦相 应顺延。 ...

证券代码：688658 证券简称：悦康药业 公告编号：2025-030 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 的提示性公告 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： 悦康药业集团股份有限公司（以下简称"公司"或"悦康药业"）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"）持有公司股份 180,240,120 股，占公司总股本的比例为 40.05%。截至本公告披露日，本次京悦 永顺持有的本公司 26,500,000 股无限售流通股股票将被司法拍卖。 目前拍卖事项尚在公示阶段，后续可能涉及竞拍、缴款、法院执行法定 程序、股权变更过户等环节，存在一定的不确定性。公司将根据最终结果，依法 履行相应的信息披露义务。 拍卖成交后，买受人后续减持股票需符合《上市公司股东减持股份管理 暂行办法》及《上海证券交易所上市公司自律监管指引第 15 号——股东及董事、 高级管理人员减持股份（2025 年 3 月修订）》等相关规定。同时买受人还需遵守 中国证监会、上海证券交易所等 ...

Market Performance - The cell immunotherapy sector declined by 1.41%, ranking among the top losers in the concept sector as of the market close on June 26 [1] - Notable declines were observed in companies such as Rongchang Biologics, Yuyuan Pharmaceutical, and Huahai Pharmaceutical, while ST Xiangxue, Shutai Shen, and Tailin Biologics saw gains of 4.19%, 1.71%, and 1.42% respectively [1] Capital Flow - The cell immunotherapy sector experienced a net outflow of 796 million yuan, with 43 stocks facing net outflows, and 5 stocks seeing outflows exceeding 50 million yuan [1] - Rongchang Biologics led the outflow with 110 million yuan, followed by Hengrui Medicine, Huahai Pharmaceutical, and Yuyuan Pharmaceutical with outflows of 104 million yuan, 75 million yuan, and 70 million yuan respectively [1] Top Gainers and Losers - The top gainers in the cell immunotherapy sector included ST Xiangxue, Shutai Shen, and Tailin Biologics, while the largest losers were Rongchang Biologics, Hengrui Medicine, and Huahai Pharmaceutical [1][3] - The trading volume for Rongchang Biologics was notably high, with a turnover rate of 14.96% and a significant drop of 18.36% in stock price [2][3]

专项核查意见 北京 上海 广州 深圳 天津 长春 南京 郑州 成都 福州 Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, 北京 上海 广州 深圳 天津 长春 南京 郑州 成都 福州 Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Changchun, Nanjing, Zhengzhou, Chengdu, Fuzhou, 中国北京市朝阳区北辰东路八号 北辰汇宾大厦 A 座六层 邮编：100101 F6/A，North Star HuiBin Plaza, No.8 BeiChen East Road, ChaoYang District, BeiJing 100101 China 北京天驰君泰律师事务所 关于悦康药业集团股份有限公司 实际控制人之一、董事增持公司股份 的 Changchun, Nanjing, Zhengzhou, Chengdu, Fuzhou, 北京天驰君泰律师事务所 关于悦康药业集团股份有限公司 实际控制人之一、董事增持公司股份的专项核查意见 致：悦康药业集团股份有限公司 北京天驰君泰律 ...

法律、法规及规范性文件的规定，符合《上市公司收购管理办法》规定的可免于 发出要约的情形。 四、其他说明 （一）本次增持符合《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司收购管理办法》等相关法律法规的规定。 （二）于鹏飞先生将严格遵守中国证券监督管理委员会、上海证券交易所的 相关规定，在本次增持股份后至少 6 个月内不减持其所持有的公司股份。 证券代码：688658 证券简称：悦康药业 公告编号：2025-028 悦康药业集团股份有限公司 关于实际控制人、董事增持公司股份 结果的公告 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、准确性和完整性承担法律责任。 重要内容提示： ● 悦康药业集团股份有限公司（以下简称"公司"）于 2025 年 6 月 16 日接 到公司实际控制人、董事于鹏飞先生关于完成增持公司股份的通知，于 鹏飞先生在 2025 年 6 月 13 日通过上海证券交易所交易系统竞价交易方 式增持公司股份 47,442 股，增持比例占公司总股本的 0.01%，截至增持 完成日，于鹏飞先生直接持有公司股份 47,442 股， ...

证券代码：688658 证券简称：悦康药业 公告编号：2025-028 悦康药业集团股份有限公司 关于实际控制人、董事增持公司股份 结果的公告 | 增持主体名称 | 于鹏飞 | | | | --- | --- | --- | --- | | 增持主体身份 | 控股股东或实控人 | √是 | 否 | | | 控股股东或实控人的一致行动人 | √是 | 否 | | | 直接持股 5%以上股东 | 是 | √否 | | | 董事、监事和高级管理人员 其他：__/___ | √是 | 否 | | 增持前持股数量 | 0 股 | | | | 增持前持股比例 （占总股本） | 0.00% | | | 一、增持主体的基本情况 注：上述增持前持股数量、增持前持股比例为于鹏飞先生直接持有公司股份的数据。 ● 悦康药业集团股份有限公司（以下简称"公司"）于 2025 年 6 月 16 日接 到公司实际控制人、董事于鹏飞先生关于完成增持公司股份的通知，于 鹏飞先生在 2025 年 6 月 13 日通过上海证券交易所交易系统竞价交易方 式增持公司股份 47,442 股，增持比例占公司总股本的 0.01%，截至增持 完成日， ...

中国北京市朝阳区北辰东路八号 北辰汇宾大厦 A 座六层 邮编：100101 北京 上海 广州 深圳 天津 长春 南京 郑州 成都 福州 Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Changchun, Nanjing, Zhengzhou, Chengdu, Fuzhou, F6/A，North Star HuiBin Plaza, No.8 BeiChen East Road, ChaoYang District, BeiJing 100101 China 北京天驰君泰律师事务所 关于悦康药业集团股份有限公司 实际控制人之一、董事增持公司股份 的 专项核查意见 北京 上海 广州 深圳 天津 长春 南京 郑州 成都 福州 Beijing, Shanghai, Guangzhou, Shenzhen, Tianjin, Changchun, Nanjing, Zhengzhou, Chengdu, Fuzhou, 北京天驰君泰律师事务所 关于悦康药业集团股份有限公司 实际控制人之一、董事增持公司股份的专项核查意见 致：悦康药业集团股份有限公司 北京天驰君泰律 ...