Group 1 - Lushow Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image [1] - The company has not yet finalized the details and will need to submit the plan for board and shareholder approval, as well as regulatory review [1] Group 2 - Shanhe Intelligent's subsidiary AVMAX has received an insurance compensation of approximately 229.65 million USD, impacting the company's net profit by 126 million RMB [2] - The insurance payment is equivalent to about 1.64 billion RMB after currency conversion, and it will be recorded as non-operating income, representing 172.92% of the previous year's net profit [2] Group 3 - Changan Automobile's board and senior management plan to increase their holdings in the company, with a total investment of at least 5.7 million RMB [3] - The increase in shareholding is aimed at boosting investor confidence and demonstrating recognition of the company's long-term value [3] Group 4 - Chengdu Huamei has successfully launched a low-power RISC-V MCU, suitable for IoT and wearable devices [4] Group 5 - Shanghai Port Bay has clarified that its main business is geotechnical engineering, with both perovskite solar cell and commercial aerospace businesses contributing less than 0.5% to its revenue [5] - Both segments are currently operating at a loss, and the company emphasizes that these developments do not materially affect its core operations [5] Group 6 - Tiens Holdings has stated that it has not participated in the New Tibet Railway project, despite recent market speculation [6] Group 7 - Fosun Pharma has granted rights to Expedition for the development and commercialization of the investigational product XH-S004, with potential milestone payments totaling up to 645 million USD [7][8] - The agreement includes an upfront payment of up to 120 million USD and additional payments based on sales performance [8] Group 8 - Changchun High-tech's subsidiary has received approval for clinical trials of a new drug, with no similar products currently available in the domestic market [9] Group 9 - Peking University Pharmaceutical faces significant revenue loss due to the termination of its long-term service contract with Peking University International Hospital, potentially reducing sales by approximately 600 million RMB in 2025 [10] - The company is exploring new directions for transformation, but there is uncertainty regarding the outcome [10] Group 10 - Jinying Heavy Industry has confirmed that it has not engaged in any business with the New Tibet Railway Company, and the impact on its operations is expected to be limited [11] Group 11 - ST Suwu's subsidiary is seeking 1.6 billion RMB in damages from Regen Biotech due to a breach of contract, with the arbitration process currently underway [12] Group 12 - Wanhu Chemical reported a net profit of 6.123 billion RMB for the first half of the year, a decrease of 25.1% year-on-year, attributed to weak demand in overseas markets [13] - Xianggang Technology achieved a net profit of 78.32 million RMB, a significant increase of 432.14% year-on-year, driven by strong performance in its packaging and printing segment [14] - Desay SV reported a net profit of 1.223 billion RMB, up 45.82% year-on-year, with a revenue increase of 25.25% [15][16] - Action Education's net profit decreased by 3.51% year-on-year, with plans to distribute cash dividends [17]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry [2] Core Insights - The industry is entering an accelerated growth phase, driven by innovation in drug and medical device sectors, with a focus on performance, technology, and demand factors [4][11] - The market is experiencing differentiation, with a notable shift towards innovative drugs and medical devices, particularly in the context of AI-driven drug development and brain-computer interface technologies [4][8] - The report highlights the importance of selecting stocks based on robust performance, technological innovation, and potential for clinical research advancements [4][8] Summary by Sections Industry Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Overweight" [2] Key Company Status - The report provides a detailed overview of key companies, including their stock prices, earnings per share (EPS) forecasts, and price-to-earnings (PE) ratios, with several companies rated as "Buy" [2] Market Trends - The report notes that the pharmaceutical sector has outperformed the broader market, with a year-to-date return of 21.28% compared to 4.32% for the CSI 300 index [13] - Recent market dynamics show a divergence within the pharmaceutical sector, with medical devices gaining traction while other segments like biopharmaceuticals and traditional medicine face declines [4][13] Investment Opportunities - The report suggests focusing on companies with stable or reversing performance, particularly in innovative drugs and medical devices, as well as those involved in AI-driven drug discovery [4][8] - Specific companies recommended for attention include WuXi Biologics, Innovent Biologics, and others involved in significant clinical research or technological advancements [4][8] Policy Support and Industry Growth - The report discusses the strong policy support for brain-computer interface technologies, which is expected to accelerate industry growth and innovation [11][9] - By 2027, key technological breakthroughs are anticipated, establishing a robust industry ecosystem with global competitiveness [11][9]

Core Insights - Changchun Gaoxin (000661.SZ) announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd. (referred to as "Jinsai Pharmaceutical"), has received the Clinical Trial Approval Notice from the National Medical Products Administration for the registration clinical trial application of Cabergoline tablets [1] Company Summary - Jinsai Pharmaceutical is developing Cabergoline tablets, a dopamine receptor agonist that effectively activates the dopamine D2 receptor [1] - The drug is classified as a Class 3 chemical drug and is intended for the treatment of hyperprolactinemia/pituitary prolactin adenoma [1]

Core Viewpoint - Changchun Gaoxin announced that its subsidiary, Changchun Jinsai Pharmaceutical, received approval from the National Medical Products Administration for the clinical trial of its drug, Cabergoline Tablets, which is intended for the treatment of hyperprolactinemia and pituitary prolactin adenoma [1] Company Summary - Changchun Gaoxin's subsidiary, Changchun Jinsai Pharmaceutical, has been granted a clinical trial approval for Cabergoline Tablets, a dopamine receptor agonist [1] - The drug is classified as a Class 3 chemical drug and is aimed at treating conditions related to elevated prolactin levels [1] Industry Summary - The approval of Cabergoline Tablets indicates a positive development in the pharmaceutical industry, particularly in the area of treatments for hormonal disorders [1] - The drug's mechanism of action involves effective agonistic activity on the dopamine D2 receptor, which is crucial for its therapeutic application [1]

Group 1 - The core revenue composition of Changchun High-tech for the year 2024 is as follows: 94.07% from the pharmaceutical industry, 5.61% from real estate, and 0.32% from the service industry [1] - Changchun High-tech announced that its subsidiary, Changchun Jinsai Pharmaceutical Co., Ltd., received approval from the National Medical Products Administration for the clinical trial of its drug, Kamexoline Tablets [3]

证券代码：000661 证券简称：长春高新 公告编号：2025-070 长春高新技术产业（集团）股份有限公司 关于子公司卡麦角林片临床试验申请获得批准的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 近日，长春高新技术产业（集团）股份有限公司（以下简称"公司"）控股 子公司——长春金赛药业有限责任公司（以下简称"金赛药业"）收到国家药品 监督管理局核准签发的《药物临床试验批准通知书》，金赛药业卡麦角林片的境 内生产药品注册临床试验申请获得批准，现将有关情况公告如下： 一、药品的基本情况 产品名称：卡麦角林片 卡麦角林片是金赛药业开发的一款多巴胺受体激动剂，对多巴胺 D2 受体具 有有效的激动剂活性，注册分类为化药 3 类，拟开发用于高催乳素血症/垂体催 乳素腺瘤的治疗。 高催乳素血症（hyperprolactinemia，HPRL)是由于各种原因引起外周血清催 乳素水平持续高于正常值的一种临床病理生理状态，由多种生理、药理、病理情 况引起。流行病学显示：高催乳素血症年轻女性常见的下丘脑-垂体轴内分泌紊 乱，25～34 岁妇女的年发病率为 23.9/10 ...

Core Viewpoint - The launch of China's first pharmaceutical ETF fund aims to provide investors with exposure to leading companies in the chemical, biological, and traditional Chinese medicine sectors, capitalizing on the growth potential driven by innovation and demographic trends [1][5]. Industry Overview - The pharmaceutical industry is characterized by its essential nature, driven by a large population, aging demographics, and increasing GDP per capita, which supports long-term growth [5]. - By 2024, the proportion of the population aged 65 and above in China is expected to reach 15.6%, indicating a shift into a moderately aging society, which will further expand the pharmaceutical market [5]. Innovation and Growth - Innovative drugs are seen as a key driver for the pharmaceutical industry's growth, with the potential to unlock new value and re-evaluate medical asset worth [5]. - Domestic innovative drugs are anticipated to experience significant growth in 2024, supported by various internal and external factors, potentially leading to a "Davis Double Play" scenario [5]. - The integration of AI in drug development is expected to accelerate the research and development of new medications [5]. ETF Fund Details - The newly launched ETF fund (A class: 024985 / C class: 024986) will exclusively track the CSI Pharmaceutical Index, which includes leading companies in the chemical, biological, and traditional Chinese medicine sectors [1][19]. - The fund aims to provide a balanced investment approach, combining high-growth innovative drugs with more stable traditional Chinese medicine to mitigate volatility [1][19]. Performance Metrics - The pharmaceutical index has shown a significantly smaller decline compared to similar indices over the past five years, with positive returns over the last three years [14]. - The index's long-term annualized volatility and maximum drawdown are notably lower than those of comparable indices, indicating a more stable investment profile [14]. Key Constituents - The top ten constituents of the pharmaceutical index include major companies such as Heng Rui Medicine (14.91% weight), Pian Zai Ye (5.83%), and Yunnan Baiyao (4.81%), reflecting a diverse representation across the pharmaceutical sectors [13].

Core Insights - Multiple long-acting growth hormones are nearing market approval, breaking the trend of only one product being launched in the past decade, which enhances the diversity of growth hormone options [1] - The safety, efficacy, and quality of new drugs, along with sufficient clinical feedback, are critical for competition in the market [1] Group 1: Product Development and Innovation - Long-term growth hormone technology involves modifying or protecting the hormone to extend its retention time in the body, addressing issues of short-acting formulations [2] - The core subsidiary of Changchun High-tech, Jinsai Pharmaceutical, has focused on developing domestic long-acting formulations after successfully launching short-acting growth hormones [2] - Jinsai Pharmaceutical has optimized the PEG modification process, achieving a half-life extension to 32 hours, allowing for weekly dosing and improved efficacy over short-acting formulations [2][3] Group 2: Quality and Safety Assurance - Ensuring efficacy and safety is paramount for long-acting growth hormones, with individual differences in pediatric patients necessitating long-term monitoring [4] - Jinsai Pharmaceutical has achieved a PEG purity of 100%, significantly higher than the typical 95% standard from suppliers, ensuring product quality and safety [6] - The company has invested heavily in developing a comprehensive production process to maintain high purity levels, overcoming challenges in production quality control [5][6] Group 3: Market Position and Future Strategy - Jinsai Pharmaceutical's long-acting growth hormone, Jinsai Zeng, is currently the only product approved for multiple indications, including GHD, ISS, and TS, setting it apart from competitors [7] - The company aims to expand its international presence and enhance patient care in the pediatric health sector, focusing on continuous improvement in drug formulation [7][8] - The establishment of a positive feedback loop between clinical breakthroughs and patient confidence is essential for driving further innovation in the growth hormone sector [8]

Group 1 - The stock price of Changchun High-tech is reported at 104.78 yuan, down 0.86% from the previous trading day, with a trading volume of 7.74 billion yuan [1] - The company operates in the biopharmaceutical industry, focusing on the production and sales of biopharmaceuticals and traditional Chinese medicine, with a product line that includes growth hormones and vaccines [1] - Changchun High-tech announced its plan to pursue an IPO in Hong Kong in July, becoming one of 17 A-share companies to announce such plans that month [1] Group 2 - Recent clinical trials for a copy-type Tian Tan smallpox vaccine carrier HIV vaccine by the Chinese Center for Disease Control and Prevention may have a positive impact on the biopharmaceutical vaccine industry [1] - The net inflow of main funds into Changchun High-tech on the day was 471.66 million yuan, with a cumulative net inflow of 1.85 billion yuan over the past five days [1]

Group 1 - In July, the number of companies applying for listing on the Hong Kong Stock Exchange decreased significantly, with only 21 companies submitting applications, marking the lowest monthly figure since April 2025 [1][2] - Meanwhile, 17 A-share listed companies announced plans for an IPO in Hong Kong, setting a new monthly high for the year, indicating a continued acceleration of A-share companies seeking to list in Hong Kong [2] - The A-share IPO market saw 9 companies go public in July, with all but one passing the review, and the new stocks listed experienced significant gains, with the highest increase reaching 479.12% [4][5] Group 2 - The China Securities Regulatory Commission (CSRC) issued only 3 approvals for companies seeking to list abroad in July, a sharp decline from 20 in June [2] - The number of companies terminating their IPO applications in July was 6, a decrease from 10 in June, indicating a potential stabilization in the IPO process [6] - The A-share market had only one company accepted for IPO review in July, which is the first under the fifth set of listing standards for the Sci-Tech Innovation Board [7]