9月的A股市场，电力设备行业突然成为融资客的宠儿。11.44亿元的净买入额高居榜首，26只个股单日融资超亿元。表面看是资金对新能源产业链的 追捧，但作为一个在市场中摸爬滚打多年的老股民，我看到的却是另一番景象。 一、融资数据背后的机构博弈 最新数据显示，电力设备行业以11.44亿元的净买入额领跑市场，江淮汽车等26只个股单日融资超亿元。这些冰冷的数字背后，隐藏着大资金怎样的 运作逻辑？ 三、从华东医药到神州细胞：震仓的经典案例 我清楚地记得2025年二季度那波行情。当时市场同样充斥着各种利好消息，新能源、半导体等板块轮番上涨。但就在散户欢呼雀跃时，市场突然出 现剧烈震荡。很多人将其归咎于外部事件，却忽略了这是机构精心设计的震仓。 二、牛市暴跌的真相：机构补仓的艺术 没有只涨不跌的市场，即便是牛市。那些看似突如其来的暴跌，往往是大资金在补仓。他们和散户一样，不可能每次都精准预判行情。当发现自己 仓位不足时，就会不惜"砸盘抢筹"。 这时候，市场上总会冒出各种解释："利好出尽是利空"、"技术性调整"…这些不过是掩饰真实目的的噱头。关键在于看清交易行为的本质。就像 2025年那场中东冲突，表面看是黑天鹅事件打断了上涨 ...

Investment Rating - The report maintains a "Market Weight" rating for the pharmaceutical and biotechnology industry [6][29]. Core Insights - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, declining by 1.27% from August 22 to September 4, 2025, which is approximately 3.07 percentage points lower than the index [13][29]. - Most sub-sectors within the industry recorded negative returns during the same period, with the medical research outsourcing and chemical preparation sectors showing the highest gains of 12.17% and 5.45%, respectively. In contrast, the in vitro diagnostics and raw materials sectors experienced declines of 5.96% and 4.95% [16][19]. - Approximately 22% of stocks in the industry recorded positive returns, while around 78% experienced negative returns during the reporting period [17][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 55.41 times, with a relative PE ratio of 4.23 times compared to the CSI 300 index, indicating little change in industry valuation [20][29]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry underperformed the CSI 300 index, with a decline of 1.27% from August 22 to September 4, 2025 [13]. - Most sub-sectors recorded negative returns, with medical research outsourcing and chemical preparations leading in gains [16]. - About 22% of stocks in the industry had positive returns, while 78% had negative returns [17]. 2. Industry News - The National Healthcare Security Administration announced the list of drugs for the 2025 National Basic Medical Insurance, with 718 submissions and 535 passing the initial review [27]. - The report highlights the upcoming national medical insurance negotiations and the analysis of 25 traditional Chinese medicine products [27]. 3. Company Announcements - Guangzhou Baiyunshan Pharmaceutical Group announced that its subsidiary received approval for a drug to pass the consistency evaluation for generic drugs [28]. 4. Industry Outlook - The report suggests focusing on investment opportunities in the innovative drug sector and related areas, including medical devices and traditional Chinese medicine [29][32].

Investment Rating - The report has downgraded the investment rating for the pharmaceutical and biotechnology industry, indicating that most sub-sectors are under performance pressure and suggesting a focus on performance improvement directions [1]. Core Insights - The overall revenue and net profit attributable to the parent company in the pharmaceutical and biotechnology industry saw a decline in H1 2025, with total revenue of 1.23 trillion yuan, down 2.7% year-on-year, and net profit of 99.15 billion yuan, down 3.9% year-on-year [4][13]. - Most sub-sectors experienced a year-on-year decline in performance in H1 2025, with only a few segments like medical R&D outsourcing and other biological products showing positive growth [4][14]. - The investment strategy suggests focusing on innovative drugs and medical devices, highlighting companies such as Heng Rui Medicine, Bei Da Pharmaceutical, and Mindray Medical as potential investment opportunities [4]. Summary by Sections Overall Industry Performance - In H1 2025, the pharmaceutical and biotechnology industry reported total revenue of 1.23 trillion yuan, a decrease of 2.7% year-on-year, and a net profit of 99.15 billion yuan, down 3.9% year-on-year [4][13]. - The industry also saw a decline in non-recurring net profit, which fell by 13.2% year-on-year to 82.67 billion yuan [4]. Sub-sector Performance - **Chemical Preparations**: Revenue decreased by 3.2% to 271.41 billion yuan, and net profit fell by 7.5% to 25.72 billion yuan in H1 2025 [23][30]. - **Traditional Chinese Medicine**: Revenue dropped by 5.5% to 178.60 billion yuan, with net profit slightly down by 0.1% to 22.34 billion yuan [32][37]. - **Biological Products**: Revenue fell by 17.6% to 55.80 billion yuan, and net profit decreased by 31.3% to 6.36 billion yuan [40][45]. - **Pharmaceutical Commerce**: Revenue was 514.18 billion yuan, a slight decline of 0.2%, while net profit increased by 7.2% to 12.04 billion yuan [49][52]. Investment Strategy - The report recommends focusing on innovative drugs and medical devices, with specific companies highlighted for potential investment, including Heng Rui Medicine, Bei Da Pharmaceutical, and Mindray Medical [4].

2025.09. 04 本文字数：3342，阅读时长大约5分钟 作者 | 第一财经 曹璐 当市场还在为短期波动争论不休时，长期机构投资者已经悄悄亮出持仓"底牌"。 随着三季度A股冲高3888点后陷入震荡，基金中报披露的完整持仓浮出水面。尤其是那些隐藏在前十大重仓股之外的"隐形选手"，早已悄悄显露了张 坤、葛兰等知名基金经理对后市的深层判断。 张坤在最新中报里直言"内需悲观预期值得商榷"，其管理的易方达蓝筹精选同步优化了科技与消费行业的持仓结构，加仓消费标的并新纳入多只信息技 术个股。葛兰则在医药板块调整中细分方向，多只创新药个股持仓翻倍。 这些"不显眼"的持仓变动，绝非偶然调整，背后或许早已写下了机构资金对下半年行情的预判逻辑。那么，调仓换股背后，他们看到了什么尚未被市场 察觉的信号？ 张坤优化科技、消费结构 与基金季报仅披露前十大重仓股不同，中报及年报会完整公布全部持股明细，而持仓占比排名第11位至第20位的个股，被市场界定为"隐形重仓股"。 其调仓动向往往能折射出基金经理的行业偏好与布局思路，因此往往成为市场关注焦点。 作为易方达基金旗下的顶流基金经理，张坤的调仓动向一直备受市场关注。Wind数据显示，截 ...

行业主要公司：国药控股(01099.HK);上海医药(601607.SH);华润医药(03320.HK);九州通(600998.SH);南京医药(600713.SH);华东医药(000963.SZ);英特集团(000411.SZ)等 本文核心数据：医药流通融资规模;医药流通投资规模 企业投融资趋于谨慎 2014-2024年医药流通行业投资规模先增后降，投资数量最活跃的阶段是2014-2017年，金额最高的是2019-2021年，2022年开始投资数量和金额双降。2024年投资数量为9件，投资金额为 从单笔投资金额来看，2014-2020年单笔投资金额波动上升，从1.1亿元/件上升至7亿元/件，2021年开始单笔投资金额波动下降，2023年再次回升至3.2亿元/件。2024-2025年投资金额为 企业投融资部分事件汇总 | 时间 | ग्रहरू | 企业简介 | 轮次 | 金额 | 投资方 | | --- | --- | --- | --- | --- | --- | | 2025/6/16 | 中吉智药 | 基因治疗创新药物研发商 | B轮 | 未透露 | 博通资本 | | 2025/5/7 | 阿康健康 ...

Core Insights - The investment scale in the pharmaceutical distribution industry has shown a trend of increasing and then decreasing from 2014 to 2024, with the most active investment phase occurring between 2014 and 2017, and the highest investment amount recorded from 2019 to 2021. Since 2022, both the number and amount of investments have declined, with 2024 seeing 9 investments totaling 420 million yuan [1][2]. Investment Trends - From 2014 to 2020, the average single investment amount increased from 110 million yuan to 700 million yuan, but began to fluctuate downwards from 2021, with a rebound to 320 million yuan in 2023. Investments in 2024 and 2025 are expected to be in the million yuan range [2]. Financing Events Summary - A summary of financing events from 2024 to 2025 shows various companies receiving investments, with notable amounts such as 150 million yuan for Zhengshe Pharmacy and 600 million yuan for Huaren Biopharma [6][7][8]. Financing Rounds - The majority of financing rounds from 2021 to 2025 are strategic investments, accounting for 37% of total investments, indicating a trend towards business transformation and enhanced bargaining power through regional network integration. A rounds account for 17.7%, while B and C rounds are also prevalent [9]. Investment Entities - Private Equity (PE) and Venture Capital (VC) firms dominate the investment landscape, making up 73% of the total investment entities, followed by enterprises at 17%. This trend is driven by the need for substantial capital to support chain expansion and acquisitions, as traditional bank loans are insufficient [10]. Investment Destinations - The primary destinations for investment in the pharmaceutical distribution sector are Beijing (27%), followed by Shanghai (16%), Guangdong (13%), and Zhejiang (10%). These regions are characterized by strong economic development and high demand for pharmaceutical distribution [12]. Fund Management Capabilities - Several funds are actively investing in the pharmaceutical distribution sector, including the Shanghai Comprehensive Reform Fund and the National Mixed Ownership Fund, with management scales exceeding 50 billion yuan. Most of these funds are backed by state and local government resources, indicating strong management capabilities [13][17].

9月3日，华东医药盘中上涨2.03%，截至09:54，报45.73元/股，成交1.59亿元，换手率0.20%，总市值 802.14亿元。 资金流向方面，主力资金净流出84.75万元，特大单买入689.09万元，占比4.33%，卖出983.16万元，占 比6.18%；大单买入2883.72万元，占比18.13%，卖出2674.39万元，占比16.81%。 华东医药今年以来股价涨34.42%，近5个交易日涨3.30%，近20日涨3.93%，近60日涨5.37%。 资料显示，华东医药股份有限公司位于浙江省杭州市拱墅区莫干山路858号华东医药新写字楼，成立日 期1993年3月31日，上市日期2000年1月27日，公司主营业务涉及生产销售百令胶囊、新赛斯平(口服 液、软胶囊)、泮立苏、卡博平等产品、医药批发。主营业务收入构成为：商业64.45%，制造业 39.69%，其中:工业33.76%，其中:医美业务5.13%，其中:国内医美3.35%，其中:国际医美业务2.42%。 分红方面，华东医药A股上市后累计派现82.59亿元。近三年，累计派现31.58亿元。 机构持仓方面，截止2025年6月30日，华东医药十大流通股东中 ...

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index increased by 0.39% during the reporting period, ranking 26th among 31 primary industries, underperforming the CSI 300 index which rose by 7.01% [4][14] - The industry shows resilience despite a slight decline in overall revenue and net profit for A-share pharmaceutical companies in the first half of the year, with stable gross profit margins [6] - The CXO sector has returned to high prosperity with significant growth in performance, while the chemical preparation sector shows a mixed performance [6] - The report highlights the approval of several innovative drugs, including Novartis' "Acrux" for IgA nephropathy and the first oral HER2 inhibitor "Zongertinib" by Boehringer Ingelheim [5][41] Industry Review - The pharmaceutical and biotechnology industry PE (TTM, excluding negative values) is at 31.41x, slightly down from 31.38x in the previous period, indicating a valuation below the average [20] - The top three sub-industries by PE are vaccines (56.18x), hospitals (42.24x), and medical devices (40.66x), while pharmaceutical circulation has the lowest valuation at 14.06x [20] - In the reporting period, 29 listed companies in the pharmaceutical and biotechnology sector experienced a net reduction in shareholder holdings amounting to 1 billion CNY [4] Important Industry News - The CDE released a draft guideline for single-arm clinical trials to support the regular approval of anti-tumor drugs [25] - Novartis' IgA nephropathy drug "Acrux" received NMPA approval, marking it as the first of its kind in China [28] - The approval of the new generation ALK inhibitor "Dirocitinib" by Xuan Bamboo Biotech for treating ALK-positive non-small cell lung cancer [36] - The approval of the ADC "Datopotamab deruxtecan" for treating HR-positive, HER2-negative breast cancer [39] Investment Recommendations - The report suggests focusing on investment opportunities in the chemical preparation sector, particularly innovative drugs, and the CXO sector due to their clear long-term growth logic [6]

Investment Rating - The investment rating for the biotechnology industry is "Positive" (maintained) [1] Core Insights - The small molecule GLP-1RA market is expected to provide new incremental space for weight loss and diabetes management, with significant interest from multinational corporations (MNCs) accelerating their involvement in this sector [7][25] - The leading product in the small molecule GLP-1RA space is Orforglipron from Eli Lilly, which has completed multiple global Phase III clinical trials and is positioned to submit a New Drug Application (NDA) in the second half of 2025 [25][26] - Domestic companies are making substantial progress in the small molecule GLP-1RA pipeline, with several candidates entering late-stage clinical trials, indicating strong potential for commercialization and international expansion [19][25] Summary by Sections 1. Development Prospects of Small Molecule GLP-1RA - Oral GLP-1 drugs offer advantages such as ease of use and high patient compliance, with over 75% of initial treatment patients preferring daily oral therapy [14] - The small molecule GLP-1RA market is characterized by low costs and flexibility in usage scenarios, with significant recent business development (BD) transactions [14][23] 2. MNCs Accelerating Small Molecule GLP-1RA Pipeline - Eli Lilly's Orforglipron is the fastest progressing small molecule GLP-1RA product globally, with three Phase III trials achieving primary endpoints [25][27] - Other major pharmaceutical companies like AstraZeneca and Roche are also advancing their small molecule GLP-1RA pipelines, with several candidates in Phase II trials [29][30] 3. Pharmacokinetic Characteristics Impacting Efficacy - Pharmacokinetic features are crucial for the efficacy of small molecule GLP-1RA, with companies exploring new formulations to enhance solubility and absorption [6][19] 4. Investment Recommendations - The report recommends several companies as potential beneficiaries in the small molecule GLP-1RA space, including Innovent Biologics, East China Pharmaceutical, and others, highlighting their strong clinical development and commercialization potential [7][19]

（文章来源：每日经济新闻） 华东医药（000963.SZ）9月1日在投资者互动平台表示，目前该项目海外临床启动具体时间尚未最终确 定。 每经AI快讯，有投资者在投资者互动平台提问：请问HDM1010这个药近期是会启动海外的临床入组是 吗，公司的创新药后续是会陆续择优开始推进海外临床是吗？ ...