Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights the acceleration of PD-(L)1/VEGF and PD-(L)1/IL-2 dual antibodies, confirming the trend of upgrading single antibodies to multi-target therapies [5][14] - As of August 8, 2025, there are 32 PD-(L)1 tri-antibodies in clinical and preclinical stages globally, with 16 being PD-(L)1/VEGF tri-antibodies [5][14] - The report emphasizes the potential of PD-1/VEGF/IL-2 tri-target combination therapies to exhibit superior synergistic treatment effects [30][39] Summary by Sections Section 1: PD-(L)1 Dual Antibody Upgrades - The report notes the upgrade of PD-(L)1 dual antibodies, with 6 PD-(L)1/VEGF tri-antibodies entering clinical trials [5][14] - Multiple PD-(L)1/VEGF tri-antibodies show superior preclinical efficacy compared to competitors [6][16] - The PD-1/VEGF/IL-2 tri-target combination is expected to demonstrate enhanced synergistic treatment effects [30][39] Section 2: Market Performance - In the second week of August, the pharmaceutical and biotechnology sector declined by 0.84%, underperforming the CSI 300 index by 2.07 percentage points [41][46] - The medical consumables sector showed the largest increase, while the medical research outsourcing sector experienced the largest decline [46][47] Section 3: Recommended and Benefiting Companies - Recommended companies in pharmaceuticals and bioproducts include: Heng Rui Medicine, East China Pharmaceutical, Sanofi, and others [8] - CXO companies include WuXi AppTec, Tigermed, and others [8] - Companies in medical devices include Mindray Medical, United Imaging, and others [8]

Core Viewpoint - The recent Phase II clinical trial results of HDM1002, an oral GLP-1 receptor agonist developed by the company, demonstrate significant weight loss and metabolic improvement, with good safety and tolerability, providing a strong basis for further clinical research [2][5]. Group 1: Clinical Trial Results - The Phase II clinical trial involved 185 participants and lasted 16 weeks, assessing the safety and efficacy of HDM1002 in overweight or obese individuals without diabetes [2]. - After 12 weeks of treatment, the percentage change in body weight from baseline for the HDM1002 100 mg BID, 200 mg BID, 400 mg QD, and placebo groups were -4.63%, -6.08%, -6.83%, and -2.88% respectively, with the 200 mg BID and 400 mg QD groups showing statistically significant differences compared to the placebo [3]. - The proportion of participants in the 200 mg BID and 400 mg QD groups who experienced a weight loss of ≥5% was 63.0% and 56.5%, respectively, both significantly higher than the placebo group [3]. Group 2: Safety and Tolerability - Most treatment-emergent adverse events (TEAEs) and treatment-related adverse events (TRAEs) were mild, with no severe adverse events reported [5]. - The most common TEAEs in the HDM1002 groups were gastrointestinal events, including nausea, vomiting, and diarrhea, all of which were mild to moderate in severity [5]. Group 3: Future Development and Product Pipeline - The successful results of the Phase II trial mark an important milestone in the development of HDM1002, which is now progressing to Phase III clinical research [5]. - The company has established a comprehensive and differentiated product pipeline around the GLP-1 target, including both oral tablets and injectables, with ongoing clinical trials for various innovative drugs [5].

Core Viewpoint - Huadong Medicine's stock price experienced a decline of 1.32% on August 8, closing at 42.47 yuan, with a trading volume of 355 million yuan [1] Company Overview - Huadong Medicine operates in three main sectors: pharmaceutical manufacturing, pharmaceutical commerce, and medical aesthetics [1] - The company's core products include Bailin capsules and Indomethacin tablets, with a focus on oncology, diabetes, and immunosuppressants [1] - The wholly-owned subsidiary, Sino-American Huadong, holds a patent for the crystal form of Indomethacin tablets, which is protected until 2040 [1] Recent Developments - Sino-American Huadong is actively defending its patent rights for Indomethacin tablets, resulting in seven pharmaceutical companies being suspended from purchasing the product due to patent disputes [1] - The National Intellectual Property Administration has ruled to maintain the validity of the involved patents against several invalidation requests [1] - Due to the patent disputes, Indomethacin tablets were not included in the 11th batch of national drug procurement [1] Financial Activity - On August 8, Huadong Medicine saw a net outflow of 4.4782 million yuan in principal funds, while the cumulative net inflow over the past five days reached 9.757 million yuan [1]

Core Points - The Shanghai Municipal Medical Procurement Management Office has suspended the procurement qualifications of certain drugs, including indobufen tablets produced by Shandong Modern Pharmaceutical Technology Co., Ltd due to patent disputes [1][2] - A total of seven companies have been suspended from procuring indobufen tablets since 2024, indicating a significant impact on the market [2][3] Industry Overview - Indobufen tablets, a new type of antiplatelet drug, were first developed by Farmitalia Carlo Erba in Italy and have become a substitute for patients intolerant to aspirin due to their lower side effects [2] - The sales of indobufen tablets have seen substantial growth, with sales reaching over 1 billion yuan in 2022 and projected to exceed 1.6 billion yuan in 2024, reflecting an 18.12% year-on-year increase [3] Patent and Legal Issues - The core patent for indobufen, covering specific crystal forms and their preparation methods, was granted to a subsidiary of Huadong Medicine, which has initiated extensive legal actions against other companies for patent infringement [4] - Indobufen tablets were excluded from the 11th batch of national procurement due to high patent infringement risks, despite meeting procurement conditions [5]

分行业来看，统计数据显示，剔除未任职2024年全年董秘数据后，A股共有110家上市化学制剂公司， 其聘任总体情况如下（部分统计口径剔除无效数据）。 从董秘的年龄分布来看，40岁-50岁董秘是市场的中坚力量，占比共计达到46%；50岁以上的董秘占比 为21%；小于或等于40岁的董秘群体占比为33%。其中，目前仍任职的最年轻的男上市公司董秘年龄31 岁，为莎普爱思的黄明雄；最年轻的女董秘年龄为33岁，为百利天恒的陈英格。 专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 从董秘的学历分布看，拥有专科、本科、硕士、博士学历的董秘占比分别为7%、37%、50%、6%。其 中，获得博士学历的董秘共6人，分别为舒泰神的于茂荣、人福医药的李前伦、灵康药业的隋国平、海 正药业的沈锡飞、益方生物-U的江岳恒、健友股份的黄锡伟。其中，海正药业的沈锡飞为行业唯一一 个拥有博士学历的专职董秘。 从薪酬分 ...

Core Insights - The report highlights that in 2024, the total salary for A-share listed company secretaries reached 4.086 billion yuan, with an average annual salary of 754,300 yuan [1][2] - A total of 1,144 company secretaries earned over 1 million yuan, accounting for more than 21% of the total [1] Salary Distribution - The average annual salary for company secretaries in the chemical preparation sector of A-shares is 914,800 yuan [2] - Salary distribution among company secretaries shows that 33% earn below 500,000 yuan, 37% earn between 500,000 and 1 million yuan, 27% earn between 1 million and 2 million yuan, and 3% earn above 2 million yuan [2] - Four company secretaries earn over 3 million yuan, with salaries of 5.2065 million yuan, 4.2101 million yuan, 3.3837 million yuan, and 3 million yuan respectively [2] Age Distribution - Company secretaries aged 40 to 50 constitute the majority at 46%, while those over 50 account for 21%, and those aged 40 or younger make up 33% [1] - The youngest male company secretary is 31 years old, and the youngest female company secretary is 33 years old [1] Educational Background - The educational background of company secretaries shows that 7% have an associate degree, 37% hold a bachelor's degree, 50% have a master's degree, and 6% possess a doctoral degree [2] - Only six company secretaries hold a doctoral degree, with one being the only full-time secretary in the industry [2] Salary Changes - The largest salary decrease was observed for ST Tian Sheng's Wang Qin, with a year-on-year decline of 81.28% [2] - The highest salary increase was for Huadong Medicine's Chen Bo, with a year-on-year increase of 308.81% [2]

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 - The healthcare ETF, Taikang (159760), has shown a slight increase of 0.46%, tracking the National Public Health and Healthcare Index (980016), which rose by 0.48% [1] - A new pricing mechanism for newly launched drugs has been established by the National Healthcare Security Administration, allowing high-level innovative drugs a five-year price stability period, which is expected to reverse the trend of price drops upon market entry [1] - Innovative drugs like Zebutinib from BeiGene and the dual-antibody drug from Baillie Tianheng are anticipated to drive significant revenue growth in the coming years [1][2] Industry Developments - The index constituents are experiencing a technological breakthrough, with companies like Kangfang Bio and Eli Lilly making significant advancements in drug development [2] - The AI+mRNA platform developed by CloudTop has achieved full-chain coverage from antigen design to industrial production, indicating a shift in innovative drug development paradigms [3] - The index includes companies that are directly benefiting from healthcare payment reforms and supportive policies for innovative drugs, with over 80% of the constituents poised to gain from these changes [4] Financial Performance - As of June 30, 2025, the top ten weighted stocks in the National Public Health and Healthcare Index accounted for 51.67% of the index, with companies like WuXi AppTec and Hengrui Medicine leading the way [5] - Hengrui Medicine's R&D investment ratio reached 28% in the first half of 2025, with a 50% year-on-year increase in the number of new drug approvals, indicating strong growth potential [4] Market Outlook - The healthcare ETF is expected to continue leading in the structural market of the healthcare industry, driven by the expansion of commercial insurance innovative drug catalogs and accelerated approvals for AI medical devices [4] - The index reflects the performance of listed companies in the public health and healthcare sector, focusing on prevention, testing, and treatment areas with significant potential for AI technology applications [4]

Group 1 - The core viewpoint is that the liquidity and fundamentals of the Chinese healthcare industry continue to improve, maintaining a positive outlook for the healthcare sector [1] - The report indicates that the weak U.S. employment data may lead to heightened expectations for monetary easing in the second half of the year, suggesting an improved outlook for the industry [1] - The report highlights that the industry fundamentals are recovering, with a month-on-month increase in hospital prescription volumes in July, and significant profit growth expected in the third quarter due to the release of more innovative drugs [1] Group 2 - The company prefers leading large pharmaceutical firms and suggests avoiding companies overly reliant on biosimilars in the short term [2] - Selected stocks include: CSPC Pharmaceutical Group (01093), Sinopharm Group (01099), Hansoh Pharmaceutical (03692), and others [2] - The report emphasizes that the uncertainty in U.S. Treasury yields may prompt a reallocation of funds, further improving the liquidity of innovative drug assets [1]

里昂指出，行业基本面持续复苏，7月院内处方量环比提升，随着更多创新药放量，第三季行业盈利有 望实现显著增长，加上美债不确定性可能促使资金重新配置，进一步改善创新药资产流动性，相信行业 拐点已过，未来将迎来盈喜等正面催化剂。 该行偏好领先大型药厂，短期而言避开过度依赖生物仿制药的公司。该行选股包括石药集团(01093)、 新诺威(300765.SZ)、翰森制药(03692)、爱尔眼科(300015.SZ)、恒瑞医药(01276,600276.SH)、康方生物 (09926)、中生制药(01177)、国药控股(01099)、康哲药业(00867)、大参林(603233.SH)、华东医药 (000963.SZ)、泰格医药(03347)及药明康德(02359)。 智通财经APP获悉，里昂发布研报称，中国医疗健康行业流动性及基本面持续改善，维持对医疗健康板 块正面看法，指出美国就业数据疲软或市场对下半年货币宽松预期急升温，预示着行业下半年改善前 景，相信特朗普再提最惠国药品定价政策及安徽启动生物类似药集中采购，对行业影响则相对有限。 ...