证券研究报告 | 医药生物 | 2025年9月6日 www.hczq.com 华创医药投资观点&研究专题周周谈·第142期 恩华药业CNS创新管线梳理 联系人:朱珂琛 | 华创医药团队： | | | --- | --- | | 首席分析师 郑辰 | 执业编号: S0360520110002 邮箱: zhengchen@hcyjs.com | | 联席首席分析师 刘浩 | 执业编号: S0360520120002 邮箱: liuhao@hcyjs.com | | 医疗器械组组长 李婵娟 | 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com | | 中药和流通组组长 高初蕾 | 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com | | 分析师 王宏雨 | 执业编号: S0360523080006 邮箱: wanghongyu@hcyjs.com | | 分析师 朱珂琛 | 执业编号：S0360524070007 邮箱：zhukechen@hcyjs.com | 本报告由华创证券有限责任公司编制 报告仅供华创证券有限责任公司的客户使用，本公司 ...

数据显示，恒越基金旗下1只基金重仓恩华药业。恒越医疗健康精选混合A（014220）二季度持有股数 8.48万股，占基金净值比例为4.67%，位居第十大重仓股。根据测算，今日浮盈赚取约10.6万元。 恒越医疗健康精选混合A（014220）成立日期2022年1月25日，最新规模2498.33万。今年以来收益 38.18%，同类排名899/8178；近一年收益45.16%，同类排名2473/7978；成立以来亏损20.89%。 9月5日，恩华药业涨5.14%，截至发稿，报25.59元/股，成交3.67亿元，换手率1.67%，总市值259.94亿 元。 资料显示，江苏恩华药业股份有限公司位于江苏省徐州市经济技术开发区龙湖西路31号恩华科技大厦， 成立日期1999年3月29日，上市日期2008年7月23日，公司主营业务涉及医药生产、研发和销售,医药销 售含公司生产的制剂销售及医药批发和零售业务。主营业务收入构成为：麻醉类54.28%，精神类 20.63%，商业医药13.08%，神经类5.51%，原料药2.98%，其他销售2.41%，其他贸易及劳务(注 1)0.58%，其他(补充)0.52%。 从基金十大重仓股角度 截至 ...

Group 1 - The fentanyl concept sector increased by 0.65%, ranking first among concept sectors, with two stocks rising, including Renfu Pharmaceutical which hit the daily limit [1] - The main funds net inflow into the fentanyl concept sector was 577 million yuan, with Renfu Pharmaceutical receiving the largest net inflow of 571 million yuan [2][3] - The net inflow ratios for leading stocks in the fentanyl concept were 18.07% for Renfu Pharmaceutical, 8.67% for Enhua Pharmaceutical, and 2.06% for Lingrui Pharmaceutical [3] Group 2 - The stocks with the largest declines in the fentanyl concept sector included Dongfang Biology, Wanfu Biology, and Botuo Biology, with declines of 1.88%, 1.54%, and 1.36% respectively [1][2] - The trading volume and turnover rates for the leading stocks in the fentanyl concept were notable, with Renfu Pharmaceutical showing a turnover rate of 9.23% [3]

Group 1 - The core viewpoint of the article highlights the recent movements of social security funds in the A-share market, revealing that they have entered the top ten circulating shareholders of 71 new stocks in the second quarter of 2025 [1] - Su Shi Testing has the highest number of new social security fund holdings, with 3 new holdings, while Shanghai Jahwa and Xin Qiang Lian each have 2 new holdings [1] - The article provides a detailed list of companies that have seen new social security fund investments, including their respective shareholding numbers, quantities, and market values [2][3][4][5] Group 2 - Specific companies mentioned include Su Shi Testing with 1,486.20 thousand shares valued at 213 million yuan, Shanghai Jahwa with 1,150.51 thousand shares valued at 242 million yuan, and Xin Qiang Lian with 555.56 thousand shares valued at 199 million yuan [2][3] - Other companies with new social security fund holdings include Hengdian East Magnetic, Nuofushin, and Baichu Electronics, each with 1 new holding, along with their respective share quantities and market values [2][3][4] - The article lists a total of 71 companies that have received new investments from social security funds, indicating a diverse range of industries from agriculture to electronics and pharmaceuticals [2][3][4][5]

Group 1 - The core viewpoint of the article highlights the growth trends in China's chemical pharmaceutical industry, with a projected production increase in raw chemical drugs by 5.4% in 2025 [1] - According to the National Bureau of Statistics, the production of raw chemical drugs in China reached 333,000 tons in June 2025, reflecting a year-on-year growth of 5.4% [1] - For the first half of 2025, the cumulative production of raw chemical drugs in China was 1.92 million tons, showing a cumulative growth of 4.8% [1] Group 2 - The article lists several publicly listed companies in the pharmaceutical sector, including Heng Rui Medicine, East China Pharmaceutical, and others [1] - It references a report by Zhiyan Consulting that analyzes the supply and demand dynamics of the chemical pharmaceutical industry in China from 2025 to 2031 [1]

8月19日，CDE官网显示，江苏恩华药业股份有限公司按4类仿制化药申报的羟考酮纳洛酮缓释片上市申请已获受理。据摩熵医药数据，羟考酮在我国院内累 计销售额达165.52亿元，而该复方制剂的首仿由绿叶制药斩获。 | 受理品种目录浏览 | 在审品种目录浏览 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 年 | 2025 | v 药品类型: | 全部 | レ | 申请类型: 実記 | V | 童间 | | 흥卿号: | 请输入受理号 | 药品名称: | 羟考酮纳洛酮缓释片 | | 企业名称: | 请输入企业名称 | | | 序号 | 受理号 | 药品名称 | 药品类型 | 申请类型 | 注册分类 | 企业名称 | 承办日期 | | 1 | CYHS2503050 | 羟考酮纳浩酮缓释片 | 化药 | 仿制 | র্ম | 江苏恩华药业股份有限公 司江苏恩华药业股份有限 公司; | 2025-08-19 | | | | | | | | | 国商都 | 截图来源：CDE官网 羟考酮纳洛酮缓释片是由强效阿片受体激动剂羟考酮和阿片拮抗剂纳洛 ...

据证券时报·数据宝统计，有23股二季度机构（券商、社保、QFII、险资等四类）合计持仓翻倍且期末 持股市值超过5000万元。 从期末持股市值来看，排名前五的分别是华东医药（000963）、恩华药业（002262）、昆药集团 （600422）、锦浪科技（300763）、新强联（300850），持仓市值均超3亿元。 按照持仓比例来看，二季度末机构持仓数量占流通股比例超过4%的有3股，分别是浙江华业 （301616）、濮耐股份（002225）和利民股份（002734）。其中浙江华业以6.19%的持仓比例排在首 位。持股比例变动方面，浙江华业、润本股份（603193）、合金投资（000633）等个股机构增持比例较 大，均超3%。 机构翻倍增持的个股大多业绩较好。其中，华东医药上半年业绩稳健增长，营收同比增长3%，净利润 同比增长7%。新强联和利民股份上半年业绩大增，其中新强联营收翻倍，净利润增速接近5倍；利民股 份净利润增速最高，超过747%。 上述个股既有大市值的优质股，比如华东医药、锦浪科技、恩华药业等，A股市值均超200亿元。其 中，华东医药业务覆盖医药全产业链，拥有医药工业、医药商业、医美、工业微生物四大业务 ...

Group 1 - The core viewpoint of the news highlights the active performance of the weight loss concept stocks, particularly following the FDA approval of Novo Nordisk's semaglutide (Wegovy) for treating metabolic dysfunction-related fatty liver disease in patients with advanced liver fibrosis [1][2] - The Medical Innovation ETF (516820.SH) saw a 1.27% increase, with significant gains in constituent stocks such as Ganli Pharmaceutical (10.00%), Enhua Pharmaceutical (6.35%), and Huadong Medicine (5.41%) [1] - Recent fund inflows into the Medical Innovation ETF totaled 35.68 million yuan, with a net inflow of 24.91 million yuan over the last five trading days, indicating a positive trend in investor sentiment [1] Group 2 - The market is experiencing a rotation of funds from high-valued sectors to reasonably valued areas, suggesting a potential shift in the pharmaceutical market from innovative drugs to lower-valued medical devices [2] - Core assets in the medical sector are gradually rebounding, with many top constituent stocks trading below their historical 20% percentile, indicating a strong margin of safety for investors [2] - The weakening U.S. economic and employment data may accelerate the Federal Reserve's rate cuts, enhancing global liquidity and benefiting technology stocks, presenting a good opportunity for investors to position themselves in the medical innovation sector [2]

Group 1 - The core viewpoint of the articles highlights the recent movements of social security funds in the stock market, with 16 new stocks being added to their portfolio in the second quarter [1] - A total of 384 companies have disclosed their semi-annual reports, revealing the actions of institutional investors through the top ten circulating shareholders [1] - Social security funds appeared in 57 stocks, with 16 new positions, 15 increased holdings, 15 reduced holdings, and 11 stocks where the holding amount remained unchanged [1] Group 2 - Among the newly established stocks, the highest number of social security fund appearances in the top ten circulating shareholders is in Su Shi Testing, with three funds holding a total of 14.86 million shares, accounting for 2.94% of circulating shares [1] - The stock with the highest holding ratio among the new positions is Zhong Chumei, with a holding ratio of 3.45%, followed by Beiding Co., Ltd. at 3.16% [1] - The stock with the largest holding amount among the new positions is Satellite Chemical, with 20.17 million shares held, followed by Su Shi Testing and Zhongyuan Expressway with 14.86 million shares and 13 million shares, respectively [1] Group 3 - In terms of performance, 15 of the newly established stocks reported year-on-year net profit growth, with the highest increase being 496.60% for Xin Qiang Lian, which achieved a net profit of 399.61 million yuan [2] - Other companies with significant net profit growth include Ta Pai Group and Guo Mai Culture, with increases of 92.47% and 80.38%, respectively [2] - A detailed list of newly established stocks by social security funds includes various companies across different industries, such as Zhong Chumei in basic chemicals and Beiding Co., Ltd. in home appliances [2]

Group 1 - The core point of the article is that Enhua Pharmaceutical has completed the registration of changes in its business license as of August 14, 2025, following a resolution from the shareholders' meeting [1] - The registered capital has been adjusted from 1,016.176792 million yuan to 1,015.786583 million yuan [1] - The amendment to the company's articles of association has also been completed and registered [1]