Investment Rating - The report maintains an "Overweight" rating for the industry [3] Core Viewpoints - The report continues to recommend innovative pharmaceuticals and medical devices along the industry chain [2][7] - The performance of the pharmaceutical sector in September 2025 was weaker than the broader market, with the SW Pharmaceutical Biotech index declining by 1.7% compared to a 0.6% increase in the Shanghai Composite Index [16][22] - The report highlights that the medical service sub-sector performed relatively well, increasing by 1.8%, while medical devices and chemical preparations saw slight declines [22] Summary by Sections - **Investment Recommendations**: The report includes a list of A-share stocks with an "Overweight" rating, including Heng Rui Pharmaceutical, Kelun Pharmaceutical, East China Pharmaceutical, Changchun High-tech, Enhua Pharmaceutical, WuXi AppTec, Tigermed, Lepu Medical, United Imaging Healthcare, and Huatai Medical [7][9] - **Performance Analysis**: The report notes that the monthly portfolio of Guotai Junan Pharmaceuticals outperformed the pharmaceutical index in September 2025, with an average increase of 1.1% compared to a 0.7% increase in the overall pharmaceutical index [12][13] - **Market Comparison**: The report indicates that the pharmaceutical sector's premium level relative to all A-shares is currently at a normal level, with a relative premium rate of 77.5% as of the end of September 2025 [26][28]

Group 1 - In the past five trading days, a total of 196 companies were investigated by institutions, with a significant focus on companies like Jingzhida, Xinlitai, and Enhua Pharmaceutical [1] - Among the companies investigated, 29 received attention from more than 20 institutions, with Jingzhida being the most popular, attracting 138 institutions [1] - The types of institutions involved in the investigations included 171 securities companies, 118 fund companies, and 57 private equity firms, indicating a strong interest from the securities sector [1] Group 2 - In terms of capital inflow, 8 out of the 29 companies that attracted more than 20 institutions saw net capital inflows, with Dangsheng Technology receiving the highest net inflow of 293 million yuan [1] - The performance of the investigated stocks showed that 12 companies experienced price increases, with Shen Gong Co., Jingzhida, and Xinlitai leading with gains of 31.80%, 17.68%, and 15.81% respectively [2] - Conversely, 17 companies saw declines, with Han Zhong Precision, Kexing Pharmaceutical, and Gao Weida experiencing the largest drops of 13.31%, 9.84%, and 9.25% respectively [2] Group 3 - The most frequently investigated company was Binglun Environment, which was surveyed 4 times, while Hu Dian Co. and Fule New Materials were investigated 3 and 2 times respectively [1] - The detailed list of companies investigated includes various sectors such as machinery, pharmaceuticals, and electronics, highlighting a diverse interest from institutions [2][3]

Group 1: Product Development and Clinical Trials - The company has a mature layout in the positive symptoms of schizophrenia, with ongoing projects NHL35700, NH300231, and NH140068 targeting negative symptoms [2][4] - NH600001 is expected to achieve a market scale of over 2 billion RMB after its launch, leveraging the advantages of etomidate while reducing adverse reactions [4] - NHL35700 is in the communication phase for its Phase III clinical trial with CDE, aiming for efficient advancement to benefit schizophrenia patients [6][8] Group 2: Market Strategy and Revenue Projections - The company has established online and offline retail divisions to expand its market presence, particularly for sleep-related products [5] - The revenue share from innovative drugs is projected to increase significantly with the upcoming launches, with a goal of one innovative drug being launched each year during the 14th Five-Year Plan [8][14] - The company anticipates a fundamental and sustainable improvement in operations starting next year with the approval of NH600001 [14] Group 3: Research and Development Focus - The company is exploring AI applications in drug development and aims to establish a system for early-stage research [12] - There is a focus on small nucleic acid drugs as a key development direction, with ongoing projects and collaborations in this area [13] - The company prioritizes unmet clinical needs in both domestic and international markets for its innovative drug projects [11] Group 4: Business Development and Licensing - The company plans to continue introducing differentiated projects from abroad and is in discussions for potential licensing-out opportunities [6][9] - The company is optimistic about the market potential for R-ketamine, which has completed Phase II trials and is preparing for Phase III [7] Group 5: Impact of Policy Changes - The company expects minimal impact from centralized procurement on its key products, with a strategic shift towards becoming an innovative drug-focused enterprise [14]

Group 1 - The core viewpoint of the article highlights the growth in China's chemical pharmaceutical raw material production, with a reported output of 329,000 tons in May 2025, reflecting a year-on-year increase of 3.8% [1] - Cumulative production of chemical pharmaceutical raw materials from January to May 2025 reached 1,585,000 tons, showing a cumulative growth of 5% [1] - The article references a report by Zhiyan Consulting, which provides insights into the market supply and demand trends in the Chinese chemical pharmaceutical industry from 2025 to 2031 [1] Group 2 - The listed companies in the article include Heng Rui Medicine, East China Medicine, Li Zhu Group, Baiyunshan, North China Pharmaceutical, Hai Zheng Pharmaceutical, Fosun Pharmaceutical, Ke Lun Pharmaceutical, En Hua Pharmaceutical, and Xian Ju Pharmaceutical [1] - Zhiyan Consulting is described as a leading industry consulting firm in China, specializing in in-depth industry research reports, business plans, feasibility studies, and customized services [1] - The article emphasizes Zhiyan Consulting's commitment to providing comprehensive industry solutions to empower investment decisions through professional insights and market acumen [1]

Core Viewpoint - Enhua Pharmaceutical experienced a 5.06% increase in stock price, reaching 28.65 CNY per share, with a trading volume of 354 million CNY and a market capitalization of 29.102 billion CNY as of September 24 [1] Company Overview - Enhua Pharmaceutical, established on March 29, 1999, and listed on July 23, 2008, is located in Xuzhou Economic and Technological Development Zone, Jiangsu Province [1] - The company's main business includes pharmaceutical production, research and development, and sales, which encompass the sales of its manufactured formulations as well as wholesale and retail pharmaceutical businesses [1] Revenue Composition - The revenue composition of Enhua Pharmaceutical is as follows: - Anesthetics: 54.28% - Psychotropic drugs: 20.63% - Commercial pharmaceuticals: 13.08% - Neurological drugs: 5.51% - Raw materials: 2.98% - Other sales: 2.41% - Other trade and services: 0.58% - Miscellaneous: 0.52% [1] Shareholder Information - Among the top ten circulating shareholders of Enhua Pharmaceutical, a fund under Southern Fund ranks, with the Southern CSI 500 ETF (510500) newly entering the top ten in the second quarter, holding 9.0517 million shares, which is 1.03% of the circulating shares [2] - The estimated floating profit from this investment is approximately 12.4913 million CNY [2] Fund Performance - The Southern CSI 500 ETF (510500), managed by Luo Wenjie, has a total asset size of 113.438 billion CNY and has achieved a year-to-date return of 27.04%, ranking 1786 out of 4220 in its category [2] - Over the past year, the fund has returned 61.77%, ranking 1494 out of 3814, and since its inception, it has achieved a return of 141.04% [2]

Group 1 - Huadian Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange [2] - Cisco Ray's 2022 annual report was found to have inflated revenue by 9.96 million and profit by 7.0054 million, leading to penalties and a change in stock name to ST Cisco Ray [3] - Tianpu Co., Ltd. experienced a 245.20% increase in stock price over 13 consecutive trading days, indicating a risk of rapid decline [4] - ST New Power is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure laws [6] - Baoli International intends to invest in semiconductor testing equipment company Hongtai Technology, acquiring 1%-3% equity [7] - Ankai Micro plans to invest 20 million yuan to acquire 4% equity in Shiqi Future, focusing on smart vision technology [8] Group 2 - SF Holding reported a revenue of 24.787 billion yuan in August, a year-on-year increase of 7.86% [9] - Various companies are involved in share transfers, including Guangli Micro and *ST Tianlong, with plans for significant asset restructuring [11] - Xinwangda's subsidiary aims to establish a storage industry fund with professional investment institutions [12] - Several companies are planning share repurchases, including Shunhao Co. and Lingyun Optics, with adjustments to repurchase plans [18]

（文章来源：证券日报） 证券日报网讯 9月19日晚间，恩华药业发布公告称，公司于近日获得国家药品监督管理局核准签发的化 学药品盐酸他喷他多片的《药品注册证书》。 ...

Core Viewpoint - Enhua Pharmaceutical has recently received approval from the National Medical Products Administration for the chemical drug, Tazobactam Tablets, which is intended for treating severe acute pain in adult patients requiring opioid treatment and for replacing treatments that do not adequately relieve acute pain [1] Company Summary - Enhua Pharmaceutical announced the approval of Tazobactam Tablets on September 19 [1] - The drug is specifically designed for adult patients with severe acute pain that necessitates opioid medication [1] - Currently, the only other company with approval for this drug in China is Yichang Renfu Pharmaceutical Co., Ltd., which received its approval in February 2025 [1]

Group 1 - The company, Enhua Pharmaceutical, has recently received approval from the National Medical Products Administration for the chemical drug, Tazobactam Hydrochloride Tablets [1] - Tazobactam Hydrochloride Tablets are indicated for the treatment of acute pain in adult patients that is severe enough to require the use of opioid analgesics, as well as for acute pain that is not adequately relieved by alternative treatments [1]

盐酸他喷他多片用于治疗成人患者严重到需要使用阿片类药物治疗的急性疼痛，以及替代 治疗不能充分缓解的急性疼痛。根据国家药品监督管理局药品数据显示，目前该品种国内只有 宜昌人福药业有限责任公司于 2025 年 2 月份获得批准。 证券代码：002262 证券简称：恩华药业 公告编号：2025-050 江苏恩华药业股份有限公司 关于获得《药品注册证书》的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导性陈 述或重大遗漏。 公司于近日获得国家药品监督管理局核准签发的化学药品盐酸他喷他多片的《药品注册证 书》，现将相关情况公告如下： 1、盐酸他喷他多片《药品注册证书》的详细情况见下表： | 药品通用名称 | | 盐酸他喷他多片 | | | --- | --- | --- | --- | | 受理号 | CYHS2303458 | CYHS2303459 | CYHS2303460 | | 证书编号 | 2025S02883 | 2025S02884 | 2025S02885 | | 规 格 | 按 计 50mg 按 C14H23NO | 计 75mg C14H23NO | 按 计 100m ...