简历显示，张韡女士:中国。康奈尔大学生物医学硕士,曾任东方证券医药助理研究员,汇添富基金医药研究员、高级医药研究员及医药行业研究组组长。2021 年3月25日至今任汇添富健康生活一年持有期混合型证券投资基金的基金经理。2021年9月29日至今任汇添富香港优势精选混合型证券投资基金的基金经理。 2022年10月21日至今任汇添富达欣灵活配置混合型证券投资基金的基金经理。2023年11月23日至今任汇添富医疗服务灵活配置混合型证券投资基金的基金经 理。2023年11月23日至今任汇添富全球医疗保健混合型证券投资基金的基金经理。2025年4月10日至今任汇添富创新医药主题混合型证券投资基金的基金经 理。 | ○ 基金经理：张萍 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 累计任职时间：4年又140天 任职起始日期：2021-03-25 现任基金公司：汇添富基金管理股份有限公司 | | | 基金经理简介:张牌女士:中国。康奈尔大学生物医学硕士,曾任东方证券医药助理研究员,汇添 富基金医药研究员、高级医药研究 ...

Core Insights - The innovative drug Rulitan® (generic name: Aliskiren Indapamide Sustained-release Tablets) has been launched on JD Health, marking a significant advancement in hypertension treatment in China [1][2] - Rulitan® is the first ARNI + thiazide-like diuretic fixed-dose combination antihypertensive drug developed exclusively by the company, utilizing a triple mechanism for blood pressure reduction [1] - The prevalence of hypertension among adults in China is approximately 27.5%, highlighting a substantial market opportunity for effective treatment options [1] Company Strategy - The company plans to strategically cover various segments of hypertension patients with Rulitan®, complementing its existing products such as Xintan® (Aliskiren Tablets), Xinchao® (Sacubitril Aliskiren Calcium Tablets), and Rulitan® (Aliskiren Amlodipine Tablets) [2] - The collaboration with JD Health aims to enhance the accessibility of innovative drugs, addressing clinical needs and benefiting a larger patient population [2] Market Context - Hypertension is a systemic disease that can lead to severe complications such as stroke, coronary heart disease, heart failure, and renal failure, emphasizing the importance of effective treatment options [1] - The drug is particularly suitable for patients with salt-sensitive hypertension, elderly patients, and those with comorbidities such as diabetes and metabolic syndrome [1]

Investment Rating - The investment rating for the pharmaceutical industry is "Positive" (maintained) [4] Core Views - The report emphasizes the potential opportunities in the autoimmune dual-antibody sector amidst the ongoing trend of international expansion. It highlights the increasing interest from multinational corporations (MNCs) in Chinese innovative drugs, particularly in the context of patent cliffs faced by leading MNCs [3][8] - The report suggests that the pharmaceutical sector is poised for growth in 2025, driven by several factors including the successful transition from traditional to innovative growth drivers, the increasing capabilities of Chinese companies in international markets, and the rising demand due to an aging population [4][47] Summary by Sections Market Performance - From August 4 to August 8, the pharmaceutical index declined by 0.84%, underperforming the CSI 300 index by 2.07%. Notable gainers included Nanmo Biology (+42.48%), Haichen Pharmaceutical (+41.29%), and Sino Medical (+39.52%). Conversely, Nanxin Pharmaceutical (-18.5%) and Qizheng Tibetan Medicine (-16.11%) were among the largest decliners [5][24] BD Opportunities - The report notes a surge in BD (business development) transactions, particularly in the autoimmune sector, with a total of over 100 license-out transactions in China from January 1 to August 7, 2025, amounting to $840.5 billion. The focus of these transactions has been primarily on oncology and metabolic fields, with a notable lack of activity in the autoimmune sector [9][8] Investment Recommendations - The report recommends focusing on innovative drugs and medical devices, particularly those with low valuations and potential for marginal improvement. Key companies to watch include Heng Rui Pharmaceutical, Keren Pharmaceutical, and Innovent Biologics [4][49] - It also highlights the importance of the aging population and the increasing demand for chronic disease treatments, suggesting that companies like Kunming Pharmaceutical and Yuyue Medical could benefit from this trend [48][47] Valuation Insights - As of August 8, 2025, the overall PE valuation for the pharmaceutical sector stands at 38.77X, indicating that the sector is still at a relatively low historical valuation compared to other sectors [36][47] Future Outlook - The report anticipates a rebound in the pharmaceutical sector in 2025, driven by innovative drugs and the ongoing internationalization of Chinese pharmaceutical companies. It emphasizes the need to focus on sectors with structural growth potential, such as innovative drugs, medical devices, and the aging population market [47][48]

乘势创新东风，指投龙头药企！国内首只药ETF联接基金（A类：024985 / C类：024986）8月8日起独家 首发，一站配齐"化学药 + 生物药 + 中药"三大纯制药领域龙头，既有创新药驱动高成长，又有中药降 低指数波动，能涨抗跌，买"药"优选。 A类 024985 c 024986 场内ETF代码 562050 8月8日起 独家首发 刚需赛道·景气向上 制药是与生命科学紧密相关的产业,刚需属性尤为突 出。人口基数庞大、人口老龄化加速、人均GDP提升, 是驱动制药行业长期高景气度的坚实底层逻辑 ◆ 2024年,我国65岁以上人口比例达15.6%,已进入中 度老龄化社会。未来随着老龄化程度加深,药品市场 空间将进一步打开 数据来源于国家统计局,截至2024年。老龄化分居标准源于1956年联合国《人口老龄化及社会经 济后里》标准。 长坡厚雪·创新引领 创新药作为新质生产力的典型代表,有望打开制药行 业成长天花板,驱动医药资产价值重估 ◆ 国产创新药"十年磨一剑",2024年以来,迎来内外部 多重合力催化,有望迎来"戴维斯双击" AI Cal "Al+制药"有望加速新药研发 Haran The 国产创新药出海或 ...

Core Insights - The innovative drug industry is experiencing robust growth, with the innovative drug index rising by 50.2% year-to-date as of August 7 [1] - The China National Medical Products Administration approved 43 innovative drugs in the first half of the year, a 59% increase year-on-year, nearing the total of 48 for the entire year of 2024 [2] - The industry is seeing a shift towards deeper strategic collaborations in overseas licensing, moving from simple product exports to comprehensive partnerships [4] Industry Growth and Trends - The innovative drug sector is benefiting from ongoing drug review reforms and policy incentives, leading to a revitalization of the capital market [2] - Companies like Tigermed are establishing integrated platforms to support clinical research across all stages globally [2] - The R&D expenditure of Shijiazhuang Pharmaceutical Group has increased from 1.583 billion HKD in 2018 to approximately 5.19 billion HKD in 2024, reflecting a consistent double-digit growth [2] International Expansion - In the first half of the year, upfront payments for overseas licensing of innovative drugs exceeded 2.5 billion USD, with total transaction amounts nearing 50 billion USD, comparable to the previous year's figures [4] - Shijiazhuang Pharmaceutical Group has completed four overseas licensing agreements this year, with a total contract value of approximately 9.7 billion USD [4] - The potential for sustainable business development (BD) partnerships depends on the core capabilities of Chinese innovative drug companies [4] AI in Drug Development - AI technology is significantly transforming drug development by shortening research cycles and reducing costs, with applications expanding rapidly [7] - The integration of AI with automation in production processes is expected to enhance quality and reduce costs, promoting sustainable practices [7] - Companies like De Rui Zhi Yao are leveraging AI to drive new drug development, with several innovative drugs already in clinical stages [7][8]

Group 1: Epidemic Overview - The recent outbreak of Chikungunya fever in southern China has led to nearly 3,000 new cases reported in just one week, primarily in Guangdong province, affecting over ten cities [1][3] - The majority of cases are concentrated in Foshan, accounting for 95% of the total cases in Guangdong, with no severe cases or deaths reported so far [3] Group 2: Government Response and Guidelines - The National Health Commission has released the "Chikungunya Fever Diagnosis and Treatment Plan (2025 Edition)," emphasizing that the disease is preventable, controllable, and treatable [3][6] - The plan incorporates traditional Chinese medicine (TCM) approaches, highlighting the role of TCM in alleviating symptoms and promoting recovery [6] Group 3: Company Initiatives in Diagnostics and Treatment - Several listed companies in the IVD (in vitro diagnostics) sector are actively developing testing products and treatment solutions for Chikungunya fever [4][5] - Shenzhen BGI Technology Co., Ltd. has introduced the T1+ gene sequencer, which can provide comprehensive genomic analysis within 6-8 hours, aiding in rapid response to the outbreak [4] - Wanfu Biology has developed multiple Chikungunya virus detection products, creating a closed-loop system for monitoring and diagnosis [4] Group 4: Traditional Chinese Medicine Applications - TCM is being utilized for symptomatic treatment of Chikungunya fever, with specific formulations recommended for managing symptoms like fever and joint pain [6][7] - Companies such as Guangdong Yifang Pharmaceutical and Step Long Pharmaceutical are producing traditional Chinese medicines that may assist in treating Chikungunya fever [7]

Core Insights - Sanofi has confirmed the cessation of the promotion of its PCSK9 inhibitor, Alirocumab, in the Chinese market due to global supply issues and a strategic upgrade in its cardiovascular product line [2][3] - The exit of Alirocumab from the market has opened opportunities for domestic pharmaceutical companies to enter the PCSK9 inhibitor space [1][3] Industry Overview - PCSK9 inhibitors are considered a milestone in lipid-lowering therapies, with significant implications for managing high LDL cholesterol levels, which are primarily influenced by genetic factors [1][3] - The understanding of lipoprotein(a) [Lp(a)] in cardiovascular diseases has led to increased interest in developing new lipid-lowering drugs targeting this specific marker [1][7] Market Dynamics - The market for lipid-lowering medications is competitive, with established statin drugs and newer PCSK9 inhibitors being used in combination for optimal patient outcomes [4][5] - There are currently seven approved PCSK9 inhibitors in China, including both imported and domestic products, with ongoing developments from various companies [5][6] Emerging Opportunities - Companies are actively pursuing the development of alternative medications in light of Alirocumab's market exit, indicating a robust interest in the PCSK9 inhibitor segment [3][6] - The market is also seeing advancements in therapies targeting Lp(a), with several multinational corporations engaged in clinical trials for new drugs aimed at lowering Lp(a) levels [7]

Core Points - The Shanghai Composite Index closed at 3638.40 points with a change of 0.12% and a total trading volume of 1,206.179 billion yuan [1] - Eight A-shares experienced a crossover where the 5-day moving average fell below the 10-day moving average, indicating potential bearish trends [1] Group 1: Stock Performance - Stock "信立泰" (Code: 002294) decreased by 1.86% with a 5-day moving average of 49.37 yuan and a 10-day moving average of 49.62 yuan, showing a distance of -0.49% [1] - Stock "万邦德" (Code: 002082) decreased by 1.36% with a 5-day moving average of 7.48 yuan and a 10-day moving average of 7.52 yuan, also showing a distance of -0.49% [1] - Stock "毕得医药" (Code: 688073) decreased by 2.96% with a 5-day moving average of 59.09 yuan and a 10-day moving average of 59.27 yuan, indicating a distance of -0.30% [1] Group 2: Additional Stocks with Moving Average Crossovers - Stock "吉贝尔" (Code: 688566) decreased by 3.58% with a 5-day moving average of 33.90 yuan and a 10-day moving average of 33.97 yuan, showing a distance of -0.20% [1] - Stock "诺诚健华" (Code: 688428) decreased by 6.03% with a 5-day moving average of 30.02 yuan and a 10-day moving average of 30.07 yuan, indicating a distance of -0.18% [1] - Stock "丽人丽妆" (Code: 605136) increased by 0.81% with a 5-day moving average of 9.82 yuan and a 10-day moving average of 9.84 yuan, showing a distance of -0.15% [1]

（文章来源：证券时报网） 部分5日、10日均线死叉个股 | 代码 | 简称 | 今日涨跌 | 今日换手 | 5日均线 | 10日均线 | 5日较10日均线 | 最新价 | 较10日均线乖 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | （%） | 率（%） | （元） | （元） | 距离（%） | （元） | 离率（%） | | 002294 | 信立 | -2.07 | 0.21 | 49.35 | 49.61 | -0.51 | 47.79 | -3.66 | | | 泰 | | | | | | | | | 002082 | 万邦 德 | -0.95 | 0.97 | 7.49 | 7.52 | -0.45 | 7.30 | -2.93 | | 002099 | 海翔 药业 | -0.33 | 0.38 | 6.19 | 6.20 | -0.24 | 6.08 | -1.95 | | 688073 | 毕得 医药 | -2.18 | 1.16 | 59.18 | 59.32 | -0.22 | 57.51 | -3.05 | ...

Core Viewpoint - The A-share market shows a slight increase with the Shanghai Composite Index at 3630.45 points, reflecting a gain of 0.36% as of 14:02, with a total trading volume of 14153.35 billion yuan [1] Group 1: Market Performance - The A-share market has a total trading volume of 14153.35 billion yuan [1] - The Shanghai Composite Index is at 3630.45 points, indicating a 0.36% increase [1] Group 2: Stocks with Death Cross - A total of 13 A-shares have experienced a death cross, where the 5-day moving average falls below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Information Development: 5-day MA at 44.98 yuan, 10-day MA at 45.61 yuan, a difference of -1.39% [2] - Zhun Oil Shares: 5-day MA at 7.31 yuan, 10-day MA at 7.41 yuan, a difference of -1.34% [2] - Xin Nuo Wei: 5-day MA at 52.60 yuan, 10-day MA at 53.19 yuan, a difference of -1.11% [2]