Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Insights - The report highlights the significant potential of the amylin market, with major pharmaceutical companies making substantial investments in amylin molecules, indicating a strong growth trajectory [6][9] - Amylin products are showing promising early clinical data in terms of safety and weight loss efficacy, with specific examples demonstrating competitive advantages over existing treatments [7][22] - A dense pipeline of catalysts is expected in the next 6-12 months, with multiple companies set to release critical clinical trial data that could validate the product profiles of amylin candidates [8][29] Summary by Sections Recent Major BD Transactions - AbbVie and Roche have made significant investments in amylin molecules, with AbbVie paying an upfront fee of $350 million and potential milestone payments of up to $1.875 billion for Gubra's amylin molecule [6][17] - Roche has partnered with Zealand to develop petrelintide, with an upfront payment of $1.65 billion and milestone payments reaching $3.6 billion [6][17] Amylin Product Profile - Early data for amylin monotherapy shows excellent safety and weight loss results, with examples like Eli Lilly's Eloralintide demonstrating a maximum weight loss of 11.3% at 12 weeks [7][22] - The report notes that the majority of weight loss from Eloralintide is fat, with preclinical data showing up to 91% of weight loss being fat [23][28] Future Catalysts - A significant number of amylin pipeline data readouts are expected in the next 6-12 months, with major companies like Roche, Eli Lilly, and AstraZeneca anticipated to release phase 2 trial data [8][29] - Companies such as Viking, Structure, and others are also highlighted for their clinical trial progress in the amylin space [8][29] Investment Recommendations - The report recommends focusing on companies like Borui Pharmaceutical and Zhongsheng Pharmaceutical, which are expected to accelerate their presence in the amylin market [9][31] - Beneficiary companies include Viking, Structure, Metsera, and Jiuyuan Gene, which are positioned to gain from advancements in the amylin sector [9][31]

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of August 4, 2025 [1] Core Insights - The innovation environment in the pharmaceutical industry continues to improve, with significant growth in global pharmaceutical transactions, particularly involving Chinese companies, which contributed nearly 50% of the total transaction value [2] - The report emphasizes the importance of weight loss direction in authorized collaborations, highlighting recent partnerships and clinical advancements in GLP-1 dual receptor agonists [3] - The CXO sector is expected to gradually recover following a supply-side cleansing, with an increase in license-out transactions and a notable rise in biotech funding [4] - TCE technology is being continuously updated, with promising clinical data emerging from various trials, indicating a strong market potential for TCE-based therapies [5] - The report highlights the growing trend of business development (BD) in the autoimmune sector, with significant clinical data supporting new treatments [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical sector outperformed the CSI 300 index by 4.70 percentage points in the last week, with a 2.95% increase in the pharmaceutical and biotechnology index [19] - Over the past month, the pharmaceutical sector outperformed the CSI 300 index by 10.20 percentage points, with a 13.02% increase [22] 2. Pharmaceutical Sector Trends and Valuation - The current PE (TTM) for the pharmaceutical and biotechnology industry index is 39.10 times, above the 5-year historical average of 31.99 times [41] 3. Recent Research Achievements - The report lists various recent research achievements by the Huaxin pharmaceutical team, including deep reports on the growth trends in the blood products industry and the impact of policies on inhalation formulations [46] 4. Recent Industry Policies and News - The report discusses recent policies aimed at supporting the high-quality development of innovative drugs, including measures to enhance the entry of innovative drugs into basic medical insurance [48]

Market Overview - During the trading days from July 28 to August 1, all three major A-share indices experienced a pullback, with the Shanghai Composite Index down by 0.94%, the Shenzhen Component Index down by 1.58%, and the ChiNext Index down by 0.74% [1] - The Shanghai Composite Index closed at 3560 points with a trading volume of 684.6 billion yuan on Friday [3] Sector Performance - The pharmaceutical sector showed strong performance this week, with several stocks in the AI application, electronics, photovoltaic, and solid-state battery sectors also being active [1] - A total of 20 stocks saw a price increase of over 30%, with Nanjing New Pharmaceutical leading with a cumulative increase of 78.01% [4] Notable Stocks - Nanjing New Pharmaceutical's significant rise is attributed to its announcement regarding the potential acquisition of domestic pharmaceutical technology assets, although the deal is still in the planning stage and carries uncertainty [4] - Other notable gainers include Dongxin Co. (53.68%), Southern Road Machinery (53.38%), and Siquan New Materials (50.75%) [5] Trading Activity - A total of 71 stocks had a turnover rate exceeding 100%, with Beifang Changlong leading at 257.92% [6] - The sectors with high turnover rates included electronics, machinery equipment, and pharmaceuticals [6] Fund Flow - The banking and transportation sectors were favored by institutional investors, receiving net inflows of 2.224 billion yuan and 990 million yuan, respectively [8] - Conversely, sectors such as computers, non-ferrous metals, and electronics faced significant net sell-offs, each exceeding 10 billion yuan [8] Institutional Research - DeFu Technology attracted the most attention from institutions, with 238 firms participating in its research [14] - The focus of institutional research remains on sectors like electronic components, photovoltaic equipment, and industrial machinery [14] Financing Activity - New Yisheng topped the list for financing net purchases, amounting to 1.6 billion yuan, followed by Ningde Times and WuXi AppTec with 1.351 billion yuan and 1.123 billion yuan, respectively [12]

Industry Summary - Only the banking and transportation sectors received significant net inflows from main funds this week, with net inflows of 2.22 billion and 0.99 billion respectively [1] - Seven sectors, including computer, non-ferrous metals, electronics, power equipment, machinery, non-bank financials, and basic chemicals, experienced net outflows exceeding 10 billion [1] Company Summary - The top three companies with net inflows from main funds this week were Zhongsheng Pharmaceutical, Invec, and Tianfu Communication, with net inflows of 0.92 billion, 0.62 billion, and 0.61 billion respectively [1] - The companies that faced the highest net outflows included Dongfang Wealth, BYD, and CATL, with net outflows of 3.86 billion, 2.39 billion, and 1.91 billion respectively [1]

Market Overview - The Shanghai Composite Index fell by 0.94% this week, with six industries experiencing gains, led by the pharmaceutical and biotechnology sector, which rose by 2.95% [1] - The coal and non-ferrous metals industries saw the largest declines, with drops of 4.67% and 4.62% respectively [1] Fund Flow Analysis - A total of 211.86 billion yuan was net withdrawn from the two markets this week, with only the banking sector seeing a net inflow of 4.33 billion yuan [1] - The non-ferrous metals industry had the highest net outflow, totaling 25.99 billion yuan, followed by the computer industry with a net outflow of 20.45 billion yuan [1][2] Pharmaceutical and Biotechnology Sector - The pharmaceutical and biotechnology sector had a net outflow of 4.68 billion yuan this week, despite a price increase of 2.95% [3] - Out of 474 stocks in this sector, 323 stocks rose, with notable gainers including Nanjing New Pharmaceutical (up 78.01%), Lide Man (up 46.45%), and Chenxin Pharmaceutical (up 40.88%) [3] - The sector also saw 36 stocks with net outflows exceeding 100 million yuan, with WuXi AppTec leading at 1.98 billion yuan [3][4] Top Gainers and Losers in Pharmaceutical Sector - The top gainers in the pharmaceutical sector included: - Zhongsheng Pharmaceutical: up 29.52% with a net inflow of 1.01 billion yuan - Anke Bio: up 25.93% with a net inflow of 0.36 billion yuan - Lianhuan Pharmaceutical: up 15.99% with a net inflow of 0.34 billion yuan [3] - The top losers included: - WuXi AppTec: down 4.64% with a net outflow of 1.98 billion yuan - Borui Pharmaceutical: down 0.14% with a net outflow of 0.71 billion yuan - Kanglong Chemical: up 0.33% with a net outflow of 0.51 billion yuan [4]

Core Points - The company has revised its Articles of Association as approved by the 20th meeting of the 8th Board of Directors and the 2024 Annual General Meeting [1] - The company has completed the business registration change procedures and obtained a new business license from the Dongguan Market Supervision Administration [1] Summary of Changes - The registered capital has changed from RMB 855,615,477 to RMB 849,904,470 [1] - The change in registered capital reflects a decrease of RMB 5,711,007 [1]

证券代码：002317 公告编号：2025-083 近日，经东莞市市场监督管理局核准，公司完成了上述事项的工商变更登记 手续，并取得新的《营业执照》。具体变更情况如下： | 注册资本 | 人民币捌亿伍仟壹佰伍拾伍万陆仟 | 人民币捌亿肆仟玖佰玖拾叁万零肆佰 | | --- | --- | --- | | 变更项目 | 变更前 肆佰柒拾柒元 | 变更后 柒拾柒元 | 特此公告。 广东众生药业股份有限公司董事会 二〇二五年八月一日 广东众生药业股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 根据广东众生药业股份有限公司（以下简称"公司"）第八届董事会第二十 次会议、公司 2024 年年度股东大会审议通过的《关于修订<公司章程>的议案》， 公司修订了《公司章程》的相应条款并申请办理工商变更登记。具体内容详见 2025 年 4 月 26 日、2025 年 5 月 20 日刊登于《证券时报》及巨潮资讯网上的相 关公告。 第 1 页 共 1 页 ...

Core Insights - The avian influenza concept sector saw an increase of 1.62%, ranking fourth among concept sectors in terms of growth, with 20 stocks rising, including Zhongsheng Pharmaceutical, Lianhuan Pharmaceutical, and Yongshun Biological, which rose by 7.49%, 7.31%, and 6.32% respectively [1] - The sector experienced a net inflow of 938 million yuan from main funds, with 10 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 30 million yuan, led by Zhongsheng Pharmaceutical with a net inflow of 533 million yuan [1] Sector Performance - The top-performing concept sectors included: - Animal vaccines: +2.22% - DRG/DIP: +1.87% - BC batteries: +1.71% - Avian influenza: +1.62% - Medical waste treatment: +1.61% [1] Fund Flow Analysis - Leading stocks in terms of fund inflow ratios included: - Lianhuan Pharmaceutical: 21.80% - Zhongsheng Pharmaceutical: 15.06% - Taiji Group: 9.94% [2] - The top stocks by main fund flow included: - Zhongsheng Pharmaceutical: 532.84 million yuan - Lianhuan Pharmaceutical: 278.91 million yuan - Taiji Group: 97.84 million yuan [2][3]

Market Performance - As of August 1, the pharmaceutical e-commerce sector rose by 1.51%, ranking 9th among concept sectors, with 114 stocks increasing in value [1] - Notable gainers included Weikang Pharmaceutical with a 20% limit-up, and New Tian Pharmaceutical, Huason Pharmaceutical, and Qizheng Tibetan Medicine also hitting the limit-up [1] - The top performers in the sector were Shenzhou Pharmaceutical, Dajia Weikang, and Zhongsheng Pharmaceutical, with increases of 23.15%, 8.87%, and 7.49% respectively [1] Capital Flow - The pharmaceutical e-commerce sector saw a net inflow of 899 million yuan from main funds, with 84 stocks receiving net inflows [2] - Leading the net inflow was Zhongsheng Pharmaceutical with 533 million yuan, followed by Huason Pharmaceutical, Taiji Group, and New Tian Pharmaceutical with net inflows of 111 million yuan, 98 million yuan, and 82 million yuan respectively [2] Stock Performance - New Tian Pharmaceutical, Weikang Pharmaceutical, and Kefu Medical had the highest net inflow ratios at 43.47%, 16.51%, and 15.73% respectively [3] - The top stocks in the pharmaceutical e-commerce sector based on net inflow included Zhongsheng Pharmaceutical, Huason Pharmaceutical, and Taiji Group, with respective daily increases of 7.49%, 10.03%, and 4.09% [3] Decliners - The stocks with the largest declines included Erkang Pharmaceutical, Kangzhi Pharmaceutical, and Laimei Pharmaceutical, which fell by 9.59%, 7.15%, and 5.81% respectively [1][10] - The overall market showed mixed performance with some sectors experiencing significant losses while others gained traction [10]

8月1日，沪指下跌0.37%，深成指下跌0.17%，创业板指下跌0.24%，沪深300指数下跌0.51%。可交易A 股中，上涨的有3307只，占比61.13%，下跌的1909只。 主力资金净流出的行业有24个，电子行业主力资金净流出规模居首，今日下跌0.93%，全天净流出资金 91.77亿元，其次是通信行业，今日跌幅为1.06%，净流出资金为39.62亿元，净流出资金较多的还有非 银金融、计算机、有色金属等行业。 今日各行业资金流向 | 行业 | 日涨跌幅（%） | 资金流向（亿元） | 行业 | 日涨跌幅（%） | 资金流向（亿元） | | --- | --- | --- | --- | --- | --- | | 银行 | 0.22 | 18.47 | 农林牧渔 | -0.14 | -4.17 | | 电力设备 | 0.54 | 12.63 | 钢铁 | -1.26 | -4.42 | | 交通运输 | 0.37 | 5.46 | 石油石化 | -1.79 | -4.82 | | 家用电器 | 0.50 | 2.92 | 社会服务 | 0.41 | -5.27 | | 汽车 | 0.39 | 1.89 | ...