力生制药最新一期业绩显示，截至2025一季报，公司营业总收入3.70亿元、同比增长1.37%，归属净利 润5527.53万元，同比减少6.56%，扣非净利润5331.08万元，同比减少9.45%，流动比率4.334、速动比率 4.019、资产负债率16.39%。 金融界消息 截至2025年8月15日收盘，力生制药（002393）报收于25.29元，上涨1.93%，换手率 6.31%，成交量15.80万手，成交金额3.96亿元。 资金流向方面，今日主力资金净流入1462.33万元，占比成交额3.7%。其中，超大单净流入621.52万 元、占成交额1.57%，大单净流入840.81万元、占成交额2.13%，中单净流出流入1317.28万元、占成交 额3.33%，小单净流出2779.61万元、占成交额7.03%。 来源：金融界 天眼查商业履历信息显示，天津力生制药股份有限公司，成立于1981年，位于天津市，是一家以从事医 药制造业为主的企业。企业注册资本25794.2988万人民币，实缴资本25770.49万人民币。公司法定代表 人为张平。 通过天眼查大数据分析，天津力生制药股份有限公司共对外投资了12家企业，参与 ...

力生制药最新一期业绩显示，截至2025一季报，公司营业总收入3.70亿元、同比增长1.37%，归属净利 润5527.53万元，同比减少6.56%，扣非净利润5331.08万元，同比减少9.45%，流动比率4.334、速动比率 4.019、资产负债率16.39%。 天眼查商业履历信息显示，天津力生制药股份有限公司，成立于1981年，位于天津市，是一家以从事医 药制造业为主的企业。企业注册资本25794.2988万人民币，实缴资本25770.49万人民币。公司法定代表 人为张平。 资金流向方面，今日主力资金净流出2979.00万元，占比成交额12.62%。其中，超大单净流出2170.48万 元、占成交额9.2%，大单净流出808.52万元、占成交额3.43%，中单净流出流入1577.25万元、占成交额 6.68%，小单净流入1401.76万元、占成交额5.94%。 通过天眼查大数据分析，天津力生制药股份有限公司共对外投资了12家企业，参与招投标项目5000次， 知识产权方面有商标信息57条，专利信息80条，此外企业还拥有行政许可232个。 金融界消息 截至2025年8月11日收盘，力生制药（002393）报收于2 ...

Market Overview - The Shanghai Composite Index closed at 3653.50 points, with a change of +0.51% [1] - The total trading volume of A-shares reached 1,149.623 billion yuan [1] Technical Analysis - A total of 17 A-shares experienced a "death cross" where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - Angli (002940) with a distance of -1.91% - Chengdu Xian Dao (688222) with a distance of -1.51% - Saiseng Pharmaceutical (300485) with a distance of -1.38% [1] Individual Stock Performance - Angli (002940) saw a daily increase of 2.02% with a turnover rate of 4.48% [1] - Chengdu Xian Dao (688222) increased by 1.47% with a turnover rate of 2.10% [1] - Saiseng Pharmaceutical (300485) experienced a slight decrease of -0.14% with a turnover rate of 3.10% [1] - Other stocks with notable performance include: - Jintai (688443) up by 1.78% - Changshan Pharmaceutical (300255) up by 2.29% - Zhizheng (603991) down by -1.69% [1]

Market Overview - The Shanghai Composite Index is at 3639.18 points with a change of 0.11% [1] - The total trading volume of A-shares is 832.786 billion yuan [1] Stocks with Death Cross - 20 A-shares have seen their 5-day moving average cross below the 10-day moving average [1] - Notable stocks include: - Angli (002940) with a 5-day moving average of 56.59 yuan, down 1.78% from the 10-day moving average [1] - Chengdu Xian Dao (688222) with a 5-day moving average of 23.11 yuan, down 1.64% [1] - Sai Sheng Pharmaceutical (300485) with a 5-day moving average of 14.83 yuan, down 1.40% [1] Additional Stock Data - Other stocks with significant moving average changes include: - Zhi Xiang (688443) with a 5-day moving average of 33.34 yuan, down 0.85% [1] - Changshan Pharmaceutical (300255) with a 5-day moving average of 41.59 yuan, down 0.68% [1] - Zhi Zheng (603991) with a 5-day moving average of 72.69 yuan, down 0.40% [1] Performance Summary - The performance of various stocks shows a mix of slight gains and losses, with some stocks like Angli and Chengdu Xian Dao experiencing notable declines in their moving averages [1][2] - The overall market sentiment appears cautious, reflected in the trading volumes and the number of stocks showing bearish signals [1]

Core Viewpoint - The investment value of innovative drugs is not a short-term pulse but a long-term industrial dividend, with optimal solutions for sharing this dividend through index tools in golden tracks [1] Group 1: Performance of Innovative Drug Indices - Since July, the National Index for Hong Kong Stock Connect Innovative Drugs and the China Securities Innovative Drug Industry Index have reached new highs, with year-to-date increases of 106.7% and 32.3% respectively as of July 31 [2] - The impressive performance of these indices reflects a decade-long transformation of China's innovative drug industry from "follower" to "leader" [2] - Recent inflows into ETFs tracking innovative drug indices have been significant, with a net inflow of 4.26 billion yuan from August 4 to August 8 and over 16 billion yuan since June [2] Group 2: Index Adjustments and Sensitivity - The recent upgrade of the Hong Kong Stock Innovative Drug Index aims to enhance its focus by excluding CXO companies and increasing adjustment frequency from semi-annual to quarterly, effective August 12 [3][4] - This adjustment allows the index to better capture the core drivers of the innovative drug industry, focusing on pharmaceutical companies that lead drug development and hold key patents [3] - The increased adjustment frequency enhances the index's sensitivity, enabling it to quickly identify emerging growth companies in a rapidly evolving market [4] Group 3: Policy Support for Innovative Drugs - The innovative drug industry has received significant policy support this year, with the State Council's 2025 strategic goal to create a globally competitive innovation ecosystem [5] - Multiple regulatory bodies have introduced supportive measures, including optimizing review processes and reopening IPO channels for unprofitable companies [6] - The 2024 medical insurance fund expenditure on innovative drugs is projected to be 3.9 times that of 2020, with an annual growth rate of 40% [7] Group 4: Market Dynamics and Future Outlook - By the end of 2024, China is expected to have 3,575 original innovative drugs in clinical trials, surpassing the U.S. and becoming the global leader [7] - The proportion of first-in-class (FIC) drugs has increased from less than 10% in 2015 to 24% in 2024, indicating a significant enhancement in original innovation capabilities [7] - The innovative drug market in China currently accounts for less than 10% of the total pharmaceutical market, indicating substantial growth potential compared to over 20% in other G20 countries [9] Group 5: Investment Opportunities in Innovative Drugs - The China Securities Innovative Drug Industry Index has shown a year-to-date increase of 32.3%, with significant upside potential remaining [8] - The long-term growth of the innovative drug market is supported by an aging population and increasing demand for treatments for chronic diseases and rare diseases [8] - Investing in ETFs that track the innovative drug sector provides a way to mitigate risks associated with individual stock investments while capitalizing on overall industry growth [9]

金融界消息 截至2025年7月29日收盘，力生制药（002393）报收于24.34元，上涨2.4%，换手率 10.62%，成交量26.57万手，成交金额6.45亿元。 资金流向方面，今日主力资金净流入7409.39万元，占比成交额11.48%。其中，超大单净流入1977.03万 元、占成交额3.06%，大单净流入5432.35万元、占成交额8.42%，中单净流出流入615.98万元、占成交 额0.95%，小单净流出8025.37万元、占成交额12.44%。 天眼查商业履历信息显示，天津力生制药股份有限公司，成立于1981年，位于天津市，是一家以从事医 药制造业为主的企业。企业注册资本25794.2988万人民币，实缴资本25770.49万人民币。公司法定代表 人为张平。 通过天眼查大数据分析，天津力生制药股份有限公司共对外投资了12家企业，参与招投标项目5000次， 知识产权方面有商标信息57条，专利信息78条，此外企业还拥有行政许可231个。 来源：金融界 力生制药最新一期业绩显示，截至2025一季报，公司营业总收入3.70亿元、同比增长1.37%，归属净利 润5527.53万元，同比减少6.56%，扣非净 ...

Investment Rating - The report maintains a "Strong Buy" rating for the pharmaceutical industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The new centralized procurement regulations emphasize "stability in clinical use, quality assurance, prevention of collusion, and countering excessive competition," which are expected to promote the long-term healthy development of the industry [2][32]. - The report suggests focusing on recently launched innovative products, high-quality raw material suppliers, and key products that have passed the consistency evaluation for generic drugs [2][32]. Summary by Sections Market Review - The pharmaceutical and biotechnology index increased by 4% this week, outperforming the CSI 300 index by 2.91 percentage points, ranking second in industry performance [11]. - Year-to-date, the pharmaceutical and biotechnology index has risen by 16.59%, also surpassing the CSI 300 index by 13.45 percentage points [11]. - The chemical pharmaceutical sector showed the highest growth this week at 6.86%, while traditional Chinese medicine had the lowest decline at 0.88% [16][18]. Individual Stock Performance - In the A-share market, 397 out of 474 pharmaceutical stocks rose, with the top five performers being: - Borui Pharmaceutical (+42.35%) - Lisheng Pharmaceutical (+41.68%) - Nanxin Pharmaceutical (+34.95%) - Aosai Kang (+32.77%) - Yipin Hong (+32.13%) [22]. - In the Hong Kong market, 96 out of 106 pharmaceutical stocks increased, with the top performers including: - Clover Biopharma-B (+63.79%) - Lepu Biopharma-B (+62.04%) - Deqi Pharmaceutical-B (+47.04%) [25]. Industry News and Policies - The 11th batch of national centralized drug procurement was officially launched, including 55 varieties across various therapeutic areas, focusing on clinical needs and market realities [28]. - The new procurement rules are more refined, requiring production experience and quality control capabilities from manufacturers, which will help ensure drug quality and promote industry standardization [28]. - The establishment of the "Commercial Insurance Innovative Drug Directory" marks a significant step in building a multi-tiered medical security system, providing new economic support for innovative drug development [28]. Key Company Announcements - Heng Rui Pharmaceutical reported positive results from its GLP-1/GIP dual receptor agonist HRS9531 in a Phase III weight loss study, with an average weight reduction of 19.2% in the treatment group [29][31]. - The report highlights various corporate actions, including stock incentive plans and capital increases by several companies, indicating active corporate governance and strategic investments in the sector [36].

New Stock Issuance - New stock issued by Dingjia Precision at a price of 11.16 on July 22, 2025[1] - ST Kelly's tender offer period is from July 17 to August 15, 2025[1] - ST Zitian and other companies have also announced new stock issuances[1] Market Alerts - Significant abnormal fluctuations reported for several stocks including Guangshengtang and Huayin Power[1] - Multiple companies have disclosed announcements regarding stock performance and market activities[1] - The report includes links to detailed announcements for various stocks, indicating ongoing market monitoring[1]

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector in the next six months [1][29]. Core Insights - The pharmaceutical and biotechnology sector has shown strong performance, with an overall increase of 4.00% in the week from July 14 to July 18, outperforming the CSI 300 index by 2.91 percentage points [3][11]. - Year-to-date, the sector has risen by 16.59%, ranking third among 31 industries, and has outperformed the CSI 300 index by 13.45 percentage points [3][13]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 30.02 times, which is at the historical median level, with a valuation premium of 137% compared to the CSI 300 index [3][17]. Market Performance - The pharmaceutical and biotechnology sector's sub-sectors that performed best last week include chemical pharmaceuticals (6.86%), biological products (3.68%), and medical services (3.14%) [3][11]. - A total of 397 stocks (82.88%) in the sector increased in value, while 70 stocks (14.61%) decreased [3][23]. - The top five performing stocks were: - Borui Pharmaceutical (42.35%) - Lisheng Pharmaceutical (41.68%) - Nanxin Pharmaceutical (34.95%) - Aosaikang (32.77%) - Yipinhong (32.13%) [3][24]. Industry News - The 11th batch of national centralized procurement was officially launched on July 15, with 55 drug varieties included, focusing on mature clinical drugs and excluding new drugs from procurement [4][25]. - He Yuan's plant-derived recombinant human serum albumin (HY1001) was approved for domestic marketing on July 18, aimed at treating liver cirrhosis with low albumin levels [4][26]. Investment Recommendations - The report suggests that the pharmaceutical and biotechnology sector remains a strong investment opportunity, particularly in innovative drugs, CXO, medical devices, traditional Chinese medicine, chain pharmacies, and medical services [5][27]. - Recommended stocks include: - Buy: Betta Pharmaceuticals, Teva Biologicals, Lao Baixing, Huaxia Eye Hospital, Qianhong Pharmaceutical, Baipusais [5][27]. - Focus: Kelun Pharmaceutical, Rongchang Biotechnology, Lizhu Group, Lingrui Pharmaceutical, Kaili Medical, Kangtai Biotechnology [5][27].

New Stock Issuance - The new stock issued by Hanguo Group is priced at 15.43 RMB per share[1] - The subscription period for the tender offer of ST Kelly is from July 17, 2025, to August 15, 2025[1] Abnormal Fluctuations - Several stocks, including ST Zitian and Guangshengtang, have reported severe abnormal fluctuations[2] - The announcement links for stocks experiencing abnormal fluctuations are provided for investor reference[2] Market Updates - A total of 30 stocks have been listed for trading updates, with various announcements made between July 15 and July 21, 2025[1] - The report includes links to detailed announcements for each stock, ensuring transparency and accessibility for investors[1]