Macro Strategy - The report discusses the shift in policy focus from "controlling high prices" to "controlling low prices" to boost core CPI, suggesting that service price subsidies could increase core CPI by approximately 0.3 percentage points, offsetting declines in housing service prices [1][10][11] - Core CPI has shown a significant rebound since September of the previous year, despite four months of negative growth driven mainly by food and energy prices [10][11] - The report emphasizes the limited upward potential for core goods and housing service prices, indicating that future policy should focus on enhancing prices of other services [10][11] Industry Insights - The report highlights the new phase of controllable nuclear fusion as a potential ultimate energy solution, driven by policy and capital support, with multiple devices under construction [5][16][17] - It identifies key suppliers in the nuclear fusion sector, including West Superconducting, Lianchuang Optoelectronics, and Aikesaibo, suggesting that the industry is moving from experimental to industrial stages with significant future potential [5][16][17] - The report also discusses the trend towards lightweight robots, emphasizing the increasing application of magnesium alloys and PEEK materials, which are expected to enhance performance and reduce weight in humanoid robots [18]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector, specifically recommending to focus on companies like CSPC Pharmaceutical Group and Qianhong Pharmaceutical [1]. Core Insights - The report highlights significant breakthroughs in innovative drugs, such as the approval of Merck's Pembrolizumab (K drug) for perioperative treatment of locally advanced head and neck squamous cell carcinoma (HNSCC), marking the first new drug approval in this area in six years [2]. - The A-share pharmaceutical index has shown a year-to-date increase of 9.3%, outperforming the CSI 300 index by 11.1% [5]. - The report emphasizes the unmet clinical needs in the R/R AML (relapsed/refractory acute myeloid leukemia) market, with Qianhong Pharmaceutical's CDK9 inhibitor QHRD107 showing promising clinical data [18][23]. Summary by Sections Industry Trends - The A-share pharmaceutical index has increased by 1.2% this week, with a notable performance in the chemical pharmaceutical sector (+4.4%) [12]. - The H-share biotechnology index has risen by 62% year-to-date, outperforming the Hang Seng Technology Index by 44% [5]. Company Developments - CSPC Pharmaceutical Group has entered a strategic cooperation with AstraZeneca worth $5.3 billion, which includes upfront payments and milestone payments based on research and sales achievements [6][13]. - Qianhong Pharmaceutical's QHRD107 has shown a significant increase in overall survival (OS) to 12.8 months in clinical trials, indicating its potential in the market for blood malignancies [5][18]. Investment Strategy - The report suggests a focus on innovative drugs, with a ranking of preferred sectors: innovative drugs > CXO > traditional Chinese medicine > medical devices > pharmacies > pharmaceutical commerce [14]. - Specific stock recommendations include Qianhong Pharmaceutical, CSPC Pharmaceutical Group, and Innovent Biologics, among others, based on growth potential [14][15].

Investment Rating - The investment rating for Qianhong Pharmaceutical is "Buy" (maintained) [1][10] Core Views - QHRD107, a CDK9 inhibitor, shows significant clinical progress with preliminary data from the EHA 2025 conference, indicating a substantial improvement in overall survival (OS) for patients with relapsed/refractory acute myeloid leukemia (R/R AML) [3][9] - The reported data includes 51 patients, with an overall response rate (ORR) of 60.9% and a complete clinical response (cCR) of 41.3%. In the subgroup of relapsed patients, the ORR is 70.0% and cCR is 45.0% [3] - The median OS for patients who are refractory/relapsed after VEN-AZA treatment reached 12.8 months, demonstrating the effectiveness of QHRD107 in addressing unmet clinical needs in the R/R AML field [3][9] Financial Forecasts - The projected total revenue for Qianhong Pharmaceutical is expected to be 1,814 million RMB in 2023, decreasing to 1,526 million RMB in 2024, and then increasing to 2,051 million RMB in 2025, 2,737 million RMB in 2026, and 3,283 million RMB in 2027 [1][10] - The net profit attributable to the parent company is forecasted to be 181.86 million RMB in 2023, increasing to 356.03 million RMB in 2024, and further to 443.10 million RMB in 2025, 511.97 million RMB in 2026, and 609.02 million RMB in 2027 [1][10] - The earnings per share (EPS) is projected to rise from 0.14 RMB in 2023 to 0.48 RMB in 2027, with a corresponding price-to-earnings (P/E) ratio decreasing from 61.65 to 18.41 over the same period [1][10]

沪指6月9日上涨0.43%，申万所属行业中，今日上涨的有30个，涨幅居前的行业为医药生物、农林牧 渔，涨幅分别为2.30%、1.72%。医药生物行业位居今日涨幅榜首位。跌幅居前的行业为食品饮料，跌 幅分别为0.43%。 资金面上看，两市主力资金全天净流入35.37亿元，今日有16个行业主力资金净流入，非银金融行业主 力资金净流入规模居首，该行业今日上涨1.20%，全天净流入资金27.81亿元，其次是医药生物行业，日 涨幅为2.30%，净流入资金为20.27亿元。 医药生物行业今日上涨2.30%，全天主力资金净流入20.27亿元，该行业所属的个股共475只，今日上涨 的有435只，涨停的有16只；下跌的有36只。以资金流向数据进行统计，该行业资金净流入的个股有251 只，其中，净流入资金超亿元的有5只，净流入资金居首的是华海药业，今日净流入资金2.78亿元，紧 随其后的是睿智医药、众生药业，净流入资金分别为2.48亿元、2.47亿元。医药生物行业资金净流出个 股中，资金净流出超亿元的有5只，净流出资金居前的有恒瑞医药、千红制药、博瑞医药，净流出资金 分别为2.88亿元、1.18亿元、1.07亿元。（数据宝） | ...

Group 1: New Consumption Stocks - The new consumption stocks, including Pop Mart, Lao Pu Gold, and Mixue Group, experienced significant declines, with Lao Pu Gold down 9%, Mixue Group down 7%, and Pop Mart down 1% [3][6] - These stocks had previously seen massive gains, with Lao Pu Gold increasing by 23 times and Pop Mart rising from 8.6 HKD to 256 HKD over two and a half years, leading to high market expectations [6] - Current valuations are concerning, with Pop Mart's P/E ratio at 96, Lao Pu Gold at 99, and Mixue Group at 46, indicating potential overvaluation [6][9] Group 2: Pharmaceutical Sector - The pharmaceutical sector has seen a notable pullback, with various segments such as CRO, medical aesthetics, generic drugs, and innovative drugs experiencing significant declines [10] - Individual stocks like Jinkai Biotechnology fell by 9.79%, and other popular stocks like Qianhong Pharmaceutical and Kexing Pharmaceutical also showed marked declines [11][13] Group 3: Sports Industry - The "Su Super League" has gained immense popularity, driving related sports stocks in the A-share market to surge, with Jinling Sports hitting a 20% limit up for three consecutive days, totaling a 104% increase over five trading days [19] - The league's matches have seen high attendance, with some matches exceeding attendance levels of the Chinese Super League, indicating strong market interest [19][20] Group 4: Military Equipment Sector - The military equipment sector is leading the market, with several companies disclosing restructuring progress related to the China Ordnance Equipment Group, resulting in stock price increases for companies like Dong'an Power and Huasheng Technology [22][23] - The restructuring is part of a broader initiative approved by the State Council, which is expected to enhance operational efficiency and market positioning for the involved companies [22]

Core Insights - The main point of the article highlights the net inflow and outflow of funds across various sectors and individual stocks in the Chinese stock market on a specific trading day. Fund Flow Summary - The total net outflow of main funds in the Shanghai and Shenzhen markets was 261 million yuan, with the ChiNext board experiencing a net outflow of 685 million yuan, while the CSI 300 index saw a net inflow of 3.295 billion yuan [2] - Among the 28 first-level industries, 13 sectors experienced net inflows, with the electronics sector leading at 2.299 billion yuan, followed by the communication and power equipment sectors, each exceeding 1 billion yuan [2] - The top sectors with net inflows included electronics, communication, power equipment, computer, home appliances, social services, and coal, all showing significant investment interest [2] - Conversely, 18 sectors faced net outflows, with the defense and pharmaceutical sectors leading with outflows exceeding 1.1 billion yuan each [2] Individual Stock Performance - A total of 15 stocks saw net inflows exceeding 200 million yuan, with over 40 stocks having net inflows over 100 million yuan [3] - The leading stock for net inflow was Huadian Technology, with 539 million yuan, marking a new high since December 13, 2024, and a cumulative net inflow of 1.241 billion yuan over five consecutive days [4] - Zhongji Xuchuang followed with a net inflow of 397 million yuan, while Lepu Medical also saw a significant inflow of 397 million yuan, reaching a new high since January 20, 2022 [5] - Other notable stocks with significant net inflows included Dongfang Caifu, Tianfu Communication, Zhongke Jincai, and Juli Suojian [6] Net Outflow Analysis - A total of 37 stocks experienced net outflows exceeding 100 million yuan, with 12 stocks seeing outflows over 200 million yuan [7] - The stock with the highest net outflow was Qianhong Pharmaceutical, with an outflow of 496 million yuan, attributed to a completed share reduction plan by a major shareholder [7] - Other stocks with significant net outflows included BYD, Yunnei Power, and Wuliangye, each exceeding 400 million yuan [7] Retail Sector Activity - In the retail sector, Guofang Group saw a strong performance with a net inflow of 977 million yuan, marking three limit-up days within five trading days [10] - The overall market saw a slight net outflow of 28.88 million yuan in the last trading session, with the ChiNext board experiencing a net outflow of 115 million yuan [8]

沪指6月4日上涨0.42%，申万所属行业中，今日上涨的有28个，涨幅居前的行业为美容护理、综合，涨 幅分别为2.63%、2.53%。医药生物行业今日上涨0.55%。跌幅居前的行业为交通运输、国防军工、公用 事业，跌幅分别为0.58%、0.24%、0.12%。 医药生物行业资金流出榜 医药生物行业今日上涨0.55%，全天主力资金净流出14.77亿元，该行业所属的个股共475只，今日上涨 的有267只，涨停的有6只；下跌的有184只。以资金流向数据进行统计，该行业资金净流入的个股有193 只，其中，净流入资金超5000万元的有6只，净流入资金居首的是乐普医疗，今日净流入资金3.91亿 元，紧随其后的是恒瑞医药、通化金马，净流入资金分别为1.45亿元、1.21亿元。医药生物行业资金净 流出个股中，资金净流出超亿元的有6只，净流出资金居前的有千红制药、海南海药、冠昊生物，净流 出资金分别为4.54亿元、1.85亿元、1.61亿元。（数据宝） | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002550 | ...

Group 1 - The electronic sector saw a net inflow of over 31 billion yuan, indicating strong investor interest [1][2] - Non-bank financials and communication sectors also experienced significant net inflows of 16.35 billion yuan and 12.76 billion yuan respectively [2] - The pharmaceutical, chemical pharmaceutical, and defense sectors faced substantial net outflows, with pharmaceuticals leading at -18.11 billion yuan [2] Group 2 - Top individual stocks with net inflows included Huadian Co. with 5.41 billion yuan, followed by Dongfang Wealth and Everbright Securities [3] - Stocks with the highest net outflows included Qianhong Pharmaceutical at -4.83 billion yuan, and Zhangqu Technology at -4.12 billion yuan [4] - The net inflow rate for Huadian Co. was 16.11%, indicating strong buying interest [3]

Core Insights - The Shanghai Composite Index rose by 0.43% on June 3, with 20 out of 28 sectors experiencing gains, particularly in the beauty care and textile sectors, which increased by 3.86% and 2.53% respectively [1] - The pharmaceutical and biotechnology sector saw a rise of 1.78%, with a net inflow of 9.17 billion yuan in capital [1] - Among the 475 stocks in the pharmaceutical sector, 416 stocks increased, with 14 hitting the daily limit up, while 54 stocks declined [1] Capital Flow Analysis - The pharmaceutical sector had 221 stocks with net capital inflows, with 6 stocks receiving over 100 million yuan in net inflows. Leading the inflow was Huahai Pharmaceutical with 266.1 million yuan, followed by Qianhong Pharmaceutical and Hehua Co., which received 201.5 million yuan and 168 million yuan respectively [1] - The outflow list included 6 stocks with net outflows exceeding 50 million yuan, with the highest outflows from Ruizhi Pharmaceutical, Hengrui Medicine, and Mindray Medical, which saw outflows of 237 million yuan, 110 million yuan, and 109 million yuan respectively [2] Pharmaceutical Sector Performance - The top gainers in the pharmaceutical sector included: - Huahai Pharmaceutical: +7.63%, turnover rate 7.71%, capital flow 266.1 million yuan - Qianhong Pharmaceutical: +10.05%, turnover rate 17.02%, capital flow 201.5 million yuan - Hehua Co.: +9.95%, turnover rate 18.47%, capital flow 167.7 million yuan [1] - The top decliners included: - Ruizhi Pharmaceutical: -13.15%, turnover rate 34.15%, capital flow -236.7 million yuan - Hengrui Medicine: -0.26%, turnover rate 0.68%, capital flow -109.7 million yuan - Mindray Medical: -3.02%, turnover rate 0.58%, capital flow -108.9 million yuan [2] ETF Insights - The Hang Seng Medical ETF, which tracks the Hang Seng Hong Kong-listed biotechnology index, experienced a 5-day increase of 3.59% with a net inflow of 9.86 million yuan [5]

截至6月3日收盘，创新药概念上涨3.38%，位居概念板块涨幅第7，板块内，173股上涨，华纳药厂、舒 泰神、冠昊生物等20%涨停，万邦德、千红制药、昂利康等涨停，诺思兰德、科兴制药、海特生物等涨 幅居前，分别上涨18.82%、14.97%、13.18%。跌幅居前的有*ST苏吴、海创药业、百利天恒等，分别下 跌4.78%、3.73%、2.87%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 中韩自贸区 | 4.23 | 特钢概念 | -0.93 | | 细胞免疫治疗 | 3.87 | 医疗废物处理 | -0.51 | | 重组蛋白 | 3.64 | 果指数 | -0.41 | | 足球概念 | 3.56 | 无线充电 | -0.39 | | 毛发医疗 | 3.51 | 光热发电 | -0.33 | | CRO概念 | 3.41 | 深圳国企改革 | -0.24 | | 创新药 | 3.38 | F5G概念 | -0.23 | | 培育钻石 | 3.11 | 租售同权 | -0.22 | | 仿制药一致性评价 ...