Market Overview - The chemical pharmaceutical sector increased by 0.02% on November 28, with Yifang Bio leading the gains [1] - The Shanghai Composite Index closed at 3888.6, up 0.34%, while the Shenzhen Component Index closed at 12984.08, up 0.85% [1] Top Gainers in Chemical Pharmaceutical Sector - Yifang Bio (688382) closed at 29.48, up 5.93% with a trading volume of 206,700 shares and a transaction value of 590 million [1] - Bibet (688759) closed at 34.88, up 5.47% with a trading volume of 115,300 shares [1] - Weier Pharmaceutical (603351) closed at 28.83, up 5.45% with a trading volume of 19,400 shares and a transaction value of 54.88 million [1] - Other notable gainers include Tingjian (002653) up 4.43% and Dongcheng Pharmaceutical (002675) up 3.53% [1] Top Losers in Chemical Pharmaceutical Sector - Guangji Pharmaceutical (000952) saw a significant decline of 9.98%, closing at 9.38 with a trading volume of 1,153,700 shares [2] - New Ganjing (920367) decreased by 5.73%, closing at 21.57 with a trading volume of 37,700 shares [2] - Hendi Pharmaceutical (301211) fell by 5.24%, closing at 15.19 with a trading volume of 310,700 shares [2] - Other notable losers include Beida Pharmaceutical (000788) down 3.80% and Fuyuan Pharmaceutical (6801089) down 3.71% [2] Fund Flow Analysis - The chemical pharmaceutical sector experienced a net outflow of 599 million from institutional investors, while retail investors saw a net inflow of 377 million [2] - Notable net inflows from retail investors were observed in stocks like Yifang Bio and Bibet, despite overall net outflows from institutional and speculative funds [3] Individual Stock Fund Flow - Yifang Bio had a net inflow of 57.86 million from institutional investors, but a net outflow from speculative and retail investors [3] - Huadong Pharmaceutical (000963) also saw a significant net inflow of 56.40 million from institutional investors, with outflows from speculative and retail investors [3] - Other stocks like Bibet and Dongcheng Pharmaceutical showed mixed fund flows, indicating varied investor sentiment [3]

融资余额增幅前20只个股中，从市场表现来看，平均上涨1.45%，涨幅居前的有光库科技、南网数字、 榕基软件，涨幅分别为20.00%、19.99%、10.03%。跌幅居前的有大鹏工业、世联行、江龙船艇，跌幅 分别为25.17%、10.13%、9.96%。 融资余额增幅前20只个股 | 代码 | 简称 | 最新融资余额（万 | 较前一个交易日增减 | 当日涨跌幅（%） | 所属行业 | | --- | --- | --- | --- | --- | --- | | | | 元） | （%） | | | | 920091 | 大鹏工 | 736.30 | 156.26 | -25.17 | 机械设备 | | | 业 | | | | | | 002653 | 海思科 | 7303.05 | 116.79 | -1.80 | 医药生物 | | 000558 | 天府文 旅 | 17804.09 | 67.15 | 6.90 | 社会服务 | | 688291 | 金橙子 | 10763.03 | 58.88 | 5.63 | 计算机 | | 002574 | 明牌珠 | 13519.16 | 49.50 | 0.00 ...

Core Insights - The stock price of Haisco fell by 2.02% on November 25, trading at 57.81 CNY per share with a market capitalization of 64.742 billion CNY [1] - Haisco's stock has increased by 75.29% year-to-date, with a 5-day increase of 5.70% and a 20-day increase of 11.77% [1] - The company reported a revenue of 3.3 billion CNY for the first nine months of 2025, a year-on-year increase of 19.95%, while net profit decreased by 22.66% to 295 million CNY [2] Financial Performance - Haisco's main business revenue composition includes: anesthetic products (39.81%), cooperative product-related income (23.59%), and other therapeutic areas [1] - Cumulative cash dividends since A-share listing amount to 3.673 billion CNY, with 687 million CNY distributed over the past three years [3] Shareholder Information - As of September 30, 2025, Haisco had 12,900 shareholders, an increase of 12.87% from the previous period [2] - The top ten circulating shareholders include various funds, with notable increases in holdings from several institutional investors [3]

（文章来源：证券日报） 证券日报网讯 11月24日晚间，海思科发布公告称，公司于近日接到公司控股股东及实际控制人王俊民 先生的通知，获悉王俊民先生所持有本公司的部分股份解除质押，本次解除质押股份数量为750万股。 ...

二、股东股份累计质押的情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如 证券代码：002653 证券简称：海思科 公告编号：2025-126 海思科医药集团股份有限公司 关于控股股东部分股份解除质押的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 海思科医药集团股份有限公司（以下简称"公司"）于近日接到 公司控股股东及实际控制人王俊民先生的通知，获悉王俊民先生所持 有本公司的部分股份解除质押，具体事项如下： | 申萍 | 3,925.2494 | 3.50% | 0.00 | 0.00% | 0.00% | 0 | 0% | 0 | 0% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 合计 | 43,880.2894 | 39.18% | 6,344.00 | 14.46% | 5.66% | 0 | 0% | 0 | 0% | 三、备查文件 中国证券登记结算有限责任公司证券质押及司法冻结明细表。 特此公告。 海思科医药集团股份有限公司董事会 2025 年 ...

Investment Rating - The report does not explicitly provide an investment rating for the erectile dysfunction (ED) drug industry in China [1]. Core Insights - The Chinese ED drug market is experiencing strong demand and continuous growth, with a shift from traditional medical needs to broader sexual function enhancement [21]. - The market is characterized by increasing competition from domestic generic drugs and new drug developments, which are expected to intensify in the future [21]. - The leading products in the market, such as Sildenafil (Viagra) and Tadalafil (Cialis), have established strong brand recognition and market presence, making it challenging for new entrants to compete [16]. Summary by Sections Current Competitive Landscape - The competitive landscape of the Chinese ED drug market includes several key players with established products such as Sildenafil, Tadalafil, and others, with varying market entry dates and approval statuses [2]. - As of August 2025, the number of approved drug applications and suppliers for various ED drugs is as follows: Sildenafil (92 approvals, 53 suppliers), Tadalafil (172 approvals, 81 suppliers), and others [2]. Differentiation of New Drugs - New drugs like Sumenafil and Tonafadil are positioned with unique advantages, including lower effective doses, safety profiles, and potential for treating pulmonary arterial hypertension [7][9]. - Sumenafils' clinical trials indicate a lower incidence of adverse reactions compared to existing drugs, enhancing its market appeal [9]. Research Progress of PDE5 Inhibitors - The report highlights the ongoing research and development of PDE5 inhibitors, noting that the market is exploring new structural variants and indications beyond traditional uses [11]. - Traditional Chinese medicine is also recognized for its historical role in treating ED, with various herbal ingredients showing PDE5 inhibitory activity [11]. Market Demand and Future Trends - The demand for ED drugs is driven by both medical needs and psychological factors, with a growing acceptance of sexual health discussions in society [21]. - The market is expected to see an increase in competition from domestic companies entering through generics and innovative formulations, leading to a more dynamic market environment [21].

Report Summary 1. Investment Rating The provided content does not mention the industry investment rating. 2. Core Views - Qi Zhen, a fund manager at Huabao Fund, has a "policy + industry" dual - driven investment framework, focusing on innovative drugs in the medium term. His investment style combines growth and certainty with flexible valuation tolerance, and he prefers long - term holding with low turnover and portfolio structure optimization [3][17][45]. - Since Qi Zhen took office, Huabao Big Health A has achieved remarkable returns, outperforming over 90% of similar pharmaceutical theme funds. Although its drawdown control is slightly weak, it still offers good risk - return performance [4][13][44]. - Qi Zhen is an excellent fund manager with a profound professional background, a mature investment system, and strict risk awareness. He is expected to continue generating excess returns as the Chinese innovative drug industry develops [46]. 3. Summary by Directory 3.1 Fund Manager Information - **Manager Introduction**: Qi Zhen holds a biotechnology bachelor's degree and a biology doctorate from Shanghai Jiao Tong University. He has worked in Northeast Securities and Essence Securities and joined Huabao Fund in October 2020. Since February 2023, he has been the fund manager of Huabao Big Health Hybrid Securities Investment Fund [4][9][44]. - **Managed Product Introduction** - **Representative Product**: Qi Zhen has managed Huabao Big Health A (006881.OF) since February 28, 2023. As of September 30, 2025, its total scale is 268 million yuan [4][10][44]. - **Representative Product Net Value Performance**: After excluding the 3 - month establishment period, Huabao Big Health A significantly outperformed the CSI All - Pharmaceutical Index, recording a cumulative positive excess return of 60.00%. Its return performance ranks among the top in pharmaceutical theme funds, surpassing over 90% of similar funds [11][13][15]. 3.2 Fund Manager Investment Ability Analysis - **Investment Scope - Policy + Industry Dual - Driven, Medium - Term Focus on Innovative Drugs**: Qi Zhen has a biological professional background and a large amount of professional reading. His investment framework is "policy + industry" dual - driven. He focuses on innovative drugs, with a position ratio of over 90%. He mines Alpha stocks with pipeline differentiation or expected inflection points and adjusts the portfolio dynamically [20][21][45]. - **Stock - Holding Characteristics - Balancing Growth and Certainty, Flexible Valuation Tolerance**: For innovative drug companies, Qi Zhen uses pipeline market value conversion for valuation, considering factors such as clinical stage success rate and management credibility. He gives higher valuation space to innovative drugs and focuses more on static valuation and performance improvement in traditional sub - industries [29][45]. - **Operation Characteristics - Preference for Long - Term Holding, Low Turnover, and Portfolio Structure Optimization**: Qi Zhen's operation strategy is mainly long - term holding of core positions, with an annualized turnover rate of only 2 - 3 times. He prefers to invest when the stock price is at the bottom or oversold. He controls drawdown by adjusting the portfolio structure rather than market timing and shows flexibility in A/H share allocation [35][36][45]. 3.3 Summary - Qi Zhen is an outstanding fund manager with a "policy + industry" analysis framework, pipeline market value valuation method, and multi - level risk control system. He is expected to create excess returns as the Chinese innovative drug industry develops. Investors can allocate his products to participate in the investment opportunities of the Chinese pharmaceutical industry upgrade [46]. 3.4 Appendix - The appendix provides product elements of Huabao Big Health A, including fund name, abbreviation, full name, establishment date, comparison benchmark, investment target, investment scope, management fee rate, and current fund manager's tenure [48].

Core Viewpoint - The stock of Haishike has shown significant performance with a year-to-date increase of 69.22%, despite a recent decline over the past 60 days [1][2]. Group 1: Stock Performance - As of November 19, Haishike's stock price reached 55.81 CNY per share, with a market capitalization of 62.503 billion CNY [1]. - The stock has experienced a 2.05% increase during the trading session on November 19, with a trading volume of 55.9157 million CNY [1]. - Over the last five trading days, the stock has risen by 2.78%, and over the last 20 days, it has increased by 7.33%, while it has decreased by 5.09% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Haishike reported a revenue of 3.3 billion CNY, reflecting a year-on-year growth of 19.95% [2]. - The net profit attributable to shareholders for the same period was 295 million CNY, which represents a year-on-year decrease of 22.66% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Haishike increased to 12,900, marking a 12.87% rise from the previous period [2]. - The average number of circulating shares per shareholder decreased by 11.40% to 37,342 shares [2]. - The company has distributed a total of 3.673 billion CNY in dividends since its A-share listing, with 687 million CNY distributed over the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, notable institutional shareholders include China Europe Medical Health Mixed A, holding 21.3975 million shares, and Hong Kong Central Clearing Limited, holding 18.0601 million shares, both showing increases in their holdings [3]. - Other significant institutional shareholders include ICBC Frontier Medical Stock A and Huatai-PineBridge Innovation Medical Mixed A, with varying changes in their shareholdings [3].

Group 1 - The 18th China-EU Investment Trade and Technology Cooperation Fair will be held in Chengdu from November 19 to 21, focusing on bilateral economic and trade relations, industrial chain, and supply chain cooperation [1] Group 2 - A total of 7 companies will have their restricted shares unlocked today, with a total unlock volume of 5.5992 million shares, amounting to a market value of 225 million yuan [3] - The companies with the highest unlock volumes are Haishike, Taili Technology, and Weigao Blood Products, with unlock shares of 1.74 million, 1.2639 million, and 1.2547 million respectively [3] - In terms of market value, Haishike, Weigao Blood Products, and Taili Technology lead with unlock values of 95.1606 million yuan, 51.6328 million yuan, and 48.7358 million yuan respectively [3] Group 3 - 15 companies have disclosed their stock repurchase progress, with 2 companies announcing new repurchase plans, 2 companies having their plans approved by shareholders, and 8 companies completing their repurchase plans [4] - Midea Group and Hualu Hengsheng have announced new repurchase plans of up to 5.3696 million yuan and 542,400 yuan respectively [4] - Meizhi Gao and Yaoji Technology have plans approved for repurchase of up to 24.763 million yuan and 290,500 yuan respectively [4]

从解禁股数占总股本比例来看，太力科技、方盛股份、威高血净解禁比例居前，解禁比例分别为 1.17%、0.74%、0.3%。 从解禁量来看，海思科、太力科技、威高血净解禁量居前，解禁股数分别为174.0万股、126.39万股、 125.47万股。 从解禁市值来看，海思科、威高血净、太力科技解禁市值居前，解禁市值分别为9516.06万元、5163.28 万元、4873.58万元。 每经AI快讯，Wind数据显示，周三（11月19日），共有7家公司限售股解禁，合计解禁量为559.92万 股，按最新收盘价计算，合计解禁市值为2.25亿元。 ...