Global Markets Strategy 01 August 2025 Equity Macro Research Erin Zhang, CFA AC (86-21) 6106 6328 erin.zhang@jpmorgan.com SAC Registration Number: S1730521090002 J.P. Morgan Securities (China) Company Limited Wendy Liu China A-shares Monthly Wrap July 2025: Another month of solid price gains | A-share sector returns | | | A-share stock returns | | HK & US listed CN stock returns | | --- | --- | --- | --- | --- | --- | | Sector | 1M (%) YTD (%) | | Ticker Company | 1M (%) | Ticker Company 1M (%) | | Healthca ...

截至2025年8月4日15时，奥赛康股价报28.29元，较前一交易日下跌0.11元，跌幅0.39%。盘中股价波动 明显，最高触及28.67元，最低下探至26.31元，振幅达8.31%。当日成交量为238902手，成交金额6.50亿 元。 8月4日早盘时段，奥赛康曾出现快速反弹，在9点53分前后5分钟内涨幅超过2%，股价从26.83元拉升至 27元，期间成交额达2.39亿元。从资金流向看，当日主力资金净流入6244.05万元，近五个交易日累计净 流入1.31亿元。 风险提示：以上内容不构成投资建议，市场有风险，投资需谨慎。 奥赛康主营业务为化学制药领域，专注于创新药研发与生产。公司产品管线覆盖消化系统、抗感染等多 个治疗领域，其中幽门螺杆菌相关药物研发进展受到市场关注。作为北京地区医药企业代表，奥赛康在 细分领域具备技术积累。 ...

国产创新药具备全球竞争力，出海正盛 医药生物行业 行业研究 | 深度报告 ——医药行业周专题 核心观点 1）PD-(L)1 plus：有望成为下一代肿瘤治疗基石药物。PD-(L)1/VEGF 双抗 AK112 正面击败 K 药，是确定性最高的迭代方向；PD-1/IL-2 双抗 IBI363 显著延长免疫耐药 NSCLC 患者生存期，冷肿瘤疗效突出。PD-1 plus 领域近期发生了数个重磅交易， MNC 需求旺盛，国内可选管线众多； 2）ADC：25H1 ADC 仍是 BD 交易热门赛道，但标的靶点已更具差异化。从近期数 据看，在临床未满足需求较大的领域，国内一些差异化靶点 ADC 如 PD-L1、DLL3 和 EGFR 等已展现较大潜力； 3）GLP-1：25H1 全球 GLP-1 领域交易规模已超过 24 全年，今年以来重磅交易已 发生 8 起，BD 进入快速增长期。交易主要围绕下一代 GLP-1 及减重新范式（多靶 点、口服、联用和超长效），而在这些领域，国内存在较多优质标的。 投资建议与投资标的 国产创新药出海正处于第一/二阶段，围绕大单品迭代的 BD 仍将持续。从投资上 看： 1）PD-(L)1 P ...

Group 1 - The core viewpoint of the article emphasizes the establishment and operationalization of the Yangtze River Delta Innovation Alliance, which aims to enhance regional collaboration in technology innovation and address key industry challenges [1][5][10] - The first batch of innovation alliances focuses on seven strategic technology fields, including artificial intelligence, integrated circuits, biomedicine, aerospace manufacturing, intelligent equipment, new energy vehicles, and quantum communication [2][5] - The second batch of alliances expands into ten fields, including new generation information technology and intelligent robotics, indicating a broader focus on emerging industries [5][10] Group 2 - The Yangtze River Delta Language Computing Innovation Alliance, led by Sibeichi Technology Co., Ltd., aims to address the challenges of general artificial intelligence (AGI) in various application scenarios, enhancing reliability and commercial value [3][8] - The Traditional Chinese Medicine Green Intelligent Manufacturing Technology Innovation Alliance, led by Jiangsu Kangyuan Pharmaceutical Co., Ltd., focuses on developing intelligent manufacturing technologies for modern Chinese medicine extraction [4][8] - The collaborative model of the innovation alliances promotes resource sharing among members, enhancing research efficiency and fostering innovation through a structured management system [6][7] Group 3 - The alliances are designed to eliminate the gap between technological innovation and industrial application, establishing clear operational rules and roles among participating entities [6][10] - The resource-sharing mechanism within the alliances allows for the integration of algorithms, research data, and industrial scenarios from different regions, enhancing collaborative innovation [7][10] - The article highlights the importance of government support in facilitating major technological breakthroughs and the establishment of significant innovation platforms within the Yangtze River Delta [10]

Group 1 - Tian Tie Technology's wholly-owned subsidiary signed a procurement order worth 400 million yuan with Zhuhai Xinjie Energy Technology [1] - Shenli Co., Ltd. announced the termination of a share transfer agreement due to the buyer's failure to pay [1] - *ST Tianwei expects a net profit of 30.06 million yuan for the first half of 2025, a significant increase compared to the previous year [2] Group 2 - Weisheng Information reported a net profit of 305 million yuan for the first half of 2025, up 12.24% year-on-year [3] - Fudan Microelectronics anticipates a net profit decline of 39.67% to 48.29% for the first half of 2025 [3] - Jinbei Electric achieved a net profit of 296 million yuan for the first half of 2025, a 7.46% increase year-on-year [4] Group 3 - Huaneng International reported a net profit of 9.262 billion yuan for the first half of 2025, a 24.26% increase year-on-year [4] - Quzhou Development is planning to issue shares to acquire assets, leading to a temporary stock suspension [4] - Huaye Fragrance's controlling shareholder plans to reduce their stake by up to 3% [5] Group 4 - Zhongbei Communication's subsidiary terminated a planned acquisition due to a lack of consensus on key issues [6] - Saiwei Electronics' major shareholder reduced their stake by 1.06% [7] - Suzhou Planning's shareholders plan to collectively reduce their stake by up to 4.5% [7] Group 5 - *ST King Kong received court approval for a new 100 million yuan debt during its pre-restructuring period [8] - Anche Detection's controlling shareholder is planning a change in control, resulting in a temporary stock suspension [9] - Ruishun Technology's shareholders plan to reduce their stake by up to 3.0013% [11] Group 6 - Guanghuan New Network's controlling shareholder's associates plan to reduce their stake by up to 0.08% [13] - Shanghai Auto Parts' shareholders plan to reduce their stake by up to 1.75% [14] - Aosaikang's shareholder plans to reduce their stake by up to 1.48% [14] Group 7 - Edifier's director plans to reduce their stake by up to 850,810 shares [14] - Xintian Pharmaceutical elected a new chairman and vice chairman [15] - Sanbaisuo adjusted its investment plan to increase investment in its subsidiary in Vietnam by 20.52 million USD [17]

Macro News - The International Monetary Fund (IMF) has significantly raised China's economic growth forecast for this year by 0.8 percentage points to 4.8%, reflecting stronger-than-expected economic activity in the first half of the year and lower actual tariff rates compared to previous predictions [4] - In the first half of the year, state-owned enterprises in China reported total operating revenue of 4,074.96 billion yuan, a year-on-year decrease of 0.2%. Their total profit amounted to 218.25 billion yuan, down 3.1% year-on-year, and tax payments were 300.26 billion yuan, a decline of 0.8% [4] Industry News - Hong Kong's "Stablecoin Regulation" will come into effect on August 1, with the Hong Kong Monetary Authority releasing five regulatory documents for licensed stablecoin issuers [7] - The China Photovoltaic Industry Association issued a statement refuting claims made by some media regarding "anti-involution" in the photovoltaic industry, particularly concerning polysilicon, stating that the reports were severely inconsistent with actual conditions [7] Company News - WuXi AppTec announced an adjustment to its share repurchase price ceiling to no more than 114.15 yuan per share [11] - The PCB industry is experiencing a significant improvement in market conditions compared to the same period last year, especially for high-end products, with strong demand and rising prices [9] - Changchun High-tech announced that its innovative drug, Amlodipine Besylate Oral Solution, has received approval from the FDA for market launch in the United States [12]

北京奥赛康药业股份有限公司 关于持股 5%以上股东减持计划的预披露公告 证券代码：002755 证券简称：奥赛康 公告编号：2025-041 持股 5%以上的股东江苏苏洋投资实业有限公司保证向本公司提 供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供 的信息一致。 特别提示： 北京奥赛康药业股份有限公司（以下简称"公司"）股东江苏苏洋投资实业有 限公司（以下简称"苏洋投资"）持有本公司股份 124,415,362 股，占本公司总股 本的 13.4045%。苏洋投资计划在本公告披露之日起 15 个交易日后的连续 90 个 自然日内，以集中竞价和大宗交易方式减持本公司股份不超过 13,922,400 股，不 超过本公司总股本的 1.5%。现将有关情况公告如下： 一、股东的基本情况 1、 股东名称：江苏苏洋投资实业有限公司 2、 截至本公告日，苏洋投资持有本公司股份 124,415,362 股，占本公司总 股本的 13.4045%，该等股份全部为无限售流通股。 二、本次减持计划的主要内容 （一）本次拟减持的具体安排 1、 减持原因：股东经营 ...

Core Viewpoint - The biopharmaceutical industry in the Shenzhen Stock Exchange is showing a stable and positive performance in the first half of 2025, with 56 companies expected to achieve a net profit between 3.8 billion to 5 billion yuan [1] Group 1: Performance Forecasts - Dabo Medical is expected to achieve a net profit of approximately 230 million to 250 million yuan, representing a year-on-year increase of 66.37% to 80.84% [2] - Aosaikang is projected to realize a net profit of 135 million to 175 million yuan, with a year-on-year growth rate of 78.58% to 131.50% [2] - Jilin Aodong anticipates a net profit of about 1.236 billion to 1.290 billion yuan, reflecting a year-on-year increase of 130% to 140% [3] Group 2: Innovation and R&D - Dabo Medical emphasizes product innovation and international development strategies to maintain healthy business growth [2] - Aosaikang is focusing on the commercialization of its first innovative drug, which marks a significant milestone in its transformation [2] - Aosaikang has over 40 drugs in various stages of development, including more than ten innovative drugs in clinical stages [5] Group 3: Strategic Adjustments - Companies are actively adjusting their operational strategies and optimizing cost structures to enhance resilience and profitability [4] - Dabo Medical plans to strengthen its core business through innovation and international expansion [4] - Jilin Aodong aims to focus on its pharmaceutical core business while leveraging its brand advantages for steady revenue and profit growth [4]

Core Viewpoint - The innovative drug sector is expected to thrive in 2025, with significant capital inflow and a focus on products with overseas potential, leading to substantial stock price increases in this segment [1][3]. Group 1: Market Performance - From early 2025 to date, the innovative drug sector has seen an average increase of over 50%, with nearly 50 stocks rising more than 30% [1]. - The Hongtu Innovation Healthcare Fund has achieved a cumulative increase of nearly 64% since early 2025, outperforming the industry [1][5]. - Historical performance of the Hongtu Innovation Healthcare Fund shows a year-to-date return of 63.66%, ranking 92 out of 594 funds [2]. Group 2: Industry Trends - The long-term development trend of China's innovative drug sector remains strong, supported by national strategies and favorable capital market policies [3]. - The market for innovative drugs in China is projected to exceed 250 billion RMB in 2024, with expectations to grow to approximately 450 billion RMB by 2030 [3]. - The overall market size, including all aspects of the drug development chain, is expected to approach 5.5 trillion RMB by 2024 and surpass 20 trillion RMB by 2030 [3]. Group 3: Investment Strategy - The investment strategy of the Hongtu Innovation Healthcare Fund focuses on high-elasticity innovative drug companies, particularly those with significant clinical breakthroughs and potential for international market entry [7][11]. - Key investment targets include companies with promising clinical data and those that are expected to achieve commercial success through domestic market integration and overseas licensing [7][10]. - The fund manager has successfully captured structural opportunities in the pharmaceutical sector, leading to superior long-term performance compared to peers [12]. Group 4: Notable Stocks - Major holdings in the Hongtu Innovation Healthcare Fund include companies like Xinlitai, Shutaishen, and Yifang Biotechnology, which have shown significant price increases and promising clinical data [8][9]. - The fund emphasizes investments in companies with first-in-class (FIC) and best-in-class (BIC) potential, focusing on those that can disrupt current clinical supply [11][12]. Group 5: Future Outlook - The innovative drug sector is expected to continue its upward trajectory, driven by overseas licensing opportunities and supportive domestic policies [12]. - The ongoing global business development (BD) transactions and key clinical data releases are anticipated to catalyze further growth in high-value innovative drug companies [12].

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].