港股医药股走强，泰格医药（300347）、凯莱英（002821）、荣昌生物、昭衍新药（603127）、康龙化 成（300759）等多股涨超5%。 无需港股通，A股账户就能T+0买港股>> ...

Group 1 - The core viewpoint of the news is the performance and holdings of the China Europe Medical Health Mixed A Fund, which has shown a recent net value increase and varying returns over different time frames [1] - As of May 21, 2025, the latest net value of the fund is 1.6359 yuan, reflecting a growth of 1.36% [1] - The fund's one-month return is 4.85%, ranking 1834 out of 4645 in its category, while the three-month return is 0.17%, ranking 1678 out of 4590 [1] - Year-to-date, the fund has achieved a return of 4.28%, with a ranking of 2331 out of 4544 [1] Group 2 - The top ten stock holdings of the China Europe Medical Health Mixed A Fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%) and WuXi AppTec (9.95%) [1] - The fund was established on September 29, 2016, and as of March 31, 2025, it has a total scale of 15.613 billion yuan [1] - The fund manager, Ge Lan, has a background in biomedical engineering and has held various positions in research and fund management since joining China Europe Fund Management in 2014 [2]

Group 1 - The pharmaceutical sector in Hong Kong is experiencing a strong rally, with notable gains in stocks such as Kailaiying, which rose over 14%, and Sangfor Pharmaceuticals, which increased by 7.6% [1][2] - Sangfor Pharmaceuticals announced a licensing agreement with Pfizer, receiving an upfront payment of $1.25 billion, which significantly boosted investor confidence [1] - The China National Medical Products Administration has accepted a new drug application for cyclosporine eye gel from Zhaoke Ophthalmology, indicating positive regulatory developments in the industry [1] Group 2 - Longcheng Securities expressed optimism about the pharmaceutical sector, citing frequent favorable policies that are expected to lead to a steady recovery in industry sentiment [1] - Morgan Stanley's research report maintains a positive outlook on the Chinese pharmaceutical industry, highlighting supportive policies for innovation and low dependency on U.S. exports, which mitigates risks from geopolitical tensions and uncertainties in U.S. drug pricing [1]

Group 1 - A-shares market showed positive performance with all three major indices rising on May 21, 2023, indicating a favorable market sentiment [1] - A500 Index ETF (159351) recorded a 0.21% increase with a trading volume exceeding 1 billion yuan, leading in trading volume among similar products [1] - The A500 Index ETF closely tracks the CSI A500 Index, which selects 500 stocks representing strong market capitalization across various industries, achieving a balance between large-cap stocks and core industry leaders [1] Group 2 - Recent reduction in loan market quotation rates (LPR) by 10 basis points to 3.0% for 1-year and 3.5% for over 5 years is expected to enhance financial support for the real economy [2] - The decrease in LPR and deposit rates is anticipated to lower overall financing costs, stabilize market expectations, and stimulate credit demand, thereby promoting corporate investment [2] - The adjustment in LPR aligns with the recent cut in the central bank's reverse repo rate, indicating a coherent monetary policy approach [2] Group 3 - The A-share market is shifting towards core assets, with financial and real estate sectors leading in gains, while the technology sector is under pressure [3] - The introduction of new public fund regulations reflects a long-term transformation in China's capital and economic structures, suggesting a potential decline in manufacturing expansion [3] - The return to core asset styles indicates a market correction demand in the short term and signals a potential economic cycle bottoming out in the long term [3]

Group 1 - The core viewpoint of the news is the performance and holdings of the China Europe Medical Health Mixed Fund C, which has shown a recent net value increase and varying returns over different time frames [1] - As of May 20, 2025, the fund's latest net value is 1.5473 yuan, reflecting a growth of 2.76% [1] - The fund's one-month return is 5.29%, three-month return is 0.92%, and year-to-date return is 2.57%, with respective rankings of 3149 out of 4647, 1587 out of 4590, and 3094 out of 4546 [1] Group 2 - The top ten stock holdings of the fund account for a total of 55.30%, with significant positions in companies such as Heng Rui Pharmaceutical (10.60%), WuXi AppTec (9.95%), and Kanglong Chemical (6.24%) [1] - The fund was established on September 29, 2016, and as of March 31, 2025, it has a total scale of 15.566 billion yuan [1] - The fund manager, Ge Lan, has a background in biomedical engineering and has held various positions in research and fund management since joining China Europe Fund Management in 2014 [2]

Group 1 - The pharmaceutical sector is experiencing significant activity, with notable stocks such as Sanofi and Yipinhong reaching their daily limit up of 19.99%, and others like Shutaishen rising over 9% [1] - Major pharmaceutical companies reported impressive Q1 earnings, with BeiGene achieving a revenue of 8.048 billion yuan, a 50.2% increase from the previous year, and a significant reduction in net losses [1] - Innovent Biologics reported a revenue of 381 million yuan for Q1, marking a 129.92% year-on-year growth, and a net profit of 18 million yuan, up 112.62% year-on-year, indicating a turnaround to profitability [1] Group 2 - Wanlian Securities forecasts a performance divergence in the pharmaceutical sub-sectors for Q1 2024 and 2025, with strong revenue and profit growth expected in medical R&D outsourcing, hospitals, and other biological products [2] - The chemical pharmaceutical sector is gaining market attention, focusing on innovation-driven growth, domestic production, and policy immunity [2] - China Galaxy notes that the pharmaceutical sector has undergone a long adjustment period, resulting in low valuations and underweight public holdings, with expectations for policy support and market demand recovery to drive growth [2]

Investment Rating - The industry investment rating is positive [1] Core Viewpoints - The report indicates that a turning point has been reached in the CXO sector, suggesting a positive outlook for investment [6][66] - The report highlights that the performance of domestic CXO companies has shown significant improvement, with major players like WuXi AppTec and Kintor Pharmaceutical demonstrating strong order growth [6][66] - The report emphasizes the recovery of revenue growth, with a year-over-year increase of 8.2% in Q1 2025 for CXO companies, indicating a positive trend in the sector [6][26] Financial Analysis - Domestic performance: The medical R&D outsourcing index increased by 0.82% from December 31, 2024, to April 30, 2025, outperforming the pharmaceutical and biotech index by 0.64 percentage points [5][13] - International performance: The report notes a divergence in performance among international CXO companies, with Lonza showing optimistic growth projections for its CDMO business, expecting nearly 20% growth in 2025 [5][18] - Profitability: The average gross margin for Q1 2025 was 30.9%, reflecting a year-over-year increase of 1.1 percentage points, with some companies like Medpace and Boteng showing significant improvements [6][31] - Operational efficiency: Inventory turnover rates have stabilized, with an average of 3.36 in 2024, indicating a positive trend in operational efficiency [6][36] Investment Strategy - The report suggests that the CXO sector is at a turning point, with strong growth potential in small and large molecule CDMO orders, as well as in clinical CRO opportunities driven by domestic innovation policies [6][66] - Recommended companies include WuXi AppTec and Kintor Pharmaceutical for clinical CRO, and WuXi Biologics and Kelun Pharmaceutical for CDMO [6][66] - The report highlights an increase in institutional holdings in CXO companies, indicating growing confidence in the sector [6][60]

证券代码：002821 证券简称：凯莱英 公告编号：2025-033 国公司法》、《深圳证券交易所股票上市规则》等有关法律、行政法规、部门规 章、规范性文件和《公司章程》的相关规定。 现场会议召开时间：2025年6月11日下午14:00 网络投票时间：2025年6月11日，其中，通过深圳证券交易所交易系统进行 网络投票的时间为2025年6月11日上午9：15-9：25，9：30-11：30，下午13:00- 凯莱英医药集团（天津）股份有限公司 关于召开2024年度股东大会、2025年第二次A股类别股东 大会及2025年第二次H股类别股东大会通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）将于2025年6月 类别股东大会及2025年第二次H股类别股东大会。现将本次会议有关事项公告如 下： 一、召开会议的基本情况 年第二次H股类别股东大会 （1）现场投票：股东本人出席现场会议或者通过授权委托书（见附件）委 托他人出席现场会议；公司H股股东可以通过现场或委托投票方式参加本次股东 大会，有关具体方式参见 ...

证券代码：002821 证券简称：凯莱英 公告编号：2025-033 凯莱英医药集团（天津）股份有限公司 关于召开2024年度股东大会、2025年第二次A股类别股东 大会及2025年第二次H股类别股东大会通知的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 凯莱英医药集团（天津）股份有限公司（以下简称"公司"）将于2025年6月 11日以现场和网络投票相结合的方式召开2024年度股东大会、2025年第二次A股 类别股东大会及2025年第二次H股类别股东大会。现将本次会议有关事项公告如 下： 一、召开会议的基本情况 1、股东大会届次：2024年度股东大会、2025年第二次A股类别股东大会及2025 年第二次H股类别股东大会 9:15至2025年6月11日下午15:00期间的任意时间。 5、会议召开方式：现场投票与网络投票相结合的方式 （1）现场投票：股东本人出席现场会议或者通过授权委托书（见附件）委 托他人出席现场会议；公司H股股东可以通过现场或委托投票方式参加本次股东 大会，有关具体方式参见公司发布的H股相关公告。 （2）网络投票：公司将通过深圳证券交易 ...

中邮证券表示，受益于海外投融资市场的率先复苏，需求端逐步恢复，CXO&上游公司订单增速提升， 行业拐点已过。CXO板块收入端恢复良好增长态势，盈利能力持续修复，利润端改善趋势更为显著， 基本面已呈现向上趋势。优质、高效、低成本的产品及服务为核心壁垒，我国制药业优势持续巩固，有 望在全球市场占据更高市场份额。中国创新药经过数十年发展，正在进入收获期，叠加政策友好性和市 场流动性提升，国内创新药市场前景光明。建议重点关注肿瘤、自免、减重、阿尔兹海默症、NASH、 脱发、乙肝等领域。 甬兴证券表示，百济神州凭借泽布替尼在欧美市场份额的提升保持收入规模的增长、恒瑞医药也多次实 现创新药的对外授权，我们认为国产创新药的竞争力正在持续提升，看好国产创新药的出海前景。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 5月14日港股低开低走，医药生物板块逆市走强。热门ETF方面，港股创新药ETF（159567）盘中震荡 走高，截至发稿涨1.01%。换手率超7%，成交额快速突破1亿元，交投活跃。 成分股方面，三生制药涨超4%，康希诺生物、凯莱英涨超3%，晶泰控股、再鼎医药、科 ...