智通财经6月19日电，早盘创新药概念延续调整，常山药业触及20CM跌停，翰宇药业跌超10%，通化金 马、广生堂、赛升药业、舒泰神等跟跌。 创新药概念延续调整 常山药业触及跌停 ...

常山药业跳水，一度触及跌停，现跌幅收窄至17%，成交额超17亿元。 ...

暗盘资金正涌入这些股票，点击速看>>> 化学制药板块短线走低，常山药业（300255）跌超12%，永安药业（002365）、翰宇药业（300199）、 通化金马（000766）、广生堂（300436）等跟跌。 ...

证券时报·数据宝统计显示，常山药业所属的医药生物行业，目前整体跌幅为0.46%，行业内，目前股价 上涨的有80只，涨幅居前的有爱朋医疗、创新医疗、永安药业等，涨幅分别为11.58%、8.31%、 7.35%。股价下跌的有399只，跌幅居前的有广生堂、千红制药、力生制药等，跌幅分别为7.95%、 4.74%、4.39%。 两融数据显示，该股最新（6月17日）两融余额为14.03亿元，其中，融资余额为14.03亿元，近10日增加 4.15亿元，环比增长42.06%。 常山药业股价再创历史新高，该股近期呈不断突破新高之势，近一个月累计有10个交易日股价刷新历史 纪录。截至09:36，该股目前上涨3.20%，股价报54.48元，成交823.60万股，成交金额4.41亿元，换手率 0.90%，该股最新A股总市值达500.70亿元，该股A股流通市值499.08亿元。 公司6月11日在交易所互动平台披露，截至最新（6月10日）股东户数为50546户，较上期（5月31日）增 加7415户，环比增长17.19%。这是该股股东户数连续第2期增长，也就是说筹码呈持续分散趋势。 公司发布的一季报数据显示，一季度公司共实现营业收入2. ...

Group 1 - The innovation drug sector is experiencing a strong performance due to the recent issuance of a policy aimed at improving public health insurance and supporting innovative drugs [1] - The policy includes the establishment of a commercial health insurance directory for innovative drugs, which is expected to accelerate the development of innovative pharmaceuticals [1] - Several listed pharmaceutical companies have responded to the surge in stock prices, indicating significant market interest and volatility [1] Group 2 - Changshan Pharmaceutical announced a stock price increase of 147.69% from May 6 to June 9, with a cumulative deviation of over 30% in the last two trading days [2] - The company’s Abenanide injection has not yet been launched, and there is uncertainty regarding its approval and market competition [2] - Guoyuan Securities expressed optimism about the future of the innovative drug sector in China, highlighting ongoing research and development progress as a catalyst for investment opportunities [2]

Core Viewpoint - Changshan Pharmaceutical has seen its stock price surge nearly 200% in two months, leading to its recognition as the "first innovative drug stock" in A-shares for 2025, despite reporting losses for two consecutive years and primarily relying on heparin products [1][2]. Group 1: Stock Performance and Market Sentiment - The stock price of Changshan Pharmaceutical reached a new high of 52.09 yuan on June 9, with a market capitalization approaching 480 billion yuan, significantly distancing itself from its competitor, Hepalink [2]. - The divergence between the company's poor financial performance and its soaring stock price is notable, with projected net losses of 12.40 billion yuan and 2.49 billion yuan for 2023 and 2024, respectively, while the stock price is expected to increase by 137.41% and 53.65% in the same years [2][3]. Group 2: Product Development and Market Competition - Changshan Pharmaceutical heavily relies on its heparin business, with nearly 87% of its revenue in 2024 coming from various heparin products, which has been negatively impacted by the absence of its main product in national bulk procurement [3]. - The company has been developing a GLP-1 class drug, Aibennate Injection, which is currently in the registration phase, but it faces significant market competition and uncertainty regarding profitability [3][4]. - The Aibennate Injection is a long-acting GLP-1 receptor agonist intended for the treatment of type 2 diabetes, but the company has cautioned investors about the competitive landscape and the uncertain nature of its market entry [3][4]. Group 3: Clinical Data and Future Prospects - As of now, there is limited clinical data available for Aibennate Injection, which has only been reported for the type 2 diabetes indication, raising concerns about its competitive edge in the market [7]. - The market for oral GLP-1 drugs is seen as promising due to the lower adherence rates of current injectable options, suggesting a potential opportunity for companies that can balance safety and efficacy in their products [7].

Core Viewpoint - The stock price of Changshan Pharmaceutical (300255.SZ) surged over 150% within a month, reaching a market capitalization of 46.2 billion yuan, driven by market enthusiasm for GLP-1 weight loss drugs, despite the company facing declining revenues and net losses in recent years [1][2][3]. Group 1: Stock Performance - From May 5 to June 9, Changshan Pharmaceutical's stock price increased from 21.03 yuan to 52.09 yuan, a rise of over 140% [1][2]. - On June 6 and June 9, the stock closed at 43.41 yuan and 52.09 yuan, marking increases of 15% and 20% respectively, followed by a slight decline to 50.45 yuan on June 10 [2]. - The stock's performance significantly outpaced that of its industry peer, Hepalink (002399.SZ), which has a market capitalization of 18.12 billion yuan compared to Changshan's 46.2 billion yuan [2]. Group 2: Financial Performance - Changshan Pharmaceutical's revenue has been declining for three consecutive years, with figures of 2.336 billion yuan in 2022, 1.410 billion yuan in 2023, and an estimated 1.031 billion yuan in 2024, representing year-on-year decreases of 21.29%, 39.63%, and 26.92% respectively [3]. - The company reported net profits of 17.51 million yuan in 2022, a loss of 1.24 billion yuan in 2023, and a further loss of 249 million yuan in 2024 [3]. - In the first quarter of 2025, the company generated only 259 million yuan in revenue, a year-on-year decline of 12.1% [3]. Group 3: Market Dynamics - The surge in stock price is attributed to speculation around the company's GLP-1 drug, Aibennate, which is still in the approval process and has not yet been commercialized [4]. - The company’s main revenue source, low molecular weight heparin products, has been adversely affected by centralized procurement policies, leading to a significant drop in sales [3][4]. - The company’s R&D investment decreased sharply from over 200 million yuan in previous years to 115 million yuan in 2024, raising concerns about its ability to compete in the market [5]. Group 4: Investor Behavior - Initial stock price increases were driven by northbound funds and retail investors, with significant buying activity noted from institutional investors as the stock price rose [6][8]. - By June 9, institutional investors had begun to sell off shares, indicating a potential shift in market sentiment [10].

Group 1: Market Performance - The stock of Changshan Pharmaceutical (300255) surged by 20% on June 9, closing at 52.09 yuan per share, with a total market capitalization of 47.874 billion yuan, marking a historical high [1] - The overall index for the weight-loss drug concept rose by 4.66% on the same day, closing at 1263.62 points, indicating strong market interest [1] - Other stocks in the weight-loss drug sector, such as Shengnuo Bio and Tainkang, also saw significant gains, with daily increases of 17.58% and 13.80% respectively [1] Group 2: Industry Trends - The GLP-1 drug market is projected to reach a global scale of over $60 billion by 2025, with China's market expected to hit $4.5 billion, growing at an annual rate exceeding 28% [3] - The Chinese government has initiated a "Weight Management Year" campaign, highlighting the increasing prevalence of obesity and its health implications [3] - The market for weight-loss drugs is becoming increasingly competitive, with over twenty companies developing biosimilars for semaglutide, indicating a shift from a blue ocean to a red ocean market [4][5] Group 3: Company Developments - Changshan Pharmaceutical's stock price increase is attributed to the potential of its GLP-1 drug, Aibennate, in the billion-dollar weight-loss drug market, despite facing fundamental pressures such as debt and cash flow issues [2] - Innovative companies like Heng Rui Pharmaceutical are advancing in the GLP-1/GIP dual-target drug space, with promising clinical trial results showing significant weight loss compared to existing treatments [5][6] - The dual receptor agonist, Masitide, developed by Innovent Biologics, is set to be the first of its kind to enter the market, targeting both GLP-1 and GCG receptors for enhanced weight loss and liver fat metabolism [7]

商报讯(记者苗露)昨日A股市场势头甚猛，自早盘起三大指数便震荡走高，沪指盘中突破3400点，创业 板指涨超1%；港股亦走强，恒生指数涨超1%重返24000点上方，恒生科技指数大涨近3%，自4月低点涨 幅超过20%，迈入技术性牛市。截至昨日下午收盘，上证指数涨0.43%，深证成指涨0.65%，创业板指涨 1.07%。全市场成交额约1.31万亿元，较上一交易日增加1355亿元。场内超4100股飘红，医药板块再度 爆发，券商板块走高，稀土概念强势，体育概念热度不减。港股方面，恒生指数涨1.63%，恒生科技指 数涨2.78%。 创新药概念股大涨 昨日，A股创新药概念股再度大涨，截至中午收盘，创新药指数涨幅超过4%，海辰药业（300584）、 睿智医药（300149）、罗欣药业（002793）、众生药业（002317）、联化科技（002250）、常山药业 （300255）等近15只相关概念股涨停或涨超10%。 自5月中旬以来，创新药概念股持续走强，特别是5月底以来，相关概念股加速上涨。近9个交易日，联 化科技累计涨幅接近115%，常山药业涨幅超过88%，睿智医药涨幅超过50%。 午后，医药板块继续大幅拉升。据同花顺（3 ...

Core Viewpoint - The current "medication" market rally is distinct from previous ones, with leading gains concentrated in innovative pharmaceutical companies, particularly strong performance in the Hong Kong stock market [1][2] Group 1: Market Performance - On June 9, both Hong Kong and A-share innovative pharmaceutical sectors saw significant gains, with the Hang Seng Innovative Drug ETF rising by 4.08% and the Hong Kong Stock Connect Medical ETF increasing by 4.25% [3] - Notable individual stock performances included 3SBio (01530.HK) reaching a peak of 22.5 HKD, just shy of its historical high, and a 260% increase in its stock price since February [3] - The A-share innovative drug index rose by 31.5% and the Hong Kong innovative drug index surged by 61.54% since April 9, with several stocks doubling in value [4] Group 2: Catalysts for Growth - The surge in innovative drug stocks is attributed to multiple factors, including recent approvals for 11 innovative drugs from eight companies and promising clinical data for major diseases [5] - The upcoming 2025 ASCO annual meeting will feature 73 research studies from China, a 30% increase from the previous year [5] Group 3: Long-term Positive Factors - Many leading companies are approaching breakeven points, with significant revenue growth reported, particularly for Ascentage Pharma (332.31% growth) [7][8] - The overseas licensing deals have seen substantial increases, with a record-breaking deal of 6.05 billion USD for 3SBio's drug rights to Pfizer [9] - The overall licensing-out transactions in the innovative drug sector have surged, with 41 transactions in Q1 2024 alone, totaling 36.93 billion USD [9] Group 4: Policy Support - Recent policy changes are favorable for innovative drug companies, including optimized centralized procurement policies and increased support for innovative drugs in government reports [10] - The 2024 government work report includes 38 new innovative drugs in the medical insurance catalog, the highest ever, with plans for further optimization in 2025 [10] Group 5: Market Outlook - The valuation of the pharmaceutical sector remains relatively safe compared to other growth industries, with a current TTM P/E ratio of 27.1 times [11] - Some analysts suggest that the innovative drug sector is transitioning from following to leading in the global market, indicating a new era for domestic innovation [11] - However, there are concerns about potential short-term volatility due to rapid price increases and profit-taking by investors [11]