Investment Rating - The report maintains a "Recommended" rating for the healthcare industry [6] Core Insights - The pharmaceutical sector has shown a slight underperformance compared to the CSI 300 index, with a 1.50% increase from April 28 to May 9, 2025, lagging by 0.06 percentage points [2][11] - Year-to-date, the pharmaceutical index has risen by 1.19%, outperforming the CSI 300 by 3.45 percentage points [13] - As of May 9, 2025, the valuation of the pharmaceutical sector stands at 26.54 times (TTM), with a premium of 141.81% over the CSI 300 [16] Summary by Sections 1. Market Performance Review - The pharmaceutical sector's performance from April 28 to May 9, 2025, was a 1.50% increase, ranking 16th among 31 industry indices [2][11] - The year-to-date performance shows a 1.19% increase, ranking 15th among the indices [13] 2. Key Company Announcements - Notable companies such as Kellytai, BGI Genomics, and Dongfang Bio have reported varying financial results, with some showing declines in net profit [21] 3. Industry Perspective - The pharmaceutical sector's revenue decreased by 0.99% in 2024, with net profit down by 12.97%. In Q1 2025, revenue fell by 4.78%, and net profit decreased by 12.21% [4][22] - The report highlights a shift in market focus from earnings to fundamental changes in the industry and companies, with optimism surrounding innovative drugs, international expansion, and the clearing of centralized procurement impacts [4][22] - The report suggests that the innovative drug sector is entering a phase of realization of results, with significant R&D progress and minimal impact from trade wars, making it a key investment theme for 2025 [4][22] 4. Stock Performance - The top-performing stocks included Changshan Pharmaceutical (+26.29%) and Haichuang Pharmaceutical (+25.85%), while the worst performers included Puli Retreat (-69.88%) and ST Suwu (-31.39%) [3][20]

Investment Rating - The report maintains a "Recommended" rating for the healthcare sector [6]. Core Insights - The pharmaceutical sector has shown a slight underperformance compared to the CSI 300 index, with a 1.50% increase from April 28 to May 9, 2025, lagging by 0.06 percentage points [2][11]. - Year-to-date, the pharmaceutical index has risen by 1.19%, outperforming the CSI 300 by 3.45 percentage points [13]. - As of May 9, 2025, the valuation of the pharmaceutical sector stands at 26.54 times (TTM), with a premium of 141.81% over the CSI 300 [16]. Summary by Sections 1. Market Performance Review - The pharmaceutical sector's performance from April 28 to May 9, 2025, was a 1.50% increase, ranking 16th among 31 sectors [2][11]. - The year-to-date performance shows a 1.19% increase, ranking 15th among the sectors [13]. 2. Key Company Announcements - Key companies such as Kelly Tai, BGI Genomics, and Dongfang Bio reported varying financial results, with some showing significant declines in net profit [21]. 3. Industry Perspective - The pharmaceutical sector's revenue decreased by 0.99% in 2024, with net profit down by 12.97%. In Q1 2025, revenue fell by 4.78%, and net profit decreased by 12.21% [4][22]. - The report highlights a shift in market focus from earnings to fundamental changes in the industry and companies, with optimism surrounding innovative drugs, international expansion, and the clearing of centralized procurement impacts [4][22]. - The report suggests that the innovative drug sector is entering a phase of realization, with significant R&D progress and minimal impact from trade wars, making it a key investment theme for 2025 [4][22]. 4. Stock Performance - The top-performing stocks included Changshan Pharmaceutical (+26.29%), Haichuang Pharmaceutical (+25.85%), and Jinhao Medical (+25.32%) [3][20]. - Conversely, the worst performers included Puli Retreat (-69.88%) and ST Suwu (-31.39%) [3][20].

证券代码：300255 证券简称：常山药业 公告编号：2025-20 河北常山生化药业股份有限公司 关于提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保情况概述 河北常山生化药业股份有限公司（以下简称"公司"、"母公司"）于 2024 年 5 月 20 日召开的 2023 年度股东大会审议并通过《关于提供担保额度预计的议 案》、于 2024 年 9 月 18 日召开的 2024 年第一次临时股东大会审议并通过《关于 提高提供担保额度的议案》，同意全资子公司常山生化药业（江苏）有限公司（以 下简称"江苏子公司"）为母公司借款融资提供不超过 11.2 亿元的担保额度，同 意公司为全资子公司河北常山凯库得生物技术有限公司（以下简称"凯库得"） 融资提供不超过 4.2 亿元的连带责任保证额度。上述额度期限自股东大会审议通 过之日起至 2024 年度股东大会之日。具体内容详见公司刊登于巨潮资讯网的《关 于提供担保额度预计的公告》（公告编号：2024-22）及《关于提高提供担保额 度的公告》（公告编号：2024-38）。 1．企业名称：河北常山 ...

Group 1 - The Trump administration plans to lift AI chip export restrictions established during the Biden era, which has faced strong opposition from major tech companies and foreign governments [2] - The new policy will categorize countries into three groups to regulate chip exports from companies like Nvidia [2] - The U.S. Department of Commerce criticized Biden's AI rules as overly complex and bureaucratic, stating that a simpler rule will be introduced to enhance U.S. innovation in AI [2] Group 2 - The Federal Reserve has maintained the benchmark interest rate for the third consecutive time, highlighting rising risks of inflation and unemployment [3] - Fed Chairman Powell noted that the impact of tariffs has been greater than expected, but he denied any plans for preemptive rate cuts [3] - The Fed aims for a long-term inflation target of 2% while acknowledging increased uncertainty in the economic outlook [3] Group 3 - The China Securities Regulatory Commission has announced a comprehensive reform plan for the public fund industry, which is valued at over 30 trillion yuan [4] - The plan focuses on optimizing fee structures for actively managed equity funds and improving industry assessment mechanisms [4] - The reform aims to shift the focus of public funds from "scale" to "returns," marking a pivotal moment for high-quality development in the industry [4] Group 4 - Zeekr plans to delist from the U.S. stock market, becoming the first Chinese concept stock to do so amid ongoing U.S.-China tariff tensions [5] - The potential delisting has reignited discussions about the return of Chinese companies to domestic markets, with estimates suggesting that 27 Chinese concept stocks could meet the criteria for listing in Hong Kong [5] Group 5 - China's foreign exchange reserves increased for the fourth consecutive month, reaching $32,817 billion, with a month-on-month rise of $41 billion [6] - The increase is attributed to factors such as macroeconomic policies and expectations of economic growth in major economies [6] - The resilience and vitality of China's economy are seen as beneficial for maintaining stable foreign exchange reserves [6] Group 6 - Insurance companies have increased their stake in listed companies to 13 instances this year, reflecting a growing commitment from long-term capital [7] - Recent financial policies aim to enhance the investment capacity of insurance funds, potentially stabilizing and invigorating the capital market [7] - The implementation of new accounting standards is expected to influence the investment strategies of insurance companies [7] Group 7 - The ongoing military conflict between India and Pakistan has escalated, with significant casualties reported on both sides [8] - Experts warn that the current tensions could lead to severe consequences, urging both nations to pursue diplomatic solutions [8] Group 8 - The A-share market showed a rebound with all three major indices closing in the green, driven by strong performances in defense and agriculture sectors [9] - The Hong Kong stock market experienced mixed results, with the Hang Seng Index slightly up while the technology index fell [10] - U.S. stock markets closed higher, with notable gains in semiconductor stocks, while major tech companies like Google and Apple faced declines [9][10]

每经记者｜许立波 每经编辑｜文多 丨 2025年5月8日 星期四 丨 5月7日上午，常山药业盘中一度涨停，股价创历史新高。7日上午，《每日经济新闻》记者致电公司证 券部，对方表示公司生产经营一切正常。同日晚间，常山药业公告称，公司艾本那肽注射液尚未上市销 售，该注射液用于治疗2型糖尿病的上市许可申请已经获得国家药监局受理，目前处于专业审评阶段， 艾本那肽最终能否获批上市及获批时间仍存在不确定性。即使未来艾本那肽上市，也面临较高的市场竞 争风险。 点评：公司公告已明确，核心产品艾本那肽尚处于审评阶段，且未来面临较高竞争压力和不确定性。短 期内，公司股价已明显脱离基本面，存在情绪炒作迹象。 NO.1 将减肥药纳入基本药物目录？世卫组织回应 免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自 担。 5月7日，昊海生科公告称，公司收到控股股东、实际控制人之一蒋伟通知，其于近日收到中国证监会出 具的《立案告知书》：因涉嫌内幕交易，决定对其立案。据昊海生科了解，该事项与公司股票无关。本 次事项系对蒋伟个人的调查，其不参与公司日常经营管理，该事项不会对公司日常经营活动产生重大影 响。 点评：尽 ...

Macro News - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5 percentage points and a decrease in policy interest rates by 0.1 percentage points, along with adjustments to structural monetary policy tools [3] - The National Financial Regulatory Administration plans to enhance the role of insurance funds as patient and long-term capital, introducing measures to support capital market stability and activity [3] - The China Securities Regulatory Commission (CSRC) is set to implement reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market, and will revise the management measures for major asset restructuring of listed companies [3] Industry News - China's gold reserves reached 73.77 million ounces at the end of April, marking an increase of 70,000 ounces and continuing a six-month trend of gold accumulation [6] - The CSRC has issued an action plan to promote the high-quality development of public funds, which includes adjusting management fees and establishing a performance-based assessment system for fund managers [6] - Shanghai announced a reduction in personal housing provident fund loan rates, effective from May 8, 2025, with rates for first-time homebuyers set at 2.1% for loans under five years and 2.6% for loans over five years [6] Company News - Geely Automobile announced a proposal to privatize Zeekr at a price of $2.57 per share [9] - Kweichow Moutai reported a share buyback of 934,800 shares in April, with a total expenditure of 1.44 billion yuan [10] - BeiGene reported a net loss of 94.5 million yuan in the first quarter [10] - Qingdao Beer plans to acquire 100% equity of Jimo Huangjiu [10] - Hive Storage confirmed that its LPDDR4X and eMMC storage products are being used in the Go2 intelligent robotic dog developed by Yushu Technology [10]

Group 1 - Geely Auto proposed to privatize Zeekr with an offer of $2.57 per share, representing a 13.6% premium over the last trading price [1] - The offer also includes a premium of 20.0% over the volume-weighted average price of the last 30 trading days [1] - Geely currently holds approximately 65.7% of Zeekr's issued share capital [1] Group 2 - Sun Group announced the U.S. Department of Commerce has revoked its investigation into steel wheels made in Vietnam using Chinese components [2] - The revocation is expected to positively impact the company's export orders and future overseas business layout [2] Group 3 - Qingdao Beer plans to acquire 100% equity of Jimo Yellow Wine for a total consideration of RMB 665 million [3] - The acquisition aims to enhance industry synergy, competitiveness, and expand product lines and market channels [3] Group 4 - BeiGene reported a net loss of 94.503 million yuan in Q1 2025, a reduction in loss compared to the previous year [4] - The company achieved total revenue of 8.048 billion yuan, a year-on-year increase of 50.2%, driven by sales growth of its self-developed products [4] Group 5 - Daqin Railway reported a 0.99% year-on-year increase in cargo transportation volume for April [5] - Shaanxi Coal's self-produced coal sales reached 13.1033 million tons in April, up 0.76% year-on-year [5] Group 6 - Shennong Group sold 227,300 pigs in April, marking a 32.85% year-on-year increase [6] - Poly Developments reported a 25.44% year-on-year decrease in contracted sales amounting to 24.622 billion yuan in April [6] Group 7 - Hainan Development plans to acquire 51% equity of Wangying Technology [7] - Huafeng Measurement Control's shareholders plan to transfer 2.9% of shares at an initial price of 121.42 yuan per share [7] Group 8 - Various companies reported significant stock price fluctuations, with Changshan Pharmaceutical's injection not yet on the market and facing regulatory uncertainties [8] - The company is in the professional review stage for its diabetes treatment application [8]

Market Performance - On May 7, the Shanghai Composite Index rose by 0.80%, with institutional investors appearing on the trading lists of 18 stocks, net buying 6 and net selling 12 [1] - The average increase of stocks with net institutional purchases was 8.24%, outperforming the Shanghai Composite Index [3] Institutional Buying and Selling - The stock with the highest net institutional purchase was Tianyuan Dike, which closed up 8.46% with a turnover rate of 48.90%, and a total transaction amount of 4.747 billion [2] - Changshan Pharmaceutical hit the daily limit with a closing increase of 20.00% and a turnover rate of 10.63%, with net institutional purchases of 5129.86 million [2] - The stock with the highest net institutional sale was Hezhu Intelligent, with a net selling amount of 6897.78 million [3][6] Stock Flow and Performance - The stocks with significant net inflows included Tianyuan Dike and Changshan Pharmaceutical, while stocks like Hezhu Intelligent and Nanfang Precision experienced notable net outflows [3][4] - Among the stocks with institutional net purchases, only one stock provided a half-year performance forecast, with a projected net profit increase of 4.72% for Zhongjie Automobile [3] Deep and Hong Kong Stock Connect - On May 7, 12 stocks on the trading list had appearances from the Deep and Hong Kong Stock Connect, with net purchases in stocks like Zongshen Power and Tianyuan Dike [7][8] - The net purchase amounts for these stocks included 5462.66 million for Zongshen Power and 4493.94 million for Tianyuan Dike [8]

Core Viewpoint - On May 7, the Shanghai Composite Index rose by 0.8%, the Shenzhen Component Index increased by 0.22%, and the ChiNext Index gained 0.51%, indicating a positive market trend for the day [2]. Group 1: Stock Performance - Tianyu Shuke (002354.SZ) saw the highest net inflow of funds, amounting to 214 million yuan, representing 7.7% of its total trading volume, and closed with a gain of 10.05% and a turnover rate of 24.92% [2][4]. - Changshan Pharmaceutical (300255.SZ) experienced the largest net outflow of funds, totaling 192 million yuan, which accounted for 7.18% of its total trading volume, and closed up by 20.02% with a turnover rate of 10.63% [6][8]. Group 2: Institutional and Northbound Fund Activity - On May 7, 19 stocks on the Dragon and Tiger list saw institutional participation, with a total net purchase of approximately 94.99 million yuan, where institutions net bought 8 stocks and net sold 11 stocks [6][10]. - The stock with the highest net purchase by institutions was Tianyuan Dike (300047.SZ), which closed up by 8.46% with a turnover rate of 48.9% [7]. - Northbound funds participated in 12 stocks on the Dragon and Tiger list, with a total net purchase of 246 million yuan, where the highest net purchase was in Zongshen Power (001696.SZ) at 54.62 million yuan [11]. Group 3: Divergence in Fund Flows - Both institutions and northbound funds jointly net bought Tianyuan Dike and Changshan Pharmaceutical, while they jointly net sold Construction Industry and Suoao Sensor [12][13]. - In Tianyu Shuke, there was a divergence where institutions net sold 13.05 million yuan while northbound funds net bought 33.67 million yuan [12].

证券代码：300255 证券简称：常山药业 公告编号：2025-19 河北常山生化药业股份有限公司 2．公司艾本那肽注射液拟用于减重适应症的临床试验申请已经获得国家药监局 受理，目前处于审评阶段，能否获得临床试验批准通知书存在不确定性。艾本那肽 即使获批开展减重适应症临床试验研究，临床试验进度及结果、未来产品市场竞争 形势均存在诸多不确定性。 3．艾本那肽是以公司控股子公司常山凯捷健生物药物研发（河北）有限公司（以 下简称"常山凯捷健"）为主体进行的研发注册，公司持有常山凯捷健51%股份，其 净利润中由上市公司股东享有的份额为51%，由少数股东享有的份额为49%。常山凯 捷健未来实现盈利后，公司不能享有其实现的全部净利润。 4．公司 2024 年度营业收入为 103,081.05 万元，较上年下降 26.92%；归属于上 市公司股东的净利润为亏损 24,947.77 万元；基本每股收益为亏损 0.27 元/股。具体 情况详见公司 2025 年 4 月 29 日于巨潮资讯网站发布的《2024 年年度报告》（公告编 号 2025-11），并请关注其中详述公司经营所面临的风险。 5．公司股票连续两个交易日（2025 ...