贝达药业（300558.SZ）10月13日在投资者互动平台表示，近期公司产品恩沙替尼术后辅助治疗临床研 究中期数据的分析显示阳性结果，达到预设的主要研究终点，公司正在努力准备，加紧推进NDA申请 工作。公司于2022年参与了禾元生物的战略投资，同时双方已就区域经销达成合作，这是公司发挥生态 圈协同作用的重要成果，将对公司经营带来积极影响，具体收益请关注业务发展情况。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：贵公司目前的管线预计哪些能于今年底上市？贵公司 参股禾元生物，预计能带来多少收益？贵公司目前很多药品都未能进入医院，贵公司有无计划采取措施 加快推广？ ...

医药生物行业 -5% 0% 5% 10% 医药生物 沪深300 10% 医药生物 沪深300 标配（维持） 医药生物行业双周报（2025/9/26-2025/10/9） 第十一批国采月底申报 投资要点： 相关报告 证 券 研 究 报 告 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 -35% -30% -25% -20% -15% -10% 5% -35% -30% -25% -20% -15% -10% -5% 0% -40% -20% 0% 20% 22-03 22-05 22-07 22-09 22-11 23-01 23-03 医药生物 沪深300 -35% -30% -25% -20% -15% -10% -5% 0% 5% 10% 医药生物 沪深300 邮箱： xiexiongxiong@dgzq.com.cn 医药生物（申万）指数走势 资料来源：iFind，东莞证券研究所 2025 年 ...

10 月报电话会：持续看好创新主线，关注 Q3 业绩改善 20251009 摘要 创新药板块仍是主线，受益于 BD 交易和数据催化，尽管近期大额交易 未达预期，但恒瑞等公司持续推进，三四季度仍有投资机会。 CRO、CDMO 及上游产业链受益于美国降息预期和订单业绩回暖，医疗 器械（高耗材、设备）业绩困境反转趋势明显，Q3 业绩预计改善。 投资策略上，关注创新主线（ESMO 会议催化、BD 交易），Q3 业绩改 善，基药目录政策及院内中药公司调整带来的短期催化。 2025 年 10 月，投资组合微调，增加长春高新、仙琚药业、贝达药业、 腾科药业等创新药产业链公司，以及药明系公司和天玉股份等业绩拐点 公司。 创新药基本面良好，平台化（研发到商业化）、海外兑现（呋喹替尼、 则布替尼）、早期研发平台化是关键驱动因素。 金股筛选标准：产业链纵向延伸能力、兑现能力、早期研发平台体系化 能力。推荐长春高新、贝达药业、盟科医药、先声药业。 重点推荐亚美康德、药明生物和妙美和联，受益于太极业务强劲、单抗 业务恢复、ADC 项目高增，预计 2025 年业绩增长显著。 Q&A 今年（2025 年）医药板块的整体表现如何？未来的主要 ...

Core Viewpoint - A new wave of pharmaceutical companies is applying for listings on the Hong Kong Stock Exchange (HKEX), with 11 companies submitting applications in a two-day period, indicating a significant uptick in market activity [1][3]. Group 1: Listing Activity - Approximately 25 pharmaceutical companies have submitted listing applications to HKEX since September, with a notable concentration of 11 applications on September 29-30 [3]. - Companies such as Sichuan Good Doctor Cloud Medical Technology Group and Annoroad Gene Technology are among those applying, with some indicating they are unprofitable biotech firms under the HKEX Chapter 18A rules [1][3]. - The trend of "A+H" dual listings is emerging, with several companies already listed on A-shares also seeking to list on HKEX, enhancing their financing capabilities [5][6]. Group 2: Market Drivers - The HKEX's 18A listing rules, introduced in 2018, have created a pathway for unprofitable biotech companies to go public, while the "Tech Company Fast Track" launched in 2025 further streamlines the listing process for tech firms [4]. - Increased demand for healthcare services due to population aging and accelerated regulatory approvals from domestic drug monitoring agencies are contributing to a favorable environment for pharmaceutical companies [4]. Group 3: Financial Performance - Many of the companies applying for listings are currently unprofitable, with significant losses reported. For instance, Meikang Aote and its subsidiary Blue Nancheng reported losses of approximately 195 million yuan and 112 million yuan, respectively, in recent financial periods [9][10]. - The trend of unprofitable companies seeking listings under the 18A rules highlights the role of HKEX as an "innovation incubator" for the biotech sector [10]. Group 4: Future Implications - The rise of "A+H" listings is expected to reshape the competitive landscape of the domestic biotech industry, potentially accelerating industry consolidation and enhancing the market position of well-capitalized firms [7]. - Increased capital influx is anticipated to boost the development of innovative drugs and technologies, thereby improving overall industry innovation efficiency [7].

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [1] Core Insights - The pharmaceutical and biotechnology industry index experienced a decline of 2.72%, ranking 23rd among 31 primary industries, underperforming the CSI 300 index which declined by 2.62% [4][16] - The industry valuation as of September 30, 2025, is a PE (TTM overall method, excluding negative values) of 31.23x, down from 31.79x in the previous period, indicating a downward trend and below the average [21] - The top three sub-industries in terms of PE (TTM overall method, excluding negative values) are vaccines (55.74x), medical devices (41.29x), and hospitals (39.51x), with the median at 33.19x, while pharmaceutical circulation has the lowest valuation at 14.34x [21] Industry Review - The report highlights that during the reporting period, 51 listed companies in the pharmaceutical and biotechnology sector had a net reduction in shareholders amounting to 2.435 billion yuan, with 14 companies increasing their holdings by 681 million yuan and 37 companies reducing their holdings by 3.116 billion yuan [4] - The report emphasizes the importance of upcoming clinical data and the strong fundamentals of companies ahead of the ESMO 2025 conference, which is expected to showcase significant clinical research results from various domestic pharmaceutical companies [7][8] Important Industry News - AstraZeneca plans to list on the New York Stock Exchange [6] - The report mentions the approval of a new oral SERD drug by Eli Lilly, marking it as the second such drug approved globally [8][45] - The approval of the first domestic quadrivalent HPV vaccine in China is expected to expand the coverage population and potentially be priced lower than imported versions [8][50][52]

从资金流向上来看，当日化学制药板块主力资金净流出11.08亿元，游资资金净流入5.65亿元，散户资金 净流入5.44亿元。化学制药板块个股资金流向见下表： 证券之星消息，10月9日化学制药板块较上一交易日下跌0.66%，南新制药领跌。当日上证指数报收于 3933.97，上涨1.32%。深证成指报收于13725.56，上涨1.47%。化学制药板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300584 | 海辰药业 | 63.81 | 13.76% | 15.58万 | 9.73亿 | | 300255 | 常山药业 | 49.29 | 8.21% | 39.44万 | 19.16亿 | | 600200 | *ST苏吴 | 1.00 | 5.26% | 48.36万 | 4553.49万 | | 603520 | 司太立 | 11.44 | 5.05% | 1 20.69万 | 2.38亿 | | 300705 | 九典制药 | 17.02 | 3.47% | 15.53万 ...

Core Viewpoint - High-tech enterprises play an irreplaceable role in fostering and expanding new productive forces, with over 60% of A-share market comprised of such companies [1]. Group 1: High-tech Enterprises Overview - A total of 130 high-tech companies identified as "technology-leading companies" based on research reports from 62 brokerage firms, focusing on technology strength and secondary market performance [1]. - Among these, several companies are expected to break monopolies or focus on key industries, including Yirui Technology, Lite-On Optoelectronics, and Changyang Technology [1]. Group 2: Shareholder Changes and Profit Forecasts - Out of the 130 companies, 11 have seen a decrease in shareholder numbers compared to the end of Q2, with 4 companies experiencing a decline of over 10% [1]. - Among the companies with concentrated shareholding, only 5 are predicted to have a net profit growth exceeding 10% in 2025 and 2026 [2]. Group 3: Performance Metrics of Leading Companies - Notable companies and their performance include: - Shengyi Technology: 131.34% increase, leading in high-end products [3]. - Rilian Technology: 105.74% increase, benefiting from domestic substitution and structural growth [3]. - Jizhi Technology: 82.65% increase, breaking foreign monopolies in high-end fields [3]. - Yirui Technology: 70.95% increase, a one-stop supplier for X-ray imaging equipment [3]. - Changyang Technology: 58.23% increase, leading in domestic CPI film and global reflective film [3]. - Guokai Micro: 45.29% increase, aiming to break overseas filter monopolies [3]. - Dike Digital: 22.03% increase, set to become Huawei's top partner in the government sector [3]. - United Imaging Healthcare: 20.09% increase, breaking the medical imaging monopoly [3]. - Caite Optoelectronics: 10.18% increase, leading in domestic OLED materials [3]. - Zhongke Technology: 6.87% increase, breaking foreign monopolies in core equipment [3]. Group 4: Shareholder Metrics and Profit Growth - Companies with significant shareholder changes and their performance include: - Yisuo Technology: 12.15% decrease in shareholder numbers, 189.44% increase in stock price [6]. - Dike Digital: 11.78% decrease, 22.03% increase in stock price [6]. - Beida Pharmaceutical: 9.04% decrease, 24.29% increase in stock price [6]. - Northern Navigation: 5.15% decrease, 53.13% increase in stock price [6]. - Langxin Group: 40.28% increase in shareholder numbers, 61.89% increase in stock price [6].

Core Viewpoint - Beida Pharmaceutical is planning a third attempt to list its shares on the Hong Kong Stock Exchange, raising questions from investors about the allocation of funds and the company's performance in the market [2][3]. Group 1: Company Financial Performance - In the first half of 2025, Beida Pharmaceutical reported a revenue of 1.73 billion yuan, a year-on-year increase of 15.37%, while the net profit attributable to shareholders decreased by 37.53% to 139.9 million yuan due to increased depreciation and amortization costs [4][5]. - The company's gross profit margin for its main drug sales was 81.59%, a decrease of 2.76% compared to the previous year [4]. - Research and development expenses were 226 million yuan, down 10.40% year-on-year, while sales expenses increased by 13.34% to 594 million yuan [5]. Group 2: Market Challenges and Competition - Beida Pharmaceutical faces significant competition in various therapeutic areas, including pressure from first and third-generation drugs in the EGFR-TKI market and competition in the ALK inhibitor field [6]. - The company plans to accelerate the application of existing clinical research results and continue clinical research for its products to meet market demands [6]. Group 3: Funding and Investment Plans - The funds raised from the H-share issuance will be used for research and development, potential acquisitions, marketing network expansion, and general corporate purposes [4]. - Investors have expressed skepticism about the company's ability to succeed in the Hong Kong listing given its current product sales performance [4][3]. Group 4: Outstanding Payments - Beida Pharmaceutical has been reported to owe 180 million yuan to Yifang Bio for nearly two years, which has raised concerns about its financial management and relationships with partners [7]. - The company has stated that it is in communication with Yifang Bio regarding the milestone payments and is committed to resolving the issue [7]. Group 5: Stock Market Performance - As of September 30, Beida Pharmaceutical's stock price increased by 1.53% to 66.81 yuan per share, with a total market capitalization of 28.11 billion yuan, reflecting a year-to-date increase of approximately 24% [7].

Group 1 - The report indicates that the Federal Reserve's resumption of interest rate cuts may lead to increased foreign investment in China's export-advantaged assets, particularly in high-end manufacturing sectors such as new energy, chemicals, and pharmaceuticals [1][13] - The "anti-involution" policy in China is expected to enhance the financial returns of the manufacturing sector, with a focus on high-end manufacturing capital expenditure (CAPEX) expansion since 2019, which solidifies global export competitiveness [2][14] - The report suggests that cross-border capital is accelerating its return to China, leading to a "re-inflation bull market" as China's net export scale rises and the RMB enters a long-term appreciation cycle [3][15] Group 2 - The report anticipates a shift in the A-share bull market towards consumption-driven growth, moving from an investment-driven model to one where consumption becomes the primary economic driver [4][16] - It highlights a potential "ice-fire conversion" in market dynamics, where technology sectors may lead the rally, followed by export-oriented high-end manufacturing, and eventually consumer sectors [5][17] Group 3 - The report recommends a stock portfolio for October 2025, including companies such as Dongfang Tower (Chemicals), Huafeng Aluminum (Non-ferrous), China Hongqiao (Non-ferrous), Luoyang Molybdenum (Non-ferrous), Dongfang Tantalum (Non-ferrous), Xinnengda (Electric New), Betta Pharmaceuticals (Pharmaceuticals), Yifeng Pharmacy (Pharmaceutical Retail), Bai'ao Intelligent (Military), Hikvision (Computers), and Luxshare Precision (Electronics) [6][11]

Core Insights - Hangzhou has achieved the top position in the "2025 China Private Enterprises 500 Strong" rankings across five categories, including manufacturing, services, R&D investment, and invention patents [1][3]. Group 1: Rankings Overview - Hangzhou leads the nation in the number of companies listed in the "2025 China Private Enterprises 500 Strong" across all five categories [1]. - The threshold for inclusion in the "2025 Private Enterprises R&D Investment 500" list was set at 465 million yuan, with 36 companies from Hangzhou making the list, representing 7.20% of the national total and 37.89% of Zhejiang province [1][3]. - For the "2025 Private Enterprises Invention Patents 500" list, the entry requirement was 187 patents, with 42 companies from Hangzhou included, accounting for 8.40% of the national total and 36.52% of Zhejiang province [1][3]. Group 2: Notable Companies - Key companies from Hangzhou that made it to the "2025 Private Enterprises R&D Investment 500" list include Alibaba (China) Co., Ltd., Zhejiang Geely Holding Group Co., Ltd., and Ant Technology Group Co., Ltd. [3][4]. - The "2025 Private Enterprises Invention Patents 500" list features companies such as Alibaba (China) Co., Ltd., Ant Technology Group Co., Ltd., and Zhejiang Dahua Technology Co., Ltd. [7][9].