Core Insights - The innovative drug industry is experiencing robust growth, with the innovative drug index rising by 50.2% year-to-date as of August 7 [1] - The China National Medical Products Administration approved 43 innovative drugs in the first half of the year, a 59% increase year-on-year, nearing the total of 48 for the entire year of 2024 [2] - The industry is seeing a shift towards deeper strategic collaborations in overseas licensing, moving from simple product exports to comprehensive partnerships [4] Industry Growth and Trends - The innovative drug sector is benefiting from ongoing drug review reforms and policy incentives, leading to a revitalization of the capital market [2] - Companies like Tigermed are establishing integrated platforms to support clinical research across all stages globally [2] - The R&D expenditure of Shijiazhuang Pharmaceutical Group has increased from 1.583 billion HKD in 2018 to approximately 5.19 billion HKD in 2024, reflecting a consistent double-digit growth [2] International Expansion - In the first half of the year, upfront payments for overseas licensing of innovative drugs exceeded 2.5 billion USD, with total transaction amounts nearing 50 billion USD, comparable to the previous year's figures [4] - Shijiazhuang Pharmaceutical Group has completed four overseas licensing agreements this year, with a total contract value of approximately 9.7 billion USD [4] - The potential for sustainable business development (BD) partnerships depends on the core capabilities of Chinese innovative drug companies [4] AI in Drug Development - AI technology is significantly transforming drug development by shortening research cycles and reducing costs, with applications expanding rapidly [7] - The integration of AI with automation in production processes is expected to enhance quality and reduce costs, promoting sustainable practices [7] - Companies like De Rui Zhi Yao are leveraging AI to drive new drug development, with several innovative drugs already in clinical stages [7][8]

| 300723 | 一品红 | -1.57 | 1.53 | -3283.59 | | --- | --- | --- | --- | --- | | 600812 | 华北制药 | -1.79 | 1.56 | -3211.05 | | 603707 | 健友股份 | -1.57 | 1.13 | -3199.60 | | 000513 | 丽珠集团 | -1.18 | 1.89 | -2646.84 | | 688266 | 泽璟制药 | -1.79 | 1.22 | -2023.83 | | 688687 | 凯因科技 | -1.23 | 5.23 | -1814.98 | | 688238 | 和元生物 | -2.26 | 2.31 | -1499.70 | | 002007 | 华兰生物 | -0.66 | 0.83 | -1452.56 | | 600645 | 中源协和 | -2.15 | 2.61 | -1354.50 | | 600223 | 福瑞达 | -0.35 | 1.25 | -1245.76 | | 688136 | 科兴制药 | -2.66 | 3.70 | -788.30 | ...

每经AI快讯，有投资者在投资者互动平台提问：请问董秘，公司目前在售有几款产品？今年以来销售 情况怎样？从一季度数据来看，为什么营收和毛利润净利润等指标都不如同行业艾力斯？ 贝达药业（300558.SZ）8月6日在投资者互动平台表示，您好！公司在售产品有凯美纳、贝美纳、贝安 汀、赛美纳、伏美纳，康美纳已于6月30日获批上市；经销品种安瑞泽已于7月启动销售，以及植物源重 组人白蛋白注射液（水稻）奥福民已于7月获批上市。综上，公司销售管线将达到八款产品。公司将发 挥肿瘤产品商业化的成功经验，通过差异化的临床价值挖掘和高效的推广策略，加快产品市场覆盖。医 药行业上市公司各有其实际情况，在发展阶段、管线结构、研发投入、资产结构等方面都存在差异，面 对经营当中的新变化、新挑战，团队始终保持创新创业初心，拥抱变化、积极应对，推动企业长期稳定 发展。 （文章来源：每日经济新闻） ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300584 | 海辰药业 | 41.27 | 20.01% | 28.53万 | 11.01亿 | | 661000E | 翰宇药业 | 24.32 | 19.98% | 209.39万 | 46.86 乙 | | 300436 | 广生堂 | 120.90 | 18.18% | 18.95万 | ﺧ 20.73亿 | | 688513 | 苑东生物 | 66.91 | 10.60% | 6.09万 | 3.77亿 | | 002020 | 京新药业 | 18.11 | 10.02% | 56.17万 | 9.83亿 | | 601089 | 福元医药 | 29.19 | 9.98% | 30.64万 | 8.85亿 | | 600513 | 联环药业 | 20.82 | 9.98% | 62.12万 | 12.03亿 | | 603811 | 诚意药业 | 13.45 | 9.98% | 42.39万 | 5.64亿 | | 002370 | ...

证券日报网讯贝达药业7月31日在互动平台回答投资者提问时表示，公司与益方生物就项目商业合作中 的新情况已展开相关的沟通和交流，会尽早妥善解决。根据交易所的减持披露规定，公司大股东减持首 发前股份和公司董事、高级管理人员减持股份都需要通知上市公司并发布减持预披露公告，除此之外， 公司无法知晓股东大宗交易的相关信息。 （文章来源：证券日报） ...

贝达药业（300558.SZ）7月29日在投资者互动平台表示，巴替利单抗（PD-1抗体）/泽弗利单抗 （CTLA-4抗体）用于治疗宫颈癌的相关研究尚在进行中，后续若有重大进展节点变化公司会及时公告 披露。 每经AI快讯，有投资者在投资者互动平台提问：董秘您好，公司海外的PD-1单抗和CTLA-4单抗，请问 研发进展怎么样？ （文章来源：每日经济新闻） ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [1][40]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 7.84% from July 11 to July 24, 2025, exceeding the CSI 300's performance by approximately 4.13 percentage points [4][14]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and raw materials sectors leading with increases of 14.23% and 9.30%, respectively [4][15]. - Approximately 91% of stocks in the industry achieved positive returns, with notable performers including Borui Pharmaceutical, which saw a weekly increase of 78.98% [16]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 7.84% from July 11 to July 24, 2025, surpassing the CSI 300 by about 4.13 percentage points [14]. - Most sub-sectors recorded positive returns, particularly medical research outsourcing and raw materials, which increased by 14.23% and 9.30%, respectively [15]. - About 91% of stocks in the industry had positive returns, with Borui Pharmaceutical leading at 78.98% [16]. 2. Industry News - The report highlights the ongoing progress of the 11th batch of national drug procurement, with significant updates provided during a government open day event on July 22, 2025 [4][28]. - The announcement of the 11th batch of national drug procurement included a notification for drug information submission, which was highly anticipated [4][28]. 3. Company Announcements - Yekang Pharmaceutical announced that its subsidiary received FDA approval for clinical trials of YKYY029 injection for hypertension treatment [29]. 4. Industry Outlook - The report maintains an "Overweight" rating for the industry, citing a continuous rise in the pharmaceutical and biotechnology sector driven by positive sentiment towards innovative drugs and improved financing data [30]. - The report suggests focusing on investment opportunities within the innovative drug supply chain and highlights several companies across various segments, including medical devices, pharmaceutical commerce, and innovative drugs [30][32].

Summary of Key Points Core Viewpoint - The A-share market experienced significant block trading activity on July 21, with a total transaction volume of 1.717 billion yuan across 75 stocks, indicating notable investor interest in specific companies [1]. Group 1: Trading Activity - A total of 75 stocks had block trades, with a total transaction value of 1.717 billion yuan [1]. - The top three stocks by transaction value were SAIC Motor Group (1.57 billion yuan), Tianwei Food (1.55 billion yuan), and Sifang Co., Ltd. (1.07 billion yuan) [1]. Group 2: Pricing Trends - Among the stocks traded, 10 stocks were sold at par value, 5 at a premium, and 60 at a discount [1]. - The stocks with the highest premium rates were Jiangsu Shentong (2.64%), Jindi Group (1.83%), and Minsheng Bank (1.11%) [1]. - The stocks with the highest discount rates were Langke Intelligent (27.09%), Energy Iron Han (25.78%), and Betta Pharmaceuticals (22.86%) [1]. Group 3: Institutional Trading - The top stocks by institutional buying were SAIC Motor Group (1.57 billion yuan), XCMG Machinery (1.04 billion yuan), and Milky Way (77.6 million yuan) [2]. - The top stocks by institutional selling included North Copper Industry (30.9 million yuan), Jindi Group (15.9 million yuan), and New Strong Link (3.5 million yuan) [2].

Core Viewpoints - The pharmaceutical and biotechnology sector is experiencing a turning point and structural market trends in the first half of 2025, with a focus on innovative drugs and their supply chain, AI healthcare, and brain-computer interfaces as structural opportunities [3][5] - The A-share pharmaceutical and biotechnology index has increased by 10.10% since the beginning of 2025, outperforming the CSI 300 index by 8.90 percentage points, ranking 4th in industry performance [3][22] - Among 480 listed pharmaceutical and biotechnology companies, 348 have seen their stock prices rise, accounting for 72.5%, with 17 stocks doubling in value [3][40] Investment Logic - The innovative drug sector is accelerating its value reconstruction through business development (BD) overseas, research and commercialization progress, and policy support. In the first half of 2025, over 50 BD transactions for innovative drugs occurred, totaling over $48 billion [5] - Significant clinical data releases and commercialization progress for major drug candidates are expected to drive stock price increases [5] - Policy initiatives, such as the March 2025 government work report emphasizing the support for innovative drugs and medical devices, are providing strong backing for the industry's long-term development [5] Market Performance - The pharmaceutical sector's valuation has seen a short-term recovery but remains at a long-term low, with a PE ratio of 29 times as of mid-2025, slightly above the 50th percentile of the past four years [3][43] - Public fund holdings in the pharmaceutical sector have increased, with the proportion of public funds in A+H shares rising to 9.05% in Q1 2025, a 0.37 percentage point increase [3][58] Sub-industry Performance - The best-performing sub-industries in the pharmaceutical sector include chemical preparations and other biological products, with increases of 25.8% and 24.0%, respectively [3][22] - The pharmaceutical industry is witnessing a structural market trend, with innovative drugs leading the charge, while traditional sectors like vaccines and traditional Chinese medicine have seen slight declines [3][29] Recommended Stocks - A robust portfolio is suggested, including companies such as Heng Rui Medicine, BeiGene, and United Imaging Healthcare, among others [10]

一、合作情况 禾元生物是一家创新型生物医药企业，拥有领先的植物生物反应器技术平台， 创建了具有自主知识产权的水稻胚乳细胞生物反应器高效重组蛋白表达平台 （OryzHiExp）和重组蛋白纯化技术平台（OryzPur），建立了完善的药品、药用辅料 及科研试剂的产业化体系，并于 2023 年 12 月获得由湖北省药品监督管理局颁发 的《药品生产许可证》。 2022 年，公司以 3.85 亿元人民币的自有资金按每股 19.24 元的价格认购 禾元生物新发行的 Pre-IPO 轮普通股 20,010,395 股，截至目前，公司直接持 有禾元生物 7.47%的股份。2024 年，双方签署《禾元生物药品区域经销协议》， 禾元生物委托贝达药业在约定区域内独家经销奥福民®。具体内容详见公司披 露在巨潮资讯网上的相关公告（公告编号：2022-019、2022-023、2022-041、 2024-069）。 证券代码：300558 证券简称：贝达药业 公告编号：2025-050 贝达药业股份有限公司 关于参股公司禾元生物新药奥福民获批上市的公告 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 ...