行 业 研 究 / 医 药 生 物 / 证 券 研 究 报 告 医药生物行业周报 集采新规促行业健康发展 2025 年 07 月 22 日 证书编号：S1160517110001 联系人：崔晓倩 电话：021-23586309 【行情回顾】 【本周观点】 2025 年 7 月 15 日，国家组织药品联合采购办公室发布《关于开展第 十一批国家组织药品集中采购相关药品信息填报工作的通知》。总体而 言，"稳临床、保质量、防围标、反内卷"这四大原则，将成为此次集 采的关键词。医药集采新规优化，回应了行业与社会关切，弱化低价 注重质量，有望促进行业健康长远发展。我们建议关注近年上市创新 品种、通过谈判进入医保目录且在协议期内品种；原辅料优质企业； 通过仿制药一致性评价的重点品种。 【风险提示】 医药行业政策风险；研发进展不及预期风险；业绩不及预期风险 挖掘价值 投资成长 强于大市（维持） 东方财富证券研究所 证券分析师：何玮 相对指数表现 -20% -10% 0% 10% 20% 30% 2024/7 2025/1 2025/7 医药生物 沪深300 相关研究 《关注创新投资主线》 2025.07.07 《创新引领医药 ...

[Table_Reportdate] 2025年07月21日 超配 [证券分析师 Table_Authors] [table_main] 投资要点： futing@longone.com.cn [table_stockTrend] -19% -10% -1% 8% 17% 26% 36% 24-07 24-10 25-01 25-04 申万行业指数:医药生物(0737) 沪深300 [相关研究 table_product] 1.龙头公司业绩向好，关注CXO板块 系统性机会——医药生物行业周报 （2025/07/07-2025/07/13） [Table_NewTitle 第十一批国采启动， ] 预期向好 ————医药生物行业周报（2025/07/14-2025/07/20） 杜永宏 S0630522040001 dyh@longone.com.cn 联系人 付婷 ➢ 市场表现： 上周（7月14日-7月18日）医药生物板块整体上涨4.00%，在申万31个行业中排第2位， 跑赢沪深300指数2.91个百分点。年初至今，医药生物板块整体上涨16.59%，在申万31个 行业中排名第3位，跑赢沪深300指数13.45个 ...

一、雅江电站概念 中化岩土 龙虎榜机构热股 今天机构龙虎榜上榜39只个股，净买入20只，净卖出19只。当日机构买入最多的个股前三位是：一品红 （7939万）、康弘制药（7790万）、永安药业（6946万）。 | 上榜热股 | | 实时涨跌幅 ; 买/卖家数 , 机构净买额 , | | | --- | --- | --- | --- | | 品红 300723.SZ | +20.00% | 2/1 | +7939.94万 | | 康弘药业 | | | | | 002773.SZ | +6.41% | 3/0 | +7790.85万 | | 3日 | | | | | 永安药业 | -5.96% | 4/1 | +6946.16万 | | 002365.SZ | | | | 一品红 龙虎榜显示，今日2家机构净买入7939万。 子公司帕瑞昔布钠原料药通过CDE技术审评；帕瑞昔布钠是由美国法玛西亚公司研发的第一个可静脉注 射或肌肉注射用的选择性 COX-2 抑制剂，通过特异性抑制 COX-2 阻断花生四烯酸合成前列腺素而发挥 抗炎镇痛作用，并可减少麻醉性镇痛药的用量。 龙虎榜知名游资 个股龙虎榜 国内领先的岩土工程和地 ...

Group 1 - The A-share innovative drug concept stocks are experiencing a rebound, with notable increases in stock prices [1] - Leyi Group reached the daily limit increase, while Yipinhong surged by 14%, Hite Bio increased by over 13%, and Haipu Rui rose by over 5% [1] - Other companies such as Fuyuan Pharmaceutical, Anglikang, and Shutaishen also saw their stock prices rise [1]

Market Performance - A-shares steadily advanced this week, with the ChiNext Index reaching a new high for the year and the Shenzhen Component Index hitting a four-month high, approaching its highest point of the year [1] - Weekly trading volume increased to 7.73 trillion yuan, marking the largest weekly trading volume in three months [1] Fund Inflows - Leverage funds actively entered the market, with most industries under the Shenwan first-level industry classification seeing net buying, particularly the computer industry with over 4.4 billion yuan and the electronics industry with over 3 billion yuan [2] - The electronic, biopharmaceutical, and automotive sectors each received over 20 billion yuan in net inflows, while the non-bank financial sector saw a net outflow of over 8.3 billion yuan [2] Rare Earth Demand - The rare earth sector performed strongly, with the rare earth permanent magnet index reaching a three-and-a-half-year high [3] - Demand for rare earths is expected to grow rapidly due to advancements in humanoid robots and electric vehicles, with estimates suggesting a demand of at least 70,000 tons of neodymium-iron-boron by 2025 [3] Energy Metals - The energy metals sector, including lithium and cobalt, reached a two-year high, with lithium carbonate futures breaking 70,000 yuan/ton, marking a 20% increase from recent lows [4] - Short-term lithium salt supply may decline due to reduced exports from Chile and domestic production halts, leading to a potential price stabilization [4] Biopharmaceutical Sector - The biopharmaceutical sector saw significant gains, with the innovative drug index hitting record highs multiple times this week [6] - Notable stocks in the sector, such as Lianhuan Pharmaceutical and Aosaikang, experienced consecutive trading halts, with some stocks showing year-to-date gains exceeding 200% [6][7] Earnings Forecasts - Several pharmaceutical companies have recently forecasted substantial profit increases for the first half of 2025, with estimates suggesting net profit growth exceeding 19 times for some firms [7]

Core Viewpoint - The recent public fund reports reveal that high-performing funds have achieved impressive returns by focusing on sectors like innovative pharmaceuticals and new consumption, while also highlighting a trend towards thematic funds targeting niche markets [1][2][5]. Fund Performance and Holdings - High-performing funds have seen significant returns, with the Changcheng Pharmaceutical Industry Fund achieving a return rate of 102.52% this year, driven primarily by its focus on innovative pharmaceuticals [2]. - Many top-performing funds in the first half of the year are pharmaceutical-themed, including Zhongyin Hong Kong Stock Connect Pharmaceutical and Huashan Pharmaceutical Biotechnology [2][3]. - The top holdings of several funds have shifted towards technology and pharmaceuticals, with notable new additions like Zhongji Xuchuang and Xin Yisheng in the top ten holdings of the China Europe Digital Economy Mixed Fund [3]. Thematic Funds and Sector Focus - Some actively managed funds have undergone significant portfolio changes, with a complete overhaul of their top holdings to focus on emerging sectors like robotics and short dramas [4]. - The Tongtai Industry Upgrade Mixed Fund increased its stock position from 30% to 90% and shifted its focus to robotics, while the Tongtai Huile Mixed Fund transitioned to short drama and gaming stocks [4]. - Fund companies are launching numerous thematic products targeting specific high-growth sectors, such as controllable nuclear fusion and deep-sea technology, indicating a trend towards specialized investment strategies [5]. Market Outlook - Fund managers maintain a positive outlook for the equity market in the third quarter, with confidence in the performance of related sectors [6]. - The Changcheng Pharmaceutical Industry Fund manager anticipates growth in innovative pharmaceuticals driven by overseas licensing and domestic sales, while the Tongtai Industry Upgrade Fund manager expects significant opportunities in the robotics sector due to increased production and technological advancements [6].

Summary of Conference Call Notes Industry Overview - The focus of the conference call is on the **innovation pharmaceutical industry** and its investment opportunities, particularly in the context of the Hong Kong stock market, represented by the **Hang Seng Healthcare Index**, which has seen a **42% increase** year-to-date [1][2]. Key Points and Arguments 1. **Investment Opportunities in Innovation**: The current market conditions favor innovation as the optimal investment choice, with many companies showing strong stock performance [1]. 2. **Challenges in Other Industries**: Transitioning to other industries poses challenges due to hidden operational data, leading to performance verification pressures [2]. 3. **Policy Impact**: The impact of U.S. tariffs and policies under Trump is noted, emphasizing that these do not significantly alter the competitive landscape [3]. 4. **Regulatory Changes**: The recent investigation of a former drug regulatory chief is expected to have minimal impact on the industry due to his short tenure [4]. 5. **Healthcare Expenditure Trends**: Healthcare expenditure from January to April shows a **3.9% year-on-year increase**, with a stable income growth of **5%** for residents, while expenditures decreased by **3%** [6][11]. 6. **Patient Visits Data**: The total patient visits in hospitals from January to April reached **6.88 billion**, with a **7% increase** noted [7]. 7. **Hospital Financial Performance**: Tertiary hospitals experienced a **6.9% decrease** in funding costs, indicating a stabilization in financial performance [7]. 8. **Emerging Trends in Patient Care**: There is a notable increase in visits for critical conditions such as oncology and cardiology, with double-digit growth observed [9][10]. 9. **Impact of COVID-19**: The treatment numbers for COVID-19 have decreased significantly, with a **60% drop** in treatment visits compared to the previous year [13]. 10. **Retail Pharmacy Performance**: Retail pharmacy sales have declined by **72%** in May, indicating a challenging environment for drugstores [14]. 11. **Breakthrough Therapy Designation**: There are currently **126** domestic innovative drugs under breakthrough therapy designation, with a significant number already launched domestically and internationally [18][20]. 12. **Investment Recommendations**: The focus is on large-cap stocks in the Hong Kong market and specific A-share companies like **Suda Pharmaceuticals** and **Qianhong Biopharma**, which show solid fundamentals and potential for growth [22][23]. Other Important Insights - **Healthcare Policy Changes**: The synchronization of medical insurance payments is expected to improve cash flow for hospitals [6]. - **Market Dynamics**: The overall pharmaceutical industry is outperforming other sectors, with a notable trend of investment shifting towards innovative therapies [12]. - **Future Projections**: The number of breakthrough therapies expected to be approved in 2024 is projected to be **52**, indicating a robust pipeline for innovative treatments [20]. This summary encapsulates the critical insights and data points discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the innovation pharmaceutical industry.

Core Viewpoint - The innovative drug market is experiencing a surge in interest and investment, with significant inflows of capital and strong performance in related stocks [1][5]. Group 1: Market Performance - On July 15, the pharmaceutical ETF (562050) experienced a sharp increase during the opening auction, indicating heightened investor enthusiasm for innovative drugs [2][3]. - The ETF closed up 0.59% at 1.017 yuan per share, with a total trading volume of approximately 26.34 million yuan and a turnover rate of 22.94% [4]. - A-shares in innovative drugs have shown notable gains, with companies like ShenZhou Cell rising nearly 50% in the past month, and others like BoRui Medicine and Jilin AoDong increasing over 10% [5]. Group 2: Fund Performance and Strategy - The latest public fund reports reveal a significant shift towards innovative drugs, with the Changcheng Pharmaceutical Industry Selected Fund achieving over 90% returns, increasing its scale nearly 30 times in the second quarter [6][9]. - The fund manager of Yongying Medical Health Fund indicated a complete portfolio overhaul towards innovative drugs, with top holdings including ShuTaiShen and Rejing Biology, the latter seeing a staggering 443.59% increase this year [6][7]. - The Changcheng fund plans to continue focusing on innovative drugs in the third quarter, emphasizing clinical data, overseas licensing, and domestic sales growth [8]. Group 3: Policy and Market Trends - The innovative drug sector is benefiting from favorable policy developments, with the National Medical Insurance Bureau initiating adjustments to the drug catalog for 2025 [10]. - Data shows that the total amount for Chinese innovative drug licenses reached nearly 66 billion USD in the first half of 2025, surpassing the total for 2024, indicating a rapid rise in global competitiveness [11]. - The current market rally is primarily driven by clinical results and expectations for overseas licensing, with a focus on companies that have the potential for international expansion and those that have successfully transformed [11].

Group 1 - The core viewpoint of the article highlights the performance of public funds in the second quarter of 2025, with a focus on the innovative drug sector and the significant increase in short-term bond fund shares [1][4] - The first report from the outstanding fund manager Liang Furui shows a cumulative net value growth rate of 75.18% for the Changcheng Pharmaceutical Industry Select Fund, making it the second-best performing equity fund in the first half of the year [2] - Liang Furui's report indicates that the innovative drug development will focus on overseas licensing and domestic sales expansion in the third quarter, with a continued emphasis on clinical data, pipeline licensing, and sales growth [3] Group 2 - Several short-term bond funds have seen a significant increase in shares during the second quarter, with the Debang Short Bond Fund's total shares rising to 5.482 billion, an increase of over 30 billion shares, representing a growth of over 125% [4] - The fund managers of Dongfanghong Yixin Pure Bond and Dongfanghong Short Bond report that the next phase will focus on benefiting from internal liquidity easing, with a core strategy of investment-grade leverage and duration trading [4][5] - The Debang Short Bond Fund managers express concerns about external demand pressures and the potential slowdown of the "old-for-new" subsidy policy, while maintaining a positive outlook for the bond market in the third quarter [5]

Group 1 - The weight loss drug concept sector experienced a decline of 1.10%, ranking among the top declines in concept sectors, with notable declines from companies like Kexing Pharmaceutical, Yipinhong, and Ganli Pharmaceutical [1][2] - Among the 17 stocks that rose, Tainkang, *ST Sansheng, and Lanxiao Technology led with increases of 4.12%, 3.21%, and 2.31% respectively [1][2] - The weight loss drug sector saw a net outflow of 683 million yuan from main funds, with 33 stocks experiencing outflows, and 8 stocks seeing outflows exceeding 30 million yuan [2][4] Group 2 - Kexing Pharmaceutical had the highest net outflow of main funds at 116 million yuan, followed by Hanyu Pharmaceutical and Ganli Pharmaceutical with outflows of 112 million yuan and 109 million yuan respectively [2][4] - The stocks with the highest net inflow of main funds included Tainkang, Zhongsheng Pharmaceutical, and Changshan Pharmaceutical, with inflows of 34.43 million yuan, 23.74 million yuan, and 20.84 million yuan respectively [2][4] - The trading volume for Kexing Pharmaceutical was 7.99%, with a price drop of 14.19%, indicating significant trading activity despite the decline [3][4]