2025 年 10 月 20 日 证券研究报告 行业周报 行业评级： | 报告期：2025.10.9-2025.10.19 | | | --- | --- | | 投资评级 | 看好 | | 评级变动 | 维持评级 | 分析师： huchenxi@gwgsc.com 执业证书编号：S0200518090001 联系电话：010-68085205 分析师 魏钰琪 weiyuqi@gwgsc.com 执业证书编号：S0200525060001 联系电话：010-68099389 公司地址：北京市丰台区凤凰嘴街 2 号院 1 号楼中国长城资产大厦 16 层 医药生物行业双周报 2025 年第 21 期总第 144 期 政策规范临床研究路径 重磅创新成果集中亮相 2025ESMO 大会 行业回顾 本报告期医药生物行业指数跌幅为 3.65%，在申万 31 个一级行业中 位居第 21，跑输沪深 300 指数（-2.73%）。从子行业来看，中药、 线下药店涨幅居前，涨幅分别为 1.90%、0.88%；医疗研发外包、医 疗设备跌幅居前，跌幅分别为 11.40%、5.54%。 行业走势： 估值方面，截至 2025 年 10 月 ...

Market Overview - On October 15, the AI medical sector rose by 2.05%, with Saili Medical leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Stock Performance - Saili Medical (603716) closed at 26.86, up 7.31% with a trading volume of 384,800 shares and a transaction value of 1.02 billion [1] - Meinian Health (002044) closed at 5.43, up 4.42% with a trading volume of 1,534,300 shares and a transaction value of 823 million [1] - Hongbo Pharmaceutical (301230) closed at 33.40, up 3.99% with a trading volume of 33,500 shares and a transaction value of 111 million [1] - Other notable stocks include Electric Science Digital (600850) up 3.79% and Yao Stone Technology (300725) up 3.45% [1] Capital Flow - The AI medical sector saw a net inflow of 189 million from institutional investors, while retail investors experienced a net outflow of 78.98 million [2][3] - Meinian Health had a net inflow of 88.56 million from institutional investors, but a net outflow of 93.20 million from retail investors [3] - Saili Medical also experienced a net inflow of 71.52 million from institutional investors, with retail investors withdrawing 32.95 million [3]

Market Overview - On September 18, the medical services sector declined by 1.68%, with Nanmo Biology leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers included: - Zenggansi (301257) with a closing price of 53.80, up 6.89% [1] - Yangguang Nuohuo (688621) at 79.58, up 1.38% [1] - Kanglong Huacheng (300759) at 35.70, up 0.59% [1] - Major decliners included: - Nanmo Biology (688265) at 56.16, down 5.93% [2] - Chuangxin Medical (002173) at 23.48, down 4.75% [2] - Hongbo Pharmaceutical (301230) at 36.12, down 4.06% [2] Capital Flow - The medical services sector experienced a net outflow of 2.099 billion yuan from institutional investors, while retail investors saw a net inflow of 1.474 billion yuan [2] - The sector's overall capital flow indicates a mixed sentiment among different investor types [2] Individual Stock Capital Flow - Notable capital flows included: - Huada Gene (300676) with a net inflow of 63.2761 million yuan from institutional investors [3] - Baicheng Pharmaceutical (301096) with a net inflow of 21.5534 million yuan from institutional investors [3] - Nanmo Biology (688265) saw a net outflow of 1.597 million yuan from institutional investors [3]

2025 年 09 月 15 日 行业深度研究 看好/维持 医药 医药 行业企稳向好，回暖曙光已现 走势比较 | 化学制药 | 无评级 | | --- | --- | | 中药生产 | 无评级 | | 生物医药Ⅱ | 中性 | | 其 他 医 药 医 | 中性 | | 疗 | | 相关研究报告 <<板块缩量高位震荡，关注创新药 BD 新 进 展 （ 附 原 料 药 中 报 总 结 ） (2025.09.08-2025.09.14)>>-- 2025-09-15 <<太平洋医药日报（20250912）： Ionis 在研 ASO 疗法 ION582 获突破 性疗法认定>>--2025-09-14 <<祥生医疗：业绩符合预期，创新管 线稳步推进 >>--2025-09-13 证券分析师：周豫 电话： E-MAIL：zhouyua@tpyzq.com 分析师登记编号：S1190523060002 证券分析师：张崴 电话： E-MAIL：zhangwei@tpyzq.com 分析师登记编号：S1190524060001 报告摘要 收入保持稳定增长，利润同比快速提升。2025 年上半年，CXO 板块实 现营业收入 47 ...

北京市嘉源律师事务所 关于上海泓博智源医药股份有限公司 2025 年第二次临时股东大会的 法律意见书 Sh 西城区复兴门内大街 158 号远洋大厦 4 楼 中国 · 北京 ิ้ YUAN LAW OFFICES 北京 BEIJING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI'AN 致:上海泓博智源医药股份有限公司 北京市嘉源律师事务所 关于上海泓博智源医药股份有限公司 2025 年第二次临时股东大会的 法律意见书 嘉源(2025)-04-670 北京市嘉源律师事务所(以下简称"本所")接受上海泓博智源医药股份有 限公司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称 "《公司法》"》《上市公司股东会规则》(以下简称"《股东会规则》")等现行有效 的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及《上 海泓博智源医药股份有限公司章程》(以下简称"《公司章程》")的有关规定,指 派本所律师对公司 2025年第二次临时股东大会(以下简称"本次股东大会")进 行见证,并依法出具本法律意见书。 泓 ...

上海泓博智源医药股份有限公司 2025 年第二次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 证券代码：301230 证券简称：泓博医药 公告编号：2025-053 特别提示： 1、本次股东大会不存在新增、修改、否决议案的情形； 2、本次股东大会不存在变更前次股东大会决议的情形； 3、本次股东大会采取现场投票与网络投票相结合的方式进行。 一、会议召开情况 1、会议通知方式：公告方式 2、会议召开时间： （1）现场会议召开时间：2025 年 9 月 15 日（星期一）14:00 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 9 月 15 日上午 9:15~9:25，9:30~11:30 和下午 13:00~15:00；通过深圳证券交易所互联网 投票系统投票的具体时间为 2025 年 9 月 15 日 9:15～15:00 任意时间。 3、现场会议地点：上海浦东新区凯庆路 59 号 12 幢公司一楼会议室 4、会议召开方式：本次股东大会采取现场投票、网络投票相结合的方式。 参加本次股东大会表决的股东（含代 ...

Company Overview - Hongbo Pharmaceutical, established on December 14, 2007, is located at 59 Kaiqing Road, Pudong New District, Shanghai. The company was listed on November 1, 2022. Its main business involves drug discovery, pharmaceutical process research and development, and commercial production of raw material intermediates [1]. Business Revenue Composition - The revenue composition of Hongbo Pharmaceutical is as follows: drug discovery accounts for 52.67%, commercial production for 35.00%, process research and development for 8.10%, and other supplementary activities for 4.23% [1]. Stock Performance - On September 9, Hongbo Pharmaceutical's stock fell by 5.02%, closing at 36.33 CNY per share, with a trading volume of 213 million CNY and a turnover rate of 7.45%. The total market capitalization is 5.071 billion CNY [1]. Major Shareholders - Among the top ten circulating shareholders of Hongbo Pharmaceutical, a fund under China Europe Fund ranks as a significant holder. The China Europe Science and Technology Innovation Theme Mixed Fund (LOF) A (501081) entered the top ten shareholders in the second quarter, holding 1.1669 million shares, which is 1.52% of the circulating shares. The estimated floating loss today is approximately 2.2404 million CNY [2]. Fund Performance - The China Europe Science and Technology Innovation Theme Mixed Fund (LOF) A (501081) was established on June 28, 2019, with a latest scale of 2.238 billion CNY. Year-to-date returns are 51.39%, ranking 521 out of 8179 in its category. Over the past year, returns are 125.21%, ranking 140 out of 7984, and since inception, returns are 171.27% [2]. Fund Management - The fund manager of the China Europe Science and Technology Innovation Theme Mixed Fund (LOF) A (501081) is Jiejie Shao. As of the report date, Shao has been in the position for 5 years and 210 days, managing a total fund asset size of 9.284 billion CNY. The best fund return during the tenure is 114.56%, while the worst return is 0.58% [3].

中信证券股份有限公司 关于上海泓博智源医药股份有限公司 2025年半年度跟踪报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：泓博医药 | | --- | --- | | 保荐代表人姓名：王琦 | 联系电话：010-60833007 | | 保荐代表人姓名：李嵩 | 联系电话：010-60838329 | 2 11.其他需要说明的保荐工作情况 无 二、保荐人发现公司存在的问题及采取的措施 | 事项 | 存在的问题 | 采取的措施 | | --- | --- | --- | | | 保荐人查阅了公司信息披露文件，深圳证券 | | | | 交易所互动易网站披露信息，重大信息的传 | | | 1.信息披 | 递披露流程文件，内幕信息管理和知情人登 | 不适用 | | 露 | 记管理情况，信息披露管理制度，检索公司 | | | | 舆情报道，对高级管理人员进行访谈，未发 | | | | 现公司在信息披露方面存在重大问题。 | | | 2.公司内 | 保荐人查阅了公司章程及内部制度文件，对 | | | 部制度的 | 公司高级管理人员进行访谈，未发现公司在 | 不适用 | | 建立和执 | 公司内部制度的建 ...

Market Performance - On September 5, the AI medical sector rose by 1.53%, with Yaoshi Technology leading the gains [1] - The Shanghai Composite Index closed at 3812.51, up 1.24%, while the Shenzhen Component Index closed at 12590.56, up 3.89% [1] Stock Performance - The top-performing stocks in the AI medical sector included: - Yaoshi Technology (300725) with a closing price of 44.21, up 3.85% [1] - ZheShu Culture (600633) with a closing price of 14.44, up 3.74% [1] - MaiDi Technology (603990) with a closing price of 14.64, up 3.24% [1] - Other notable stocks included Hongbo Pharmaceutical (301230) at 37.89, up 3.21%, and Jiahe Meikang (688246) at 31.20, up 2.80% [1] Capital Flow - The AI medical sector saw a net inflow of 56.49 million yuan from institutional investors, while retail investors experienced a net outflow of 50.12 million yuan [2] - The capital flow for specific stocks showed: - Meinian Health (002044) had a net inflow of 39.11 million yuan from institutional investors [3] - MaiDi Technology (603990) had a net inflow of 19.26 million yuan from institutional investors [3] - ZheShu Culture (600633) had a net inflow of 5.19 million yuan from institutional investors [3]

Group 1 - The CRO (Contract Research Organization) concept stocks in the A-share market have shown strong performance, with notable gains in several companies [1] - Zhaoyan New Drug approached the daily limit increase with a rise of 9.12%, while other companies like Kailaiying, Nossger, and Kanglong Chemical also saw increases exceeding 5% [1][2] - The total market capitalization of Zhaoyan New Drug is 25.3 billion, and it has achieved a year-to-date increase of 103.06% [2] Group 2 - Kailaiying's stock rose by 5.48%, with a total market capitalization of 38.7 billion and a year-to-date increase of 42.84% [2] - Nossger and Kanglong Chemical experienced increases of 5.44% and 5.19%, respectively, with market capitalizations of 5.631 billion and 55.5 billion [2] - Other companies such as Sunshine Nuohuo and Boteng also reported gains of over 5%, with year-to-date increases of 109.05% and 64.55% respectively [2]