9月12日，"人工智能+医疗健康"研讨会在2025年中国国际服务贸易交易会期间成功举办。本次研讨会聚焦人工智能与医疗健康融合的前沿趋势，不仅搭建了 政产学研医多方交流合作的高层次平台，更集中发布了北京医疗领域国家人工智能应用中试基地（以下简称"中试基地"）的多项重磅成果，涵盖精准诊疗、 药物研发等多个维度，为推动医疗卫生与人工智能双向发展、助力健康中国建设注入新动能。 百余项AI应用，覆盖30个关键临床场景 随着人工智能技术在医疗领域的深度渗透，AI赋能精准诊疗效率提升与生物医药制造创新加速成为行业发展的重要一环。 北京医学会会长封国生在致辞中强调，当前全球迎来新一轮科技革命和产业变革。人工智能技术作为引领未来的战略性技术，正在深刻改变着生产生活方 式，也为医疗健康领域带来了前所未有的发展机遇。 作为研讨会的核心亮点，中试基地围绕"精准诊疗"与"生物医药制造"两大关键领域，集中发布多项成果，推动AI技术在医疗健康领域的落地与产业化。 在精准诊疗领域，中试基地发布了四项成果。其中，医疗健康可信数据空间服务，建立"端到端"的医疗数据安全保障与高效流通方案，有力支撑高质量医疗 数据集的安全流转与价值释放。医疗数据标 ...

Core Viewpoint - Huadong Medicine's mid-year report for 2025 reveals a facade of stability, but underlying issues of business structure imbalance and rising financial risks are evident [1][2]. Group 1: Revenue Growth and Performance - The company's revenue for the first half of 2025 increased by only 3.39% year-on-year to 21.675 billion yuan, a significant slowdown from the 12.02% growth in the same period of 2023, marking two consecutive years of declining growth rates [2]. - Net profit reached 1.803 billion yuan, up 6.82% year-on-year, but this growth rate is nearly halved compared to 17.25% in 2024, indicating a severe drop in profit growth momentum [2]. Group 2: Business Structure and Challenges - Traditional pharmaceutical distribution remains dominant, accounting for approximately 14 billion yuan or 64.48% of total revenue, but with a low gross margin of about 6.7%, indicating limited profitability [3]. - The medical beauty segment, once seen as a growth driver, saw revenue decline by 17.5% to 1.112 billion yuan, primarily due to underperformance in both domestic and overseas subsidiaries [3]. - The industrial microbiology segment reported a revenue of 368 million yuan, a 29% increase, but its contribution to overall performance remains minimal [3]. Group 3: Financial Risks and Indicators - Accounts receivable reached 9.13 billion yuan, a 14.63% increase year-on-year, with the ratio of accounts receivable to profit at 259.96%, raising concerns about cash flow and recovery efficiency [4]. - Inventory value stood at 5.03 billion yuan, with a declining turnover rate from 3.25 to 2.92 times, indicating weakened inventory digestion capability [4]. - Goodwill has increased to 2.955 billion yuan, a 14% rise from 2.592 billion yuan in 2023, representing 12.4% of net assets, with potential impairment risks if performance targets are not met [4][5].

9月11日上午，A股、港股开盘后创新药板块下跌，创新药板块指数在早盘阶段跌超4%，恒生生物指数 一度跌超7%。 市场震荡背后，源于有报道称，特朗普政府正研议一项行政命令，草案内容包括美企收购中国新药纳入 外国投资委员会(CFIUS)强制审查，并提高中国临床试验数据的FDA审核门槛，鼓励药品本土生产与采 购，以及加快审批美国本土药企的临床试验申请等。意在严格限制来自中国的实验性药物与临床数据， 以应对中国生物科技崛起对美国产业的威胁。 不过，市场的恐慌情绪很快缓和。 多位医药投资、分析人士对《健闻咨询》分析，上述消息的落地可能性较低，中短期内对创新药BD业 务影响有限，更多是一种情绪上的扰动，并无更进一步实质性影响。 特朗普政府一纸草案，实质影响有限，却也从"对手"的视角揭示了创新药BD出海的方向和困境。 行政令意图强化BD交易审查， 但落地可能性极低？ 数据可以解释这项政策背后的逻辑。今年上半年，我国创新药出海的BD交易总额已经接近660亿美元。 截至2024年，源自中国的药物占美国FDA新药批准量约4%，按照目前的BD出海势头发展，摩根士丹利 的报告预测称，到2040年，这一数字将攀升至35%。 数据反映出 ...

Group 1 - The core index of the Hong Kong Stock Connect Innovative Drug ETF (520880) has been timely adjusted, leading to significant price increases in several newly added constituent stocks [1][3] - The stock of Yaojie Ankang-B surged over 80% on September 12, reaching a new high of over 200 HKD, with its price doubling in three days [1][2] - The ETF now exclusively tracks innovative drug development companies, reflecting the trends in the innovative drug industry [3][4] Group 2 - Yaojie Ankang-B's core product, Tinengotinib, received approval for a Phase II clinical trial for breast cancer on September 10 [2][3] - The ETF has seen increased capital inflow since its adjustment to focus solely on innovative drug companies, with significant net subscriptions occurring [4][6] - China's share of global new drug research has surpassed 20%, positioning it as the second-largest in the world, with several domestic innovative drugs receiving approval [6]

上证180ETF指数基金紧密跟踪上证180指数，上证180指数从沪市证券中选取市值规模较大、流动性较 好的180只证券作为样本，反映上海证券市场核心上市公司证券整体表现。 摩根士丹利在最新报告中表示，美国投资者对中国市场的关注度已升至2021年以来的最高水平。摩根士 丹利研究团队认为，无论在指数投资还是在主题性机会方面，投资者的兴趣都维持在高位。 有相关机构指出，市场短期震荡，但不改变股市长期慢牛趋势。长期来看，红利类资产和科技类资产有 望长期有超额收益，杠铃策略有望再受关注。一方面随着居民资产配置逐渐加大权益市场的配置，红利 类资产有望最先受益；另一方面，科技类资产代表经济发展趋势，长期发展确定性强。上证180指数自 带杠铃型策略：90%红利+10%科技，是配置权益市场的良好品种。不同于纯红利投资，上证180指数还 配置了一定比例的科技类资产，有望受益于科技的快速发展，在红利的基础上增加了弹性。 截至2025年9月12日 09:47，上证180指数(000010)上涨0.46%，成分股中科曙光(603019)上涨8.35%，寒 武纪(688256)上涨4.97%，兆易创新(603986)上涨3.94%，海光 ...

Core Insights - China's innovative drug development has achieved significant milestones, with over 20% of global new drug research and development, ranking second globally [1] - The number of approved innovative drugs has accelerated, with 43 new drugs approved in the first half of 2025, marking a historical high for the same period [3][4] - The trend of "innovation + internationalization" in the pharmaceutical industry remains strong, with Chinese companies showing competitive advantages in various therapeutic areas [1][2] Industry Development - During the "14th Five-Year Plan" period, China approved 210 innovative drugs and 269 innovative medical devices, indicating a sustained growth trend [1] - The total amount of foreign licensing for innovative drugs reached nearly $66 billion in the first half of 2025, reflecting increasing global recognition of Chinese innovative drugs [1] - The biopharmaceutical industry is experiencing a resurgence, with significant growth potential remaining, driven by technological advancements and improved global competitiveness [2] Company Performance - Leading innovative pharmaceutical companies have reported strong revenue growth, with Hengrui Medicine achieving a revenue of 15.76 billion yuan, a year-on-year increase of 15.88% [3] - Innovent Biologics turned a profit in the first half of 2025, with a net profit of 1.21 billion yuan, compared to a loss of 160 million yuan in the same period last year [5] - The sales of innovative drugs are becoming a prominent feature of the industry, with companies like BeiGene and Fosun Pharma also reporting significant revenue increases [3][5] Regulatory Environment - The National Medical Products Administration (NMPA) has optimized the clinical trial review and approval process, reducing the review time from 60 days to 30 days [6] - Continuous improvements in the drug approval process are expected to further stimulate innovative drug development [6] R&D Investment - R&D investment among leading pharmaceutical companies has increased, with a total of 17.64 billion yuan spent on R&D in the first half of 2025, a year-on-year increase of 12.66% [7] - Companies like BeiGene and Hengrui Medicine are leading in R&D expenditures, emphasizing the importance of innovation in their growth strategies [7] Market Trends - The oncology drug segment remains the dominant area for innovative drugs, accounting for approximately 40% of the approved drugs [5] - The rapid commercialization of innovative drugs is driving performance breakthroughs for pharmaceutical companies [5][8] - ADC (antibody-drug conjugates) and other advanced therapies are gaining traction, with several companies making significant progress in these areas [9][10]

牛市来了还没上车？上天天基金APP搜索777注册即可领500元券包，优选基金10元起投！限 量发放！先到先得！ 9月10日，港股创新药板块以大跌开盘，歌礼制药、基石药业、中国生物制药、百济神州、石药集团等 集体重挫，A股创新药也同步走低。然而盘中行情的演绎凸显了这一板块的韧性：多只个股低开高走， 相关ETF也日内反弹超5%，其中恒生医药板块拉升幅度更为明显。 对于一些利空消息的解读，多名基金经理认为：此类政策方向早已有所体现，因此预计不会带来新的实质 性影响。然而，即使医药板块韧性凸显，且长期投资机遇已逐渐清晰，但基金经理也提示风险，认为创新 药短期扰动难免，对中小市值企业盲目追捧的情绪或将回落，当前可关注产品已上市并贡献业绩，或临床 阶段居后、BD（商务拓展）确定性较高的中大型创新药企业。 创新药日内走出"深V"行情 9月10日，A股与港股的创新药板块大幅低开，悲观行情源于外媒报道—特朗普政府正在起草一项行政命 令，拟对中国的药品实施严格的限制，特别是针对实验室药物。 年初至今的创新药行情并非单纯的资金涌入，好转的基本面才是核心催化因素。 然而，10日的行情验证了当下创新药板块依旧具备强大的韧性，在早盘低开 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company focuses on the fields of mental health and cardiovascular diseases, with a promising development of innovative drugs. The launch of the insomnia drug, Dazisni, is expected to significantly contribute to revenue growth. The company is also advancing in the development of a small molecule Lp(a) inhibitor, which has potential for international markets [7][9]. Summary by Sections 1. Company Overview - The company has diversified its business across raw materials, finished drugs, and medical devices, marking a new phase in innovative drug development. It has become a leading enterprise in the mental health and cardiovascular sectors, with a production capacity exceeding 10 billion tablets [12][14]. 2. Financial Performance - The company’s total revenue for 2023 is projected at 3,999 million yuan, with a year-on-year growth of 5.79%. The net profit attributable to shareholders is expected to be 618.90 million yuan, reflecting a decline of 6.55% compared to the previous year. Revenue is forecasted to grow to 5,770 million yuan by 2027, with a compound annual growth rate of approximately 12.59% [1][18]. 3. Product Pipeline - The company has a rich pipeline of over ten innovative drug projects, including the small molecule Lp(a) inhibitor JX2201, which is currently in Phase I clinical trials. The drug has significant potential due to the large patient population with elevated Lp(a) levels and the absence of approved treatments targeting this condition [7][61]. 4. Market Dynamics - The insomnia drug market in China is projected to grow significantly, with the number of insomnia patients expected to reach 300 million by 2025. The company’s insomnia drug, Dazisni, is anticipated to capture a substantial market share following its launch and subsequent inclusion in the medical insurance list [45][54]. 5. Revenue Contributions - The finished drug segment is expected to contribute approximately 61% of total revenue in 2024, with a projected revenue of 25.22 billion yuan. The company is also focusing on expanding its overseas market presence and enhancing its product offerings through innovative drug development [29][35].

证券研究报告——晨会聚焦 2025 年 9 月 12 日 | 9 月金股组合 | | | --- | --- | | 股票代码 | 股票名称 | | 601816.SH | 京沪高铁 | | 601233.SH | 桐昆股份 | | 002409.SZ | 雅克科技 | | 300750.SZ | 宁德时代 | | 600276.SH | 恒瑞医药 | | 688085.SH | 三友医疗 | | 600861.SH | 北京人力 | | 300395.SZ | 菲利华 | | 603986.SH | 兆易创新 | | 002938.SZ | 鹏鼎控股 | 中银晨会聚焦-20250912 ■重点关注 【固定收益】PPI 显筑底迹象、食品价格再成拖累*张鹏 肖成哲。我们维持 关于 PPI 渐进改善、长债利率缓慢回升情景的判断。 【电子】苹果 2025 秋季新品发布会点评*苏凌瑶 周世辉。2025 年 9 月 10 日，苹果举办了 2025 秋季新品发布会，共计发布 8 款新产品，其中 iPhone 17 Air 具备 5.6mm 的超薄机身，实现苹果外观的重大创新；iPhone 17 标准版较 前代定价具有更高 ...

Core Viewpoint - The innovation drug sector in both A-shares and Hong Kong stocks experienced a significant drop on September 10, primarily due to external media reports regarding potential restrictions from the Trump administration on Chinese pharmaceuticals. However, the sector demonstrated resilience with many stocks recovering during the day, indicating long-term investment opportunities despite short-term volatility [1][2]. Group 1: Market Reaction and Resilience - On September 10, the innovation drug sector opened sharply lower but showed strong recovery, with ETFs rebounding significantly after initial declines. For instance, an innovation drug ETF initially dropped over 5.7% but closed down only 0.51% [2]. - The Hang Seng pharmaceutical sector exhibited notable gains, with many funds recovering from early losses of over 8% to close within 2% down [2]. Group 2: Interpretation of External News - Fund managers believe that the reported policy changes from the U.S. government regarding drug imports from China are not new and will not have substantial impacts on the sector. The trend of Business Development (BD) collaborations between multinational corporations (MNCs) and Chinese innovation drug companies is expected to continue [2][3]. - The collaboration between MNCs and Chinese innovation drug firms is seen as a norm, with Chinese assets remaining globally competitive despite political noise [3]. Group 3: Fundamental Validation of Innovation Drugs - The innovation drug market has shown signs of fundamental improvement, with several companies, including Hengrui Medicine and BeiGene, expected to achieve revenue and profit growth in the first half of 2025. A report indicated that 39 Hong Kong innovation drug companies had a total revenue of 152.06 billion yuan (approximately $22.4 billion) in the first half of 2025, marking a 7.66% year-on-year increase [4]. - The underlying reasons for the current market trend include the recognition of efficient R&D and clinical innovation capabilities, which are expected to drive further market growth [4][5]. Group 4: Investment Outlook and Strategies - The investment outlook for innovation drugs is positive, with three main areas of focus: the profitability of Chinese innovation drug companies, the potential of AI in healthcare, and the valuation of leading companies in non-innovation drug sectors [5]. - Fund managers suggest that despite the recent market fluctuations, the long-term trend for innovation drugs remains upward, with a shift towards larger, more established companies that have already launched products and demonstrated performance [6]. Group 5: Short-term Risks and Opportunities - While the innovation drug sector shows resilience, there are warnings about potential short-term volatility due to market sentiment and policy uncertainties. Fund managers advise caution and suggest that recent price corrections may present good buying opportunities [6]. - Historical trends indicate that market reactions to sudden policy changes often create favorable conditions for investment, suggesting that current fluctuations could be leveraged for strategic positioning [6].