Group 1: Water Sheep Co., Ltd. (300740) - The company is transforming into a high-end beauty group through a dual-brand strategy, enhancing its own brand matrix and acquiring high-end brands like EDB, PA, and RV [9][11] - The company has over 50 international brand partnerships in its CP (contract manufacturing) business, leveraging a "global beauty best CP" model for efficient empowerment [11] - Expected net profits for 2025-2027 are projected to be 258 million, 331 million, and 398 million CNY, representing growth rates of 134.9%, 28.1%, and 20.2% respectively, with corresponding PE ratios of 33, 26, and 22 [11] Group 2: China Shipbuilding Defense (00317) - The company is a listed entity under China Shipbuilding Group, focusing on shipbuilding, offshore engineering, and electromechanical equipment manufacturing, with shipbuilding accounting for 92% of its revenue in H1 2025 [10][12] - The ongoing shipbuilding cycle is expected to benefit the company, with projected net profits for 2025-2027 of 1.1 billion, 1.7 billion, and 2.8 billion CNY, corresponding to PE ratios of 18, 11, and 7 [12][14] - The company is positioned to benefit from a tight supply-demand balance in the shipbuilding market, with a significant backlog of orders and a recovery in new orders expected due to easing trade restrictions [12][14]

长江商报消息 ●长江商报公益记者 江楚雅 齐鲁制药董事长张明会称，此次战略合作探索了科技公益与产业创新融合发展的新模式，将进一步提升 企业的创新能力，助力解决生物医药领域创新发展难题，为我国生物医药产业发展注入新动能。 中国科技发展基金会由中国科学技术协会主管、民政部登记注册，是中国科技领域唯一的全国性公募基 金会。其前身为中国科协振华基金会，1988年在民政部登记注册，宗旨是资助科技项目、奖励优秀科技 人员，通过募集资金、专项资助等方式促进学术交流、科学普及和科技成果转化。基金会设有"茅以升 科学技术奖""詹天佑铁道科学技术奖"等专项奖项，经全国提名评审产生。 长期以来，该基金会致力于推动科技创新与科学普及。为深入贯彻相关重要指示精神，基金会聚焦生物 医药与人工智能融合创新，以"新质生产力培育"为核心，搭建产学研用协同平台，助力关键核心技术攻 关，服务国家健康战略需求。 未来，中国科技发展基金会和捐赠企业将秉承共同愿景，发挥组织优势，聚焦核心技术攻关，推动科技 成果转化，培养青年科技人才，加强科学普及和国际交流，大力发展医药新质生产力，共同打造科创赋 能产业发展的典范。 责编：ZB 近日，中国科技发展基金会 ...

Market Overview - A-shares experienced a strong rally with the Shanghai Composite Index closing up 1.65% at 3875.31 points, and the ChiNext Index surged over 5%, surpassing the 3000-point mark, doubling from its low in September last year [1] - The total market turnover reached approximately 2.46 trillion yuan, with over 4200 stocks rising [1] Technology Sector - The technology sector saw a significant surge, particularly in the semiconductor and AI industry chains, with stocks like Haiguang Information and Tengjing Technology hitting the daily limit [1][3] - Oracle's stock price soared 36% to $328.33, marking its largest single-day gain since 1992, and its market value increased by $244 billion [2] - OpenAI signed a contract with Oracle to purchase $300 billion worth of computing power over five years, indicating strong demand in AI data centers despite concerns about potential market bubbles [2] AI Industry Chain - The AI industry chain is expected to maintain high growth, driven by increased investments in computing infrastructure by overseas cloud providers and accelerated AI deployment by domestic operators [3] - The high demand for AI-related hardware is anticipated to continue, with projections for revenue and profit growth in the sector through 2025 [3] Brokerage Sector - The brokerage sector saw a strong performance, with an overall increase of 3.11%, and all 50 constituent stocks rising [5] - Notable individual stock performances included Guohai Securities hitting the daily limit and Changjiang Securities rising nearly 7% [5] - Market sentiment is improving, leading to increased trading activity and providing stable support for brokerage firms' performance in the second half of the year [5][6] Pharmaceutical Sector - The pharmaceutical sector faced a downturn, particularly in the CRO and innovative drug segments, with major stocks like BeiGene and Hengrui Medicine declining [7] - Despite the recent adjustments, institutions remain optimistic about the innovative drug sector, citing strong growth potential driven by policy support and increased innovation [8] - The CXO sector is also showing signs of improvement, with recommendations to focus on leading companies in the ADC field [8]

写在文章前的声明：在本文之前的说明：本文中所列的投资信息，只是一个对基金资产净值进行排行的客观描述，并无主观倾向性，也不是投资建议，纯属 娱乐性质。 | 排名 | 代码 | 基金简称 | 2025-09-11 | | 2025-09-10 | | 1211 - 2 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 单位净值8 | 累计净值8 | 单位净值8 | 累计净值3 | | | 1 | 011452 | 华泰柏瑞质量成长混合C | 1.6005 | 1.6005 | 1.4290 | 1.4290 | 0.17 | | 2 | 008528 | 华泰柏瑞质量成长混合A | 1.6275 | 1.6275 | 1.4532 | 1.4532 | 0.17 | | 3 | 009243 | 中加核心智造混合C | 2.0535 | 2.1135 | 1.8426 | 1.9026 | 0.21 | | 4 | 009242 | 中加核心智造混合A | 2.0984 | 2.1584 | 1.8829 | 1.9429 | 0.21 | | ...

Core Insights - The domestic innovative drug industry in China has shown significant growth in the first half of 2025, with 84 listed companies achieving a total revenue of 185.92 billion yuan, a year-on-year increase of 7.26%, and a net profit of 21.66 billion yuan, up 94.72% year-on-year [1] Group 1: Industry Performance - The top companies in the innovative drug sector have demonstrated strong performance, with companies like Heng Rui Medicine generating over 60% of their total revenue from innovative drug sales and licensing [1] - The overall revenue growth of 7.26% appears modest, primarily due to the substantial traditional generic drug business still present in leading companies, which dilutes the "purity" of innovative drug revenue [3] - Notably, 10 innovative drug companies reported net profits exceeding 1 billion yuan, with most showing growth in profits [3] Group 2: Key Players and Strategies - Companies like BeiGene and Innovent Biologics have played a crucial role in driving profits, with BeiGene achieving a revenue of 17.52 billion yuan, a 46.03% increase, and turning a profit of 450 million yuan, largely due to overseas market sales [4] - Innovent Biologics has focused on domestic market strategies, achieving a revenue of 5.95 billion yuan, a 50.6% increase, and turning a profit without any products entering overseas markets [4] Group 3: Future Trends and Opportunities - The industry is currently experiencing a boom in large molecule drugs and new technologies, with expectations for business development (BD) transactions to reach new heights [1][6] - The total amount of licensing for innovative drugs in China has exceeded 84.7 billion USD as of August, with projections to surpass 100 billion USD by the end of the year [6] - Potential future BD hotspots may include areas like small nucleic acid drugs and molecular glue, contingent on the emergence of breakthrough therapies [6]

创新药及产业链：加速全球化，产业链复苏 20250911 摘要 跨国药企面临专利悬崖，高达 40%以上的收入受影响，但手握巨额现金， 寻求通过引进中国创新药资产实现双赢，为中国创新药企带来机遇。 中国创新药全球化路径多样，包括出海、业务发展、联合开发等，地域 合作呈现多极化，与欧美、东南亚、中东等地区合作比例高，增强了应 对外部风险的能力。 今年上半年创销板块整体表现健康，创新药企业绩优异，医保产品放量 贡献显著，如康方生物、恒瑞医药、中国生物制药、信达生物等，创项 占比提升，带动利润率优化。 恒瑞医药上半年收入增长 15.88%，归母净利润增长 29.67%，扣非规 模增速超 20%，受益于畅销产品增加，下半年业绩预计进一步提升， ESMO 大会将披露更多重磅数据。 康方生物上半年收入增长 49.20%，API12 在 WCLC 发布优质数据， ESMO 大会预计披露更多数据，AK104 全球肝癌临床试验进行中， First in class 双抗值得关注。 Q&A 中国创新药出海的核心驱动力是什么？ 中国创新药出海的核心驱动力在于其全球竞争力的突破。中国下一代免疫疗法 （IO）双抗正在引领全球技术浪潮，并 ...

Fixed Income - The overall price level remains low, with CPI and PPI both in negative territory. In August, CPI decreased by 0.4% year-on-year, while PPI's decline narrowed to 2.9%, marking the first contraction since February this year [3][8][10] Pharmaceutical Industry - The pharmaceutical industry is expected to stabilize in the second half of 2024 and H1 2025, with a focus on innovative drugs. In 2024, 453 pharmaceutical companies achieved revenue of 2.46 trillion yuan, a year-on-year decline of 0.55%, and a net profit of 148.65 billion yuan, down 8.8% [12][13][14] - Innovative drug companies reported a revenue of 26.964 billion yuan in H1 2025, up 11.78% year-on-year, indicating a strong growth momentum [14] - The medical device sector faced challenges, with H1 2025 revenue down 5.32% year-on-year, while the biopharmaceutical sector showed mixed results, with blood products revenue down 1.4% and vaccine revenue down 45.3% [15][16][20] Real Estate - The real estate sector saw a decline of 1.5% this week, with new home sales in 42 key cities dropping by 15.3% week-on-week. The government is implementing policies to support housing, including adjustments to mortgage rates and public housing fund policies [22][23][24] - The Ministry of Housing and Urban-Rural Development emphasized high-level legislation to promote quality development in housing and urban construction [24][25] Public Utilities and Environmental Protection - Huadian International reported a revenue of 60 billion yuan in H1 2025, a decrease of 8.98% year-on-year, while net profit increased by 13.15% to 3.904 billion yuan. The company benefited from lower coal prices and stable electricity prices [26][27][28] Transportation - China Ship Leasing achieved a revenue of 2.018 billion HKD in H1 2025, a year-on-year increase of 2.7%. However, net profit decreased by 16.7% due to tax adjustments and reduced rental income from joint ventures [31][32][33] - The shipping market is expected to see increased demand for leasing due to environmental policies and aging fleets, which may benefit the company in the long term [33] Electronics - Seiyun Circuit, a leading PCB manufacturer, reported a revenue of 5.022 billion yuan in 2024, up 11.13% year-on-year, with a net profit of 675 million yuan, marking a 36.17% increase [36][37] - The demand for AI servers is rapidly expanding, with the global AI server market projected to grow significantly, benefiting PCB manufacturers [37][38] Food Industry - Gais Food, a leader in the prepared vegetable market, aims to issue convertible bonds to expand production capacity. The prepared vegetable market in China is expected to exceed 600 billion yuan by 2025, driven by both B2B and B2C demand [40][41]

行 业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 《2025 中报综述：科技硬件、新能源、医 药、非银金融表现突出》 2025/08/31 《本周医药上涨 3.1%，医保局发布按病种 付费管理暂行办法和医保"双目录"初审 名单，司美在美获批治疗 MASH ——医药 行业周报（2025/8/11-2025/8/15）》 2025/08/17 证券分析师 仰佳佳 A0230522100005 yangjj@swsresearch.com 研究支持 仰佳佳 A0230522100005 yangjj@swsresearch.com 医药生物 联系人 仰佳佳 (8621)23297818× yangjj@swsresearch.com 2025 年 09 月 11 日 中国创新药出海势不可挡，再次强 调长期投资价值 看好 ——三重逻辑支撑创新药后续行情 本期投资提示： 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 ⚫ 事件：2025 年 9 月 10 日，《纽约时报》报道了一份政府草案，该草案建议限制美国制 药企业从中国购买实验性药 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 September 10, 2025 01:20 PM GMT China Healthcare | Asia Pacific M Update Initial Thoughts on NYT Article on Chinese Biotech Key Takeaways Article content: The article noted that the draft EO could contain measures/ initiatives on: Beyond the EO, the article also noted considerations to expedite FDA review process. We find the aforementioned measures to be within the range of potential policies envisioned in our recent (report( Exhibit 1 ). Bottom line, we see it remaining comple ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 08 Sep 2025 10:53:38 ET │ 33 pages 1H25 results were fairly in-line with 28% beats and 31% misses among the 445 A and H share companies under Citi coverage. Given PRC 1H25 GDP growth beat but PPI/CPI missed, PRC gov't is pursuing supply-side reforms under the anti-involution framework to boost 2H25E CPI/PPI. From a China equity strategy perspective, we think the key themes of the 15th Five-Year Plan might include economic development, technological innovation, social & people's ...