2025 年 07 月 20 日 投资评级：看好（维持） 医药生物 行业走势图 -24% -12% 0% 12% 24% 36% 2024-07 2024-11 2025-03 医药生物 沪深300 数据来源：聚源 相关研究报告 《CXO 龙头中报业绩超预期，重点关 注板块后续行情 — 行 业 周 报 》 -2025.7.13 《艾伯维收购 Capstan，加码体内 CAR-T—行业周报》-2025.7.6 《多款减肥药亮相 2025 ADA，重点关 注 AMYR 与 ActRII 靶点—行业周报》 -2025.6.29 集采政策明确优化，继续推荐制药板块性机会 ——行业周报 | 余汝意（分析师） | 刘艺（联系人） | 聂媛媛（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | liuyi1@kysec.cn | nieyuanyuan@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790124070022 | 证书编号：S0790124050002 | 集采政策持续优化，仿创 pharma 有望估值重塑 集采政策优化基调明确， ...

Core Viewpoint - The innovative drug sector has shown strong performance in the capital market, with significant stock price increases for related companies, driven by favorable policy changes and the recent initiation of the 11th batch of national drug centralized procurement, which excludes innovative drugs from procurement [1][2][3]. Group 1: Market Performance - The Hong Kong innovative drug-related ETFs have seen substantial gains, with some funds increasing nearly 90% year-to-date as of July 18 [1]. - Key stocks in the innovative drug sector, such as Kangfang Biotech and 3SBio, have experienced price surges of approximately 24% and 23%, respectively [1]. Group 2: Policy Changes - The new centralized procurement policy emphasizes "new drugs not included in procurement, procurement only for non-new drugs," alleviating market concerns regarding the inclusion of innovative drugs in procurement [3][4]. - The National Healthcare Security Administration (NHSA) has established a dynamic adjustment mechanism for the medical insurance catalog, reducing the adjustment cycle from a maximum of 8 years to 1 year [1][8]. Group 3: Industry Insights - The recent procurement policy directly addresses industry concerns about policy uncertainty, allowing companies to better assess the market protection period and commercialization potential of their products [2][4]. - The NHSA's measures indicate a balance between cost control and encouragement of innovation, with 80% of savings from procurement allocated to support innovative drug payments [5][9]. Group 4: Future Outlook - The innovative drug sector is expected to experience a valuation recovery, with the time from drug approval to inclusion in the medical insurance catalog significantly shortened from around 5 years to approximately 1 year [8]. - The number of new drugs entering the medical insurance catalog has increased dramatically, with 98% of new drugs listed within 5 years of their launch by 2024 [8]. - The innovative drug industry is anticipated to transition from a "policy disturbance period" to a "clear rules period," providing a better environment for long-term investment [9].

上海毕得医药科技股份有限公司 2025 年第四次临时股东大会会议资料 证券代码：688073 证券简称：毕得医药 上海毕得医药科技股份有限公司 2025 年第四次临时股东大会会议资料 2025 年 7 月 | 2025 年第四次临时股东大会会议须知 | 1 | | --- | --- | | 2025 年第四次临时股东大会会议议程 | 4 | | 2025 年第四次临时股东大会会议议案 | 6 | | 案 6 | | | 议案二：关于修改公司部分内部制度的议案 8 | | | 议案三：关于续聘公司 2025 年度审计机构的议案 10 | | 上海毕得医药科技股份有限公司 2025 年第四次临时股东大会会议资料 上海毕得医药科技股份有限公司 2025 年第四次临时股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 大会的顺利进行，根据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东大会规则》以及《上海毕得医药科技股份有限公司章程》等相关规定， 上海毕得医药科技股份有限公司（以下简称"公司"或"毕得医药"）特制定股 东大会会议须知： 一、为确认出席大会的股东或其代 ...

Core Viewpoint - The AI Fund Agricultural Bank Healthcare Stock (000913) reported a profit of 142 million yuan for Q2 2025, with a weighted average profit per fund share of 0.1565 yuan, and a net asset value growth rate of 10.67% during the reporting period [2] Fund Performance - As of the end of Q2 2025, the fund's scale was 1.441 billion yuan [13] - The fund's unit net value as of July 17 was 1.875 yuan [2] - The fund's one-year cumulative net value growth rate was 38.71%, ranking 24 out of 53 comparable funds [2] - The fund's three-month cumulative net value growth rate was 26.79%, ranking 28 out of 54 comparable funds [2] - The fund's six-month cumulative net value growth rate was 42.95%, ranking 22 out of 54 comparable funds [2] - The fund's three-year cumulative net value growth rate was -9.44%, ranking 24 out of 46 comparable funds [2] Risk Metrics - The fund's three-year Sharpe ratio was -0.143, ranking 33 out of 46 comparable funds [7] - The maximum drawdown over the past three years was 40.52%, ranking 23 out of 46 comparable funds [8] - The highest single-quarter maximum drawdown occurred in Q1 2021, at 28.61% [8] Investment Strategy - The fund manager defined investment keywords for 2025 as innovation, medical AI, self-control, and state-owned enterprise reform [2] - The average stock position over the past three years was 90.34%, compared to the industry average of 88.16% [11] - The fund reached its highest stock position of 93.72% at the end of Q3 2020 and its lowest of 84.43% at the end of Q3 2024 [11] Top Holdings - As of the end of Q2 2025, the fund's top ten holdings included companies such as Heng Rui Medicine, Zejing Pharmaceutical, and Xinlitai [15]

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook on the sector's fundamentals and expected performance relative to the benchmark index [1]. Core Insights - The report emphasizes the importance of marginal improvements and the recovery of the export chain, particularly in the consumer goods sector [1]. - It highlights the overall growth in retail sales, with June's total retail sales reaching 42,287 billion yuan, a year-on-year increase of 4.8% [7]. - The report notes that the online retail sector has shown significant growth, with a total online retail sales of 74,295 billion yuan in the first half of the year, up 8.5% year-on-year [8]. Summary by Sections Industry Scale - The industry comprises 1,212 listed companies, accounting for 23.7% of the total market [1]. - The total market capitalization stands at 17,086.8 billion yuan, representing 18.7% of the overall market [1]. - The circulating market capitalization is 15,615.9 billion yuan, which is 18.8% of the total market [1]. Performance Metrics - The absolute performance over 1 month, 6 months, and 12 months is 3.1%, 14.8%, and 33.5% respectively [3]. - The relative performance compared to the benchmark index shows a decline of 0.4% over 1 month, but an increase of 9.4% over 6 months and 19.0% over 12 months [3]. Consumer Goods Insights - The report suggests focusing on structural opportunities in the food and beverage sector, particularly in alcoholic beverages and snacks [6][11]. - It recommends investing in leading companies that have shown resilience and potential for growth, such as Moutai and other major brands in the food sector [12]. Retail Trends - The report indicates a shift in consumer behavior, with a notable increase in demand for online shopping and convenience stores, which saw a year-on-year growth of 7.5% in the first half of the year [8]. - The report also highlights the competitive landscape in the food delivery sector, driven by aggressive subsidy strategies from major platforms [22][23]. Export Chain Recovery - The report discusses the recovery of the export chain, particularly for companies with strong manufacturing capabilities and those benefiting from favorable tariff conditions [19]. - It emphasizes the potential for growth in the home appliance sector, particularly in the context of new consumer trends and technological advancements [19][20].

Core Viewpoint - The A-share market has surpassed 3500 points, leading to a significant increase in public fund research activities, with a total of 618 investigations conducted by 127 public fund institutions on 116 stocks, reflecting a 24.35% week-on-week growth in research activity [3][4]. Group 1: Market Performance and Research Activity - The average increase of stocks under public fund research was 2.03%, outperforming the Shanghai and Shenzhen 300 Index's 0.82% increase during the same period [4]. - The real estate sector, particularly Yuka Development, saw a remarkable increase of 51.28%, attracting attention from major public funds [5][6]. - The electronics sector, represented by Lexin Technology, was the most researched stock with 52 investigations and a weekly increase of 12.54% [5][7]. Group 2: Sector Analysis - The pharmaceutical and electronics sectors were the most favored, with the pharmaceutical sector receiving 105 investigations across 16 stocks, while the electronics sector had 103 investigations across 11 stocks [9][11]. - The machinery equipment sector also showed significant interest, with 72 investigations across 12 stocks [11]. - Other sectors like computing and electric equipment received considerable attention, with both sectors having 9 stocks investigated and over 40 total investigations [10][11]. Group 3: Fund Issuance Trends - A total of 31 new public funds were launched, maintaining a steady issuance rate of over 30 funds for three consecutive weeks, with equity funds making up 77.42% of the total [14][16]. - Among the newly launched funds, 15 were passive index funds, indicating a strong preference for this type of investment [17][19]. - The issuance of bond funds has significantly decreased, with only 3 new bond funds launched compared to 13 the previous week, reflecting a cooling interest in this area [18].

Group 1 - The company held its 18th meeting of the second Supervisory Board on July 15, 2025, with all three supervisors present, ensuring compliance with relevant laws and regulations [1][2] - The Supervisory Board decided to abolish the Supervisory Board and transfer its powers to the Audit Committee of the Board of Directors, in accordance with the new Company Law and the revised Guidelines for Listed Companies [1][2] - The company plans to modify its business scope and amend relevant provisions in its Articles of Association to reflect these changes [1] Group 2 - The company proposed to reappoint Zhonghui Certified Public Accountants as the financial report auditor and internal control auditor for the fiscal year 2025, with audit fees to be negotiated based on market principles [2] - The resolution regarding the reappointment of the auditing firm received unanimous approval from all supervisors and will be submitted to the shareholders' meeting for further consideration [2]

Core Viewpoint - The company establishes an investor relations management system to enhance communication with investors, protect their rights, and improve corporate governance and overall value [2][3][4]. Group 1: Principles of Investor Relations Management - The investor relations management should adhere to compliance, equality, proactivity, and honesty principles [4][7]. - The company must treat all investors equally, especially facilitating participation for small and medium investors [4]. - The management activities should be proactive, listening to investor feedback and responding to their needs [4]. Group 2: Communication Channels and Methods - The company should utilize multiple channels for investor relations, including the official website, new media platforms, and direct communication methods like phone and email [5][6]. - It is essential to establish a dedicated investor relations section on the company website to address inquiries and complaints [6][12]. - The company should organize events such as roadshows and analyst meetings to communicate its situation and gather feedback [6][7]. Group 3: Responsibilities and Management Structure - The board secretary is responsible for coordinating investor relations activities, supported by the securities department for daily management [9][24]. - The company must ensure that all communications are accurate, complete, and comply with legal disclosure obligations [15][26]. - Staff involved in investor relations should possess relevant skills and knowledge, including understanding corporate governance and financial regulations [10][12]. Group 4: Handling Investor Inquiries and Complaints - The company is responsible for addressing investor inquiries and complaints promptly and effectively [21][22]. - It should actively support investor protection organizations and facilitate the exercise of shareholder rights [20][22]. - The company must maintain a clear distinction between promotional materials and independent media reports [9]. Group 5: Documentation and Record-Keeping - The company should maintain comprehensive records of investor relations activities, including participant details and communication content [28]. - All activities should be documented and made available on the designated investor relations platform [28]. Group 6: Implementation and Compliance - The investor relations management system will take effect upon approval by the board and will be revised as necessary [30]. - Any matters not covered by this system will be governed by relevant regulations from the China Securities Regulatory Commission and the Shanghai Stock Exchange [29].

Core Viewpoint - The company establishes a long-term mechanism to prevent the controlling shareholder and related parties from occupying company funds, ensuring the safety of company assets and compliance with relevant laws and regulations [1][2][3] Group 1: Mechanism for Prevention - The company aims to prevent both operational and non-operational fund occupation by the controlling shareholder and related parties [1][2] - The company must maintain independence in personnel, assets, and finances from the controlling shareholder and related parties [2][3] - The board of directors and internal institutions should operate independently and manage the company without interference from the controlling shareholder [2][3] Group 2: Fund Management Restrictions - The company is prohibited from providing funds to the controlling shareholder and related parties for non-operational expenses, including wages, benefits, and advertising [2][3] - Strict limitations are placed on the company regarding the provision of guarantees and loans to the controlling shareholder and related parties [3][4] - Any funds occupied by the controlling shareholder must be repaid in cash, with strict controls on non-cash asset repayments [5][6] Group 3: Responsibilities and Oversight - The chairman of the board is the primary responsible person for preventing fund occupation, with specific roles assigned to the board secretary and financial officer [3][4] - Regular inspections by the finance and audit departments are mandated to monitor transactions with the controlling shareholder and related parties [4][5] - Legal actions may be taken against the controlling shareholder if they occupy company funds or assets, including reporting to regulatory authorities [5][6] Group 4: Compliance and Amendments - The company must adhere to national laws and regulations, and any amendments to this system must be reported and approved by the shareholders [7] - The board of directors is responsible for interpreting this system and ensuring compliance with relevant laws [7]

General Principles - The rules are established to clarify the responsibilities and decision-making processes of the company's board of directors, ensuring effective governance and compliance with relevant laws and regulations [2][3][30] Board Composition and Authority - The company is required to establish a board of directors as per the company charter and relevant laws [3][4] - Directors must be natural persons and cannot hold office under certain disqualifying conditions, such as criminal convictions or bankruptcy involvement [4][5] Chairman of the Board - The board elects a chairman from among its members, who is responsible for presiding over meetings and ensuring the execution of board resolutions [6][7] Board Secretary - The company appoints a board secretary responsible for preparing meetings, managing documents, and handling information disclosure [9][10] - The board secretary must meet specific qualifications, including professional knowledge and experience [10][11] Board Committees - The board establishes specialized committees, including an audit committee, a strategy committee, a nomination committee, and a compensation committee, each with defined responsibilities [11][12][13][14] - The audit committee is tasked with reviewing financial information and overseeing audit processes [11][12] Meeting Procedures - The board must hold at least two regular meetings annually, with specific procedures for calling and conducting meetings [26][27] - Proposals for meetings must be submitted in advance, and decisions require a majority vote from attending directors [39][46] Decision-Making and Voting - Decisions are made through a voting process, where each director has one vote, and specific conditions apply for abstentions and conflicts of interest [45][48] - The board must ensure that decisions comply with legal and regulatory requirements [52] Record Keeping - The board secretary is responsible for maintaining records of meetings, including minutes, attendance, and voting results, for a period of ten years [28][59] Amendments to Rules - The board must revise these rules in response to changes in laws or company charter, with any amendments requiring shareholder approval [63][64]