每经AI快讯，CRO概念股盘初震荡走低，奥翔药业跌超8%，海特生物跌超6%，美诺华、昭衍新药、泰 格医药跟跌。 ...

非农人数低于预期，上周五美股大幅下挫！连续回调的港股三大指数再度低开，恒指跌0.31%，国指跌 0.35%，恒生科技指数跌0.66%。盘面上，大型科技股涨跌不一，快手、阿里巴巴跌超1%，京东、百度 小幅下跌，腾讯、网易飘红；特朗普要求降低药品价格上周五美股医药股大跌，连续上涨的港股生物医 药股多数回调，复宏汉霖跌近4%，泰格医药、药明康德、信达生物、诺诚健华均有跌幅；汽车股持续 走低，比亚迪股份跌近3%，内险股、钢铁股、电力股、苹果概念股多数走低。另一方面，避险情绪升 温，黄金股集体上涨，灵宝黄金、招金矿业涨超3%，海运股、中医药股、茶饮料概念股多数上涨，德 翔海运涨超6%，茶百道涨超1%。(格隆汇) ...

Investment Rating - The report maintains a "Buy" rating for the medical services industry [5][9][73] Core Views - The medical services sector is experiencing a positive trend, with a 2.68% increase in the sub-sector index, indicating a stable recovery despite ongoing pressures from medical insurance cost control [11][22][73] - The introduction of new pricing mechanisms by the National Medical Insurance Administration supports the clinical application of innovative technologies such as brain-computer interfaces, which are expected to enhance patient care and recovery [4][63][72] Summary by Sections Industry Performance - The pharmaceutical and biological sector rose by 2.95%, outperforming the CSI 300 index by 4.70 percentage points [11][22] - The medical services sub-sector index closed at 6473.29 points, reflecting a 2.68% increase [22][31] Company Performance - Top-performing companies in the medical services sector include Baicheng Pharmaceutical (+23.5%), Ruizhi Pharmaceutical (+15.7%), and Tigermed (+8.1%) [2][28] - Underperforming companies include Haoyuan Pharmaceutical (-6.5%) and Meidi West (-4.9%) [2][28] Valuation Metrics - The current Price-to-Earnings (PE) ratio for the medical services sector is 38.50X, with a Price-to-Book (PB) ratio of 3.61X [3][31] - The PE ratio has increased by 1.02X from the previous week, while the PB ratio has risen by 0.14X [3][31] Industry Dynamics - The National Medical Insurance Administration has introduced over 100 new pricing items related to innovative medical technologies, facilitating faster clinical application and reimbursement [4][63] - The 2025 version of the Chikungunya fever treatment plan has been released, reflecting ongoing efforts to standardize clinical practices [4][65] Investment Recommendations - The report suggests focusing on high-growth areas such as ADC CDMO and weight-loss drug supply chains, as well as companies with improving profit margins in third-party testing laboratories and consumer healthcare sectors [9][73]

Investment Rating - The industry rating is "Positive" for the next 12 months, indicating an expected increase in performance relative to the CSI 300 index [5][61]. Core Insights - Recent collaboration between Heng Rui Medicine and GSK is expected to boost sentiment in the innovative drug sector, highlighting investment opportunities in pipeline realization, performance growth, and business collaborations [5][60]. - The 11th batch of centralized procurement is underway, suggesting a focus on pharmaceutical and medical device sectors that may benefit from optimized procurement rules [5][60]. - The report emphasizes the importance of monitoring performance reversals in related sectors, particularly in CXO companies, which have shown strong performance amid improving overseas demand and recovering orders [5][60]. Industry News - The Central Committee of the Communist Party and the State Council issued a plan for the implementation of a childcare subsidy system, which may impact the healthcare sector positively [14]. - The National Healthcare Security Administration released guidelines for the immediate settlement of basic medical insurance funds, aiming to enhance efficiency in fund disbursement [14]. Company Announcements - Heng Rui Medicine signed a collaboration and licensing agreement with GSK, which includes a $500 million upfront payment and potential milestone payments totaling approximately $12 billion for successful project developments [28]. - WuXi AppTec reported a 20.64% year-on-year increase in revenue for the first half of 2025, with net profit rising by 101.92% [29]. - CSPC Pharmaceutical announced an exclusive licensing agreement with Madrigal for the development of SYH2086, with potential total payments of up to $2.075 billion [30]. - Tigermed announced the acquisition of a stake in Japan's MICRON for approximately ¥484 million (about 23.48 million RMB) [31]. Market Review - For the week of July 25 to July 31, 2025, the Shanghai Composite Index fell by 0.90%, while the Shenzhen Component Index dropped by 1.64%. In contrast, the pharmaceutical and biological sector rose by 2.74%, with most sub-sectors showing positive performance [52]. - As of July 31, 2025, the price-to-earnings ratio (TTM) for the pharmaceutical and biological industry was 30.83, with a valuation premium of 161% compared to the CSI 300 index [57].

Group 1: Macro and Strategy Insights - The macro view for August indicates a stable policy environment with an upward shift in risk appetite, suggesting that industrial growth will remain a key theme [7] - The strategy outlook highlights an "extension of offensive trends" in the market, with a recommendation to maintain positions and selectively increase holdings as the A-share market shows a bullish trend [8] - The quantitative perspective suggests breaking the deflationary spiral, with expectations for a cyclical upswing in the market [9] Group 2: Selected Stocks for August - The selected stocks for August include China Pacific Insurance (non-bank), China Shipbuilding Industry (military), Shanghai Yanpu (large manufacturing), Weilan Lithium (electric new energy), Wanjun Technology (computer), Guomai Culture (media), Baiwei Storage (consumer electronics), Huaxi Nonferrous Metals (non-ferrous), Sun Paper (light industry), and Tigermed (pharmaceutical) [11] - China Pacific Insurance is positioned as a leading insurance company with a strong background, expected to benefit from its transformation and increase in new business value [12] - China Shipbuilding Industry is identified as a leader in naval defense, benefiting from advancements in deep-sea technology and a growing market for underwater monitoring systems [17] - Shanghai Yanpu is noted for its potential in the seating market, with a platform transformation expected to enhance performance and market share [20] - Weilan Lithium is recognized for its robust main business and potential for valuation upgrades due to new product developments [25] - Wanjun Technology is highlighted for its long-standing expertise in creative software, with AI product commercialization expected to accelerate growth [28] - Guomai Culture is anticipated to benefit from the release of its animated film "The Stars of the Three Kingdoms," which is expected to drive revenue [32] - Baiwei Storage is positioned to benefit from the upward cycle in the storage industry, with a focus on advanced packaging technology [38] - Huaxi Nonferrous Metals is expected to see price increases in tin and antimony, driven by strong demand and limited supply [43] - Sun Paper is projected to benefit from industry stabilization and cost advantages from its integrated operations [50] - Tigermed is positioned to gain from the growing demand for clinical CRO services as the innovative drug sector expands [55]

中欧医疗健康混合A股票持仓前十占比合计54.73%，分别为：药明康德（10.39%）、恒瑞医药 （9.69%）、康龙化成（5.05%）、科伦药业（4.97%）、泰格医药（4.78%）、凯莱英（4.67%）、百利 天恒（4.11%）、信立泰（4.02%）、百济神州-U（3.66%）、新诺威（3.39%）。 公开资料显示，中欧医疗健康混合A基金成立于2016年9月29日，截至2025年6月30日，中欧医疗健康混 合A规模156.38亿元，基金经理为葛兰、赵磊。 金融界2025年7月31日消息，中欧医疗健康混合A(003095) 最新净值1.9928元，下跌0.81%。该基金近1个 月收益率17.30%，同类排名128|1534；近6个月收益率31.97%，同类排名139|1493；今年来收益率 27.04%，同类排名212|1481。 简历显示：葛兰女士:中国籍。美国西北大学生物医学工程专业博士。历任国金证券股份有限公司研究 所研究员,民生加银基金管理有限公司研究员。2014年10月加入中欧基金管理有限公司,曾任研究员、中 欧明睿新起点灵活配置混合型证券投资基金基金经理(2015年1月29日起至2016年4月22 ...

格隆汇7月31日丨根据联交所最新权益披露资料显示，2025年7月24日，泰格医药(03347.HK)遭易方达基金管理有限公司在场内以每股均价50.0506港元减持 27.31万股，涉资约1366.88万港元。 减持后，易方达基金管理有限公司最新持股数目为1351.47万股，持股比例由11.20%下降至10.98%。 | 股份代號: | | --- | | 上市法國名稱: | | 日期 (日 / 月 / 年 | 追加内容 本文作者可以追加内容哦 ! | 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | (請參閱上述 * 註 | 有投票權股 日 / 月 / 年) | | | | | | | | 解) | 份百分比 | | | | | | | | | ( % ) | | CS20250729E00287 | 易方达基金管理有限公司 | 1201(L) | ...

| 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | （請參閱上述 * 註 有投票權股 (日 / 月 / 年） | | | | | | | | 解) 份百分比 | | | | | | | | ( % ) | | CS20250729E00287 | 易方达基金管理有限公司 | 1201(L) | | 273,100(L | HKD 50.0506 | 13,514,700(L) 10.98(L)24/07/2025 | 减持后，易方达基金管理有限公司最新持股数目为1351.47万股，持股比例由11.20%下降至10.98%。 | 股份代號: | 03347 | | --- | --- | | 上市法國名稱: | 杭州泰格醫藥科技股份有 | | 日期 (日 / 月 / 年): | 30/06/2025 - 31/07/2025 | 格隆汇7月31日丨根据联交所最新权益 ...

Group 1 - The overall investment in the pharmaceutical industry has not recovered despite positive news regarding innovative drugs, with 61 companies forecasting profits and 46 forecasting losses as of July 30, 2025 [1] - Pharmaceutical outsourcing service companies (CROs) have reported better-than-expected performance, with WuXi AppTec's revenue for the first half of 2025 reaching 20.64% growth year-on-year, and net profit increasing by 101.92% [3] - The CRO sector has seen a significant recovery in orders and performance, with over 50 global cooperation agreements in innovative drugs totaling over $48.4 billion in the first half of 2025 [4] Group 2 - 20 companies have reported their first net profit losses, with major contributors including Liao Ning Cheng Da and Wan Tai Bio, primarily due to policy impacts and market strategy failures [6] - Wan Tai Bio reported a projected net loss of between 130 million to 160 million yuan for the first half of 2025, marking its first loss since going public in 2020 [6][7] - Jiangsu Lianhuan Pharmaceutical expects a net loss of 38 million to 45 million yuan for the first half of 2025, attributed to a significant fine related to a monopoly agreement [7][8] Group 3 - The trend of business development (BD) in innovative drugs is expected to continue, with the total transaction amount approaching last year's levels, although the quality of these transactions may decline [10] - The vaccine and CXO sectors are anticipated to see a turnaround in the second half of 2025, with domestic vaccines expected to gain market share [10] - New opportunities may arise in technology platforms, with ADC and bispecific antibodies being key transaction categories, while multi-antibody platforms and TCE platforms are expected to gain traction [10]

Core Viewpoint - The CXO sector in the pharmaceutical industry has seen significant growth, with companies like WuXi AppTec and Zai Lab experiencing substantial stock price increases, driven by strong financial performance and positive market trends [1][2]. Group 1: CXO Sector Performance - The CXO sector experienced a major surge, with stocks like Pharmaron and WuXi AppTec seeing increases of over 18% and hitting daily limits [1]. - Year-to-date, the stock of Zai Lab has risen over 111%, while other major players like WuXi AppTec and Haoyuan Meditech have seen increases between 60% and 83% [1]. - Companies such as Pharmaron, Jiuzhou Pharmaceutical, and WuXi AppTec have also reported stock price increases exceeding 20% [1]. Group 2: WuXi AppTec Financial Results - WuXi AppTec reported a revenue of 20.799 billion yuan for the first half of 2025, marking a year-on-year growth of 20.64% [1]. - The net profit attributable to shareholders reached 8.561 billion yuan, showing a significant increase of 101.92% year-on-year [1]. - The company has raised its full-year revenue forecast, expecting a total revenue between 42.5 billion and 43.5 billion yuan, up from the previous estimate of 41.5 billion to 43 billion yuan [1]. Group 3: TIDES Business Growth - The TIDES (oligonucleotide and peptide) business of WuXi AppTec generated 5.03 billion yuan in revenue, reflecting a remarkable growth of 141.6% year-on-year, becoming a key driver of the company's performance [1]. - The growth in TIDES revenue is attributed to the booming GLP-1 drug market, which has been thriving in recent years [2]. - Analysts predict that the TIDES business revenue may exceed the previously set growth target of 60% for the year [2]. Group 4: Industry Trends and Collaborations - The innovative drug market is experiencing a surge, with significant business development (BD) transactions benefiting CXO companies [2]. - Recent collaborations, such as the agreement between Hengrui Medicine and GlaxoSmithKline (GSK), highlight the trend of large-scale international deals, with GSK paying an upfront fee of $500 million and potential milestone payments totaling around $12 billion [2]. - The hot market for innovative drugs is driving pharmaceutical companies to increase R&D investments and accelerate project timelines, positively impacting the upstream CXO sector [2].