人民财讯9月9日电，恒瑞医药（600276）9月9日晚间公告，近日，子公司成都盛迪医药有限公司收到国 家药品监督管理局的通知，批准公司二十碳五烯酸乙酯软胶囊上市。 ...

批准的适应症：在控制饮食的基础上，本品用于降低重度高甘油三酯血症(≥500mg/dL)成年患者的甘油 三酯(TG)水平。与他汀类药物联合使用，用于确诊心血管疾病或糖尿病伴≥2种其他心血管疾病危险因 素，合并高甘油三酯血症(≥150mg/dL)的成年患者，以降低心血管事件风险。 智通财经APP讯，恒瑞医药(600276.SH)发布公告，近日，公司子公司成都盛迪医药有限公司收到国家 药品监督管理局(简称"国家药监局")的通知，批准公司二十碳五烯酸乙酯软胶囊上市。 ...

恒瑞医药签署HRS-1893项目授权许可协议，总金额最高有望超10亿美元。近日，江苏恒瑞医药股份有 限公司与美国BraveheartBio,Inc.达成协议，将具有自主知识产权的1类创新药HRS-1893项目有偿许可给 BraveheartBio。根据公司公告，BraveheartBio将向恒瑞支付6500万美元首付款（含3250万美元现金和等 值3250万美元的BraveheartBio公司股权）和完成技术转移后的1000万美元近期里程碑款，总计7500万美 元。恒瑞有资格获得与临床开发和销售相关的里程碑付款，最高可达10.13亿美元。根据HRS-1893在除 中国大陆、香港特别行政区、澳门特别行政区及台湾地区以外的全球范围的销售情况，BraveheartBio将 向恒瑞支付相应的销售提成。根据恒瑞医药，HRS-1893是一种Myosin选择性抑制剂，可通过抑制心肌 肌球蛋白三磷酸腺苷（ATP）酶活性，从而抑制心肌过度收缩，减少左心室肥厚并改善舒张期松弛。该 药物目前正处于III期临床开发阶段，用于治疗梗阻性肥厚型心肌病（oHCM）。肥厚型心肌病 （HCM）是一种以左心室肥厚为突出特征的原发性心肌病，是最常 ...

Macro and Strategy Research - The U.S. economy is experiencing a shift in the balance of risks between inflation and employment, with a potential monetary policy shift expected in September. The focus is on August's non-farm payroll and inflation data, as well as adjustments to the annual non-farm benchmark [2] - In Europe, economic expectations are improving, and stable inflation allows the European Central Bank (ECB) to maintain current policy rates. ECB President Lagarde indicated that trade negotiations are not posing significant threats to monetary policy [2] Domestic Economy - Domestic economic growth slowed in July due to extreme weather and policy expectations, characterized by strong external demand and weak internal demand. Future external demand growth is expected to be supported by a weakening U.S. demand and a reshaped long-term trade landscape [3] - The domestic policy environment emphasizes stabilizing market expectations and strengthening the domestic circulation, with structural monetary policies focusing on inclusive finance and technological innovation [3][4] Fixed Income Research - In August, the central bank injected a net liquidity of 386.5 billion yuan, maintaining low funding prices. The issuance of interest rate bonds decreased to 3 trillion yuan, with net financing increasing to 1.7 trillion yuan [6][7] - The bond market is expected to face pressure from external demand uncertainties and "anti-involution" measures, with a focus on the stability of the funding environment in September [8] Industry Research - The medical insurance payment management method was introduced in August, and the 11th batch of centralized procurement is progressing. The medical care CPI in July was 100.5, with a year-on-year increase of 0.5% [9][10] - The pharmaceutical manufacturing industry reported a cumulative revenue of 1,401.07 billion yuan from January to July, a year-on-year decrease of 1.7%, while cumulative profits fell by 2.6% [10] - The upcoming World Lung Cancer Conference (WCLC) is expected to provide opportunities for innovation in the pharmaceutical and medical device sectors, with a focus on companies benefiting from optimized procurement rules and the recovery of domestic demand [10]

基金管理人在半年报中表示，医药行业在 2025 年下半年将主要依靠创新突破、消费回暖及国产替代维持增长动力。虽然全球经济波动与贸易摩擦等仍有潜 在风险，但政策的支持和产业持续创新升级将提供有力支撑。我们维持长期价值投资框架，继续重点布局创新药械产业链、OTC 及消费医疗等核心领域， 严格依据企业盈利周期、估值吸引力和经营趋势进行动态评估，力争为投资者获取稳健回报。 AI基金中欧医疗创新股票A（006228）披露2025年半年报，上半年基金利润12.64亿元，加权平均基金份额本期利润0.338元。报告期内，基金净值增长率为 32.25%，截至上半年末，基金规模为48.74亿元。 该基金属于标准股票型基金，长期投资于医药医疗股票。截至9月5日，单位净值为1.827元。基金经理是葛兰，目前管理3只基金近一年均为正收益。其中， 截至9月5日，中欧医疗创新股票A近一年复权单位净值增长率最高，达101.88%；中欧医疗健康混合A最低，为49.03%。 截至9月5日，中欧医疗创新股票A近三个月复权单位净值增长率为36.15%，位于同类可比基金7/54；近半年复权单位净值增长率为59.59%，位于同类可比基 金13/54；近 ...

AI基金广发医疗保健股票A（004851）披露2025年半年报，上半年基金利润7.24亿元，加权平均基金份额本期利润0.2406元。报告期内，基金净值增长率为 14.92%，截至上半年末，基金规模为52.47亿元。 该基金属于标准股票型基金，长期投资于医药医疗股票。截至9月5日，单位净值为2.18元。基金经理是吴兴武，目前管理6只基金近一年均为正收益。其 中，截至9月5日，广发沪港深医药混合A近一年复权单位净值增长率最高，达95.88%；广发竞争优势混合A最低，为27.46%。 基金管理人在半年报中表示，创新药产业目前在国内已经形成了完整的生态，下半年随着众多项目临床进度的推进，预计会有更多的优秀临床数据展示出 来，也会有进一步的重磅BD发生。我们认为创新药行情阶段性仍然会持续，个股机会也会不断呈现。本基金会继续关注创新药板块和个股。 截至9月5日，广发医疗保健股票A近三个月复权单位净值增长率为14.62%，位于同类可比基金47/54；近半年复权单位净值增长率为30.23%，位于同类可比 基金38/54；近一年复权单位净值增长率为42.54%，位于同类可比基金40/53；近三年复权单位净值增长率为-0.70% ...

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology sector, with a weekly increase of 1.4%, outperforming the Wind All A index (-1.37%) and the CSI 300 index (-0.81%) [3][8]. Core Insights - The report highlights the acceleration of business development (BD) in small nucleic acid drugs, with significant deals announced by Arrowhead Pharmaceuticals and Novartis, indicating a strong interest in this area from multinational corporations [3][12]. - The report emphasizes the importance of the World Conference on Lung Cancer (WCLC) held from September 6-9, where several key research advancements in lung cancer were presented, suggesting potential investment opportunities in innovative drug companies participating in the conference [3][11]. - The report notes the strong performance of specific stocks within the sector, such as Haichen Pharmaceutical (28.7%), Changchun High-tech (24.2%), and Baihua Pharmaceutical (21.3%), while also identifying underperformers like Shuyou Shen (24%) and Guangsheng Tang (15.8%) [3][11]. Market Weekly Review - The pharmaceutical and biotechnology sector saw a weekly increase of 1.4%, with the best-performing sub-sectors being other biological products (4.86%), chemical products (4.52%), and medical research outsourcing (3.78%) [3][8]. - Conversely, sectors such as hospitals (-2.31%), vaccines (-2.08%), and medical devices (-1.97%) experienced declines [3][8]. - Notable individual stock performances included significant gains for Haichen Pharmaceutical, Changchun High-tech, and Baihua Pharmaceutical, while Shuyou Shen and Guangsheng Tang faced substantial losses [3][11]. Industry News and Key Company Announcements - Arrowhead Pharmaceuticals announced a global licensing and collaboration agreement with Novartis for a siRNA therapy targeting Parkinson's disease, with an upfront payment of $200 million and potential milestone payments totaling up to $2 billion [3][15]. - A strategic collaboration was established between Novartis and Wobang Pharmaceuticals for cardiovascular products, with an upfront payment of $160 million and potential total milestone payments of $5.2 billion [3][13]. - The report also mentions various clinical trial advancements and approvals for several companies, including the approval of new indications for existing drugs and the initiation of new clinical trials [3][16].

Key Insights - The report highlights a potential turning point for the US dollar, indicating a shift from strong to weak, which may lead to a systematic revaluation of Chinese technology assets during the global asset rebalancing process [4][5][6] - The report identifies specific companies as key investment opportunities, including 京沪高铁, 桐昆股份, 雅克科技, 宁德时代, 恒瑞医药, 三友医疗, 北京人力, 菲利华, 兆易创新, and 鹏鼎控股 [1] Strategy Research - The report discusses the implications of a weak dollar environment, suggesting that it could benefit Chinese technology assets as they undergo a revaluation process [6] - It notes that the current long-wave economic downturn is characterized by global restructuring and asset price volatility, which could create investment opportunities in emerging markets and non-US equities [4][5] Electric Equipment Sector - 通威股份 reported a significant loss in the first half of 2025, with revenue of 405.09 billion yuan, a decrease of 7.51% year-on-year, and a net loss of 49.55 billion yuan, which has expanded compared to the previous year [7][8] - The company maintains a strong position in the photovoltaic sector, with a global market share of approximately 30% in polysilicon sales and leading sales in solar cells and modules [8] - The report anticipates a recovery in profits for 通威股份 in the second half of 2025, driven by rising silicon prices due to regulatory changes aimed at reducing "involution" in the industry [9] Retail Sector - 王府井 reported a revenue of 5.361 billion yuan in the first half of 2025, down 11.17% year-on-year, with a net profit of 81 million yuan, a decrease of 72.33% [15][16] - The company is undergoing a transformation to adapt to changing consumer preferences, with a focus on enhancing its business ecosystem and launching new retail formats [17] - The report highlights the resilience of the outlet business, which saw a revenue increase, while other segments faced challenges due to store closures and changing consumption patterns [16]

Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology sector [5]. Core Viewpoints - The establishment of a "national team" in the biopharmaceutical sector is expected to lead to a revaluation of state-owned pharmaceutical enterprises, driven by policy support and innovation [2][22]. - The report highlights three main lines for the revaluation of state-owned pharmaceutical companies: valuation repair, integration benefits, and innovation premium [28]. Summary by Sections Market Review - Last week, the A-share pharmaceutical and biotechnology sector rose by 1.40%, outperforming the CSI 300 index by 2.21 percentage points [1][16]. - The Hong Kong Hang Seng Medical Health Index increased by 6.99%, surpassing the Hang Seng State-Owned Enterprises Index by 5.76 percentage points [1][16]. Company Updates - Recent clinical application approvals include DB-1418 from Ying'en Biotech and IBI3033 from Innovent Biologics [31]. - Notable companies in the sector include 恒瑞医药 (Hengrui Medicine), 鱼跃医疗 (Yuyue Medical), 迈瑞医疗 (Mindray Medical), and 联影医疗 (United Imaging Healthcare), all of which are recommended for investment [4][28]. Research and Development Progress - Several companies are advancing in clinical trials, including 恒瑞医药's HRS-9531, which is currently in Phase II [34]. - The report tracks the progress of various drug applications and clinical trials, indicating a robust pipeline in the sector [31][34]. Policy and Strategic Developments - The report discusses the strategic shift of state-owned enterprises from being industry stabilizers to innovation leaders, particularly in the context of accelerated drug approvals and healthcare payment reforms [2][22]. - The "target-guided innovation" development paradigm is emphasized, aiming for a deep integration of research and industrial capabilities [23]. Financial Performance and Projections - The report provides earnings forecasts and valuation tables for key companies, indicating potential growth and investment opportunities [4][28]. - The current price-to-earnings ratio for China National Pharmaceutical Group is noted at 7.8 times, suggesting room for valuation improvement as innovation business contributions increase [28].

泡泡玛特(09992)：泡泡玛特作为潮玩文化代表企业，自上市以来市值和流动性显著提升，成为指数中 新消费板块的重要代表。 晋景新能(01783)：近日，晋景新能集团(01783)美国首条动力电池处置示范线于罗得岛州正式启动，标 志着集团在北美循环经济领域迈入全新阶段。 相关概念股： 周六福(06168)：今年上半年，周六福实现收入31.5亿元，同比增加5.2%;归母净利润4.15亿元，同比增 加11 .9%。公司表示，随着近年金价不断走高，公司近年开始亦探索更加轻质化、时尚化的产品设计， 通过IP联名、黄金与其他材质的组合配饰等策略，以期放大产品与品牌的复合属性，带来更高的客户黏 性、毛利率和盈利能力。 智通财经APP获悉，9月8日开盘前，深交所发布关于深港通下的港股通标的证券名单调整的公告，调入 周六福(06168)、晋景新能(01783)等标的，并自9月8日起生效。日前，恒生指数有限公司宣布了2025年 第二季度之恒生指数系列检讨结果。根据港股通纳入规则，恒生综合指数成分股是港股通标的股票的主 要来源之一。其中，周六福、中国食品(00506)、恒瑞医药(01276)等被纳入恒生综合指数成份股，成份 股变动 ...