Core Viewpoint - The disease prevention and control industry in China is experiencing growth due to increased public awareness, government funding, and advancements in biotechnology and data analysis, leading to improved efficiency in disease management [1][13]. Summary by Sections Industry Overview - Disease prevention and control is a crucial part of public health, focusing on reducing the occurrence and spread of diseases through scientific methods [3]. - Effective disease control can lower healthcare costs, enhance quality of life, and support economic stability [3]. Industry Development - The scale of China's disease prevention and control industry has been on the rise, with central government funding for disease control projects increasing from 17.526 billion to 20.38 billion from 2020 to 2022, followed by a projected recovery to 20.881 billion in 2024, marking an 18.06% year-on-year increase [1][13]. - The number of disease control centers in China has grown from 3,376 in 2021 to 3,429 in 2024, enhancing public health emergency management capabilities [11]. Policy Initiatives - Recent policies emphasize strengthening disease control institutions, enhancing core functions, and promoting scientific research and public health cooperation [5][7]. - The 2024-2025 National Disease Prevention and Control Action Plan encourages local institutions to engage in applied research and technology transfer [5][7]. Competitive Landscape - The disease prevention market in China is competitive, with key players including Fosun Pharma, Kangtai Biological, and Zhifei Biological, which are focusing on innovation and service quality to capture market share [15][19]. Industry Trends - The chronic disease management market is expected to grow significantly due to the aging population and increasing prevalence of chronic diseases, which currently account for 88% of total deaths in China [21]. - Technological innovations such as big data, AI, and IoT are set to transform disease prevention and control, enhancing monitoring and decision-making processes [22]. - The integration of sports and health ("body-health integration") is emerging as a new trend, promoting physical activity as a preventive measure against chronic diseases [23].

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology industry, suggesting it is at a turning point for profit improvement and has high allocation value [3][4]. Core Insights - The pharmaceutical sector is showing signs of recovery after three years of declining profitability, with a notable increase in net profit margin by 0.3% in Q1 2025 compared to the previous year [3][5]. - Key sub-sectors such as CXO, innovative drugs, biological products, private hospitals, and medical consumables have demonstrated strong performance in Q1 2025, with several leading companies exceeding expectations [3][4]. - The report recommends focusing on sub-sectors and companies with clear upward trends in performance, including innovative drugs and CXO services [3][4]. Overall Performance of the Sector - In 2024, 473 A-share pharmaceutical companies achieved total revenue of 24,588 billion yuan, a year-on-year decrease of 0.9%, and a net profit of 1,412 billion yuan, down 12.1% [3][5]. - For Q1 2025, the sector reported revenue of 6,104 billion yuan, a decline of 4.2% year-on-year, with net profit at 487 billion yuan, down 8.7% [3][5]. Sub-sector Performance - The CXO sector has shown a turnaround since Q4 2024, with Q1 2025 revenue of 225 billion yuan, reflecting an 11.6% year-on-year increase, and net profit of 50 billion yuan, up 72.8% [3][23]. - The innovative drug sector continues to grow rapidly, with leading companies like Heng Rui Medicine and Bai Jie Shen Zhou performing above expectations [3][18]. - The hospital sector is beginning to show signs of recovery, with Q1 2025 revenue of 144 billion yuan, a year-on-year increase of 4.9%, and net profit of 11 billion yuan, up 19.2% [3][28]. Investment Analysis - The report emphasizes the importance of investing in sectors and companies that are showing clear signs of upward trends, particularly in innovative drugs and CXO services [3][4]. - Specific companies recommended for investment include Heng Rui Medicine, Bai Jie Shen Zhou, and Wu Xi AppTec in the innovative drug and CXO sectors [3][4].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，华兰生物工程股份有限公司（以下简称 "公司"）定于2025年5月22日（周四）15:25-16:55参加在全景网举办的河南辖 区上市公司2025年投资者网上集体接待日活动，本次活动将采用网络远程的方式 举行，投资者可登录"全景·路演天下"（http://rs.p5w.net）参与本次互动 交流。 出席本次网上集体接待日活动的人员有：公司财务总监兼董事会秘书谢军民 先生、证券事务代表娄源成先生，欢迎广大投资者积极参与！ 特此公告。 华兰生物工程股份有限公司董事会 证券代码：002007 证券简称：华兰生物 公告编号：2025-018 华兰生物工程股份有限公司 关于参加河南辖区上市公司 2025年投资者网上集体接待日活动的公告 2025年5月17日 ...

Group 1 - China has adjusted the tariff rate on imports from the US to 10%, suspending the previously implemented 24% rate for 90 days, significantly lower than the peak of 125% seen in April [1] - The adjustment in tariffs is expected to reduce the price pressure on imported blood products and slow down the expectations for domestic alternatives [1][2] - Major domestic blood product companies, including TianTan Bio, TaiBang Bio, and Hualan Bio, account for approximately 80% of the domestic plasma collection volume [1] Group 2 - The domestic market for human albumin, which constitutes about 70% of blood product usage, is heavily reliant on imports, with over 60% of the market share [2] - The price of imported human albumin products is currently higher than that of domestic products, but the tariff reduction to 10% will lessen the price advantage of imports [2][3] - The ongoing trade friction presents an opportunity for domestic products to penetrate hospital markets and adjust revenue structures, as hospitals may diversify their suppliers [3] Group 3 - The domestic blood product industry is currently in a downturn, with competition intensifying due to increased supply and price linkage effects [4] - Unlike the domestic market, where human albumin is predominant, international markets utilize immunoglobulin and coagulation factor products more extensively [5] - Domestic blood product companies face technological gaps compared to international leaders, limiting their product range and production capabilities [5]

Investment Rating - The industry rating is neutral, indicating that the overall return is expected to be between -5% and 5% relative to the CSI 300 index over the next six months [9]. Core Insights - The pharmaceutical sector experienced a slight increase of +0.10% on May 14, 2025, underperforming the CSI 300 index by 1.11 percentage points, ranking 23rd among 31 sub-industries [3]. - Notable performances within sub-industries include medical research outsourcing (+0.84%) and vaccines (+0.13%), while offline pharmacies (-1.89%) and medical devices (-0.46%) lagged behind [3]. - Merck's application for priority review of pimirolimus capsules for treating adult patients with tenosynovial giant cell tumors (TGCT) has been announced, which could expedite patient access to this treatment [4]. - Guangsheng Tang's innovative drug GST-HG131 for chronic hepatitis B has completed Phase II clinical trials, showing significant suppression of HBsAg with good safety [4]. - Huashan Biological has received a license for a plasma collection station, enhancing its raw plasma supply capabilities [4]. Summary by Sections Market Performance - The pharmaceutical sector's performance on May 14, 2025, was +0.10%, underperforming the CSI 300 index by 1.11 percentage points [3]. Sub-industry Ratings - Chemical pharmaceuticals: No rating - Traditional Chinese medicine: No rating - Biopharmaceuticals II: Neutral - Other pharmaceuticals: Neutral [2]. Company News - Guangsheng Tang's GST-HG131 has shown promising results in Phase II trials for chronic hepatitis B [4]. - Huashan Biological's new plasma collection station is expected to positively impact long-term development [4]. - Tengjing Life's subsidiary has received a medical device registration certificate for an autoimmune antibody testing kit [5]. - Huakang Clean has signed a contract worth 143 million yuan for a public health emergency rescue center project [5].

Group 1 - Multiple regions in China are implementing supportive policies for the elderly care industry, including Guangzhou and Shaanxi, aiming to enhance the financial services for elderly care and establish a robust support system by 2035 [1][2] - Shenzhen has released implementation opinions focusing on pension finance, elderly service finance, and elderly industry finance, with 17 specific measures to create a high-quality elderly care model [2] - The aging population in China is projected to exceed 310 million by the end of 2024, creating significant opportunities for the elderly care industry, with a market size expected to reach approximately 106 trillion yuan by 2050 [2] Group 2 - As of May 14, 2023, over 40 stocks related to the elderly care industry in A-shares have seen an average price increase of 2.21% this year, with notable performers like Miaokelan and Haoyue Nursing rising over 40% [3] - Approximately half of the elderly care concept stocks have received increased leverage funding, with significant net purchases exceeding 100 million yuan for companies like Aier Eye Hospital and Heng Rui Medicine [3] - In Q1 2024, 17 elderly care concept stocks reported net profits exceeding 100 million yuan, with China Life Insurance leading at 28.802 billion yuan, reflecting a substantial year-on-year growth of 39.5% [3] Group 3 - Zhejiang Medicine and New Harmony achieved remarkable net profit growth of 273.08% and 116.18% respectively in Q1, indicating strong performance in the elderly care sector [4] - Among the high-performing stocks with net profits over 100 million yuan, 12 received ratings from at least five institutions, with projected profit growth for 2025, including predictions of 88.64% for Covestro and 18.62% for Hualan Biological [4]

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没 有虚假记载、误导性陈述或重大遗漏。 2025年5月14日，公司全资子公司华兰生物工程重庆有限公司收到重庆市卫 生委员会印发的重庆市丰都县华兰单采血浆站（以下简称"丰都浆站"）《单采血 浆许可证》，主要信息如下： 机构名称：重庆市丰都县华兰单采血浆站 证券代码：002007 证券简称：华兰生物 公告编号：2025-017 华兰生物工程股份有限公司 关于公司取得单采血浆许可证的公告 采浆区域（范围）：重庆市丰都县 有效期限：自2025年5月14日至2027年5月13日 丰都浆站自取得《单采血浆许可证》之日起可正式采浆。丰都浆站实现采浆 将有利于提升公司原料血浆供应能力，对公司长期发展具有积极作用。 特此公告。 华兰生物工程股份有限公司董事会 业务项目：机采单采普通原料血浆、机采单采破伤风免疫原料血浆、机采单 采狂犬免疫原料血浆、机采单采乙肝免疫原料血浆 许可证号：50023016F2009031 2025年5月15日 ...

- The report predicts adjustments to the sample stocks of seven major broad-based indices in the Chinese market, including CSI 300, CSI 500, SSE 50, STAR 50, STAR 100, ChiNext Index, and ChiNext 50, based on the index compilation rules and data as of April 30, 2025 [1][7] - The CSI 300 Index selects stocks from the Shanghai and Shenzhen markets that meet criteria such as good operational status, no significant financial issues, and no abnormal price fluctuations. The selection process involves ranking stocks by daily average trading volume and market capitalization over the past year, applying buffer rules, and excluding stocks with significant losses or long-term suspensions. Adjustments are limited to 10% of the constituent stocks per review [8] - The CSI 500 Index excludes CSI 300 constituents and follows a similar methodology, focusing on stocks with good operational status, no financial irregularities, and stable price movements. Stocks are ranked by daily average trading volume and market capitalization, with buffer rules applied, and adjustments are capped at 10% of the constituent stocks [10] - The SSE 50 Index is derived from the SSE 180 Index, selecting stocks based on daily average market capitalization and trading volume over the past year. The accuracy of SSE 50 predictions depends on the SSE 180 Index's accuracy. Adjustments are limited to 10% of the constituent stocks [13] - The STAR 50 Index represents the top 50 securities on the STAR Market by market capitalization and liquidity. Stocks are ranked by daily average market capitalization, with buffer rules applied, and adjustments are capped at 10% of the constituent stocks [15] - The STAR 100 Index includes 100 mid-sized securities from the STAR Market, reflecting the performance of mid-cap companies. The selection process is similar to STAR 50, with adjustments limited to 10% of the constituent stocks [17] - The ChiNext Index selects stocks from the ChiNext Board based on the top-ranked daily average market capitalization over the past six months. Buffer rules are applied, and stocks with significant losses or long-term suspensions are excluded. Adjustments are capped at 10% of the constituent stocks [20] - The ChiNext 50 Index selects the most liquid stocks from the ChiNext Index's 100 constituents, considering industry coverage and applying buffer rules. Adjustments are limited to 10% of the constituent stocks [24]

广发证券联席 首席金工分析师 陈原文 SAC: S0260517080003 chenyuanwen@gf.com.cn 广发证券首席金工分析师 安宁宁 SAC: S0260512020003 anningning@gf.com.cn 广发证券资深金工分析师 张钰东 SAC: S0260522070006 zhangyudong@gf.com.cn 广发金工安宁宁陈原文团队 摘要 研究背景： 近年来，指数化投资理念愈发受到投资者认可。根据指数编制规则，上证50、沪深300和中证500等宽基指数于每年的6月和12月定期调仓，成 分股名单会部分调入调出。跟踪相应指数的指数型基金，同样会参照指数编制规则，被动调整持仓成分股。当前的被动型基金规模屡创新高，若指数成分 股存在较大变动，则可能带来潜在的投资机会。 指数类产品规模统计： 规模继续增长。根据Wind，截至4月30日，1969只被动指数型基金（ETF和场外被动指数型基金）规模合计3.4万亿元，346只增强 指数型基金规模合计2211亿元，合计规模高于偏股混合型基金（2.07万亿元）。根据跟踪指数的不同，统计各类指数的产品跟踪情况，跟踪指数产品规模 靠前的指数分 ...

Core Viewpoint - The article provides predictions for the periodic adjustments of major broad-based core indices in China, including the Shanghai 50 Index, CSI 300 Index, CSI 500 Index, CSI 1000 Index, ChiNext Index, Shenzhen 100 Index, Sci-Tech 50 Index, and Sci-Tech 100 Index, scheduled for June 2025. These adjustments may create event-driven trading opportunities for investors [1][4][5]. Group 1: Shanghai 50 Index Adjustment Predictions - According to the adjustment rules, five stocks including China National Offshore Oil Corporation and SAIC Motor Corporation will be added to the Shanghai 50 Index, while five stocks such as Haitian Flavoring and Food will be removed in June 2025 [1][6]. Group 2: CSI 300 Index Adjustment Predictions - Six stocks including China National Aviation Holdings and Shanghai Electric will be added to the CSI 300 Index, while six stocks such as 37 Interactive Entertainment and Hualan Biological Engineering will be removed in June 2025 [1][7]. Group 3: CSI 500 Index Adjustment Predictions - Fifty stocks including Tianshan Shares and Shenhuo Co. will be added to the CSI 500 Index, while fifty stocks such as Jianghuai Automobile and China Power Investment will be removed in June 2025 [2][9]. Group 4: CSI 1000 Index Adjustment Predictions - One hundred stocks including Kema Technology and Wireless Media will be added to the CSI 1000 Index, while one hundred stocks such as Jinbo Shares and Plai Ke will be removed in June 2025 [2][13]. Group 5: ChiNext Index Adjustment Predictions - Ten stocks including Ruijie Networks and Guibao Pet will be added to the ChiNext Index, while ten stocks such as Kaili Medical and Anke Bio will be removed in June 2025 [2][18]. Group 6: Shenzhen 100 Index Adjustment Predictions - Four stocks including AVIC Chengfei and Guangqi Technology will be added to the Shenzhen 100 Index, while four stocks such as TCL Zhonghuan and Kanglong Chemical will be removed in June 2025 [2][19]. Group 7: Sci-Tech 50 Index Adjustment Predictions - Four stocks including BeiGene and Huahong Semiconductor will be added to the Sci-Tech 50 Index, while four stocks such as BGI Genomics and Tianyue Advanced will be removed in June 2025 [2][21]. Group 8: Sci-Tech 100 Index Adjustment Predictions - Ten stocks including Qihoo 360 will be added to the Sci-Tech 100 Index, while ten stocks such as Airo Energy and YN Technology will be removed in June 2025 [3][23].