6月19日，嘉实医疗保健股票（000711）下跌1.33%，最新净值1.85元，连续5个交易日下跌，区间累计 跌幅7.44%。 截止2025年3月31日，嘉实医疗保健股票前十持仓占比合计61.58%，分别为：泽璟制药-U（8.90%）、 皓元医药（8.83%）、恒瑞医药（8.82%）、迪哲医药-U（6.93%）、药明康德（5.59%）、DR惠泰医 （5.53%）、泰格医药（4.92%）、华大智造（4.17%）、康龙化成（4.00%）、爱博医疗（3.89%）。 来源：金融界 据了解，嘉实医疗保健股票成立于2014年8月，基金规模7.95亿元，成立来累计收益率85.30%。从持有 人结构来看，截至2024年末，嘉实医疗保健股票的基金机构持有0.01亿份，占总份额的0.29%，个人投 资者持有4.50亿份，占总份额的99.71%。 公开信息显示，现任基金经理郝淼先生:中国科学院生物化学与分子生物学博士。2010年7月至2011年2 月就职于中国科学院,任助理研究员,从事生物医学领域科研工作;2011年3月至2013年6月就职于平安证券 有限责任公司综合研究所任医药行业研究员;2013年6月加入宝盈基金管理有限公司, ...

来源：金融界 公开信息显示，现任基金经理刘泽序先生:中国,硕士研究生,2016年3月至2022年3月期间任中信证券股份 有限公司研究部行业分析师,2022年3月至2023年6月期间任上海景林资产管理有限公司投资研究部分析 师。2023年6月加入国投瑞银基金管理有限公司基金投资部。2023年9月12日起担任国投瑞银创新医疗灵 活配置混合型证券投资基金基金经理。2024年5月1日担任国投瑞银医疗保健行业灵活配置混合型证券投 资基金基金经理。 截止2025年3月31日，国投瑞银医疗保健混合C前十持仓占比合计39.42%，分别为：恒瑞医药 （6.09%）、泽璟制药-U（5.28%）、科伦药业（5.22%）、药明康德（3.98%）、昆药集团（3.75%）、 泰格医药（3.67%）、东阿阿胶（3.45%）、奥赛康（2.86%）、凯莱英（2.58%）、新诺威（2.54%）。 6月19日，国投瑞银医疗保健混合C（011082）下跌1.23%，最新净值0.87元，连续5个交易日下跌，区间 累计跌幅7.99%。 据了解，国投瑞银医疗保健混合C成立于2020年12月，基金规模0.16亿元，成立来累计收益率-35.71%。 从持有人 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 68.05, indicating a potential upside of 34% from the current price of RMB 50.61 [1][8][15]. Core Insights - The company is experiencing a recovery in new orders within the clinical CRO industry, with a significant increase in new contract amounts in Q1 2025, reflecting a 20% year-on-year growth [6][7]. - Despite facing challenges in 2024 due to non-recurring factors, the core business remains stable, with a net cash flow from operating activities showing a 37.26% year-on-year increase [6][7]. - The company is expanding its international presence and investing in digitalization and AI, which are expected to enhance operational efficiency and customer retention [7][8]. Financial Performance Summary - The company reported a revenue of RMB 6,603 million in 2024, a decline of 10.58% year-on-year, with a net profit of RMB 405 million, down 79.99% due to fair value losses on financial assets [6][9]. - For 2025, the revenue is projected to be RMB 7,310 million, with an estimated EPS of RMB 1.56, reflecting a significant downward adjustment from previous estimates [2][11][12]. - The company’s financial metrics indicate a recovery trajectory, with expected revenues growing at rates of 9.64%, 13.68%, and 16.87% from 2025 to 2027 [7][12]. Valuation and Market Comparison - The target price corresponds to a P/E ratio of 44x for 2025, which is above the industry average of 24x, suggesting a premium valuation due to the company's leading position in the clinical CRO sector [8][15]. - The report highlights the company's competitive edge and potential for valuation recovery as the industry improves [15][17].

| 非居民企業 | 對於投資深圳證券交易所本公司A | | | | | --- | --- | --- | --- | --- | | （非中國內地登記地址） | 10% | 股股票的聯交所投資者（包括企業 | | | | 和個人），其股息將由本公司通過 | 中國證券登記結算有限公司深圳分 | | | | | 公司向股票名義持有人賬戶以人民 | 幣派發。本公司按照10%的稅率代 | | | | | 扣所得稅，並將該代扣事宜向主管 | 稅務機關辦理扣繳申報。 | | | | | 非個人居民 | 對於投資深圳證券交易所本公司A | | | | | （非中國內地登記地址） | 10% | 股股票的聯交所投資者（包括企業 | | | | 和個人），其股息將由本公司通過 | 中國證券登記結算有限公司深圳分 | | | | | 公司向股票名義持有人賬戶以人民 | 幣派發。本公司按照10%的稅率代 | | | | | 扣所得稅，並將該代扣事宜向主管 | 稅務機關辦理扣繳申報。 | | | | | 內地個人投資者通過港股通投 | 對於上海證券交易所及深圳證券交 | 20% | 資本公司H股股票 | 易所投資者（包括企業和個人 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 HANGZHOU TIGERMED CONSULTING CO., LTD. 杭州泰格醫藥科技股份有限公司 （於 中 華 人 民 共 和 國 註 冊 成 立 的 股 份 有 限 公 司） （股 份 代 號：3347） 本 公 司 謹 此 宣 佈，就H股宣派的2024年度末期股息的支付日期將更改為 2025年7月11日。 除 上 述 披 露 者 外，該 公 告 所 載 的 所 有 其 他 資 料 及 內 容 維 持 不 變。 有關A股末期股息分派詳情的公告將於深圳證券交易所網站（http://www.szse.cn） 上 刊 登，以 供 本公司A股 股 東 參 考。 承董事會命 杭州泰格醫藥科技股份有限公司 更 改H股末期股息的 支付日期 茲 提 述 杭 州 泰 格 醫 藥 科 技 股 份 有 限 公 司（「本公司」）日 期 為2025年 ...

6月17日，港股三大指数震荡走弱。截至收盘，恒生指数跌幅为0.34%，国企指数跌0.4%，恒生科技指 数跌0.15%。 热门股方面：东京中央拍卖（01939.HK）涨40.98%，近5个交易日累涨134.96%。 汇聚科技（01729.HK）涨7.67%，自5月以来累计涨幅达69.58%。 Counterpoint Research的数据显示，5月苹果iPhone在中国市场的销量上升至第一位，4月和5月期间全球 销量同比增长15%。里昂报告指出，鉴于估值偏低，投资者逐渐看好苹果供应链厂商，如立讯精密、瑞 声和高伟电子。 脑机接口概念股涨势喜人，南京熊猫电子股份(00553.HK)涨38.02%，脑洞科技(02203.HK)涨22.65%，微 创脑科学(02172.HK)涨18.47%。 消息面上，市场有两大利好传来。一是隔夜美股脑再生科技(RGC.US)股价收涨283.13%，年内累计上涨 46倍。直接驱动因素为有消息称其5月宣布的新一代神经调控芯片通过FDA审批，并联合梅奥诊所开展 帕金森病治疗研究。二是消息称，马斯克旗下的Neuralink公司通过脑植入技术，成功让一只猴子看到; 并不真实存在的事物。 此 ...

Core Viewpoint - The Chinese biotechnology sector is experiencing significant revaluation, driven by a surge in licensing deals between Chinese biotech companies and global pharmaceutical giants, particularly in the PD-1/VEGF bispecific antibody field [1][2]. Group 1: Biotechnology Sector - The Chinese biotechnology sector has risen by 72% year-to-date, significantly outperforming the MXCN index, which has increased by 17% [1]. - Key licensing deals include collaborations between companies such as CanSino Biologics and Summit, 3S Bio and Pfizer, and Boteng Co. with BioNTech/BMS [2]. - Goldman Sachs anticipates that the momentum in licensing deals will continue, with more transactions expected to be announced [3]. Group 2: CDMO/CRO Opportunities - The CDMO/CRO sector has seen a 25% increase year-to-date, with companies like Tigermed gaining attention due to a 20% year-on-year growth in new orders in Q1 [3]. - Discussions around Samsung Biologics' potential spin-off of Bioepis are highlighted as a strategic move to optimize profitability and maintain competitiveness in the core CDMO business [3]. Group 3: Medical Devices Sector - The medical device sector has declined by 4% year-to-date, while the medical services sector has dropped by 7%, raising questions about their potential for revaluation following the biotech sector [4]. - Equipment procurement has shown signs of recovery, with a 91% year-on-year increase in May, despite a 13% month-on-month decline [4]. - Companies like United Imaging and Mindray are expected to see market growth in China, with projections for total revenue and profit growth of 24% and 42% respectively by 2025 [4]. Group 4: Global Pharmaceutical Trends - Global pharmaceutical and biotech companies are recognizing the value of Chinese assets, with business development transactions remaining a priority [5]. - Recent activities in the PD-1/L1xVEGF bispecific antibody space illustrate this trend, with companies leveraging data from China to support development plans [5].

Market Performance - The Hang Seng Index closed down by 0.34% and the Hang Seng Tech Index decreased by 0.15% [1] - The Hong Kong Tech ETF (159751) closed down by 0.29%, while the Hang Seng Hong Kong Stock Connect ETF (159318) fell by 0.38% [1] Sector Highlights - The brain-computer interface concept saw significant gains, with Nanjing Panda Electronics (600775) rising over 38% [1] - Other companies such as Tiger Medical (300347), Kelaiying (002821), and Pop Mart experienced declines of over 6% [1] Trading Mechanism - A-share accounts can now buy Hong Kong stocks on a T+0 basis without the need for Hong Kong Stock Connect [1]

Core Viewpoint - The National Medical Products Administration (NMPA) has proposed a draft to optimize the clinical trial review and approval process for innovative drugs, potentially reducing the approval timeline to 30 working days for core innovative drug varieties, which may reshape China's innovative drug development landscape [1][3][4]. Summary by Sections Clinical Trial Review and Approval Optimization - The draft aims to significantly enhance the efficiency of drug development, marking a key step towards establishing China as a global hub for innovative drug research [3][4]. - The 30-day review and approval channel will support national key research varieties and encourage early global synchronized research and international multi-center clinical trials [3][4]. Categories of Supported Drugs - The drugs eligible for the expedited review include: 1. Nationally supported key innovative drugs with significant clinical value. 2. Drugs included in the NMPA's Children's Drug Star Program and Rare Disease Care Program. 3. Globally synchronized research varieties, including Phase I, II clinical trials, and international multi-center clinical trials led by Chinese principal investigators [3][4][5]. Impact on Clinical Trial Efficiency - The reduction of the approval timeline from the conventional 60 working days to 30 days (and even 18 days in some regions) is expected to significantly enhance the initiation efficiency of clinical trials, thereby accelerating the pace of research and reducing costs and risks for companies [4][5]. - For instance, a typical oncology drug could see its Phase III multi-center clinical trial approval time reduced by 55 days, potentially allowing for market entry six months earlier [4][5]. Encouragement for Global Collaboration - The inclusion of global synchronized research in the priority channel is anticipated to increase China's attractiveness as a key site for international multi-center clinical trials, motivating multinational pharmaceutical companies to incorporate China into their early global plans [5][8]. Regulatory and Operational Requirements - The draft emphasizes the responsibility of applicants to engage with clinical trial institutions before submitting applications, ensuring that they have the capacity for risk assessment and management [8][9]. - A commitment to initiate clinical trials within 12 weeks post-approval is mandated, which aims to prevent resource idling and compel companies to enhance their clinical operational capabilities [10][12]. Focus on Rare Diseases and Children's Drugs - The draft specifically addresses the needs of "niche" diseases, highlighting the importance of children's drugs and rare disease medications, which have historically faced a lack of systematic policy support in China [10][11]. - The inclusion of these drugs in the fast-track channel is seen as a critical incentive to address the insufficient research motivation in these areas [10][11]. Challenges and Considerations - While the draft presents opportunities, it also raises the bar for companies, requiring them to establish robust risk management and drug safety systems to align with the accelerated timelines [12]. - The implementation of this draft will necessitate careful attention to regional disparities in institutional capabilities and the prevention of local protectionism in the regulatory process [12].

Core Viewpoint - The National Medical Products Administration (NMPA) has proposed a draft to optimize the clinical trial review and approval process for innovative drugs, potentially reducing the approval timeline to 30 working days, which could significantly enhance the efficiency of drug development in China [1][2]. Group 1: Approval Process Changes - The new draft aims to compress the clinical trial review and approval period for key innovative drugs to 30 working days, with some regions like Beijing potentially reducing it to 18 days [2]. - The draft supports the development of drugs that are classified as traditional Chinese medicine, chemical drugs, and biological products, specifically focusing on three categories: nationally supported innovative drugs, drugs for children and rare diseases, and globally synchronized research products [1][4]. Group 2: Impact on Drug Development - The reduction in approval time is expected to significantly improve the efficiency of clinical trial initiation, allowing companies to accelerate their research and capture global market opportunities [2]. - The new policy is anticipated to lower research and development costs and risks, reduce waiting times for companies, and ultimately enhance the international competitiveness of China's pharmaceutical industry [2][3]. Group 3: Focus on Rare Diseases and Children's Drugs - The draft emphasizes the inclusion of drugs for rare diseases and children's medications, addressing unmet clinical needs in these areas [6]. - Currently, only about 10% of the over 800 rare disease drugs available globally have been approved in China, indicating a substantial market opportunity for new drug development in this sector [6]. Group 4: Responsibilities and Compliance - The draft introduces a requirement for applicants to demonstrate their capability in risk assessment and management, ensuring that clinical trials can commence within 12 weeks post-approval [3][4]. - Companies must establish robust drug safety monitoring and risk control systems to align with the expedited review process, ensuring quality and safety standards are maintained [7][8]. Group 5: Global Collaboration and Market Positioning - The inclusion of global synchronized research in the priority review channel is expected to enhance China's attractiveness as a key site for international multi-center clinical trials [2][5]. - Domestic innovative pharmaceutical companies, such as BeiGene and Innovent Biologics, are likely to benefit from this new policy, as it allows them to expedite the development of their first-class new drugs that align with national support directions [5].