Core Insights - The A-share listed companies' 2025 semi-annual reports reveal a robust "innovation map," showcasing significant innovation achievements that bolster market confidence [1] - Technological innovation is identified as the core driver for high-quality development, with companies increasingly focusing on R&D to enhance their competitive edge [1] R&D Innovation Driving Business Growth - R&D is recognized as the long-term sustainable development engine for companies, crucial for value creation and core competitiveness [2] - In the first half of the year, listed companies accelerated innovation momentum with R&D investments exceeding 810 billion yuan, a year-on-year increase of 3.27% [2] - The overall R&D intensity reached 2.33%, with notable figures for different boards: 4.89% for the ChiNext, 11.78% for the Sci-Tech Innovation Board, and 4.63% for the Beijing Stock Exchange [2] - 113 companies invested over 1 billion yuan in R&D, while 926 companies had an R&D intensity exceeding 10% [2] Leading Companies in R&D Investment - BYD topped the list with a semi-annual R&D investment of 30.88 billion yuan, marking a year-on-year growth of 53.05% [3] - Hikvision is advancing in AI and big data technologies, enhancing product innovation and efficiency in R&D [3] - Shenyang Chemical achieved a net profit of 62.42 million yuan, transitioning from loss to profit, and is focusing on customized high-end product development [4] Industry Leaders as Innovation Benchmarks - Industry leaders play a crucial role in driving innovation and technological breakthroughs, particularly in sectors like new energy and innovative pharmaceuticals [6] - CATL, a prominent player in the new energy sector, has established multiple R&D centers and manufacturing bases globally, launching innovative products in various applications [6] Pharmaceutical Sector Growth - The pharmaceutical sector, led by companies like Heng Rui Medicine, has shown remarkable growth, with Heng Rui achieving a revenue of 15.76 billion yuan and a net profit of 4.45 billion yuan in the first half of the year [7] - Heng Rui's R&D investment reached 3.87 billion yuan, focusing on unmet medical needs and high-growth potential areas [7] AI Empowering Business Development - AI technologies are becoming focal points for R&D innovation among listed companies, with significant revenue growth in AI-related sectors [8] - Gree Electric's AI dynamic energy-saving products saw a sales increase of 360% in the first half of the year, reflecting strong market demand [9] - Companies are leveraging AI to enhance operational and R&D efficiency, with applications across various sectors [10]

Core Viewpoint - The acceleration of overseas expansion by listed companies is driven by policy support, technological innovation, and globalization strategies, with overseas business becoming a significant growth driver for performance [1] Group 1: Overseas Business Performance - In the first half of the year, 3,019 A-share listed companies reported overseas business revenue totaling 4.90 trillion yuan [1] - Companies with overseas business revenue exceeding 100 billion yuan include China National Petroleum Corporation, BYD, Midea Group, and Luxshare Precision [2] - BYD reported sales of 464,300 new energy vehicles overseas, a year-on-year increase of 128.25% [2] - Haier Smart Home achieved overseas sales revenue of 85.23 billion yuan, accounting for 46.88% of total revenue, with a year-on-year growth of 10.52% [3] Group 2: Market Expansion Strategies - The "going out" strategy of listed companies has evolved from merely exporting products to a more integrated approach involving local market penetration [3] - Localized teams are essential for meeting local demands and enhancing competitiveness in overseas markets [3] Group 3: Diversified "Going Out" Models - Companies are diversifying their overseas strategies to include production, technology, and capital expansion [4] - For instance, Sailun Group plans to invest 291 million USD in a tire production facility in Egypt, while BYD is set to establish a CKD factory in Malaysia [4] - Jiangsu Hengrui Medicine is collaborating with Merck Group for the commercialization of a drug, receiving an upfront payment of 15 million euros [4] Group 4: Capital Expansion - Hangzhou Guoli Microelectronics acquired 100% of Belgian company LUCEDA for 40 million euros, marking a significant move in capital expansion [5]

J P M O R G A N Asia Pacific Equity Research 25 August 2025 This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory of Mainland China. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. Hengrui - A 1H25 print continuing to suggest strong fundamentals; Maintain Neutral on valuation Hengrui delivered a solid print for 1H25 (our first ta ...

Summary of Key Points from the Conference Call Industry Overview - The focus of the conference call is on the **China Healthcare** sector, particularly the **biotechnology** industry and its growth potential in the Asia Pacific region [5][6][10]. Core Insights and Arguments - **Patent Cliff**: Global pharmaceutical companies are facing a significant patent cliff leading up to 2035, with oncology, immunology, and cardiometabolic areas contributing to **80%** of the revenue gap [6][16]. - **Clinical Trials**: There has been a notable increase in the share of China-based sponsors in global clinical trials over the past decade, indicating a growing influence of Chinese companies in the global biotech landscape [10][19]. - **Outward Licensing Deals**: There is substantial momentum in outbound licensing deals for China-originated assets, reflecting the increasing global competitiveness of Chinese biotech firms [13][16]. - **FDA Approvals**: Projections suggest that by **2040**, China-originated assets could account for **35%** of US FDA approvals and generate **US$220 billion** in revenue outside of China [16][18]. - **R&D Investment Returns**: The efficient R&D infrastructure in China is expected to drive higher returns on investment in research and development [22][19]. Demographic Trends - The **65+ age group** in China is projected to represent **18%** of the population by **2030**, which will significantly increase the demand for healthcare services, particularly in oncology [30][31]. R&D Expenditures - China's pharmaceutical R&D expenditures are on the rise, with a **CAGR of 7.7%** expected from **2023 to 2028** [53][54]. Globalization Strategies - Chinese biopharma companies are adopting various strategies for globalization, including out-licensing, establishing joint ventures (NewCo), and direct operations to manage global development and commercialization [59][60]. Market Dynamics - The global pharmaceutical market is expected to grow at a **CAGR of 5.7%** from **2023 to 2028**, with China's pharmaceutical market projected to grow at a **CAGR of 7.7%** during the same period [51][53]. Key Assets and Collaborations - The conference highlighted several key assets from global innovators that could help fill the loss of exclusivity (LOE) gap by **2035** [27][25]. - Notable licensing deals were discussed, including significant partnerships between Chinese firms and global pharmaceutical companies, indicating a trend towards collaboration in drug development [58]. Policy and Regulatory Environment - The Chinese government is focusing on policies that promote drug innovation, particularly in infectious diseases, cardiometabolic conditions, and immunology [43][44]. Conclusion - The overall sentiment is optimistic regarding the growth potential of the Chinese biotech sector, driven by demographic trends, increasing R&D investments, and strategic globalization efforts by local companies [19][22][30].

普蕊斯 20250829.docx AceCamp AI 2025-08-30 摘要 普蕊斯 2025 年上半年营收微降 1.08%至 3.9 亿元，但二季度营收同比 增长 1.82%，环比增长 21.06%，显示复苏态势。新签不含税合同金额 达 6 亿元，同比增长 40.12%，存量合同近 20 亿元，同比增长 9.45%，反映行业需求回暖，尤其是 SMA（小分子药物）需求增加。 公司上半年归母净利润 5,400 万元，扣非净利润 3,800 万元。二季度盈 利能力显著改善，归母净利润同比增长 45.17%，环比增长 528.73%；扣非净利润同比增长 16.98%，环比增长 598.63%，主要 受益于客户需求回暖和精细化运营管理。 中国创新药行业在政策支持、海外 BD 交易活跃和技术突破驱动下进入 高质量发展阶段，具备政策、临床数据、成本效率、创新性和资金生态 五大核心驱动力，推动中国成为全球生物制药的重要参与者。 SMO 行业呈现量增价稳的复苏态势，询价单数连续 8 个月同比增长 40%。普蕊斯凭借创新服务模式和专业执行能力，新签合同金额显著增 长。行业集中度预计将进一步提升，资源向头部企业靠拢，大型 ...

Core Viewpoint - The article highlights the steady growth and transformation of listed companies in the Shanghai market, driven by consumption and technology, leading to a more balanced and sustainable development pattern by mid-2025 [1] Group 1: Performance Growth - In the first half of 2025, Shanghai-listed companies achieved a total operating revenue of 24.68 trillion yuan, a slight decrease of 1.3% year-on-year, while net profit reached 2.39 trillion yuan, an increase of 1.1% [2] - The mid-term dividend reached a new high, with 408 companies announcing cash dividends totaling 555.2 billion yuan, a year-on-year increase of 12% [2] - Manufacturing sector showed stability with operating revenue and net profit increasing by 3.9% and 7.1% respectively, contributing 78% and 50% to the overall growth excluding non-bank financials [2] Group 2: New Growth Engines - The integrated circuit and biopharmaceutical industries are emerging as new growth engines, with integrated circuit companies increasing to 138, generating a total revenue of 246.68 billion yuan, up 14% year-on-year [3][4] - Biopharmaceutical companies reported revenues of 251.11 billion yuan, with a net profit increase of 14% [3] - The rapid penetration of AI technology is a key variable for the upgrade of the integrated circuit industry, with several companies achieving significant profitability improvements [4] Group 3: Consumption Expansion and Quality Improvement - The consumption potential continues to be released, with the food and beverage sector seeing revenue and net profit growth of 12% and 2% respectively [6] - The automotive industry experienced a revenue increase of 6%, with new energy vehicle sales rising nearly 30% [6] - New consumption trends are emerging, with companies like Dongpeng Beverage and Haier achieving significant revenue growth through innovative products [7] Group 4: Traditional Industry Transformation - Traditional industries are undergoing transformation, with sectors like steel and machinery achieving net profit growth of 235% and 21% respectively [9] - Digital and intelligent transformation is being deeply implemented, enhancing production efficiency significantly [10] Group 5: Foreign Trade Resilience - Over 830 manufacturing companies in Shanghai achieved overseas revenue of 1.1 trillion yuan, a year-on-year increase of 5% [11] - Private enterprises contributed nearly 70% of the total overseas revenue, highlighting their role as the main force in innovation and expansion [11] Group 6: ETF Product Expansion - By the end of August, the scale of ETFs in the Shanghai market exceeded 3.7 trillion yuan, with significant inflows of over 350 billion yuan this year [13][14] - The introduction of new ETF products has diversified investment options for investors, particularly in the technology sector [14] Group 7: Policy Implementation and M&A Activity - The "Six Merger" policy has led to a significant increase in M&A activity, with 378 new asset restructuring cases in the first half of 2025, a 23% year-on-year increase [15][16] - The implementation of the "1+6" reform measures has further supported the development of new productive forces, with numerous successful cases of mergers and acquisitions [16]

Core Viewpoint - The article emphasizes the transformation of growth momentum in the Shanghai Stock Exchange, driven by consumption and technology, leading to a more balanced and sustainable development pattern among listed companies [2]. Group 1: Performance Growth - In the first half of 2025, listed companies in Shanghai achieved a total operating revenue of 24.68 trillion yuan, a slight decrease of 1.3% year-on-year; net profit reached 2.39 trillion yuan, an increase of 1.1% [3]. - The second quarter saw a quarter-on-quarter increase in operating revenue and net profit by 6.1% and 0.1%, respectively [3]. - A record high in interim dividends was declared by 408 companies, totaling 555.2 billion yuan, a year-on-year increase of 12% [3]. - Manufacturing sector revenue and net profit grew by 3.9% and 7.1%, respectively, contributing significantly to overall performance [3]. Group 2: New Engines of Growth - The integrated circuit and biopharmaceutical industries are emerging as new growth engines, with integrated circuit companies increasing to 138, generating a total revenue of 246.68 billion yuan, up 14% year-on-year [4][5]. - Biopharmaceutical companies reported a total revenue of 251.11 billion yuan, with a net profit increase of 14% [5][6]. - The rapid penetration of AI technology is a key factor in the upgrade of the integrated circuit industry, with several companies achieving significant profitability improvements [5]. Group 3: Consumption Expansion and Quality Improvement - The consumption potential is being released, with the food and beverage sector seeing a revenue increase of 12% and net profit growth of 2% [7]. - The automotive industry experienced a revenue growth of 6%, with new energy vehicle sales increasing by nearly 30% [7]. - New consumption trends, such as health and wellness products, are gaining traction, with companies like Dongpeng Beverage reporting a revenue increase of 214% [8]. Group 4: Traditional Industry Transformation - Traditional industries like steel and machinery are upgrading through technological innovation, with net profits increasing by 235% and 21%, respectively [10]. - Companies are focusing on high-value-added products, with Baosteel's high-end products accounting for over 60% of its output [10]. Group 5: Foreign Trade Resilience - Over 830 manufacturing companies achieved overseas revenue of 1.1 trillion yuan, a year-on-year increase of 5% [13]. - Private enterprises contributed significantly, with overseas revenue exceeding 740 billion yuan, accounting for nearly 70% of total overseas income [13][14]. Group 6: ETF Product Expansion - The scale of ETFs in the Shanghai market exceeded 3.7 trillion yuan, with significant net inflows of over 350 billion yuan this year [16]. - The introduction of new ETFs has accelerated, with 96 new products launched, raising a total of 78.8 billion yuan [16][17]. Group 7: Policy Implementation through Case Studies - The number of asset restructuring cases increased significantly, with 378 new cases in the first half of 2025, a year-on-year increase of 23% [19][20]. - Major transactions include the acquisition of China Shenhua's coal and power assets, enhancing core competitiveness [19].

外围市场最近也不消停。美股科技股集体拉稀，纳斯达克100指数这周跌了1.2%，苹果、英伟达这些巨头都在走下坡路。这对A股的半导体、AI板块可不是 好事，尤其是那些估值过高的小票。不过有个好消息，美联储最爱的PCE数据下周公布，要是通胀继续降温，9月降息板上钉钉，这可能会给全球市场打一 针强心剂。 再看技术面，沪指这周收出一颗十字星，这可不是什么好兆头。抖音上有个叫云帆的分析师说得挺准，下周大概率先冲高后回落，高点可能就在周一或周 二。3800-3900点这个区间压力山大，毕竟2015年股灾的套牢盘还趴在那儿呢。但也别太悲观，3800点附近有强支撑，要是跌破这个位置，反而可能杀出黄 金坑。创业板这边要特别注意，2933点可能是短期顶部，小心高位股补跌。 资金面最近有点诡异。北向资金二季度狂买548亿，重点加仓金融、工业和医疗保健，宁德时代、恒瑞医药这些龙头都被买爆了。可到了8月底，机构突然反 手做空，中芯国际、剑桥科技这些科技股被砸出深坑。这说明大资金正在调仓换股，从高估值的科技股转向低估值的金融和消费。大家可以留意北向资金的 实时动向，要是他们继续加仓银行、保险，那就是明确的防御信号。 家人们，周末复盘的时候 ...

Core Viewpoint - The current market environment is characterized by a "healthy bull" phase, where structural rotation among sectors is crucial for sustained market performance. The focus should be on the expansion of new momentum areas, particularly in technology growth sectors, with an emphasis on AI and other key directions [1][12]. Group 1: Market Structure and Dynamics - The market has experienced extreme structural differentiation, particularly between technology growth sectors (TMT) and cyclical sectors like consumption and finance, with the computing and electronics sectors outperforming significantly [2][5]. - The profitability growth rate of new momentum sectors has turned positive, with a net profit growth rate difference of 4% in Q1 2025 and further increasing to 8.3% in Q2 2025, indicating a strong performance of technology manufacturing sectors [5][12]. Group 2: Key Focus Areas for Investment - The investment strategy should prioritize the rotation and expansion of five key areas: Hong Kong internet, semiconductor equipment and materials, software applications, innovative pharmaceuticals, and the new energy industry chain [12][19]. - AI expansion is highlighted as a critical focus, particularly in the domestic computing chain, with significant potential in the Hong Kong internet sector due to favorable external liquidity conditions and strong performance from major players like Alibaba [12][14]. Group 3: Innovative Pharmaceuticals - The innovative pharmaceutical sector is currently experiencing a moderate level of congestion, with major companies like BeiGene and WuXi AppTec showing impressive performance in H1 2025, driven by new product approvals and commercialization efforts [22][23]. - The sector is expected to benefit from multiple catalysts, including industry conferences, adjustments in medical insurance policies, and ongoing progress in international licensing transactions [22][23]. Group 4: New Energy Industry Chain - The new energy sector is anticipated to see a rotation and rebound, supported by improving supply-demand dynamics and a reduction in excess inventory, with signs of recovery in production rates and capital expenditures [24][26]. - Recent government policies aimed at curbing excessive competition and promoting sustainable development are expected to enhance the sector's recovery potential, particularly in light of technological advancements that could drive efficiency improvements [28][26].

在全球创新药领域，一个来自中国的突破正在引发巨大关注：PD(L)1双特异性抗体（bsAb）。这类新一代肿瘤免疫疗法，正被视为中国生物医药 产业的"DeepSeek时刻"——不仅因为其技术原理的颠覆性，更因为它可能改写全球癌症治疗的格局。 据追风交易台，汇丰最新研报指出，中国恒生生物科技指数今年迄今已上涨91%，远超大盘26%的涨幅。这一显著表现源于中国生物科技公司在 创新药物研发方面取得的重大突破，特别是在被称为"PD(L)1 bsAb"的先进肿瘤治疗领域。这类新型癌症免疫疗法采用双靶向策略，能同时与两 个不同靶点结合，增强免疫反应。 过去十年，默沙东的可瑞达（Keytruda）几乎定义了免疫肿瘤治疗的黄金标准。然而，中国药企康方生物研发的依维珂（AK112）在全球临床试 验中，已展现出超越Keytruda的疗效。今年世界肺癌大会上公布的临床数据更是直接点燃了市场热情，比喻为中国创新药的"DeepSeek时刻"。 根据汇丰的预测，全球PD(L)1市场将从2024年的530亿美元增长至2035年的1000亿美元，其中bsAb将占据约65%的份额，成为新的主流。这一过 程中，中国药企的先发优势将在市场竞争中发挥关 ...