Group 1 - E Fund Management Co., Ltd. increased its stake in Tiger Medical (300347) by 118.16 thousand shares at a price of 55.9087 HKD per share, totaling approximately 66.06 million HKD [1] - After the increase, the total number of shares held by E Fund is 13.8033 million, representing a holding percentage of 11.21% [1]

智通财经APP获悉，香港联交所最新数据显示，7月29日，易方达基金管理有限公司增持泰格医药 (03347)118.16万股，每股作价55.9087港元，总金额约为6606.17万港元。增持后最新持股数目为1380.33 万股，持股比例为11.21%。 ...

Group 1 - A-shares experienced a low open and high close, indicating a potential sideways movement in the market [1] - The banking sector has shown signs of recovery after a period of decline, aligning with previous predictions [2] - The CRO sector has demonstrated a "three consecutive highs" pattern, suggesting a possible peak has been reached [2] Group 2 - The recent volatility in silicon materials and lithium ore futures is expected, with a likelihood of a downturn following a period of stagnation [3] - Emphasizing the importance of patience in stock trading, as impulsive actions can lead to losses [4]

证券之星消息，8月4日医疗服务板块较上一交易日下跌0.26%，昭衍新药领跌。当日上证指数报收于 3583.31，上涨0.66%。深证成指报收于11041.56，上涨0.46%。医疗服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 688265 | 南模生物 | 43.73 | 20.01% | | 4.08万 | 1.66亿 | | 688621 | 阳光诺和 | 66.54 | 14.84% | | 12.60万 | 8.15亿 | | 301201 | 诚达药业 | 28.10 | 4.04% | | 10.58万 | 2.93亿 | | 688222 | 成都先导 | 24.74 | 3.82% | | 33.55万 | 7.91亿 | | 002172 | 澳洋健康 | 4.25 | 3.41% | | 70.07万 | 2.93亿 | | 688046 | 药康生物 | 16.41 | 3.01% | | 4.55万 | 7293.23万 | | ...

Group 1: Industry Overview - The domestic preclinical CRO, clinical CRO, and CDMO business prices have stabilized, with new orders gradually recovering, indicating a potential industry turnaround [1] - In the international CDMO sector, the pricing system remains reasonable, and the impact of high pandemic baselines has been absorbed [1] - Chinese companies possess comprehensive advantages in small molecule CRDMO due to talent dividends, chemical capabilities, compliant production capacity, and intellectual property protection [1] Group 2: Large Molecule CDMO - Major domestic companies include WuXi Biologics and WuXi AppTec, while international players include Lonza, Samsung Biologics, and Fujifilm [2] - Samsung Biologics is expected to have a revenue growth rate of 19-25% for 2024, surpassing WuXi Biologics' guidance of 12-15% [2] - The order growth for Samsung Biologics exceeds that of WuXi Biologics, indicating intense competition in the large molecule CDMO sector [2] Group 3: Small Molecule CDMO - Key domestic companies include WuXi AppTec, Kelun Pharmaceutical, and Boteng Pharmaceuticals, with over 70% of their business overseas [3] - WuXi AppTec's order backlog is expected to grow by 47% year-on-year by the end of 2024, ensuring mid-term performance [3] - Capital expenditure among domestic companies shows divergence, with some leaders like WuXi AppTec expected to increase spending [3] Group 4: Clinical/Preclinical CRO - Major domestic companies include Tigermed, Pruis, and Medpace, with a high proportion of domestic business [4] - Both domestic and international CROs are currently in an adjustment phase, with 2022-2023 funding challenges impacting 2024 performance [4] - Domestic order prices have bottomed out, with a growth trend in order volume and value since 2025 [5]

Investment Rating - The investment rating for the CXO industry is "Outperform the Market" [1] Core Insights - The CXO index has increased by over 50% in the past year due to the easing of geopolitical risks, recovery in investment, and the digestion of high pandemic baselines [2] - Chinese CXO companies are analyzed from short-term, medium-term, and long-term perspectives to understand their global competitiveness [2] - Major players in the large molecule CDMO sector include WuXi Biologics and WuXi AppTec, with over 70% of their revenue coming from overseas [2] - The small molecule CDMO sector shows strong recovery in domestic companies, with significant order growth and a favorable competitive landscape [2] - Clinical and preclinical CROs are currently in an adjustment phase, with domestic order prices stabilizing but showing no significant recovery [2] Summary by Sections Large Molecule CDMO - Short-term performance shows high growth with competition from Japan, South Korea, and Europe [2] - Medium-term order growth is led by South Korean companies like Samsung Biologics, indicating intense competition for Chinese firms [2] - Long-term capital expenditures remain high, reflecting confidence in future demand [2] Small Molecule CDMO - Domestic companies are recovering from pandemic-related performance dips, with overall growth expected in 2025 [2] - Order growth is robust, with WuXi AppTec's orders increasing by 47% year-on-year by the end of 2024 [2] - Long-term capital expenditures show divergence, with some leaders like WuXi AppTec expected to continue increasing investments [2] Clinical/Preclinical CRO - Both domestic and international CROs are in an adjustment period, with 2022-2023 investment cooling reflected in 2024 performance [2] - Medium-term order volumes and values are beginning to show growth, while international orders remain stable [2] - Long-term capital expenditures vary among companies, indicating potential supply-demand mismatches in the short term [2] Emerging Business Opportunities - Rapid development in new molecular businesses such as peptides and oligonucleotides is expected to open up growth opportunities in the CXO sector [3] - Generic drug CROs are actively pursuing innovative transformations to seek new growth points [3]

Group 1 - The US job market shows signs of cooling, with July non-farm payrolls increasing by only 74,000, below the expected 104,000, and revisions for May and June totaling a downward adjustment of 258,000 to 19,000 and 14,000 respectively, indicating a significant slowdown since April [1] - The overall US stock market declined, with the S&P 500, Nasdaq, and Dow Jones falling by 1.6%, 2.2%, and 1.2% respectively [1] - The non-farm report reflects a shift in the job market from stability to noticeable cooling, with interest rate cut expectations rising to 60 basis points and a 90% probability of a cut in July [1] Group 2 - Market style rotation is occurring, with funds moving from high valuation sectors to reasonably valued sectors, leading to a gradual rebound in core assets at the bottom [2] - Medical innovation sectors, including CXO (WuXi AppTec/Tigermed), medical devices (Mindray), medical consumption (Aier Eye Hospital/Aimei), and vaccines (Changchun High-tech), are highlighted as core assets that have significantly declined [2] - Many of the top ten component stocks are trading below the historical 20th percentile in terms of valuation, indicating a strong margin of safety [2] - Weak US economic and employment data may accelerate the pace of Federal Reserve interest rate cuts, enhancing global liquidity and benefiting technology stocks [2] - Investors who missed the first half of the medical sector rally can position themselves in the medical innovation ETF (516820) to capitalize on the recovery [2]

晨会纪要（2025/08/04） 编辑人 崔健 022-28451618 SAC NO：S1150511010016 cuijian@bhzq.com 渤海证券研究所晨会纪要（2025.08.04） 宏观及策略研究 维稳当下，谋篇布局——2025 年 8 月宏观经济月报 固定收益研究 把握阶段性修复行情——利率债 8 月投资策略展望 行业研究 恒瑞医药与 GSK 达成大额合作，关注创新产业链——医药生物行业周报 证 券 研 究 报 告 晨 会 纪 要 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 6 晨会纪要（2025/08/04） 宏观及策略研究 维稳当下，谋篇布局——2025 年 8 月宏观经济月报 周喜（证券分析师，SAC NO：S1150511010017） 宋亦威（证券分析师，SAC NO：S1150514080001） 严佩佩（证券分析师，SAC NO：S1150520110001） 靳沛芃（研究助理，SAC NO：S1150124030005） 1、海外经济及政策环境 美国方面，虽然二季度消费和投资分项偏弱，但总体经济仍在进口拖累减弱帮助下表现出韧性，通胀数据 ...

Group 1 - The core viewpoint of the articles indicates that the Hong Kong stock market, particularly key indices like the Hang Seng Index, experienced a collective adjustment due to disappointing U.S. non-farm payroll data, which has heightened expectations for a more accommodative monetary policy from the Federal Reserve [1] - The innovative drug sector faced significant declines, with the Hang Seng Pharmaceutical ETF (159892) dropping over 3%, while companies like Kangfang Biotech, Boan Biotech, and Tigermed saw notable losses; however, the Hang Seng Biotechnology Index tracked by the ETF still recorded a remarkable increase of over 100% in the past year as of last Friday's close [1] - Looking ahead, two potential directions for investment are highlighted: 1. The overseas expansion of innovative drugs, with ongoing significant business development (BD) and merger and acquisition transactions expected to further catalyze the innovative drug market [1] 2. The recovery of upstream CXO (Contract Research Organization) sector, as leading CXO companies are reporting strong performance during the semi-annual earnings disclosure period, suggesting that they may continue to benefit from the gradual recovery of global innovative drug demand [1] Group 2 - The articles mention the existence of the Hang Seng Pharmaceutical ETF Connect (Class A: 016970, Class C: 016971) [2]

Group 1 - The stock prices of several biotech companies have experienced declines, with 康方生物 (09926.HK) down 5.37%, 泰格医药 (03347.HK) down 3.34%, 药明康德 (02359.HK) down 3.15%, and 君实生物 (01877.HK) down 2.64% [1]