10月9日晚间，中环环保公告称，公司控股股东、实际控制人张伯中及其一致行动人拟通过协议转让方式，转让所持中环环保7054.14万股股份予北京鼎 垣、嘉兴鼎康，占中环环保总股本的16.6171%。 交易完成后，北京鼎垣和嘉兴鼎康合计持有公司7054.14万股，占公司总股本的比例为16.6171%。公司控股股东将变更为北京鼎垣，公司实际控制人将变 更为刘杨。 交易完成后，中环环保控股股东将变更为北京鼎垣，公司实际控制人将变更为刘杨。 刘杨系国家级专精特新"小巨人"企业北京赛赋医药研究院有限公司（以下简称赛赋医药）创始人及董事长。 斥资5.98亿元入主 根据协议，张伯中将其持有的1639.14万股公司股票（占公司总股本的3.8612%）转让给嘉兴鼎康，中辰投资将其持有的493.62万股公司股票（占公司总股 本的1.1628%）转让给嘉兴鼎康，中辰投资将其持有的4921.38万股公司股票（占公司总股本的11.5931%）转让给北京鼎垣。 转让股份数量合计7054.14万股（占公司总股本的16.6171%），股份转让单价约为8.48元/股，转让对价合计5.98亿元。 张伯中承诺，不可撤销地放弃个人持有的公司1917.4 ...

【导读】赛赋医药创始人拟入主中环环保，有望整合创新药资源 中国基金报记者 赵新亮 10 月 9 日晚间， 中环环保 公告称，公司控股股东、实际控制人张伯中及其一致行动人拟通 过协议转让方式，转让所持中环环保 7054.14 万股股份予北京鼎垣、嘉兴鼎康，占中环环保 总股本的 16.6171% 。 同时，为了维护和确保本次交易完成后公司控制权稳定，张伯中将不可撤销地放弃其个人持 有部分股份的表决权。 张伯中承诺，不可撤销地放弃个人持有的公司 1917.41 万股股票的表决权。 交易完成后，北京鼎垣和嘉兴鼎康合计持有公司 7054.14 万股，占公司总股本的比例为 16.6171% 。公司控股股东将变更为北京鼎垣，公司实际控制人将变更为刘杨。 | 股东 | 本次权益变动前 | 持股比例 | | | | --- | --- | --- | --- | --- | | | 持股数量(股) | | 拥有表决权股数 | 表决权比例(%) | | | | (%) | (股) | | | 张伯中 | 65,565,434 | 15.4450 | 65,565,434 | 15.4450 | | 中辰投资 | 54,150,0 ...

国盛证券指出，过节期间，辉瑞和特朗普达成协议，部分解除了海外MNC的政策担忧，海外MNC迎来 修复，同时也带动港股医药情绪有所修复，对CXO带来正面影响，在这个影响下，中小市值创新药-B 公司尤其是未进通的表现弹性较大。这段时间CXO确实表现相对强势，有业绩期比较优势，也有降息 预期影响，也有行业趋势拐点向上预期影响，几点共振，中长期值得期待。创新药近期因为缺少催化， 借势消化筹码，也有企稳迹象，看好十一后，尤其是Q4创新药表现。 消息面上，中泰证券认为，9月板块延续震荡调整，主要由于3月以来医药板块超额明显，短期内板块催 化相对较少，板块缺少持续上行强动力；此外创新药板块年初以来涨幅较大，资金有兑现收益的需求。 该行认为阶段的震荡调整是相对良性的，且基本面来看创新逻辑并未发生变化。受益海外降息预期、订 单回暖等催化，创新产业链CRO&CDMO、上游等带动医疗服务板块取得较好表现。长周期来看当前医 药板块仍处于估值底部，具备较强的安全边际和上升潜力。 来源：智通财经网 医药股今日普遍重挫，截至发稿，三叶草生物-B(02197)跌14.43%，报2.49港元；荣昌生物(09995)跌 11.54%，报105.4 ...

国盛证券指出，过节期间，辉瑞和特朗普达成协议，部分解除了海外MNC的政策担忧，海外MNC迎来 修复，同时也带动港股医药情绪有所修复，对CXO带来正面影响，在这个影响下，中小市值创新药-B 公司尤其是未进通的表现弹性较大。这段时间CXO确实表现相对强势，有业绩期比较优势，也有降息 预期影响，也有行业趋势拐点向上预期影响，几点共振，中长期值得期待。创新药近期因为缺少催化， 借势消化筹码，也有企稳迹象，看好十一后，尤其是Q4创新药表现。 智通财经APP获悉，医药股今日普遍重挫，截至发稿，三叶草生物-B(02197)跌14.43%，报2.49港元；荣 昌生物(09995)跌11.54%，报105.4港元；诺诚健华(09969)跌11.48%，报16.65港元；歌礼制药-B(01672) 跌9.16%，报10.51港元；泰格医药(03347)跌7.08%，报43.86港元。 消息面上，中泰证券认为，9月板块延续震荡调整，主要由于3月以来医药板块超额明显，短期内板块催 化相对较少，板块缺少持续上行强动力；此外创新药板块年初以来涨幅较大，资金有兑现收益的需求。 该行认为阶段的震荡调整是相对良性的，且基本面来看创新逻辑并未发 ...

港股医疗板块午后继续走高，药明康德涨超8%，药师帮、晶泰控股、再鼎医药、微创机器人等集体大 涨，聚焦AI医疗+CXO的港股通医疗ETF（520510）涨幅接近3%；聚焦创新药的恒生医药ETF （159892）涨超2%。 长江证券认为，越来越多的中国药企正在逐步建立源头创新能力，并构建起成熟的研发技术平台。中国 创新药企正在瞄准未满足临床需求、持续推进新靶点/新机制的探索，一批具有国际竞争力的FIC或BIC 潜力的创新药正不断涌现。 ...

交银国际研究 行业更新 行业评级 领先 2025 年 9 月 25 日 医药行业周报 医保和商保目录调整加速推进，板块回调中择时布局低估优质标的 行业与大盘一年趋势图 资料来源 : FactSet 9/24 1/25 5/25 9/25 -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 行业表现 恒生指数 丁政宁 Ethan.Ding@bocomgroup.com (852) 3766 1834 诸葛乐懿 Gloria.Zhuge@bocomgroup.com (852) 3766 1845 估值概要 | 公司名称 | 股票代码 | 评级 | 目标价 | 收盘价 | | -----每股盈利----- | ----市盈率---- | | | ----市账率---- 股息率 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | FY25E | | | FY26E FY25E FY26E FY25E FY26E | | | FY25E | | | | | | ( ...

随着创新药价值得到市场认可，上游CXO板块的关注度也显著提升。细分来看，当前CDMO已印证全 球需求的高景气。商业化项目驱动国内龙头公司新签订单高增，部分龙头公司订单在2024年已看到改善 趋势。随着项目陆续交付，2025年CDMO公司在业绩端持续复苏。 临床前及临床CRO则主要以国内业务为主，此前国内外需求均阶段性承压。展望后续，CRO端亦将迎 来复苏，部分公司订单25Q2已初现拐点。 港股通医疗ETF（520510）聚焦CXO、AI医疗等概念，持仓股覆盖药明生物、药明康德、药明合联、京 东健康、阿里健康等，有望受益于CXO商业订单变现及AI技术革命。 国金证券表示，美联储9月17日宣布年内首次降息，降低生物科技企业的融资成本，鼓励其加大研发投 入，推动新药研发管线，为CXO企业带来更多订单。具备全球竞争力，获取订单能力强的头部CXO企 业或具备投资机会。 ...

Core Viewpoint - The Chinese innovative drug industry is gradually catching up with Europe and the United States in terms of technology, with some targets and technical pathways already leading globally. The number and value of new drugs authorized for overseas markets continue to increase, leading to world-class pricing and non-linear investment elasticity. The domestic market is experiencing strong demand, resulting in sustained high growth in sales of domestic new drugs, with several innovative pharmaceutical companies turning losses into profits and entering a stable growth phase [2]. Pharmaceutical Industry Overview - Innovative Drugs: The industry is witnessing a significant increase in the sales of domestic new drugs driven by strong demand, with several companies achieving profitability [2]. - Medical Devices: The high-value consumables sector is seeing mild price reductions, with ongoing domestic substitution and accelerated overseas business progress. The collection and procurement in neurosurgery and neurointervention fields are stabilizing, and new products are expected to drive growth [2]. - Blood Products: The market share is increasingly concentrated among state-owned enterprises, leading to a clearer competitive landscape. Demand is expected to upgrade towards new products, enhancing industry prosperity [3]. - API (Active Pharmaceutical Ingredients): The end of the capital expenditure peak, combined with three growth drivers, indicates a clear upward turning point for the industry, with leading companies expected to see significant revenue and profit growth [3]. - CXO (Contract Research Organization): The CDMO sector is stabilizing in core business profitability while emerging fields like peptides and ADCs are rapidly growing, enhancing corporate profitability [3]. - Traditional Chinese Medicine and Retail: The hospital sector is recovering, while the retail sector is expected to gradually improve in performance as inventory is digested [3]. Research and Development Trends - The domestic innovative drug business development (BD) is heating up, likely boosting downstream demand recovery. Domestic companies are improving their technology, products, and services, establishing brand effects, and benefiting from the ongoing tariff war with the U.S. [4]. - The research service sector is expected to see improved financial indicators for leading companies due to supply-demand improvements and an upward cycle [4]. Investment Strategy and Market Dynamics - The pharmaceutical industry has published a total of 260 research reports since October 1 of last year, indicating a robust analytical framework and ongoing market engagement [5]. - The medical device sector is expected to see a recovery in performance in the second half of 2025, with ongoing upgrades in product offerings and expansion into overseas markets [2][3]. Summary of Reports and Meetings - The company has conducted numerous offline strategy meetings and expert discussions, indicating active engagement with industry stakeholders and investors [15].

Core Viewpoint - Haijia Medical (6078.HK) experienced a significant increase in stock price, rising by 11.92% to HKD 15.4, recovering losses from earlier in the month, with a market capitalization of HKD 9.5 billion [1] Company Summary - The founder, controlling shareholder, and CEO, Zhu Yiwen, purchased 1.6648 million shares at an average price of HKD 13.8284 on September 18, investing approximately HKD 23.0215 million. His ownership stake increased from 46.01% to 46.28% [1] - Zhu Yiwen has never sold any shares since the company's listing and has made 22 purchases in the secondary market, indicating strong confidence in the company's long-term development [1] Industry Summary - According to Zhongtai International, leading companies in the innovative drug sector are expected to show strong performance in the first half of 2025, with increasing orders for leading CXO companies. The demand for innovative drugs in oncology, metabolism, and autoimmune fields is anticipated to grow steadily [1] - The introduction of commercial insurance innovative drug catalogs is expected to benefit the sales of high-priced innovative drugs, and the rising demand for innovative drug research and development will improve the operating environment for leading CXO companies [1]

生物医药ETF（159859）紧密跟踪生物医药指数。国证生物医药指数以A股市场属于生物医药产业相关 上市公司为样本空间，根据市值规模和流动性的综合排名，选出前30只股票作为指数样本股（数量不足 时则按实际数量选入），反映了生物医药行业的整体运行情况，向市场提供了细分行业的指数化投资标 的。该ETF还配备了联接基金（A：011040，C：011041）。 9月19日午后，医药板块震荡回调。相关ETF方面，创新药ETF天弘（517380）截至发稿跌2.39%，成交 额超5400万元，换手率超4%，盘中溢折率0.33%；成分股方面，仅新和成、科兴制药飘红，信达生物、 荣昌生物等个股领跌。生物医药ETF（159859）跌1.77%，成交额午后突破1亿元；成分股方面，华熙 生物小幅飘红，爱美客、特宝生物等下跌。 值得关注的是，近期创新药ETF天弘（517380）持续"吸金"。据Wind，创新药ETF天弘（517380）近9 个交易日（9月8日—18日）已连续获资金净流入，累计"吸金"2.7亿元。拉长时间来看，截至9月18日， 创新药ETF天弘（517380）年内新增份额率超258%；最新流通规模、流通份额均再创历史新高 ...