以下文章来源于我画你财 ，作者我画你财 我画你财 . 告别枯燥理论，看图学习理财。 司美所在的创新药行业，这两年大家在投资的时候一定常常听到。 但这个行业涉及太多医学专业领域认知，可能不少人还是一头雾水。 到底 创新药是个什么东东 呢 ？这篇 帮 你快速了解！ 首先，先明确一个概念：创新药≠刚上市的新药，而是从 0 到 1 治之前治不了的病。 那是说创新药专门治疗大病、罕见病吗？ ↑点击上面图片 加雪球核心交流群 ↑ 最近要是某个明星瘦了，大家的第一反应都是： 司美格鲁肽，8年前由一个丹麦药企推出，最初是专门帮糖尿病患者控制血糖的。 2023年被马斯克意外带火，成了全网热议的 "减肥神药"。 大部分是，因为常见病已经有便宜的传统药了，没必要再去研究，特定疾病尤其是那些不好治的 疑难杂症，才是创新药的主要攻克对象。 更特别的是，创新药是精准找到病因——靶点，然后对靶点进行治疗；传统药则不锁定靶点，直 接缓解症状。 还是司美举例，我们看看它在2型糖尿病人身体里是怎么工作的，明白创新药的厉害。 2型糖尿病形成的主要原因是GLP-1激素异常。 传统药的解法是：直接对多余血糖下手。 比如通过吃药的方式，来减少葡萄糖生成 ...

Core Viewpoint - The article highlights the contrasting performance and business strategies of two A-share pharmaceutical companies, Shuyou Shen (舒泰神) and Zhaoyan New Drug (昭衍新药), both led by the same entrepreneurial couple, Feng Yuxia and Zhou Zhiwen. While Shuyou Shen focuses on innovative drug development and is currently facing losses, Zhaoyan New Drug, which provides CRO services, has shown consistent profitability but is experiencing market fluctuations related to its key resource, experimental monkeys [1][2][3]. Company Performance - Shuyou Shen's stock price surged over 700% from May to August, making it a standout in the pharmaceutical sector, while Zhaoyan New Drug's stock price doubled within the same timeframe [2]. - As of September 26, Shuyou Shen's stock was priced at 33.87 CNY, reflecting a year-to-date increase of 357.09%, while Zhaoyan New Drug's stock was at 36.93 CNY, with a 115.7% increase [3]. - Both companies have seen a decline in stock prices from their peak, with Shuyou Shen experiencing a 39.03% drop from August 19 to September 26, and Zhaoyan New Drug seeing a 12.49% decrease from September 17 to 26 [4]. Financial Results - Shuyou Shen reported a revenue of approximately 126 million CNY for the first half of the year, a 31.14% decrease year-on-year, and a net loss of 25 million CNY, down 619.7% [6]. - In contrast, Zhaoyan New Drug achieved a revenue of about 669 million CNY, a 21.28% decline, but turned a profit with a net income of 61 million CNY, marking a recovery from previous losses [7]. Market Dynamics - Zhaoyan New Drug's performance is closely tied to the market price of experimental monkeys, which are essential for drug research. The company benefits from stable supply and demand, which helps maintain monkey prices [8]. - The company has indicated that new orders are increasing, providing a positive outlook for future revenue and profit recovery, despite current challenges [7]. Future Outlook - Shuyou Shen's future growth hinges on the successful commercialization of its innovative drug STSP-0601 for hemophilia, which has been prioritized for review, creating significant market expectations [9]. - Zhaoyan New Drug faces long-term challenges from potential technological advancements that could reduce reliance on live animals for research, although it is currently investing in alternative research methods [10]. Related Transactions - There are ongoing collaborations between Shuyou Shen and Zhaoyan New Drug, with projected service fees of approximately 45.29 million CNY for 2025, reflecting a significant increase from 26.19 million CNY in 2024 [11]. - However, past transactions have raised regulatory concerns due to breaches of commitments regarding related party transactions, leading to administrative measures against Shuyou Shen and its chairman [12].

去年9月24日以来，A股大幅上涨。"9·24"前夕精准成立的基金亦收获不俗。 不过，前述低位成立的基金中，并未诞生年内频现的"翻倍基"，甚至平均涨幅落后于同期沪深股指。从布局情 况来看，这些产品多数重仓了表现一般的红利板块，且因成立于清淡市场，未能及时满仓从而错过随即而来的 迅猛行情。 近一年来，A股投资逻辑正悄然生变，以创新药和人工智能为主力的数个板块轮番上演异动行情，多只基金借 行情东风净值表现优异。 若将时间推至去年"9·24"前两个月，彼时沪指尚在3000点以下徘徊，权益产品新基金发行也陷入冰点——2024 年7月和8月股票型基金成立份额均为50多亿份，而这一数值在今年同期分别为355亿份和472亿份，行情的清淡 无疑对新基发行影响深远。 | 证券代码 | 证券简称 | 基金成立日 | 成立以来回报 | | --- | --- | --- | --- | | | | | (%) | | 020755.OF | 永赢融安A | 2024/8/23 | 89.09 | | 021981.OF | 安联中国精选A | 2024/9/3 | 74.96 | | 020966.OF | 东吴科技创新A | 20 ...

Core Viewpoint - The article discusses the significant performance of various sectors in the A-share market since the "policy combination punch" ignited the market on September 24, 2024, highlighting the structural bull market and the impressive returns of specific funds and sectors [3][4][10]. Group 1: Market Performance - The North Exchange 50 Index has surged over 150% since the September 24 market initiation, becoming a focal point for investors due to its high volatility and small-cap stocks [3][4]. - The top 10 funds related to the North Exchange 50 Index have all achieved returns exceeding 130%, with two funds surpassing 170% [4][5]. Group 2: Semiconductor Sector - The global semiconductor sales reached $53.1 billion in August 2024, marking a 20.6% year-on-year increase, while China's semiconductor sales hit $16.6 billion, up 27.5% [6]. - Funds focusing on the semiconductor sector have shown remarkable performance, with the top fund, 嘉实绿色主题股票A, achieving a return of 151.92% since September 24 [6][7]. Group 3: Robotics Sector - The humanoid robot sector is gaining traction, with the 中航趋势领航混合C fund achieving a return of 188.30% since September 24, driven by heightened market interest [8][9]. - The humanoid robot industry is expected to enter mass production by 2025, indicating significant growth potential [8]. Group 4: Innovative Pharmaceuticals - The innovative pharmaceutical sector is experiencing a revival after three years of adjustment, with the 中银医疗保健混合A fund returning 110.40% since September 24 [10]. - The internationalization of China's innovative pharmaceutical industry is accelerating, with a surge in cooperative development agreements with multinational pharmaceutical companies [10]. Group 5: Military Industry - The military sector is gaining attention, with the 中航军民融合精选A fund returning 97.40% since September 24, supported by favorable policies and technological advancements [14][15]. - Historical trends suggest that military stocks often rise in anticipation of major military parades, indicating potential for future growth [14].

Core Viewpoint - The article discusses the recent recovery of public funds in China, highlighting the significant increase in fund performance and the shift of investor sentiment towards equity markets as a result of favorable market conditions [4][5][6]. Fund Performance - As of July, the net asset value of public funds reached 35.08 trillion yuan, an increase of 2.25 trillion yuan from the previous year [5]. - This year, 98% of funds have made profits, with only 137 out of 7,451 stock funds reporting losses, which is less than 2% [6]. - A total of 2,582 funds have achieved returns exceeding 30%, accounting for 35% of the total [6]. Sector Analysis - The coal and energy sectors have recorded losses this year, while sectors such as innovative pharmaceuticals, telecommunications, non-ferrous metals, and information technology have significantly outperformed the market, with returns exceeding 40% [7]. - The best-performing funds this year are primarily focused on the pharmaceutical sector, with several funds achieving returns over 100% [7]. Historical Context - The article notes that many investors who entered the market during the 2020-2021 fund boom are now seeing their investments recover after a challenging period from 2022 to mid-2024, where many funds experienced losses [8][9]. - The previous fund boom saw over 5 trillion yuan in new fund issuance, but the market faced turbulence starting in 2022, leading to significant losses in the following years [8][9]. Star Fund Managers - Star fund managers like Zhang Kun and Guo Lan have seen their funds struggle in the current market, particularly in the pharmaceutical sector, which has faced downturns [10][11]. - Despite recent recoveries, some funds managed by these star managers still show significant losses over the past three years [11][12]. Investor Behavior - Many investors are now questioning whether to cash out after recovering their investments, leading to a paradox where fund companies may earn more management fees when funds are losing money [17]. - The trend of "money moving" from bank deposits to public funds is beginning, driven by declining deposit rates and a recovering stock market [18][20]. Market Outlook - Analysts predict that the issuance of new funds will increase in the second half of the year, potentially enhancing market activity [19]. - The current market is characterized by structural trends rather than broad policy-driven rallies, with a shift in investor focus towards high-risk, high-reward sectors like technology and artificial intelligence [20].

Group 1 - The investment ecosystem of the Sci-Tech Innovation Board (STAR Market) is gradually improving, with the number of STAR Market ETFs exceeding 100 after five years of development [1][2] - The STAR Market ETF product system is becoming more diversified, including broad-based, industry-specific, and thematic ETFs, such as those focused on artificial intelligence, semiconductors, and biomedicine [2][4] - The total scale of STAR Market ETFs reached 294.12 billion yuan, with four ETFs exceeding 10 billion yuan in size, indicating significant growth in the market [3] Group 2 - Public funds are increasingly focusing on STAR Market ETFs, with major fund companies establishing comprehensive product matrices, such as Penghua Fund with 10 STAR Market ETFs [4] - The number of STAR Market off-exchange index funds has also surged, reaching 124, with new funds being launched frequently [4] - The allocation of STAR Market stocks by actively managed equity funds has reached a historical high of 15.36%, reflecting growing interest from institutional investors [4] Group 3 - The STAR Market has been recognized as a successful experiment in capital market reform, with continuous improvements in its index system and the introduction of new policies to support growth [5][6] - The strong performance of the STAR Market is attributed to the acceleration of China's economic transformation and technological innovation, with sectors like AI, semiconductors, and innovative pharmaceuticals driving profitability expectations [6]

Core Viewpoint - Ansh Biotechnology Co., Ltd. has received acceptance for its IPO on the Sci-Tech Innovation Board, aiming to raise 2.45 billion yuan for its innovative biopharmaceuticals focused on unmet clinical needs in oncology [1] Company Overview - Ansh Biotechnology is an innovative biopharmaceutical company that has entered the commercialization stage, focusing on high-quality innovative anti-tumor drugs to improve patients' quality of life [1] - The company has chosen to apply for listing under the criteria specified in Article 2.1.2 (5) of the Sci-Tech Innovation Board listing rules [1] Financial Performance - The financial data for Ansh Biotechnology shows the following projected revenues and net profits: - 2022: Revenue of approximately 0 million yuan, net profit of approximately -163.68 million yuan - 2023: Revenue of approximately 12.96 million yuan, net profit of approximately -282.72 million yuan - 2024: Revenue of approximately 71.66 million yuan, net profit of approximately -478.71 million yuan - Q1 2025: Revenue of approximately 64.04 million yuan, net profit of approximately -9.17 million yuan [1] Product Development - As of the date of the prospectus, Ansh Biotechnology's main product, Wanbi Rui (Bertinib), has received approval for three indications in China, while another product, Andai Aitini, has successfully submitted a new drug application and has been granted priority review status [1]

Core Viewpoint - 博瑞医药 plans to repurchase shares through centralized bidding, with a total amount between 10 million and 20 million yuan, and a maximum repurchase price of 139.77 yuan per share, which is 140.73% higher than the current price of 58.06 yuan, reflecting a significant increase in stock price of 92.57% year-to-date [1] Group 1: Share Repurchase Details - The repurchase will be funded by the company's own funds and is set to occur within 12 months [1] - The current stock price of 博瑞医药 is 58.06 yuan, with a year-to-date increase of 92.57% [1] - The maximum repurchase price is significantly higher than the current market price, indicating a strong confidence in the company's value [1] Group 2: Financial Performance - As of June 30, 博瑞医药 reported a decrease in revenue to 537 million yuan, down 18.28% year-on-year, and a net profit of 17.17 million yuan, down 83.85% year-on-year [2] - The number of shareholders decreased by 10.11% to 9,568, while the average circulating shares per person increased by 11.32% to 44,185 shares [2] Group 3: Dividend and Shareholder Information - 博瑞医药 has distributed a total of 246 million yuan in dividends since its A-share listing, with 129 million yuan distributed in the last three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited and a new entrant, Innovation Drug, which holds 2.81 million shares [3]

由科创板中市值中等且流动性较好的100只股票组成,聚 焦中小科创企业,电子、医药生物、计算机、电力设备 行业合计占比超80%,其中电子、医药生物行业占比较高 1 上证科创板综合指数 由科创板全市场证券组成,全面覆盖大、中、小盘风格, 聚焦人工智能、半导体、新能源、创新药等核心前沿产 业,覆盖科创板上市的全部17个一级行业,兼具高成长 性与风险分散特征 本周，半导体板块领涨市场，存储芯片、光刻胶、先进封装等板块集体走强，指数方面，科创板50指数 上涨6.5%，科创综指上涨3.0%，科创成长指数上涨1.3%，科创100指数上涨0.9%。以上指数中，科创板 50指数的半导体行业权重最高，超过65%，科创板50ETF（588080）最新规模超750亿元，在科创板全 部ETF中位居第一。 | | 上证科创板50 | 上证科创板100 | 上证科创板 | 上证科创板成长 | | --- | --- | --- | --- | --- | | | 成份指数 | 指数 | 综合指数 | 指数 | | 本周涨跌幅 | 6.5% | 0.9% | 3.0% | 1. 3% | | 指数滚动 市盈率 | 190. 3倍 | 286 ...

CMS-D002是小分子促性腺激素释放激素(GnRH)受体拮抗剂。GnRH是由下丘脑神经内分泌细胞合成的 十肽激素，是调控生殖系统激素释放的重要因子。CMS-D002与内源性GnRH竞争性结合垂体上的GnRH 受体，在中枢神经水平阻断垂体性腺轴，减少内源性促卵泡刺激素(FSH)和促黄体生成素(LH)的释放， 从而抑制下游雌激素、黄体酮和睾酮的分泌，缓解性激素相关疾病的进展。CMS-D002在临床前研究中 表现出优异的有效性和安全性。此前，CMS-D002已于2024年2月6日，获得NMPA签发的药物临床试验 批准通知书，集团正在稳步推进子宫内膜异位症的I期临床研究。近日，CMS-D002再次获得NMPA批准 临床试验，适应症范围新增子宫肌瘤适应症。除子宫内膜异位症及子宫肌瘤外，CMS-D002未来可开发 用于治疗前列腺癌等疾病。 CMS-D002将进一步丰富集团产品矩阵，为中国患者提供差异化用药选择，满足兼具良好疗效、安全性 与良好患者依从性药物的临床需求，使患者受益。CMS-D002将有效增强本集团在妇科治疗领域的实 力，依托现有专家网络与市场资源，提升该领域的竞争力与市场地位。 格隆汇9月26日丨康哲药业 ...