Group 1 - The pharmaceutical and biotechnology industry is experiencing rapid development supported by policies, with the innovative drug sector entering a commercialization phase [1] - In 2024, many companies are expected to significantly reduce losses, with high research and development enthusiasm for dual/multi-antibody drugs, ADCs, and gene therapies [1] - The medical device sector is seeing structural differentiation, with significant growth in bidding for medical devices expected in Q1 2025, particularly in medical imaging equipment, which is projected to grow over 85% [1] Group 2 - Policy documents such as "Opinions on Deepening the Reform of Drug and Medical Device Regulation to Promote High-Quality Development of the Pharmaceutical Industry" have been released, optimizing review and approval processes to support innovation [1] - The brain-computer interface and other new technologies are becoming important growth drivers, with national and local policies promoting their standardized development [1] - The traditional Chinese medicine sector is revitalizing through digital transformation, with new business models emerging under the "Traditional Chinese Medicine +" concept, and the potential for health consumption continues to be released [1] Group 3 - The industry as a whole benefits from an aging population, increased health awareness among residents, and policy dividends, although attention should be paid to risks such as centralized procurement price reductions and international competition [1] - The ChiNext Medical ETF tracks the ChiNext Medical Index, which is compiled by China Securities Index Co., Ltd., selecting listed companies in the biopharmaceutical, medical device, and medical service sectors from the ChiNext market to reflect the overall performance of high-growth, innovative enterprises [1]

[Table_Main] 行业研究|医疗保健 证券研究报告 本周神州细胞、浩欧博和华人健康等表现较好 涨幅排名前十的个股分别为：神州细胞（+30.45%）、浩欧博 （+27.08%）、华人健康（+26.00%）、华强科技（+22.94%）、迈威生 物（+17.44%）、南模生物（+16.51%）、锦好医疗（+16.05%）、百普 赛斯（+15.79%）、塞力医疗（+14.49%）、贵州百灵（+12.80%）。 跌幅排名前十的个股分别为：易明医药（-21.91%）、福元医药（- 11.50%）、博瑞医药（-9.36%）、悦康药业（-7.74%）、*ST 赛隆（- 6.87%）、众生药业（-6.04%）、常山药业（-5.93%）、科兴制药（-5.77%）、 圣诺生物（-5.12%）、赛升药业（-4.73%）。 医疗保健行业周报 2025 年 07 月 01 日 [Table_Title] 《2025 年基本医保目录及商保创新药目录调 整申报操作指南》出炉，继续看好创新药 ——医药生物行业周报（2025.6.23-2025.6.27） [Table_Summary] 报告要点： 医药板块本周跑输沪深 300 指数 ...

作 者丨李佳英 全流程追溯时代来临 自7月1日起，全国定点医药机构在销售医保药品时，必须完整记录药品从购进到使用的全流 程信息，严格执行"应采尽采、依码结算、依码支付 " 的操作标准。 编 辑丨季媛媛 7月1日起，医保定点医药机构在销售药品时， 必须按要求扫药品追溯码后方可进行医保基金 结算。 药品追溯码是每盒药的"电子身份证" ，若同一码被多次扫码销售，可能存在假药、回流药等 问题。根据国家医保局等四部门印发《关于加强药品追溯码在医疗保障和工伤保险领域采集 应用的通知》，7月1日后，无码药品将暂入"无码库"，仍可医保结算；但2026年1月1日起， 所有医药机构必须全量上传追溯码， 无码药品医保不再报销。 国家医保局提示消费者， 若扫码"查询到有2次及以上的销售信息"，则说明此药品此前已被出 售过，极有可能为回流药、串换药或假药 ，消费者可举报并向售出机构索赔。 在实地走访多家连锁药房时，21世纪经济报道记者了解到 ，现行监管措施主要针对的是恶意 套取医保基金等违法行为。 亦有药师表示："主要是监管药店，店里随时都要监管。大企业都 会使用追溯系统，偏远地区或小药店违规成本高。（消费者）只要在正规药店凭处方合规 ...

6月30日，成都先导药物开发股份有限公司（以下简称"成都先导"）宣布，因未能就交易事项的核心条 款达成一致意见，公司终止收购南京海纳医药科技股份有限公司（下称"海纳医药"）。成都先导表示， 本次终止筹划重大资产重组事项不会对公司业务开展、生产经营活动和财务状况造成不利影响，亦不存 在损害公司及股东特别是中小股东利益的情形。本次合作虽未达成最终目标，公司亦期待与海纳医药未 来在业务领域探索新的合作机会。 截至6月30日收盘，成都先导报16.08元/股，跌幅0.99%，总市值64.43亿元。 海纳医药IPO失败 今年4月1日，成都先导宣布，与海纳医药及其控股股东、实际控制人邹巧根签署了《股权收购意向 书》，拟以现金方式受让股权的方式合计取得海纳医药约65%的股权。彼时，成都先导表示，交易尚处 于筹划阶段，交易相关事项尚需进一步论证协商，公司尚未就该事项的具体方案、最终股权比例、交易 价格等与交易对方达成一致意见，本次交易各方最终能否就本次交易达成一致意见并签署相关协议存在 重大不确定性。 海纳医药是一家聚焦改良型创新药和高端仿制药的一体化全流程医药研发企业，主要业务可分为医药研 发服务、自持品种销售两大类，形成了 ...

21世纪经济报道记者 李佳英 广州报道 7月1日起，医保定点医药机构在销售药品时，必须按要求扫药品追溯码后方可进行医保基金结算。 药品追溯码是每盒药的"电子身份证"，若同一码被多次扫码销售，可能存在假药、回流药等问题。根据 国家医保局等四部门印发《关于加强药品追溯码在医疗保障和工伤保险领域采集应用的通知》，7月1日 后，无码药品将暂入"无码库"，仍可医保结算；但2026年1月1日起，所有医药机构必须全量上传追溯 码，无码药品医保不再报销。 国家医保局提示消费者，若扫码"查询到有2次及以上的销售信息"，则说明此药品此前已被出售过，极 有可能为回流药、串换药或假药，消费者可举报并向售出机构索赔。 全流程追溯时代来临 自7月1日起，全国定点医药机构在销售医保药品时，必须完整记录药品从购进到使用的全流程信息，严 格执行"应采尽采、依码结算、依码支付"的操作标准。 药品追溯码即将全面重塑我国医保药品管理生态。国家医保局近日动态显示，药品追溯码采集和应用将 成为2025年医保基金管理专项整治的核心任务。 早在2025年3月，国家医保局联合四部门就已印发《关于加强药品追溯码在医疗保障和工伤保险领域采 集应用的通知》，明确要 ...

（原标题：创投圈盛会来袭，四大看点不容错过！就在这个七月，相聚深圳光明科学城！） 7月的骄阳倾洒大地，一场创投行业盛会蓄势待发。在经济发展深度变革、科技创新浪潮汹涌之下，第十三届创业投资大会暨全国创投协会联盟走 进光明科学城活动将以磅礴之势拉开帷幕。 这一年来，创业投资领域迎来前所未有的政策利好与发展机遇。从顶层设计看，"创投十七条"等重磅政策相继出台，以制度创新明确了国家以创 投驱动科技创新的战略导向；在资金端，银行AIC、保险资金、社保基金等长线资本，借政策春风加速入场；科创债发行试点、国家创业投资引 导基金即将设立等举措，显著提振了行业募资信心。同时，国办一号文精准发力，通过优化政府投资基金出资规则、构建容亏容错机制，有效化 解募资与投资的结构性矛盾，推动行业向市场化、专业化方向回归；在退出机制层面，股票发行上市制度改革、并购重组规则优化、差异化监管 体系完善，叠加港股IPO市场的持续火爆，增强了行业对项目退出的信心预期。这一切举措，为创投募、投、退营造出良好的循环生态。 当创投行业的全新曙光破晓而至，如何坚守初心、提振信心、焕新动能？7月25日，第十三届创业投资论坛盛大启幕。届时，创投领域的企业先 锋 ...

Core Viewpoint - Shanghai Meixin Health Technology Group Co., Ltd. has submitted its prospectus for an IPO in Hong Kong, aiming to leverage its position as a leading multi-payment platform in the pharmaceutical sector [1] Company Summary - Established in 2017, Meixin Health is recognized as a prominent multi-payment platform in China, focusing on pharmaceutical and insurance solutions [1] - The company has developed two major solutions: "Smart Medicine" and "Smart Insurance," catering to pharmaceutical companies and insurance firms respectively [1] - By 2024, Meixin Health is projected to be the largest provider of innovative pharmaceutical solutions and health insurance solutions in China, with approximately 393 million serviced policies and partnerships with over 140 pharmaceutical companies and 90 insurance firms [1] Financial Performance - Revenue figures for Meixin Health from 2022 to 2024 are projected to be 1.069 billion yuan, 1.255 billion yuan, and 2.035 billion yuan respectively, indicating significant growth [1] - Gross profit for the same period is expected to be 332 million yuan, 461 million yuan, and 729 million yuan, showing a clear upward trend [1] - The company is currently operating at a loss, but adjusted net losses are expected to decrease from 447 million yuan in 2022 to 290 million yuan in 2023, and further to 80 million yuan in 2024, indicating improving operational efficiency [1] Industry Outlook - The innovative pharmaceutical market in China is forecasted to grow from 162 billion yuan in 2024 to 410.2 billion yuan by 2030, with a compound annual growth rate (CAGR) of 16.7% [1] - The commercial health insurance market is anticipated to expand from 977.3 billion yuan to 2.36 trillion yuan, with a CAGR of 15.8% [1] Strategic Initiatives - Meixin Health plans to enhance its market position through deepened collaborations and the development of its payment platform [1] - The net proceeds from the IPO will be allocated towards service upgrades, platform development, and infrastructure strengthening [1] Market Context - The IPO of Meixin Health is part of a broader trend of insurance service companies going public, with seven related companies either listed or awaiting listing this year [1] - The recovery in market valuations is also a contributing factor to the company's decision to go public, as evidenced by the significant stock price increase of Zhongmiao Holdings after its IPO [1]

今年5月，中央政治局会议明确"持续稳定和活跃资本市场"目标，释放出重大政策信号。随即，三大 金融管理部门迅速响应，打出一系列精准施策"组合拳"，标志着资本市场改革迈向更深层次。 在刘健看来，资本市场作为经济运行的晴雨表，在金融体系和宏观经济运行中具有牵一发而动全身的 作用。作为我国企业投融资和居民财富管理的重要平台，资本市场稳定运行不仅是提升居民财产性收入、 改善社会预期的关键抓手，更是经济健康发展的直接体现。 近年来，国家层面高度重视资本市场，资本市场的稳定运行成为金融调控的重要目标之一。党的二十 届三中全会决定提出，"健全投资和融资相协调的资本市场功能，防风险、强监管，促进资本市场健康稳 定发展"。2024年7月以来，中央政治局会议多次提及资本市场，围绕维护资本市场稳定和提振资本市场 活力进行系统部署。中国人民银行、金融监管总局、中国证监会等部门持续推出增量政策，在推动资本市 场稳健发展上逐步形成政策集成合力。今年二季度，面对外部因素冲击，5月7日多部门又及时推出一揽子 政策，全力巩固市场回稳向好势头。 从基本面来看，刘健认为，上市公司质量的提升为资本市场走稳走强提供坚实基础。上市公司是资本 市场之基，2 ...

Core Insights - Tonghua Dongbao and Dongfulong have signed a strategic cooperation agreement to collaborate on product development, equipment innovation, process optimization, and commercial cooperation in the diabetes treatment sector [1][2][3] Company Overview - Tonghua Dongbao specializes in diabetes treatment and has a comprehensive product pipeline, including human insulin, glargine insulin, aspart insulin, liraglutide injection, and related medical devices [1] - The company is advancing innovative drugs in other endocrine areas such as weight loss and gout/hyperuricemia, with ongoing research on ultra-rapid insulin, semaglutide, GLP-1/GIP dual receptor agonists, small molecule GLP-1 receptor agonists, URAT1 inhibitors, and XO/URAT1 dual-target inhibitors [1] Strategic Development - The company emphasizes a dual strategy of "independent research and development + external cooperation" to enhance research efficiency and expand its business scope [2] - Tonghua Dongbao's chairman highlighted the commitment to innovation and patient needs, with increased investment in R&D for insulin analogs and GLP-1 receptor agonists [2] Industry Collaboration - Dongfulong provides comprehensive solutions for pharmaceutical companies, with four core divisions and multiple subsidiaries, focusing on drug manufacturing science and equipment [2] - The collaboration between Tonghua Dongbao and Dongfulong aims to integrate resources to advance technology and industry development in diabetes treatment, enhancing the competitiveness of China's pharmaceutical industry [3]

Core Viewpoint - Nanjing Pharmaceutical has experienced significant growth since its listing in 1996, with its market capitalization increasing from 586 million yuan to 6.623 billion yuan, reflecting the development of the pharmaceutical distribution industry, although recent years show a slowdown in growth momentum [1][3]. Business Overview - The main business of Nanjing Pharmaceutical includes the sale of pharmaceutical products, with wholesale accounting for the highest revenue share at 94.72%, followed by retail at 4.53% [3]. - Since its listing, the company has achieved a cumulative net profit growth of 1788.12%, from 30 million yuan in 1996 to 571 million yuan in 2024, with 17 years of profit growth out of 29 years [3][4]. Financial Performance - Revenue has shown steady growth, increasing from 39.817 billion yuan in 2020 to 53.696 billion yuan in 2024, although the growth rate has been gradually slowing [4]. - The net profit attributable to shareholders rose from 37.6 million yuan in 2020 to 571 million yuan in 2024, with a slight decline in the last two years indicating increased competitive pressure in the industry [4]. Market Capitalization - Since its listing, Nanjing Pharmaceutical's market capitalization has increased by 10.30 times, demonstrating long-term investment value. However, it has decreased from a peak of 18.397 billion yuan in June 2015 to 6.623 billion yuan, representing a market value loss of 11.774 billion yuan or 64% [6].