Core Viewpoint - The pharmaceutical sector experienced a strong rally on the 26th, particularly in innovative drugs and vaccine concepts, with several companies seeing significant stock price increases [1] Industry Summary - Recent advancements in the small nucleic acid drug field have garnered significant attention from both the industry and investors, marking a transition from concept validation to the brink of industrial rise [1] - Since 2025, breakthroughs in delivery technology are expected to expand indications from the liver to cardiovascular and CNS areas, coupled with the commercialization of major products and substantial mergers by multinational pharmaceutical giants, indicating a golden development period driven by "technological breakthroughs + commercial realization" [1] - According to Everbright Securities, domestic pharmaceutical companies are accelerating their R&D progress, with many entering clinical research phases since 2025. The focus should be on leading innovative drug companies with advanced technology platforms and differentiated pipelines, as well as innovative industry chain companies likely to benefit from the overall industry upturn [1] - The investment approach in the pharmaceutical sector should increasingly emphasize the clinical value logic, addressing clinical needs of patients and doctors, influenced by domestic medical insurance policies and global expansion strategies, which are assigning higher premiums to clinical value [1] - From the perspective of clinical value, the innovative drug industry chain and innovative medical devices are viewed positively [1]

Group 1 - The pharmaceutical and biotechnology sector achieved a revenue of 1,825.74 billion yuan in the first three quarters of 2025, a year-on-year decrease of 1.97%, with a net profit attributable to the parent company of 139.66 billion yuan, down 1.59% year-on-year [1] - In Q3 2025, the sector's revenue was 598.54 billion yuan, showing a year-on-year increase of 0.78%, while net profit reached 40.51 billion yuan, up 7.67% year-on-year, with an overall gross margin of 31.4%, down 1.4 percentage points year-on-year [1] - The performance within sub-sectors varied, with the medical device and medical services sectors showing strong revenue growth; the medical device sub-sector saw a Q3 revenue increase of 10.65% year-on-year, driven by a recovery in domestic bidding [1] Group 2 - The CXO sub-sector in medical services reported a Q3 revenue increase of 10.93% year-on-year and a net profit increase of 47.90%, supported by growth in external demand and signs of a turning point in domestic demand [1] - The chemical preparation sub-sector experienced a Q3 net profit increase of 5.05%, primarily benefiting from the commercialization of innovative drugs and upfront payments from BD transactions [1] - Investment focus in the pharmaceutical sector should shift towards clinical value, with optimism surrounding the innovative drug industry chain and high-end product upgrades in innovative medical devices, as the sector's valuation is in a recovery phase [1] Group 3 - The Guotai Innovation Drug ETF (589720) tracks the Innovation Drug Index (950161), which has a daily fluctuation limit of 20%, selecting stocks from the biopharmaceutical and chemical pharmaceutical sectors that exhibit innovation capabilities and high growth potential [2] - The index reflects the overall performance of listed companies related to new drug development driven by technological innovation [2]

Core Viewpoint - The company has introduced a new innovative medical device, the mesh stent, which is expected to begin market sales in the second half of 2025, with positive initial sales performance reported [1] Group 1: Product Launch and Market Expectations - The mesh stent received its registration certificate this year, indicating it is a newly developed product by the company [1] - The company anticipates that 2026 will be a market education and introduction period, with low sales expected during this time [1] - Investors are encouraged to expect a significant increase in sales starting in 2027 [1]

Core Viewpoint - The company is enhancing its strategic investment in emerging industries such as innovative medical devices and medical artificial intelligence through the establishment of an industrial investment fund [1] Group 1: Investment Details - The company’s subsidiary, Beijing Jiuzhou Zhongchuang Technology Incubator Co., Ltd., has committed to invest 10 million yuan as a limited partner in the Wuhan Chuchang Tongda Industrial Investment Fund Partnership, accounting for 7.14% of the total subscribed capital of the fund [1] - The fund has completed the registration process with the Asset Management Association of China and has obtained the Private Investment Fund Registration Certificate as of November 10, 2025 [1]

Core Viewpoint - The A+H pharmaceutical assets have shown a significant rebound, with major ETFs in the sector experiencing gains of over 1% on November 10, indicating a positive market sentiment towards the healthcare and pharmaceutical sectors [1][2][4]. Group 1: ETF Performance - The largest medical ETF in A-shares (512170) rose by 1.66%, closing at its intraday high with a trading volume of 504 million yuan, and has seen a net subscription of approximately 480 million yuan over the past week [2][4]. - The only drug ETF (562050) increased by 1.43%, with a trading volume of 12.47 million yuan, successfully surpassing the 5-day and 10-day moving averages [2][4]. - The Hong Kong Stock Connect innovative drug ETF (520880) gained 1.28%, with a trading volume of 351 million yuan, and 33 out of the 37 covered innovative drug companies saw their stocks rise [6][7]. Group 2: Market Dynamics - The A-share pharmaceutical sector is on an upward trend, with significant gains from key stocks such as Ji'an Medical and Aier Eye Hospital, among others [2][4]. - The recent adjustments in the Hong Kong Stock Connect innovative drug ETF were attributed to a decline in sentiment and profit-taking, but the underlying fundamentals remain strong [9]. - Analysts expect investment sentiment in the sector to stabilize with the increase of industry catalysts, including academic conferences and favorable policies [9]. Group 3: Investment Recommendations - Future investments in the pharmaceutical sector should focus on the clinical value and needs of patients, particularly in the innovative drug industry and related sectors [9]. - The Hong Kong Stock Connect innovative drug ETF (520880) is recommended for long-term investment, with a balanced allocation suggested between innovative drugs and underperforming sectors like medical devices and services [9][10]. - The medical ETF (512170) is noted for its significant scale of 25.6 billion yuan, making it the largest in the market, while the drug ETF (562050) is recognized as the only ETF tracking the pharmaceutical index [11].

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [5]. Core Views - The medical device and medical services sectors have shown strong revenue performance, while the chemical preparation sector has experienced year-on-year net profit growth [2][21]. - The pharmaceutical and biotechnology sector achieved a revenue of CNY 1,825.74 billion in the first three quarters of 2025, a year-on-year decrease of 1.97%, with a net profit of CNY 139.66 billion, down 1.59% year-on-year [2][21]. - The report emphasizes the importance of clinical value in investment strategies, suggesting a focus on innovative drug and medical device sectors [3][35]. Summary by Sections Market Review - The pharmaceutical and biotechnology index fell by 2.40%, underperforming the CSI 300 index by 3.22 percentage points, ranking 29th among 31 sub-industries [1][16]. - The Hong Kong Hang Seng Medical Health Index also declined by 2.62%, lagging behind the Hang Seng National Enterprises Index by 3.7 percentage points [1][16]. Financial Performance - In Q3 2025, the pharmaceutical sector reported a revenue of CNY 598.54 billion, a year-on-year increase of 0.78%, and a net profit of CNY 40.51 billion, up 7.67% year-on-year [2][21]. - The gross profit margin for the pharmaceutical sector was 31.4%, down 1.4 percentage points year-on-year [2][21]. Sector Analysis - The medical device sector saw a significant revenue increase of 10.65% in Q3 2025, attributed to a recovery in domestic bidding [22]. - The chemical preparation sector's revenue decreased by 0.82% in Q3 2025, but net profit increased by 5.05%, driven by strong performance from leading innovative drug companies [21][22]. - The CXO (Contract Research Organization) sub-sector showed robust growth, with a revenue increase of 10.93% and a net profit increase of 47.90% in Q3 2025 [22]. Investment Strategy - The report advocates for investments in innovative drug chains and high-end medical devices, highlighting companies such as Innovent Biologics, Eifang Biologics, and Mindray Medical [7][37]. - The report suggests that the pharmaceutical sector's valuation is recovering, with a focus on clinical value driving future investments [35][36].

深圳商报·读创客户端记者 宁可坚 根据招股书，核心医疗是一家致力于提供更全面、更创新、更优质的人工心脏产品的创新医疗器械企 业。 需要注意的是，创新医疗器械的开发周期及产业化发展是一个长周期、高风险、持续投入的过程。 目前，公司拥有1款人工心脏产品处于商业化初期，其他人工心脏产品均处于研发阶段，公司尚未盈利 且存在累计未弥补亏损。 2023年度、2024年度、2025年1-6月，公司各期营业收入分别为1655.03万元、9368.84万元和7047.76万 元，规模尚小。 报告期各期，公司归母净利润分别为-1.78亿元、-1.7亿元、-1.32亿元和-7275.14万元，扣非净利润分别 为-1.22亿元、-1.39亿元、-1.34亿元和-6813.82万元。 此外，报告期内，公司实施股权激励确认股份支付费用分别为8283.75万元、6308.92万元、3490.93万元 和2078.52万元，导致公司累计未弥补亏损增加。 核心医疗明确表示，公司上市后未盈利状态预计持续存在，短期内无法进行利润分配。公司同时提及， 若公司商业化进度不及预期且未盈利状态持续存在，公司上市后可能面临退市风险。 报告期各期，公司经营活 ...

Core Viewpoint - Shenzhen Core Medical Technology Co., Ltd. has had its IPO application accepted by the Shanghai Stock Exchange, marking it as the first innovative medical device company to be accepted under the new listing standards of the Sci-Tech Innovation Board [1] Company Overview - Core Medical specializes in the research, development, production, and sales of high-end medical devices in the field of artificial hearts and is recognized as a national high-tech enterprise [1] - The company has received investments from reputable institutional investors such as Hillhouse Capital and Zhengxin Valley [1] Product Development - Core Medical has innovatively applied "time-sharing zoned dynamic axial full magnetic suspension control technology" and "axial magnetic flux multi-drive motor technology" to the field of artificial hearts [1] - The company has developed 5 implantable and 6 interventional artificial heart products, addressing clinical needs from long-term to short-term support and from left heart to dual heart support, as well as from pediatric to adult support [1] - Several core products have entered China's special review process for innovative medical devices, with the number of products ranked first in the artificial heart field in China [1] Market Position - The Corheart® 6, launched in June 2023, is the smallest and lightest commercialized magnetic suspension implantable artificial heart globally, with a projected market share exceeding 45% in 2024 and cumulative implantations surpassing 1,000 [2] - The DuoCor® 2 is expected to be the world's first integrated magnetic suspension dual heart assist system, designed to address the long-term treatment challenges of "total heart failure" [2] - The interventional artificial heart series CorVad® 4.0/6.0 is currently in the registration approval stage and is anticipated to become the first approved interventional artificial heart product in China [2]

Core Viewpoint - The Shanghai Stock Exchange has accepted the IPO application of Shenzhen Core Medical Technology Co., Ltd., marking it as the first innovative medical device company to be accepted under the newly restarted fifth set of listing standards [1][4]. Group 1: Company Overview - Core Medical is focused on providing artificial heart products and has developed 5 implantable and 6 interventional artificial heart products, with one implantable product already commercialized and two interventional products in the registration approval stage [3]. - The company's first commercialized product, the Corheart6, is the smallest and lightest magnetic levitation implantable artificial heart globally, with the highest cumulative implantation volume and market share in China [3]. Group 2: Financial Status - As of June 30, 2025, Core Medical reported a cumulative undistributed profit of -367 million yuan, indicating it is still in a non-profitable state [4]. - The company aims to raise 1.217 billion yuan through its IPO to support product development, establish an industrialization base for artificial hearts, and enhance its marketing network and digital infrastructure [4]. Group 3: Investment and Market Position - Core Medical has undergone multiple rounds of financing, attracting investments from notable shareholders including Hillhouse Capital, Zhengxin Valley Investment Management, and others [6]. - The acceptance of Core Medical's IPO application under the fifth set of standards exemplifies the Shanghai Stock Exchange's efforts to broaden financing channels for innovative enterprises [5].

科创板第五套标准再现医疗器械企业！ 11月6日，上交所受理了深圳核心医疗科技股份有限公司（以下简称"核心医疗"）的科创板IPO申请，成为科创板第五套上市标准重启后，首家获受理的创新医疗器 械企业。招股说明书显示，核心医疗获多家资深专业机构投资者投资。 认定资深专业机构投资者第二单 核心医疗以第五套标准申报科创板IPO获受理，是上交所落实证监会《关于在科创板设置科创成长层 增强制度包容性适应性的意见》，以市场化改革举措拓宽科创 企业融资渠道的生动例证。 记者了解到，核心医疗是继泰诺麦博后第二家认定资深专业机构投资者的科创板IPO申报企业。 根据上交所发布的《发行上市审核规则适用指引第8号——资深专业机构投资者》，核心医疗认定和披露珠海高瓴私募基金管理有限公司、上海正心谷投资管理有 限公司为其资深专业机构投资者。 第五套标准新增一家创新医疗器械企业 核心医疗是一家致力于提供人工心脏产品的创新医疗器械企业。截至招股说明书签署日，公司已布局 5 款植入式和6款介入式人工心脏产品，其中1款植入式产品已 实现商业化、2款介入式产品处于注册审批阶段、多款人工心脏产品处于临床阶段。 创新医疗器械的开发周期及产业化发展是一个长 ...