7月17日，上证指数收涨0.37%报3516.83点，深证成指涨1.43%，创业板指涨1.75%，北证50涨0.86%，科创50涨0.8%。A股全天成交1.56万亿元，上日成交 1.46万亿元。 创新药ETF国泰(517110)单日涨幅达4.26%，已连续5天上涨，创出年内新高。 上涨驱动因素分析 政策端，国家医保局消息，第十一批国家组织药品集中采购工作日前启动。本次集采坚持"集采非新药、新药不集采"的原则，也就是说临床使用成熟的"老 药"才会纳入集采范围，创新药不会被纳入集采。此前，国家医保局新增商保创新药目录，构建多层次支付体系，有望为创新药提供更充足的经济支撑。 2025年7月，国家医保局、卫健委印发《支持创新药高质量发展的若干措施》，其中提出，增设商业健康保险创新药品目录，首次构建起"基本医保保基本 +商保目录覆盖高值创新药"的双轨支付体系。同时，医保局明确表示，创新药不会被纳入集采范围，从政策层面为药企的创新回报保驾护航。此外，证监 会重启科创板第五套上市标准、药监局压缩临床试验审评周期至30日。至此，融资、注册、支付三位一体的制度合力已然形成。 医保端来看，"三医"协同发展和治理成效显著，医保基金 ...

Core Insights - Meituan Medical Beauty launched the "Safe Beauty" project to enhance transparency and safety in the medical beauty industry, collaborating with the China Association of Plastic Surgery and upstream brands [1][2] - The project has developed an AIoT smart verification hardware system that allows consumers to trace product origins using QR codes, with over 7 million verification services provided across 100 cities by June 2025 [1][2] - The initiative is expanding into emerging markets, with verification demand in non-first-tier cities expected to quadruple by 2025 compared to 2024, indicating a growing trend in the medical beauty sector [2][3] Group 1 - The "Safe Beauty" project aims to provide consumers with a transparent and secure medical beauty experience through product traceability and verification [1][2] - Meituan Medical Beauty has upgraded its AIoT smart verification system, introducing portable versions and dynamic data monitoring screens to enhance product tracking [1][3] - The project has already installed over 4,000 smart verification devices in more than 2,000 medical beauty institutions nationwide [1] Group 2 - The collaboration with the Suzhou Health Commission aims to implement smart verification devices in all medical beauty institutions in the city, integrating verification into the rating system for these institutions [2] - Emerging markets are showing a significant increase in verification demand, with cities like Shijiazhuang and Guiyang leading in growth rates [2] - Meituan Medical Beauty plans to enhance its services by improving product traceability, transparent medication practices, and disclosing doctor qualifications [2][3] Group 3 - The company is working on displaying certified doctor information and linking it to their clinical performance, with over 9,000 doctors' credentials already showcased [3] - The technology for product authenticity verification is being enhanced, including the development of live-streaming medication capabilities [3] - Meituan Medical Beauty will introduce multi-modal interaction capabilities, allowing businesses to create personalized digital representations for user engagement [3]

证券研究报告 | 公司深度报告 2025 年 07 月 17 日 普洛药业（000739.SZ）CDMO 四问四答 华丽蜕变，跻身国内 CDMO 头部梯队 消费品/生物医药 我们曾于 2021 年发布《三问普洛药业 CDMO：结构、兽药、优势》，时隔四 年，我们再用四问四答更新普洛药业 CDMO 业务近年进展，并看好公司 CDMO 业务的高潜力驱动公司持续发展。 强烈推荐（维持） 目标估值：NA 当前股价：14.8 元 基础数据 | 总股本（百万股） | 1158 | | --- | --- | | 已上市流通股（百万股） | 1158 | | 总市值（十亿元） | 17.1 | | 流通市值（十亿元） | 17.1 | | 每股净资产（MRQ） | 6.0 | | ROE（TTM） | 14.8 | | 资产负债率 | 44.9% | | 主要股东 | 横店集团控股有限公司 | | 主要股东持股比例 | 28.3% | 股价表现 % 1m 6m 12m 绝对表现 2 -0 13 相对表现 -2 -6 -1 -20 -10 0 10 20 30 40 Jul/24 Nov/24 Mar/25 Jun/25 ( ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【固收】25年上半年可转债评级调整有何特征？——2025年上半年可转债信用评级调整情况回顾 1、25H1债项评级被调整的可转债的评级均为下调，但下调数量同比减少；发行时债项评级以AA-及以下级别 为主；剩余期限普遍集中在1年以内和2~4年。主体评级下调的可转债发行人以民营企业为主；主要集中在基 础化工和计算机等行业。2、25H1评级被调整的可转债发行人普遍盈利能力下滑，现金流弱化，短期偿债压力 较大，流动性风险攀升。公司治理及其他风险上升。 （张旭）2025-07-16 您可点击今日推送内容的第1条查看 【基础化工】COFs：高性能结晶性多孔高分子材料，新能源等领域应用前景可期——COFs行业动态报告 COFs是一类具有 ...

Core Viewpoint - The 2025 Polymer 3D Printing Materials Summit will focus on the opportunities and challenges in additive manufacturing, featuring various specialized sessions on topics such as AI integration, ceramic 3D printing, biomedical applications, and industrial advancements in 3D printing technology [3][4][5][6][7][8]. Group 1: Main Forum and Sessions - The summit will include a main forum discussing the opportunities and challenges in additive manufacturing, with presentations from experts in the field [3]. - Key topics will cover sustainable high-performance photopolymer 3D printing, continuous fiber composite materials, and bio 3D printing applications [3][4]. - The event will feature a variety of sessions on AI and 3D printing, ceramic 3D printing, and biomedical applications, showcasing the latest research and technological advancements [4][5][6][7]. Group 2: Specialized Sessions - The "AI +" and 3D printing session will explore breakthroughs in key common challenges, including near-infrared light-assisted ink direct writing and micro-nano electronic additive manufacturing [4]. - The ceramic 3D printing session will discuss trends in the industry, precision manufacturing applications, and advanced manufacturing technologies [5]. - The biomedical 3D printing session will focus on soft bio-inks, biodegradable spinal fusion devices, and the application of 3D printing technology in bone and cartilage regeneration [6][7]. Group 3: Event Logistics - The summit will take place from July 18 to 20, 2025, at the Sheraton Hangzhou Longxi Hotel, Zhejiang [13][16]. - Registration fees are set at ¥2800 for corporate and research representatives and ¥1800 for students if paid online before July 18 [20]. - The event will include opportunities for networking and exhibition visits during breaks [3][4][5][6][7].

记者丨 韩璐 编辑丨陈晓平 420亿杭州老牌药企，董事长顺利连庄。 7月17日，华东医药发布公告，新一届董事会一致同意， 选举吕梁为董事长 ，且聘任其为总经 理，吕本人也身兼战略委员会召集人。 吕梁掌舵的华东医药，以仿制药起家。 上市24年间，其在多数年份净利增长在20%以上， 整体规模超过400亿 。吕于2019年一出任 董事长，即以子公司中美华东为旗舰，全力转向创新药。 吕梁 50岁的吕梁，将开启第三个董事长任期。 作为职业经理人，他担纲一号位6年，成功带领这家传统药企，赶上创新药热潮，6月以来，已 有多款新药获批在美进行试验。 "公司采用自主研发和外部引进相结合的方式。"官方回复《21CBR》记者，其聚焦肿瘤、内分 泌和自身免疫三大核心领域，进行研发布局。 一众利好之下，华东医药市值大涨，截至17日，市值已达770亿元，年初以来上涨约28%。 腾笼换鸟 据首席科学家刘东舟介绍，截至2025年4月，其创新药管线已超80项，其中自研项目50项。 吕梁已手握多款重磅产品。 2024年底，中美华东与ImmunoGen合作的爱拉赫，获批上市，成为全球唯一批准用于治疗铂 类耐药卵巢癌的、靶向FRα的ADC药物。 几 ...

Core Viewpoint - The article highlights the profound impact of population aging on China's medical insurance system, indicating that the number of retired insured individuals has surpassed 100 million for the first time in 2024, leading to significant challenges in funding balance, intergenerational burden adjustment, and system sustainability [1][2]. Group 1: Medical Insurance Statistics - By the end of 2024, the total number of participants in basic medical insurance reached 1.32662 billion, maintaining a coverage rate of 95% [1]. - The total revenue of basic medical insurance (including maternity insurance) was 3.491337 trillion yuan, while total expenditures were 2.976403 trillion yuan, resulting in a current balance of 463.917 billion yuan and a cumulative balance of 3.862852 trillion yuan [1]. - The number of participants in basic medical insurance has declined for three consecutive years, while the number of participants in employee medical insurance continues to grow, with retirees seeing a significant increase in participation [1][4]. Group 2: Employee Medical Insurance Insights - As of 2024, the number of participants in employee medical insurance reached 379.4834 million, an increase of 8.537 million or 2.3% from the previous year [4]. - The medical expenses for employee medical insurance participants totaled 2.058746 trillion yuan in 2024, reflecting a 3.6% increase year-on-year [5]. - The income of the employee medical insurance fund (including maternity insurance) was 2.373247 trillion yuan, a 3.5% increase from the previous year, while expenditures rose by 7.6% to 1.910254 trillion yuan [5]. Group 3: Challenges of Aging Population - The ratio of employed to retired individuals in employee medical insurance has been declining, with the ratio dropping from 3 in 2012 to an estimated 2.63 in 2024 [5]. - The increasing number of retirees, who do not contribute to the fund, places additional financial pressure on the medical insurance system, necessitating reforms to address the sustainability of the fund [6]. - The rapid growth of the elderly population is expected to continue, with an annual net increase of over 13 million individuals aged 60 and above in the next five years [11]. Group 4: Resident Medical Insurance Trends - The number of participants in resident medical insurance has been declining since 2021, with a decrease of over 7 million participants from its peak of 1.02 billion in 2019 to 950 million in 2024 [9]. - In 2024, the income of the resident medical insurance fund was 1.118091 trillion yuan, with expenditures of 1.066149 trillion yuan, resulting in a current balance of 51.942 billion yuan [10]. - Despite a slight rebound in income growth of 5.8% in 2024, the resident medical insurance remains in a "tight balance" state, indicating ongoing sustainability challenges [10]. Group 5: Long-term Care Insurance Development - The article discusses the anticipated introduction of a nationwide long-term care insurance system, with 18.78634 million participants in pilot cities and 1.4625 million receiving benefits in 2024 [13]. - The income for long-term care insurance was 24.415 billion yuan, with expenditures of 13.108 billion yuan, indicating a growing need for such services in response to the aging population [13]. - The healthcare system is expected to evolve to better accommodate the needs of elderly individuals, particularly in chronic disease management and long-term care [13].

Core Viewpoint - The 25th China International Investment and Trade Fair (CIFIT) is being promoted in Hong Kong, highlighting the importance of enhancing economic cooperation and exchanges between Hong Kong and mainland China [1] Group 1: Event Overview - The CIFIT promotional event took place on July 17 in Hong Kong [1] - The event aims to inform domestic and international businesses about Hong Kong's business environment and advantages [1] Group 2: Investment Focus - There is a growing enthusiasm for investment in Hong Kong from mainland China [1] - Key investment areas include new energy, new materials, biomedicine, artificial intelligence, and the digital economy, which are becoming popular sectors for investment [1]

【今日导读】 全球首个！我国提出的《电力储能用超级电容器》国际标准成功立项 特斯拉六座版MODEL Y L来了！分析师称看好T链核心Tier1供应商 大收购！千亿创新药巨头出手 跨境支付通香港收款行扩容至17家 全球首款该领域专用双足机器人发布 【主题详情】 全球首个！我国提出的《电力储能用超级电容器》国际标准成功立项 据媒体报道，由我国提出的《电力储能用超级电容器》国际标准提案近日在国际电工委员会（IEC）成 功立项，得到了德国、日本、芬兰等国的大力支持，是全球首个应用于电力储能领域的超级电容器国际 标准。 目前，全球储能用超级电容装机容量已突破1GW，且增长迅速，预计2030年全球储能用超级电容规模 将达到5GW～10GW。中泰证券表示，产业趋势明显，服务器或成超级电容应用新方向，此前数据中心 大多使用带电池的UPS系统，但超级电容与之相比，整体优势更强。 公司方面，东阳光专注于电极箔、电容器、超级电容器等电子材料，以及锂电池正极材料、电解液、含 氟新材料等电池材料的创新研发。公司持续推进在浙江东阳的铝电解电容器、超级电容器生产基地的建 设工作，截至目前一期项目基本建成，具备年产电容器约14亿只的生产能力 ...

益)扣除相关费用和信用减值损失后的余额，本期利润为本期已实现收益加上本期公允价值 变动收益； 第 2 页 共 13 页 招商国证生物医药指数证券投资基金 基金管理人：招商基金管理有限公司 基金托管人：中国银行股份有限公司 送出日期：2025 年 7 月 18 日 招商国证生物医药指数证券投资基金 2025 年第 2 季度报告 §1 重要提示 基金管理人的董事会及董事保证本报告所载资料不存在虚假记载、误导性陈述或重大 遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 基金托管人中国银行股份有限公司根据本基金合同规定，于 2025 年 7 月 17 日复核了本 报告中的财务指标、净值表现和投资组合报告等内容，保证复核内容不存在虚假记载、误 导性陈述或者重大遗漏。 基金管理人承诺以诚实信用、勤勉尽责的原则管理和运用基金资产，但不保证基金一 定盈利。 基金的过往业绩并不代表其未来表现。投资有风险，投资者在作出投资决策前应仔细 阅读本基金的招募说明书。 本报告中财务资料未经审计。 本报告期自 2025 年 4 月 1 日起至 6 月 30 日止。 §2 基金产品概况 基金简称 招商国证生物医药指数 场内简称 ...