【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 ...

Group 1 - Pharmaceutical stocks experienced a significant decline, with notable drops in companies such as Clover Biopharma-B (down 14.43% to HKD 2.49), Rongchang Biopharma (down 11.54% to HKD 105.4), and Innovent Biologics (down 11.48% to HKD 16.65) [1] - According to Zhongtai Securities, the pharmaceutical sector has been in a phase of adjustment since September, primarily due to the substantial outperformance since March, leading to a lack of strong upward momentum in the short term [1] - The firm views the current phase of adjustment as relatively healthy, with the fundamental innovation logic remaining unchanged, and anticipates that the pharmaceutical sector is still at a valuation bottom with strong safety margins and upside potential in the long term [1] Group 2 - Guosheng Securities noted that during the holiday period, Pfizer and Trump reached an agreement that alleviated policy concerns for overseas MNCs, positively impacting the sentiment in the Hong Kong pharmaceutical market and benefiting CXO companies [2] - The CXO sector has shown relative strength due to performance advantages during earnings periods, expectations of interest rate cuts, and an anticipated upward trend in the industry, making it a sector to watch for medium to long-term potential [2] - Recent lack of catalysts for innovative drugs has led to a phase of digestion of positions, but there are signs of stabilization, with optimism for performance improvement post-October, particularly in Q4 [2]

Core Viewpoint - The Hong Kong medical sector is experiencing significant gains, with companies like WuXi AppTec rising over 8%, indicating a strong market interest in AI healthcare and CXO services [1] Group 1: Market Performance - The Hong Kong medical sector saw a collective rise, with notable increases in stocks such as WuXi AppTec, Yaoshi Bang, Crystal Tech Holdings, Zai Lab, and MicroPort, reflecting a bullish sentiment in the market [1] - The Hong Kong Stock Connect medical ETF focusing on AI healthcare and CXO (520510) increased by nearly 3%, while the Hang Seng Medical ETF (159892) focusing on innovative drugs rose over 2% [1] Group 2: Industry Trends - Changjiang Securities reports that an increasing number of Chinese pharmaceutical companies are establishing original innovation capabilities and developing mature R&D technology platforms [1] - Chinese innovative pharmaceutical companies are targeting unmet clinical needs and continuously exploring new targets and mechanisms, leading to the emergence of a batch of innovative drugs with international competitiveness, including FIC (First-in-Class) and BIC (Best-in-Class) potential [1]

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 | | | | | | ( ...

Core Viewpoint - The CXO sector is experiencing increased attention due to the recognition of the value of innovative drugs, with CDMO showing strong global demand and domestic leading companies seeing significant order growth driven by commercialization projects [1] Group 1: CDMO Sector - CDMO has confirmed high global demand, with leading domestic companies experiencing a substantial increase in new orders [1] - Some leading companies have already seen improvement trends in orders for 2024 [1] - As projects are delivered, CDMO companies are expected to continue their performance recovery into 2025 [1] Group 2: CRO Sector - The preclinical and clinical CROs primarily focus on domestic business, which has faced temporary pressure from both domestic and international demand [1] - Looking ahead, the CRO sector is anticipated to recover, with some companies showing signs of order inflection in Q2 2025 [1] Group 3: Market Influences - The Federal Reserve's announcement of the first interest rate cut in 2023 on September 17 is expected to lower financing costs for biotech companies, encouraging increased R&D investment and driving new drug development pipelines [1] - This environment is likely to bring more orders to CXO companies that possess strong global competitiveness and order acquisition capabilities [1] Group 4: Investment Opportunities - The Hong Kong Stock Connect Medical ETF (520510) focuses on CXO and AI medical concepts, with holdings in companies like WuXi Biologics, WuXi AppTec, and JD Health, which are expected to benefit from the monetization of CXO commercial orders and the AI technology revolution [1]

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]

Group 1 - The pharmaceutical sector experienced fluctuations and a pullback on September 19, with the Tianhong Innovation Drug ETF (517380) dropping by 2.39% and trading volume exceeding 540 million yuan [1] - The Tianhong Innovation Drug ETF has seen a net inflow of 270 million yuan over the past nine trading days, indicating strong investor interest [1] - The Tianhong Innovation Drug ETF is the largest in the market, covering both A-shares and Hong Kong stocks, and tracks the Hang Seng-Hushen-Hong Kong Innovation Drug Selected 50 Index [1] Group 2 - The Biopharmaceutical ETF (159859) closely tracks the Biopharmaceutical Index, which includes the top 30 stocks in the biopharmaceutical sector based on market capitalization and liquidity [2] - The Hong Kong market has become a significant financing hub for biopharmaceutical companies, with 13 mainland biotech firms successfully listing in Hong Kong since 2025, surpassing the total for the previous year [2] - According to Jiyin International, the importance of stock selection has increased following a prior surge in the innovation drug sector, suggesting gradual positioning during market pullbacks [2]

Market Overview - On September 15, the Hong Kong stock market experienced narrow fluctuations, with the Hang Seng Index rising by 58 points or 0.2% to close at 26,446 points. The Hang Seng Tech Index increased by 0.9% to 6,043 points. The market turnover decreased to over HKD 290.2 billion, with a net inflow of HKD 14.47 billion from the Stock Connect, continuing to support the market [1] - Economic data from China in August indicated a slowdown in growth momentum, with moderate consumption growth, significant investment slowdown, and ongoing downward pressure in the real estate sector. Notably, the credit pulse index in August declined for the first time in nine months, which may exert pressure on the Hong Kong stock market [1] Macroeconomic Dynamics - In August, China's retail sales growth slowed significantly, with a year-on-year increase of only 3.4%, the lowest since November of the previous year. Fixed asset investment growth from January to August was only 0.5%, with real estate investment declining by 12.9% [2] - The new housing transaction volume in major cities showed a mixed performance, with a year-on-year decline of 6.3% in the last week, contrasting with a rise in first-tier cities [2] Industry Dynamics - The Hong Kong automotive sector saw a rebound after a period of stagnation, with companies like BYD and NIO experiencing stock price increases. NIO is set to launch its new E8 model on September 20 [4] - The healthcare index in Hong Kong rose by 0.2%, driven by the CXO sector. Recent government meetings emphasized the promotion of biomedical technology innovation and the upgrading of the biopharmaceutical industry [4] Pharmaceutical Sector Insights - The innovative drug and CXO sectors are expected to maintain robust growth, with leading companies in these areas showing strong performance in the first half of 2025. The demand for innovative drugs in oncology, metabolism, and autoimmune diseases is anticipated to grow steadily [6][7] - Traditional medical service sectors are expected to recover gradually, although the impact of medical insurance cost control remains a concern. Government policies aimed at alleviating financial issues for medical institutions are expected to improve the operating environment over time [8] Key Company Recommendations - China Biologic Products (1177 HK) reported a 10.7% increase in revenue to RMB 17.57 billion in the first half of 2025, with a net profit increase of 12.3% to RMB 3.39 billion. The company is expected to achieve double-digit growth in product sales revenue [10] - Hansoh Pharmaceutical (3692 HK) saw a 14.3% increase in revenue to RMB 7.43 billion, with a net profit increase of 15.0% to RMB 3.14 billion, driven by strong performance in its oncology products [10] - WuXi AppTec (2359 HK) reported a 20.6% increase in revenue to RMB 20.80 billion, with a net profit increase of 95.5% to RMB 8.29 billion, reflecting strong core business performance [11] Environmental Sector Insights - Gree Power (1330 HK) reported a 24.5% increase in net profit to RMB 380 million in the first half of 2025, driven by increased waste processing and electricity generation [12] - The company has rationally expanded its capacity, with waste processing capacity growing from 33,710 tons/day in FY21 to 40,310 tons/day in FY24, indicating a compound annual growth rate of 6.1% [13]