Core Insights - The report continues to recommend focusing on innovative drugs and the innovative industry chain, highlighting improvements in both domestic and overseas markets for July 2025 [5][4] - The investment strategy suggests a sustained focus on innovative drugs and related industries, with a specific portfolio of recommended stocks for A-shares and H-shares [5][6] Industry Overview - The pharmaceutical manufacturing industry reported a cumulative revenue of 994.79 billion yuan with a year-on-year decline of 1.4% from January to May 2025, while total profits decreased by 4.7% to 135.32 billion yuan [9][8] - The overall industrial added value for the pharmaceutical manufacturing sector grew by 0.9% during the same period, indicating a modest recovery [9][8] Market Performance - In June 2025, the pharmaceutical sector experienced a 0.70% increase, underperforming the CSI 300 index by 1.80% [10][11] - The medical service sector showed significant growth, with a 4.77% increase, while traditional Chinese medicine and medical commercial sectors faced declines of 1.86% and 1.23%, respectively [13][14] Investment Recommendations - The report emphasizes the potential for domestic innovative drugs to achieve sales growth supported by medical insurance negotiations and commercial health insurance [5][4] - Recommended companies with high-quality innovation capabilities include Kelun-Biotech, CanSino Biologics, and Innovent Biologics, among others [5][4] Valuation Insights - The overall valuation level of the pharmaceutical sector is currently at a PE (TTM) of 46.97, which is at the 73.1% historical percentile over the past five years [20][19] - The report indicates that the pharmaceutical sector's valuation has fully adjusted, with premium rates relative to the CSI 300 and the entire A-share market being at their five-year averages [20][19] Recent Approvals and Applications - In June 2025, four innovative drugs or biosimilars were approved for market entry, including three domestic products and one imported product [22][23] - The report tracks NDA and IND applications for innovative drugs, highlighting several key products and their respective companies [24][25][26]

1、两部门：调整超豪华小汽车消费税政策 重要程度：★★★★★ 据财政部网站，为进一步引导合理消费，经国务院批准，现就超豪华小汽车消费税政策有关事项调整。 其中指出，中超豪华小汽车征收范围调整为"每辆零售价格90万元(不含增值税)及以上的各种动力类型(含 纯电动、燃料电池等动力类型)的乘用车和中轻型商用客车"。规定的超豪华小汽车进口环节消费税的征收 范围相应调整。 2、计算支撑AI，硅是一切的起源!黄仁勋、王坚链博会对话实录来了 重要程度：★★★★ 7月17日，在链博会第二天的活动上，黄仁勋与之江实验室主任、阿里云创始人王坚展开炉边对话。 黄仁勋说，人工智能已经走完了感知智能阶段，生成式人工智能阶段，现在处于推理人工智能阶段，并且 无限接近通用人工智能阶段。算力是AI的基础，硅则是算力的基础，黄仁勋对这个问题的看法是肯定的， 并且强调未来硅基技术集中三个方面：晶体管结构迭代、封装技术迭代、硅光技术迭代。 3、中欧领导人会晤是否将于下周举行?外交部回应 重要程度：★★★★ 在17日的外交部例行记者会上，有媒体提问称，外交部能否确认中欧领导人会晤是否将于下周举行，并提 供相关细节?对此，外交部发言人林剑表示，目前我 ...

众生药业分析师会议 调研日期：2025年07月17日 调研行业：中药 参与调研的机构：浙商证券股份、天风证券股份、财通、北京鼎 萨投资、个人投资者等 / | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 调研基本情况 调研对象：众生药业 所属行业：中药 接待时间：2025-07-17 上市公司接待人员：公司 ...

6月底新股密集招股上市后，7月是港股IPO淡季，因为已经递表的公司需要补充上半年财务数据，8月才能恢复正常节奏。最近10天没有新股，市场一片 沉寂，现在好不容易来一个，大家都摩拳擦掌，准备大干一场。 一、招股信息 | 公司名称 | 维立志博-B (09887.HK) | | --- | --- | | 所属行业 | 生物医药 | | 招股日期 | 7月17日～7月22日 | | 发行股数 | 总发售3205.44万股,其中10%为公开发 售,90%为国际配售 | | 招股价 | 31.6~35港元 | | 每手股数 | 100股 | | 公司市值 | 59.58亿~65.99亿 | | 市盈率 | 亏损 | | 最小申购金额 | 3536港元 | | 公布中签 | 7月24日 | | 上市日期 | 7月25日 | | 保荐人 | 中信、摩根士丹利 | | 绿鲜 | 有 | | 基石 | 9名基石一共认购占比50.73%说财 | 二、公司概况 维立志博成立于2012年，聚焦肿瘤、自身免疫疾病领域的创新抗体药物研发。创始人康小强为前礼来首席科学家，团队具备深厚的抗体药物开发经验。公 司核心优势在于： | 理财 | ...

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 ...

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。 的、增加板块配置。细分子板块内的部分优质企业的股价下行风险有限，具备长期投资价值，建议投资者 关注板块高质量、低估值公司的价值投资机会。 风险分析： 临床试验进度不及预期、高值耗材降价风险、药品集采进度超预期、投融资进度不及预期、医 疗事故风险、医保控费政策超出预期等。 发布日期： 2025-07-17 免责声明 报告摘要 受到国内创新药BD（Business Development）交易持续落地叠加国产创新产品出海预期影响，年初至今 （截至25年7月16日，下同），恒生医疗保健指数表现靓丽，港股恒生医疗健康指数收涨63.03%，跑赢恒 生国企指数41.47pp。分子板块来看，港股医药子板块表现分化明显，SW港股生物制品、化学制药、医疗 ...

丹麦经济大臣：对丹麦的关税和制药措施不会使丹麦经济陷入困境。 ...

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 reactivation of the fifth listing standard for the Sci-Tech Innovation Board has accelerated the IPO process for innovative pharmaceutical and medical device companies, providing them access to capital markets [1][2]. Group 1: IPO Progress and Financing - North Chip Life is set to undergo its IPO review on July 18, marking it as the second medical device company to be reviewed under the reactivated fifth listing standard [1]. - The company aims to raise 9.52 billion yuan, with allocations for the establishment of a medical device industrialization base, R&D projects, and working capital [1]. - The initial fundraising target was 12.74 billion yuan, indicating a reduction in the scale of fundraising and the removal of the marketing network construction project [1]. Group 2: Market Environment and Support - The Chinese government has increased support for genuinely innovative pharmaceutical and medical device companies through diversified financing, favorable tax policies, and integration of industry, academia, and research [2]. - The development environment for these companies has significantly improved, although the success of IPOs will increasingly depend on the companies' inherent value [2]. Group 3: Company Performance and Product Development - North Chip Life focuses on innovative medical devices for cardiovascular disease diagnosis and treatment, with nine products commercialized, including IVUS and FFR systems [3]. - Revenue has shown consistent growth, with figures of 92.45 million yuan, 184 million yuan, and 317 million yuan from 2022 to 2024 [3]. - The FFR system's revenue decreased from 81 million yuan to 77 million yuan, while IVUS revenue surged from 9 million yuan to 217 million yuan, indicating a shift in revenue sources [4]. Group 4: Financial Health and Profitability - In Q1 2025, the company achieved a revenue of 128 million yuan, a year-on-year increase of 104.9%, and turned a profit of 18.68 million yuan, a growth of 184.28% [4]. - Despite recent profitability, the company still faces cumulative losses of 736 million yuan as of the end of 2024, indicating a need for further strengthening of its profit base [4]. Group 5: Competitive Landscape - North Chip Life faces competition from established international brands like Boston Scientific and Abbott, which have significant market shares in the cardiovascular sector [5]. - The domestic IVUS market has ten approved products, with most entering the medical insurance directory, while the FFR market is dominated by established players [6]. Group 6: R&D and Sales Challenges - The company has seen a decline in R&D investment from 143 million yuan to 113 million yuan from 2022 to 2024, with a significant drop in the proportion of revenue allocated to R&D [7]. - The number of R&D personnel has decreased from 151 to 109, raising concerns about the retention of high-level talent [7]. - Sales expenses have remained high, with figures of 75.88 million yuan, 103 million yuan, and 110 million yuan from 2022 to 2024, significantly above industry averages [8][9].

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]