■田鹏 6月16日，多个A股市场重要指数完成样本调整，此次调整涉及深证成指、创业板指、深证100、创业板 50、上证50、上证180、上证380、科创50、沪深300、中证500、中证1000等极具市场影响力的指数，备 受市场瞩目。 与此同时，创业板指编制规则也迎来迭代升级，一是引入ESG负面剔除机制，剔除国证ESG评级在B级 以下的股票，降低指数样本发生重大风险事件概率；二是引入个股权重上限机制，通过设置权重调整因 子，使单只样本股权重在每次定期调整时不超过20%，将单只样本股对指数的影响控制在合理范围内。 在笔者看来，此次A股多个指数样本调整及创业板指编制规则迭代升级，主要受以下三个核心因素驱 动。 一是产业结构升级，指数样本也随之调整更迭。当下，我国经济正处于转型升级的关键节点，传统产业 面临着数字化、智能化改造的迫切需求，以人工智能、半导体、新能源、生物医药为代表的"硬科技"产 业，则成为推动经济持续增长、提升国家竞争力的核心力量。在此背景下，A股相关指数样本必须顺应 产业结构变化，才能更好发挥经济"晴雨表"作用。 例如，深证100指数此番调入领益智造（002600）、润泽科技（300442）、中航成 ...

l 证券研究报告 医药生物 行业定期报告 hyzqdatemark 2025 年 06 月 15 日 刘闯 SAC：S1350524030002 liuchuang@huayuanstock.com 板块表现： AD 诊疗有望迎来重磅进展，建议关注通化金马、东诚药业等 投资评级： 看好（维持） ——医药行业周报（25/6/9-25/6/13） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 证券分析师 联系人 本周医药市场表现分析：6 月 9 日至 6 月 13 日，医药指数上涨 1.40%，相对沪深 300 指数超 额收益为 1.66%。本周，石药集团公告与阿斯利康达成战略研发合作协议，总金额高达 53.3 亿 美元；中国生物制药预告近期将有标志性重磅对外授权交易，继续看好中国创新药出海潜力。 建议关注：1）创新药作为较为确定的产业趋势，继续重点推荐 A 股热景生物、华纳药厂、信 立泰、一品红、科兴制药、泽璟制药、科伦药业、恒瑞医药；港股三生制药、科伦博泰、康 方生物、中国生物制药、信达生物、翰森制药；2）25 年业绩逐季度边际改善、估值水平较低 且有边际改善的个股，建议关注长春高新（创新药）、昆药 ...

Core Viewpoint - The company is preparing for its 2024 Annual Shareholders' Meeting, focusing on governance, strategic development, and financial performance, while ensuring shareholder rights and compliance with regulations [1][2][3]. Meeting Agenda - The meeting is scheduled for June 20, 2025, at 10:00 AM, in Kunming, Yunnan Province, with the chairman Wu Wendo presiding [3][4]. - Key agenda items include the 2024 Annual Board Work Report, Annual Supervisory Board Work Report, Annual Financial Settlement Report, and Profit Distribution Proposal [3][4][5]. Governance and Compliance - The company emphasizes the importance of maintaining order and efficiency during the meeting, with strict adherence to legal and procedural requirements [1][2]. - The board is committed to protecting shareholder rights and ensuring compliance with the Company Law and Securities Law [1][2]. Strategic Development - The board has developed a five-year strategic plan (2024-2028) focusing on becoming a leader in the silver-haired health industry and premium traditional Chinese medicine [11][12]. - The company aims to enhance its core business areas, particularly in chronic disease management and the traditional Chinese medicine sector [11][12]. Financial Performance - The company reported a net profit of 648.08 million yuan for the year, a year-on-year increase of 19.86%, and a net profit excluding non-recurring items of 419.21 million yuan, up 25.09% [17]. - A cash dividend of 0.20 yuan per share (including tax) is proposed, totaling approximately 151.42 million yuan [12][31]. Risk Management - The board is focused on enhancing risk management frameworks and internal controls to identify and mitigate potential risks [15][16]. - Regular audits and compliance checks are conducted to ensure adherence to legal and regulatory standards [15][16]. Investor Relations - The company is committed to improving information disclosure quality and maintaining effective communication with investors [18][19]. - It has received recognition for its investor relations efforts, including an A-level rating for information disclosure from the Shanghai Stock Exchange [19].

投资策略 | 定期报告 当时不杂 ——策略周报 0615 研究结论 风险提示 报告发布日期 2025 年 06 月 15 日 | 张志鹏 | zhangzhipeng@orientsec.com.cn | | --- | --- | | 17 | 执业证书编号：S0860522020002 | | 张书铭 | 021-63325888*5152 | | | zhangshuming@orientsec.com.cn | | | 执业证书编号：S0860517080001 | | 纷扰于外，求诸于内：——策略周报 0607 | 2025-06-08 | | --- | --- | | 美国"薛定谔式"关税扰动金融市场：— | 2025-06-02 | | —策略周报 0531 | | | 进入政策观察期：——策略周报 0525 | 2025-05-25 | | 关税降级提振市场风险偏好：——策略周 | 2025-05-19 | | 报 0518 | | 有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 ⚫ 本周（6/9- ...

Core Points - The second "Belt and Road" Traditional Chinese Medicine International Forum (2025 Russia) opened in Moscow, focusing on high-level exchanges and cooperation in traditional medicine between China and Russia, as well as the development of the Chinese medicine health industry in Russia [1][3][5] Group 1: Forum Objectives and Themes - The forum aims to explore research achievements, industry development trends, and international cooperation opportunities in traditional Chinese medicine [1][3] - Key themes include the scientific development of traditional medicine and its integration into public health strategies in Russia [3][5] Group 2: Participation and Contributions - Experts and scholars from China, Russia, and other Belt and Road countries participated, highlighting the growing international recognition and influence of traditional Chinese medicine [5][7] - Over 30 cutting-edge reports were presented by experts from China, Russia, and other countries, showcasing innovations in the Chinese medicine industry [7] Group 3: Strategic Importance - Traditional Chinese medicine is viewed as a vital link in connecting the hearts of the Chinese and Russian people, with ongoing efforts to promote training and clinical application of Chinese medicine therapies [5][7] - The scientific research of traditional Chinese medicine is considered a strategic pivot for integrating Eurasian medical systems, potentially reshaping international health cooperation [7]

人民网罗马6月14日电 （记者谢亚宏）近日，圣马力诺大学孔子学院以"中医养生·回归自然"为主题举办建院 十周年中医药文化交流系列活动，包括中医药国际研讨会、非遗诊法与制剂专题讲座、中医文化体验工作坊等。 活动特别邀请北京城市学院中医及中药非物质文化遗产传承人团队，进一步推动中医药文化在欧洲的传播与融 合。 其中，中医药国际研讨会于圣马力诺大学主会场举行，吸引了来自圣马力诺大学、北京城市学院、乌尔比诺 大学、美国国际医学院等多所高校与研究机构的中医药专家和学者参会。研讨会围绕"传统中医与现代健康""营养 与自然疗愈""五行理论与身心调养"等议题展开深入探讨，分享学术成果，交流实践经验，共同探讨中医药在当代 健康管理体系中的应用价值与国际传播路径，为中医药在欧洲的进一步传播与本土融合提供了理论支持与实践方 向。 在随后的巡讲活动中，中医文化讲座及工作坊分别走进圣马力诺孔子学院、维琴察中医药文化推广合作单 位、帕多瓦大学孔子学院波代诺内孔子课堂、帕多瓦大学及威尼斯大学等地。活动以深入浅出的方式向听众介绍 中医基础理念、传统诊疗方法及经典中药制剂的制作工艺。200余名当地听众踊跃参与，反响热烈。 工作坊现场，来宾们亲 ...

Group 1 - The article highlights the celebration of intangible cultural heritage in Shanghai, particularly through various events and markets showcasing traditional crafts and cultural practices [1][2] - The "Follow the Intangible Cultural Heritage in Life" themed market in Baoshan District features traditional crafts such as Luojing Cross-Stitch and Wusong Noodle Sculpture, aiming to promote cultural heritage [1] - The event includes a series of activities like the "Cultural and Natural Heritage Day" and the "Traditional Chinese Medicine Culture Benefit Activities," emphasizing the integration of traditional crafts with modern aesthetics [1][2] Group 2 - The event in Xuhui District showcases ten representative intangible cultural heritage projects, including hand-spun cotton weaving and traditional Chinese clothing techniques, enhancing community engagement [2] - Interactive experiences such as herbal medicine demonstrations and traditional Chinese medicine tastings are provided, making cultural heritage accessible and engaging for the public [2] - The "Haipai Memory" cultural exhibition presents over ten intangible cultural heritage projects, reinforcing the idea that cultural heritage is an integral part of daily life in the community [2]

Core Viewpoint - The A-share pharmaceutical sector, particularly the innovative drug segment, has shown strong performance, with R&D investment becoming a critical variable for company success in a competitive environment [1] Group 1: R&D Investment Overview - The total R&D expenditure of A-share pharmaceutical companies has steadily increased over the past three years, reaching 111.11 billion yuan in 2022, 118.50 billion yuan in 2023, and projected to be 121.01 billion yuan in 2024 [2][3] - The chemical pharmaceutical sector leads in R&D spending, with an expected 2024 expenditure close to 60 billion yuan, followed by the medical device sector at over 23 billion yuan and the biological products sector at 16.87 billion yuan [2][3] Group 2: R&D Intensity - The R&D intensity, measured as the ratio of R&D expenditure to revenue, ranks the biological products sector highest at 13.01%, followed by chemical pharmaceuticals at 10.87% and medical devices at 9.68% for 2024 [4][5] Group 3: Performance of Key Sectors - Despite overall pressure on performance, the chemical pharmaceutical sector has shown consistent growth, with net profits increasing from 21.68 billion yuan in 2022 to 34.44 billion yuan in 2024 [3][14] - The medical device sector has faced significant declines, with net profits dropping from 80.28 billion yuan in 2022 to 33.18 billion yuan in 2024, a nearly 59% decrease [3][14] Group 4: Leading Companies in R&D Investment - Among biological products companies, Changchun High-tech leads with an average R&D investment of 2.26 billion yuan over the past three years, showing a growth of over 60% from 1.66 billion yuan in 2022 to 2.69 billion yuan in 2024 [10][11] - In the chemical pharmaceutical sector, BeiGene has the highest average R&D investment at 12.70 billion yuan, with a significant reduction in losses from 13.64 billion yuan in 2022 to 4.98 billion yuan in 2024 [12][14] - In the medical device sector, Mindray Medical tops the list with an average R&D investment of 3.66 billion yuan, maintaining stable profit growth despite overall sector challenges [16][17]

《通知》还包括，要完善医药购销领域行贿人、受贿人"黑名单"制度和不良单位记录制度。落实对业务 指导的医药行业社会组织督促职责，规范兼职取酬、期刊管理、会议举办，严格分支机构设立审批，积 极引导行业组织提升专业化水平和公信力。 6月13日，国家卫生健康委、教育部、工业和信息化部、公安部等14部委联合发布《关于印发2025年纠 正医药购销领域和医疗服务中不正之风工作要点的通知》。（下称《通知》） 《通知》共分为4个部分15项内容，提出要持续深化医药购销领域治理，紧盯"关键少数"和关键岗位， 聚焦药品、高值医用耗材、医用设备、基建和信息化项目招投标、后勤服务等监管重点，持续规范检测 样本外送、外配处方、项目审批、资金使用等关键环节行为，加大行政执法和司法办案力度。 近年来，国家卫健委等部委已多次联合制定印发了"纠正医药购销领域和医疗服务中不正之风工作要点 的通知"。 《关于印发2023年纠正医药购销领域和医疗服务中不正之风工作要点的通知》提出，切实推进全行 业"受贿行贿一起查"，落实规纪法衔接的部门主体责任。在医药产品销售采购领域，整治医药生产企业 及与之关联的经销商、医药代表，以各种名义或形式实施"带金销售"，给 ...

Core Viewpoint - The company is actively expanding its international market presence and has established localized sales and service networks in over ten key countries and regions, aiming to enhance its global competitiveness and brand influence in the pharmaceutical equipment sector [1][4]. Group 1: International Market Expansion - The company has strategically divided its global operations into five regional departments to strengthen its international sales and service capabilities [1]. - In 2024, the company expects to achieve over 1.2 billion in new export orders, with products entering high-end markets such as Europe [1][4]. - Major international pharmaceutical companies have initiated supplier audits for the company, indicating potential future collaborations [1]. Group 2: Order Delivery and Revenue Recognition - The manufacturing cycle for main products typically ranges from 3 to 9 months, with revenue recognition based on specific criteria for domestic and international orders [2]. - The impact of U.S. tariffs on the company's sales and supply chain is minimal, as exports to the U.S. constitute a small portion of overall revenue [2]. Group 3: Development in Specific Fields - The company has established a joint venture in the peptide synthesis equipment sector, with the subsidiary achieving sales and reporting total assets of approximately 15.61 million and a net loss of about 2.22 million for 2024 [3]. - The company is pioneering the development of smart pharmaceutical factories, focusing on integrating artificial intelligence into its production processes to enhance efficiency and user value [3].