Investment Rating - The report maintains an "Outperform" rating for the biopharmaceutical industry [1] Core Insights - The market for traditional Chinese medicine (TCM) in musculoskeletal diseases is expected to grow significantly due to an aging population and increasing prevalence of related conditions [2][18] - The oral medication segment presents structural opportunities, while external patches are anticipated to continue expanding [3][32] Summary by Sections 1. Demand Growth in Musculoskeletal TCM Market - The aging population in China reached 202 million people aged 65 and above in 2023, leading to a rise in musculoskeletal disorders [2][18] - The penetration rate of musculoskeletal pain among the population aged 56 and above is 60.8%, while it is 42.2% among those aged 35 and below, indicating a younger demographic is increasingly affected [2][23] - The global pain management drug market is projected to reach $110.4 billion by 2030, with significant growth potential in China compared to markets in the US and Japan [2][28] 2. Structural Opportunities in Oral Medications - The oral TCM market is stable, with the top 10 products each generating sales below 1 billion yuan, indicating a lack of large-scale products [3][47] - Three innovative TCM products in the musculoskeletal field are expected to be approved and enter the national medical insurance directory from 2020 to 2024, which may lead to rapid market growth [3][53] - The basic drug policy aims to increase the usage of essential medicines, providing a competitive advantage for unique insurance products [3][69] 3. Expansion of External Patches - Compared to mature markets like Japan and South Korea, China's external patch market has significant room for growth, with external patches likely to gradually replace oral medications [3][30] - The concentration of external patches in public medical institutions and retail pharmacies is high, allowing leading companies to increase their market share [3][30] - Price increases are expected to continue driving growth in the external patch industry [3][32] 4. Investment Recommendations - Companies to watch include Fangsheng Pharmaceutical, Panlong Pharmaceutical, Lingrui Pharmaceutical, and Qizheng Tibetan Medicine, which have significant advantages in musculoskeletal TCM products [4]

证 券 研 究 报 告 中国生物制药（01177.HK）深度研究报告 推荐（首次） 创新药占比有望不断提升，看好公司价值重估 风险提示：对外合作不达预期、临床进度不达预期、竞争格局变动 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 28,866 | 34,062 | 36,602 | 39,674 | | 同比增速(%) | 50.1% | 12.3% | 9.1% | 10.6% | | 归母净利润(百万) | 3,500 | 3,932 | 4,288 | 4,743 | | 同比增速(%) | 50.1% | 12.3% | 9.1% | 10.6% | | 每股盈利(元) | 0.19 | 0.21 | 0.23 | 0.25 | | 市盈率(倍) | 32.7 | 29.0 | 26.6 | 24.1 | | 市净率(倍) | 3.6 | 3.0 | 2.8 | 2.6 | 资料来源：公司公告，华创证券预测 注：股价为 20 ...

新华财经北京7月25日电（王媛媛）市场早盘震荡调整，三大指数小幅下跌，沪指跌破3600点。截至午 间收盘，沪指报3593.38点，跌0.34%，成交5000亿元；深证成指报11160.30点，跌0.29%，成交6056亿 元；创业板指报2337.80点，跌0.32%，成交2710亿元。 华辉创富：近期市场表现出震荡上行态势，结构性机会显著。市场表现一定程度上受到了经济企稳、宽 松流动性和利好产业政策的支撑和拉动。在内需修复和外需回稳的共同作用下，中国经济出现复苏态 势。叠加结构性政策的导向，预计A股会出现"政策利好"和"盈利利好"板块交替带动，指数震荡上行的 状况。政策支持明确的AI、新能源车、创新药等科技成长方向机会较大。 中泰证券：在二季度行业轮动背景下，基金对行业龙头的配置呈现鲜明结构变化。通信、非银金融、传 媒、农林牧渔、美容护理五大行业实现显著加仓，而钢铁、煤炭、地产、社会服务与食品饮料对应行业 则大幅减持。当前基金调仓方向清晰，建议重点关注以下四条主线：1）AI扩散下的通信与硬件上游。 AI资本开支成为新阶段主驱动，有望带动上游板块业绩景气度延续至下半年，具备较强业绩兑现能 力。2）非银金融板块。 ...

这可不是什么普通生意，而是全球航运命脉的控制权。 前言 在多数人印象中，李嘉诚是那个永远站在时代前沿、从不押错宝的商业传奇。 可是，这一次他似乎彻底看错了形势——试图讨好美国却得罪了中国，最终落得 两头都不讨好。 这位商界老狐狸怎么突然失去了敏锐嗅觉？时代真的变了吗？ 228亿美元买来的，竟是商业帝国的终结 228亿美元，这个数字原本应该让李嘉诚睡得更香。 可现在却成了他的噩梦，一个让他在深夜惊醒的天价代价。 2025年3月4日，当长江和记实业在港交所发布那则重磅公告时，整个商界都震惊了。李嘉诚竟然要把自己的港口帝国打包卖给美国贝莱德财团。 43个国际 港口，覆盖23个国家。 就在特朗普刚刚重新入主白宫的时候。就在中美关系愈发紧张的当口。李嘉诚选择了这个极其敏感的时间点出手。 他以为自己是在给美国递"投名状"，结果却捅了马蜂窝。 中国的反应之快、之严厉，远超他的想象。 特别是巴拿马运河两端的港口，那可是连接太平洋和大西洋的黄金通道。 每年承担着中国20%的海运贸易量，战略价值无法估量。 李嘉诚这么做，表面上说是"纯粹的商业行为"。 但明眼人都看得出来，这哪里是什么商业行为？ 这分明是一场政治投机。 港澳办三天 ...

报告强调，中国素来以负责任态度参与文化遗产领域全球治理，积极同联合国等国际组织开展紧密 合作，通过契约共践、技术共享、人才共育、挑战共克、发展共赢，构建全球文化遗产保护共同体，为 世界多国文化遗产保护提供中国智慧、中国方案。 与会的上海合作组织媒体智库专家学者对该报告高度赞扬，认为在全球化与现代化双重影响下，文 化遗产保护已成为人类面临的共同课题，全世界应携起手来，共担文化遗产保护使命，共护人类文明瑰 宝，让世界文明百花园满庭芬芳。 报告认为，党的十八大以来，中国共产党站在民族复兴和文明传承的战略高度，全面加强文化遗产 保护传承工作，坚持"保护第一"理念，推进整体性、系统性保护，妥善处理保护与发展的关系，是发展 所需、民心所向、世界所倡。 报告指出，中国坚持在守护文明根脉的同时挖掘当代价值，坚持在科技赋能的同时让人民共享成 果，不断满足人民群众的美好生活需要。中国文化遗产保护工作取得历史性成就，文化遗产蕴含的创新 创造基因被不断激活，一幅古今辉映、气势恢宏的新时代文化长卷徐徐展开。 报告提炼出中国文化遗产保护的"OPEN"创新范式，即：贡献原创（Originality Contribution）、保 护第一（ ...

7月25日，南京江北新区生物医药谷园区企业南京维立志博生物科技股份有限公司在港交所主板成功挂 牌上市，股份代号：09887，预计募集资金总额可达1.89亿美元(含绿鞋)。这也是今年南京江北新区第二 家上市企业。 作为一家处于临床阶段的生物科技公司，维立志博于2012年成立，十余年来，团队始终专注于肿瘤、自 身免疫性疾病及其他重大疾病新疗法的发现、开发及商业化。 如今，公司已拥有涵盖14款创新候选药物的多元化产品组合，包括4款核心及主要产品，各款产品组合 均处于全球临床进度领先的候选药物之列。 不仅是LBL-024这一核心产品，维立志博还有5款其他临床阶段候选药物、8款额外临床前阶段候选药 物。不断扩展的创新管线，也赢得资本市场的瞩目，截至目前，企业已完成8轮融资。 值得一提的是，就在一个月前，南京江北新区企业药捷安康也在港交所鸣锣上市。其间，新区生物医药 谷还有两款一类新药接连获批上市：先声药业的一类新药恩泽舒，成为我国首个取得铂耐药卵巢癌全人 群适应症的靶向药；征祥医药自主研发的一类新药济可舒，为流感治疗带来新选择。 药企争相上市的背后，是南京江北新区生命健康产业发展如火如荼。截至目前，园区上市药品总数达到 ...

Group 1 - Apple's first foldable iPhone is rumored to begin production in late Q3 or early Q4 of 2025, utilizing technology from competitor Samsung [1] - The iPhone XS series, released in 2018, has been added to Apple's list of obsolete products, sparking significant online discussion [1] - Despite the release of newer models, the iPhone XS remains popular among younger consumers, who appreciate its photo quality and affordability in the second-hand market [2][6] Group 2 - The iPhone XS is praised for its Smart HDR technology, which enhances photo quality, making it appealing to users seeking a "real-life" feel in their images [16] - The device's popularity has surged due to a shift in consumer preferences towards vintage aesthetics and emotional connections with older models [19] - Apple's recent innovations have been criticized for lacking significant differentiation, leading to a perception of stagnation in the smartphone market [20][22] Group 3 - The iPhone XS's performance, despite being several years old, remains competitive due to its A12 chip and design, making it a viable option for budget-conscious consumers [6][19] - The trend of older models gaining renewed interest highlights a broader consumer desire for authenticity and emotional resonance in technology [24] - The notion of a "perfect" smartphone is challenged, emphasizing that true value lies in how well a device meets individual lifestyle needs [25]

Core Viewpoint - The 2025 Fortune China 500 list highlights the performance and market dynamics of leading companies in the commodity sectors, particularly steel, non-ferrous metals, coal, and oil and gas, reflecting the ongoing trends of industry consolidation and competitive differentiation. Steel Sector - The steel sector remains a pillar of the national economy, with 23 companies making the Fortune China 500 list, indicating a significant increase in market concentration after years of mergers and restructuring [2] - China Baowu Steel Group continues to lead the industry with a revenue of $125.1 billion and a profit of $2.5 billion, despite a drop in ranking from 12th to 21st [3][4] - The profitability of Baowu accounts for nearly 50% of the total profit of all steel companies on the list, highlighting the increasing "Matthew effect" in the industry [3] - Several large state-owned steel companies, such as Ansteel and Liuzhou Steel, reported significant losses due to high raw material prices and low market demand [4][5] - Private steel companies like Qingshan Holding and Jingye Group have shown competitive advantages by focusing on niche markets, achieving better profitability compared to state-owned enterprises [4][5] Non-Ferrous Metals Sector - The non-ferrous metals sector shows strong growth, with 29 companies on the Fortune China 500 list, reflecting ongoing expansion and superior profitability compared to steel and coal industries [7] - China Minmetals leads the sector with a revenue of $115.8 billion, followed by Jiangxi Copper and Shandong Weiqiao with revenues of $77.7 billion and $77.6 billion, respectively [6][7] - The aluminum industry, particularly companies like China Hongqiao and Shandong Nanshan Aluminum, demonstrates high profit margins, benefiting from the demand in lightweight materials for new energy vehicles [8] - The sector is characterized by significant internationalization, with leading companies like Zijin Mining and Luoyang Molybdenum achieving over 30% of their revenue from overseas operations [8][9] Coal Sector - The coal sector shows a general recovery in profitability, with 13 out of 14 listed companies reporting profits, reflecting improved operational conditions supported by energy supply policies [10][11] - China National Energy Investment Group leads the sector with a revenue of $107.7 billion and a profit of $6.9 billion, benefiting from an integrated operational model [11] - The sector faces challenges, with medium-sized coal companies struggling to maintain profitability due to rising environmental costs and market pressures [12][13] - Companies are increasingly diversifying into renewable energy and clean energy sectors, indicating a shift towards sustainable practices [13] Oil and Gas Sector - The oil and gas sector is characterized by a high concentration of revenue among a few major players, with China National Petroleum and China Petroleum & Chemical Corporation together accounting for over 90% of the sector's total revenue [14] - China National Petroleum leads with a revenue of $412.6 billion and a profit of $22.4 billion, showcasing its strength in upstream exploration and development [14] - The sector is under pressure to transition towards cleaner energy sources, with traditional companies needing to adapt to changing market dynamics and regulatory environments [15] Conclusion - The 2025 Fortune China 500 list illustrates the importance of resources and technology, the impact of industry chain integration on profitability, and the necessity for innovation and transformation in traditional commodity sectors [15]

在国家医保局于7月24日明确第11批集采不再简单以最低报价作为参考后，上海市卫生和健康发展研究 中心主任、医改专家金春林向记者表示，该举措将对行业诟病的价格"内卷"问题进行纠偏，未来不是单 靠价格一个因素取胜，而是要综合评价，在保证质量的前提下，尽可能降低成本。此次仿制药"不唯低 价"，以及此前创新药的鼓励创新定价，这两个政策资本市场均积极反应，将共同推动生物医药产业的 繁荣发展。(人民财讯) ...

上交所党委委员、副总经理王泊：上交所已成为全球最大的交易所债券市场 《科创板日报》25日讯，"2025中国科创领袖大会暨科创板开市六周年"今日开幕，上海证券交易所党委 委员、副总经理王泊发表主旨演讲并表示，上海证券交易所充分发挥股债联动服务科技创新的优势，已 形成较为齐全的债券产品体系，成为全球最大的交易所债券市场。上交所在2021年启动科创债券试点工 作，已累计服务350余家企业发行科创债超1.2万亿元。（记者 郭辉） ...