Company Overview - Xin Kai Yuan Medical Technology Group Co., Ltd. is located in Jiaozuo City, Henan Province, established on March 13, 2003, and listed on August 25, 2010. The company specializes in the R&D, production, and sales of PVP series products, PVME/MA high-value pharmaceutical excipients, and functional high polymer materials, as well as in vitro diagnostic services including early cancer diagnosis, molecular diagnostics, and gene sequencing [1][2]. Financial Performance - As of September 10, 2023, Xin Kai Yuan reported a revenue of 644 million yuan for the first half of 2025, a year-on-year decrease of 12.36%. The net profit attributable to the parent company was 139 million yuan, down 34.74% year-on-year [2]. - The company has cumulatively distributed 900 million yuan in dividends since its A-share listing, with 607 million yuan distributed over the past three years [3]. Stock Performance - On September 19, 2023, Xin Kai Yuan's stock price increased by 2.10%, reaching 17.49 yuan per share, with a trading volume of 155 million yuan and a turnover rate of 2.02%. The total market capitalization stood at 8.501 billion yuan [1]. - Year-to-date, the stock price has risen by 11.39%, but it has seen a decline of 2.45% over the last five trading days and 5.05% over the last 20 days, while increasing by 8.16% over the last 60 days [1]. Shareholder Information - As of September 10, 2023, the number of shareholders for Xin Kai Yuan was 20,500, a decrease of 6.39% from the previous period. The average number of circulating shares per person increased by 6.83% to 21,942 shares [2]. Business Segments - The main revenue sources for Xin Kai Yuan include: - PVP Others: 39.57% - PVPK30 Powder: 28.35% - Oruisi Series: 14.80% - PVP-I: 6.85% - Precision Medical Services: 3.45% - Early Cancer Diagnosis: 3.08% - Gene Testing Technology: 3.04% - Molecular Diagnostic Services: 0.87% [1]. Industry Classification - Xin Kai Yuan is classified under the Shenwan industry category of Basic Chemicals - Chemical Products - Other Chemical Products, and is associated with concepts such as stem cells, biomedicine, innovative drugs, cancer treatment, and precision medicine [2].

Group 1 - The stock price of Qianhong Biopharma fell by 2.05% on September 19, closing at 9.54 CNY per share, with a trading volume of 142 million CNY and a turnover rate of 1.56%, resulting in a total market capitalization of 12.209 billion CNY [1] - Year-to-date, Qianhong Biopharma's stock price has increased by 56.83%, but it has seen a decline of 5.36% over the last five trading days and 12.48% over the last 20 days [1] - The company has appeared on the "Dragon and Tiger List" seven times this year, with the most recent appearance on August 7, where it recorded a net purchase of 10.2288 million CNY [1] Group 2 - Qianhong Biopharma, established on April 30, 2003, and listed on February 18, 2011, is located in Changzhou, Jiangsu Province, and specializes in the production and sales of various pharmaceutical products, including lyophilized powder and injections [2] - The company's main business revenue composition includes 62.97% from formulations and 36.70% from raw materials, with other sources contributing 0.33% [2] - As of June 30, 2025, Qianhong Biopharma reported a revenue of 862 million CNY, a year-on-year increase of 0.72%, and a net profit attributable to shareholders of 258 million CNY, reflecting a growth of 41.17% [2] Group 3 - Since its A-share listing, Qianhong Biopharma has distributed a total of 1.862 billion CNY in dividends, with 453 million CNY distributed over the past three years [3] - As of June 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 29.1651 million shares, a decrease of 11.9864 million shares from the previous period [3]

Company Overview - Sichuan Kelun Pharmaceutical Co., Ltd. is located at No. 36 Baihua West Road, Qingyang District, Chengdu, Sichuan Province, established on May 29, 2002, and listed on June 3, 2010. The company primarily engages in the development, production, and sales of large-volume infusion products [1] - The main business revenue composition includes: non-infusion products 48.37%, infusion products 41.28%, research and development projects 7.01%, and others 3.33% [1] Financial Performance - For the first half of 2025, Kelun Pharmaceutical achieved operating revenue of 9.083 billion yuan, a year-on-year decrease of 23.20%, and a net profit attributable to shareholders of 1.001 billion yuan, down 44.41% year-on-year [2] - Since its A-share listing, the company has distributed a total of 6.697 billion yuan in dividends, with 3.386 billion yuan distributed in the last three years [3] Stock Market Activity - As of September 19, the stock price of Kelun Pharmaceutical was 37.12 yuan per share, with a market capitalization of 59.32 billion yuan. The stock has increased by 26.13% year-to-date, but has seen a slight decline of 0.40% over the last five trading days [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on April 30, where it recorded a net purchase of 318.792 million yuan [1] Shareholder Information - As of June 30, 2025, the number of shareholders of Kelun Pharmaceutical was 34,200, an increase of 2.55% from the previous period, with an average of 38,138 circulating shares per person, a decrease of 2.49% [2] - The top ten circulating shareholders include notable funds such as China Europe Medical Health Mixed A and Hong Kong Central Clearing Limited, with varying changes in their holdings [3]

Group 1 - The core theme of the event is "New Era, New Fund, New Value," aimed at promoting high-quality development in the public fund industry in alignment with the China Securities Regulatory Commission's action plan [2] - The company recognizes the necessity of transitioning from a focus on scale to a focus on returns, enhancing its ability to serve the real economy and national strategies [2][9] Group 2 - The company is actively involved in five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to support high-quality economic development [1][9] - In technology finance, the investment research team focuses on hard technology sectors such as artificial intelligence and biotechnology, and has launched thematic funds on the Beijing Stock Exchange [3] - In green finance, the company has issued two public REITs in the renewable energy sector to support infrastructure development and provide long-term funding for green projects [4] - The inclusive finance strategy includes developing low-threshold, diversified public fund products to meet various investor needs, with company executives actively investing in their own products [5] - In pension finance, the company is involved in building the third pillar of pension systems and offers specialized investment solutions for retirement [6] - The digital finance initiative emphasizes increasing technological investments to enhance research capabilities and operational efficiency through AI and big data [7] Group 3 - The company is establishing a comprehensive investment research system with various departments to ensure efficient collaboration between investment and research [8] - A robust risk management framework is being developed to cover various types of risks, ensuring a comprehensive approach to risk management [8] - The company aims to continuously enhance its resource allocation in the five key financial areas to inject more financial resources into the real economy [9]

Company Overview - Ruizhi Pharmaceutical Technology Co., Ltd. is located in Guangzhou, Guangdong Province, and was established on January 26, 2000. It was listed on December 22, 2010. The company's main business involves pharmaceutical research and production outsourcing services, micro-ecological nutrition, and micro-ecological medicine [2] - The revenue composition of the company is as follows: 99.06% from pharmaceutical research and production outsourcing services, 0.52% from prebiotic products, 0.35% from rental income, and 0.07% from other income [2] - As of September 10, 2023, the number of shareholders is 47,500, an increase of 2.44% from the previous period, with an average of 9,989 circulating shares per person, a decrease of 2.38% [2] Financial Performance - For the first half of 2025, Ruizhi Pharmaceutical achieved operating revenue of 534 million yuan, a year-on-year increase of 14.75%. The net profit attributable to the parent company was 25.38 million yuan, representing a year-on-year growth of 140.35% [2] - The company has cumulatively distributed 180 million yuan in dividends since its A-share listing, with no dividends distributed in the past three years [3] Stock Performance - On September 19, 2023, Ruizhi Pharmaceutical's stock price decreased by 2.00%, trading at 12.74 yuan per share, with a total market capitalization of 6.344 billion yuan [1] - Year-to-date, the stock price has increased by 98.44%, but it has declined by 4.93% over the last five trading days and by 2.38% over the last 20 days. Over the last 60 days, the stock price has risen by 24.54% [1] - The company has appeared on the "Dragon and Tiger List" twice this year, with the most recent appearance on July 29, where it recorded a net purchase of 165 million yuan [1]

Company Overview - Baihua Medicine has seen a stock price increase of 52.05% year-to-date, with a recent 0.10% rise over the last five trading days, 16.24% over the last 20 days, and 40.93% over the last 60 days [2] - The company has appeared on the stock market's "Dragon and Tiger List" four times this year, with the most recent appearance on September 4, where it recorded a net buy of -57.5752 million yuan [2] - Baihua Medicine's main business includes early drug discovery, drug CMC development, clinical trials, registration applications, and various pharmaceutical services [2] Financial Performance - As of June 30, the number of shareholders for Baihua Medicine was 30,000, a decrease of 26.42% from the previous period, while the average circulating shares per person increased by 35.95% to 12,799 shares [3] - For the first half of 2025, Baihua Medicine reported revenue of 202 million yuan, a year-on-year increase of 2.95%, and a net profit attributable to shareholders of 25.4834 million yuan, up 12.45% year-on-year [3] Revenue Composition - The revenue composition of Baihua Medicine is as follows: clinical trials account for 49.39%, pharmaceutical research and consistency evaluation for 42.67%, leasing and property services for 6.69%, and other income for 0.94% [2] Market Activity - On September 18, Baihua Medicine's stock price fell by 2.05% to 10.02 yuan per share, with a trading volume of 278 million yuan and a turnover rate of 7.07% [1] - The net inflow of main funds was 4.0879 million yuan, with large orders accounting for 19.69% of purchases and 18.16% of sales [1]

Core Viewpoint - Shuyou Shen's stock price has shown significant volatility, with a year-to-date increase of 409.18%, but recent declines in the short term raise questions about future performance [1][2]. Company Overview - Shuyou Shen (Beijing) Biopharmaceutical Co., Ltd. was established on August 16, 2002, and listed on April 15, 2011. The company primarily engages in the research, production, and sales of biological products and some chemical drugs [1]. - The main revenue sources are: 59.17% from injectable mouse nerve growth factor (Sutai), 33.19% from compound polyethylene glycol electrolyte powder, and 7.63% from other products [1]. Financial Performance - For the first half of 2025, Shuyou Shen reported revenue of 126 million yuan, a year-on-year decrease of 31.14%, and a net profit attributable to shareholders of -24.64 million yuan, a decline of 619.70% [2]. - The company has distributed a total of 771 million yuan in dividends since its A-share listing, with no dividends paid in the last three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders increased by 29.20% to 31,700, with an average of 14,327 shares held per shareholder, a decrease of 22.60% [2]. - New institutional shareholders include several funds, with notable holdings such as 15.72 million shares by Xingquan Helun Mixed A and 8.81 million shares by Xingquan Commercial Model Mixed A [3]. Market Activity - On September 18, the stock price rose by 2.00% to 37.73 yuan per share, with a trading volume of 521 million yuan and a turnover rate of 3.09%. The total market capitalization reached 18.026 billion yuan [1]. - The stock has appeared on the daily trading leaderboard seven times this year, with the most recent occurrence on June 9, where it recorded a net buy of -54.65 million yuan [1].

专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 作者：经雷 嘉实基金总经理 公募基金通过深度的基本面研究，发挥其价值发现、价值创造、风险管理等专业投资能力，将社会资本 高效配置到国家战略指引、最具发展潜力的产业领域，如科技创新、先进制造、绿色能源等，助力现代 化产业体系建设。以嘉实为例，截至2025年上半年，嘉实基金持有的各类股票总市值接近4000亿元，其 中配置比例居前的细分行业包括电子、有色金属、计算机、通信等新质生产力领域。 深度研究不仅需涵盖个股与行业，更需对产业趋势、宏观经济持续追踪和认知判断。近年来，嘉实基金 就前瞻性关注并加大了对半导体、人工智能、生物医药等战略新兴行业的配置力度，通过主被动权益产 品的打造让投资者有便捷普惠的途径参与到这些战略新兴产业投资机会的捕捉中。 发现产业价值，终极落脚点是让投资者有收获。包括嘉实基金在内的公募基金公司，着力通过构建系统 化的深度研究与投资体系等，力争让投资者在产业升级中共享投资回报。今年上半年，嘉实基金旗下公 募基金创造投资回报约210亿元。其中，围绕新质生产力布局的产品也到了投资者的认可和积极参与。 根据统计，截止今年上半年，这些分别聚焦 ...

Core Insights - The AH premium level has become a key indicator for foreign capital allocation direction, with over 50 A-share companies applying for secondary listings in Hong Kong since 2025, highlighting the increasing value of dual-listed stocks [1] - Foreign investors show a clear preference for low-premium stocks, with smaller-cap stocks having an average AH premium rate exceeding 95%, while larger-cap stocks have much lower rates of 4% (A-shares) and 17% (H-shares) [1] - Historical data indicates a correlation of 0.56 between the AH premium index's fluctuations and the scale difference of foreign inflows into H-shares and A-shares since 2020, suggesting that a rebound in the premium rate may lead to increased foreign investment in H-shares [1] - The AH premium index has declined from a high of 157 in February last year to a new low of 123 in August 2025, indicating potential for foreign capital to return to Hong Kong stocks if the premium rate reverts to the mean [1] - The Hong Kong stock market is showing significant investment value due to a "triple resonance" of policy dividends, technological innovation breakthroughs, and continuous liquidity improvement [1] - Hong Kong is home to leading technology companies in AI, biomedicine, and new energy vehicles, which possess core competitiveness in cutting-edge fields [1] - With the onset of the Federal Reserve's interest rate cuts and continuous inflow of southbound capital, Hong Kong stocks may experience dual opportunities for performance enhancement and value reassessment [1] Related ETFs - AI Full Industry Chain - Hong Kong Stock Connect Technology ETF (159101) [2] - New Consumption Forces - Hang Seng Consumption ETF (513230) [2] - Pure Internet - Hang Seng Internet ETF (513330) [2] - Focus on Innovative Drugs - Hang Seng Pharmaceutical ETF (159892) [2]

Core Viewpoint - Chenxin Pharmaceutical has shown significant stock performance with a year-to-date increase of 60.13%, despite a recent decline over the past 20 days [1][2]. Group 1: Stock Performance - On September 18, Chenxin Pharmaceutical's stock rose by 2.07%, reaching 21.65 CNY per share, with a trading volume of 1.59 billion CNY and a turnover rate of 1.64%, resulting in a total market capitalization of 9.802 billion CNY [1]. - The stock has experienced a 1.26% increase over the last five trading days, a 27.83% decrease over the last 20 days, and a 56.32% increase over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" four times this year, with the most recent appearance on September 3, where it recorded a net purchase of 51.8339 million CNY [1]. Group 2: Financial Performance - For the first half of 2025, Chenxin Pharmaceutical reported a revenue of 1.740 billion CNY, a year-on-year decrease of 15.97%, and a net profit attributable to shareholders of 229 million CNY, down 15.23% year-on-year [2]. - The company has distributed a total of 1.112 billion CNY in dividends since its A-share listing, with 548 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Chenxin Pharmaceutical was 35,900, an increase of 68.07% from the previous period, with an average of 12,602 shares held per shareholder, a decrease of 40.50% [2]. - Hong Kong Central Clearing Limited is the seventh-largest circulating shareholder, holding 6.9075 million shares, an increase of 1.9689 million shares from the previous period [3].