周五（7月11日）早盘，医疗板块走强，A股最大医疗ETF（512170）场内涨1．49%，交投尤为活跃， 成交超5．6亿元。 成份股方面，CXO概念强势领涨，2200亿市值巨头药明康德涨停，凯莱英亦触板，九洲药业、康龙化 成大幅跟涨。 关注CXO和医疗器械，认准A股最大医疗ETF（512170）。聚焦"医疗器械+医疗服务"，与AI医疗相关 度高，覆盖6只CXO龙头股。场外联接基金（A类 162412 / C类 012323）。 关注创新药，认准国内首只药ETF（562050）。一站配齐"化学药+生物药品+中药"三大领域制药龙头， 既有创新药驱动高成长，又有中药降低指数波动，并且完全不含医疗和CXO。 风险提示：医疗 ETF 及其联接基金被动跟踪中证医疗指数，该指数基日为 2004.12.31 ，发布于 2014.10.31 。药 ETF 被动跟踪中证制药指数，该指数基日为 2011.12.30 ，发布日期为 2013.7.15 ， 2020- 2024 年分年度历史收益分别为： 41.61% 、 -9.10% 、 -21.09% 、 -3.70% 、 -6.53% ，指数成份股构成根据该 指数编制规则适时调整 ...

●在美国，白人和黑人在领取失业保险福利方面存在显著不平等：失业后黑人领取失业保险的可能 性比白人低 30%，领取的福利金额也比白人少 46%。 声明：本系列文章基于原期刊目录和摘要内容整理而得，仅限于读者交流学习。如有侵权，请联系 删除。 期刊介绍 ： 《Journal of Public Economics》（公共经济学杂志）是一本专注于公共经济学领域的学术期刊。该 期刊自1972年成立以来，涉及的主题包括税收政策、公共支出、社会保障、公共选择理论、环境经 济学、劳动经济学、教育经济学、卫生经济学、城市经济学和发展经济学等。它探讨了公共政策的 效率和分配问题，以及需求者、供应者和其他卫生保健机构的行为模型。该刊每年发行12期，平均 每期发表10篇左右，2024年影响因子为3.5。 本期看点： 失业保险： ●将医疗补助（Medicaid）服务外包给私人健康保险公司后所产生的动态财政成本，在过渡在初期 财政成本略微降低，但随后几年中 Medicaid 的支出持续上升。 ●医疗补助（Medicaid）管理式医疗（MMC）强制政策实施后在医疗质量方面产生了积极影响，还 通过增加接受Medicaid患者的医生数量，扩 ...

Industry Overview - The medical beauty injection materials industry in China has a limited number of publicly listed companies, primarily including Huaxi Biological, Haohai Biological, Aimeike, and Juzhi Biological, with most companies involved in the supply of upstream raw materials [1][7]. Company Summaries - Huaxi Biological is a global leader in hyaluronic acid, with a projected revenue of 53.71 billion yuan in 2024, and has expanded into collagen products through acquisitions [2][9]. - Haohai Biological has secured exclusive rights for domestic and international botulinum toxin products and is focusing on a dual product line of hyaluronic acid and botulinum toxin [6][15]. - Aimeike is expected to generate approximately 29.60 billion yuan in sales for its medical beauty injection materials in 2024, emphasizing high-end products [9][15]. - Juzhi Biological is projected to achieve sales of around 55.20 billion yuan in 2024, focusing on collagen products and leading the industry in standard-setting [9][15]. Sales and Production Data - Huaxi Biological has sold over 10 million units of its products, while Haohai Biological and Aimeike have sales around 7 million units each [13]. - Juzhi Biological's collagen products have a sales volume of approximately 55.20 billion yuan, indicating a strong market presence [11][13]. Business Strategies - Huaxi Biological is focusing on core technologies in glyco-biology and cell biology, aiming to enhance its position in the extracellular matrix and anti-aging sectors [15]. - Haohai Biological is pursuing international collaborations and technology imports to strengthen its product offerings and market competitiveness [15]. - Aimeike is developing a high-end product matrix centered on regenerative materials, with significant investments in training and technology [15]. - Juzhi Biological is leading the development of industry standards and expanding its product offerings in the collagen segment [15]. Regional Distribution - The majority of medical beauty injection material companies are concentrated in Shandong Province, with key players in raw material production and equipment manufacturing [7].

今日生物医药、创新药、医药外包等大医药概念走强，药明合联涨超9%，药明康德AH股涨超9%，带 动恒生生物科技指数涨1.5%。 相关ETF方面，恒生医疗ETF(513060)早盘高开，盘中持续震荡，截至发稿，涨近1%，成交额近10亿 元，交投活跃。成分股中多数上涨，药明康德涨超8%；药明合联涨超7%；药明生物、固生堂、诺诚健 华涨超3%；先声药业、翰森制药、四环医药、微创机器人-B、微创医疗等个股跟涨，涨幅均超2%。 政策红利加速释放，产业迈入创新高速增长期 2025年上半年，中国创新医疗器械领域迎来里程碑式突破。国家药监局数据显示，上半年共批准45个创 新医疗器械产品上市，同比增长高达87%，增速创历史新高。同期创新药批准数量达43个，同比增长 59%，政策改革红利正加速转化为产业发展动能。这一爆发式增长背后，是药监部门出台的10项全生命 周期监管优化举措，覆盖审批加速、国际标准对接及临床应用支持等关键环节。在政策精准滴灌下，包 括心脏脉冲电场消融设备、血管内超声导管、三尖瓣修复系统在内的一批技术集成度高、研发难度大的 高端器械集中上市，标志着中国医疗器械产业正式迈入创新驱动的高质量发展周期。 国产高端化突破 ...

构筑数智医保的四梁八柱，是实施数智工程的基石，随着"智融共富""智惠服务""智享结算""智控 监管""智护筑基""智治清廉"六大工程持续推进，杭州医保正陆续产出多个可量化的标志性成果——"依 保儿"智能体、"数字人直播""刷脸就医一码付""云药易购""一人一档+""医保云眼""医保智脑""医保服务 钉"等，努力让共富更可及、让服务更高效、让就医更便捷、让基金更安全、让运行更平稳、让权力更 阳光。 如何发挥好杭州作为全国数字经济第一城、人工智能创新高地的优势，同时抢抓人工智能时代机 遇，谱写政务服务现代化新篇章？杭州医保交出新答卷—— 7月10日，市医疗保障局在杭州城市大脑指挥中心举行全国数智医保示范城建设启动仪式，来自国 家医疗保障局、省医疗保障局等部门的相关领导调研、交流医保数字化改革浪潮下的杭州经验。 "作为全国数字经济第一城，杭州在建设人工智能创新高地、杭州城市大脑3.0的背景下，高水平推 动医保治理体系和治理能力现代化。"市医疗保障局相关负责人提到，近年来，杭州医保抢抓人工智能 发展机遇，运用AI大模型技术打造服务体系，推动医保服务模式创新升级，建成了全国首个医保"即问 即办"AI智能体"依保儿"，让 ...

Group 1 - The 2025 High-tech Transfer and Transformation Conference and the Second Suzhou International Science and Technology Innovation Conference opened with the theme "Gathering Global Wisdom to Build an Entrepreneurial Paradise" [1] - The "100 Billion Talent Fund" and "Major Industrial Development Fund" were launched, with 40 technology projects landing in Suzhou [1] - The "100 Billion Talent Fund" has a total scale of 10 billion yuan, with an initial phase of 2.5 billion yuan and a duration of 15 years, focusing on key talent and hard technology [1] Group 2 - The "Several Policy Measures for Accelerating the Integration of Technological Innovation and Industrial Innovation" were released, aiming to enhance the supply of technological innovation and talent in Suzhou [2] - Support for establishing key laboratories and high-level research institutes, with funding up to 200 million yuan and 20 million yuan respectively [2] - Financial support for new top talents and teams in Suzhou can reach up to 100 million yuan and 30 million yuan [2] Group 3 - Suzhou will strengthen the cultivation of innovative enterprises and provide up to 100 million yuan for newly established global R&D centers [3] - Incentives for enterprises to increase technological innovation investment, with support for newly approved national and provincial innovation centers reaching up to 50 million yuan and 10 million yuan respectively [3] - The implementation of "Science and Technology Innovation Index Benefits" will provide policy-based rewards of up to 30 million yuan [3] Group 4 - The "2025 Suzhou Key Technology Global 'Challenge' List" was released, featuring 45 key technology demands with a total investment of 5.412 billion yuan [4] - The list covers all industrial clusters of Suzhou's "1030" plan, focusing on technology upgrades and green innovation [4] - Successful projects from the list will receive up to 10 million yuan in support, based on 50% of the challenge amount [4]

Group 1 - The core viewpoint of the news highlights the support for innovation in the medical device industry, with significant funding and regulatory approvals driving growth [1][2] - Chengdu High-tech Zone Medical Device Innovation and Transformation Association assisted a startup in obtaining a credit line in the millions from Chengdu Bank, aimed at expanding production lines and technology research [1] - The National Medical Products Administration (NMPA) reported that 45 innovative medical devices were approved in the first half of 2025, representing a year-on-year increase of 87%, indicating ongoing policy benefits for industry innovation [1] Group 2 - Everbright Securities pointed out that the NMPA's announcement supports the innovation of high-end medical devices, including medical robots, advanced imaging equipment, AI medical devices, and new biomaterials [2] - The document emphasizes the expectation of faster commercialization of innovative medical devices under policy support, with a comprehensive standard system gradually being established for product design, production quality control, and post-market supervision [2] - The document also supports the international development of high-end medical device companies, which is expected to promote standardization and internationalization in the industry, benefiting leading companies with strong R&D capabilities and scalable products [2]

本文字数：1229，阅读时长大约2分钟 作者 | 第一财经 程程 据央视新闻报道，当地时间7月8日，美国总统特朗普在内阁会议上表示，"我们很快将在医药领域宣 布一些重要举措"。 特朗普称："我们会给相关企业大约一年到一年半的时间来调整，之后他们将面临关税。"他补充 说："如果他们必须将药品和其他相关产品进口到国内，关税将高达200%。" 值得注意的是，投资者似乎尚未认真对待这一关税威胁。当地时间7月9日，许多欧洲制药公司的股 价几乎没有变化，追踪印度制药股的标普BSE医疗保健指数9日收盘时大致持平。 巴克莱银行分析师菲尔德（Emily Field）表示，投资者对最新的医药关税威胁不以为然，认为这只 是"空谈"，"特朗普总是退缩（TACO）交易的观念仍然盛行。" 2025.07. 11 瑞银制药业分析师韦斯顿（Matt Weston）表示，考虑到获得监管部门批准和建设高科技制造工厂所 需的时间，18个月的时间不足以将制造业转移到美国。他表示："我们通常认为将商业规模的制造转 移到新工厂需要4年-5年的时间。" 韦斯顿称，向美国出口高价成品药的公司受到的影响最大。但他也表示，欧洲制药公司通常不会这样 做，许多公司 ...

恒生指数盘初涨幅扩大至1%，恒生科技指数现涨1.06%；生物医药、创新药、医药外包等大医药概念走 强；芯片股连日上涨，中资券商股延续涨势；国泰君安国际(01788.HK)涨超7%，凯莱英(06821.HK)涨 超16%，昨日人气个股普星能量(00090.HK)涨超22%。 ...

杭州民生健康药业股份有限公司 投资者关系活动记录表 编号：2025-008 证券代码： 301507 证券简称：民生健康 投资者关系活动 类别 □ 特定对象调研 □ 分析师会议 □ 媒体采访 □ 业绩说明会 □ 新闻发布会 □ 路演活动 □ 现场参观 ☑其他 （线上交流） 参与单位名称及 人员姓名 参与单位及人员详见附件 时间 2025 年 7 月 7 日至 7 月 10 日 地点 公司会议室 上市公司接待人 员姓名 董事会秘书 陈稳竹 证券事务代表 鲍蔚霞 证券事务助理 潘亦乐 投资者关系活动 主要内容介绍 一、公司介绍环节 由证券事务代表通过公司发展历史、业务结构、主要产品、 民生医药控股集团的业务板块等方面介绍了公司的基础情况。 随后，董事会秘书对公司各业务板块最新经营状况进行了补 充说明。 二、调研问答环节 1、问：观察到公司维矿类产品近年来持续增长，能否介绍 一下公司是如何实现增长的？ 答：维矿类产品作为公司主营业务，最近几期的报表都实现 了增长，主要是几方面的增长：线下药店终端，根据中康统计的 维生素矿物质补充剂下多维元素品类（不含孕妇）的产品数据， 公司主力产品 21 金维他®多维元素片（21） ...