Market Overview - On July 8, A-shares opened mixed, with the Shanghai Composite Index up by 0.04%, while the Shenzhen Component and ChiNext indices were in the red. However, by the time of reporting, all three indices turned positive, with the ChiNext index rising over 1% [1][2]. Sector Performance - The morning session saw gains in sectors such as electronics, building materials, telecommunications, and computers, with circuit board, CRO, and consumer electronics manufacturing stocks performing well. Conversely, public utilities and banking sectors showed weakness [2][3]. Pharmaceutical Sector - The pharmaceutical sector experienced a strong opening, with CRO, innovative drugs, and weight-loss drug stocks collectively rising. Notable stocks included Lianhuan Pharmaceutical, which achieved a two-day limit up, and several others like Weixin Kang and Ha Sanlian hitting the daily limit [7][8]. - Fujilai (301258) surged to a limit up of 20% to reach a price of 39.28 CNY per share shortly after the market opened [8][9]. PCB Sector - PCB (Printed Circuit Board) stocks continued to strengthen, with companies like International Composite Materials and Yidong Electronics hitting the daily limit. Jin'an Guoji achieved a four-day limit up, while Honghe Technology recorded four limit ups in six days [12][13]. - The demand for high-end PCBs is rapidly increasing due to AI computing needs, leading to a significant supply-demand gap in AI PCBs this year. ASIC chip growth is expected to be the main driver of incremental demand for high-end PCBs by 2026 [14][15]. Company-Specific News - Ruisi Kanda faced a trading halt with a limit down of 9.95% due to allegations of information disclosure violations, leading to criminal measures against its executives [17][20]. - ST Huaming also experienced a limit down of 20.03% following administrative penalties for false disclosures in its financial reports [20].

Core Viewpoint - The article highlights the dual mechanism of action of Furuishi's core product, Compound Turtle Shell Soft Liver Tablets, in treating intrahepatic cholangiocarcinoma, emphasizing its direct and indirect anti-tumor effects [3][5]. Company Overview - Furuishi Co., established in 1998 and listed in 2010, focuses on the diagnosis and treatment of liver diseases, with its main product being Compound Turtle Shell Soft Liver Tablets, the first approved traditional Chinese medicine for liver fibrosis treatment [6][8]. - The company reported a total revenue of 1.349 billion yuan in 2024, a year-on-year increase of 16.93%, with over 60% of its revenue coming from overseas markets [9]. Product Performance - Compound Turtle Shell Soft Liver Tablets have been validated over 20 years in the market, becoming the leading brand for anti-liver fibrosis medications [8]. - In 2021, the sales of Compound Turtle Shell Soft Liver Tablets in public hospitals were approximately 230.62 million yuan, maintaining its position as the top-selling product in its category, although the competitive landscape is tightening [10][11]. Financial Analysis - The pharmaceutical segment contributed about 30% to the company's revenue, while equipment and technology accounted for approximately 70% [9][12]. - The overall gross margin for the pharmaceutical business is around 50%, with proprietary drug margins higher at about 60%, indicating growth challenges in the pharmaceutical sector [15]. Market Potential - The annual incidence of intrahepatic cholangiocarcinoma in China is estimated at 40,000 to 60,000 cases, with treatment costs around 300,000 yuan, presenting a significant market opportunity for the company's products [17]. Medical Device Segment - Furuishi's main medical devices include the FibroScan series, which is recognized globally for non-invasive liver fibrosis diagnosis, with a compound annual growth rate of 18% since 2015 [20][23]. - The device segment generated 832 million yuan in revenue in 2023, a 35% increase, and is projected to reach 918 million yuan in 2024, reflecting strong growth driven by innovative sales models [24][25]. Innovation and R&D - The company has historically relied on acquired products, with limited internal R&D for new drugs or devices, maintaining R&D expenditure at around 10% of revenue [40][44]. - Recent innovations include a pay-per-use model for devices, which has significantly boosted revenue growth [26][48]. Future Outlook - The company is exploring opportunities in the weight loss drug market, leveraging its FibroScan technology for ongoing liver monitoring in clinical trials [28][29]. - Furuishi plans to expand its healthcare services by acquiring a majority stake in a hospital management company, indicating a strategic shift towards integrated healthcare solutions [48][50].

Market Overview - The A-share market experienced a collective decline in the three major indices, with the Shanghai Composite Index down 0.21%, the Shenzhen Component Index down 0.7%, and the ChiNext Index down 1.25% as of midday trading [1] - The total market turnover was 783 billion yuan, a decrease of 95.7 billion yuan compared to the previous day, with over 2,200 stocks declining [1] Sector Performance - The electricity sector saw significant gains, with stocks like Huayin Electric (600744) achieving a five-day streak of gains, and other stocks such as Shaoneng Co. (000601) and New Zhonggang (605162) also performing well [3] - The real estate sector experienced a morning surge, with stocks like Yucheng Development (000514) and Shihe Co. (000014) hitting the daily limit [3] - The cross-border payment and multi-financial sectors showed volatility, with several stocks like Xinyada (600571) and Jingbeifang (002987) reaching the daily limit [3] - The CPO concept stocks collectively adjusted, with stocks like Zhongji Xuchuang (300308) and Tianfu Tongxin (300394) dropping over 4% [3] Notable Stocks - Stocks with three consecutive daily limits include Jin'an Guoji (002636) and Huayin Electric [4] - Stocks with two consecutive daily limits include Shaoneng Co., Jiu Ding New Materials (002201), and Xinyada [5] Hot Sectors - The e-commerce sector led with 13 stocks hitting the daily limit, with a maximum of three consecutive daily limits [6] - The cross-border e-commerce sector had nine stocks hitting the daily limit, with a maximum of four consecutive daily limits [7] - The energy storage sector also performed well, with nine stocks hitting the daily limit and four achieving three consecutive daily limits [8] Key Industry Insights - The electricity sector is experiencing increased demand due to high temperatures and economic growth, with the national maximum electricity load reaching 1.465 billion kilowatts, a historical high [11] - The cross-border payment sector is set to enhance its global competitiveness following the People's Bank of China's new draft rules for the Renminbi Cross-Border Payment System, which aims to improve flexibility and attract more global participants [12] - The football sector is gaining attention with the ongoing Jiangsu City Football League, and the export of sports goods from Jiangsu reached 6.8 billion yuan in the first five months of the year, a year-on-year increase of 7.8% [13]

Group 1 - The article emphasizes the investment value of significant events, industry chain companies, and key policy interpretations in the context of Alzheimer's disease and weight loss drugs [1] - The company operates in the Alzheimer's field, providing services to major pharmaceutical companies in Europe and the United States, including Eli Lilly and Pfizer [1] - The company has established R&D and production centers in both China and the United States, offering customized services for fluorinated drug intermediates or active pharmaceutical ingredients [1]

Group 1 - The article highlights significant announcements in the stock market from Sunday to Thursday, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing various black swan events, providing ample time for analysis and selection of suitable listed companies [1] Group 2 - A company has received an order for a semiconductor mask writing lithography machine and is in discussions with clients regarding solid-state battery collaborations [1] - Another company has secured orders related to humanoid robots and robotic dog cables, with connections to offshore equipment, nuclear power, and data centers [1] - A company in the weight loss drug sector has achieved ton-level production capacity for peptide raw materials, also involved in synthetic biology and CRO (Contract Research Organization) [1]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - In H1 2025, convertible bonds showed an "N"-shaped upward fluctuation driven by multiple factors. The convertible bond index outperformed major stock indices, and the valuation increased by 3.58pct compared to the end of 2024. The convertible bond market experienced two rises and two falls, which can be divided into three stages: the valuation increase supported by the capital of convertible bonds from the end of 2024 to before the Spring Festival, the technology sector theme fever from after the Spring Festival to the end of March, and the callback and rebound of convertible bonds following the equity market under the tariff disturbances from early April to June [2][9]. - The convertible bond market presented strong performance. From the beginning of 2025 to June 30, the CSI Convertible Bond Index outperformed major equity market indices. The net value of convertible bond funds rose by 7.48% in H1 2025, better than that of first - and second - tier bond funds and partial - debt funds. The maximum drawdown of convertible bond funds was - 8.38%, which was better than that of stock - type and partial - stock - type funds [12]. 3. Summary According to Relevant Catalogs 3.1 2025H1 Convertible Bond Market: Fluctuating with the Underlying Stocks under the Macroeconomic Narrative, with Better Stability - **Convertible Bond Terms**: In 2025, the number of forced redemptions remained high. A total of 96 convertible bonds triggered the forced redemption clause, and 36 were announced for redemption, with a forced redemption probability of 37.5%, slightly lower than 42.4% in 2024. The number of times the downward revision clause was triggered decreased, and the probability of downward revision also declined. The number and balance of convertible bonds entering the put - back period were still large, but put - back events only occurred sporadically [3][21][22]. - **Supply - Demand Structure**: The supply improved significantly year - on - year but was uneven. A total of 19 convertible bonds were issued in H1 2025, with a scale of 21.775 billion yuan, up 58.33% and 68.66% respectively compared to H1 2024. High - rating and large - cap convertible bonds had relatively weak issuance. On the demand side, most major holders reduced their positions, but securities firms and private funds increased their holdings [4][30][42]. 3.2 Stage Review: Convertible Bonds' Resistance to Decline - Theme Fever - External Disturbances - **January 2 - January 27**: Equity market had a small "V" - shaped reversal, and convertible bonds maintained a high - level valuation. At the beginning of the year, the equity market's callback and the spill - over effect from pure bonds catalyzed a rapid increase in the valuation of convertible bonds. Insurance funds and ETFs' increased holdings supported the valuation. The 100 - yuan premium rate increased by 3.43pct to 24.10% [5][58][63]. - **February 5 - March 31**: The technology theme fever catalyzed the convertible bond market. After the Spring Festival, the technology theme drove the equity market, and the convertible bond market was affected by the redemption pressure of bond funds, with its elasticity being less than that of the equity market, and the valuation decreased by 1.82pct to 22.28% [5][58][66]. - **April 1 - June 30**: External uncertainties were controllable, and the hot spots shifted to the pharmaceutical and consumer sectors. The tariff disturbances led to a callback in the equity market in April, but the impact was controllable. The convertible bond style turned to be more stable, and the valuation was relatively firm. The 100 - yuan premium rate increased by 2.44pct to 24.72% [5][58][71].

Group 1 - The article highlights significant announcements in the stock market from Sunday to Thursday, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing various black swan events, providing ample time for analysis and selection of suitable listed companies [1] Group 2 - A company has achieved market breakthroughs with its marine platform and current systems in the marine economy, rare earth permanent magnets, photolithography, and nuclear power sectors [1] - Another company has successfully entered the commercial rocket field with its fastener products, focusing on commercial aerospace, low-altitude economy, robotics, and nuclear power [1] - A company is developing over 10 innovative drug projects, including weight loss drugs and utilizing Huawei's Pangu large model in the innovative pharmaceutical sector [1]

Group 1 - The article highlights significant announcements in the stock market from Sunday to Thursday, including "suspensions and resumption of trading, shareholding changes, investment wins, acquisitions, earnings reports, unlocks, and high transfers" [1] - Important announcements are marked in red to assist investors in identifying investment hotspots and preventing various black swan events, providing ample time for analysis and selection of suitable listed companies [1] Group 2 - A company has completed Phase II clinical trials for MWN101 injection, targeting obesity and Type II diabetes, indicating potential in the innovative drug sector [1] - Another company is leveraging its blockchain technology for applications related to digital RMB, showcasing its capabilities in stablecoins, blockchain, and internet finance [1] - A collaboration between a company and Huoshan Engine aims to develop specialized large models and several intelligent agents, reflecting advancements in AI and cross-border e-commerce [1]

Core Viewpoint - Semaglutide, developed by Novo Nordisk, is a GLP-1 receptor agonist that suppresses appetite and reduces caloric intake, approved for treating type 2 diabetes and weight loss. Its emergence has disrupted the weight loss drug market, with sales exceeding $7.8 billion in Q1 this year. However, Eli Lilly's Tizepatide has surpassed Semaglutide's weight loss records, achieving an average weight reduction of 20.2% in a head-to-head clinical trial [2][3]. Group 1: Sales and Market Impact - Tizepatide's sales in Q1 have already exceeded $6.1 billion, narrowing the gap with Semaglutide [3]. - The clinical trial results published in NEJM indicate that Tizepatide outperforms Semaglutide in weight loss effectiveness [2][3]. Group 2: Clinical Trials and Results - The REDEFINE 1 trial showed that the combination of Cagrilintide and Semaglutide resulted in an average weight loss of 20.4% over 68 weeks among non-diabetic overweight/obese participants, with 34.7% losing ≥25% of their body weight [11][13]. - In the REDEFINE 2 trial, the same combination led to a 13.7% average weight loss in overweight/obese participants with type 2 diabetes, significantly higher than the placebo group [17][19]. Group 3: Health Benefits and Safety - Cagrilintide and Semaglutide combination therapy showed improvements in various health metrics, including a 9.9 mmHg reduction in systolic blood pressure compared to 3.2 mmHg in the placebo group [13]. - The incidence of gastrointestinal adverse events was higher in the combination therapy group (79.6%) compared to the placebo group (39.9%), but most events were transient and mild to moderate in severity [14][20].

A股午评：三大股指走势分化 白酒股领跌大盘 金十数据6月23日讯，A股三大股指早盘集体低开，盘初一度冲高随后走势分化，沪指维持涨势，深证 成指、创业板指回落转跌，截至中午收盘，沪指涨0.15%，深证成指跌0.16%，创业板指跌0.33%；沪深 两市半日成交额超6700亿，超3400只个股飘红。盘面上，石油股、军工股、能源金属板块领涨大盘，银 行股反弹，工商银行等多股再创新高，白酒股领跌大盘，贵州茅台午盘收跌0.46%，CPO概念、游戏、 减肥药等板块跌幅居前。 ...