英大证券研究所证券研究报告 2025 年 7 月 8 日 短期震荡蓄势不改中期向好格局 分析师：惠祥凤 执业证书编号：S0990513100001 电话：0755-83007028 邮箱：huixf@ydzq.sgcc.com.cn 观点： 总量视角 【A 股大势研判】 周一沪指相对强势，但创业板以及深成指的回落下，三大指数分化明显，表 明市场震荡格局依旧。盘面上看，电力、房地产等板块一度表现下，支撑沪指保 持相对强势，不过，题材股整体疲软下，深成指以及创业板指全天走低。两市成 交额萎缩至 1.2 万亿。 我们认为，在政策持续发力（如稳增长、产业支持等）和经济基本面逐步修 复的大背景下，当前的震荡更应视为蓄势而非滞涨，是为后续方向选择积蓄能量。 一方面，国经济复苏态势逐步显现，但修复力度仍不够强劲，企业盈利改善的幅 度也未达预期。不过，随着政策持续发力下，经济回升以及企业盈利回升值得期 待；另一方面，海外美联储三季度降息预期增强，国内继续宽松也值得期待。 综上所述，目前基本面和流动性这两大关键因素还未能形成有力支撑的情况 下，集中发力推动市场全面上涨的概率较低，震荡上行的概率较大，结构性行情 为主。目光稍微长 ...

创业板指盘初涨幅扩大至1%，上证指数现涨0.15%；大医药概念集体反弹，CRO、创新药、单抗、重组 蛋白等概念走强；全市约3800股上涨，1300股下跌，主力资金净流出超20亿元。 ...

A股单抗概念盘初活跃，赛升药业、海南海药均涨超9%，以岭药业、中源协和、复旦张江等个股跟 涨；消息面上，港股基石药业与欧洲药企Gentili就舒格利单抗达成合作，创新药出海有望再次提振。 ...

Market Overview - The market is experiencing a divergence, with the Shanghai Composite Index showing weakness while the Shenzhen market, particularly the ChiNext and the Shenzhen Component Index, is performing well and reaching new highs [1][2] - The Shanghai Composite Index is currently fluctuating around the zero axis, influenced by the stronger performance of the Shenzhen market [1] Index Performance - The Shenzhen market is in a phase of catch-up, as it is still below significant resistance levels from previous highs, indicating potential for further upward movement [2] - The CSI 300 Index is performing better than the Shenzhen index but weaker than the Shanghai index, reflecting a middle-ground performance among the three major indices [2][3] Market Trends - The current market trend is characterized as a sideways movement rather than a clear bull or bear market, indicating a need for cautious investment strategies [3] - The overall market structure suggests a prolonged period of consolidation, with a recommendation for moderate positioning in investment portfolios [3] Sector Performance - The innovation drug and biopharmaceutical sectors are showing resilience and are expected to perform well, particularly during periods when technology sectors are underperforming [4][5] - Consumer electronics and certain biopharmaceutical segments are highlighted as having potential for growth, with specific stocks within these sectors showing strong performance [4][5] Investment Strategy - The market is currently in a small adjustment phase, and while some sectors may experience short-term corrections, there remains potential for future growth in selected areas [6] - Investors are advised to maintain a balanced approach, utilizing strategies such as buying low and selling high, while being prepared for sector rotations [3][6]

元 当日主力成本 君实生物-U688180 时间: 2025年7月2日星期三 55.77分综合得分 较强 趋势方向 主力成本分析 35.40 34.59 元 5日主力成本 34.92 元 20日主力成本 31.52 元 60日主力成本 周期内涨跌停 过去一年内该股 涨停 0次 次 北向资金数据 持股量1309.16万股 占流通比1.71% 昨日净买入11.44万股 昨日增仓比0.015% 5日增仓比0.036% 20日增仓比0.23% 跌停 0 技术面分析 35.68 短期压力位 中期支撑位 目前短线趋势不慎明朗，静待主力资金选择方向； 目前中期趋势不慎明朗，静待主力资金选择方向 K线形态 ★长上影★ 表明行情上档压力沉重,升势受阻 ★身怀六甲★ 33.81 短期支撑位 38.65 中期压力位 33.02 出现在底部,是见底回升信号出现在顶部,是见顶回落信号 资金流数据 2025年07月02日的资金流向数据方面 主力资金净流入3346.31万元 占总成交额7% 超大单净流入2382.25万元 大单净流入964.06万元 散户资金净流入51.00万 关联行业/概念板块 生物制品 -1.69%、精准医疗 -0.5 ...

Group 1 - The stock of Yuandong Biotech (688513) has a comprehensive score of 51.09, indicating a strong performance [1] - The current main cost is 40.70 CNY, with a 5-day main cost of 39.96 CNY, a 20-day main cost of 41.49 CNY, and a 60-day main cost of 36.93 CNY [1][2] - The stock has not experienced any limit-up or limit-down events in the past year [1] Group 2 - The stock price has broken through the short-term resistance level, suggesting a potential short-term strength, while the mid-term trend remains unclear [2] - The net inflow of main funds on June 27, 2025, was 13.76 million CNY, accounting for 7% of the total transaction volume [2] - The financial data shows earnings per share of 0.34 CNY, operating profit of 0.62 billion CNY, and a sales gross margin of 79.155% [3][2] Group 3 - The stock is associated with several industry sectors, including chemical pharmaceuticals (0.94%), infant and child concepts (0.71%), monoclonal antibodies (0.72%), and immunotherapy (1.10%) [4]

Company Overview - Junshi Biosciences (君实生物) has a comprehensive score of 55.38, indicating a strong performance [1] - The stock's main cost analysis shows a current price of 34.07 CNY, with a 5-day average of 34.42 CNY and a 20-day average of 34.61 CNY [1] Market Activity - The stock has not experienced any limit-up or limit-down events in the past year [1] - Northbound capital data indicates a holding of 13.09 million shares, accounting for 1.71% of the circulating shares [1] - Recent net buying by northbound funds was 114,400 shares, with a 5-day increase of 0.036% and a 20-day increase of 0.23% [1] Technical Analysis - Short-term resistance is at 35.36 CNY, while short-term support is at 33.02 CNY [2] - Mid-term resistance is at 38.65 CNY, with mid-term support at 30.63 CNY [2] - The current short-term and mid-term trends are unclear, awaiting direction from main capital [2][3] Financial Performance - As of June 26, 2025, the company reported an earnings per share (EPS) of -0.24 CNY and an operating profit of -282 million CNY [2] - The net profit stands at -259,586,438.78 CNY, with a sales gross margin of 81.242% [2][3] Capital Flow - On June 26, 2025, the net inflow of main capital was 13.71 million CNY, representing 4% of the total transaction volume [2] - Large orders contributed a net inflow of 10.60 million CNY, while retail investors saw a net outflow of 3.06 million CNY [2][3] Industry Context - Related industry sectors such as bioproducts, precision medicine, monoclonal antibodies, and exclusive drugs experienced slight declines of -1.06%, -0.54%, -1.10%, and -0.75% respectively [2][3]

Verve预计，这种基因编辑疗法有望在未来十年内推出，仅需一针便可用于降低心脏病患者的高胆固醇。 据介绍，Verve-102目前正在一项1b期临床试验研究中进行评估，并且已经获得了美国食品药品监督管理局（FDA）授予的快速通道资格。 Verve预计，这种基因编辑疗法有望在未来十年内推出。 市场分析人士认为，礼来通过这项收购既能获得重磅减重药以外其他前沿技术领域的资产，同时也仍然聚焦心脏代谢疾病治疗领域。礼来的GLP-1类药物替 尔泊肽今年预计将给公司带来超过300亿美元的总销售额。 "10亿美元是一笔不错的交易，如果这种基因疗法真的有效，至少在美国将拥有巨大的市场潜力。"一位生物医药投资人对第一财经记者表示。 总部位于美国波士顿的Verve公司由印度裔科学家Sekar Kathiresan创立，他专注于基因相关的心脏疾病研究。Verve正在开发的Verve-102是一种潜在首创的靶 向体内PCSK9蛋白的基因编辑药物，通过CRISPR基因编辑技术，精准修改肝脏细胞DNA的单个碱基，从而关闭导致胆固醇升高的PCSK9蛋白的合成通路。 礼来糖尿病和代谢研发副总裁露丝·吉梅诺（Ruth Gimeno）表示："Ver ...

Core Viewpoint - Hanseytai Biopharmaceutical Technology (Wuhan) Co., Ltd. has submitted a new IPO application to the Hong Kong Stock Exchange, with ICBC International as the sole sponsor, following a previous application in November 2024. The company focuses on developing next-generation immunotherapies but faces significant challenges, including ongoing clinical trials and financial instability [1][2]. Company Overview - Hanseytai is an innovative biotech company with expertise in structural biology, translational medicine, and clinical development, established in 2017. It has completed three rounds of financing prior to its IPO, with investors including Betta Pharmaceuticals and Hangzhou Taikun [1][2]. Clinical Pipeline - The company has ten research pipelines, including eight for tumors and two for autoimmune diseases. Its core product, the PD-1/CD47 bispecific antibody HX009, is currently undergoing three clinical trials in China [2][4]. Clinical Challenges - The PD-1/CD47 dual-target antibody is in Phase II clinical trials, but the CD47 target has a history of severe hematologic toxicity, leading to many similar drug developments being halted. The company has no commercialized products and is experiencing increasing losses [1][4][5]. Financial Performance - Hanseytai has reported losses of CNY 84.623 million and CNY 117 million for 2023 and 2024, respectively. The company has no approved products for commercial sale, leading to continuous negative cash flow [8][11]. Valuation and Funding - The company's valuation has increased nearly 30 times over the past year and a half, reaching approximately CNY 1.615 billion. However, it faces significant redemption liabilities, totaling about CNY 146 million, if it fails to meet certain milestones by 2026 [9][10]. Market Competition - The PD-1 monoclonal antibody market is highly competitive, with several similar products already available. The pricing pressure from insurance negotiations has significantly reduced profit margins, and Hanseytai's product, currently not included in insurance, may face substantial price reductions to gain market access [7][8]. Future Outlook - The company plans to use the funds raised from the IPO for product development and operational costs. However, the current cash reserves are insufficient to support the completion of the drug development process, indicating that the IPO may only mark the beginning of a long financial struggle [11][12].

Group 1 - The stock of Junshi Biosciences (君实生物) has a strong overall score of 66.15 as of June 10, 2025, indicating positive market sentiment [1] - The main cost analysis shows that the current main cost is 37.00 yuan, with a 5-day average of 34.38 yuan, a 20-day average of 31.19 yuan, and a 60-day average of 30.12 yuan [1] - There have been no instances of the stock hitting the upper or lower limits in the past year [1] Group 2 - The stock price has broken through short-term resistance at 34.22 yuan, suggesting potential short-term strength, and has also surpassed mid-term resistance, indicating possible mid-term strength [2][3] - On June 10, 2025, the net inflow of main funds was 31,396.53 million yuan, accounting for 22% of the total trading volume [2] - The financial data shows a loss per share of -0.24 yuan, an operating profit of -2.82 billion yuan, and a net profit of -259,586,438.78 yuan, with a sales gross margin of 81.242% [2][3] Group 3 - The stock is associated with several industry sectors, including biopharmaceuticals (0.96%), precision medicine (0.68%), monoclonal antibodies (1.27%), and exclusive drugs (0.69%) [2][3]