风险提示：股市有风险，投资需谨慎。 8月22日主力资金净流出1114.17万元，近五个交易日累计净流出1.55亿元。 截至2025年8月22日15时，通化东宝股价报8.46元，较前一交易日下跌0.03元，跌幅0.35%。当日成交额 1.56亿元，换手率0.94%，总市值165.69亿元。 通化东宝主营业务涵盖生物制品领域，涉及创新药、减肥药等方向。公司2025年中报显示业绩扭亏，市 场关注度有所提升。 ...

Core Viewpoint - Haichuang Pharmaceutical has shown significant financing activity, indicating potential investor interest and market confidence in the company [1] Financing Activity - Haichuang Pharmaceutical recorded a net financing inflow of 77.53 million RMB last week, ranking 115th in the market [1] - The total financing amount for the week was 210 million RMB, with repayments amounting to 132 million RMB [1] Capital Flow - Over the past 5 days, the main capital inflow into Haichuang Pharmaceutical was 47.83 million RMB, with a price increase of 3.91% [1] - In the last 10 days, the main capital inflow was 58.37 million RMB, with a price increase of 2.27% [1] Company Profile - Haichuang Pharmaceutical Co., Ltd. was established in 2013 and is located in Chengdu, primarily engaged in the pharmaceutical manufacturing industry [1] - The company has a registered capital of 990.16 million RMB and a paid-in capital of 690.11 million RMB [1] - The legal representative of the company is Yuanwei Chen [1] Investment and Intellectual Property - Haichuang Pharmaceutical has invested in 2 external companies and participated in 15 bidding projects [1] - The company holds 23 trademark registrations and 71 patents, along with 89 administrative licenses [1]

Group 1 - The A-share pharmaceutical sector showed strong performance in the morning session, with notable gains in CRO, biopharmaceuticals, and innovative drugs [1] - Kangchen Pharmaceutical reached the daily limit increase, while Anke Bio surged over 6% [1] - Other stocks such as Kangtai Biological, Zhifei Biological, and Ganli Pharmaceutical also experienced upward movement [1]

Group 1 - The A-share pharmaceutical sector has collectively rebounded, with concepts such as recombinant proteins, CRO, biopharmaceuticals, and innovative drugs showing reduced declines [1] - Jinbo Bio has seen an increase of over 3%, with stocks like Shanghai Laishi, Wantai Bio, and Bid Pharma also experiencing gains [1] - Trump previously announced that drug tariffs could reach as high as 200% [1]

Market Overview - The three major A-share indices experienced declines, with the Shanghai Composite Index down by 0.21%, the Shenzhen Component down by 0.7%, and the ChiNext Index down by 1.25% [1] Sector Performance - The electricity sector showed resilience, with stocks such as Shaanxi Energy, Huayin Electric, and Shimao Energy hitting the daily limit up [1] - The real estate sector rebounded, with stocks like Chongqing Development and Shahe Shares also reaching the daily limit up [1] - The digital currency concept saw initial gains, with Beijing North achieving two consecutive limit ups [1] - New consumption concepts, including IP economy and ice and snow economy, experienced upward movement, with sectors like lottery, sports, cross-border e-commerce, and cultural media showing early gains [1] - The large pharmaceutical sector faced collective weakness, with concepts such as CRO, recombinant proteins, and biological products declining in early trading [1] - Stocks related to Nvidia and Apple continued to decline for several consecutive days [1]

Investment Rating - The report maintains a strong confidence in the pharmaceutical sector's potential for a reversal in 2025, highlighting innovative drugs and left-side sector recovery as the main investment opportunities [4][44]. Core Insights - The innovative drug sector remains in a high prosperity state, with significant collaborations continuing to emerge. The upcoming 85th American Diabetes Association (ADA) Scientific Sessions in June 2025 is expected to provide important clinical and research updates from endocrine and metabolic drug companies, suggesting investment opportunities in this area [11][44]. - The report emphasizes the increasing approval and quality of new drugs in China, indicating a recovery in the innovative drug sector that has been undervalued for several years. The global recognition of China's technological capabilities is also drawing renewed attention from capital markets towards domestic pharmaceutical companies [27][44]. - The report suggests focusing on leading companies with international expansion and innovation progress, such as Heng Rui Medicine, BeiGene, Innovent Biologics, and others, as well as ADC leaders like Keren Pharmaceutical and Bai Li Tianheng [27][44]. Summary by Sections Pharmaceutical Sector - UroGen Pharma's FDA approval of Zusduri, the first and only drug for treating recurrent low-grade intermediate-risk non-muscle invasive bladder cancer, marks a significant breakthrough in drug delivery systems [20][21]. - The report highlights the progress in chronic disease metabolism, with Eli Lilly's oral Lp(a) lowering drug being considered for breakthrough therapy designation, indicating a growing pipeline of innovative treatments [23][27]. - Merck's oral PCSK9 inhibitor Enlicitide has shown positive results in Phase III trials, representing a significant advancement in cholesterol management therapies [28][29]. Medical Devices - The launch of the MAGLUMI X10, a high-speed automated chemiluminescence immunoassay analyzer, reflects the increasing demand for innovative medical devices in China [33][35]. - The investment by Xianjian Technology in Jianhu Medical to develop electrophysiology products indicates a strategic move to enhance capabilities in high-end medical devices [36][38]. Medical Services - The successful initiation of China's first invasive brain-computer interface clinical trial signifies a major advancement in medical technology, with potential applications for improving the quality of life for patients with spinal cord injuries and amputations [39][40]. - The report anticipates rapid growth in related industries, including high-end imaging equipment and surgical robots, driven by technological advancements and policy support [40]. Traditional Chinese Medicine - The approval of Fangsheng Pharmaceutical's innovative traditional Chinese medicine product marks a significant step in the development of new drugs in this sector, with an expected increase in new drug applications in the coming years [41][43].

Market Performance - The pharmaceutical sector rose by 0.42% on May 23, 2025, outperforming the CSI 300 index by 1.23 percentage points, ranking second among 31 sub-industries in the Shenwan classification [1] - Among sub-industries, medical devices (+1.43%), medical research outsourcing (+0.98%), and offline pharmacies (+0.74%) performed well, while vaccines (-0.68%), blood products (-0.43%), and hospitals (-0.27%) lagged [1] - Top three gainers in individual stocks were Xintiandi (+20.02%), Haichen Pharmaceutical (+20.00%), and Duori Pharmaceutical (+20.00%), while the top three losers were Yahong Pharmaceutical (-5.86%), BeiGene (-4.15%), and Runduo Co., Ltd. (-3.94%) [1] Industry News - GSK announced that the FDA approved its first-in-class antibody therapy Nucala (Mepolizumab) for use as an adjunct maintenance treatment in adults with eosinophilic phenotype, poorly controlled chronic obstructive pulmonary disease (COPD) [2] - Nucala is a monoclonal antibody targeting IL-5, developed for a range of IL-5 mediated diseases, and is the first biologic approved for this specific COPD patient population characterized by blood eosinophil count (BEC) ≥150 cells/μL [2] Company News - Kelun Pharmaceutical (002422) announced that its subsidiary Kelun Botai received an upfront payment from Windward Bio as part of an exclusive licensing agreement for SKB378/HBM9378/WIN3781, including cash received in February 2025 and equity from Windward Bio's parent company, which will be delivered upon regulatory approval in China [3] - Jiuzhou Pharmaceutical (603456) reported that its subsidiary Drug Technology passed an FDA cGMP inspection conducted from March 17 to 21, 2025, and received the FDA's Establishment Inspection Report (EIR) confirming compliance [3] - Huate Dain (000915) announced that its subsidiary Dain Pharmaceutical received a drug registration certificate for sodium valproate oral solution from the National Medical Products Administration, confirming that the product meets registration requirements [3] - Dizh Pharmaceutical (688192) announced that it will present three latest research advancements on its two self-developed innovative drugs DZD8586 and DZD6008 at the 2025 American Society of Clinical Oncology (ASCO) annual meeting, focusing on B-cell non-Hodgkin lymphoma (B-NHL) and non-small cell lung cancer (NSCLC) [4]