Group 1: Healthcare Legislation and Regulation - The draft of the Medical Security Law aims to establish a comprehensive basic medical insurance system and protect the rights of insured individuals [1] - The National Medical Products Administration (NMPA) held a meeting to enhance monitoring and management of medical device sales online, emphasizing risk governance and public safety [2] - Tianjin's health authorities issued a notice to promote the implementation of centralized procurement results, ensuring that selected drugs and consumables are procured within three months [3] Group 2: Medical Data and Technology - Hubei province launched a new feature for its medical insurance information platform to enable nationwide sharing of medical imaging data by 2026 [4] - The Gates Foundation announced a commitment to donate $1.6 billion to the Global Vaccine Alliance over the next five years, contributing to vaccine development and delivery [6] Group 3: Pharmaceutical Developments - Lizhu Group received approval for clinical trials of YJH-012 injection, a new siRNA drug aimed at long-term suppression of uric acid production [5] - Haisheng Pharmaceutical's HSK47388 tablet for autoimmune diseases has had its clinical trial application accepted by the NMPA [6] - Baiyue Shenzhou announced the clinical use of its bispecific HER2 inhibitor in China, targeting patients with HER2-positive biliary tract cancer [8] - Haichuang Pharmaceutical's new anti-cancer drug, Dihengzalu, has been prescribed in multiple cities, marking its entry into clinical practice [9] - Fuhong Hanlin completed the first patient dosing in Japan for its drug Hanshuang in a trial for extensive-stage small cell lung cancer [10] Group 4: Corporate Actions - Wantai Biological Pharmacy responded to investor concerns regarding the efficacy data of its 9-valent HPV vaccine, stating that the circulating data is inaccurate [12] - A senior executive at Kew Flower Pharmaceutical resigned due to retirement, effective immediately [13]

Group 1 - The State Council emphasizes the need to strengthen the evaluation of drug and consumable procurement policies, aiming for a more standardized and institutionalized approach to procurement work [1] - The scope of drug procurement in China has expanded significantly since 2018, now including various fields such as chemical injectable drugs, traditional Chinese medicine, and IVD consumables, with plans to include biosimilars and chemiluminescence in the future [1] - The rapid advancement of procurement has led to a clearing of price reduction impacts in certain segments, resulting in a turning point for the performance of related companies [1] Group 2 - China's innovative drugs are entering a stage of realization of results, with significant R&D progress that is not affected by trade frictions, positioning them as a key investment theme in the pharmaceutical sector for 2025 [1] - The ongoing acceleration of procurement in different pharmaceutical fields is expected to lead to new growth opportunities in the future [1] Group 3 - The Guotai Innovation Drug ETF (517110) tracks the SHS Innovation Drug (RMB) Index (931409), which includes listed companies involved in the R&D, production, and sales of innovative drugs, reflecting the overall performance of the innovative drug sector in the A-share market [2] - The index is designed to represent companies with significant R&D investment characteristics and growth potential within the pharmaceutical and biotechnology industry [2]

Core Viewpoint - The article highlights the recent regulatory changes by the National Medical Products Administration (NMPA) aimed at optimizing the clinical trial review and approval process for innovative drugs, which is expected to enhance the efficiency of drug development in China [1][2][3]. Regulatory Changes - The NMPA announced that clinical trial applications for qualifying innovative drugs will be reviewed and approved within 30 working days, supporting key national research projects and encouraging global early-stage and multi-center clinical trials [3]. - This initiative is part of a broader effort to promote high-quality development in the pharmaceutical industry, as outlined in the State Council's recent directives [2][3]. Market Reactions - Pharmaceutical stocks have reacted positively to these developments, with Shijiazhuang Pharmaceutical Group announcing a strategic research collaboration with AstraZeneca, which includes an upfront payment of $110 million and potential milestone payments of up to $5.22 billion [1][4]. - The State Council's recent meeting also focused on optimizing drug and consumable procurement policies, emphasizing the need for better evaluation and regulation of these processes [3][4]. Upcoming Events - The American Diabetes Association (ADA) conference, scheduled for June 20-23, is anticipated to be a significant event for the metabolic disease sector, where key clinical advancements in GLP-1RA drugs will be reported [1][4]. Investment Outlook - The innovative drug sector has seen substantial growth this year, driven by accumulated industry advancements and increased funding interest following a prolonged market downturn [5]. - Analysts remain optimistic about the innovative drug market's trajectory over the next 2-3 years, citing potential for overseas expansion and continued investment from public funds [5][6].

Core Viewpoint - The recent announcement from the National Medical Products Administration (NMPA) optimizes the clinical trial review and approval process for innovative drugs, aiming to enhance the efficiency and quality of clinical research [1][3]. Group 1: Regulatory Changes - The NMPA's new proposal allows for the review and approval of clinical trial applications for qualifying innovative drugs to be completed within 30 working days [3]. - This initiative supports the development of innovative drugs that are clinically valuable and encourages global early-stage research and international multi-center clinical trials [3]. Group 2: Market Developments - Recent favorable news for the pharmaceutical sector includes a strategic research collaboration between Shijiazhuang Pharmaceutical Group and AstraZeneca, which involves an upfront payment of $110 million and potential milestone payments of up to $5.22 billion [1]. - The State Council's recent meeting focused on optimizing drug and medical supplies procurement policies, emphasizing the need for better evaluation and regulation of these processes [3][4]. Group 3: Industry Trends - The innovative drug sector has seen significant interest, with a notable increase in stock prices for companies involved in innovative drug development, particularly in the context of recent clinical data and business development activities [7]. - The upcoming ADA conference, scheduled for June 20-23, is expected to showcase key clinical advancements in metabolic diseases, further driving interest in innovative drugs [1][5]. Group 4: Investment Outlook - Analysts suggest that despite short-term fluctuations, the innovative drug sector is expected to maintain a positive outlook over the next 2-3 years, driven by overseas business development opportunities and increased capital allocation from public funds [7][8]. - The focus on PD1 plus logic and the potential for new breakthroughs in drug development are highlighted as key areas for investment consideration [8].

1. Report Industry Investment Ratings The report does not provide an overall industry investment rating. 2. Core Views - The report presents daily trading strategies and trend analyses for various commodities futures, including precious metals, base metals, energy, agricultural products, etc. Each commodity has its own specific market situation, and the report provides corresponding trading suggestions and trend judgments based on factors such as geopolitical events, supply - demand relationships, and macro - economic data [2][5]. 3. Summary by Commodity Precious Metals - **Gold**: Geopolitical conflicts have reignited, with a trend strength of 0, indicating a neutral outlook [6][10]. - **Silver**: Prices have fallen from high levels, with a trend strength of 0, also indicating a neutral outlook [6][10]. Base Metals - **Copper**: Lacks a clear driving force, and prices are oscillating, with a trend strength of 0 [12][14]. - **Aluminum**: The current situation remains strong, with a trend strength of 0 [15][17]. - **Alumina**: The price center has shifted slightly downward, with a trend strength of 0 [15][17]. - **Zinc**: Prices are under pressure, with a trend strength of - 1, indicating a slightly bearish outlook [18]. - **Lead**: Short - term supply and demand are both weak, but it can be bullish in the medium term, with a trend strength of 0 [20][21]. - **Tin**: The current situation is tight, but the outlook is weak, with a trend strength of 0 [23][26]. - **Nickel**: Concerns about the ore end have cooled, and smelting supply has full elasticity, with a trend strength of 0 [27][30]. - **Stainless Steel**: Negative feedback has led to increased production cuts, with weak supply and demand and low - level oscillations, with a trend strength of 0 [27][30]. Energy and Chemicals - **Carbonate Lithium**: Supply pressure is strong, and weak oscillations continue, with a trend strength of 0 [31][33]. - **Industrial Silicon**: The main idea is to short, with a trend strength of - 1 [34][36]. - **Polysilicon**: The spot market is weak, and the market has a downward driving force, with a trend strength of - 1 [34][36]. - **Iron Ore**: Expectations are fluctuating, and prices are oscillating within a range, with a trend strength of 0 [37][38]. - **Rebar**: Affected by macro - sentiment, prices are oscillating widely, with a trend strength of 0 [40][43]. - **Hot - Rolled Coil**: Affected by macro - sentiment, prices are oscillating widely, with a trend strength of 0 [40][43]. - **Ferrosilicon**: Steel procurement quotes have been finalized, and prices are oscillating widely, with a trend strength of 0 [44][47]. - **Silicomanganese**: Affected by ore - end information, prices are oscillating widely, with a trend strength of 0 [44][47]. - **Coke**: Safety inspections are becoming stricter, and prices are oscillating widely, with a trend strength of 0 [49][51]. - **Coking Coal**: Safety inspections are becoming stricter, and prices are oscillating widely, with a trend strength of 0 [49][51]. - **Steam Coal**: Demand is yet to be released, and prices are oscillating widely, with a trend strength of 0 [53][56]. - **P - Xylene**: Oil prices have risen and then fallen, and prices are under pressure in the medium term [2]. - **PTA**: Oil prices have risen and then fallen, and prices are under pressure in the medium term [2]. - **MEG**: Reduce positions in the strategy of going long on PTA and short on MEG [2]. - **Synthetic Rubber**: Prices are running strongly in the short term [2]. - **Asphalt**: Prices are oscillating at high levels, and geopolitical risks still exist [2]. - **LLDPE**: Prices are strong in the short term and oscillating in the medium term [2]. - **PP**: Prices have risen slightly, with average trading volume [2]. - **Caustic Soda**: Valuations are under pressure against the backdrop of high profits [2]. - **Glass**: The price of the original sheet is stable [2]. - **Methanol**: Prices are running strongly in the short term [2]. - **Urea**: There may be a short - term rebound, and intraday fluctuations depend on spot trading volume [2]. - **Styrene**: Prices are oscillating in the short term [2]. - **Soda Ash**: There are few changes in the spot market [2]. - **LPG**: Geopolitical conflicts have escalated, increasing market risks [2]. - **PVC**: Prices are oscillating in the short term, and there is still pressure in the trend [2]. Energy - **Fuel Oil**: Prices have risen significantly and are expected to strengthen significantly in the short term [5]. - **Low - Sulfur Fuel Oil**: The strong trend continues, and the price spread between high - and low - sulfur fuels in the overseas spot market has narrowed slightly [5]. Shipping - **Container Shipping Index (European Line)**: Short at high levels for the October contract, and reduce positions in the October - December reverse spread strategy at high levels [5]. Agricultural Products - **Palm Oil**: Both the US biodiesel policy and geopolitical risks are favorable [5]. - **Soybean Oil**: The performance of domestic oils may be weaker than that of international oils [5]. - **Soybean Meal**: Biodiesel policies are favorable, and the domestic soybean meal market is following the strong trend of US soybeans [5]. - **Soybean No. 1**: The soybean market is strong, and prices are rising to catch up [5]. - **Corn**: Prices are oscillating strongly [5]. - **Sugar**: Prices are consolidating at low levels [5]. - **Cotton**: Attention should be paid to the impact of external markets [5]. - **Eggs**: The negative impact of the plum - rain season has been released [5]. - **Hogs**: Waiting for confirmation from the spot market [5]. - **Peanuts**: There is support at the bottom [5]. Pulp and Paper - **Offset Printing Paper**: Prices are oscillating [5]. Others - **Short - Fiber**: Pay attention to the increasing cost volatility, and prices are oscillating at high levels [5]. - **Bottle Chips**: Pay attention to the increasing cost volatility, and prices are oscillating at high levels [5]. - **Log**: Prices are oscillating repeatedly, with a trend strength of 0 [57][61].

Group 1 - Middle Eastern stock markets experienced a significant decline on Sunday, while oil prices surged in early Asian trading on Monday, and gold prices increased, indicating volatility in the commodities market [1] - China's social financing increased by 2.29 trillion yuan in May, with new RMB loans amounting to 620 billion yuan and new RMB deposits nearing 2.18 trillion yuan, suggesting a tightening of the M2-M1 spread [1] - The State Council is researching measures to optimize the procurement of drugs and medical supplies, emphasizing the need to advance the construction of "good houses" [1] Group 2 - Ongoing military exchanges between Iran and Israel, with Iran considering a blockade of the Strait of Hormuz, while Israel attacked Iran's largest gas field [1] - Israeli Prime Minister stated that Israel is willing to cease actions if Iran agrees to abandon its nuclear program as per U.S. demands [1] - Reports indicate a failed assassination attempt on a senior Houthi leader by Israel, which the Houthi forces denied [1] Group 3 - The UK Prime Minister announced that there are no "obstacles" remaining to finalize the US-UK trade agreement [1] - A phone call between Japan and the US agreed to accelerate ministerial-level consultations to reach a mutually beneficial agreement, with Japan stating that the deadline of July 9 for the Basent has not been extended [1] - Upcoming release of China's May industrial output and retail sales data is anticipated [1]

Group 1 - The State Council's executive meeting emphasized the importance of constructing a new model for real estate development to promote stable, healthy, and high-quality growth in the real estate market, focusing on long-term strategies and systematic policy support [3] - Guangzhou plans to optimize real estate policies by fully canceling purchase restrictions, sales restrictions, and price limits, while also lowering down payment ratios and interest rates to better meet housing consumption needs [4] - The People's Bank of China announced a 400 billion yuan reverse repurchase operation to maintain ample liquidity in the banking system, with a term of six months [5] Group 2 - In May, new RMB deposits exceeded 2 trillion yuan, with experts attributing the differences in deposit and loan growth to the diversification of financial institutions' assets and changes in financing structures [6] - The China Securities Regulatory Commission published the "Procedures for Programmatic Trading in the Futures Market (Trial)," which will take effect on October 9, 2025, to enhance the regulation of programmatic trading [29] - The State Council meeting reviewed measures to optimize the collection of drugs and medical supplies, aiming to promote standardized and institutionalized procurement practices [34] Group 3 - The Ministry of Industry and Information Technology held a meeting to address the prevention and governance of telecom network fraud, emphasizing a comprehensive approach to tackle the issue [35] - The market supervision authority announced ongoing efforts to strengthen the recall of defective consumer goods sold online, ensuring consumer rights and market order [37] - Nezha Automobile has officially entered bankruptcy reorganization procedures, indicating a significant development in the company's financial status [38][39]

Group 1: Institutional Innovation and Open Economy - The State Council emphasizes the importance of leveraging the pilot experiences from the China (Shanghai) Free Trade Zone to promote institutional innovation and high-level opening-up, aiming for deeper reforms and high-quality development [1][2] - In June 2023, the State Council issued measures to promote institutional opening-up in free trade zones, with pilot programs initiated in Shanghai, Guangdong, Tianjin, Fujian, Beijing, and Hainan [2][3] - The pilot measures cover six areas: goods trade, service trade, personnel entry, digital trade, business environment, and risk prevention, with 17 measures to be replicated across all free trade zones [2] Group 2: Real Estate Market Stabilization - The meeting highlights the need to establish a new model for real estate development to ensure stable and healthy growth in the sector, focusing on long-term strategies and systematic policy support [3][4] - The real estate market is experiencing a decline, with new residential sales area down by 2.1% and sales revenue down by 1.9% in early 2025, although the decline is less severe than in previous months [4] - The focus is on stabilizing expectations, activating demand, optimizing supply, and mitigating risks to promote recovery in the real estate market [3][4] Group 3: Credit Repair Mechanism and Healthcare Policies - The meeting calls for the establishment of a unified and efficient credit repair mechanism to assist entities in rebuilding their credit, emphasizing the need for standardized rules and data sharing [5] - There is a push for the standardization and institutionalization of drug and consumable procurement policies, aiming to enhance the quality and accessibility of healthcare services [5]

Group 1: Free Trade Zone Initiatives - The State Council is promoting the replication of pilot measures from the China (Shanghai) Free Trade Zone to enhance institutional innovation and high-level opening-up, aiming for deeper reforms and high-quality development [3][4] - Since 2013, China has established 22 Free Trade Zones across various regions, creating a comprehensive reform and opening-up innovation framework [3] - In 2024, the Shanghai Free Trade Zone is projected to achieve an import and export volume of 2.25 trillion yuan, a year-on-year increase of 2.1%, accounting for 52.7% of Shanghai's total import and export value [3] Group 2: Real Estate Development - The meeting emphasized the importance of constructing a new model for real estate development to ensure a stable and healthy market, focusing on long-term strategies and systematic policy support [6] - Various regions, including Hunan and Jiangsu, have introduced specific plans for "good housing" construction, aiming to meet diverse housing needs and improve residential quality [7] - Recent reports indicate that the total transaction volume of new and second-hand homes in China has stabilized, suggesting a potential bottoming out of the real estate market [7] Group 3: Credit Repair Mechanism - The meeting highlighted the need to establish a unified and efficient credit repair mechanism to assist entities in rebuilding their credit [9] - Efforts are being made to enhance data sharing and collaboration among departments to streamline the credit repair process [9] - In 2023, initiatives in various regions have successfully helped thousands of enterprises restore their credit through improved services and innovative processes [9] Group 4: Drug and Medical Supplies Procurement - The meeting called for the evaluation and standardization of drug and medical supplies procurement policies to ensure effective collaboration in the healthcare sector [12] - By 2025, the National Medical Insurance Administration plans to continue promoting centralized procurement of drugs and medical supplies, with significant participation from numerous enterprises [12] - As of May 23, 2023, 136 drug varieties have met the conditions for procurement, indicating a robust market for pharmaceutical products [12]

新华社北京6月13日电 国务院总理李强6月13日主持召开国务院常务会议，部署中国 （上海）自由贸易试验区试点措施复制推广工作，听取构建房地产发展新模式和推进好房子 建设有关情况汇报，审议通过《关于进一步完善信用修复制度的实施方案》，研究优化药品 和耗材集采有关举措。 会议指出，要用好中国（上海）自由贸易试验区全面对接国际高标准经贸规则的试点经 验，在更大范围释放制度创新红利，以高水平开放推动深层次改革、高质量发展。要因地制 宜做好复制推广工作，充分考虑各地实际情况，重点推进企业和群众急需的试点举措，做好 与其他改革开放试点措施的相互协调、相互衔接。要在守住风险底线的前提下，更大力度开 展制度型开放试验，加快构建更高水平开放型经济新体制。 会议指出，要加强药品和耗材集采政策评估，总结经验、补齐短板，推动集采工作规范 化制度化常态化开展。要更好促进"三医"协同发展和治理，完善公立医院补偿机制，支持医 药企业提高创新能力，更好满足群众多元化就医用药需求。要加强对药品和耗材生产、流 通、使用全链条质量监管，扎实推进仿制药质量和疗效一致性评价，让人民群众用药放心安 心。 会议还研究了其他事项。 来源：新华社 会议指出， ...