据基金公司公告，港股通医疗ETF（交易代码：520510）将于2025年8月7日（本周四）在上海证券交易 所上市。资料显示，该ETF支持T+0交易，填补了港股通医疗赛道的空缺，为投资者提供了布局港股医 疗赛道的便捷工具。 港股通医疗ETF跟踪港股通医疗主题指数（932069.CSI），该指数主要覆盖医疗板块三大细分领域，其 持仓CXO的权重超30%，在全市场指数中领先；持仓AI医疗权重超20%，有望受益于反内卷、创新药出 海及AI技术革命。 每日经济新闻 ...

一品红 20250731 摘要 一品红的 AR882 作为全球新型痛风治疗药物，在安全性和有效性上表 现卓越，尤其在溶解痛风石方面有显著效果，有望成为同类最佳药物。 目前正进行全球多中心临床试验，预计今年 9 月底将读出海外三期中期 数据。 国内高尿酸血症患者约 2 亿，痛风患者约 2000 万。传统降尿酸药物存 在局限性，如别嘌醇可能引起亚洲人群过敏，非布司他存在心血管风险。 AR882 有望填补市场空白，提供新的治疗选择。 AR882 在降尿酸方面效果显著，降尿酸比例达 53%，优于别嘌呤醇 （35%）和非布司他（30%）。影像学数据表明，AR882 对大型和小 型痛风石均有显著溶解效果。 欧洲风湿病年会数据显示，AR882 高剂量组能迅速将血尿酸浓度降至 4 毫克每分升，并在一年半内保持低水平。血尿酸小于 6 毫克每分升的达 标率接近或超过 80%，小于 4 毫克每分升的指标也达到 50%。 AR882 在为期一年半的长期治疗期间，对肝肾功能表现出良好的安全性， 未出现肝肾毒性事件。二期数据显示，不良反应大多为轻度或中度。 Q&A 请介绍一下天风证券对一品红公司的主要推荐观点。 天风证券认为一品红公司在 ...

| 收盘点位 | | 8833.56 | | --- | --- | --- | | 52 | 周最高 | 8886.1 | | 52 周最低 | | 6070.89 | 行业投资评级 强于大市 |维持 | 行业基本情况 | | --- | 证券研究报告：医药生物|行业周报 发布时间：2025-08-03 行业相对指数表现 2024-08 2024-10 2024-12 2025-03 2025-05 2025-07 -9% -5% -1% 3% 7% 11% 15% 19% 23% 27% 31% 医药生物 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:盛丽华 SAC 登记编号:S1340525060001 Email:shenglihua@cnpsec.com 研究助理:陈峻 SAC 登记编号:S1340123110013 Email:chenjun@cnpsec.com 近期研究报告 《医疗器械板块三季度有望迎来业绩 拐点，建议积极布局》 - 2025.07.28 医药生物行业报告 （2025.07.28-2025.08.03） 乙肝治愈仍为蓝海，CpAMs、小核酸药物有望率先破 局 l ...

前公司 娱乐 == 7 2025 年 08 月 03 日 最年假 (06618) 医药电商增长稳健,供应链+服务生态+Al 构筑壁垒 报告原因: 首次覆盖 婴人 (首次评级) | 市场数据: | 2025年08月01日 | | --- | --- | | 收盘价（港币） | 48.75 | | 恒生中国企业指数 | 8804.42 | | 52 周最高/最低（港币） | 51.80/19.48 | | H 股市值（亿港币） | 1.560.06 | | 流通 H 股 (百万股) | 3.200.12 | | 汇率（人民币/港币） | 1.0979 | 年内股价与基准指数对比走势: 194% 01/0 资料来源: Bloomberg 证券分析师 注："每股收益"为归属于母公司所有者的净利润除以总股本 洪依真 A0230519060003 hongyz@swsresearch.com 林起贤 A0230519060002 linqx@swsresearch.com 刘洋 A0230513050006 liuyang2@swsresearch.com 张静含 A0230522080004 zhangih@swsre ...

Core Viewpoint - The article discusses the potential second listing of Mindray Medical in Hong Kong, aiming to raise at least $1 billion, amidst a challenging performance period for the company due to industry adjustments and increased competition [1][8]. Group 1: Company Overview - Mindray Medical, founded in 1991 by Li Xiting, initially survived by importing medical devices but shifted to self-development due to high foreign prices and domestic resource shortages [3]. - The company launched its first self-developed multi-parameter monitor in 1993, supported by a government loan [3][4]. - Mindray Medical became one of the first companies in China to attract venture capital in 1995, leading to the development of several key products [4]. Group 2: Financial Performance - In 2024, Mindray Medical's revenue growth is expected to slow significantly, with a projected net profit increase of only 0.74% compared to previous years [1][8]. - The company reported a decline in revenue and net profit in Q1 2025, with revenue down 12.12% and net profit down 16.81% year-on-year [9]. - The life information and support business, which includes core devices like monitors and anesthesia machines, saw an 11.11% revenue decline [8]. Group 3: Strategic Goals - Li Xiting has set an ambitious goal for Mindray Medical to become a top 10 global medical device company by 2030 [1][11]. - The company is focusing on "digital intelligence" and "internationalization" as key strategies to achieve this goal, including the integration of AI into its product lines [11][12]. - Mindray Medical aims for overseas business to account for over 70% of its revenue in the future [12]. Group 4: Market Position and Expansion - Mindray Medical's overseas revenue reached 16.4 billion yuan in 2024, accounting for 44% of total revenue, reflecting its successful international expansion [4][6]. - The company has completed 14 acquisitions from 2011 to 2024, significantly increasing its revenue scale from $881 million to $367 billion [6]. - Mindray Medical is currently ranked 25th in the global medical device company list, with a target to enhance its market share in developing countries [13].

本期为基金社交媒体指数（2025年6月）。 公众号方面，红包福利结合投资者教育/产品宣传的内容策略方式当道。 本期总榜保持稳定，仅宝盈基金（TOP19）替换诺安基金（5月TOP19）进入榜单。 （文章来源：第一财经） 本期基金抖音高赞榜上榜作品以财经解读为主。万家基金解读"并购重组政策松绑"热点，用"资本相亲 大会"比喻降低用户理解门槛，收获3万+点赞。华夏基金、易方达基金不约而同聚焦"降准降息"政策对 投资带来的影响，关联普通人钱袋子，均收获了上万点赞，显示用户对宏观事件如何影响投资的强关 注。嘉实基金、华富基金、国泰基金则挖掘前瞻性产业趋势，用通俗语言分析高成长性赛道的未来机 会。此外，榜首作品华安基金《人生没有白走的路，但走自己选的路时，每一步都带风》上演励志温情 小剧场，精准演绎了毕业季年轻人对未来选择的犹豫，是听父母的决定还是坚持自我，强烈的情绪共鸣 引发了10万用户点赞。 视频号方面，本期多个品牌IP栏目上榜（如中欧基金「种时光的人」、富国合唱团、嘉实基金《好奇心 营地》等），IP化运营已成为视频号内容突围的核心策略。中欧基金「种时光的人」上榜作品用舞蹈艺 术《只此青绿》诠释投资哲学，将"长期主义 ...

3、国家医保局医药价格和招标采购司表示，支持高水平的创新药，在上市初期取得和高投入高风险相 符的收益回报，实际上就是比较满意的一个价格水平。而且对于高水平的创新药，设置一定价格稳定 期。第二方面，从挂网流程方面我们给予积极支持，包括采取一省受理各地通行这种联审通办的模式， 来助力新药快速推向临床。 截至2025年8月1日 10:03，中证港股通医药卫生综合指数(930965)上涨0.81%，成分股固生堂(02273)上涨 5.17%，亚盛医药-B(06855)上涨4.38%，石药集团(01093)上涨3.43%，康方生物(09926)上涨3.17%，锦欣 生殖(01951)上涨2.70%。香港医药ETF(513700)上涨1.38%，最新价报0.74元。 消息面有三点： 1、海外BD持续超预期:石药集团将临床前口服GLP1小分子授权给Madrigal，首付款1.2亿美元创同类纪 录，凸显中国技术平台溢价能力。 2、治疗范式突破:舒泰神的C5a抗体。BDB-001在抗中性粒细胞胞浆抗体血管炎治疗中头对头击败激素 疗法，完全缓解率提升10倍，为皮下制剂出海奠定基础。 香港医药ETF紧密跟踪中证港股通医药卫生综合指 ...

东北证券发布研报称，维持医渡科技(02158)"增持"评级。公司近期发布2025财年财报，医疗智能化领 域市场渗透能力显著提升，自主研发的i系列解决方案期内毛利率创历史新高。 此外，公司自主研发的i系列解决方案贯穿药物研发全生命周期，包括临床开发、研究设计和商业化风 险预判，报告期内毛利率提升至33.5%，创历史新高，凸显其在医药研发智能化领域的核心竞争力。公 司连续三年作为"深圳惠民保"主运营平台，2024年度参保人数达609万人;连续四年运营"北京惠民保"， 累计参保人次超1500万。平台活跃用户数超过24百万名，且用户已完成至少一笔交易，显示出强大的用 户触达能力和健康管理服务的市场接受度，为未来商业化变现奠定坚实基础。 报告中称，截至2025年3月31日，公司大数据平台已服务110家中国顶级医院及44个监管机构，覆盖超过 4000家医院。同时，Copilot产品矩阵在三个月内完成30余家三甲医院部署，形成"数据治理—智能训练 —场景落地"的完整闭环，显著提升了其在医疗智能化领域的市场渗透能力。生命科学板块服务客户达 132家，其中前20大客户收入留存率高达87.51%，16家为跨国药企。 ...

Core Viewpoint - The medical device and consumables sectors, along with AI healthcare, are experiencing significant growth driven by favorable policies and market dynamics. Group 1: Medical Device and Consumables Sector - The Hong Kong medical ETF (159366) saw a rise of over 4.5% on July 30, with a trading volume nearing 600 million, benefiting from the active market for innovative drugs and devices [1] - The medical device ETF (159883) recorded a net inflow of 2.03 billion, ranking first among comparable funds, with a total of 7.14 billion in net inflows over nine consecutive days [1] - Policy expectations are positive, with high-value consumables expected to benefit from improved procurement policies, leading to a reduction in valuation pressure and a more stable long-term performance outlook for leading companies [1][3] Group 2: Policy Support and Market Dynamics - Continuous policy support for the medical consumables sector is shifting the focus from price wars to value wars, with the National Medical Insurance Bureau facilitating the pricing of innovative medical consumables [3] - The optimization of the 11th batch of national drug procurement rules aims to address the issue of price undercutting, allowing companies to maintain profit margins and focus on innovation [3][4] - The simplification of the approval process for innovative consumables is expected to accelerate their market entry, enhancing the support for clinically valuable new products [4] Group 3: AI Healthcare Sector - The AI healthcare sector is gaining momentum, with the 2025 World Artificial Intelligence Conference showcasing practical applications that address clinical challenges and promote scalable solutions [5] - The release of the "2025 Artificial Intelligence + Health Shanghai Practice" outlines a development path for AI healthcare, focusing on data flow issues and the integration of AI with biomedicine [5] - The Hong Kong medical ETF (159366) has become a key investment vehicle for AI healthcare, reflecting a 7.36% increase over the past week, driven by the sector's growth potential [6] Group 4: Investment Trends and Market Sentiment - The release of policy benefits has positioned medical consumables and AI healthcare as core investment areas, with significant capital inflow observed in these sectors [6] - The recovery of domestic medical equipment procurement is expected to boost upstream consumable demand, while AI healthcare companies in Hong Kong are attracting foreign investment due to their technological advantages [6][7] - The collaboration between the recovery of the CXO sector and AI healthcare is amplifying growth potential, as domestic CXO companies leverage cost advantages to secure more AI-driven drug development contracts [7]

Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 1.36% to 25,176.93 points, the Hang Seng Tech Index dropping by 2.72%, and the National Enterprises Index decreasing by 1.18% [2] - Technology stocks, particularly in the internet sector, saw significant losses, with JD.com, Alibaba, and Baidu each dropping over 2%, while Tencent fell more than 1% [2] - In contrast, AI healthcare concept stocks and medical equipment stocks surged, with Ping An Good Doctor rising over 11% and China Health Group increasing by 48% [2][4] AI Healthcare Sector - The AI healthcare and medical equipment sectors are experiencing rapid growth, driven by supportive government policies and increasing market demand [4] - The National Medical Products Administration announced measures to support the innovation of high-end medical devices, focusing on AI imaging diagnostics and surgical robots [4] - Beijing's "AI + Healthcare" action plan aims to establish an innovative ecosystem by 2027, promoting over 30 core technologies and innovative products [4] Oil and Gas Sector - Oil and gas equipment and services stocks performed well, with Shandong Graphite rising over 16% [4] - International oil prices rebounded, with Brent and WTI crude futures both increasing by over 3%, returning to around $70 per barrel [4] Automotive Sector - The automotive sector faced significant declines, with Li Auto dropping over 12% and other major players like BYD and Xpeng also experiencing losses [7] Semiconductor Sector - Semiconductor stocks weakened, with SMIC falling over 5% amid news that Nvidia placed a new order for 300,000 H20 chips with TSMC, impacting market sentiment negatively for local semiconductor suppliers [7][8]