天德钰：上半年净利润12.08亿元 同比增长43.35% 7月16日晚，天德钰（688252）发布2025年半年度业绩快报，公司上半年实现营业收入12.08亿元，同比 增长43.35%；实现归属于上市公司股东的净利润1.52亿元，同比增长50.89%。 资料显示，天德钰成立于2010年11月，主营业务是移动智能终端领域的整合型单芯片研发、设计、销 售。 所属行业：电子–半导体–数字芯片设计 福莱新材：股东拟减持不超过1.33%公司股份 7月16日晚，福莱新材（605488）发布公告称，股东嘉兴市进取企业管理合伙企业（有限合伙）计划通 过集中竞价及大宗交易方式减持不超过376.25万股公司股份，占公司总股本的1.33%。减持期间为2025 年8月7日至2025年11月6日。减持原因系股东个人资金需求。 资料显示，福莱新材成立于2009年6月，主营业务是功能性涂布复合材料的研发、生产、销售。 所属行业：基础化工–塑料–膜材料 金帝股份：签订不低于15亿元工业项目投资合同 7月16日晚，金帝股份（603270）发布公告称，公司拟使用自有或自筹资金向海南金海慧投资有限公司 增资，增资完成后，由金海慧在重庆设立子公司博 ...

大家好欢迎参加耀明康德2025年一级对业绩交流电话会目前所有参与者身处于静音状态现在开始播报每次声明声明播报完毕后主持人可即开始发言谢谢 本次会议为中信剑投证券股份有限公司中信剑投协助上市公司组织的白名单会议仅限受邀嘉宾参会本次会议内容在任何情形下都不构成对会议参加者的投资建议敬请会议参加者充分了解各类投资风险根据自身情况自主做出投资决策并自行承担投资风险 尊敬的耀明康德的各位管理层各位投资人和分析师大家早上好 欢迎大家参加公司2025年一季度业绩交流会我是中信线头的医药分析师贺君宁今天我们非常荣幸的邀请到了公司联席首席执行官陈明璋博士联席首席执行官杨清博士首席财务官施明女士全球法务负责人吴浩博士董事会秘书张远舟先生 以及投资者关系总监汤米加女士与大家进行线上的沟通和交流今天跟我一起主持会议的还有我们团队的刘若飞、赖俊勇和汤然昨天晚上公司公布了一季度的业绩我们也看到公司在一季度非常挑战的环境之下取得了非常亮眼的成绩 收入和利润端都实现了较快的增长同时持续经营业务在手订单也有非常显著的增长相信大家也非常关注公司的经营情况以及管理层对后续经营的展望接下来我就把时间交给公司的管理层请管理层跟大家分享一下公司2025 ...

中设股份：上半年净利润预亏600万–800万元 7月16日，中设股份（002883）发布2025年半年度业绩预告，公司预计上半年实现归属于上市公司股东 的净亏损600万元至800万元，上年同期盈利1882.98万元；预计实现扣除非经常性损益后的净亏损600万 元至800万元，上年同期盈利1710.90万元。 资料显示，中设股份成立于1987年8月，主营业务是围绕交通、市政、建筑、环境四大业务领域提供全 过程工程设计咨询和工程总承包业务。 所属行业：建筑装饰–工程咨询服务Ⅱ–工程咨询服务Ⅲ 江丰电子：上半年净利润预增53.29%–65.70% 7月16日，江丰电子（300666）发布2025年半年度业绩预告，公司预计上半年实现归属于上市公司股东 的净利润2.47亿元至2.67亿元，比上年同期增长53.29%至65.70%；预计实现扣除非经常性损益后的净利 润1.7亿元至1.9亿元，比上年同期增长0.17%至11.95%。 资料显示，江丰电子成立于2005年4月，主营业务是超高纯金属溅射靶材、半导体精密零部件的研发、 生产和销售。 所属行业：电子–半导体–半导体材料 天元股份：股东拟合计减持不超过1%公司股份 7 ...

Industry Investment Rating - The industry investment rating is "Outperform" [1] Core Viewpoints - The report is optimistic about the second half of 2025, particularly regarding ADC, bispecific antibodies, and CAR-T products, with expectations for continued business development (BD) activity [4][13] - In the first half of 2025, China's innovative drug license-out total amount approached $66 billion, surpassing the total for 2024, indicating strong interest from multinational corporations (MNCs) in Chinese innovative drug assets [4][13] - The report highlights a significant increase in the number and amount of license-out transactions in China, with the proportion of projects rising from 3% in 2019 to 13% in 2024, and the amount from 1% to 28% [4][13] Summary by Sections 1. Weekly Insights - The pharmaceutical and biotechnology sector rose by 1.82%, outperforming the CSI 300 index by 1 percentage point, ranking 16th among 31 sub-industries [5][20] - The report notes that the medical research outsourcing sector had the highest increase, up by 9.29% [5][24] 2. Performance of Sub-sectors - The report details the performance of various sub-sectors, with the medical research outsourcing sector leading the gains, followed by vaccines and pharmaceutical distribution [5][24] - The report indicates that the innovative drug sector continues to perform well, driven by ongoing BD activities and supportive policy developments [26][27] 3. Recommended and Benefiting Stocks - Recommended stocks include innovative drug companies such as Xinda Biopharmaceutical, Kangfang Biopharmaceutical, and others in the medical device sector like Yingke Medical and Maipu Medical [6][20] - Benefiting stocks also include a range of innovative drug companies listed in both H-shares and A-shares, as well as companies in the medical device and CXO sectors [6][20] 4. Market Trends - The report emphasizes the increasing focus of MNCs on metabolic endocrine and autoimmune products, indicating a shift in disease spectrum preferences [4][19] - The report suggests that the innovative drug sector is likely to see continued strong performance due to favorable policies and market conditions [26][28] 5. Future Outlook - The report anticipates that the innovative drug sector will continue to thrive, with a focus on projects that have already been licensed out and are awaiting clinical catalysts [26][28] - The medical device sector is expected to benefit from government policies promoting upgrades and replacements, with a significant increase in procurement anticipated in the second quarter of 2025 [29][30]

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology sector, with a focus on innovative drug companies [2][3]. Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.82%, outperforming the CSI 300 index (0.82%) and the Wind All A index (1.71%). The market is currently focused on the expectations surrounding semi-annual reports and business development (BD) activities [8][9]. - The launch of the 2025 National Basic Medical Insurance and Commercial Health Insurance innovative drug directory is a significant development. This directory will include high-innovation drugs that provide substantial clinical value and patient benefits, which are not covered by basic medical insurance but recommended for commercial health insurance [3][13]. - The report highlights the importance of the commercial health insurance sector in the payment for innovative drugs, suggesting that the accessibility of high-priced innovative drugs is expected to improve, particularly in the areas of cell and gene therapy [3][13]. Market Weekly Review - The medical research outsourcing sector led the gains with a 9.29% increase, primarily driven by WuXi AppTec's positive semi-annual report announcement. Conversely, offline pharmacies and other biological products experienced declines of -1.29% and -1.55%, respectively [8][9]. - Notable stock performances included Frontier Biotech-U (41.4%), Mediso (38.9%), and Lianhuan Pharmaceutical (38.6%) leading the gains, while ST Unimed (-18.5%), Shenzhou Cell-U (-13.4%), and Shutai Shen (-11.6%) faced significant losses [11][12]. Industry News and Key Company Announcements - The report outlines several key industry events, including the approval of innovative drugs and strategic partnerships among major pharmaceutical companies, which are expected to enhance their market positions and product offerings [13][16][17]. - The report also mentions significant financial forecasts from various companies, indicating strong growth potential in the sector, with some companies projecting net profit increases of over 100% year-on-year [17][18].

通过研发，药明康德极致赋能客户。截至2024年底，公司整体活跃客户约6000家，覆盖所有全球前20大制药企 业。 长江商报消息 ●长江商报记者 沈右荣 CRO龙头企业药明康德（603259.SH）经营业绩继续稳健增长。 7月11日晚，药明康德发布业绩预告，2025年上半年，公司预计实现营业收入207.99亿元，同比增长约20%；预计 实现归母净利润（经调整非《国际财务报告准则》下归母净利润）63.15亿元，同比增长约44.43%。 2024年上半年，公司持续聚焦独特的"一体化、端到端"CRDMO（合同研究、开发与生产）业务模式，紧抓客户 对赋能需求的确定性，不断拓展新能力、建设新产能，持续优化生产工艺和提高经营效率。 药明康德积极投身研发。截至2024年底，公司研发人员数量约3.18万人，占员工总数的80.7%。公司称，其已经是 行业中极少数在新药研发全产业链均具备服务能力的开放式新药研发服务平台。 营收、净利逆转为双增 药明康德的营收、净利实现了由降转增。 根据最新业绩预告，经财务部门初步测算，2025年上半年，药明康德预计实现营业收入约207.99亿元，同比增长 约20.64%，其中持续经营业务收入同比增 ...

医药生物 2025 年 07 月 13 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 29% 38% 2024-07 2024-11 2025-03 医药生物 沪深300 相关研究报告 《艾伯维收购 Capstan，加码体内 CAR-T—行业周报》-2025.7.6 《多款减肥药亮相 2025 ADA，重点关 注 AMYR 与 ActRII 靶点—行业周报》 -2025.6.29 《关注高质量减重赛道近期积极进展 —行业周报》-2025.6.22 CXO 龙头中报业绩超预期，重点关注板块后续行情 ——行业周报 | 余汝意（分析师） | 汪晋（分析师） | 聂媛媛（联系人） | | --- | --- | --- | | yuruyi@kysec.cn | wangjin3@kysec.cn | nieyuanyuan@kysec.cn | | 证书编号：S0790523070002 | 证书编号：S0790525060003 | 证书编号：S0790124050002 | 2025H1 全球医疗健康产业投融资总额整体企稳，MNC 研发投入整体稳健增长 202 ...

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology industry, expecting the industry index to outperform the market index by over 10% in the next six months [35]. Core Insights - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, rising by 4.42% from June 27, 2025, to July 10, 2025, exceeding the CSI 300's performance by approximately 2.79 percentage points [14][29]. - Most sub-sectors within the industry recorded positive returns during the same period, with the medical research outsourcing and in vitro diagnostics sectors leading with increases of 10.00% and 5.17%, respectively [16][29]. - Approximately 88% of stocks in the industry achieved positive returns, with notable performers including Yong'an Pharmaceutical, which saw a weekly increase of 24.71% [17][19]. - The overall price-to-earnings (PE) ratio for the SW pharmaceutical and biotechnology industry was approximately 49.02 times as of July 10, 2025, indicating a rise in industry valuation, which is currently at a relatively low level compared to recent years [20][29]. Summary by Sections 1. Market Review - The SW pharmaceutical and biotechnology industry outperformed the CSI 300 index, with a rise of 4.42% from June 27, 2025, to July 10, 2025 [14]. - Most sub-sectors recorded positive returns, particularly medical research outsourcing and in vitro diagnostics, which increased by 10.00% and 5.17%, respectively [16]. - About 88% of stocks in the industry had positive returns, with significant gains from certain stocks [17][19]. 2. Industry News - A procurement announcement for blood dialysis equipment was made, indicating a larger scale of procurement at the provincial level, which may impact pricing dynamics in the market [27]. - The report highlights the importance of the new "Occupational Disease Classification and Catalog" set to be implemented, which may influence industry practices [26]. 3. Company Announcements - Hainan Haiyao announced that its subsidiary received a drug registration certificate for Linezolid tablets, indicating progress in its product pipeline [28]. 4. Industry Outlook - The report suggests focusing on investment opportunities within the innovative drug industry chain and highlights several companies across various sectors, including medical devices, pharmaceutical commerce, and innovative drugs [31].

Market Overview - The three major A-share indices continued to rise, with the Shanghai Composite Index up 0.01% to 3510 points, the Shenzhen Component Index up 0.61%, and the ChiNext Index up 0.8% [1] - Total trading volume reached 1.74 trillion yuan, an increase of 221.5 billion yuan compared to the previous trading day, with over 2900 stocks rising across the market [1] Sector Performance - The rare earth sector saw significant gains, with major companies announcing price increases for rare earth concentrates, leading to a surge in related stocks such as China Rare Earth and San Chuan Wisdom [2][4] - The shipbuilding sector also performed well, with Guorui Technology hitting a 20% limit up [2] - The brokerage sector showed strength, with stocks like Bank of China Securities and Harbin Investment Securities reaching their daily limit [2][6] - Other sectors with notable gains included the import expo, virtual robots, CRO, and digital currency [2] Notable Stocks - Rare earth permanent magnet stocks experienced a strong rally, with Benlang New Materials hitting the daily limit with a 29.95% increase, and other stocks like San Chuan Wisdom and Jiu Wu Gao Ke also reaching their limits [4][5] - In the brokerage sector, Bank of China Securities rose by 10.04%, while Harbin Investment Securities and Zhongyuan Securities also saw significant increases [6][7] - The real estate sector was active, with stocks like Shibei High-tech and Tianbao Infrastructure hitting their limits, indicating a recovery in the real estate market [8] Biopharmaceutical Sector - The biopharmaceutical sector, including innovative drugs and CRO, showed strong performance with stocks like Kailai Ying and WuXi AppTec hitting their limits [9][10] - WuXi AppTec reported a pre-profit of 8.561 billion yuan for the first half of the year, a year-on-year increase of 101.92%, indicating strong growth despite global trade challenges [10][11] Banking Sector - The banking sector faced a decline in the afternoon, with over 20 banks, including Zhejiang Merchants Bank and Shanghai Pudong Development Bank, dropping more than 2% [12][13] Future Outlook - The current average P/E ratio of the Shanghai Composite and ChiNext indices is at a median level over the past three years, suggesting a suitable environment for medium to long-term investments [14] - The Federal Reserve's interest rate decisions may impact global risk appetite, and there is a focus on sectors such as finance, non-ferrous metals, real estate, and photovoltaic equipment for potential investment opportunities [14]

Investment Rating - The investment rating for the pharmaceutical and biotechnology industry is "Positive" and the rating has been maintained [2] Core Insights - The pharmaceutical and biotechnology industry index increased by 5.30%, outperforming the CSI 300 index which rose by 3.52% during the reporting period [3][14] - The PE ratio (TTM, excluding negative values) for the pharmaceutical and biotechnology industry as of July 4, 2025, is 28.52x, up from 27.28x in the previous period, indicating an upward trend in valuation [3][19] - Notable sub-industries include "Other Biological Products" and "Medical R&D Outsourcing," which saw increases of 11.20% and 9.37% respectively, while "Medical Equipment" and "Blood Products" lagged with increases of only 0.98% [3][14] Industry Trends - The report highlights significant policy measures from the National Healthcare Security Administration and the National Health Commission aimed at supporting the high-quality development of innovative drugs [5][6] - The introduction of a commercial health insurance innovative drug directory is a key breakthrough, facilitating better pricing and reimbursement mechanisms for high-value drugs [6] - The report emphasizes the importance of the innovative drug industry chain, particularly focusing on platform pharmaceutical companies, clinical CROs, and high-barrier CDMOs [6] Important Industry News - The approval of several innovative drugs, including "ZEGFROVY" by Dize Pharmaceutical and "TQG203" by Zhengda Tianqing, marks significant advancements in the industry [41][42][46] - The report notes that the global number of hemophilia patients is expected to increase by 25% by 2025, highlighting the growing market for innovative treatments [42] - The approval of "Mastrudep" by Innovent Biologics for weight management in adults showcases the expanding therapeutic applications of GLP-1R/GCGR dual agonists [49][50] Investment Recommendations - Continuous attention is recommended for the innovative drug industry chain, particularly for companies that can navigate the new dual directory system and have international expansion capabilities [6] - The report suggests that the recent policy changes and the successful IPO of a biotech company signal a positive outlook for the innovative drug sector [6]