截至2025年5月23日收盘，上海莱士（002252）报收于6.8元，较上周的6.76元上涨0.59%。本周，上海 莱士5月22日盘中最高价报6.93元。5月19日盘中最低价报6.73元。上海莱士当前最新总市值451.38亿 元，在生物制品板块市值排名3/50，在两市A股市值排名290/5148。 公司公告汇总 关于控股股东增持股份计划的公告。证券代码：002252 证券简称：上海莱士 公告编号：2025-043。控 股股东海盈康（青岛）医疗科技有限公司基于对公司未来发展的信心和长期投资价值的认同，计划自本 公告披露之日起6个月内，通过深圳证券交易所交易系统以集中竞价交易方式增持公司股份，增持总金 额不低于人民币25,000万元，且不超过人民币50,000万元，不设置价格区间。本次增持计划资金来源为 自有资金及股份增持专项贷款，其中专项贷款资金占比不超过90%，中国银行股份有限公司青岛市分行 为海盈康提供不超过4.5亿元的股票增持专项贷款支持。海盈康承诺在增持期间及法定期限内不减持公 司股份，不进行内幕交易、短线交易等行为。本次增持计划不触及要约收购，不会导致公司股权分布不 符合上市条件，不会导致公司控制权发 ...

广发证券研报称，当前时刻我们建议重视港股创新药。中国创新药出海的全球竞争优势正在凸显。近年 来，中国药企在海外市场的License-out交易实现了跨越式发展。NewCo模式的兴起，进一步为原药企解 决了融资难、变现难、研发风险大等问题。2023年下半年以来，政策层面出现了一系列积极信号，包括 但不限于规则优化、创新药支持政策加码等。财报层面：头部港股创新药公司受益于License-out放量， 营收和利润稳步增长。估值层面：医药板块相比于其他成长行业，估值处于相对安全的区间。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 风险提示：基金管理人依照恪尽职守、诚实信用、谨慎勤勉的原则管理和运用基金财产，但不保证基金 一定盈利，也不保证最低收益。基金的过往业绩并不预示其未来表现,基金管理人管理的其他基金的业 绩并不构成基金业绩表现的保证。港股通创新药ETF工银为指数基金，主要采用完全复制策略，跟踪标 的指数市场表现，具有与标的指数、以及标的指数所代表的股票市场相似的风险收益特征。本基金还将 投资港股通投资标的股票，还需承担汇率风险和港股通机制下因投资环境、投资 ...

Market Overview - On May 22, major market indices collectively retreated, with a total trading volume of 1.14 trillion yuan, a decrease of 74.7 billion yuan compared to the previous day [1] - The number of stocks that rose was less than 900, while nearly 4,500 stocks declined, with 51 stocks hitting the daily limit up and 18 stocks hitting the daily limit down [1] - Industry sectors experienced widespread declines, with beauty care, social services, and basic chemicals dropping over 1.5%, while only banking, media, and household appliances saw gains [1] Stockholder Changes - A total of 365 stocks reported changes in shareholder numbers as of May 20, with 170 stocks seeing a decrease in shareholder accounts compared to May 10 [2] - The stock with the largest decline in shareholder accounts was Shanshui Bide, which saw a 33.18% drop to 4,909 accounts [2] - Ji Qi Co., Ltd. also reported a significant decrease of 15.50% in shareholder accounts, totaling 17,413 [2] Institutional Trading - On May 22, 10 stocks saw net purchases from institutions, with Tianqi Mould and Aerospace Nanhu receiving over 50 million yuan in net buying [3] - The stock San Sheng Guo Jian faced the largest net selling from institutions, amounting to 151 million yuan, following a 100% increase in price over four consecutive days of hitting the daily limit up [3][4] - The institutional trading data indicates a trend of increasing net selling for San Sheng Guo Jian over three consecutive days [3] Northbound Capital Flow - On May 22, seven stocks experienced net buying from northbound funds, with San Sheng Guo Jian leading at 35.03 million yuan [5] - The stock Lianyun Port saw the highest net selling from northbound funds, totaling 51.66 million yuan [5] Important Announcements - Chao Da Equipment was selected for the 2025 Jiangsu Province Advanced Intelligent Factory list for its smart collaborative manufacturing project [6] - Bo Rui Pharmaceutical received a drug registration certificate for Iopamidol injection from the National Medical Products Administration [6] - Chengdu Xian Dao's shareholder plans to increase its stake in the company by 25 to 50 million yuan without a set price range [6] - Xinhua Insurance signed a contract to establish a private equity fund with a total scale of 20 billion yuan, contributing 10 billion yuan [6] - Zhongnan Media's subsidiary signed a government procurement contract worth 1.009 billion yuan, positively impacting the company's operations in 2025 [6]

Group 1 - The core viewpoint of the article indicates that the company has a rolling price-to-earnings (P/E) ratio of 48.81, which is significantly higher than the industry average [1] - The company's stock has increased by over 100% since May 19, 2025, suggesting potential irrational speculation and a possible correction [1] - The company and its controlling shareholders do not have any undisclosed significant matters regarding the company, and its daily operations remain normal without major changes [1] Group 2 - There have been no significant adjustments in the industry policies affecting the company [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered into a significant agreement with Pfizer regarding the global development, production, and commercialization rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, which includes an upfront payment of $1.25 billion and potential milestone payments of up to $4.8 billion [6] - The company maintains its profit forecast, expecting net profits of 2.328 billion, 2.612 billion, and 2.938 billion CNY for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 0.97, 1.09, and 1.23 CNY per share [6] - The current stock price corresponds to a PE ratio of 9.3, 8.3, and 7.4 for the years 2025, 2026, and 2027 respectively, indicating a favorable valuation [6] Financial Summary and Valuation Indicators - The company's revenue is projected to grow from 7.836 billion CNY in 2023 to 10.078 billion CNY in 2025, reflecting a year-over-year growth rate of 14.1% and 10.7% respectively [9] - Net profit is expected to increase from 1.549 billion CNY in 2023 to 2.328 billion CNY in 2025, with a year-over-year growth of (19.1%) in 2023, followed by 34.9% in 2024 and 11.4% in 2025 [9] - The gross margin is projected to remain stable at around 84.2% from 2025 to 2027, while the net margin is expected to improve slightly from 26.6% in 2025 to 26.8% in 2027 [9] - The company’s ROE is forecasted to increase from 0.8% in 2025 to 1.1% in 2027 [9] Pipeline and Product Development - The company’s core product SSGJ-707 has shown promising results in clinical trials for NSCLC, achieving excellent ORR and DCR, and has received breakthrough therapy designation from the National Medical Products Administration [7] - The company is advancing multiple clinical studies for SSGJ-707, including a Phase III trial for NSCLC and ongoing research for colorectal cancer and gynecological tumors [7] - The company’s existing products, including Tebentafusp and others, are expected to contribute positively to cash flow, with successful negotiations for new indications enhancing growth potential [7]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has entered into a significant agreement with Pfizer regarding the global development, production, and commercialization rights for its innovative PD-1/VEGF bispecific antibody SSGJ-707, which highlights the company's innovative capabilities and potential for value realization [6] - The company is expected to maintain its profit forecasts, with projected net profits of 2.328 billion, 2.612 billion, and 2.938 billion yuan for the years 2025 to 2027, respectively, and corresponding EPS of 0.97, 1.09, and 1.23 yuan per share [6] - The current stock price corresponds to a PE ratio of 9.3, 8.3, and 7.4 for the years 2025 to 2027, indicating a favorable valuation [6] Financial Summary and Valuation Indicators - Revenue for 2023 was 7.836 billion yuan, with projections of 9.108 billion yuan for 2024 and 10.078 billion yuan for 2025, reflecting a year-over-year growth of 14.1%, 16.2%, and 10.7% respectively [9] - Net profit for 2023 was 1.549 billion yuan, with projections of 2.090 billion yuan for 2024 and 2.328 billion yuan for 2025, showing a year-over-year growth of (19.1)%, 34.9%, and 11.4% respectively [9] - The gross margin is expected to remain stable at around 84.2% from 2025 to 2027, while the net margin is projected to increase from 26.6% in 2025 to 26.8% in 2027 [9] - The company’s ROE is projected to improve from 0.8% in 2025 to 1.1% in 2027 [9]

Core Viewpoint - High-quality development is an essential requirement for Chinese-style modernization, as emphasized by President Xi Jinping during his recent visit to Henan, inspiring local officials and citizens to pursue this goal with determination and enthusiasm [3]. Group 1: Economic Development and Trade - Henan, as an inland province, views openness as a vital source of economic growth, with plans to enhance high-level foreign trade and deepen integration into the Belt and Road Initiative [4]. - The China-Europe Railway Express from Henan has significantly expanded from one train per month to ten per day, establishing a logistics network that covers over 40 countries and 140 cities, with a total of 14,400 trains operated [5]. - Zhengzhou Airport has opened 58 cargo routes, serving 31 countries and 63 cities, with international cargo volume reaching 220,000 tons, a 47.8% increase year-on-year [6]. Group 2: Financial Support and Stability - The provincial government is committed to enhancing the financial support for the real economy, particularly for private and small enterprises, ensuring that credit reaches grassroots levels efficiently [9]. - The government aims to stabilize the real estate market by implementing policies that reduce housing costs and promote project construction and delivery [10]. Group 3: Industrial and Technological Innovation - The focus is on strengthening the manufacturing sector and fostering a modern industrial system through technological innovation and collaboration between industry and research [11]. - Companies like Henan Jindan Lactide Technology Co., Ltd. are committed to advancing high-end, intelligent, and green production processes in the bioplastics sector [12][13]. - The province is prioritizing the integration of technology and industry to enhance productivity and competitiveness, with initiatives aimed at overcoming key technological challenges [14][15][16].

Core Viewpoint - On May 21, 2023, Sangfor Technologies (688336) closed at 47.24 CNY, reaching the daily limit up with a trading volume of 395 million CNY and a turnover rate of 1.37% [2] Trading Activity - The stock was listed on the daily trading leaderboard due to a price increase of 15% at the close [2] - The top five trading departments accounted for a total transaction of 255 million CNY, with a buying amount of 106 million CNY and a selling amount of 148 million CNY, resulting in a net sell of approximately 42 million CNY [2] - The third largest buying department was the Shanghai-Hong Kong Stock Connect, with a buying amount of 17.5 million CNY [2] - An institutional proprietary seat was noted among the selling departments, with a selling amount of 48.4 million CNY [2] Fund Flow - The stock experienced a net inflow of main funds amounting to approximately 5.6 million CNY on the same day [3] - The top buying departments included Guotai Junan Securities Beijing Financial Street with 52.1 million CNY and Aijian Securities Shanghai with 18.9 million CNY [3] - The top selling department was Tianfeng Securities Shanghai with 51.1 million CNY [3]

Core Viewpoint - The company has announced a cash dividend distribution of 1.60 RMB per 10 shares (including tax) to all shareholders, which has been approved at the 2024 annual general meeting held on April 10, 2025 [1][2]. Summary by Sections Dividend Distribution Plan - The total cash dividend amount is calculated as the actual participating capital multiplied by the distribution ratio, resulting in a total of 80,679,798.08 RMB based on 504,248,738 shares [1]. - The cash dividend per share is adjusted based on the closing price before the ex-dividend date minus 0.16 RMB per share [1]. Implementation Details - The cash dividend of 1.60 RMB (including tax) will be distributed to shareholders, with different tax treatments for various types of investors [2]. - For Hong Kong market investors, the net dividend after tax will be 1.44 RMB per 10 shares [2]. Key Dates - The record date for the dividend distribution is set for May 27, 2025, and the ex-dividend date is May 28, 2025 [2][3]. Distribution Method - Cash dividends will be directly credited to the shareholders' accounts through their securities companies or other custodians [3].

Core Viewpoint - The recent announcement by Sangfor Biopharma regarding a licensing agreement with Pfizer has significantly impacted the innovative drug industry, leading to a surge in the company's stock price for three consecutive trading days [1][4]. Company Summary - Sangfor Biopharma, along with its affiliates, has granted Pfizer exclusive rights to develop, produce, and commercialize a dual-specific antibody product targeting both PD-1 and VEGF outside of mainland China [1][3]. - The initial payment for this licensing agreement is set at $1.25 billion, with potential milestone payments reaching up to $4.8 billion, marking a record for domestic innovative drugs entering international markets [3][5]. - The company holds a 30% stake in the licensing agreement, while its affiliate, Shenyang Sangfor, retains a 70% stake [2][3]. Industry Summary - The licensing deal reflects the growing recognition of Chinese innovative drugs in international markets, with over 10 domestic biotech companies having engaged in similar licensing agreements with foreign firms [5]. - The collaboration signifies a notable advancement in the research and development capabilities of Chinese pharmaceutical companies, particularly in the oncology sector, indicating that they are reaching international standards [5]. - The dual-targeting approach of the licensed product is expected to enhance anti-tumor efficacy while potentially reducing side effects compared to traditional combination therapies [3][4].