来源：金融界 公开信息显示，现任基金经理梁静静女士:国籍中国,北京大学药物化学专业硕士,历任上海普霖贝利生物 医药有限公司分析部研究员、东北证券研究所医药研究员、安信证券研究中心医药研究员。2018年7月 进入公司工作,曾任高级分析师,现担任高级分析师兼基金经理助理。2020年7月11日起担任中海医药健康 产业精选灵活配置混合型证券投资基金基金经理。现任中海医疗保健主题股票型证券投资基金基金经 理。 截止2024年12月31日，中海医疗保健主题股票A前十持仓占比合计59.15%，分别为：人福医药 （9.43%）、药明康德（7.24%）、恒瑞医药（6.35%）、开立医疗（6.02%）、爱博医疗（5.80%）、泰 格医药（5.12%）、百济神州-U（5.12%）、泽璟制药-U（4.90%）、佐力药业（4.64%）、华海药业 （4.53%）。 4月17日，中海医疗保健主题股票A（399011）下跌0.85%，最新净值1.05元，连续3个交易日下跌，区 间累计跌幅1.95%。 据了解，中海医疗保健主题股票A成立于2012年3月，基金规模5.64亿元，成立来累计收益率165.78%。 从持有人结构来看，截至2024年末 ...

公开信息显示，现任基金经理赵蓓女士:硕士,曾在中再资产管理股份有限公司担任投资经理助理。2010 年加入工银瑞信,现任研究部副总监、医疗保健研究团队负责人,2014年11月18日至今,担任工银医疗保健 行业股票型基金基金经理;2015年4月28日至今,担任工银瑞信养老产业股票型基金基金经理;2016年2月3 日至今,担任工银瑞信前沿医疗股票型基金基金经理。2018年7月30日至2019年12月23日起担任工银瑞信 医药健康行业股票型证券投资基金基金经理。2020年05月20日至2022年6月14日担任工银瑞信科技创新6 个月定期开放混合型证券投资基金基金经理。2025年4月9日起担任工银瑞信新经济灵活配置混合型证券 投资基金(QDII)基金经理。现任基金经理丁洋先生:中国国籍,博士研究生。曾任加州大学圣地亚哥分校 博士后研究员;2017年12月1日加入工银瑞信基金管理有限公司,现担任研究部基金经理助理、基金经 理。2023年5月5日至今,担任工银瑞信医疗保健行业股票型证券投资基金基金经理。 截止2024年12月31日，工银医疗保健股票前十持仓占比合计36.38%，分别为：恒瑞医药（9.51%）、药 明康德（5 ...

Summary of Conference Call Notes Industry or Company Involved - Focus on the convertible bond market and its relation to various industries including pharmaceuticals, electronics, photovoltaic, and semiconductor sectors [1][2][3][4][6][7][10][11][12][13][17][18][19][20][21][22][24][25][26] Core Points and Arguments - **Tariff Uncertainty**: Increased uncertainty regarding tariffs is affecting the pharmaceutical and electronics industries, necessitating companies to monitor their exposure to the U.S. market and downstream demand [1][3][4] - **Market Sentiment**: Current equity market sentiment is optimistic, but convertible bond strategies should focus on defensive measures due to the risk of downward price fluctuations as valuations are no longer at historical lows [1][4][5] - **Photovoltaic Bonds**: Photovoltaic convertible bonds are facing heightened credit risk concerns, with market confidence in these bonds decreasing. Caution is advised regarding high-yield photovoltaic convertible bonds [1][6] - **Investment Strategies**: Recommended strategies include focusing on stable performance companies with policy or technological drivers, and emphasizing low-priced defensive positions [1][7][9][20] - **Key Recommendations**: Suggested sectors for investment include self-sufficiency (pharmaceuticals, semiconductors) and domestic demand recovery (consumption, infrastructure, real estate) [1][7][9][10] - **High Dividend Stocks**: Attention should be given to high dividend or income-oriented stocks, particularly new convertible bonds and bank stocks, as funds may shift from high-volatility assets to more stable investments [1][9][10] Other Important but Possibly Overlooked Content - **Sector-Specific Impacts**: - The electronics and textile industries have a high proportion of overseas business, making them more susceptible to tariff impacts [2][11][12] - The semiconductor industry is benefiting from domestic substitution logic, despite some exposure to tariffs [13] - Automotive parts suppliers have established overseas production to mitigate tariff impacts, maintaining competitive strength [14] - The mechanical industry has reduced its exposure to the U.S. market, thus facing less tariff impact [15][16] - **Performance Insights**: Companies with significant profit growth in Q1 2025 include a range of sectors, indicating potential investment opportunities [21][22][24][25][26] - **Market Trends**: The first quarter of 2025 is expected to show strong performance in sectors like non-ferrous metals, midstream manufacturing, and AI computing, which are worth monitoring for convertible bond investments [26]

证券代码：300254 证券简称：仟源医药 公告编号：2025-013 一、重要提示 登录新浪财经APP 搜索【信披】查看更多考评等级 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 立信会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所由变更为立信会计师事务所（特殊普通合 伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 □适用 √不适用 公司计划不派发现金红利，不送红股，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 1、公司简介 ■ 2、报告期主要业务或产品简介 1、公司主要业务 （1）采购模式 公司对外采购工作统一由采购部门负责，对于大宗物品由集团负责集中采购。采购部门根据市场需求、 生产计划确定原材料、包装材料等物料的采购计划，严格选择 ...

4月14日，A股三大指数继续上涨，且均录得日线五连涨。全天成交1.31万亿元，较前一交易日缩量780亿元。 盘面上，海南板块爆发，贵金属、黄金概念走高，航运港口、茅指数等少数几个板块录得下跌。 今日共103股涨停，连板股总数13只，31股封板未遂，封板率为77%（不含ST股、退市股）。 焦点股方面，国芳集团斩获7连板成为市场高度板，中旗新材反包涨停走出9天7板，中源家居一字涨停晋级5连板。 | 代码 | 名称 | 价格 | 米幅 | 几天几板 涨停分析 | 换手容 | 月分公室0 | | --- | --- | --- | --- | --- | --- | --- | | 001212 | 中旗新材 | 55.29 | +10.01% | 9天7板 星空科技入主+半导体装备 | 32.78% | 18.51 乙 | | 601086 | 国芳集团 | 9.28 | +9.95% | 7连板 零售+参股券商+参投御道智 | 8.62% | 5.16 Z. | | 603709 | 中源家居 | 16.20 | +9.98% | 5连板 沙发+电商+新零售 | 0.42% | 845.537 | | 00264 ...

青侨阳光医药投资 - 月度思考 本文为青侨阳光 2025 年 3 月报，投资思考部分节选。 1 医药行业继续稳健增长， 国产创新继续强劲高增。 我们 汇总统计市值超20亿的港股医药公司的年度业绩 ，2024年合计营收增速为5.5%，合计净利(剔除金斯瑞解 除传奇合并带来的一次性虚拟利润)增速为13.0%， 继续保持稳健增长 。 其中，全年5.5%的同比营收增速明显高于上半年略低于2%的营收增速，说明在上半年因为高基数(2023Q1有疫 情放开放开后的阶段性超常景气)而低增之后，已经恢复到稳态增长水平。 预计2025年港股医药的整体营收，会有6%-9%的稳健增长。而13.0%的合计净利增速，主要受益于头部未盈利 生物科技公司的持续减亏，预计2025年净利仍将以显著高于营收的速度持续改善。 同时，我们也汇总统计了港股通过18A通道(未盈利生物科技公司特有上市通道)上市医药公司的营收状况。 2024年18A医药股的可持续业务营收(剔除首付款等不可持续收入)合计规模已经达到598亿元，同比增长48%， 相比2019年的44.5亿元已经增加超12倍，相比2021年的143亿元也已经增加3倍以上。 过去几年里，港股18A ...

医药 2025 年 04 月 14 日 科兴制药(688136.SH) 24年利润端实现扭亏，关注新品海外放量节奏 推荐（维持） 股价：30.00 元 主要数据 | 行业 | 医药 | | --- | --- | | 公司网址 | www.kexing.com | | 大股东/持股 | 深圳科益医药控股有限公司/66.01% | | 实际控制人 | 邓学勤 | | 总股本(百万股) | 200 | | 流通 A 股(百万股) | 200 | | 流通 B/H 股(百万股) | | | 总市值（亿元） | 60 | | 流通 A 股市值(亿元) | 60 | | 每股净资产(元) | 8.19 | | 资产负债率(%) | 48.2 | | 行情走势图 | | 相关研究报告 【平安证券】科兴制药（688136.SH ）*公司动态跟踪 报告*出海业务有望保持高增长，创新药平台价值静待 重估*推荐20250402 证券分析师 | 叶寅 | 投资咨询资格编号 | | --- | --- | | | S1060514100001 | | | BOT335 | | | YEYIN757@pingan.com.cn | | ...

Investment Rating - The report maintains a positive outlook on the pharmaceutical industry, rating it as "Overweight" [1][10]. Core Insights - The pharmaceutical sector experienced a decline of 5.6% this week, with the Shenwan Pharmaceutical Bio Index ranking 22nd among 31 sub-industries [3][4]. - The overall valuation of the pharmaceutical sector stands at 24.1 times PE (2025E), placing it 6th among 31 Shenwan primary industries [4][9]. - Recent policies from Beijing and Shenzhen aim to encourage innovation in pharmaceuticals, focusing on local production and supporting the introduction of significant drug and medical device varieties [10]. - The U.S. FDA is advancing AI models in drug testing, moving away from animal testing methods to more effective human-related research methods [11]. - The report highlights the failure of Alzheon’s oral Aβ inhibitor in a critical Phase III study for early Alzheimer's disease, which did not meet its primary endpoint [12]. Market Performance - The Shenwan Pharmaceutical Bio Index fell by 5.6%, while the Shanghai Composite Index decreased by 3.1% during the same period [3][4]. - Various sub-sectors showed mixed performance, with blood products increasing by 4.1%, while medical research outsourcing dropped by 16.0% [4][5]. Key Events - The Chinese government has revised regulations to strengthen military drug reserve management, ensuring drug supply and procurement [10]. - The U.S. announced plans to impose tariffs on pharmaceuticals, affecting a wide range of drug categories [11]. - The restructuring plan of Renfu Pharmaceutical was approved in a creditor meeting, indicating progress in its financial recovery [12]. Investment Recommendations - The report suggests focusing on companies already engaged in AI pharmaceutical fields and related sectors, including companies like Jingtai Holdings and Chengdu XianDao [1][10].

Quantitative Models and Construction Methods 1. Model Name: Volume Timing Signal - **Model Construction Idea**: The model uses volume-based signals to determine market timing, identifying bullish or cautious market views based on volume trends[23][24] - **Model Construction Process**: 1. Analyze the volume trends of major broad-based indices 2. Assign a "bullish" or "cautious" signal based on the volume dynamics 3. For example, as of April 11, 2025, the Beixin 50 index showed a "bullish" signal, while other indices like the Shanghai Composite and CSI 300 showed "cautious" signals[23][24] - **Model Evaluation**: The model provides a straightforward and intuitive approach to market timing but may lack robustness in highly volatile markets[23][24] 2. Model Name: Momentum Sentiment Indicator - **Model Construction Idea**: This model captures market sentiment by analyzing the proportion of stocks with positive returns in the CSI 300 index over a specific period[24][25] - **Model Construction Process**: 1. Calculate the proportion of CSI 300 constituent stocks with positive returns over the past N days $ \text{CSI 300 N-day Upward Proportion} = \frac{\text{Number of stocks with positive returns in N days}}{\text{Total number of stocks in CSI 300}} $ 2. Smooth the indicator using two moving averages with different windows (N1 and N2, where N1 > N2) 3. Generate signals: - If the short-term moving average (fast line) exceeds the long-term moving average (slow line), the market is considered bullish - If the fast line falls below the slow line, the market sentiment is turning cautious[27] - **Model Evaluation**: The indicator is effective in capturing upward opportunities but may fail to avoid risks in declining markets[25][27] 3. Model Name: Moving Average Sentiment Indicator - **Model Construction Idea**: This model uses an eight-moving-average system to assess the trend state of the CSI 300 index[32][33] - **Model Construction Process**: 1. Calculate the closing prices of the CSI 300 index for eight moving averages (parameters: 8, 13, 21, 34, 55, 89, 144, 233) 2. Assign values to the indicator based on the number of moving averages above or below the current price: - If the current price exceeds five or more moving averages, the market is considered bullish - Otherwise, the market is neutral or bearish[32][33] - **Model Evaluation**: The model provides a clear trend-following signal but may lag in rapidly changing markets[35] --- Model Backtesting Results 1. Volume Timing Signal - Beixin 50 Index: Bullish signal[23][24] - Other indices (e.g., Shanghai Composite, CSI 300): Cautious signal[23][24] 2. Momentum Sentiment Indicator - CSI 300 Upward Proportion: Approximately 53% in the most recent week[25] 3. Moving Average Sentiment Indicator - CSI 300 Index: Currently in a non-bullish sentiment zone[35] --- Quantitative Factors and Construction Methods 1. Factor Name: Cross-Sectional Volatility - **Factor Construction Idea**: Measures the dispersion of stock returns within an index to assess the alpha environment[37] - **Factor Construction Process**: 1. Calculate the cross-sectional volatility of constituent stocks in indices like CSI 300, CSI 500, and CSI 1000 2. Compare the recent quarter's average volatility with historical periods to determine the alpha environment[41] - **Factor Evaluation**: Higher cross-sectional volatility indicates a better alpha environment for stock selection[37][41] 2. Factor Name: Time-Series Volatility - **Factor Construction Idea**: Measures the volatility of index returns over time to assess the alpha environment[41][44] - **Factor Construction Process**: 1. Calculate the time-series volatility of indices like CSI 300, CSI 500, and CSI 1000 2. Compare the recent quarter's average volatility with historical periods to evaluate the alpha environment[44] - **Factor Evaluation**: Higher time-series volatility suggests a favorable alpha environment for active strategies[41][44] --- Factor Backtesting Results 1. Cross-Sectional Volatility - CSI 300: 1.90% (recent quarter), 77.80% of the past six months' percentile[41] - CSI 500: 2.16% (recent quarter), 42.06% of the past six months' percentile[41] - CSI 1000: 2.52% (recent quarter), 64.54% of the past six months' percentile[41] 2. Time-Series Volatility - CSI 300: 0.63% (recent quarter), 78.84% of the past six months' percentile[44] - CSI 500: 0.48% (recent quarter), 55.56% of the past six months' percentile[44] - CSI 1000: 0.29% (recent quarter), 70.12% of the past six months' percentile[44]

Group 1: Macro and Strategy Insights - The manufacturing PMI recorded a slight increase to 50.5% in March, with production and new orders indices rising marginally [8] - The report emphasizes the importance of pricing long-term positive factors during market adjustments, suggesting that the market is transitioning to a more pragmatic stance [9] - The bond market is expected to perform well due to the unexpected tariffs, with a shift towards a steeper yield curve anticipated [16] Group 2: Financial and Real Estate Sector - The banking sector is expected to maintain stable performance with better-than-expected interest margins, focusing on high-dividend stocks [19] - The real estate sector is under pressure but is expected to show signs of bottoming out, with the importance of stabilizing the sector increasing amid trade tensions [23] - Construction investment is anticipated to recover, driven by improvements in manufacturing PMI and external shocks [25] Group 3: Materials and Energy Sector - Oil prices have declined due to OPEC's production increase and tariff impacts, but shale oil costs provide strong support for prices [26] - The chemical sector is responding to U.S. tariffs with a focus on self-sufficiency, highlighting the importance of domestic production trends [31] - The coal market is expected to stabilize as demand increases with the arrival of the peak season, supported by fiscal policies [36] Group 4: Consumer and Healthcare Sector - The pharmaceutical industry remains optimistic despite potential tariff impacts, particularly in the innovative drug supply chain [24] - The agricultural sector is under scrutiny due to unexpected tariff policies, with a focus on investment opportunities in various sub-sectors [11] Group 5: Technology and AI Sector - The AI industry is experiencing significant breakthroughs, with a focus on domestic computing power and the emergence of physical AI as a new frontier [4] - The report highlights the potential for AI applications in low-digital penetration sectors such as finance, education, and healthcare [4]