Group 1 - The chemical pharmaceutical sector increased by 3.54% on September 1, with Maiwei Biotech leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] - Notable gainers in the chemical pharmaceutical sector included Maiwei Biotech, which rose by 20.00% to a closing price of 57.60, and Xingqi Eye Medicine, which increased by 14.65% to 77.54 [1] Group 2 - The chemical pharmaceutical sector saw a net inflow of 1.245 billion yuan from main funds, while retail funds experienced a net outflow of 41.1167 million yuan [2] - The top stocks by main fund inflow included Heng Rui Medicine with 474 million yuan and Fuxing Medicine with 256 million yuan [3] - Conversely, stocks like Duorui Medicine and ST Suwu experienced significant declines, with Duorui Medicine down 9.36% to 41.17 [2][3]

[Table_Title] 证券研究报告 / 公司点评报告 盈利能力稳健提升，创新管线加速兑现 --- 丽珠集团 25 中报点评 事件： [Table_Summary] 公司发布 2025 年中期业绩，实现营收 62.72 亿元（-0.2%），实现归属于 上市公司股东的净利润为 12.81 亿元（+9.4%），实现归属于上市公司股 东的扣除非经常性损益的净利润 12.58 亿元（+8.9%）。 点评： 财务端：毛利率保持稳定，成本结构持续优化，盈利能力稳健提升。1） 25H1 公司实现毛利润率 66.0%（+0.1pct），实现净利润率 24.7%（+3.2pct）， 盈利能力稳健提升；2）25H1 实现期间费用率 36.7%（-2.8pct），其中销 售/管理/研发/财务费用率同比 0/-0.5/-0.9/-1.4pct，成本结构明显优化。 业务端：不同板块表现不一，其中生物制品板块增长最为明显。1）化学 制剂板块营收 32.70 亿元（+1.4%），其中消化道产品营收 13.51 亿元 （ +3.9% ）， 促 性 激 素 / 精 神 / 抗 感 染 及 其 他 领 域 营 收 同 比 分 别 - 1.2 ...

2025.09. 01 本文字数：862，阅读时长大约2分钟 作者 | 一财阿驴 9月1日，三大股指集体收涨，上证指数报收3875.53点，涨0.46%；深成指报收12828.95点，涨 1.05%；创业板指报收2956.37点，涨2.29%。沪深两市全天成交额2.75万亿，全市场超3200只个 股上涨，超2000只个股下跌。 化学制药板块涨幅居前，兴齐眼药涨超14%，海辰药业涨超12%，华海药业、科伦药业、德展健康 等多股涨停。 大金融板块表现低迷，浙商银行、新华保险跌超3%，华西证券、湘财证券跌超2%。 个股方面，贵州茅台股价超过寒武纪-U，重新成为A股市场第一高价股，寒武纪跌近3%，日内成交 额超250亿元。中际旭创涨超14%，日内成交额超230亿元；宁德时代跌近1%，日内成交额超130亿 元。 主力资金 | | A股重要指数 | | | --- | --- | --- | | 名称 | 最新 涨跌 | 涨幅 | | 上证指数 | 3875.53 +17.60 | +0.46% | | 深证成指 > | 12828.95 +132.80 | +1.05% | | 北证50 | 1568.63 -5.62 ...

Core Insights - The report emphasizes the positive outlook for the export of domestic innovative drugs, highlighting potential hot areas such as autoimmune diseases, tumor ADCs, and metabolic disorders [1][2] - The domestic innovative drug BD (business development) has seen rapid growth, with 83 licensing agreements reached so far this year, representing a 57% year-on-year increase, and a total amount of $845.31 billion, up 185% year-on-year [2][8] - The report identifies three main directions for growth: autoimmune drugs, ADCs, and metabolic drugs, each with unique opportunities and challenges [2][3][30] Group 1: Autoimmune Drugs - The autoimmune sector has produced several blockbuster products, but there remains unmet treatment needs. Potential upgrades include combination therapies, long-acting formulations, and oral options [2][17] - Domestic innovative drugs are leading in the development of next-generation autoimmune blockbusters, with some cutting-edge targets having global exclusivity [2][17][24] Group 2: Antibody-Drug Conjugates (ADCs) - The combination of immuno-oncology (IO) and ADCs is becoming a consensus direction in tumor treatment, with domestic ADCs expected to drive a new wave of BD activity [3][25] - Historical data shows that ADCs have been a strong area for domestic innovative drug BD, with high recognition from multinational corporations (MNCs) [3][29] Group 3: Metabolic Drugs - The GLP-1 class of drugs has shown significant market potential, with global sales expected to exceed $50 billion in 2024, and the market projected to surpass $130 billion by 2030 [30][32] - The competitive landscape for GLP-1 drugs is still forming, with many MNCs in early development stages, presenting opportunities for domestic companies to fill gaps in the market [30][31] Group 4: Market Trends and Projections - As of August 27, 2025, domestic innovative drugs accounted for over 15% of global BD project numbers and over 50% of total disclosed amounts, indicating a significant increase in market share [10][12] - The report highlights that the value reassessment of Chinese innovative drug projects is underway, with many expected to reach commercialization and share in overseas market revenues [10][12]

【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不 对所包含内容的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担 全部责任。邮箱：news_center@staff.hexun.com 格隆汇9月1日丨同和药业(300636.SZ)于近期投资者关系活动表示，CMO/CDMO业务二季度有所增长， 未来可期。近年公司在CMO/CDMO项目上新增项目有所增多，在部分老项目逐渐退出市场的情况下， 公司将积极服务现有项目，大力开拓新项目，争取新项目能早日放量以弥补现有老项目订单减少带来的 缺口。CMO/CDMO业务有望在2027、2028年实现快速增长。 ...

业绩承压，期待制剂新产品带来增长动能 仙琚制药(002332) 证券研究报告 化学制药 / 公司点评 / 2025.09.01 | 投资评级:增持(维持) | | --- | | 基本数据 | 2025-08-29 | | --- | --- | | 收盘价(元) | 10.63 | | 流通股本(亿股) | 9.85 | | 每股净资产(元) | 6.07 | | 总股本(亿股) | 9.89 | 最近 12 月市场表现 -23% -11% 1% 13% 26% 38% 仙琚制药 沪深300 分析师 华挺 SAC 证书编号：S0160523010002 huating@ctsec.com 数据来源：wind 数据，财通证券研究所（以 2025 年 08 月 29 日收盘价计算） 请阅读最后一页的重要声明！ ❖ 事件：公司发布 2025 年半年度报告，2025 年上半年，公司实现营收 18.69 亿元（-12.56%）；实现归母净利 3.08 亿元(-9.26%)；2Q2025 公司实现 收入 8.61 亿元(-21.72%)；实现归母净利 1.64 亿元（-12.89 %）。 ❖ 原料药价格下行叠加制剂集采 ...

证券时报·数据宝统计，截至发稿，常山药业收盘价为50.85元，上涨0.85%，本期筹码集中以来股价累 计上涨5.76%。具体到各交易日，3次上涨，5次下跌。 融资融券数据显示，该股最新（8月29日）两融余额为19.15亿元，其中，融资余额为19.15亿元，本期筹 码集中以来融资余额合计增加5607.95万元，增幅为3.02%。 公司发布的半年报数据显示，上半年公司共实现营业收入4.92亿元，同比下降13.42%，实现净利 润-2908.90万元，同比增长37.98%，基本每股收益为-0.0300元。（数据宝） 常山药业9月1日披露，截至8月31日公司股东户数为49537户，较上期（8月20日）减少3275户，环比降 幅为6.20%。这已是该公司股东户数连续第3期下降。 （文章来源：证券时报网） ...

证券日报网讯科伦药业（002422）9月1日发布公告，在公司回答调研者提问时表示，目前公司两条高速 生产线，已投入生产。高速线的车间成本较以往下降约20%，实现了降本增效。 ...

Core Viewpoint - Kelun Pharmaceutical (002422) announced on September 1 that the market and production capacity of traditional antibiotic fermentation in China remain stable, with no significant new capacity expected in the short term due to national policies against overcapacity and internal competition [1] Group 1: Domestic Market Dynamics - The market structure and production capacity of traditional antibiotics in China are overall stable [1] - Under the backdrop of national policies aimed at reducing overcapacity, significant new production capacity for the three major antibiotic intermediates is unlikely to emerge in the short term [1] Group 2: International Competition - In India, the PLI (Production-Linked Incentive) scheme has led to increased production capacity in the penicillin sector, but Chinese companies still hold a significant cost advantage and influence in the penicillin fermentation field [1] - Chinese companies are accelerating direct exports to international markets, indicating a shift towards global competition in the penicillin industry between China and India [1] - China is expected to maintain a dominant position in the global competition due to its technological and cost advantages [1]

证券日报网讯科伦药业（002422）9月1日发布公告，在公司回答调研者提问时表示，第十一轮集采涉及 公司约14个产品，大部分为科伦新获批产品，对存量影响较小。从经营业绩来看，过去三年仿制药板块 营收和利润持续稳定增长，一方面得益于作为集采头部供应商，不断有新产品通过集采迅速放量；另一 方面得益于公司持续实施成本领先战略，仿制药单位生产成本逐年下降。今年上半年仿制药板块承压， 主要受第十批集采，以及部分续标产品价格下降影响，而新中标品种尚未形成增量贡献。尽管集采环境 下竞争激烈、单位产品盈利能力有限，公司仍持续稳定投入仿制药研发管线，并对研发策略进行了调 整，重点布局优势品种和管线，对未来仍抱有较大期待。 ...