Core Insights - Nanjing Pharmaceutical (600713) signed a strategic investment agreement with Guangzhou Baiyunshan Pharmaceutical Group Co., Ltd. and Guangzhou Traditional Chinese Medicine Equity Investment Partnership (Limited Partnership) [2] - Baiyunshan's subsidiary plans to acquire 144,557,431 shares from Alliance Healthcare Asia Pacific Limited, representing 11.04% of Nanjing Pharmaceutical's total shares [2] Group 1: Transaction Details - The share transfer price is set at 5.18 CNY per share, totaling approximately 748.81 million CNY [4] - Nanjing Pharmaceutical's current stock price is 4.88 CNY per share, indicating a slight premium over the transfer price [4] Group 2: Company Profiles - Baiyunshan is an A+H listed company with a market capitalization of approximately 41.3 billion CNY, engaged in the research, development, manufacturing, and sales of various pharmaceutical products [4][5] - Nanjing Pharmaceutical has a market capitalization of around 6.4 billion CNY and focuses on pharmaceutical distribution and healthcare services [6] Group 3: Strategic Implications - Baiyunshan aims to enhance business cooperation with Nanjing Pharmaceutical, optimizing its industrial layout in East China and strengthening its competitive advantage in pharmaceutical distribution [6] - The collaboration is based on principles of mutual benefit, resource sharing, and long-term strategic partnership [6]

Group 1: Securities Industry - The 2025 classification evaluation results for securities companies have been released, with 53 classified as A, 43 as B, and 11 as C [1] - A total of 107 companies were evaluated, with A-class companies making up approximately 50% of the total, B-class around 40%, and C-class about 10% [1] - Among A-class companies, 14 are rated as AA, representing about 25% of A-class firms [1] Group 2: Nonferrous Metals Industry - The Ministry of Industry and Information Technology and eight other departments have issued a plan for the nonferrous metals industry, projecting an average annual growth of around 5% in value added from 2025 to 2026 [1] - The production of ten types of nonferrous metals is expected to grow by approximately 1.5% annually, with significant progress in domestic resource development for copper, aluminum, and lithium [1] - The plan also anticipates that the production of recycled metals will exceed 20 million tons, with continuous improvements in high-end product supply capabilities and advancements in green, low-carbon, and digital development [1] Group 3: Jewelry Industry - Major jewelry brands such as Chow Tai Fook and Chow Sang Sang are set to increase the prices of their gold jewelry due to rising international gold prices, with some products seeing price hikes of up to 40% [2] - The price of gold jewelry has surpassed 1100 yuan per gram, prompting brands to adjust their pricing strategies to maintain profit margins [2] - Specific products are expected to see price increases ranging from 10% to 40%, with a notable example being a gold bracelet that may rise from 38,600 yuan to 53,800 yuan [2] Group 4: Alcohol Industry - The overall sales of white liquor during the Mid-Autumn Festival are expected to decline by over 20% year-on-year, aligning with previous broker forecasts [3] - Feedback from various provinces indicates a sales drop of 20-30%, with only a few brands like Moutai experiencing slight sales recovery [3] Group 5: Beverage Industry - Wahaha Group's Shanghai factory, which generated over 120 million yuan in revenue last year, is facing closure and has launched a new brand "Hu Xiao Wa" for bottled water amid brand authorization disputes [5] - The factory's shift to a new brand is described as a desperate measure to survive, with management acknowledging the challenges ahead [5] Group 6: Automotive Industry - The founder of Leap Motor, Zhu Jiangming, addressed the company's recent business disputes and the temporary restrictions placed on him, expressing confidence in the company's future [6] - GAC Fiat Chrysler's core assets are being sold at a significant discount after multiple failed auctions, with the latest auction set to start at approximately 6 billion yuan for land and buildings [7] Group 7: Real Estate Industry - Vanke is actively selling off assets from the Guangxin asset package, with multiple properties listed for auction in recent months [8] - The company has been working to dismantle and revitalize the Guangxin asset package, which was acquired for 55.1 billion yuan in 2017 [8] Group 8: Technology Industry - Starry Technology has submitted its prospectus for a Hong Kong IPO, aiming to raise funds for business expansion and enhance brand recognition [9] - The company reported a revenue of approximately 1.385 billion yuan in the first half of the year, marking a year-on-year growth of about 19.18% [9]

截至发稿，片仔癀市值为1190亿元。 每经头条（nbdtoutiao）——去美国的"打工人"天塌了！特朗普10万美元签证费击碎"美国梦"，美企加 速外包，加拿大趁机"抢人" （记者 王晓波） 每经AI快讯，片仔癀（SH 600436，收盘价：197.26元）9月28日晚间发布公告称，杨海鹏先生因工作调 整原因，辞去公司董事及总会计师等职务。辞职后，杨海鹏先生仍担任顾问职务。 2025年1至6月份，片仔癀的营业收入构成为：医药制造业占比55.5%，医药流通业占比36.76%，化妆品 和护肤品占比5.95%，其他占比1.53%，其他业务占比0.25%。 ...

（责任编辑：宋政 HN002） 【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28日｜中国8月工业企业利润超预期高增长，由负大幅转正至20.4%，一举录得2023年12月以来的最高增速。民生证券分析认为，低基数 解释了营收利润率的大幅改善，8月经济数据显示出"反内卷"政策成效已初露锋芒，上游行业利润的改善幅度最为醒目，中游利润增速更多是持 稳，而下游行业中，曾经身为"主力军"的医药制造业、汽车制造业利润增速表现平淡。 ...

此番来沪引才，湖南可谓诚意满满。在现场推介环节，可容纳700余人的展览中心中央大厅几乎座 无虚席，两侧走道也聚集了大批参与活动的学生。高校学生们全部被安排在内场前排就座，湖南各市 州、招聘单位的领导及工作人员则统一坐在后排。湖南省委书记沈晓明上台致辞时，也首先向台下的这 些"小朋友"们致意。湖南省人社厅的一名工作人员告诉记者，这样的座位安排是设计好的，同时也在情 理之中："毕竟，这些'小朋友'才是这场活动真正的主角。" 诚意不仅体现在座位安排上。前来招聘的一家湖南高校，派出五名院长现场"坐镇"，重点招引一批 理工科专业高层次人才，年薪最高可达50万元，普通博士年薪则为20万元"起步"。据湖南省人力资源服 务中心主任刘强介绍，此次招聘活动放出的总计近1.8万个岗位质量普遍较高，要求博士学历的岗位 3824个，占比23.06%；要求硕士学历的岗位4202个，占比25.34%。同时，招聘企业对技术类岗位的需 求尤为明显，技术类岗位占比达60.7%。薪资待遇方面，年薪20万元以上的岗位超过2800个，其中还有 60余个岗位年薪在50万元以上。 活动现场，湖南省还与复旦大学、上海交通大学、同济大学、华东师范大学签署合作 ...

Group 1 - A total of 234 listed companies disclosed institutional research records this week, with nearly 40% of them achieving positive stock returns [1] - The stock price of Jingzhida (688627) increased by 17.68% after receiving 138 institutional inquiries, focusing on its storage testing and semiconductor testing equipment [1][2] - Xintai's stock rose by 15.81% after hosting a roadshow with 77 institutional investors, with its core revenue source being over 80% from its formulation business [2] Group 2 - Mengke Pharmaceutical announced a stock issuance plan at a price of 6.3 yuan per share, raising up to 1.033 billion yuan, with Haiqing Pharmaceutical becoming the controlling shareholder [3] - Haiqing Pharmaceutical will leverage its experience in raw material drug development to enhance Mengke's product cost efficiency and profitability [3] - Gaowei Technology received attention from over 40 institutions due to its strategic partnership with Ant Group, focusing on AI and financial technology [4][5]

Group 1 - As of September 26, 234 listed companies disclosed institutional research minutes, with nearly 40% of these companies experiencing positive stock returns during the week [1] - Notable stock price increases included Haibosi Chuang up 32.19%, New Coordinates up 25.03%, and World up 20.81% [1] - Jingzhida (688627) received attention from 138 institutions, with a stock price increase of 17.68%, focusing on display panels and semiconductor testing equipment [1] Group 2 - Jingzhida's executives reported that the high-speed FT testing machine met its annual goals ahead of schedule, and the aging testing machine is in high demand [3] - The company is strategically expanding its product line to meet AI era demands, focusing on storage, computing power, and human-computer interaction [3] - Xintai, a pharmaceutical company, hosted a roadshow and received 77 institutional investors, with a stock price increase of 15.81% [3] Group 3 - Xintai addressed investor inquiries regarding the impact of geopolitical factors on its U.S. subsidiary and the role of AI in research efficiency [5] - Mengke Pharmaceutical announced a stock issuance plan to raise up to 1.033 billion yuan, with a new controlling shareholder [7] - Mengke's collaboration with Haiqing Pharmaceutical aims to enhance product cost efficiency and profitability through shared expertise in raw material drug development [7] Group 4 - Xinghui Entertainment, Gaoweida, and Dansheng Technology received attention from over 40 institutions, with Gaoweida's partnership with Ant Group being a focal point [9] - The strategic partnership aims to enhance innovation in smart customer acquisition, big data risk control, and AI technology [9] - Gaoweida emphasized its strengths as a leading financial technology company with extensive service networks in the financial sector [9]

证券研究报告 | 2025年09月27日 本年，港股精选组合绝对收益 72.29%，相对恒生指数超额收益 42.04%。 港股市场创新高热点板块跟踪 我们根据分析师关注度、股价相对强弱、股价路径平稳性、创新高连续性等 角度在过去 20 个交易日创出过 250 日新高的股票池中筛选出平稳创新高股 票。 近期，华虹半导体等股票平稳创出新高。 按照板块来看，创新高股票数量最多的是医药板块，其次为周期、科技、消 费和制造板块，具体个股信息可参照正文。 港股市场一周回顾 宽基指数方面，本周恒生大型股指数收益最高，累计收益-0.97%；恒生中型 股指数收益最低，累计收益-2.33%。 行业指数方面，本周原材料业行业收益最高，累计收益 2.53%；综合企业行 业收益最低，累计收益-3.92%。 **Acknowledgement** I am grateful to my supervisor, who has been a great advisor of my supervisor, who has been a great advisor of my supervisor. 港股精选组合绩效回顾 本周，港股精选组合绝 ...

Core Insights - In August, industrial enterprises' profits surged from negative to a growth rate of 20.4%, marking the highest increase since December 2023. However, when excluding the low base effect, profit growth showed a marginal slowdown, decreasing from 1.3% in July to -0.5% in August when using a two-year average compound growth rate [1][2][12]. Group 1: Profit Growth Analysis - The significant profit increase in August is attributed to the "anti-involution" policy, which is reshaping profit distribution logic. This profit report provides key insights into these changes [2][7]. - The breakdown of volume, price, and profit margin in August indicates a scenario of "increased volume, decreased price, and positive profit margin growth." This represents a clear reversal from previous trends, with weakening support from industrial added value and reduced drag from PPI [5][12]. Group 2: Industry Dynamics - The "anti-involution" policy's effects are beginning to show, with some industries experiencing a restructuring of profit patterns. While external trade uncertainties may impact certain companies, the economic data from August suggests immediate price support from the policy [7][12]. - The analysis of volume and price data in August categorizes industries into four quadrants based on their response to the "anti-involution" dynamics, highlighting varying levels of competition and profitability across sectors [8][11]. Group 3: Sector-Specific Performance - Upstream industries have shown the most notable improvement in profits, with a narrowing decline to -1.9% in August from -12.7% in July, marking the best performance of the year for these sectors [12]. - In contrast, the midstream sector's profit growth remained stable, while downstream industries, particularly pharmaceuticals and automotive manufacturing, exhibited lackluster profit growth [12][13].

在主题为"医药生产力的AI进化论"的圆桌对话环节，多位嘉宾从临床、流通、研发、投资等维度，探讨AI落地核心痛点与生态 构建路径。 近年来，AI正成为推动医药产业质变的生产力。9月24日，由华康中健（厦门）科技有限公司（以下简称"华康中健"）主办、 人民健康平台支持的"数智医药生产力发展论坛"在北京举行。来自产学研各界嘉宾围绕人工智能技术赋能医药行业转型发展话题进 行深入交流，共同探讨数智医药生产力进化路径，为推动健康中国与数字中国战略深度融合建言献策。 论坛上，全国医药技术市场协会会长、北京大学教授周亚伟说，AI正成为推动医药产业质变的核心生产力，尤其是在新药研发 端和临床诊疗端。从技术应用延伸至产业投资视角，宁波梅花天使投资管理有限公司创始合伙人吴世春对投资视角下的"AI+医 药"进行解读。他认为，深度聚焦垂直行业，并能够实现自我"造血"的科技企业更具备投资价值。 在AI技术落地应用的具体实践层面，华康中健联席董事长兼CEO曾良及团队聚焦医药全产业链，介绍了新品"灵药通"。他说， 目前医药行业正在进入AI智能体时代，未来可通过AI营销（数字营销规划、合规审查）、AI销售（模拟拜访、智能培训）、AI服 务（临 ...