2025年6月30日，来自浙江杭州的泰德医药（浙江）股份有限公司 Medtide Inc.(简称"泰德医药") (03880.HK)，成功在香港联合交易所主板挂牌上市。 泰德医药是次IPO全球发售1680万股H股，占发行完成后总股份的11.85%，每股上限定价30.60港元，募 集资金总额约5.14亿港元，所得款净额约4.29亿港元。 泰德医药是次招股公开发售部分获301.15倍认购，国际发售部分获2.43倍认购。 泰德医药是次IPO招股引入2名基石投资者，合共认购约256.50万股(1000万美元)的发售股份，基石投资 者包括石药集团(01093.HK)、微光创投Welight Capital，基石投资者认购股份占全球发售股份的 15.27%，占全球发售完成后总股份的1.81%。 招股书显示，泰德医药在上市后的股东架构中，徐琪博士，通过琪康国际持股42.01%；李湘莉女士， 直接及间接持股持股25.36%；徐琪博士、李湘莉女士为一致行动人，共同控制公司约67.37%的投票 权。 | 泰德医药(03880.HK)香港上市后股东架构 | | | | --- | --- | --- | | 控股股东(一致行动) ...

Group 1 - Chengdu Xian Dao announced the termination of the acquisition of approximately 65% equity in Nanjing Haina Pharmaceutical Technology Co., Ltd due to failure to reach consensus on core terms after extensive negotiations and due diligence [1] - This termination reflects potential difficulties and risks in the merger and acquisition process, which may impact market expectations for Chengdu Xian Dao's future development [1] Group 2 - The China Federation of Logistics and Purchasing reported that the medical device industry market size in China is expected to reach 1.2 trillion yuan (approximately 1.2 trillion CNY) by 2024, indicating steady growth during the 14th Five-Year Plan period [2] - The total logistics and warehousing area for medical devices in China is 23.58 million square meters, with over 40,000 self-owned vehicles for logistics transportation [2] - As of May 2025, China has approved 353 innovative medical devices, an increase of 37 compared to 2024, highlighting the growth potential in the medical device sector [2] Group 3 - The rapid growth of the medical device market in China reflects significant market potential, likely attracting more long-term investment [3] Group 4 - Mindray Medical announced that a specific shareholder, Ever Union (H.K.) Limited, plans to reduce its holdings by up to 5 million shares, representing approximately 0.41% of the total share capital [4] - Although the reduction is relatively small, it may be interpreted by the capital market as a cautious stance from the shareholder regarding the company's future development, potentially leading to short-term stock price fluctuations [4]

Core Viewpoint - The focus is on identifying and investing in pharmaceutical advanced manufacturing companies that have global competitive advantages and are poised for growth due to market integration and emerging demand [1][4]. Group 1: Investment Philosophy - The investment approach emphasizes steady performance and the importance of companies that can deliver profits, rather than speculative investments [2][3]. - The strategy involves identifying companies that have completed their first growth curve and are in a dormant phase, which may present good buying opportunities [2][3]. Group 2: Industry Insights - The pharmaceutical manufacturing sector is unique due to high compliance costs and registration barriers, which create a competitive moat for leading companies [4]. - The raw material drug industry is expected to see continuous opportunities due to the lifecycle of drugs and the ongoing demand for new products [5]. Group 3: Market Trends - Companies in the raw material drug, device consumables, and CDMO sectors are anticipated to experience operational efficiency improvements and profit surges as new orders and clients emerge [5]. - The innovative drug sector is currently facing challenges in profit realization, with significant uncertainties regarding large-scale profit generation [6]. Group 4: Future Outlook - There is a belief that the innovative drug industry will continue to develop, presenting valuable investment opportunities in the future [6]. - The potential for significant growth in the pharmaceutical manufacturing sector is highlighted, particularly for companies that can adapt to new market demands and integrate effectively [4][5].

Group 1 - Longqi Technology has submitted an application for H-share issuance and listing on the Hong Kong Stock Exchange [1] - Chengdu XianDao has terminated the acquisition of approximately 65% equity in Nanjing Haina Pharmaceutical Technology Co., Ltd. due to failure to reach consensus on core terms [4] - Unigroup Guowei repurchased 775,500 shares for a total amount of 49.6173 million yuan on June 27 [5] Group 2 - Qinhuangdao State-owned Assets Supervision and Administration Commission plans to reduce its stake in Qin Port Co., Ltd. by up to 2% [2] - Magu Technology's shareholder Baolifeng intends to reduce its stake by up to 3% [3] - New Dairy's controlling shareholder plans to reduce its stake by up to 3% due to funding needs [6] Group 3 - Mindray Medical's shareholder EverUnion (H.K.) Limited plans to reduce its stake by up to 500,000 shares, representing approximately 0.41% of the total share capital [7] - Degute plans to acquire control of Haowei Technology, with trading suspended from June 30 [8]

Core Insights - The company reported a revenue of 2.704 billion yuan in 2024, a year-on-year decline of 13.84%, and a net profit attributable to shareholders of 438 million yuan, down 7.3% year-on-year, while the non-net profit increased significantly by 1365.5% to 403 million yuan due to increased revenue and profit from the pharmaceutical industrial sector and a decrease in overall expenses [1] Group 1: Pharmaceutical Industrial Sector - The company's core products include cardiovascular drugs and respiratory disease medications, with higher demand observed in the first and fourth quarters due to seasonal factors [2] - In Q1 2024, there was a significant increase in the demand for respiratory disease medications due to a surge in viral flu cases, alongside a rise in cardiovascular drug demand during the spring [2] Group 2: Pharmaceutical Commercial Sector - The pharmaceutical commercial sector faced revenue impacts due to the increasing number and amount of products subject to national centralized procurement, leading to price reductions [3] - Hospitals are actively reducing procurement scales and amounts in response to ongoing medical reforms, resulting in decreased delivery orders for the company [3] Group 3: Traditional Chinese Medicine Trade Sector - The company anticipates a significant price correction in traditional Chinese medicine after a period of price increases, leading to a strategic reduction in non-productive trade activities to mitigate high-level risks [3] - In Q2, the company increased revenue by strategically selling part of its inventory of traditional Chinese medicine in anticipation of a price decline in the latter half of the year [3]

Group 1 - Degute plans to acquire control of Haowei Technology through a combination of share issuance and cash payment, with stock suspension starting from June 30, 2025, and a transaction plan to be disclosed within 10 trading days [3] - Chengdu XianDao has terminated the acquisition of approximately 65% equity in Nanjing Haina Pharmaceutical Technology due to failure to reach consensus on core terms after due diligence [4] - China Rare Earth clarifies that recent changes in non-independent directors and senior management are normal personnel arrangements aimed at optimizing governance structure and enhancing management efficiency [5] Group 2 - Qixiang Tengda will conduct routine maintenance on its 60,000-ton acetone and methanol plant starting June 30, 2025, for an estimated 60 days, which will reduce product output but not significantly impact annual operational performance [6] - Universal Dairy Limited, the controlling shareholder of New Dairy, plans to reduce its stake by up to 3% within three months following a 15 trading day period after the announcement [8] - Nanjing Baolifeng plans to reduce its stake in Magu Technology by up to 3% through trading methods within three months after a 15 trading day period following the announcement [9] Group 3 - Qin Port Holdings' major shareholder, Qinhuangdao State-owned Assets Supervision and Administration Commission, intends to reduce its stake by up to 2% through block trading within three months after a 15 trading day period following the announcement [11] - Ever Union (H.K.) Limited, a significant shareholder of Mindray Medical, plans to reduce its holdings by up to 5 million shares, approximately 0.41% of the total share capital, within a specified period [12] - Hongdou International Investment plans to reduce its stake in General Shares by up to 0.31% through trading methods within three months after a 15 trading day period following the announcement [13] Group 4 - Unigroup Guowei repurchased 775,460 shares for approximately 49.62 million yuan on June 27, 2025, representing about 0.09% of the total share capital [15] - *ST King Kong's subsidiary signed a significant computing power sales contract worth approximately 399.36 million yuan, which is expected to positively impact the company's operational performance in 2025 [17]

战略数据研究丨深度报告 [Table_Title] AH 溢价率的缘来和 H 股溢价背后 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 港股行情能否持续？当下部分投资者对于港股"过热"产生了担忧，基于的佐证之一就包括今 年 6 月 11 日，恒生沪深港通 AH 股溢价指数创下 5 年来新低，相较 2024 年年末下跌幅度超过 10%，以及今年 5 月份以来部分标的例如宁德时代、招商银行的 H 股相较于 A 股存在溢价。根 据 AH 溢价率是否能对港股进行有效择时？本篇从 AH 溢价率的计算逻辑出发，复盘历史上 AH 溢价率中枢的变化，并以历史上 H 股相较于 A 股溢价标的为案例，对当下 AH 溢价率的指示性 进行分析。 分析师及联系人 [Table_Author] 陈洁敏 SAC：S0490518120005 SFC：BUT348 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 丨证券研究报告丨 cjzqdt11111 2025-06-29 战略数据研究丨深度报告 [ ...

专利摘要显示，本申请涉及一种生物素标记的小分子的制备方法及其应用，该方法包括：将小分子与活 化剂混合反应，获得活化后的小分子试剂；其中，小分子的分子量小于1000Da；将活化后的小分子试 剂与生物素化的标记物试剂混合反应，制得生物素标记的小分子试剂；其中，生物素化的标记物的分子 量为1000Da～10000Da。 金融界2025年6月28日消息，国家知识产权局信息显示，科美诊断技术股份有限公司;科美博阳诊断技术 （上海）有限公司申请一项名为"生物素标记的小分子的制备方法及其应用"的专利，公开号 CN120214293A，申请日期为2023年12月。 科美博阳诊断技术（上海）有限公司，成立于2005年，位于上海市，是一家以从事医药制造业为主的企 业。企业注册资本3408.8364万人民币。通过天眼查大数据分析，科美博阳诊断技术（上海）有限公司 共对外投资了1家企业，参与招投标项目87次，财产线索方面有商标信息36条，专利信息315条，此外企 业还拥有行政许可126个。 天眼查资料显示，科美诊断技术股份有限公司，成立于2007年，位于北京市，是一家以从事专业技术服 务业为主的企业。企业注册资本40110.8万人民 ...

当日在启动仪式上，第四批成员单位正式加入联建机制。北京一轻控股有限责任公司、北京通用人工智能研究院、京报传媒经营有限公司、北京工商大 学4家单位的加入，将进一步扩大党建联建机制规模，覆盖更加广泛的领域，为深化党建共建、党业融合、互促改革创新发展提供更多借鉴和助力。 党建引领企业发展和产业创新，共创首都经济新质生产力。6月24日，"党建引领产业创新联建机制系列活动"在北京启动，来自政府、企业和高校界的嘉 宾百余人参加。活动旨在进一步深入贯彻党中央关于"以高质量党建引领保障高质量发展"精神，更好发挥"党建引领产业创新联建机制"平台作用，持续推动 党建与生产经营深度融合，充分发挥国资国企服务社会、服务民生的社会责任，携手共促惠民消费。 同仁堂集团党委书记、董事长戴小锋在致辞时表示，党建联建机制的建立源于各成员单位对"党建引领创新发展"的共同需求，通过强化党建引领，凝聚 组织合力，以党建联建的方式为国有企业产业创新发展注入了强大的红色动能。 他表示，回望一年来的并肩前行，成员单位秉持"党建引领、资源共享、优势叠加、协同发展"的合作理念，在党建引领产业创新发展的道路上进行了有 益探索。各成员单位将党建工作融入企业治理， ...

Group 1 - The State Council, led by Premier Li Qiang, held a meeting to discuss the implementation of the national science and technology conference and to enhance the mechanism for efficiently handling key tasks [3] - The U.S. stock market saw all three major indices rise, with the Dow Jones up 1%, the S&P 500 up 0.52%, and the Nasdaq up 0.52%, marking historical highs for the S&P 500 and Nasdaq [3] - International gold prices fell, with spot gold down 1.63% to $3273.34 per ounce, and COMEX gold futures down 1.85% to $3286.10 per ounce [4] - International oil prices slightly decreased, with WTI crude oil down 0.26% to $65.07 per barrel [5] - European stock indices closed higher, with Germany's DAX up 1.62%, France's CAC40 up 1.78%, and the UK's FTSE 100 up 0.72% [6] Group 2 - The Chinese government emphasized the importance of high-quality party building in the financial system to promote high-quality financial development [7][8] - The Ministry of Commerce confirmed that China and the U.S. reached a consensus on a framework to enhance trade relations, including China's commitment to expedite rare earth exports to the U.S. [9] - Wang Yi, China's Foreign Minister, is set to visit the EU headquarters, Germany, and France for high-level strategic dialogues [9] - The People's Bank of China discussed monetary policy adjustments to enhance liquidity and align monetary supply with economic growth targets [10] Group 3 - From January to May, profits of state-owned enterprises in China totaled 165.145 billion yuan, a year-on-year decrease of 2.8% [10] - The Shanghai and Shenzhen stock exchanges proposed to adjust the price fluctuation limit for risk-warning stocks to 10% [11] - The State Council's plan for modern agricultural product circulation aims to enhance sales capabilities and improve logistics by 2027 [11] Group 4 - Xiaomi's new SUV, the YU7, received significant consumer interest with over 240,000 orders within 18 hours of launch, indicating strong market demand [17][18] - China Petroleum and Chemical Corporation appointed a new chairman, which may lead to strategic changes within the company [19] - The approval of a new GLP-1 weight loss drug by the National Medical Products Administration is expected to positively impact the obesity treatment market [20][21] - Li Auto revised its Q2 delivery forecast to approximately 108,000 vehicles, down from a previous estimate of 123,000 to 128,000 vehicles [22][23] - GF Securities (Hong Kong) became the first broker in Hong Kong to issue tokenized securities, marking a significant step in financial technology [24] Group 5 - The recent legal actions taken by Seres against individuals spreading false information about the company are aimed at protecting its brand reputation [25][26] - CITIC Trust won a bid for bankruptcy restructuring services for Jin Ke, with an expected scale exceeding 150 billion yuan, which is significant for the real estate sector [27][28] - NVIDIA's CEO has sold 225,000 shares, raising concerns about the company's future outlook [29][30] - Honda's recall of over 240,000 vehicles due to potential fuel pump issues highlights ongoing safety concerns in the automotive industry [31]