截至2025年7月11日 09:35，中证港股通医疗主题指数(932069)强势上涨2.49%，成分股凯莱英(06821)上涨10.86%，药明康德(02359)上涨9.34%，昭 衍新药(06127)上涨8.55%，药明合联(02268)，康龙化成(03759)等个股跟涨。港股医疗ETF(159366)上涨2.28%。 数据显示，截至2025年6月30日，中证港股通医疗主题指数(932069)前十大权重股分别为药明生物(02269)、京东健康(06618)、阿里健康(00241)、药 明康德(02359)、国药控股(01099)、金斯瑞生物科技(01548)、威高股份(01066)、微创医疗(00853)、平安好医生(01833)、中国生物制药(01177)，前 十大权重股合计占比57.7%。 | Wind香港概念板块指数 | | | | | | --- | --- | --- | --- | --- | | 彩票 | CRO | 中资券商 | 铁矿石 | 创新药 | | 15.04% | 3.29% | 3.17% | 2.51% | 2.09% | | 家电 | 钢铁 | 集成电路产业 | 酮或要能 | ...

融资客大手笔净买入个股中，从最新融资余额占流通市值比例看，算术平均值为3.14%，融资余额占比 最高的是盛和资源，该股最新融资余额14.43亿元，占流通市值的比例为6.00%，融资余额占比较高的还 有浪潮信息、太辰光、中际旭创，占比分别为5.47%、4.49%、4.31%。（数据宝） 证券时报·数据宝统计显示，具体到个股，7月10日共有1956只股获融资净买入，净买入金额在千万元以 上的有468只，其中17只融资净买入额超亿元。中油资本融资净买入额居首，当日净买入2.77亿元，其 次是中际旭创、阳光电源，融资净买入金额分别为2.36亿元、2.27亿元，融资净买入金额居前的还有新 易盛、大智慧、立讯精密等。 | | 牧原股 | | | | 农林牧 | | --- | --- | --- | --- | --- | --- | | | 份 | | | | 渔 | | 000987 | 越秀资 | 4.44 10722.29 | 67604.12 | 1.69 | 非银金 | | | 本 | | | | 融 | | 601916 | 浙商银 行 | 0.26 10544.68 | 143875.66 | 1.76 ...

恒生指数盘初涨幅扩大至1%，恒生科技指数现涨1.06%；生物医药、创新药、医药外包等大医药概念走 强；芯片股连日上涨，中资券商股延续涨势；国泰君安国际(01788.HK)涨超7%，凯莱英(06821.HK)涨 超16%，昨日人气个股普星能量(00090.HK)涨超22%。 ...

2025 年 07 月 11 日 双融日报 --鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：76 分（较热） 最近一年大盘走势 资料来源：Wind，华鑫证券研究 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 相关研究 ▌ 华鑫市场情绪温度指标：（较热） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 76 分，市场情绪处于"较热"。历史市场情绪趋势变化可参 考图表 1。 ▌ 热点主题追踪 今日热点主题：数据、跨境支付、创新药 1、数据主题：据《央视新闻》报道，为了破解数据流通 交易效率不高的难题，国家数据局、国家市场监督管理总局 首次推出数据流通交易便利化举措，发布数据流通交易合同 示范文本，为有需要的经营主体提供参考。有关企业反馈， 合同应用将大幅降低数据流通交易的协商成本，预计可提升 30%的效率。相关 标 的：奥飞数据（ 300738）、易华录 （300212） 2、跨境支付主题：7 月 4 日，央行发布《人民币跨境支 付系统业务规则（征求意见稿）》，向社会公开征求意见至 8 月 3 日。此次修订简化境外机构参与条件 ...

创新长坡厚雪，医药新章甫开——医药行业 2025 年度中 期投资策略 20250710 摘要 Q&A 2025 年中期医药行业的投资策略是什么？ 2025 年中期医药行业的投资策略主要围绕创新出海和内需复苏两条主线。创 新出海方面，重点关注创新药及其上游产业链，包括 CXO（合同研发与生产组 织）等领域，认为这些板块具有长期配置价值。内需复苏方面，在逆全球化背 景下，建议关注自主可控方向及关税关联度较小的内需板块，以及院内设备更 新逐步落地、电生理、骨科等耗材领域。此外，中药和医药新消费赛道也值得 关注。 2025 年一季度国内上市医药公司的业绩表现如何？ 2025 年一季度国内上市医药公司的整体收入同比增速为-4.2%，归母净利润 同比增速为-8.7%，扣非归母净利润同比增速为-10%。尽管收入端和盈利端承 受一定阶段性压力，但随着前期行业压力逐步释放、创新产品加速放量以及国 中药领域关注中药创新药和品牌 OTC 机会。中药材价格回落，公司库存 水平有望缓解，毛利率受益。关注以岭悦康等公司多条管线进入临床阶 段，以及白云山雪之康、马应龙痔疮膏等品牌 OTC 品种。 医疗器械市场关注设备更新及院内复苏情况，重 ...

乐普生物 20250710 摘要 乐普生物的 EGFR ADC（MRG003）针对鼻咽癌适应症预计 2025 年底 至 2026 年初获批上市，头颈鳞癌适应症预计 2027 年内获批。注册性 临床数据在 ASCO 会议上获得积极反馈，商业化策略已在讨论中。 TFADC（MRG004A）靶向组织因子，在胰腺导管腺癌方面显示良好信 号，已完成国内扩组实验，并计划在 ASCO 大会上公布数据。公司已向 中国 CDE 提交注册性临床沟通交流申请，寻求一线治疗方案。 GPC3 ADC（MRG006A）针对肝癌，具有全球首创潜力，目前正在进 行一期临床试验。预计 2026 年分享一期临床数据，并寻求海外合作机 会，肝癌市场潜力巨大。 Claudin 18.2 ADC（CMG901）由乐普生物与康诺亚共同开发，已授 权给阿斯利康，目前处于全球注册性三期临床阶段，预计 2026 年底提 交 NDA 申报。 CDH17 ADC（MRG007）针对结直肠癌，已授权给美国 Biotech Avent，获得国内 IND 批件，即将启动临床试验。总交易金额包括 4,700 万美元首付款及超过 12 亿美元里程碑付款。 Q&A 乐普生物 ...

映恩生物 20250710 摘要 应恩生物拥有国际竞争力的核心管线，包括 HER2 ADC、B7S3 ADC、HER3 ADC 和 TROP2 ADC 四个在研 ADC 产品，临床设计差异 化，预计全球销售峰值约 50 亿美元，海外数据读出将催化股价。 公司与 BioNTech 深度合作，探索 PDL1 VEGF 双抗和多种 ADC 联合 疗法，该组合方案进入后期阶段，具备竞争优势。同时，BCHS4 ADC 全球权益授予百济，预计 2025 年 ASMO 展现初步潜力，百济认为该款 ADC 具有 20 亿美元潜力。 应恩生物在非肿瘤领域布局自免 ADC 平台，具备稀缺性，海外患者入组 数量处于国内 Biotech 和 Biopharma 第一梯队，展现强大的体系化创 新能力。管理层国际化程度高、执行力强，善于利用 BD 资源及合作伙 伴高效落地项目。 预计公司将在 2025 年 9 月 8 日进入港股通。估值方面，后期产品国内 销售峰值可达 50 亿至 60 亿元，对应国内市值 150 亿元以上；海外部 分市值三款 ADC 加起来估计为 50 至 60 亿美元峰值水平，对应 300 至 400 亿港币。因此， ...

Core Viewpoint - The article discusses the advancements in fecal microbiota transplantation (FMT) technology, particularly focusing on Chengge Biotechnology's innovative approach to precision microbiota transplantation (PMT) and its recent strategic financing round, which has reignited interest in the microbiome therapy sector. Company Development - Chengge Biotechnology, a pioneer in the field of microbiota transplantation, has recently completed a strategic financing round led by Jinhui Capital, raising over 100 million yuan, which has garnered significant attention for the company that has been operating for nearly a decade [1] - The company has developed a core technology known as "precision microbiota transplantation" (PMT), which enhances the effectiveness of treatment by matching the donor and recipient microbiota based on individual needs, significantly improving treatment success rates [5][6] Market Potential - The global prevalence of gut microbiota imbalance is increasing due to modern lifestyles and antibiotic overuse, leading to a surge in related health issues, including digestive, metabolic, and neurological diseases [1] - The microbiota transplantation industry is still in its infancy, with only about 5% of its potential realized, and the market is estimated to be worth hundreds of billions, indicating substantial growth opportunities [10] Challenges and Strategies - Chengge Biotechnology has faced internal challenges related to early equity structure and external challenges regarding regulatory compliance and market education for its innovative technology [3][7] - The company has established a "Chinese Microbiota Alliance" with 13 microbiota banks across the country to ensure a diverse and localized microbiota pool, which serves as a significant competitive barrier [6] Financial Outlook - The company anticipates sales exceeding 200 million yuan in 2024, with a strong cash flow that supports its research and development initiatives, particularly in the area of live biotherapeutic products [8] Team and Mission - The stability of Chengge's core team is attributed to a shared mission and effective equity compensation, which has attracted talented individuals from various prestigious backgrounds [11]

Group 1 - The core event is the announcement of 4 top talents and 15 major innovation teams in Suzhou during the 2025 Higher Education Technology Transfer Conference and the 17th International Elite Entrepreneurship Week [1] - Suzhou's top talent program has attracted 10 academicians and a total of 25 full-time academicians from home and abroad over the past year [1] - The major innovation teams focus on "bottleneck" technologies, with 6 projects in artificial intelligence, 3 in integrated circuits, 2 in biomedicine, 2 in advanced materials, and 2 in photonics, all of which are expected to drive high-end industrial development [1] Group 2 - Among the 15 major innovation teams, 8 are led by overseas returnees, with many members having experience in leading domestic and international companies [2] - Teams recognized as major innovation teams can receive project funding of up to 30 million yuan, and team leaders and core members can receive housing subsidies of up to 2 million yuan [2] - The recognition of the team from Renmin University of China highlights Suzhou's commitment to fostering innovation in artificial intelligence and smart governance, aiming to enhance collaboration between academia and industry [2]

Group 1 - The core viewpoint emphasizes that not all investors need to chase market hotspots, as investment styles vary, with value investors focusing on company growth and reasonable pricing rather than market trends [1][2] - Investors should first assess their current stocks to determine if they are in an acceptable fluctuation or a declining trend, adopting a "day one" mindset to evaluate their willingness to buy the stock if they didn't already own it [2][3] - If investors decide to switch stocks, it should be done gradually and during market corrections rather than during strong rallies to mitigate risks [2][3] Group 2 - Recognizing market hotspots requires a certain level of experience and understanding, as investors need to justify their choices and timing for entering or exiting positions [3] - The decision to switch stocks should be based on a solid investment philosophy, with a focus on whether the investor genuinely believes in the selected investment strategy rather than impulsively jumping between different sectors [3]