4月首个交易日，A股整体表现强势，沪指小幅走高；港股早盘强势拉升，午后涨幅逐渐收窄。恒生指数收涨0.38%，恒生科技指数涨0.23%。 个股方面，小米集团盘中大幅跳水，一度跌超6%；卫龙美味盘中涨超10%，创出历史新高。 具体来看，沪指盘中强势震荡上扬，深证成指、创业板指午后回落翻绿。截至收盘，沪指涨0.38%报3348.44点，深证成指微涨0.01%报10503.66点，创业板指跌 0.09%报2101.88点，北证50指数涨0.42%，沪深北三市合计成交11531亿元，成交额较昨日减少约900亿元。 场内超3800股飘红，医药板块爆发，创新药、减肥药概念等表现亮眼，诚达药业20%涨停，热景生物大涨超16%股价重返100元上方；可控核聚变概念再度活跃，中 洲特材、合锻智能、海陆重工等均涨停；光刻机概念崛起，凯美特气斩获4连板，新莱应材涨超10%；电力、石油、化工、燃气等资源股集体拉升，和顺石油连续3 日涨停，立新能源、江苏新能斩获两连板；汽车产业链股回落，美晨科技、雪龙集团跌停。 可控核聚变概念活跃 可控核聚变概念今日再度活跃，截至收盘，常辅股份涨超24%，中洲特材20%涨停，国光电气涨近19%，合锻智能、 ...

Group 1 - The core viewpoint of the news highlights the performance and significance of the Free Cash Flow ETF (159201), which has seen a notable increase in trading volume and market interest, indicating a shift towards long-term investment strategies focused on free cash flow [1][2] - As of March 31, 2025, the Free Cash Flow ETF (159201) has reached a new high in circulation scale at 2.789 billion yuan, with a trading volume of 2.775 billion shares, reflecting strong investor demand and a significant net inflow of 1.311 billion yuan over the last 11 trading days [1] - Huatai Securities emphasizes that dividend strategies remain a key focus, predicting that listed insurance companies will continue to increase their allocation to FVOCI stocks with dividend characteristics in 2024, driven by a decline in cash yield [1] Group 2 - The Free Cash Flow ETF (159201) closely tracks the National Certificate Free Cash Flow Index, with free cash flow being essential for corporate survival and the ability to maintain stable cash dividends [2] - The management fee for the Free Cash Flow ETF is set at an annual rate of 0.15%, and the custody fee at 0.05%, both of which are the lowest in the market, making it an attractive option for investors [2]

涉及总金额6 0 1 . 4 4亿元人民币。 作者 | 私募通 报道 | 决策投资圈 （ID： PEDATAMAX） 清科创业（01945.HK）旗下私募通统计：截至本周五下午，募资、投资、上市和并购共167起事件，涉及总 金额601.44亿人民币。从交易金额来看，本周金额较大事件是：2025年3月27日，华润三九医药股份有限公 司成功受让天士力生物医药产业集团有限公司、天津和悦科技发展合伙企业（有限合伙）、天津康顺科技发 展合伙企业（有限合伙）、天津顺祺科技发展合伙企业（有限合伙）、天津善臻科技发展合伙企业（有限合 伙）等持有的天士力医药集团股份有限公司的28. 0%的股权，作价59.90亿人民币。从交易事件地域分布看， 目前主要分布在广东省、江苏省和浙江省，占比为广东省15.6%，江苏省13.8%，浙江省12 .6%。 更多信息请登录：htt ps://ma x.pe da t a . c n/ 本周新登记股权投资基金管理人共计0家，取消备案登记12家，全年截至目前累计股权投资基金管理人数量 为17家。本周新增备案基金数量为85只，规模总计41 8. 88亿元，本周备案基金募资最多的为南京江宁智慧股 权投 ...

Core Viewpoint - The company has established a comprehensive development layout supported by five strategic areas, focusing on pharmaceuticals, synthetic biology, women's health technology, high-end anti-infection, and new tobacco fields [2]. Company Overview - The company specializes in the pharmaceutical and chemical industry, with key products including a series of cephalosporin side-chain active esters, biopharmaceuticals, specialty raw materials, and various formulations [2]. - Major products include AE active esters, cephalosporin derivatives, glutathione, and various dosage forms such as oral, topical, and injectable products targeting anti-infection and women's health [2]. Financial Data and Indicators - The company does not require retrospective adjustments or restatements of previous annual accounting data [3]. - There are no significant discrepancies between the financial indicators disclosed in quarterly and semi-annual reports [4].

Core Viewpoint - The Shanghai 180 ETF index fund (530280) has seen significant net inflows of nearly 11 million yuan over the past five trading days, indicating a bullish trend despite seasonal divergences among investors [1][2]. Fund Performance - As of March 26, 2025, the Shanghai 180 Index (000010) decreased by 0.31%, with mixed performance among constituent stocks [1]. - The Shanghai 180 ETF index fund (530280) has experienced a cumulative increase of 3.21% since its inception [1]. - The fund's latest price is 1.03 yuan, with a trading volume of 14.42 thousand yuan and a turnover rate of 0.55% [1]. Fund Inflows and Growth - The Shanghai 180 ETF index fund recorded a net inflow of 463.14 thousand yuan recently, totaling 1,079.77 thousand yuan over the last five trading days [2]. - The fund has seen a significant growth in scale, with an increase of 10.53 million yuan over the past week, ranking it 1st among comparable funds [1]. - The fund's shares increased by 10.50 million shares in the past week, also ranking 1st among comparable funds [1]. Market Sentiment and Outlook - Recent market sentiment shows increased divergence among investors, with concerns about the upcoming April decisions and potential adjustments in the market [5]. - Factors contributing to investor concerns include the decline in AI and robotics enthusiasm, uncertainty in Q1 earnings reports, and potential impacts from U.S. tariff policies [5]. - Despite these concerns, analysts believe that the April decisions may only cause minor disturbances, as historical data suggests that market pricing has already accounted for some of these risks [5].

Core Viewpoint - The report highlights the significant advancements and strategic initiatives of Shanghai Fosun Pharmaceutical (Group) Co., Ltd. in the pharmaceutical and medical device sectors, emphasizing innovation, compliance, and market expansion as key drivers for growth in 2024. Company Overview - The pharmaceutical industry is driven by innovation, with the government prioritizing the development of innovative drugs as a new emerging industry [5][6] - The company has maintained a strong position in the industry, ranking 4th in the "2023 Annual Top 100 Chinese Pharmaceutical Industry" list [12] Industry Development Status - The implementation of the "Drug Standard Management Measures" in January 2024 aims to enhance drug quality and safety [8] - Continuous anti-corruption efforts in the medical and pharmaceutical sectors are expected to promote long-term healthy development [8] - The government has introduced policies to support the upgrade of medical equipment, providing new sales opportunities for the medical device industry [9] Business Highlights - The company achieved operating revenue of 41.067 billion yuan in the reporting period, with significant growth in innovative products [26] - The net profit attributable to shareholders increased by 16.08% to 2.770 billion yuan, with a net profit excluding non-recurring gains and losses rising by 15.10% [26] - The company has focused on innovation, with R&D investment totaling 5.554 billion yuan, of which 3.644 billion yuan was dedicated to R&D expenses [27] Product Development - The company has received approvals for 16 indications across 7 innovative drugs and biosimilars during the reporting period [28] - The innovative PD-1 monoclonal antibody, Hanshu (SruLi), received approval for a new indication in China [29] - The company has successfully launched several products in international markets, including the biosimilar trastuzumab in the US and Canada [29][30] Global Expansion - The company has established a strong global presence, with a commercial team of over 1,000 people covering markets in the US, Africa, and other regions [42] - The company has formed strategic partnerships to enhance its international market access and product commercialization [38][39] Compliance and Regulatory Environment - The company is committed to adhering to regulatory requirements and enhancing compliance in response to the ongoing anti-corruption initiatives in the pharmaceutical industry [25] - The company has implemented measures to ensure the quality and safety of its products, aligning with national standards and regulations [41]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 上 海 復 星 醫 藥（ 集 團 ）股 份 有 限 公 司 Shanghai Fosun Pharmaceutical (Group) Co., Ltd.* （於中華人民共和國註冊成立的股份有限公司） （股份代號：02196） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條而作出。 茲載列上海復星醫藥（集團）股份有限公司（「本公司」）在上海證券交易所網站刊登的《2024 年年度報告摘要》，僅供參閱。 承董事會命 上海復星醫藥（集團）股份有限公司 董事長 吳以芳 中國，上海 2025 年3 月2 5 日 於本公告日期，本公司之執行董事為吳以芳先生、王可心先生、關曉暉女士及文德鏞先生；本公司之非執 行董事為陳 啟 宇先生、徐曉亮先生、潘東輝先生及陳玉卿先生；以及本公司之獨立非執行董事為李玲女士、 湯谷良先生、王全弟先生及余梓山先生。 * 僅供識別 上海复星医药（集团）股份有限公 ...

复星医药: 复星医药独立非执行董事2024年度述职 报告（汤谷良） 上海复星医药（集团）股份有限公司 独立非执行董事 2024 年度述职报告 （汤谷良） 根据《中华人民共和国公司法》、中国证券监督管理委员会（以下简称"中 国证监会"） 《上市公司独立董事管理办法》 （以下简称"《独董管理办法》"）等相 关法律、法规、规范性文件的要求和《上海复星医药（集团）股份有限公司章程》 (以下简称"《公司章程》")、《上海复星医药（集团）股份有限公司独立非执行 董事制度》的规定，2024 年，作为上海复星医药（集团）股份有限公司（以下简 称"公司"）独立非执行董事，本人本着对全体股东负责的态度，认真履行对公 司及全体股东的诚信和勤勉义务，积极并认真参加公司股东（大）会、董事会、 各专业委员会及独立非执行董事专门会议，慎重审议各项议案，努力发挥专业特 长，为本集团（即公司及控股子公司/单位，下同）发展出谋划策，持续推进公 司治理结构不断完善，在董事会的科学决策、规范运作以及本集团发展等方面都 起到了积极作用，并切实维护了公司和全体股东尤其是中小股东的合法权益。本 人（汤谷良）现将 2024 年度履职情况报告如下： 一、本人 ...

Core Insights - The company experienced a 19.73% year-on-year decline in net profit for 2024 due to the impact of divesting its real estate business, but net profit increased by 6.15% when excluding this effect [3] - The asset-liability ratio decreased to 20.20% as the proceeds from the real estate divestiture were used to repay financial institution loans [3] - The company increased its R&D investment by 20.05% in 2024, marking the fifth consecutive year of rising R&D expenditures [3] Group 1: Business Performance - The cosmetics segment saw a revenue increase of 2.46% year-on-year, while the pharmaceutical segment experienced a decline of 1.41%, and the raw materials and additives segment fell by 2.43% [4] - Key brands in the cosmetics sector, such as Yilian and Aier Doctor, contributed significantly to revenue growth, with Yilian solidifying its high-moisture brand positioning and Aier Doctor maintaining its leading position in domestic micro-ecological skincare [4] - The pharmaceutical business stabilized in the second half of the year after adjustments to sales organization, channels, and models, focusing on innovative marketing strategies and product positioning [4] Group 2: Strategic Focus - The raw materials and additives segment is accelerating its shift towards high-end products, expanding customized services for food-grade and cosmetic-grade products [5] - The company is building technical barriers with hyaluronic acid and strengthening its leading position with natamycin to create a product moat [5]

Group 1 - China Merchants Bank reported a net profit of 148.39 billion yuan for 2024, a year-on-year increase of 1.22%, with a proposed cash dividend of 2 yuan per share [1] - China Telecom announced a net profit of 33.01 billion yuan for 2024, reflecting an 8.4% year-on-year growth, with a proposed final dividend of 0.0927 yuan per share [2] - Double J Electric signed significant contracts worth 1.555 billion yuan, accounting for 44.35% of its audited revenue for 2023, which is expected to positively impact future performance [3] Group 2 - Yongding Co. clarified that it does not directly manufacture controllable nuclear fusion devices, and its related products will not significantly impact its financial performance [4] - Heng Rui Pharmaceutical entered a licensing agreement with Merck, potentially earning up to 1.77 billion USD in milestone payments [5] - Ruishun Technology plans to use 90 million yen (approximately 4.34 million yuan) of raised funds to acquire assets related to a high-precision parallel robot project from Panasonic [6] Group 3 - Dalian Heavy Industry expects a net profit of 160 million to 195 million yuan for Q1 2025, a year-on-year increase of 12.22% to 36.77%, driven by a projected revenue of around 3.5 billion yuan [9] - Rongsheng Development is planning to restructure its debts by consolidating assets and enhancing its operational capabilities [10] - Yunnan Copper's net profit for 2024 is projected to decline by 19.9%, with a proposed cash dividend of 2.4 yuan per share [11] Group 4 - Lianrui New Materials reported a net profit of 251 million yuan for 2024, a year-on-year increase of 44.47%, with a proposed stock dividend of 3 shares for every 10 shares held [11] - Yuan Zu Co. announced a net profit of 249 million yuan for 2024, a decrease of 9.98%, with a proposed cash dividend of 10 yuan per 10 shares [12] - Double Happiness Development reported a net profit of 4.989 billion yuan for 2024, a decrease of 1.26%, with a proposed cash dividend of 7.5 yuan per 10 shares [13] Group 5 - Morning Light Co. reported a net profit of 1.396 billion yuan for 2024, a decrease of 8.58%, with a proposed cash dividend of 10 yuan per 10 shares [14] - Ningbo Ocean's net profit for 2024 was 550 million yuan, reflecting a year-on-year growth of 9.86% [15] - Xinyue Kanglv reported a net profit of approximately 86.3 million yuan for 2024, a decrease of 42.2% [16] Group 6 - Zhongjian Technology expects a net profit of 100 million to 114 million yuan for Q1 2025, a year-on-year increase of 68.79% to 92.42% [17] - Kuaiyi Elevator reported a net profit of 132 million yuan for 2024, a decrease of 8.46%, with a proposed cash dividend of 3.6 yuan per 10 shares [18] - Rongsheng Environmental Protection reported a net profit of 286 million yuan for 2024, an increase of 5.79%, with a proposed cash dividend of 5 yuan per 10 shares [19] Group 7 - Minfeng Special Paper reported a net profit of 72 million yuan for 2024, an increase of 54.09%, with a proposed cash dividend of 0.17 yuan per 10 shares [20] - Huaiqi Environmental Protection announced that major shareholders plan to reduce their holdings by up to 1% [21] - Guoli Co. plans to repurchase shares worth 30 million to 50 million yuan [22]