www.hczq.com 证券研究报告 | 医药生物 | 2025年7月12日 华创医药投资观点&研究专题周周谈 · 第134期 中药企业的创新布局 联系人：高初蕾 赵建韬 华创医药团队： 首席分析师 郑辰 联席首席分析师 刘浩 医疗器械组组长 李婵娟 中药和流通组组长 高初蕾 分析师 王宏雨 分析师 朱珂琛 执业编号：S0360520110002 邮箱：zhengchen@hcyjs.com 执业编号：S0360520120002 邮箱：liuhao@hcyjs.com 执业编号：S0360520110004 邮箱：lichanjuan@hcyjs.com 执业编号：S0360524070002 邮箱：gaochulei@hcyjs.com 执业编号：S0360523080006 邮箱：wanghongyu@hcyjs.com 执业编号：S0360524070007 邮箱：zhukechen@hcyjs.com 本报告由华创证券有限责任公司编制 卖的出价或询价。本报告所载信息均为个人观点，并不构成对所涉及证券的个人投资建议。 请仔细阅读PPT后部分的分析师声明及免责声明。 @2021 华创 版权所有 第一部 ...

Group 1 - Leek Electric Co., Ltd. and its subsidiaries have applied for a patent for a "blower motor" with publication number CN120301090A, filed on January 2024 [1] - The patent aims to address waterproof sealing issues at the lead points, ensuring the installation cavity of the circuit board is sealed from the external environment [1] Group 2 - Leek Electric Co., Ltd. was established in 2001 in Suzhou, focusing on electrical machinery and equipment manufacturing, with a registered capital of 573.481734 million RMB [2] - The company has invested in 24 enterprises, participated in 27 bidding projects, and holds 2,969 patents and 341 trademark registrations [2] - Jiangsu Leek Intelligent Electric Co., Ltd., founded in 2007, specializes in retail with a registered capital of 82.77468 million RMB, having 713 patents and 24 administrative licenses [2] - Leek Electric Green Energy Technology (Suzhou) Co., Ltd., established in 2010, focuses on general equipment manufacturing with a registered capital of 48 million RMB, holding 1,457 patents and 157 administrative licenses [2] - Suzhou Jinleke Precision Machinery Co., Ltd., founded in 2005, operates in the automotive manufacturing sector with a registered capital of 140.36988 million RMB, possessing 985 patents and 27 administrative licenses [3]

Market Review - The CITIC Pharmaceutical Index increased by 1.80%, outperforming the CSI 300 Index by 0.98 percentage points, ranking 16th among 30 CITIC first-level industry indices [5] - The top ten stocks by increase this week include Frontier Biologics-U, Medici, Lianhuan Pharmaceutical, Kangchen Pharmaceutical, and others, with Frontier Biologics-U leading at 41.43% [4][5] - The bottom ten stocks by decrease include ST Weiming, Shenzhou Cell, and Shuotai Shen, with ST Weiming dropping by 18.51% [4][5] Overall Viewpoint and Investment Themes - The current valuation of the pharmaceutical sector is at a low point, with public funds (excluding pharmaceutical funds) having low allocation to the sector. The company remains optimistic about the growth of the pharmaceutical industry by 2025, driven by macroeconomic factors and the demand from major categories [9] - In the innovative drug sector, there is a shift from quantity logic to quality logic, focusing on differentiated domestic and international pipelines. The company suggests paying more attention to products and companies that can ultimately realize profits [9] - In the medical device sector, there is a noticeable recovery in bidding volumes for imaging equipment, and the home medical device market is expected to benefit from subsidy policies. The company highlights the potential for import substitution and growth in the orthopedic sector post-collection [9] - The innovation chain (CXO + life sciences services) is expected to see a rebound in overseas investment and a bottoming out in domestic investment, with a potential return to high growth by 2025 [9] - The pharmaceutical industry is anticipated to enter a new growth cycle, with a focus on specialty raw materials and the expiration of patents leading to new growth opportunities [9] Industry and Company Events - The company highlights the innovative layout of traditional Chinese medicine enterprises, with several products in clinical II and III phases, including those targeting chronic insomnia and primary acute gouty arthritis [29][30] - Yunnan Baiyao has several drugs in various clinical stages, including those for prostate cancer and other conditions, indicating a robust pipeline [16][19] - The company emphasizes the importance of the blood products sector, which is expected to see significant growth due to relaxed approval processes and increased production capacity [14] - The innovative drug pipeline of Yiling Pharmaceutical focuses on cardiovascular, respiratory, and endocrine diseases, with multiple drugs in clinical trials [20][21]

Core Viewpoint - The recent measures taken by the Chinese government in response to the EU's restrictions on medical device procurement highlight the growing competitiveness of domestic brands in the medical device industry, as well as the potential for reciprocal trade tensions between China and the EU [1][12]. Group 1: EU-China Medical Device Trade Dynamics - In 2024, the scale of medical device trade between China and the EU is projected to reach $37.04 billion, with China importing $28.04 billion, a year-on-year decrease of 6.09%, marking three consecutive years of decline [2]. - Chinese exports to the EU are expected to reach $9 billion, reflecting a year-on-year growth of 12% [2]. - The EU remains the largest source of medical device imports for China, but the market share of foreign brands is declining due to the rise of domestic alternatives [2]. Group 2: Rise of Domestic Brands - The domestic market for MRI machines has seen a localization rate of 35.1% in 2024, an increase of 2.6 percentage points from 2023 [3]. - In the CT sector, domestic devices are increasingly being adopted in tertiary hospitals, with a significant rise in the installation of domestic 320-slice and 640-slice CT machines [3]. - The market share of domestic brands in PET-CT has reached 30%, with prices reduced by approximately 25% compared to foreign brands [3]. Group 3: Innovation and Competitive Advantage - Domestic medical devices are evolving faster than imported ones, with a reported iteration speed that is 1-2 years quicker [8]. - The introduction of new technologies, such as minimally invasive heart valve replacement procedures, showcases the innovative capabilities of domestic brands [8]. - The integration of AI and 5G technology into medical devices is enhancing their functionality and accessibility in the Chinese healthcare system [7][8]. Group 4: Market Trends and Regulatory Environment - The Chinese government has implemented policies to support the growth of domestic medical device brands, including setting application ratios for public hospitals [7]. - Recent price adjustments in medical services have been influenced by the increased use of domestic testing equipment and reagents, which have lowered operational costs for medical institutions [4]. - The domestic market for medical testing equipment has seen over 50% of the bidding amounts and quantities won by local brands in 2023 [6].

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 广州弘亚数控机械股份有限公司（以下简称"公司"）2021年-2022年员工持股计划之第二期员工持股计 划（以下简称"本期持股计划"）第二批股票锁定期于2025年7月11日届满。根据《关于上市公司实施员 工持股计划试点的指导意见》及《深圳证券交易所上市公司自律监管指引第1号一一主板上市公司规范 运作》等相关规定，现将本期持股计划第二批股票锁定期届满及解锁情况公告如下： 一、本期持股计划的基本情况和锁定期 公司分别于2023年5月11日、2023年5月22日召开第四届董事会第十九次会议及2022年年度股东大会，审 议通过了《关于公司〈2021年-2022年员工持股计划之第二期员工持股计划（草案）〉及其摘要的议 案》等相关议案，同意公司实施2021年-2022年员工持股计划之第二期员工持股计划并授权董事会办理 相关事宜，具体内容详见2023年5月13日和2023年5月23日公司在巨潮资讯网（www.cninfo.com.cn）上 披露的相关公告。 2023年7月12日， ...

Group 1 - The company expects an upward trend in operating performance for the period from January 1, 2025, to June 30, 2025 [1] - The main reasons for the change in net profit attributable to shareholders and net profit after deducting non-recurring gains and losses include a recovery in the domestic market driven by economic stabilization policies, product upgrades, and accelerated growth in the earth-moving machinery industry [1] - The company's main products, including loaders, excavators, and road machinery, have achieved rapid growth due to the favorable market conditions [1] Group 2 - The international market is currently in a demand bottoming phase, presenting challenges for the company [1] - The company is implementing a "three-full" strategy focusing on comprehensive solutions, full automation, and full internationalization to address market competition and environmental challenges [1] - Both domestic and international business revenues and profits have shown stable growth as a result of the company's innovative practices and strategic upgrades [1]

来源：热点解码局 中国连续15年稳居全球制造业首位，是规模优势与创新升级共同作用的结果。以下从核心数据、产业升 级、支撑因素及未来挑战四个维度综合分析： 核心数据与全球地位 规模与持续性 增加值：2024年制造业增加值突破40.5万亿元，连续15年居全球第一，占全球制造业比重约30%，超过 美、日、德三国总和。 工业品产量：220余种主要工业品（如光伏组件、新能源车、船舶、工程机械）产量全球第一，涵盖电 子、机械、化工等领域。 全产业链优势 中国拥有全球最完备的产业体系，涵盖41个工业大类、666个工业小类，供应链自主可控率达90%以 上。工业机器人密度达每万人470台，全球第三，生产效率提升显著。 ⚙️ 产业升级与技术突破 高端制造自主化 技术攻坚：国产电磁弹射航母福建舰、C919大飞机、CR450高铁、深海探测装备实现自主突破，填 补"卡脖子"领域空白。 新质生产力：新能源汽车2024年产量超1300万辆（占全球60%），光伏组件占全球80%份额，人形机器 人、AI大模型赋能千行百业。 出口贡献：2024年货物出口总额6.16万亿美元，连续7年全球第一，全球50%钢铁、60%家电、80%空调 依赖中国供应 ...

Group 1 - The core viewpoint of the articles highlights the performance and valuation of Meihao Medical, which closed at 18.72 yuan, up 3.83%, with a rolling PE ratio of 29.78, marking a new low in 28 days, and a total market capitalization of 10.649 billion yuan [1] - In comparison to the industry, Meihao Medical's PE ratio of 29.78 is significantly lower than the average PE ratio of 52.06 and the median of 37.22 within the medical device sector, ranking 66th among its peers [1][2] - As of June 30, 2025, Meihao Medical had 12,487 shareholders, an increase of 119 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1] Group 2 - Meihao Medical specializes in the design, development, manufacturing, and sales of precision components and products for medical devices, including home ventilator components and cochlear implant components [1] - The latest quarterly report for Q1 2025 shows that the company achieved a revenue of 296 million yuan, a year-on-year increase of 5.05%, while net profit was 51.875 million yuan, reflecting a year-on-year decrease of 10.62%, with a gross profit margin of 39.28% [1]

Core Viewpoint - The report highlights the performance and investment strategy of the Great Wall Healthcare Mixed Securities Investment Fund for the second quarter of 2025, emphasizing its focus on the healthcare industry and the fund's net value growth during the period [1][10]. Fund Overview - Fund Name: Great Wall Healthcare Mixed Fund - Fund Code: 000339 - Fund Type: Contractual open-end fund - Total Fund Shares at Period End: 117,458,484.44 shares - Investment Objective: Focus on listed companies in the healthcare industry, aiming for performance that exceeds the benchmark while controlling risks [1][2]. Investment Strategy - The fund employs a mixed investment strategy, adjusting asset allocation based on market conditions. It combines top-down and bottom-up approaches to analyze macroeconomic factors and the fundamentals of investable stocks [2][3]. - The healthcare sector includes various sub-industries such as pharmaceuticals, traditional Chinese medicine, biological products, medical services, and medical devices. The fund selects outstanding companies from these sub-industries for its stock portfolio [2][3]. Performance Benchmark - The performance benchmark is composed of 90% of the CSI Pharmaceutical and Health Index return and 10% of the China Bond Composite Wealth Index return [3]. Risk and Return Characteristics - The fund is characterized by a long-term average risk and expected return that is lower than equity funds but higher than bond and money market funds, categorizing it as a high-risk, high-return product [3]. Financial Performance - The net value growth rate of the Great Wall Healthcare Mixed Fund A for the past three months was 17.49%, while the benchmark return was 1.41% [10]. - Over the past six months, the fund's growth rate was 2.23%, compared to a benchmark return of 32.19% [10]. - The fund's performance over the past year showed a net value growth rate of 35.19%, with a benchmark return of 10.13% [10]. Investment Composition - As of the report period, the fund's total assets included approximately 265,126,026.09 yuan in stocks, accounting for 71.42% of the total fund assets [11]. - The fund's investment strategy mandates that at least 80% of its non-cash assets be invested in stocks of listed companies in the healthcare sector [6]. Fund Management - The fund manager, Great Wall Fund Management Co., Ltd., has adhered to relevant laws and regulations, ensuring the fair treatment of different investors and maintaining a disciplined investment approach [7][9].

Group 1 - The core issue in the US-EU trade negotiations revolves around tariffs on automobiles and agricultural products, with a potential temporary trade agreement being sought [1][2] - If the negotiations succeed in capping agricultural tariffs at or below 10% and making concessions on automobile tariffs, it could significantly reduce global supply chain pressures and improve corporate profit outlooks [1][4] - The EU is pushing for a 10% tariff on agricultural exports, while the US has proposed a 17% tariff, indicating a gap in expectations that needs to be bridged [3] Group 2 - The EU is focusing on automotive tariffs and has suggested delaying the implementation of retaliatory measures against US tariffs on steel and aluminum, which are set to automatically resume soon [2][3] - Any potential agreement is heavily dependent on the personal views of former President Donald Trump, who has not publicly commented on the ongoing negotiations [2][3] - The outcome of the trade talks will have significant implications for global stock markets, with a positive result potentially leading to a continuation of low volatility and upward trends [4] Group 3 - The US is considering sector-specific tariffs on industries such as pharmaceuticals and semiconductors, with the final results of investigations under Section 232 of the Trade Expansion Act expected soon [5][6] - The EU is preparing countermeasures in case negotiations fail, including potential tariffs on $24.5 billion worth of US goods and an additional list targeting up to €72 billion [7] - The EU's countermeasures are strategically aimed at politically sensitive US states and industries, indicating a calculated approach to trade relations [7]