为贯彻落实中国资本市场高水平对外开放，进一步完善对外开放格局，便利跨境资本投融资合作，上海 证券交易所近日组织沪市优质上市公司代表赴英国伦敦和瑞士日内瓦，开展资本市场推介与国际交流活 动。此次活动通过公司集中路演、机构一对一拜访等维度深入交流，全面展示中国资本市场的开放成果 与发展潜力。 今年以来，以DeepSeek为代表的中国科技企业受到市场关注，也推动了国际投资者对中国科技资产价 值重估。作为"硬科技"企业的集聚地，科创板对外资的吸引力大幅增强。数据显示，2025年一季度，沪 股通资金科创板持仓占比较去年四季度上升0.62个百分点。今年5月，200余家外资机构对A股公司累计 调研逾500次，澜起科技、奥普特、奥比中光等科创板公司均吸引了超过30家外资机构的调研。 本次推介活动中，上交所结合科创板的设立初衷、发展历程，介绍了科创板在支持研发创新、助力业务 出海、推动持续发展、引入长期资金、优化投资生态、引领制度改革等方面的举措和成效。外资机构普 遍表示，以科创板为代表的A股优质上市公司代表了中国经济发展和科技创新的潜力，在当前大国博弈 和经济不确定性增加的背景下，不断涌现的科技创新成果以及快速增长的公司业绩 ...

Core Viewpoint - The article discusses the ongoing efforts by the Chinese government to combat corruption in the pharmaceutical and healthcare sectors, emphasizing a comprehensive approach to address various forms of misconduct and enhance regulatory oversight [1][2]. Group 1: Regulatory Framework - The National Health Commission and 14 other ministries have issued a notification outlining key points for correcting misconduct in the pharmaceutical procurement and healthcare services for 2025 [1]. - This year's focus includes strengthening oversight of "key minority" and critical positions, as well as enhancing the detection of new, variant, and hidden issues in the healthcare sector [1][2]. - The notification emphasizes the importance of "penetrating" audits to cover the pharmaceutical production end, ensuring compliance and preventing illicit benefits [2][3]. Group 2: Compliance and Auditing - The notification encourages pharmaceutical companies to adopt compliance management practices, referencing guidelines released by the State Administration for Market Regulation [2]. - A focus on "penetrating audits" aims to break down traditional regulatory barriers by integrating micro-level insights with macro-level oversight [3]. - The establishment of a joint auditing mechanism among various regulatory bodies is recommended to enhance information sharing and collaborative oversight [3]. Group 3: Addressing Misconduct in Healthcare - The notification outlines a zero-tolerance policy for violations of medical ethics, emphasizing strict accountability for healthcare professionals [4][6]. - Specific areas of focus for misconduct include patient privacy, genetic testing, assisted reproduction, and medical aesthetics, with a commitment to maintaining a high-pressure environment against corruption [5][6]. - The regulation of internet healthcare practices will target illegal activities such as online medical advertising and fraudulent marketing tactics [5][6]. Group 4: Long-term Measures and Implementation - The notification proposes a linkage between medical ethics evaluations and various professional incentives, such as job appointments and salary distributions, to foster a positive industry environment [7]. - The overall strategy is divided into four parts with 15 specific actions aimed at reinforcing anti-corruption efforts and enhancing the integrity of the healthcare system [7]. - A collaborative approach among departments is emphasized to ensure effective implementation of the outlined measures [7].

12:05 o 相关公司：金瑞矿业（铝矿储量1500吨，碳酸锂产能2万吨/年）、红星发展（碳酸锂产能3万吨/年） 是。 65 50 11 85 14 【红宝书】市场逻辑精选20250615.pdf . • • 文件预览 a ,资源：伊以冲突升级或影响油气等资源 驱动：2025年6月15日媒体报道，伊朗对以色列发起报复行动，以军继续袭击伊朗多地目标。霍尔木- 兹海峡承载着全球约20%的石油和液化天然气流动,高盛研究历史上预测，如果该通道被中断，油价- 将上涨25%。 油气:伊朗是中国第三大原油进口来源国,2025年第一季度日均出口150万桶,占中国原油进口总量- 的13%。伊朗天然气储量全球第二,中国对其液化天然气（LNG）进口依赖度较高。 。核心公司: 钾肥与溴素：依托死海资源，以色列是全球第六大钾肥生产和第二大溴素供应商。中国从以色列进口- 的钾肥占农业需求的重要份额,溴素则用于阻燃材料生产。 铜、锌矿石:伊朗铜矿储量全球第三,锌矿出口占全球12%,中国精炼锌企业对其依存度高。 。相关公司:紫金矿业、西部矿业、驰宏锌错、罗平锌电、锌业股份、中金岭南等。 碳酸锂:伊朗天青石占中国总消费量的24.3%,碳酸锂9 ...

Core Viewpoint - Yong'an Pharmaceutical has experienced a significant stock price increase, which has diverged from its fundamental performance, raising concerns about potential market speculation and risks [1][2][3] Company Performance - In 2024, Yong'an Pharmaceutical achieved a net profit of 61.76 million yuan, marking a return to profitability, but faced a decline in revenue of 12.96% in Q1 2025, amounting to 171 million yuan, with a net loss of 4.37 million yuan, a year-on-year decline of 115.23% [2] - The company, as the world's largest producer of taurine, is facing challenges such as overcapacity and intensified competition, despite a 16.32% increase in taurine sales volume to 49,700 tons in 2024 [2] - Revenue from taurine decreased by 4.14% to 635 million yuan, indicating a trend of increasing volume but decreasing prices [2] Valuation and Market Sentiment - As of the announcement, Yong'an Pharmaceutical's valuation metrics were all above industry levels, suggesting that investors are exposed to higher risks due to inflated valuations [2] - The company has issued multiple announcements regarding abnormal stock price fluctuations, reflecting concerns over irrational stock price increases and potential regulatory scrutiny [2] Investment Strategy - Investors are advised to exercise caution with Yong'an Pharmaceutical due to the significant divergence between stock price and fundamental performance, with a high probability of price correction [3] - Aggressive investors may consider reducing positions at high prices to avoid being the last to buy into the stock [3] - Long-term investors should wait for substantial improvements in company performance before making investment decisions, rather than relying on speculative market trends [3]

Group 1 - The core strategy of Dingtao District is to implement a talent-driven approach, focusing on the "1+3" characteristic industrial layout, which includes biomedicine, deep processing of agricultural products, new energy materials, and modern services [1][2] - The district has attracted 5 academicians from the Chinese Academy of Engineering and 96 innovation and entrepreneurship teams, showcasing a vibrant ecosystem where talent drives production and vice versa [1][2] Group 2 - Dingtao District emphasizes a systematic approach to talent management, with a leadership group headed by the district's Party Secretary, ensuring that talent-related issues are prioritized in monthly meetings [2] - The district has implemented a "returning talent" initiative, exemplified by the chairman of Shandong Tianhou New Materials Technology Co., who has successfully attracted high-end talent and projects to the area [2] Group 3 - The establishment of various industrial parks, such as the 3.56 billion yuan high-end medical device health industry park, demonstrates the district's commitment to creating platforms that foster innovation and collaboration [3] - Partnerships with 13 key universities, including Tsinghua University and Shandong University, have been formed to enhance the integration of academic resources into local industries [3] Group 4 - Dingtao District is focused on creating a supportive environment for talent retention, with initiatives like on-site policy delivery and comprehensive support for high-level talent [4][5] - The district has achieved a 100% awareness rate of talent policies among key enterprises and high-level talents, ensuring that they can effectively utilize available resources [4] Group 5 - High-level talents benefit from a range of services, including housing subsidies, loan support for entrepreneurship, and educational opportunities for their children, contributing to a welcoming atmosphere [5] - The district has developed a "15-minute talent service circle," enhancing the overall experience for talents and fostering a sense of belonging [5]

就第一个现象而言，合肥模式并非在所有地区无往而不利，这意味着我们对合肥模式的实质的理解可能 并不充分，而推广这一模式的前提是全面地理解其实质；从第二个现象来说，将具有强大财政资源与行 政能力的省会级城市指向战略性产业的做法，推向经济基础薄弱、财政压力巨大、以传统产业为主的县 域经济，可能具有风险。上述两个现象反映的问题可以分别概括为合肥模式的实质与合肥模式的地方 化。 指向关键节点的内源性以投带招：合肥模式的实质 关于合肥模式的研究大多先以"讲故事"的方式介绍当地多次成功引入大型项目的经过，然后概括相关做 法的要点。这种概括的最大公约数有三点。[4] 第一，合肥的招商引资并非随机进行，而是依托当地原有的产业结构。比如，先行研究反复提及的"芯 屏汽合"四大产业，均与合肥原有主导产业消费电子、汽车等产业存在密切的联系：京东方的液晶屏、 "合肥模式"如何嵌入县域经济？ 经济史家曾经这样总结后进国家工业化进程的特征："当一个落后国家最终发起工业化时，其工业化进 程与更先进的国家相比将显示出相当大的不同……在工业发展的特征与速度方面的这些差别，在相当大 的程度上还是采取各种制度性手段的结果，而这些手段在已经实现工业化的 ...

Group 1 - The State Council has deployed new measures to stabilize the real estate market, focusing on stabilizing expectations, activating demand, optimizing supply, and mitigating risks [2] - Central and local governments will coordinate policies to implement targeted measures for the real estate market [2] Group 2 - In May, non-bank deposits in China reached a nearly ten-year high, with a monthly increase of nearly 1.2 trillion yuan, reflecting significant changes in fund flows [4] - The total RMB deposit balance reached 316.96 trillion yuan, with a year-on-year growth of 8.1% [4] Group 3 - The pharmaceutical sector is experiencing a surge, with nine out of the top ten actively managed equity funds being healthcare-themed, highlighting a significant shift in fund performance rankings [5] - The top-performing fund, Huatai-PineBridge Hong Kong Advantage Select A, achieved a return of 103.67% [5] Group 4 - The Hang Seng AH Premium Index has dropped to its lowest level in five years, with a decline of over 10% year-to-date [6] - As of June 13, 42 companies still have an AH premium rate exceeding 100%, while some companies are showing a discount of H-shares compared to A-shares [6] Group 5 - The Shenzhen pilot program for red-chip companies to list in Hong Kong has garnered attention, with expectations for enhanced investor confidence in China's capital market [7] - The policy aims to facilitate financial collaboration in the Guangdong-Hong Kong-Macao Greater Bay Area [7] Group 6 - The trend of companies issuing "suspension warnings" is increasing, allowing investors to reassess their investment decisions [8] - This proactive approach provides a buffer period for investors to evaluate potential risks [8] Group 7 - The announcement of a three-year cumulative return for pension funds aligns with the trend of long-term investment assessments [9] - This new metric is intended to guide pension management institutions towards long-term investment strategies [9] Group 8 - Dongshan Precision plans to acquire Source Photonics for up to 59.35 billion yuan, marking a strategic move into the optical communication sector [13][14] - The acquisition will be executed through a combination of equity purchase and convertible bond subscription [13][14] Group 9 - Bozhong Precision announced a high acquisition premium of 352% for a 70% stake in Shanghai Wodian, aiming to enter the automotive intelligent equipment market [15]

前述几只绩优基金，无论是已经清盘还是面临清盘，发起式的形式使得规模成为了这批基金存续的一个 重大考验。 发起式基金的发行起点较低，满足募集规模不低于5000万元，基金管理人、高管或基金经理作为基金发 起人认购不少于1000万元且持有期限不少于三年即可宣布发行募集成功，因此在市场震荡或投资情绪低 迷、行情转折时更容易快速成立以便跟上行情。 然而，发起式基金在降低了募集成立门槛的同时，强化了基金退出机制：在基金合同生效三年后，若基 金资产规模低于2亿元，基金合同将自动终止，同时不得通过召开持有人大会的方式延续。 今年以来，时而出现一些发起式基金在净值上升的过程中清盘，甚至包括重仓势头正好的医药板块基 金。与市场"挥手作别"的主要原因系这些发起式基金在成立三年后，在规模大考面前闯关失败。 以华安创新医药锐选量化为例，截至去年末，该基金前十大重仓股中包括了恒瑞医药（600276）、泽璟 制药、药明生物、百济神州等年内涨幅可观的个股。因此，截至4月1日，该基金年内净值涨幅高达 22%，然而上涨势头却在一季度末戛然而止。作为一只发起式基金，截至3月31日，该基金整体规模仅 剩1100万元，离"三年大考"的2亿元门槛相距甚 ...

Mergers and Acquisitions - Bozhong Precision plans to acquire 70% stake in Shanghai Wodian for 420 million yuan, aiming to enter the automotive intelligent equipment market and establish a diversified business model of "3C + new energy + automotive" [1] Shareholding Changes - Hengrui Medicine's senior vice president plans to reduce holdings by up to 47,670 shares, representing 0.007% of the total share capital due to personal financial needs [2] - Guomao Co., Ltd.'s actual controller plans to reduce holdings by up to 19,772,600 shares, accounting for 3% of the total share capital, with a minimum selling price not lower than the IPO price [3] - Baoli International's shareholder plans to reduce holdings by up to 27,468,000 shares, representing 3% of the total share capital after excluding repurchased shares, due to personal financial needs [4] Risk Matters - Yong'an Pharmaceutical warns of high speculation risk as its stock price has surged significantly, deviating from the market trend, although there are no major changes in fundamentals [5] - ST Kevin alerts investors about rational investment and risk awareness due to a cumulative price deviation of 12.32% over three trading days, confirming no violations of fair information disclosure [6] - Annie Co. states that there are no undisclosed significant matters, despite a cumulative price deviation exceeding 20% over two trading days, and confirms stable operational conditions [7]

智通财经6月15日电，永安药业(002365.SZ)公告称，近期公司股价短期涨幅较大，已严重偏离大盘走 势，存在较高的炒作风险。但公司基本面没有重大变化，也不存在应披露未披露的重大信息。2025年一 季度，公司处于亏损状态。根据中证指数有限公司的数据显示，截至本公告披露时，公司最新的静态市 净率、滚动市盈率、市净率均高于公司所属中上协行业分类"医药制造业"水平。公司已连续多日发布股 票交易异常波动公告，特别提醒广大投资者注意二级市场交易风险，理性决策，审慎投资。 永安药业：公司股价短期涨幅较大已严重偏离大盘走势 存在较高的炒作风险 ...