各位朋友下午好，这里是帮主郑重的收评时间。今天A股又走了个震荡行情，三大指数里创业板跌得稍多点，收盘跌了0.36%，沪指和深成指就小幅调整， 差不多是意思意思跌了一丢丢。全市场成交额1.2万亿出头，比昨天稍微缩了点量，不过个股表现挺热闹——近3000只股票飘绿，估计不少朋友看着账户又 有点小纠结。 最后跟大伙儿唠唠我这中长线的看法。现在市场就是典型的结构性行情，板块轮动快得像翻书，今天涨的明天不一定咋样。这种时候咱更得沉住气，别被短 期波动带节奏。尤其是中长线投资，得盯着那些业绩能扛、逻辑硬的方向，像科技成长里真有技术的公司，或者消费里需求慢慢回暖的领域，都值得多琢 磨。至于脑机接口这种热点，想参与也得先搞明白逻辑，别当最后接盘的那位。 行啦，今天的收评就聊到这儿。市场每天都有新故事，咱慢慢捋逻辑、看本质，中长线的钱得赚明白钱。记得关注帮主，每天收盘后咱一起拆解市场密码。 咱先说说今天最亮眼的崽——脑机接口概念。这板块今天简直是"开机即巅峰"，爱朋医疗、南京熊猫、创新医疗这些票直接涨停封板，荣泰健康也跟着冲上 涨停板。好多朋友可能纳闷，这脑机接口咋突然就火了？其实啊，最近圈里都在聊政策面的支持，还有些技术突破 ...

Market Overview - The A-share market experienced slight declines, with the Shanghai Composite Index down 0.04% to 3387 points, the Shenzhen Component down 0.12%, and the ChiNext Index down 0.36% [1][2] - Total trading volume reached 1.24 trillion yuan, a decrease of 64 billion yuan from the previous trading day, with over 2900 stocks declining [1] Sector Performance - The brain-computer interface sector surged, with stocks like Aipeng Medical, Nanjing Panda, and Innovation Medical hitting the daily limit [2][4] - The oil and gas sector was active, with stocks such as Tongyuan Petroleum, Zhun Oil, and Beiken Energy also reaching the daily limit [2][6] - The shipping and port sector saw gains, with stocks like Phoenix Shipping hitting the daily limit [2][8] - The nuclear pollution prevention, battery, logistics, and digital currency sectors showed significant increases [2] Notable Stock Movements - Aipeng Medical, Nanjing Panda, and Innovation Medical all reached their daily limit, while Sanbo Brain Science rose by 8% [4] - In the oil and gas sector, Tongyuan Petroleum rose by 15.98%, Zhun Oil by 10.07%, and Beiken Energy by 10% [5] - The nuclear pollution prevention sector saw significant gains, with Jieqiang Equipment rising by over 16% and several other stocks hitting the daily limit [9] Declining Sectors - The weight-loss drug sector faced declines, with Kexing Pharmaceutical dropping over 10% [2][10] - The IP economy sector collectively adjusted, with stocks like Hars and Baixinglong falling over 5% [2][12] - The film and television sector also saw declines, with stocks like Ao Fei Entertainment and Light Media dropping significantly [2][11] Future Outlook - Analysts suggest that the market may enter a consolidation phase, with the index approaching the upper range of a fluctuation zone [15][16] - There is a focus on stable dividend and defensive assets such as military and precious metals, while mid-term attention is directed towards core assets represented by A50, consumption, and finance [16]

Investment Rating - The report rates the pharmaceutical and biotechnology industry as "Outperform" compared to the market [1]. Core Insights - The innovative drug market is expanding, with a notable performance in the pharmaceutical sector, which outperformed the CSI 300 index by 1.40% during the week of June 9-15, 2025 [2][5]. - The driving force behind the current bull market in innovative drugs is the significant improvement in China's pharmaceutical innovation capabilities, with a focus on international collaboration and market expansion [2][10]. - The report emphasizes the importance of focusing on core competitive areas and industry catalysts, particularly in ADC and PD-1 bispecific antibodies, as well as the upcoming ADA 2025 conference showcasing innovative weight-loss drugs [15][18]. Summary by Sections Market Overview - The pharmaceutical sector has shown resilience, with a 1.40% increase, ranking 5th among 31 sectors, while the CSI 300 index decreased by 0.25% [2][5]. - The innovative drug market is experiencing a broad expansion, with significant interest in weight-loss drugs and other innovative therapies [2][10]. Investment Opportunities - The report identifies key areas for investment, including ADC and PD-1 bispecific antibodies, which have potential for international business development (BD) [15][10]. - Companies such as Mawei Biotech, Lepu Biotech, and others are highlighted for their potential in the ADC space, while companies like Zai Lab and Junshi Biosciences are noted for their PD-1 bispecific antibodies [15][10]. - The upcoming ADA 2025 conference is expected to be a significant event for showcasing innovative weight-loss drugs, with companies like Innovent Biologics and Zhenge Biopharma being of particular interest [18][20]. Industry Trends - The report discusses the shift in profit models for Chinese pharmaceutical companies, moving from low-margin raw material exports to high-margin new drug development collaborations with multinational corporations (MNCs) [14][10]. - The report anticipates that the innovative drug market will continue to grow, driven by advancements in research and development capabilities and increasing global recognition of Chinese pharmaceutical innovations [10][16]. Upcoming Events - The 85th ADA Scientific Conference is scheduled for June 20-23, 2025, and is expected to highlight significant advancements in GLP-1 receptor agonists and other innovative therapies [18][20]. - Key data releases from companies like Eli Lilly and others regarding their innovative weight-loss drugs are anticipated during this conference [20][25].

Group 1: Brain-Computer Interface (BCI) Sector - The BCI sector is experiencing a surge due to supportive policies, with Hubei Medical Insurance Bureau setting service pricing and the National Medical Products Administration working on industry standards, pushing the sector into a "fast lane" [3] - Companies like Tencent have secured motion control patents, and Beijing Brain Science Institute has completed three human implant trials, indicating that technology is moving towards practical application [3] - Focus should be on companies with medical device licenses and R&D investment exceeding 20%, as they represent the "hardcore players" worth monitoring [3] Group 2: Digital Currency Sector - Companies like Lakala and Sifang Jingchuang have seen significant stock price increases, with Lakala's cross-border transaction volume up 85% year-on-year, covering over 100 countries [3] - Sifang Jingchuang is involved in multiple central bank digital currency interconnectivity projects, indicating a deepening phase of digital currency applications [3] - Caution is advised regarding companies that are merely riding the digital currency wave without solid fundamentals, as they may be "hollow" [3] Group 3: Solid-State Battery Sector - Companies such as Winbond Technology and Keli Yuan have seen stock price increases, driven by rising demand for high-energy-density batteries in low-altitude economies [4] - Collaboration between CATL and Fengfei Aviation on aviation-grade solid-state batteries has received aviation certification, with mass production expected by 2026 [4] - The Ministry of Industry and Information Technology has prioritized the development of solid-state battery standards, suggesting a long-term growth trajectory for this sector [4] Group 4: Weight Loss Drug Sector - The weight loss drug sector has faced challenges, with companies like Kexing Pharmaceutical seeing stock declines over 10%, primarily due to disappointing clinical trial results from overseas competitors [4] - Novo Nordisk's next-generation weight loss drug trial results were below expectations, leading to a significant market cap loss of nearly €90 billion, impacting domestic suppliers like Jinkai Biotechnology [4] - Despite current setbacks, the demand for obesity treatment remains, and companies with core technologies in CDMO may find opportunities post-emotional market correction [4] Group 5: IP Economy Sector - The IP economy sector has seen declines, with stocks like Hars and Baixinglong dropping over 5%, attributed to industry adjustments [5] - Nanjing Xinbai's attempt to leverage national trend IPs has not translated into increased foot traffic, which fell by 14.8% [5] - The market's expectations for the IP economy have shifted, necessitating tangible performance rather than mere concepts, highlighting the importance of companies that can convert IP into cash flow [5] Group 6: Market Indices - The recent adjustment in the Shanghai Composite Index is viewed positively, providing an opportunity to observe capital movements [6] - The North Stock 50 index rose by 34.57%, indicating that funds are seeking structural opportunities [6] - Long-term investment opportunities are evident in sectors like BCI, digital currency, and solid-state batteries, but investors should focus on companies with clinical progress, leading positions in cross-border payments, and technological advancements [6]

Market Overview - The three major A-share indices experienced collective adjustments, with the Shanghai Composite Index down by 0.19%, the Shenzhen Component Index flat, and the ChiNext Index down by 0.14% [1] - The total market turnover for the half-day session was 790.2 billion yuan, a decrease of 15.3 billion yuan compared to the previous day [1] - Over 3,000 stocks in the market were in the red [1] Sector Performance - The brain-computer interface, oil and gas, digital currency, and solid-state battery sectors saw the highest gains [2] - The brain-computer interface concept led the gains, with stocks like Aipeng Medical, Nanjing Panda, Innovation Medical, and Rongtai Health hitting the daily limit [2] - The digital currency sector remained active, with stocks such as Chuangshi Technology and Hengbao shares also hitting the daily limit, while Lakala and Sifang Jingchuang rose over 10% [2] - The solid-state battery sector also performed well, with Yinghe Technology and Keli Yuan reaching the daily limit [2] - The weight loss drug sector led the declines, with Kexing Pharmaceutical dropping over 10% [2] - The IP economy concept stocks collectively adjusted, with several stocks like Hars and Bai Xinglong falling over 5% [2] Notable Stocks and Trends - The top gainers included companies like Xiexin Energy Technology and Zhun Oil, which achieved three consecutive limit-ups [4] - Companies such as Beida Pharmaceutical and Hengbao shares recorded two consecutive limit-ups [5] - The e-commerce sector had nine stocks hitting the daily limit, with Shandong Molong and Zhujiang Piano being notable representatives [6] - The robotics concept saw seven stocks hitting the daily limit, with Gaole shares and Rongtai Health being key players [7] - The Huawei concept also had six stocks hitting the daily limit, including Xiexin Energy Technology and Hengbao shares [8] Innovation Drug Sector - The National Medical Products Administration plans to clarify the category of drugs that will be included in the 30-day review and approval channel for clinical trials of innovative drugs, aiming to support the development of innovative drugs based on clinical value [9] Digital Currency Sector - Circle's stock in the US saw a significant increase, rising nearly 21% and reaching a historical high, with a cumulative increase of over 420% since its listing [10] Brain-Computer Interface Sector - The first brain-computer interface outpatient clinic in Central China has been established, providing technical evaluation and treatment consultation for patients, which may be included in clinical trial queues for cutting-edge treatments [11] - The brain-computer interface industry is expected to grow rapidly, with McKinsey predicting a market size of $40 billion in the medical field by 2030 and potentially exceeding $145 billion by 2040 [12]

2025 年 06 月 17 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：稀土、机器人、减肥药 1、稀土主题：稀土是镧系元素和钪、钇共十七种金属元 素的总称。稀土永磁材料是现在已知的综合性能最高的一种 永磁材料。稀土在工业和新材料领域举足轻重的地位，各国 将它作为一种战略储备资源；中国稀土产业世界第一。相关 标的：中国稀土（000831）、金力永磁（300748） 2、机器人主题：据"中科院之声"消息，中国科学院沈 阳自动化研究所日前研发了一套"刚柔耦合"的下肢多关节 康复外骨骼机器人，有望为下肢偏瘫患者提供运动功能重建 与行为辅助服务。结果显示，该研究方法有效实现了运动学 重塑、步态模式自然性与 ...

Group 1: Market Reactions - The U.S. stock market experienced a significant rally, with the S&P 500 surpassing 6086 points, the Dow Jones reaching 45000 points, and NASDAQ nearing 19735 points, all marking historical highs [1] - Federal Reserve Chairman Jerome Powell's remarks about the economy performing better than expected ignited bullish sentiment in the market, demonstrating the influence of monetary policy expectations on market emotions [1] Group 2: Technology Sector Performance - The technology sector, particularly AI applications and semiconductor stocks, led the market rally, with Salesforce's stock soaring by 10.99% and Marvell's stock increasing by 23.19% [2] - NVIDIA's stock rose by 3.48%, reflecting a significant market capitalization increase, indicating the strong investment logic surrounding semiconductor companies [2] Group 3: Cryptocurrency Developments - The nomination of a cryptocurrency supporter, Atkins, to lead the SEC led to a surge in Bitcoin prices, breaking through $99,000, highlighting the intertwining of cryptocurrency and political dynamics [2] - This political shift coincided with a spike in trading volumes on platforms like OKEx, suggesting a growing interest in digital currencies as traditional financial boundaries blur [2] Group 4: Chinese Stocks Divergence - The Nasdaq Golden Dragon China Index fell by 1.38%, contrasting with the overall bullish trend in U.S. stocks, indicating a divergence in the performance of Chinese stocks [4] - The mixed performance of major Chinese e-commerce companies, such as Alibaba and JD, alongside Pinduoduo's slight increase and Kingsoft Cloud's 8.51% surge, suggests a significant internal revaluation of Chinese stocks [4] Group 5: Pharmaceutical Competition - Eli Lilly and Novo Nordisk are engaged in a competitive battle in the obesity drug market, with Eli Lilly's Zepbound showing 47% more weight loss in clinical trials compared to Novo Nordisk's Wegovy, leading to a 2.03% increase in Eli Lilly's stock [6] - This competition highlights the intensifying battle for market share in the multi-billion dollar obesity drug sector [6] Group 6: Black Swan Event - The assassination of UnitedHealthcare's CEO Thompson serves as a stark reminder of unforeseen risks in the market, despite the prevailing bullish sentiment [6] - The sudden loss of leadership in a $560 billion company may have ripple effects on investor activities in the coming days [6]

--鑫融讯 分析师：万蓉 S1050511020001 wanrong@cfsc.com.cn 市场情绪：39 分（较冷） 最近一年大盘走势 -15 -10 -5 0 5 10 15 20 25 (%) 沪深300 资料来源：Wind，华鑫证券研究 相关研究 2025 年 06 月 16 日 双融日报 ▌ 华鑫市场情绪温度指标：（较冷） 华鑫市场情绪温度指标显示，昨日市场情绪综合评分为 39 分，市场情绪处于"较冷"。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：稀土、机器人、减肥药 1、稀土主题：稀土是镧系元素和钪、钇共十七种金属元 素的总称。稀土永磁材料是现在已知的综合性能最高的一种 永磁材料。稀土在工业和新材料领域举足轻重的地位，各国 将它作为一种战略储备资源；中国稀土产业世界第一。相关 标的：中国稀土（000831）、金力永磁（300748） 2、机器人主题：据"中科院之声"消息，中国科学院沈 阳自动化研究所日前研发了一套"刚柔耦合"的下肢多关节 康复外骨骼机器人，有望为下肢偏瘫患者提供运动功能重建 与行为辅助服务。结果显示，该研究方法有效实现了运动学 重塑、步态模式自然性与 ...

Group 1 - The report maintains an overweight rating for the pharmaceutical and biotechnology industry, indicating a potential recovery and growth in the sector [3][7] - The SW pharmaceutical and biotechnology index increased by 6.61% from January to May 2025, outperforming the CSI 300 index by approximately 9.02 percentage points [9][17] - The industry valuation is currently at a relatively low level, with a PE ratio of approximately 50.45 times as of June 12, 2025, which is higher than the beginning of the year but still within the lower range historically [9][24] Group 2 - The report highlights that the 11th batch of national drug procurement is expected to commence in June 2025, with a focus on systemic anti-infection drugs [33][34] - The report emphasizes the ongoing optimization of policies supporting innovative drug development, which is expected to enhance the industry's growth [38][39] - The innovative drug sector is experiencing a significant increase in the proportion of First-in-Class new drug development, indicating improved quality and competitiveness [42][43] Group 3 - The global obesity population is projected to exceed 4 billion by 2035, driving demand for weight loss medications [54][55] - The market for GLP-1 drugs is rapidly expanding, with forecasts suggesting a market size exceeding $140 billion by 2030 [56][59] - GLP-1 drugs are continuously expanding their indications, showing efficacy in various chronic diseases beyond diabetes and weight loss [60][61] Group 4 - The report identifies key companies in the innovative drug sector, such as Heng Rui Medicine, which has shown significant revenue growth and a strong pipeline of innovative drugs [47][48] - The report notes that Heng Rui Medicine's revenue increased from 11.094 billion yuan in 2016 to 27.985 billion yuan in 2024, with a CAGR of 12.26% [48][49] - The company maintains a high level of R&D investment, with R&D expenses rising from 3.896 billion yuan in 2019 to 6.583 billion yuan in 2024, indicating a commitment to innovation [50][51]

2025 年 06 月 13 日 双融日报 ▌ 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 67 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：稀土、机器人、减肥药 1、稀土主题：稀土是镧系元素和钪、钇共十七种金属元 素的总称。稀土永磁材料是现在已知的综合性能最高的一种 永磁材料。稀土在工业和新材料领域举足轻重的地位，各国 将它作为一种战略储备资源；中国稀土产业世界第一。相关 标的：中国稀土（000831）、金力永磁（300748） 2、机器人主题：据"中科院之声"消息，中国科学院沈 阳自动化研究所日前研发了一套"刚柔耦合"的下肢多关节 康复外骨骼机器人，有望为下肢偏瘫患者提供运动功能重建 与行为辅助服务。结果显示，该研究方法有效实现了运动学 重塑、步态模式自然性与对称性等关键康复目标。相关标 的：振江股份(603507)、光大同创(301387) 3、减肥药主题：近日,据美国糖尿病协会(ADA)官网显 示,其第 85 届科学年会将于 6 月 20-23 日在美国芝加哥 McCormick 会展中心举行,该会议被誉为"全 ...