马上就是中秋国庆双节了，A股昨天探底回升，今天继续冲高，涨幅近0.5%。 这次的拉涨，有望打破横盘一个多月的区间吗？ 自从8月25日，创下阶段性高位后，A股已经连续横盘一个月时间了，涨不能，跌也不能。 不管是看多的，还是看空的，都有点蒙了。 我选择在这个位置继续等待，只因没有合适位置出手。等待是为了重仓出击，出击必须有合适机会。 板块上： 第一：证券跌幅较大 昨天是证券带领两市大涨，今天证券跌幅靠前，我认为证券持续大涨的概率不大。 不过跌这么久，人家反弹下，来回震荡，完全可以理解。这不是我想要的机会。 第二：半导体大反攻 马上过节，我人已在珠三角度假了，祝朋友们假期愉快，出行注意安全！ 尽管半导体没有之前快速大涨的趋势，但短期之内，想要掉下来似乎也不容易。 情绪相当一致，让我想起了过去的白酒、创新药、医美。即使多家大股东轮番公告减持，也打消不了股 民热情。 第三：CRO可能继续探底回升 本来我判断，CRO连续多次探底回升之后，这次可能探底后继续探底 不过从现在的走势来看，好像不会如此，打算继续探底回升了。这个横盘震荡的矩形，已经两个多月 了，不知道啥时候打破。 我是股民聪哥，一个立志花10年让1亿粉丝轻松看懂 ...

Group 1 - The CRO sector led the market with a rise of 3.5% on September 30 [1] - Haoyuan Pharmaceutical increased by 6.58% [1] - WuXi AppTec rose by 6.21% [1] - Boteng Co., Ltd. saw an increase of 4.99% [1] - MediSci and Northgrip, as well as Chengda Pharmaceutical, all experienced gains exceeding 4% [1]

10月份，10年读书会的新书，讲得非常清楚。炒股就是证道，找到自己内心的坚守，并持续做即可。 板块上： 第一：证券持续大涨 今天的反攻，跟半导体没多大关系了，主要在金融上，尤其是证券板块。 今早的直播，我说A股现在是很难，向下，有很大的托盘力量，无法自由向下；向上吧，每次总遇到阻 力。 这种走势，让多头、空头，都很崩溃。 A股临近节前，出现探底回升。早盘大盘走势一度跌幅近0.5%，截止到中午收盘快速拉升。 不过，我觉得不用太着急，很快就会分出胜负了。 到时候，你再找低位的下手即可。 第三：白酒反攻回来了 早上还写了个文章，说白酒的销售一般，出现旺季不旺的走势。 今天白酒直接来个反攻了，也该如此操作。不过，我依旧不动，没到最好的时刻。小营小利，不是我的 追求。 别的不多说了，这两天不少朋友陆陆续续外出度假，大家假期注意安全、路上慢点开车，健康、安全第 一！ 我是聪哥，一个立志花10年让1亿粉丝轻松看懂财经的男人，关注我，一起向上成长。 以上仅为个人看法，不作为任何建议！ 虽然我持续关注证券的走势，不过，我丝毫没兴趣，等待左侧再玩。 第二：CRO继续下滑 过去多次探底回升的CRO，这次可能会失灵。 今天走势就是一 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: China's Healthcare Market - **Market Size**: Expected to grow from US$1.4 trillion in 2024 to US$2.1 trillion by 2030, representing a US$700 billion incremental revenue pool over the next five years, with an additional US$1.1 trillion potential by 2040 [2][12][52] Core Insights - **Aging Population**: The proportion of adults aged 65 and older is projected to rise from 15% in 2024 to 27% by 2040, significantly increasing healthcare spending as this demographic spends more on healthcare [2][15][52] - **Healthcare Expenditure Growth**: China's healthcare expenditures are currently at 5.4% of GDP and are expected to reach approximately 10% by 2040, indicating substantial growth potential [15][19][59] - **Incremental Demand**: The market may be overlooking US$700 billion in incremental healthcare demand between 2024-2030, driven by the aging population and increased healthcare needs [12][52] Key Drivers of Growth - **Basic Medical Insurance (BMI)**: Covers over 95% of the population and is projected to grow at a 5.5% CAGR, reaching nearly US$1 trillion by 2040 [3][24] - **Out-of-Pocket Expenditures**: Expected to grow at a 7% CAGR, reaching US$568 billion by 2030, indicating a shift towards discretionary healthcare spending [4][44] - **Innovative Drugs and Medtech**: Anticipated to be major beneficiaries of the healthcare market expansion, with innovative drugs expected to account for nearly 60% of BMI drug expenditures by 2030, up from 34% in 2024 [3][37][40] Investment Opportunities - **Biopharma Companies**: Positive outlook on innovative biopharma companies such as Innovent, BeOne, Hansoh, and Hengrui, as well as global firms like AstraZeneca and Merck with significant exposure to China [5][49] - **Medtech and CROs**: Companies like Mindray, Boston Scientific, Wuxi Apptec, and Lonza are expected to benefit from the structural changes in the healthcare market [5][49] - **Consumer Healthcare**: Growth in out-of-pocket spending is likely to benefit sectors such as traditional Chinese medicine (TCM), medical services, and home-use medical devices [4][50] Structural Changes and Challenges - **Regulatory Environment**: Despite the growth potential, challenges such as regulatory uncertainty, competition, and geopolitical risks remain [2][5] - **BMI Reform**: Ongoing reforms in BMI, including volume-based procurement and diagnosis-related groups, are expected to support innovation and improve funding for new treatments [3][37] Additional Insights - **Comparative Analysis**: China's healthcare expenditure growth is expected to mirror trends seen in other aging societies, particularly Japan, where healthcare spending has increased significantly alongside an aging population [64][70] - **Long-term Projections**: The healthcare market's potential is highly dependent on economic growth and the healthcare expenditure ratio, with various scenarios suggesting a range of incremental market sizes by 2030 [34][36] This summary encapsulates the key points discussed in the conference call regarding the future of China's healthcare market, highlighting both opportunities and challenges within the industry.

临近大节，A股也许是累了，也许是迷路不知道方向了。总之，周三涨一天之后，昨天跟今天又开始震荡了。 下一步，应该怎么看呢？说实话，我也判断不出来。这个位置，继续涨，我觉得正常；向下跌，也是完全有可能的。 既然如此，就不要瞎预判，等待市场给出的指引就可以了。 所以炒股难就难在这里，明明看着你什么都没做，其实你什么都做了。不交易，也是一种交易，只是一种特殊形式的交易。 读不懂这点，那么炒股你就无法持续。 板块上： 昨天东莞发布地产利好消息，对购房给予补贴，最高不超过3万。 当时我就在想，如果连东莞这种新一线城市地产都出现问题，那么可以想象其他"被虹吸"的城市，应该如何。 第二：CRO继续跌 之前CRO来回震荡，每次都是探底之后回升，我说如果在探底的时候上车，拉高出货，基本上有10个点的收获。 但是我不玩这种，万一被套，那就是几年功夫了。而且蝇头小利你关注太多了，心思就不会放在大利益上！ 第三：白酒继续跌 这个双节，白酒的销量，没啥大起色，估计是资本市场没有继续推动白酒的重要原因。 想起几年前，白酒还是王者，酒精勾兑水，毛利高达90%以上，多少基金热捧。如今场景一换，王者依然是高科技了。代表未来！ 时移世易，是股市变 ...

Group 1 - Kanglong Chemical fell by 3.18% [1] - Kelaiying decreased by 3.17% [1] - Zhaoyan New Drug dropped by 2.9% [1] - WuXi AppTec and Medisi both declined over 3% [1]

Core Viewpoint - The restructuring plan of Aopumai (688293.SH) to acquire Chengli Biotechnology has faced dissent from independent director Tao Hua'an, who believes the company currently lacks the necessity for acquisitions and has not expressed an opinion on the rationality of the merger [1][3][4] Summary by Sections Restructuring Plan - Aopumai plans to acquire 100% of Chengli Biotechnology for a total consideration of approximately 14.5 billion yuan, consisting of 7.1 billion yuan in cash and 7.4 billion yuan in shares [2][5] - The valuation of Chengli Biotechnology is set at 14.52 billion yuan, with an appraisal increase rate of 56.92% [2][6] - Aopumai aims to enhance its business model from "cell culture media + CDMO" to "cell culture media + CRDMO" through this acquisition [2][5] Independent Director's Concerns - Tao Hua'an has consistently opposed the restructuring, citing that the acquisition does not align with the company's goals of improving the profitability of cell culture products and reducing losses in the CDMO business [1][4][6] - He has raised concerns about the low capacity utilization of CDMO services, which has led to declining performance, arguing that the merger will not directly improve this situation [4][6] Financial Performance - Aopumai has experienced a decline in net profit for two consecutive years, with a significant drop in CDMO service revenue in 2024, down 25.66% and a gross margin of -25.29% [5][6] - In the first half of 2025, Aopumai reported a revenue of 1.78 billion yuan, a year-on-year increase of 23.77%, but the CDMO service still faced a gross margin of -47.53% [5][6] Future Projections - The acquisition is expected to generate an additional goodwill of 6.17 billion yuan, which will account for 15.34% of the total assets and 21.76% of the net assets attributable to the parent company by the end of 2024 [6] - Chengli Biotechnology has made performance commitments for the years 2025 to 2027, with net profits not less than 52 million yuan, 65 million yuan, and 78 million yuan respectively [6]

Group 1 - The core viewpoint of the news highlights the strong performance of the ChiNext Composite Index, which has reached a nearly 10-year high, with a cumulative increase of over 101% since September 2022 [3] - The ChiNext Composite Index is seen as a key player in China's emerging industries, with high valuation attractiveness, making it a potential core stage for new capital inflows [3] - The index covers high-growth sectors such as renewable energy, pharmaceuticals, AI, and semiconductors, making it an ideal target for diversified investment in technology growth [3][5] Group 2 - The ChiNext Enhanced ETF Huabao (159292) has advantages including exposure to high-growth sectors, with the top five industries being power equipment, electronics, biomedicine, computers, and communications, accounting for 64.5% of the index [5][6] - The ChiNext Composite Index has outperformed mainstream broad-based indices in recent bull markets, indicating its role as a market leader [6] - The ETF allows for lower investment thresholds compared to direct stock investments, making it accessible for investors starting with as little as 100 yuan [6]

Group 1 - The CRO concept stocks experienced significant fluctuations, with JiuZhou Pharmaceutical hitting the daily limit up [1] - ProLogis Pharmaceutical rose over 5%, indicating strong market interest [1] - Other companies such as Zhaoyan New Drug, Kangpeng Technology, Aopu Mai, and Haoyuan Pharmaceutical also saw increases in their stock prices [1]

Group 1 - The CRO index experienced an intraday increase of 2.01%, indicating strong market performance in the sector [1] - Jiuzhou Pharmaceutical reached its daily limit up, showcasing significant investor interest [1] - Zhaoyan New Drug and Aopu Mai saw respective increases of 3.49% and 3.40%, reflecting positive momentum among key players [1] - WuXi AppTec and Kelai Ying both recorded gains exceeding 2.5%, further highlighting the active performance of the CRO sector [1]