保基本，强创新 - 2025 下半年医药产业政策展望 20250725 摘要 国家政策导向：政策旨在提高医疗可及性和可支付性，加强行业监管， 全链条支持医药创新，满足临床需求，实现经济和社会效益。基层医疗 机构门诊量占比高，但三级医院住院人次占比高，政策将引导优质医疗 资源下沉，实现区域均衡分布。 创新药支持措施：国家医保局与卫健委联合发布措施，从研发、医保目 录、临床应用、多元支付和保障措施五方面支持创新药发展。商保创新 目录是亮点，企业可并行申报，结算价可协商，并享受多项优惠政策， 但实际影响需观察。 单独支付制度进展：创新单独支付制度逐步推进，广东省纳入单独支付 范围的国产药逐年增加。预计 2025 年国谈后，2026 年该数字将继续 增加，有助于提升创新药物市场准入速度及覆盖面。 药品集采优化：第十一批国家药品集采优化报量方式、竞价规则，提高 投标门槛，明确新药不集采。采购金额小于一个亿的品种也不纳入集采， 旨在提高企业质量管控能力，确保报价合理性，推动行业高质量发展。 Q&A 下半年医药产业的政策展望有哪些主要特征？ 下半年医药产业的政策展望主要有两个特征：保基本和强创新。从最近的顶层 设计和地方部 ...

Summary of Key Points Core Viewpoint - In the recent five trading days (July 21 to July 25), significant shareholder activities were observed, with 13 companies experiencing share increases totaling 341 million shares and an aggregate investment of 1.471 billion yuan, while 127 companies saw a total reduction of 7.589 billion yuan in shares [1]. Group 1: Shareholder Activities - A total of 13 companies had significant shareholder increases, with the highest increase from Everbright Bank, which saw 264 million shares added, amounting to 1.118 billion yuan [1]. - Ansteel Corporation followed with an increase of 31.93 million shares and an investment of 76.82 million yuan [1]. - The third highest increase was for Jerry Holdings, with a total increase of 5.85 million yuan [1]. Group 2: Sector Distribution - The majority of shareholder increases were concentrated in the main board, with a total increase of 1.471 billion yuan [1]. - Key industries with significant shareholder increases included basic chemicals and machinery equipment, each contributing three companies to the list [1]. Group 3: Market Performance - The average increase for stocks with shareholder increases over the past five days was 3.65%, outperforming the Shanghai Composite Index during the same period [1]. - Notable gainers included Kailong Co., with a rise of 14.81%, Liugong, with an increase of 9.85%, and Dongpeng Holdings, which rose by 7.38% [1]. - Conversely, Shanghai Bank and Everbright Bank experienced declines of 5.71% and 3.29%, respectively [1]. Group 4: Fund Flow and Performance Forecast - In terms of fund flow, stocks with shareholder increases saw significant net outflows, particularly from Liugong and Shanghai Bank, with outflows of 380 million yuan and 168 million yuan, respectively [2]. - Among the stocks with significant shareholder increases, five companies released half-year performance forecasts, with three expecting profit increases. An Tong Holdings projected a net profit of 515 million yuan, reflecting a year-on-year increase of 234.42% [2].

Market Performance - The Hang Seng Index rose 2.3% last week, closing at 25,388 points, marking a three-year high[1] - The Hang Seng Tech Index increased by 2.5%, closing at 5,677 points, breaking free from a stagnant period since May[1] - Average daily trading volume increased by 12.6% to HKD 287.9 billion, with net inflows of HKD 32.3 billion through the Stock Connect[1] Sector Analysis - The telecommunications sector was the only one to decline, while the composite, materials, and energy indices rose by 8.8%, 7.7%, and 5.4% respectively[1] - The automotive sector outperformed the market with an average increase of 3.8%, driven by regulatory support for healthy development[4] - The healthcare index rose by 0.8%, benefiting from government support for innovative drugs[4] Economic Indicators - The predicted PE ratio for the Hang Seng Index is at 11.1 times, within the 78.2% percentile over the past seven years, indicating high market sentiment and relative valuation[3] - The weighted risk premium based on 70% US Treasuries and 30% Chinese bonds is at its lowest since January 2021, suggesting a high valuation environment[3] Future Outlook - If trade agreements between the US and Europe materialize, along with domestic policy catalysts, the Hang Seng Index may continue its gradual recovery driven by fundamentals[2] - In the most optimistic scenario, the Hang Seng Index could reach 27,400 points if the Chinese 10-year bond yield is at 1.75% and the US 10-year yield remains at 4.4%[3]

Summary of Key Points Core Viewpoint - As of July 25, the total margin financing and securities lending balance on the Beijing Stock Exchange (BSE) was 6.207 billion yuan, a decrease of 50.16 million yuan from the previous trading day, indicating a trend of reduced investor activity in margin trading [1]. Financing and Margin Data - The financing balance was 6.206 billion yuan, down by 50.46 million yuan, while the securities lending balance increased to 31.06 million yuan, up by 30.12 million yuan [1]. - The stocks with the highest financing balances included Jinbo Biological (368 million yuan), Airon Software (169 million yuan), and Betterray (160 million yuan), with an average financing balance accounting for 1.15% of their circulating market value [1]. Net Buying and Selling Trends - On July 25, 116 stocks had net financing purchases, with 39 stocks exceeding 1 million yuan in net buying. The top net buyer was Naconor, with a net purchase of 16.16 million yuan, followed by Nossland (9.83 million yuan) and Guoyuan Technology (6.58 million yuan) [1][2]. - The stocks with the highest net selling included Hanxin Technology, Jinbo Biological, and Shuguang Digital Innovation, with net selling amounts of 12.58 million yuan, 9.65 million yuan, and 8.15 million yuan, respectively [1]. Industry Performance - In terms of industry concentration, the highest number of stocks with net purchases over 1 million yuan were in the power equipment, machinery, and computer sectors, with 8, 6, and 6 stocks respectively [2]. - The average decline for stocks with net purchases over 1 million yuan was 0.59%, with notable gainers including Sanyuan Gene (up 9.02%), Lude Medical (up 5.73%), and Naconor (up 5.20%) [2]. Trading Activity - The weighted average turnover rate for stocks with net purchases over 1 million yuan was 6.66%, with Guoyuan Technology, Lude Medical, and Guozi Software having the highest turnover rates of 30.19%, 18.08%, and 14.38% respectively [2]. - The average daily turnover rate for BSE stocks on that day was 5.23% [2].

特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 本周A股市场出现回暖 点击注册小程序 查看完整报告 行业方面，建筑材料、煤炭、钢铁表现相对较好。分行业来看，本周申万一级行业大多出现上涨。建筑材料、 煤炭、钢铁等行业本周表现相对较好；相比之下，银行、通信、公用事业等行业则出现下跌。 两种行业轮动方式的不同，或许主要取决于经济及基本面的差异。当经济及基本面向上时，不少行业业绩持续 性往往会较好，股价上涨的持续性也会更强，行业表现便会呈现出强者恒强特征。反之，当经济及基本面表现 一般时，大多数行业的业绩持续性较弱，行业的股价表现便也难以持续，行情便会存在补涨的特征。 受风险偏好抬升等因素的影响，本周A股市场继续回暖。受政策利好刺激、市场情绪回暖等因素的影响，A股 市场本周整体继续回暖，主要宽基指数普遍上涨。在 ...

证券代码：301138 证券简称：华研精机 | 投资者关系活动 | √特定对象调研□分析师会议 | | --- | --- | | 类别 | □ 媒体采访 □ 业绩说明会 | | | □ 新闻发布会□ 路演活动 | | | □ 现场参观 | | | □ 其他 | | 参与单位名称 | 国泰基金管理有限公司陈雨杨(线上) | | 及人员姓名 | 珠海金丰创晟投资管理有限公司张广文 | | 时间 | 年 月 日（周五）上午 2025 7 25 9:00~12:00 | | 地点 | 广州市增城区宁西街创立路 6 号广州华研精密机械股份有限公 | | | 司办公楼 2 楼会议室 | | 上市公司接待人 | 1、董事、财务总监、董事会秘书李敏怡女士 | | 员姓名 | 2、证券事务代表阮长柏先生 | | | 投资者提出的问题及公司回复情况 | | | 1、 当前公司设备在下游客户的商业模式？ | | | 目前主要有两种，一种是食品饮料公司购买华研精机的设备自建完整 | | | 生产线，包括连线生产和非连线生产两种情况；一种是瓶坯代工企业购买 | | | 华研精机的设备，生产瓶坯再销售给食品饮料公司。 | | 投资者关 ...

Group 1 - The core viewpoint of the report emphasizes the significant increase in demand for advanced process wafer foundry in the AI era, driven by U.S. sanctions prompting domestic demand to return [1] - The report suggests focusing on two specific segments: advanced process wafer foundry and domestic semiconductor equipment [1] - From the supply perspective, China's advanced process wafer foundry is leading global capacity expansion, indicating a potential breakthrough in orders for domestic semiconductor equipment and components [1] Group 2 - From the demand perspective, advanced processes are expected to remain in short supply, while mature processes are relatively balanced in supply and demand [1] - The report recommends paying attention to the scarce advanced process wafer fabs in China and the leading mature process wafer fabs that can achieve higher market share due to cost efficiency advantages [1]

在工艺迭代方面，月球上月壤矿物复杂，不同区域的月壤存在明显差异，月壤打砖机需要适应不同类型 月壤，为此科研人员配制月海玄武质、高地斜长质、纯斜长岩等多种模拟月壤，在打砖机开展了反复试 验，最终完成样机迭代改进。 近日，我国首台月壤打砖机在深空探测实验室研制成功，这种打砖机可以利用聚光太阳能将月壤熔融成 型，未来可以实现用月球的土建设月球的房子。 这套装置的成功研制经历了哪些阶段？由它制成的月壤砖有哪些特点？从"月壤砖"到"月球房"，还需要 完成哪些步骤？围绕这些热点话题，7月26日，科技日报记者专访了相关专家。 一问：月壤打砖机样机如何研制？ "从方案构想到样机成型，月壤打砖机的研发历时约2年，走过了方案论证、产品研制和工艺迭代三个关 键阶段。"深空探测实验室未来技术院工程师杨洪伦介绍道。 在方案论证阶段，科研团队针对太阳能聚光技术开展了一系列验证试验，最终选择了菲涅尔透镜聚光、 薄膜透镜聚光等类型的聚光方式；在月壤成型方面，通过论证采用了粉末烧结和粉末床熔覆成型技术路 线，为后续研发指明方向。 在产品研制阶段，科研人员重点针对能量高效汇聚—传输、月壤致密化输运等问题，开展了关键技术攻 关。 "月壤打砖机需要 ...

据目前安排，若无变化本周(7月28日到8月1日)共有3只新股申购，其中上证主板1只，创业板1只，北交 所1只。 本周3股打新 截至发稿，本周网上发行2只新股披露发行价。上证主板新股天富龙发行价为23.6元/股，发行市盈率 20.93倍，行业最近一个月平均动态市盈率30.31倍。北交所新股酉立智能发行价为23.99元/股，发行市 盈率11.75倍，行业最近一个月平均动态市盈率27.03倍。 天富龙以差别化涤纶短纤维的研发、生产和销售为主营业务，产品布局由再生有色涤纶短纤维，拓展至 差别化复合纤维及聚酯新材料，覆盖商务、出行、家居、健康护理、衣着等场景。 按照原料类型区分，在原生涤纶短纤维领域，主要以大型石化企业为主，天富龙产量位列行业第九名； 在再生涤纶短纤维领域，天富龙产量位列行业第二名。天富龙年产能为61.24万吨，依托柔性化生产线 以及高性能产品的研发，形成了门类丰富的差别化复合纤维产品，并且成为再生有色涤纶短纤维细分行 业的领先企业，能够充分满足客户的定制化产品需求。根据中国化学纤维工业协会统计数据，2021年至 2023年天富龙汽车内饰用有色涤纶短纤维和低熔点短纤维的销量在国内市场排名蝉联第一。 业绩 ...

Group 1 - In Q1 2025, Huawei surpassed Apple to become the top player in the global wearable device market, marking a significant shift in market share and highlighting the growing influence of Chinese tech brands in the global smart wearable industry [1][25] - The global market size for smart wearable devices has reached approximately $100 billion, with projections indicating it could exceed $430 billion by 2034, reflecting a compound annual growth rate (CAGR) of about 20% [3][25] - The rapid growth of smart wearable devices is driven by advancements in sensor technology, improved battery life, and an increased consumer focus on health monitoring, particularly in the post-pandemic era [4][6][7] Group 2 - The wearable device market is characterized by a diverse range of products, including wrist-worn devices (smartwatches, fitness trackers), eyewear (smart glasses), and head-mounted devices (smart headphones, AR/VR headsets) [3] - The wearable device segment is the fastest-growing category within the consumer electronics industry, with wrist-worn devices expected to account for over 30% of the total wearable market by 2024 [24] - In Q1 2025, the top five wearable device manufacturers by shipment volume included Huawei (10 million units), Xiaomi (8.7 million units), and Apple (7 million units), with Huawei and Xiaomi showing significant year-over-year growth [25][26] Group 3 - The Chinese wearable device market is projected to continue its rapid growth, with smart watch shipments expected to increase by approximately 25% and smart bands by nearly 70% in Q1 2025 [26][27] - Key drivers of this growth in China include supportive government policies, the expansion into lower-tier markets, and a diverse product structure catering to various consumer needs [28][29] - Companies like Garmin and Gaishi are adapting their strategies to capture market share in China, with Garmin focusing on outdoor sports and health monitoring, while Gaishi has transitioned from OEM to building its own brand [29][30] Group 4 - The smart ring segment is emerging as a potential growth area within the wearable market, offering a more compact and stylish alternative to traditional wrist-worn devices [32] - The integration of advanced sensor technology allows smart rings to monitor health metrics such as heart rate and blood oxygen levels, appealing to consumers seeking both functionality and fashion [32] - The wearable industry is witnessing trends towards miniaturization, enhanced performance, and deeper integration with healthcare and AI technologies, indicating a shift from passive data collection to active health management [34][37]