海南多措并举促民营经济高质量发展，广大民营企业—— 乘势跃潮头 闯出新天地 海南日报全媒体记者 张文君 普通自来水经过毛细管式超滤膜滤芯的超滤机过滤后，被分级为优质净化水，可用于食用、洗涤、 冲凉、美容等，经检测，其微生物及浊度等主要饮水指标均优于西方发达国家的标准。 这款超滤机由海南立昇净水科技实业有限公司研发，滤芯寿命是常规净水器的50倍以上。此前，该 公司的"饮用水安全保障技术体系创建与应用"项目获国家科技进步奖一等奖。 "创新，还是创新。"该公司董事长陈良刚认为民营企业要向前发展，唯有"紧密贴合技术和市场变 化，不断革新改良技术，坚持走自主创新之路，提升产品质量"。 近年来，我省深入贯彻落实习近平总书记在民营企业座谈会上的重要讲话精神，把扶持非公经济发 展作为优化经济结构、增加经济活力的重要举措，锚定"五向图强"战略目标，将激活民营经济置于突出 位置，推出一系列硬招实策，为民营企业赋能，促进民营经济健康发展、高质量发展。 广大民营企业与海南自贸港相向而行，蓬勃发展，已成为海南自贸港建设的生力军和发展新质生产 力、推动高质量发展的重要力量。目前，民营企业占全省经营主体的比重稳居90%以上，创造了全省 6 ...

证券研究报告 2025 年 07 月 18 日 | 市场数据 | | | | --- | --- | --- | | 指数名称 | 收盘 | 涨跌% | | 上证指数 | 3516.83 | 0.37 | | 深证成指 | 10873.62 | 1.43 | | 创业板指 | 2269.33 | 1.75 | | 科创 50 | 1005.65 | 0.80 | | 北证 50 | 1428.11 | 0.86 | | 沪深 300 | 4034.49 | 0.68 | A 股市场概览 | 类别 | 总市值 | 流通市 | 市盈率 | 市净率 | | --- | --- | --- | --- | --- | | | (亿元) | 值(亿元) | PE | PB | | 上证指数 | 681482 | 530302 | 12.56 | 1.31 | | 深证成指 | 237089 | 195255 | 21.13 | 2.23 | | 创业板指 | 63151 | 50349 | 29.52 | 4.10 | | 科创 50 | 35179 | 23454 | 54.67 | 4.23 | | 北证 50 | ...

机构简介： 北京鼎萨投资有限公司于2012年3月成立，2012年6月发行第一支产品"山东信托-鼎萨1期"，2013年成为 中国证券投资基金业协会会员和中国证券业协会会员，2014年3月作为首批50家私募机构获得基金业协 会颁发的私募基金牌照。创始人彭旭先生，是国内公募基金知名投资总监和明星基金经理，多年来一直 坚持"价值+成长"的个股精选投资策略，业绩硕果累累。公司荣获格上财富评选的"股票型阳光私募公司 2019年收益排行榜（北京地区）"冠军，"股票型阳光私募公司2020年上半年收益排行榜（北京地 区）"季军，2019年度"东方财富私募风云榜-五年期最佳私募基金产品"等奖项。我们一直致力于成为一 家具有深远影响力的专业资产管理公司，如"鼎萨"之名，取九鼎之稳，乘大势而勇进！ 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 根据市场公开信息及7月17日披露的机构调研信息，知名私募鼎萨投资近期对1家上市公司进行了调研， 相关名单如下： 1）普门科技 （北京鼎萨投资有限公司参与公司路演活动） 调研纪要：公司全自动化学发光免疫分析仪 eCL8 ...

Policy Developments - The National Medical Products Administration (NMPA) has released a draft for public consultation regarding the adjustment of medical device classifications, aiming to optimize the registration and filing requirements for medical devices [1] Drug Approval - Yuyuan Pharmaceutical's YKYY029 injection has received clinical trial approval for treating hypertension, marking a significant step in the development of a novel siRNA drug [2] - Hengrui Medicine has received clinical trial approvals for four drugs, including SHR-8068 injection and Abediterib injection, with total R&D investments amounting to approximately 20.33 million yuan [3] Financial Reports - Microchip Biotech expects a net profit of 30.06 million yuan for the first half of 2025, driven by increased sales from new drug listings and optimized sales strategies [4] - China National Pharmaceutical Modern reported a 6.46% decline in net profit for the first half of the year, attributed to decreased sales and prices of certain antibiotics and other products [5] Capital Market - Tigermed announced the sale of its stake in Lixin Pharmaceutical for approximately 34.11 million USD, reflecting a strategic move in the context of the domestic pharmaceutical industry's consolidation [6] Industry Events - A breakthrough in brain-computer interface technology has been achieved in Shanghai, allowing patients with speech impairments to communicate through decoded brain activity [8] - Yuan Da Pharmaceutical's innovative nasal spray for dry eye treatment has received approval and its first prescriptions have been issued, providing a new treatment option for patients [9] Debt Resolution - Kangmei Pharmaceutical has reached a settlement agreement to resolve historical debt issues for 43.5 million yuan, facilitating the closure of related legal matters [10] Market Sentiment - Weier Pharmaceutical announced plans for its employee stock ownership platform to reduce its holdings by up to 1% of the company's shares, driven by shareholder funding needs [11]

Core Insights - The China International Supply Chain Promotion Expo showcases China's comprehensive supply chain capabilities and its strong appeal to global participants [1][2][4] Group 1: Event Overview - The expo is the world's first national-level exhibition focused on supply chains, highlighting the deep integration of global industrial chains [1] - Many international exhibitors and attendees expressed admiration for the variety of products available from Chinese suppliers [2][4] Group 2: International Participation - Foreign exhibitors, such as those from South Africa and Mexico, noted the organizational efficiency and high quality of Chinese suppliers [4][5] - Companies like Rio Tinto and China Baowu Steel Group collaborated to demonstrate the connection between upstream and downstream supply chain entities [5] Group 3: Key Features of Chinese Supply Chains - Honeywell's China president identified three standout characteristics of Chinese supply chains: comprehensiveness, rapid response to demand, and a strong talent pool of engineers [6] - The engineering capabilities and speed of Chinese suppliers were highlighted as significant advantages for international companies [5][6] Group 4: Collaborative Opportunities - Many foreign companies are eager to collaborate with Chinese suppliers, citing positive past experiences and a mature understanding of business practices [7] - The expo serves as a platform for foreign firms to explore partnerships and expand their operations in China [7]

Group 1 - The Shenzhen Supply Chain Innovation Cooperation Matching Conference was held on July 17, showcasing Shenzhen's economic vitality, innovation, urban charm, and investment potential to the world [1] - The conference featured 28 key enterprises from Shenzhen, including Stable Medical, UBTECH, Dazhu Laser, and Bettery, highlighting Shenzhen's significant position and strength in the global supply chain [1] - Shenzhen aims to become a global industrial technology innovation center by 2024, with its economic total expected to rank among the top ten cities globally, and it has maintained the top position in foreign trade scale in China for four consecutive years [1] Group 2 - The investment center of Longgang District presented its "3+4+N+AI" industrial structure, emphasizing advantages in electronic information, cross-border e-commerce, and artificial intelligence, along with the latest industrial investment policies [2] - The conference included representatives from companies like Kaili Medical, Diancao Agriculture, and Yuanrong Qihang, who shared insights on high-end intelligent medical devices, digital agriculture, and advanced intelligent driving technology [2] - The Shenzhen Municipal Council for the Promotion of International Trade will continue to build bridges between government and enterprises, facilitating precise connections for Shenzhen companies with quality partners in the global supply chain [2]

证券代码：600200 证券简称：*ST苏吴 公告编号：临2025-070 江苏吴中医药发展股份有限公司 关于医疗器械注册证代理人变更的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 孙公司达透医疗器械（深圳）有限公司（现用名：达透医疗器械（上海）有限公 司，以下简称"达透医疗"）收到了国家药品监督管理局颁发的《医疗器械注册 证》，聚乳酸面部填充剂 AestheFill 获批上市。具体内容详见公司于 2024 年 1 月 23 日披露的《关于孙公司获得医疗器械注册证的公告》（公告编号：临 近日，公司通过国家药品监督管理局网站查询，聚乳酸面部填充剂 AestheFill 注册证代理人名称由达透医疗器械（上海）有限公司变更为俪臻（北 京）生物科技有限公司。俪臻（北京）生物科技有限公司由 Regen Biotech,Inc. （韩国(株)丽臻生物科技股份有限公司）100%持股。 截止目前，公司医美业务正常开展，上述注册证代理人名称变更并不影响 AestheFill 在中 国境 内的 独家代 理权 。 根 据公 司 孙 公 司 ...

Core Insights - The report continues to recommend focusing on innovative drugs and the innovative industry chain, highlighting improvements in both domestic and overseas markets for July 2025 [5][4] - The investment strategy suggests a sustained focus on innovative drugs and related industries, with a specific portfolio of recommended stocks for A-shares and H-shares [5][6] Industry Overview - The pharmaceutical manufacturing industry reported a cumulative revenue of 994.79 billion yuan with a year-on-year decline of 1.4% from January to May 2025, while total profits decreased by 4.7% to 135.32 billion yuan [9][8] - The overall industrial added value for the pharmaceutical manufacturing sector grew by 0.9% during the same period, indicating a modest recovery [9][8] Market Performance - In June 2025, the pharmaceutical sector experienced a 0.70% increase, underperforming the CSI 300 index by 1.80% [10][11] - The medical service sector showed significant growth, with a 4.77% increase, while traditional Chinese medicine and medical commercial sectors faced declines of 1.86% and 1.23%, respectively [13][14] Investment Recommendations - The report emphasizes the potential for domestic innovative drugs to achieve sales growth supported by medical insurance negotiations and commercial health insurance [5][4] - Recommended companies with high-quality innovation capabilities include Kelun-Biotech, CanSino Biologics, and Innovent Biologics, among others [5][4] Valuation Insights - The overall valuation level of the pharmaceutical sector is currently at a PE (TTM) of 46.97, which is at the 73.1% historical percentile over the past five years [20][19] - The report indicates that the pharmaceutical sector's valuation has fully adjusted, with premium rates relative to the CSI 300 and the entire A-share market being at their five-year averages [20][19] Recent Approvals and Applications - In June 2025, four innovative drugs or biosimilars were approved for market entry, including three domestic products and one imported product [22][23] - The report tracks NDA and IND applications for innovative drugs, highlighting several key products and their respective companies [24][25][26]

近期，美国总统特朗普宣称将从8月1日起对14个国家的进口产品征收关税，其中包括对马来西亚征收25% 的关税。 点评： 25Q2价格低点基本确立，关税或助推丁腈手套价格提升 2024年9月13日，美国对外贸易办公室确定大幅度上调部分中国产品的进口关税，其中一次性医疗级丁腈 手套关税上调至50%，并于2025年1月1日正式实施；叠加25年2月以来特朗普多次签署行政令提升对华关 税，英科医疗等国内头部厂商已经开始逐步将销售转移至非美市场。考虑到国内企业在非美市场竞争激 烈，一次性医用级丁腈手套2025年二季度价格约在15~16美元/箱，若美国对马来西亚加征关税，或引起马 来西亚厂商生产的手套价格上涨，我们预计涨价趋势或传导至国内厂商，后续手套价格有望逐步回升，带 动盈利能力提升。 市场格局分层明显，供应端中小厂商逐步出清 点击注册小程序 查看完整报告 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 ...

Core Mission - The company aims to transform scientific research into practical technology to benefit patients, focusing on innovative high-performance medical devices [1] - The mission is to improve life and health through innovation and quality, specifically targeting cardiovascular disease intervention [1] Product Development - The company has developed a comprehensive solution for precise intervention in coronary heart disease, including the FFR system and IVUS system [1] - The FFR pressure microcatheter, launched in 2020, is the first domestically approved product in China for measuring blood flow reserve, filling a significant gap in the market [4] - The IVUS system is the first domestically developed 60MHz high-definition product approved by the National Medical Products Administration, rapidly gaining market share since its launch in 2022 [5] Market Impact - The FFR product achieved a market share of 30.6% in the coronary artery direct measurement market within a year of its launch, with applications in approximately 1,000 hospitals globally [4] - The IVUS system has also been adopted in around 1,000 hospitals, becoming the leading domestic product in its category [5] Innovation and Technology - The company has established four core technology platforms, including micro-nano device development and high-performance medical hardware development [6] - It has developed nearly 20 products and ongoing projects, positioning itself as a "small giant" in the cardiovascular intervention sector with international influence [6] Recognition and Achievements - The company has applied for over 360 patents, with more than 180 granted, including over 80 invention patents [6] - It has received various accolades, including the "National Specialized and Innovative 'Small Giant' Enterprise" certification and the Shenzhen Science and Technology Progress Award for its FFR system [6]