Investment Rating - The report maintains a positive investment rating for the pharmaceutical industry, highlighting a recovery and focus on innovation [4]. Core Views - The pharmaceutical sector is experiencing a sustained recovery in fundamentals, supported by favorable policies, with a focus on innovative drug growth, particularly in areas such as oncology, autoimmune diseases, GLP-1, stem cell therapy, and gene therapy [1][2]. - The report emphasizes the importance of domestic pharmaceutical substitution and the growth of medical consumption, especially in aesthetic medicine [1]. Summary by Sections Innovative Drugs - The AACR conference is ongoing, with significant participation from over 120 Chinese pharmaceutical companies presenting nearly 300 new drug research results [11]. - Key approvals include the domestic approval of 康方依沃西单抗 for PD-L1 positive NSCLC and the FDA approval of 派安普利单抗 for nasopharyngeal carcinoma [2][72]. CXO Sector - The CXO sector is expected to see valuation recovery due to supportive policies for innovative drug development and a reduction in geopolitical risks [6]. Traditional Chinese Medicine - The SW secondary index for traditional Chinese medicine has underperformed compared to the broader market, indicating challenges in this segment [19]. Blood Products - The report highlights the increasing demand for immunoglobulin products and the potential for price improvements in the blood products sector, particularly for companies like 天坛生物 and 派林生物 [23]. Vaccines - The vaccine sector is facing challenges due to low birth rates, but there is potential for growth in HPV vaccines and other areas [25]. Upstream Supply Chain - The report suggests focusing on companies with strong brand and operational capabilities in the chemical and biological reagent sectors [28]. IVD (In Vitro Diagnostics) - The IVD industry is expected to benefit from the implementation of centralized procurement policies, which may accelerate domestic substitution [31]. Medical Devices - The report recommends attention to the CGM market, particularly products from 三诺生物, as they align with the growth of GLP-1 drugs [36]. Medical Services - The report suggests focusing on eye and dental medical service companies, anticipating a boost from consumer stimulus policies [43]. Offline Pharmacies - The offline pharmacy sector is stabilizing, with a recommendation to focus on companies with strong supply chain capabilities [45]. Raw Materials - The report emphasizes the importance of quality and cost management in the raw materials sector, suggesting a focus on companies like 华海药业 and 海正药业 [49]. Innovative Instruments - The report highlights the potential for AI applications in the medical device sector, particularly in surgical navigation and pathology screening [52]. Instrument Equipment - The scientific instrument sector is expected to recover as demand improves, with a focus on companies enhancing their market presence through new product launches [57]. Low-value Consumables - The report notes a potential recovery in the low-value consumables sector, particularly for companies like 采纳股份 and 美好医疗 [60].

香港卫生署署长林文健医生指出："特区政府感谢中央政府的批准和国家药监局的支持，把简化港澳注 册中成药注册审批安排由外用药油扩展至口服中成药。卫生署一直与内地相关单位保持紧密联系，并积 极协助内地当局的调研工作，亦参与商讨有关政策的制订及简化审批注册的要求。这项新措施将大大简 化评审要求及缩短审批时间，为有意开拓内地庞大市场的香港中药业界开辟更便捷的途径，进一步便利 香港中成药制造商开拓内地市场，推动中医药产业发展，亦是实现了香港特区行政长官2024年施政报告 下有关推动大湾区医疗协作的另一里程碑！要实现中华民族的伟大复兴，中国香港会继续发挥卓越医疗 卫生、中西文化汇萃、国际超级都会等各领域的优势，担当中医中药走向全球的桥头堡，做好超级联系 人的角色。" 智通财经APP获悉，4月28日，香港卫生署表示，会重锤夯基，加强宣传和推广，协助业界掌握在新安 排下申请人需要提交的资料和技术要求，让更多合资格的香港注册传统口服中成药早日顺利开拓内地市 场，并推动香港中医药产业发展。自简化港澳注册传统外用中成药注册审批流程于2021年实施至今，已 有13款香港注册传统外用中成药透过简化流程于内地上市。截至今日，香港注册中成药 ...

Core Insights - The Chinese government is promoting the quality enhancement and high-quality development of traditional Chinese medicine (TCM) through innovation and reform [1][5] - Shenzhen is positioning itself as a leader in TCM innovation, leveraging AI technology to improve healthcare services and patient outcomes [2][3][4] Group 1: Government Initiatives - In March, the State Council issued guidelines to enhance TCM quality, emphasizing technological innovation and systemic reforms [1] - Shenzhen's municipal government is actively conducting research to improve TCM inheritance and innovation mechanisms [1] Group 2: AI Integration in TCM - Shenzhen hospitals are implementing AI technologies, such as DeepSeek, to assist in TCM diagnostics and personalized treatment plans [3] - The integration of AI has led to significant improvements in operational efficiency, with a fivefold increase in logistics efficiency and reduced patient processing times [3] Group 3: Standardization and Quality Control - The lack of standardized practices in TCM has been identified as a barrier to its global promotion, necessitating the establishment of quality control standards [5][6] - Shenzhen's TCM institutions are encouraged to lead in the standardization of internal preparations and quality assurance [6] Group 4: Collaborative Development - Experts suggest that cross-disciplinary collaboration, including partnerships with tourism and education sectors, can enhance TCM's market presence and cultural dissemination [4] - The Shenzhen TCM sector is urged to leverage its strengths to influence surrounding regions and countries, particularly in Southeast Asia [1]

Core Viewpoint - The event in Christchurch showcased the integration of Traditional Chinese Medicine (TCM) and Chinese culture, highlighting the growing recognition and demand for TCM in New Zealand [1][2]. Group 1: Event Overview - The "Chinese + TCM" tour event took place on April 27, 2025, in Christchurch, allowing local residents to experience various TCM and cultural activities [1]. - The event featured innovative products from Shanghai University of Traditional Chinese Medicine, including health smart rings and health assessment devices, utilizing advanced technologies like cloud computing and artificial intelligence for personalized health services [1]. Group 2: Recognition and Development of TCM - TCM has been recognized in New Zealand's healthcare system, particularly acupuncture and massage therapy, which have shown significant effectiveness in treating acute injuries [1]. - There has been a growing demand for TCM services among local residents, indicating a positive trend in the acceptance and integration of TCM in New Zealand [1]. Group 3: Educational and Cultural Exchange - Several New Zealand doctors have pursued further education at Shanghai University of Traditional Chinese Medicine, enhancing academic collaboration and friendship between China and New Zealand [1]. - The event was co-hosted by the Chinese Consulate in Christchurch, Shanghai University of Traditional Chinese Medicine, the Confucius Institute at Canterbury University, and the Christchurch Central Library, with around 100 representatives from various local sectors and TCM institutions attending [2].

中医药作为中国独特的健康资源，在出海服务全球的过程中，在标准化壁垒的突破以及建立国际认可的质量控制体系方面任重道远。 就这一话题，在近日第一财经与上海现代服务业联合会共同开启的2025企业可持续发展大会上的一场关于"可持续出海重塑全球商业与健康格局"的分论坛 上，来自医药行业的专家共同探讨了如何实现精准可控的中医药产业链质量体系，赋能中医药产业的高质量创新。 专家一致认为，在信息化时代，区块链等创新技术将能为中医药出海提供更大的助力，在中药标准化、药品溯源以及药品的质量控制方面发挥作用。 从田间地头，到老百姓床头的一碗"放心药"，其中要经历从种植到加工、流通、代煎、配送等多个环节。 "现在借助数字化区块链溯源平台，药从哪里来、什么时候采摘、什么时候加工、煎制、配送的整个过程都有清晰的记录可查。"上海信医科技董事长张少荣 表示，"这让传统药材有了更稳定的质量标准，也能让老百姓吃得更放心。" 在信息化时代，区块链等创新技术将能为中医药出海提供更大的助力，在中药标准化、药品溯源以及药品的质量控制方面发挥作用。 扬子江药业集团自2019年就开始探索利用区块链溯源中药材。该公司已在全国建了80多个中药材种植基地。扬子江 ...

Core Viewpoint - The recognition of outstanding individuals and collectives in the industrial and information sectors aims to inspire and enhance the cohesion and combat effectiveness of the system in advancing new industrialization [3]. Group 1: Recognition and Awards - A total of 291 units were awarded the title of "National Advanced Collective in the Industrial and Information System," while 373 individuals received the title of "National Labor Model," and 90 individuals were recognized as "National Advanced Workers" [3]. - Geng Yuefei, General Manager of Good Doctor Group, was honored as a "National Labor Model" for his contributions to the traditional Chinese medicine sector [4]. Group 2: Contributions to Traditional Chinese Medicine - Geng Yuefei has over 20 years of experience in the research, manufacturing, and market operation of traditional Chinese medicine, leading Good Doctor Group in high-quality development within the industry [3][4]. - Under his leadership, the company has successfully developed well-known traditional Chinese medicine products such as "Bone Pain Ling Tincture," "Anti-Cold Granules," and "Dan Wo Fu Kang Decoction," enhancing market supply and the company's core competitiveness [3]. Group 3: Community and Economic Impact - Geng Yuefei established the largest Aconitum planting base and processing plant in China in Butuo County, Liangshan Prefecture, contributing to local farmers' poverty alleviation through a "company + branch + cooperative + base + farmers" model [4]. - The company has played a significant role in local economic development, with multiple subsidiaries becoming pillars of the local economy [3][4]. Group 4: Future Directions - Geng Yuefei emphasized the importance of traditional Chinese medicine as a cultural treasure and plans to increase research investment to promote the integration of traditional medicine with modern technology [4].

推动重点行业和关键环节节能降碳，省工信厅对关中地区68户重点企业实施日常节能监察，实现关 中地区重点企业能效分级管理全覆盖，41户企业实施65项节能技改，投资金额约10亿元，每年节约150 万吨标准煤，减少二氧化碳排放396万吨。 4月20日，记者从省工信厅获悉：2024年，陕西坚定不移调整产业结构，以《陕西省工业领域碳达 峰实施方案》为核心，抓住重点领域、关键环节出新招、实招，工业绿色发展取得显著成效，"压舱 石"地位更加凸显。 省工信厅印发《陕西省加快推动人工智能产业发展实施方案（2024—2026年）》，实施"强基、创 智、赋智、聚智"四大行动，加强数字应用场景推广，确定30个数字应用场景，指导建设"陕西丝路数据 交易平台"，推动数据互联互通跨地域、跨平台、跨领域合作。 产业结构偏重是陕西绿色低碳发展面临的突出问题。2024年，省工信厅按照做优增量、提升存量、 淘汰落后的思路，跟踪服务"两重"项目，遴选102项重点产业链关键核心技术"揭榜挂帅"，240个工业投 资和技术改造重点项目全部开工。传统产业加快改造升级，有色、钢铁行业分别实现16.6％、12.6％的 增长，铜川、安康获批国家中医药传承创新发展试 ...

一朵"云"，赋能智能制造，可视化信息系统平台全时段自动采集投料、提取、灌装等生产运行数据；一 个"大脑"，带动产业创新发展，实现从药材种植到药品生产的全链条数字化管控。从过去需要大量人工 操作，到数字化、智能化发展，中医药产业插上科技的翅膀，改变了一些人的"刻板印象"。 从田间到临床，从生产到研发，聚焦全产业链发力，加强各环节互联互通，打造中医药事业产业互促共 进、协同发展新格局 实时画面传输稳定，气温、湿度、风向等信息一目了然……走进重庆涪陵高新区太极医药城，在国药太 极中药材GAP追溯展示平台上，可看到远在千里之外的20多个中药材种植基地情况。 强协同、抓源头、提质量、促转型、惠民生。从田间到临床，从生产到研发，聚焦全产业链发力，加强 各环节互联互通，打造中医药事业产业互促共进、协同发展新格局，中医药必能打开发展新天地，增强 群众获得感。 （文章来源：人民日报） 中医药学是中华民族的伟大创造和中国古代科学的瑰宝，中医药产业发展颇具潜力。看规模，中医药行 业市场规模快速增长，产业结构布局持续优化，集聚优势逐步显现。看产业链，从中药材种植、养殖和 采集，到中成药、中药饮片研发生产，再到中医诊疗，链条长、环节多 ...

Group 1 - The fifth China International Consumer Products Expo opened in Hainan on April 13, featuring over 1,700 consumer enterprises and more than 4,100 brands from over 71 countries and regions, showcasing emerging consumption trends in fashion, technology, health, and services [2][4] - A new consumption technology exhibition area was established at the expo, highlighting innovative products that enhance consumer experiences through advanced technology [4] - Canadian company Aina's Nutri Sleep 6S sleep machine utilizes charged particle flow technology to improve sleep quality, aligning with new consumption trends focused on health and wellness [6] Group 2 - EHang's EH216 series of unmanned aerial vehicles were showcased, with the EH216-S set to become the world's first eVTOL to receive all three necessary certifications for commercial operation, indicating a significant advancement in low-altitude economy [7] - Pizhou Huang's booth featured traditional Chinese medicine products and health supplements, emphasizing the integration of cultural elements and innovation to meet market health demands [8] - The Honey Snow Ice City booth in the domestic specialty products area highlighted the brand's efforts to enhance product offerings and engage consumers through cultural elements, demonstrating the effectiveness of the expo in connecting brands with customers [10] Group 3 - The Singapore exhibition group showcased various health management products, marking their first participation in the expo, and expressed intentions to leverage the platform to expand into the Chinese market [13]

Investment Rating - The report maintains a positive investment rating for the pharmaceutical industry, emphasizing the potential for growth in various segments [4]. Core Insights - The report highlights the impact of U.S. tariff policies on the pharmaceutical sector, with a focus on domestic substitution opportunities and the recovery of pharmaceutical consumption [1][2]. - It emphasizes the importance of innovation in pharmaceuticals, particularly in the context of domestic drug development and export potential [2]. - The report suggests that the domestic pharmaceutical market is poised for recovery, driven by strong demand in traditional Chinese medicine and healthcare services [2][3]. Summary by Sections 1. Weekly Insights - The report discusses the potential for domestic substitution in pharmaceuticals, particularly in blood products, medical devices, and consumables [1]. - It notes the recovery of domestic demand in the CXO sector, with expectations for valuation recovery due to improved order fulfillment [2]. 2. Investment Recommendations - The report recommends focusing on companies with strong export potential, such as Jianyou Co., and those benefiting from domestic substitution opportunities [3]. - It also suggests monitoring companies in the traditional Chinese medicine sector and those involved in innovative drug development [3]. 3. Sector-Specific Insights - **Innovative Drugs**: The report highlights the potential for domestic alternatives to imported drugs and the ongoing development of innovative drugs [2]. - **CXO**: The sector is expected to see valuation recovery due to improved domestic and international demand [2]. - **Traditional Chinese Medicine**: The report emphasizes the strong domestic demand and potential for valuation increases in this sector [2]. - **Blood Products**: The report notes the strong pricing power of manufacturers in the context of geopolitical risks and increasing demand for immunoglobulin products [2]. - **Vaccines**: The report indicates a challenging environment for the vaccine sector but highlights potential growth in specific areas [2]. - **Medical Devices**: The report discusses the push for domestic production of key components and the impact of government policies on the sector [2]. - **IVD**: The report emphasizes the potential for domestic companies to gain market share as import substitution accelerates [2]. - **Healthcare Services**: The report suggests that recent policy changes will positively impact consumer healthcare services [2]. - **Pharmacies**: The report indicates a stabilization in the pharmacy sector, with a focus on companies with strong supply chain capabilities [2]. - **Raw Materials**: The report discusses the stabilization of prices in the raw materials sector and the potential for recovery in specific categories [2]. - **Innovative Devices**: The report highlights the potential for domestic companies to replace foreign manufacturers in high-tech medical devices [2]. 4. Key Company Announcements - The report includes updates on significant company announcements, such as new drug approvals and partnerships that may impact market dynamics [63][64][65].