【导读】医药板块持续发力，共创草坪7连板 中国基金报记者 晨曦 6月10日上午，A股市场短暂冲高后回落，随后窄幅震荡。截至午间收盘，上证指数涨0.11%，深证成指跌0.23%，创业板指跌0.36%。 内地股票 | 行情 | 资金净流入 | 涨跌分布 | | --- | --- | --- | | 上证指数 | 深证成指 | 北证50 | | 3403.52 | 10226.55 | 1440.81 | | +3.75 +0.11% -23.59 -0.23% - -1.70 - -0.12% | | | | 科创50 | 创业板指 | 万得全A | | 991.55 | 2053.94 | 5189.33 | | -6.06 -0.61% -7.35 - -0.36% - -5.90 - -0.11% | | | | 沪深300 | 中证500 | 中证A500 | | 3891.60 | 5792.27 | 4565.25 | | +6.36 +0.16% -13.38 -0.23% - +2.49 - +0.05% | | | | 中证1000 | 深证100 | 中证红利 | | 6186.82 | 4 ...

截至2025年6月10日 11:21，恒生医疗保健指数强势上涨3.15%，成分股晶泰控股上涨15.32%，博安生物上涨11.24%，三生制药上涨10.53%，康方生物、微创 医疗等个股跟涨。恒生医疗指数ETF(159557)上涨3.60%， 冲击3连涨。拉长时间看，截至2025年6月9日，恒生医疗指数ETF近1周累计上涨8.33%。 从估值层面来看，恒生医疗指数ETF跟踪的恒生医疗保健指数最新市盈率（PE-TTM）仅27.7倍，处于近3年8.14%的分位，即估值低于近3年91.86%以上的时 间，处于历史低位。 数据显示，截至2025年6月9日，恒生医疗保健指数前十大权重股分别为信达生物、百济神州、药明生物、石药集团、康方生物、中国生物制药、京东健康、 三生制药、翰森制药、再鼎医药，前十大权重股合计占比57.95%。 消息面上，中办、国办印发《关于进一步保障和改善民生着力解决群众急难愁盼的意见》。提出完善基本医疗保险药品目录调整机制，制定出台商业健康保 险创新药品目录，更好满足人民群众多层次用药保障需求。 流动性方面，恒生医疗指数ETF盘中换手14.61%，成交4057.37万元，市场交投活跃。拉长时间看，截 ...

Group 1 - The market showed collective growth with major indices rising, indicating potential for further upward movement if certain conditions are met [1] - Key factors influencing the market include government policies aimed at easing public pressure and stimulating consumption, as well as the outcome of the US-China trade discussions [1] - The stock of Filinger (603226) was suspended, which may impact short-term market sentiment and the potential for future gains [1] Group 2 - The market is expected to continue its upward trend in the medium term, even if there are temporary setbacks, suggesting a cautious but optimistic outlook [2] - Investment strategies recommend holding onto low-risk stocks without clear sell signals while avoiding heavy positions to mitigate risks [2] - Short-term market dynamics are characterized by rotation, with a focus on low-priced stocks or newly emerging hotspots, while caution is advised against chasing high-flying stocks [2]

Group 1 - The former U.S. Secretary of Commerce, Raimondo, stated that export controls against China are ineffective, and the U.S. must worry about falling behind. A long-term appreciation of the RMB could lead to a significant influx of global capital into RMB assets and accelerate foreign investment into A-shares [1] - The RMB has recently appreciated by 1000 points, indicating the end of the depreciation trend. A continued depreciation could be disastrous for A-shares, with a potential break below 10 being unacceptable for the Chinese economy and A-shares [1] Group 2 - The ChiNext index led the market with a breakthrough, while the Shanghai Composite Index attempted to reach 3400 points but ultimately did not hold. The significance of crossing 3400 points is minimal, but the increase in trading volume from below 1 trillion to 12.8 trillion, a 30% increase, is crucial for market momentum [3] - The A-share market shows a high probability of continuing its upward trend, supported by positive performance in the first week of June. Despite a slight pullback, the overall upward trend remains intact, with both institutional and retail investors actively buying [5] Group 3 - Over 4100 stocks in the Shanghai Composite Index rose, with a notable surge in the pharmaceutical sector. The support from leading brokerages is crucial, and potential mergers among top brokerages could stimulate the brokerage sector and stabilize the index above 3400 points [7] - The current market performance indicates that the A-share and Hong Kong stock markets are showing strong resilience, with a focus on enhancing alpha in previously hot sectors rather than broadening the market's focus [7]

Group 1: Company Listings - Greenme is progressing with its listing in Hong Kong and will comply with relevant laws and regulations for information disclosure [1] - Chao Hong Ji plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategy and brand image [2] - Hubei Xiangjiang Electric Co., Ltd. has passed the listing hearing at the Hong Kong Stock Exchange, with Guotai Junan Securities (Hong Kong) as the sole sponsor [3] Group 2: Corporate Changes - Unilever China has undergone a leadership change, with Roland Polaroid Hutabarat replacing Zhong Zhaomin as the legal representative and chairman [7] - GAC Aion has appointed He Xianqing as the new chairman, succeeding Feng Xingya [11] Group 3: Product and Market Developments - Starbucks China will reduce prices on several non-coffee products by an average of about 5 yuan, aiming to enhance its non-coffee beverage market [8] - Oriental Selection has announced the production of its first self-operated sanitary napkin, set to launch on June 16 [10] Group 4: Financing and Investments - Zhongke Wenge has completed a new round of strategic financing, which will be used for the development and marketing of its self-developed decision intelligence operating system [19] - "Rennren Rental" has completed a financing round of several hundred million yuan, which will accelerate the integration of AI technology and digital economy in the circular rental sector [21]

早 报 精 选 1、 中美经贸磋商机制首次会议举行。 2、李强：着力破解科技成果转化瓶颈，切实提高转化效能，促进创新发展。 3、中办、国办：完善最低工资标准调整机制，合理提高最低工资标准。 4、长三角某地严禁辖内银行送实物揽储，存量业务2025年底前退出。 5、菲林格尔：公司股票交易异常波动，将停牌核查。 宏 观 新 闻 1、6月9日，国务院以"深化科技成果转化机制改革，推动科技创新和产业创新融合发 展"为主题，进行第十四次专题学习。国务院总理李强在主持学习时强调，要深入学习 贯彻习近平总书记重要指示精神和党中央有关决策部署，通过多方面协同发力，着力 破解科技成果转化瓶颈，切实提高转化效能，促进创新发展。 2、 中美经贸磋商机制首次会议当地时间6月9日下午在英国伦敦举行。央视新闻记者 了解到，当地时间6月10日，中美经贸磋商机制首次会议将继续进行。 3、中办、国办印发《关于进一步保障和改善民生 着力解决群众急难愁盼的意见》。 其中提出，完善最低工资标准调整机制，合理提高最低工资标准；完善基本医疗保险 药品目录调整机制，制定出台商业健康保险创新药品目录，更好满足人民群众多层次 用药保障需求；推动符合条件的农业转 ...

Group 1: Supply Chain and Market Strategy - The company is addressing supply chain risks due to the US-China trade war by gradually establishing a global supply chain and acquiring a UK base for production and delivery [1] - The company has developed potential raw material service project proposals for clients, bridging multiple supply chains [1] - The company aims to enhance its service capabilities in the pharmaceutical sector by diversifying its client base and reducing reliance on single large customers [2] Group 2: Financial Performance and Market Position - The company reports that over 50% of its revenue comes from its top five clients, indicating a strong client retention strategy [3] - The pharmaceutical segment is expected to see significant growth as more innovative drugs enter the market, which will improve the gross margin [8] - The company anticipates that the gross margin in the pharmaceutical sector will continue to rise due to a decrease in chemical raw material prices in 2024 [8] Group 3: Product Development and Innovation - The company is focusing on developing innovative agricultural products primarily for overseas clients, emphasizing efficiency and safety [6] - The company is committed to enhancing its CDMO model and expanding its product offerings in the agricultural sector [4] - The company is actively developing new additives in the lithium market, although specific products remain confidential [8] Group 4: Capacity and Production Challenges - The company acknowledges that its current production capacity and utilization rates are not optimal, but plans to improve this as business grows [12] - The company is strategically planning for future capacity expansions to meet anticipated demand [12]

6月9日，化学制品、医疗服务、生物制品、中药、医药商业多个板块联动效应明显。概念板块中，减肥 药、创新药、阿兹海默、肝素概念集体飘红，引发市场对医药行业基本面的广泛关注。 中国金融智库特邀研究员余丰慧向《证券日报》记者表示，这主要受到几方面因素的驱动。首先，全球 对医疗健康产品和服务的需求持续增长；其次，各国政府加大对医药行业的政策支持和资金投入，推动 了创新药物的研发和市场准入；再者，人口老龄化的加剧以及慢性病发病率的上升，增加了对医药产品 的长期需求。此外，技术进步如生物技术的发展也为医药行业带来了新的增长点。 据披露，此次三生制药与辉瑞就该款药物的授权协议总额高达60.5亿美元，已经打破了此前国产创新药 产品出海创下的纪录。 此外，采访中，记者了解到，2025年医药行业正迎来"价值重塑期"。国内药企通过license-out(对外许可) 模式深度融入全球产业链，技术授权交易日益频繁。以江苏恒瑞医药（600276）股份有限公司、信达生 物制药(苏州)有限公司为代表的头部企业，凭借创新管线在海外临床及商业化合作中取得关键突破，推 动板块估值中枢持续上移。 细分领域中，创新药无疑是最近二级市场的关注焦点。日前 ...

又有积极信号出现！ 为进一步保障和改善民生，着力解决群众急难愁盼，推动民生建设更加公平、均衡、普惠、可及，今日，中 办、国办印发《关于进一步保障和改善民生 着力解决群众急难愁盼的意见》。 意见提出，推进优质医疗卫生资源共享。推进优质医疗资源扩容下沉和区域均衡布局，优化区域医疗中心建设 模式、管理体制和运行机制。完善基本医疗保险药品目录调整机制，制定出台商业健康保险创新药品目录，更 好满足人民群众多层次用药保障需求。 研究机构认为，完善基本医疗保险药品目录调整机制，制定出台商业健康保险创新药品目录，对于医药企业， 特别是创新药来说，又是一个重磅驱动。 中办、国办重磅发布 今天下午，中共中央办公厅、国务院办公厅发布《关于进一步保障和改善民生 着力解决群众急难愁盼的意 见》， 意见指出: 一要增强社会保障公平性。 （一）有效扩大社会保障覆盖面。强化社会保险在社会保障体系中的主体作用，健全灵活就业人员、农民工、 新就业形态人员社会保险制度，全面取消在就业地参加社会保险的户籍限制，健全参保激励约束机制，完善转 移接续机制，稳妥有序提高城镇就业人员参加职工基本养老保险和医疗保险比例。对连续参保和当年零报销人 员按规定提高 ...

Group 1 - Multiple banks have reduced management fees for wealth management products to attract investors, with some products having conditional fee reductions or no fees at all [1] - Canalys predicts that 2026 may be a key year for the recovery of the foldable smartphone market, with Apple's rumored foldable product potentially stimulating market demand [1] - TrendForce reports that the global wafer foundry industry revenue decreased by approximately 5.4% in Q1 2025, amounting to $36.4 billion, due to international market conditions [1] Group 2 - As of Q1 this year, China's market regulatory authorities have repaired a total of 8.7779 million pieces of corporate illegal credit information, a year-on-year increase of 34.52% [2] - In the first five months of this year, over 200,000 defective children's products were recalled in China, including 54 recalls of toys involving 96,600 items [2] - Greenme's Hong Kong listing process is progressing in an orderly manner, with the company committed to timely information disclosure [2] Group 3 - Qualcomm has agreed to acquire UK-listed company Alphawave for approximately $2.4 billion, valuing the entire issued and to-be-issued share capital at £1.83 per share [3] - Xiaomi has undergone personnel adjustments in its China region, with Vice President Wang Xiaoyan taking on additional responsibilities as General Manager of Xiaomi Home [4] - JD.com has launched its wine and travel business, actively recruiting talent and establishing a complete business line for "flights + hotels + travel" [4] Group 4 - Midea Group clarified that the recall of its U-shaped air conditioning units in North America is a voluntary recall, not a mandatory one, and the product meets market standards [4] - A rumor regarding Hoshine Silicon Industry's control transfer has been denied by a company insider, stating that the information is false [5] - Haosai announced the termination of the transfer of a 0.71% stake in Yida New Energy due to unmet conditions of the agreement [5] Group 5 - Yibin Technology received a project designation notice from a domestic new energy vehicle company, with an estimated total sales amount of approximately 256 million yuan over a five-year lifecycle [6] - Kaichun Co. announced an adjustment to its share repurchase price limit from 26.625 yuan per share to 40 yuan per share, effective from June 10, 2025 [7] - The ChiNext index rose over 1% with more than 4,100 stocks in the market increasing, indicating a strong market performance [8]