Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical and biotechnology sector [5] Core Views - The pharmaceutical sector has shown stronger performance compared to the overall market, with a 4.00% increase in the biotechnology sector [1] - China National Pharmaceutical plans to acquire Lixin Pharmaceutical for a valuation of up to $1 billion, enhancing its innovation capabilities and internationalization efforts [2][12] - The report recommends focusing on innovative drug companies that demonstrate high-quality innovation capabilities, as domestic and international markets continue to improve [3] Summary by Sections Market Performance - The overall A-share market increased by 1.17%, with the biotechnology sector outperforming at 4.00% [1][46] - Specific sub-sectors such as chemical pharmaceuticals and biological products saw increases of 6.86% and 3.68%, respectively [1][46] Company Acquisition - China National Pharmaceutical announced the acquisition of 95.09% of Lixin Pharmaceutical for approximately $950.9 million, netting around $500 million after accounting for cash holdings [2][11] - Lixin Pharmaceutical has several projects in various clinical stages, including two in registration and six in clinical phases 1/2 [12][16] Investment Strategy - The report continues to recommend the innovative drug sector, highlighting the positive adjustments in medical insurance and commercial health insurance for innovative drugs [3] - It suggests that the CXO industry may see a turnaround, particularly recommending leading CDMO companies as the market stabilizes [3] Key Company Forecasts and Ratings - Major companies such as Mindray Medical, WuXi AppTec, and others are rated as "Outperform" with projected net profits increasing over the next few years [4][55] - The report provides detailed profit forecasts and PE ratios for various companies, indicating a generally positive outlook for the sector [4][51] Recommended Companies - Mindray Medical is highlighted for its strong R&D and sales capabilities, benefiting from domestic medical infrastructure and international expansion [55] - WuXi AppTec is noted for its comprehensive service capabilities in the new drug development outsourcing market [55] - Other recommended companies include Aier Eye Hospital, New Industries, and Huatai Medical, each with unique strengths and growth potential [55][56]

Investment Rating - The report maintains a "Strong Buy" rating for the pharmaceutical industry, indicating a positive outlook for investment opportunities [3]. Core Insights - The new centralized procurement regulations emphasize "stability in clinical use, quality assurance, prevention of collusion, and countering excessive competition," which are expected to promote the long-term healthy development of the industry [2][32]. - The report suggests focusing on recently launched innovative products, high-quality raw material suppliers, and key products that have passed the consistency evaluation for generic drugs [2][32]. Summary by Sections Market Review - The pharmaceutical and biotechnology index increased by 4% this week, outperforming the CSI 300 index by 2.91 percentage points, ranking second in industry performance [11]. - Year-to-date, the pharmaceutical and biotechnology index has risen by 16.59%, also surpassing the CSI 300 index by 13.45 percentage points [11]. - The chemical pharmaceutical sector showed the highest growth this week at 6.86%, while traditional Chinese medicine had the lowest decline at 0.88% [16][18]. Individual Stock Performance - In the A-share market, 397 out of 474 pharmaceutical stocks rose, with the top five performers being: - Borui Pharmaceutical (+42.35%) - Lisheng Pharmaceutical (+41.68%) - Nanxin Pharmaceutical (+34.95%) - Aosai Kang (+32.77%) - Yipin Hong (+32.13%) [22]. - In the Hong Kong market, 96 out of 106 pharmaceutical stocks increased, with the top performers including: - Clover Biopharma-B (+63.79%) - Lepu Biopharma-B (+62.04%) - Deqi Pharmaceutical-B (+47.04%) [25]. Industry News and Policies - The 11th batch of national centralized drug procurement was officially launched, including 55 varieties across various therapeutic areas, focusing on clinical needs and market realities [28]. - The new procurement rules are more refined, requiring production experience and quality control capabilities from manufacturers, which will help ensure drug quality and promote industry standardization [28]. - The establishment of the "Commercial Insurance Innovative Drug Directory" marks a significant step in building a multi-tiered medical security system, providing new economic support for innovative drug development [28]. Key Company Announcements - Heng Rui Pharmaceutical reported positive results from its GLP-1/GIP dual receptor agonist HRS9531 in a Phase III weight loss study, with an average weight reduction of 19.2% in the treatment group [29][31]. - The report highlights various corporate actions, including stock incentive plans and capital increases by several companies, indicating active corporate governance and strategic investments in the sector [36].

1. Report Industry Investment Rating There is no information provided in the report regarding the industry investment rating. 2. Core Viewpoints of the Report - AI + technology remains the main battlefield, with new consumption, some resource products, and innovative drugs also being frequently mentioned in the viewpoints of the second - quarter reports of representative public funds [10]. - The new wave of the pan - AI industry has become the mainstream allocation, with the allocation ratio of TMT + Hang Seng Technology reaching 36.19% and showing a continuous increase, while the pan - new energy is in a continuous reduction process [16]. - The consumption position shows a trend of shifting from traditional consumption to new consumption, with the current position of the new consumption 50 portfolio accounting for about 10.36%. The overseas expansion wave has not fundamentally reversed due to tariffs, and the position of the overseas expansion 50 portfolio remains high, with obvious increases in cultural overseas expansion sectors less affected by tariffs [20]. - The logic of the transformation of new and old kinetic energy in the A - share market has become the consensus of institutional allocation, with the position of the new economy TMT index continuously rising and the current position of the old economy index only at 9.46% [30]. 3. Summary According to Relevant Catalogs 3.1 Active - type Public Offering Q2 Position Change Breakdown - **Q2 Institutional Increase Logic**: AI industry chain (overseas computing power, domestic substitution, application end), pharmaceutical sector benefiting from the overseas expansion of innovative drugs and policy improvement, military industry (aircraft and missile chain) and high - end manufacturing, and some resource products (such as electrolytic aluminum, copper, and gold) [5]. - **Q2 Institutional Reduction Logic**: Traditional consumption (such as liquor) and some previously high - level sectors (such as intelligent driving and robotics) [5]. - **Industry - level Changes**: In 2025Q2, the top five industries with institutional increases were communication, banking, non - banking finance, pharmaceuticals, and media; the top five industries with institutional reductions were food and beverage, automobiles, machinery, household appliances, and power equipment and new energy [1][5]. - **AI Industry Chain**: In 2025Q2, the allocation of the AI industry chain remained the core. Benefiting from the diffusion effect of the continuous rise of NVIDIA, active funds significantly increased their positions in the overseas computing power chain, such as optical modules (+2.29pct) and PCB (+1.56pct), while domestic computing power (-0.08pct) and Hong Kong - listed Internet giants had slight reductions [5]. - **Pharmaceutical Sector**: In 2025Q2, the institutional position in the pharmaceutical sector increased significantly, especially in some leading Hong Kong - listed innovative drug companies. Chemical preparations (+0.77pct, mainly innovative drugs) and biomedicine (+0.52pct), and Hong Kong - listed Innovent Biologics became one of the top 20 institutional heavy - position stocks for the first time [5]. - **Overseas Expansion Industry Chain**: In 2025Q2, institutional investors' positions in the overseas expansion industry chain were differentiated. In the context of tariff risks, game and cultural overseas expansion became the focus, with games (+0.45pct) and advertising and marketing (+0.29pct) increasing, while white goods (-0.91pct), engineering machinery (-0.43pct), and consumer electronics (-1.10pct) had obvious reductions [6]. - **Consumption Sector**: In 2025Q2, the positions in the new and traditional consumption sectors were opposite. The new consumption sector increased overall, such as pet food (+0.38pct), and stocks like Hong Kong - listed Pop Mart increased; traditional consumption such as liquor (-2.61pct) and consumer medical services (-0.57pct) had obvious reductions [6]. - **Large Financial Sector**: In 2025Q2, the institutional position in the large financial sector increased significantly. Banks (+1.02pct, the allocation ratio reached 4.81% for the first time since 2016), insurance (+0.50pct), and securities (+0.23pct) all showed obvious increasing trends [6]. - **Resource Product Sector**: In 2025Q2, institutional investors increased their positions in some resource product sectors with rising prices, including gold (+0.12pct), rare earths (+0.10pct), and copper (+0.19pct) [6]. 3.2 Overall Allocation Trends - The number of heavy - position Hong Kong - listed stocks and the proportion of heavy - position market value in active - type public funds continued to rise, currently approaching about 20% [13]. - The new wave of the pan - AI industry has become the mainstream allocation, with the allocation ratio of TMT + Hang Seng Technology reaching 36.19% and showing a continuous increase, while the pan - new energy is in a continuous reduction process [16]. - The consumption position shows a trend of shifting from traditional consumption to new consumption, with the current position of the new consumption 50 portfolio accounting for about 10.36%. The overseas expansion wave has not fundamentally reversed due to tariffs, and the position of the overseas expansion 50 portfolio remains high, with obvious increases in cultural overseas expansion sectors less affected by tariffs [20]. - The logic of the transformation of new and old kinetic energy in the A - share market has become the consensus of institutional allocation, with the position of the new economy TMT index continuously rising and the current position of the old economy index only at 9.46% [30]. 3.3 Active - Position - Increasing Stock Ranking The stocks with active position increases are mainly concentrated in the CPO + innovative drug direction, including Zhongji Innolight, New Fiber Optic Network, Huadian Technology, etc. [31].

Investment Rating - The report maintains a "Buy" rating for the company [6][13]. Core Viewpoints - The company is experiencing rapid growth in plasma collection, with new production capacity expected to enhance production efficiency and new product approvals likely to improve the comprehensive utilization rate of plasma [2][13]. - The company has a strong advantage in acquiring plasma station resources, supported by its affiliation with the China National Pharmaceutical Group [21][22]. - The company is expected to achieve significant revenue growth, with projected revenues of 72.98 billion, 86.42 billion, and 99.26 billion yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 21.0%, 18.4%, and 14.9% [15][19]. Financial Summary - Total revenue is projected to grow from 51.80 billion yuan in 2023 to 99.26 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 14.9% [4][15]. - Net profit attributable to the parent company is expected to increase from 11.10 billion yuan in 2023 to 22.40 billion yuan in 2027, with a CAGR of approximately 15.4% [4][15]. - Earnings per share (EPS) is forecasted to rise from 0.56 yuan in 2023 to 1.13 yuan in 2027 [4][15]. Industry Insights - The blood product industry is expected to see a rise in demand, particularly for domestic alternatives to imported human albumin, with a significant portion of the market still untapped for immunoglobulin and coagulation factor products [18][19]. - The industry is witnessing an increase in plasma collection capacity, with a projected 11% growth in plasma collection volume in 2024 [19][23]. - The concentration of plasma stations among leading companies is increasing, with the top companies holding a significant share of the market [20][23]. Production Capacity and Efficiency - The company has planned three new production facilities, each with a capacity of 1,200 tons per year, which will enhance overall production capacity to over 4,000 tons annually [29][31]. - The integration of production facilities has led to improved operational efficiency and increased yield rates for key products [27][29]. Research and Development - The company is focusing on enhancing its R&D capabilities, with a diverse pipeline of products aimed at addressing rare diseases and improving the utilization rate of plasma [32][33]. - Notable products in development include subcutaneous human immunoglobulin and recombinant coagulation factors, which are expected to contribute to future revenue growth [32][33].

注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 键凯科技7月21日龙虎榜 | 买入营业部名称 | 买入金额(万元) | | --- | --- | | 机构专用 | 3914.54 | | 海通证券股份有限公司汕头中山中路证券营业部 | 2312.05 | | 国泰海通证券股份有限公司总部 | 2001.61 | | 光大证券股份有限公司汕头华山路证券营业部 | 1780.24 | | 国泰海通证券股份有限公司南宁民族大道证券营业部 | 1104.98 | | 卖出营业部名称 | 卖出金额(万元) | | 中信证券股份有限公司上海分公司 | 1908.43 | | 广发证券股份有限公司荆州江津路证券营业部 | 1660.53 | | 国泰海通证券股份有限公司总部 | 1280.25 | | 高盛(中国)证券有限责任公司上海浦东新区世纪大道证券营业部 | 1211.86 | | 瑞银证券有限责任公司上海花园石桥路证券营业部 | 1135.05 | 7月21日键凯科技（688356）收盘价110.16元，收盘涨停，全天换手率7.96%，振幅16.39%，成交额4.87 亿元。科创板交易公开信息显示， ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector in the next six months [1][29]. Core Insights - The pharmaceutical and biotechnology sector has shown strong performance, with an overall increase of 4.00% in the week from July 14 to July 18, outperforming the CSI 300 index by 2.91 percentage points [3][11]. - Year-to-date, the sector has risen by 16.59%, ranking third among 31 industries, and has outperformed the CSI 300 index by 13.45 percentage points [3][13]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 30.02 times, which is at the historical median level, with a valuation premium of 137% compared to the CSI 300 index [3][17]. Market Performance - The pharmaceutical and biotechnology sector's sub-sectors that performed best last week include chemical pharmaceuticals (6.86%), biological products (3.68%), and medical services (3.14%) [3][11]. - A total of 397 stocks (82.88%) in the sector increased in value, while 70 stocks (14.61%) decreased [3][23]. - The top five performing stocks were: - Borui Pharmaceutical (42.35%) - Lisheng Pharmaceutical (41.68%) - Nanxin Pharmaceutical (34.95%) - Aosaikang (32.77%) - Yipinhong (32.13%) [3][24]. Industry News - The 11th batch of national centralized procurement was officially launched on July 15, with 55 drug varieties included, focusing on mature clinical drugs and excluding new drugs from procurement [4][25]. - He Yuan's plant-derived recombinant human serum albumin (HY1001) was approved for domestic marketing on July 18, aimed at treating liver cirrhosis with low albumin levels [4][26]. Investment Recommendations - The report suggests that the pharmaceutical and biotechnology sector remains a strong investment opportunity, particularly in innovative drugs, CXO, medical devices, traditional Chinese medicine, chain pharmacies, and medical services [5][27]. - Recommended stocks include: - Buy: Betta Pharmaceuticals, Teva Biologicals, Lao Baixing, Huaxia Eye Hospital, Qianhong Pharmaceutical, Baipusais [5][27]. - Focus: Kelun Pharmaceutical, Rongchang Biotechnology, Lizhu Group, Lingrui Pharmaceutical, Kaili Medical, Kangtai Biotechnology [5][27].

Group 1: Financial Performance - The overall gross margin for the company's proprietary brand is approximately 50% [2] - In 2024, the revenue from proprietary brands is expected to grow nearly 30% year-on-year, indicating a strong growth trend [2] - Currently, the revenue share from proprietary brands is relatively low, but it is anticipated to increase as the company invests more in sales resources and expands its product pipeline [2] Group 2: Sales Strategy - The company maintains a complementary product structure between proprietary and third-party brands, promoting mutual development [2] - By integrating market channel resources, the company aims to drive simultaneous growth for both proprietary and third-party brands through solution-oriented sales [2] Group 3: Share Buyback - In 2024, the company initiated a share buyback plan, utilizing 25,987,076 CNY to repurchase 927,600 shares, intended for equity incentives or employee stock ownership plans [2] - A new share buyback plan is set to use no less than 15 million and no more than 30 million CNY of its own funds for share repurchase, aimed at cancellation and reduction of registered capital [2] Group 4: Market Expansion - The company's business is primarily focused on the domestic market, with plans to accelerate the international expansion of proprietary brand products based on product development and domestic sales performance [2] - In 2024, the company established a presence in Singapore and is actively enhancing product visibility through online marketing and participation in offline exhibitions [2] Group 5: M&A Strategy - The company is focused on building a one-stop platform and enhancing R&D capabilities, aligning with its "two extremes strategy" [3] - Continuous investment in marketing, product line expansion, information technology, supply chain capabilities, and R&D is aimed at improving service capabilities and research strength [3] - The company seeks potential upstream and downstream acquisition targets that align with its existing business, particularly in antibody-related applications, to ensure sustainable development [3]

Group 1 - Chengdu Kanghua Biological Products Co., Ltd. announced the transfer of approximately 28.47 million shares, representing 21.91% of the total share capital after excluding repurchased shares, to Shanghai Wankexin Biotechnology Partnership for a consideration of 1.85 billion yuan [1] - Following the share transfer, Wang Zhentao will delegate his voting rights and other rights associated with 10.50 million shares, representing 8.08% of the total share capital, to Wankexin Biotechnology, resulting in Wankexin holding approximately 29.99% of the voting rights in Kanghua [1] - The change in control will shift from Wang Zhentao to Wankexin Biotechnology, which has no actual controller, indicating a transition to a state of no actual controller for Kanghua [1] Group 2 - Wankexin Biotechnology was established on July 8, 2025, with Shanghai Biomedical M&A Private Equity Fund holding approximately 80.21% of its partnership shares, indicating strong backing from significant investors [2] - The Shanghai Biomedical M&A Fund, which includes major contributors like Shanghai Guotou Xiandai Private Equity Fund, aims to empower leading enterprises in the biopharmaceutical sector, focusing on innovative drugs and high-end medical devices [2][3] - The entry of Wankexin as a new controlling entity is expected to enhance Kanghua's strategic flexibility and attract diverse resources and collaboration opportunities, supported by the financial strength of its new shareholders [3] Group 3 - Kanghua Biological specializes in the research, production, and sales of human vaccines, being the first in China to produce human diploid cell rabies vaccines, showcasing its strong R&D capabilities [3] - The company has established a solid brand image and stable customer base in the biopharmaceutical sector, although it faces challenges such as intense competition and rapid technological advancements [4] - The financial backing from Wankexin, which has connections to Shanghai state-owned assets, is anticipated to provide substantial support for Kanghua's R&D investments and capacity expansion [4]

Core Viewpoint - Chengdu Kanghua Biological Products Co., Ltd. has received an updated "Drug Production License" from the Sichuan Provincial Drug Administration, allowing the company to resume production of the ACYW135 meningococcal polysaccharide vaccine, which meets GMP requirements [1][2]. Group 1: Drug Production License Information - The updated "Drug Production License" is valid until December 9, 2025, and allows the production of preventive biological products, specifically the ACYW135 meningococcal polysaccharide vaccine [1]. - The production facilities include a bacterial vaccine workshop and a packaging workshop located at 182 Beijing Road, Chengdu Economic and Technological Development Zone [2]. Group 2: Impact on the Company - The ACYW135 meningococcal polysaccharide vaccine is used to prevent meningitis caused by serogroups A, C, Y, and W135, and has been exported to 10 countries since its launch [2]. - The approval for the vaccine production facility to meet GMP standards is expected to enhance the company's product structure and better meet market demand, although it is noted that there will be no significant short-term impact on the company's performance [2].

Core Viewpoint - Chengdu Kanghua Biological Products Co., Ltd. (300841), primarily engaged in the research, production, and sales of human vaccines, announced a change in control on July 21, 2025, with the actual controller shifting from Wang Zhentao to Shanghai Wankexin Biotechnology Partnership, which will become the new controlling shareholder [1][3]. Group 1: Share Transfer and Control Change - The share transfer agreement involves Wang Zhentao, Aokang Group, and other shareholders transferring a total of 28,466,638 shares, representing 21.9064% of the total share capital after excluding repurchased shares, to Wankexin Biotechnology [1][3]. - Following the transfer, Wankexin will hold a voting power of 29.9893%, while Wang Zhentao will delegate the voting rights of 10,503,517 shares (8.0829% of total shares) to Wankexin [1][3]. Group 2: New Controlling Shareholder - Shanghai Wankexin was established just 10 days prior to the announcement, on July 8, 2025, with a registered capital of 763.01 million yuan [3][4]. - The main partners of Wankexin include Shanghai Bio-Medical M&A Private Equity Fund Partnership, which holds 80.209% of the partnership shares, and Shanghai Pharmaceutical Group, which holds 19.790% [4][5]. Group 3: Financial Aspects of the Acquisition - The total consideration for the share transfer is 1.851 billion yuan, with funding sourced from Wankexin's own funds and bank loans [7]. - Wankexin plans to contribute 701 million yuan from its own funds and 1.15 billion yuan from bank loans, with part of the acquired shares pledged as collateral for financing [7][8]. Group 4: Financial Performance of Kanghua Biological - Kanghua Biological's net profit has declined significantly from 829.48 million yuan in 2021 to 398.65 million yuan in 2024, representing a year-on-year decrease of 21.71% [9][10]. - The company's first-quarter net profit for 2025 was reported at 20.71 million yuan, a staggering decline of 86% compared to the previous year [9][10]. Group 5: Background of the Previous Controller - Wang Zhentao, known as the "Wenzhou Shoe King," has seen his other company, Aokang Footwear, report losses for three consecutive years, indicating potential challenges in management and operational performance [9][11].