Group 1: Company Strategy and Development - The company focuses on "endogenous innovation + external expansion" to enhance international business and strengthen domestic market promotion [2][3] - Key products include human diploid rabies vaccine, 13-valent pneumonia vaccine, hepatitis B vaccine, and varicella vaccine, with ongoing efforts to promote and sell these products [2][3] - The company aims to build a diversified growth engine by exploring new business areas aligned with its strategic development [3] Group 2: Product Development and Sales - The freeze-dried human rabies vaccine, the first of its kind in China, achieved sales revenue of CNY 337 million in 2024 after being approved in April 2024 [4] - The five-component vaccine is currently in Phase I clinical trials, with plans to advance to Phase III upon completion [5] - The 13-valent pneumonia vaccine has low domestic penetration but significant future growth potential, with ongoing international collaborations for registration and sales [6][7] Group 3: Research and Development Investment - In 2024, the company invested CNY 569 million in R&D, accounting for 21.47% of its annual revenue, with a cumulative investment of CNY 2.105 billion over the past three years [8] - The company has over 30 projects in the pipeline, with 18 projects entering the registration process [8] - The company is also focusing on innovative vaccine technologies, including mRNA and viral vector technologies [9] Group 4: Financial Performance and Shareholder Returns - In 2024, the company distributed cash dividends of CNY 101 million, representing 49.85% of the net profit attributable to shareholders [13] - Since its listing in 2017, the company has cumulatively distributed CNY 1.885 billion in cash dividends, accounting for 45.06% of the total net profit [13] Group 5: International Expansion and Partnerships - The company is actively pursuing international markets in Southeast Asia, South Asia, the Middle East, and other regions, with multiple agreements for vaccine registration and commercialization [12] - A strategic partnership with AstraZeneca aims to establish a joint venture for vaccine development in China, enhancing the company's international presence [11]

Core Viewpoint - Yuan Liping, a major shareholder of Kangtai Biological, plans to reduce her stake in the company due to personal financial needs, intending to sell up to 11,160,000 shares, which represents 1.00% of the total share capital [1] Group 1: Shareholder Information - Yuan Liping is the second-largest shareholder of Kangtai Biological, holding 201,730,680 shares directly, which is 18.06% of the total share capital, and an additional 45,200,000 shares indirectly, totaling 246,930,680 shares or 22.11% of the total [2] - The actual controller of Kangtai Biological is Du Weimin, and Yuan Liping is considered a concerted actor with him [2] Group 2: Historical Context - In May 2020, Kangtai Biological announced the divorce between Du Weimin and Yuan Liping [3] - The company conducted a non-public offering in 2020, raising a total of RMB 300 million, with a net amount of RMB 298.53 million after expenses, at an issue price of RMB 110 per share [3] - Kangtai Biological's current stock price is below the issue price from the 2020 non-public offering [3] - The company announced a dividend plan in May 2022, proposing a bonus issue of 6 shares for every 10 shares held and a cash dividend of 8.5 yuan (pre-tax) [3]

Group 1 - The core viewpoint is that the North Exchange (北交所) presents significant investment opportunities, particularly for actively managed public funds, which have demonstrated strong performance compared to the North Index [1][2][3] - The 华夏北交所创新中小企业精选两年定开 fund achieved a net value growth rate of 72.16% in 2025, ranking third in the market, and has a three-year growth rate of 175.64%, making it the top-performing fund in the market [1] - The North Exchange is characterized by a relatively low number of institutional participants, allowing for better value discovery and opportunities for active management to outperform the North Index [2][3] Group 2 - The North Exchange comprises companies that have transitioned from the New Third Board (新三板), with a total of approximately 6065 listed companies, of which 2183 are in the innovation layer [3] - Notable companies listed on the North Exchange include industry leaders such as Jinjie Biological (锦波生物) and Minshida (民士达), indicating the presence of high-quality firms despite the smaller average company size [3][4] - The investment strategy of 华夏基金 focuses on leveraging research capabilities to identify and invest in quality companies within the North Exchange, which is expected to grow as more quality firms list [3][4] Group 3 - The current valuation of the North Exchange is considered attractive, with the North Index's dynamic price-to-earnings ratio at 68 times, compared to other indices like the ChiNext Index at 138 times [7] - Historical trends suggest that small-cap stocks tend to perform well during early economic recovery phases, which aligns with the current market conditions [7][8] - The North Exchange is expected to continue attracting quality companies, with liquidity increasing approximately 30 times over the past three years, enhancing its appeal to institutional investors [8]

Market Overview - On July 1, A-shares experienced a slight upward movement with a total transaction volume of 1.49 trillion yuan, where over 2,600 stocks rose, indicating a generally bullish market sentiment [1] - Leading sectors included pharmaceuticals, biological products, precious metals, and banking, while sectors such as diversified finance, software development, telecommunications, and batteries saw the largest declines [1] Options Market Activity - The options market saw a decrease in transaction volume but a steady increase in open interest, with total transactions amounting to 3.7281 million contracts, down 19.20% from the previous trading day, while total open interest rose by 8.42% to 7.3985 million contracts [1] - The Shanghai Stock Exchange 50 ETF options recorded a transaction volume decrease of 19.56% and an open interest increase of 8.23%, with 605,600 contracts traded, down from 752,900 contracts [1] Options Position Changes - For the July contracts, there was a total increase of 55,400 contracts in open interest, with call options increasing by 20,000 contracts and put options by 35,400 contracts, indicating a preference for both call and put options in slightly out-of-the-money positions [1] - The CSI 300 ETF options mirrored the trends of the Shanghai 50 ETF options, with transaction volumes decreasing by 29.05% for the Shenzhen Stock Exchange and 21.86% for the Shanghai Stock Exchange, while open interest increased by 11.19% and 10.67% respectively [2] Volatility Analysis - The implied volatility for the Shanghai 50 ETF at the end of July 1 was 11.62%, with historical volatility remaining low at 8.48% for the 30-day period [3] - The overall analysis suggests that the A-share market is in a consolidation phase following a volume increase, with both call and put options being added in slightly out-of-the-money positions, indicating a cautious outlook for short-term market movements [3]

Group 1 - The company has nominated Huang Juan as an independent director candidate for its fourth board of directors, confirming her independence and compliance with relevant regulations [1][2][3] - Huang Juan has undergone qualification review by the company's nomination committee and has no relationships that could affect her independent performance [1][2] - The candidate has confirmed that she meets the qualifications and conditions set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange for independent directors [2][3][4] Group 2 - The company has also nominated Zhang Jianping as an independent director candidate, who has agreed to the nomination and confirmed his independence [29][58] - Zhang Jianping has passed the qualification review and has no conflicts of interest that could impact his independent duties [29][58] - The nomination is based on a thorough understanding of Zhang Jianping's professional background, qualifications, and absence of any significant credit issues [29][58]

Core Viewpoint - Shenzhen Weiguang Biological Products Co., Ltd. is undergoing a board re-election process in accordance with relevant laws and regulations, with the nomination of candidates for the fourth board of directors [1][2]. Group 1: Board Election Process - The third board of directors held its thirty-fourth meeting on July 1, 2025, and approved the proposals for the re-election of the board and the nomination of candidates for both non-independent and independent directors [2]. - The candidates for the fourth board include five non-independent directors and three independent directors, with their qualifications having been reviewed by the board's nomination committee [2][3]. - The election will be conducted at the company's first extraordinary general meeting of 2025, using a cumulative voting system to elect eight directors, alongside one employee representative director [2][3]. Group 2: Candidate Qualifications - Zhang Zhan, the current chairman, has a graduate degree and is a senior engineer, with a history of serving in various roles within the company [3][4]. - Guo Caiping, the current general manager, holds a doctoral degree and has been with the company since 1994, having held multiple positions [5][6]. - Chen Guanqun, the financial director, is a senior accountant with a bachelor's degree in economics and has experience in various financial roles [6][7]. - Li Ligan, a current director, has a bachelor's degree and serves as the financial director at another company [7][8]. - Zhang Xianen, a biotechnology expert, has extensive academic qualifications and has held significant positions in research institutions [8][9]. - The independent director candidates, including Wang Yanmei, Huang Juan, and Zhang Jianping, have relevant academic and professional backgrounds, ensuring they meet the independence criteria [9][10].

Core Viewpoint - Shenzhen Weiguang Biological Products Co., Ltd. has revised its Articles of Association and related systems to enhance corporate governance and operational standards [1][2]. Group 1: Articles of Association Revision - The company has proposed amendments to its Articles of Association to improve governance structure and comply with relevant laws and regulations [1]. - The revised Articles of Association and a comparison table of changes are available on the official website [1]. Group 2: Related System Revisions - The board of directors has approved revisions to several internal systems, including those related to independent directors, audit committee, nomination committee, compensation and assessment committee, strategic committee, insider information management, and accountant selection [1]. - The full text of the revised systems is also published on the official website [1].

Core Points - The company has approved the implementation of the third employee stock ownership plan [1][2] - The lock-up period for the employee stock ownership plan will expire on July 7, 2025 [1] - The plan has completed the purchase of company shares through the secondary market as of July 3, 2024 [1] Summary of Employee Stock Ownership Plan - The employee stock ownership plan will have a lock-up period of 12 months from the date of the last share transfer [1] - After the lock-up period, the management committee will decide on the timing of selling the shares held by the plan [1][2] - The plan will comply with market trading rules and relevant laws and regulations [1] Duration, Changes, and Termination of the Plan - The duration of the employee stock ownership plan starts from the date of the last share transfer to the plan [2] - Changes to the plan require approval from at least two-thirds of the participating holders [2] - The plan can be terminated early under certain conditions, including the inability to liquidate all shares before the expiration of the duration [2]

Core Viewpoint - The independent director candidate Wang Yanmei has declared her commitment and qualifications to serve on the fourth board of Shenzhen Weiguang Biological Products Co., Ltd, ensuring her independence and compliance with relevant regulations [1][2][3]. Group 1 - The candidate has confirmed that there are no relationships with the company that could affect her independence [1]. - The candidate has passed the qualification review by the company's nomination committee and has no conflicts of interest with the nominator [1]. - The candidate meets the qualifications and conditions for independent directors as stipulated by the China Securities Regulatory Commission and Shenzhen Stock Exchange [1][2]. Group 2 - The candidate has participated in training and obtained relevant certification recognized by the stock exchange [2]. - The candidate has no violations of laws or regulations that would disqualify her from serving as an independent director [2][3]. - The candidate has the necessary knowledge and experience related to the operation of listed companies, with over five years of relevant work experience [3][4]. Group 3 - The candidate and her immediate family do not hold any shares in the company or its subsidiaries [4][5]. - The candidate has not been subject to any disqualifications or penalties by regulatory authorities in the past three years [5][6]. - The candidate has committed to report any changes in her qualifications during her tenure as an independent director [6][7].

证券分析师：张冬冬 E-MAIL：zhangdd@tpyzq.com 分析师登记编号：S1190522040001 证券分析师：吴步升 E-MAIL：wubs@tpyzq.com 分析师登记编号：S1190524110002 大类资产跟踪 债券市场：利率债涨跌不一，短端几乎持平，长端上涨。股市方面上 证指数放量突破颈线压制，且呈均线排列结构，虽然基本面的疲弱仍将支 撑债市，但股市若继续走强仍将压制债市表现，预计债市后续将高位震荡 运行。后续展望：股市大盘突破，债市预计高位震荡。 2025 年 07 月 01 日 投资策略 策略日报（2025.07.01）：指数分化 相关研究报告 <<策略日报（2025.06.30）：创业板指 领涨>>--2025-07-01 A 股：三大指数分化，沪指领涨，创新药概念爆发。市场全天成交额 1.49 万亿，较前一日缩量 0.02 万亿，个股涨跌分化，2514 只个股上涨， 2394 只个股下跌。沪指技术面上指数突破了 3 月份的高点，上涨空间已 经打开。有三个观察点来判断行情的强弱支撑是否有效：一是前期油价的 高点也是地缘风险消退和指数止稳的起点，因此 6 月 23 日上涨的低 ...