招银国际发表研报，首次覆盖中国生物制药，予其"买入"评级，并基于10年的现金流折现模型(DCF)的 目标价为9.4港元，对应2026年经调整市盈率37倍。 招银国际预计，中生制药收入在2025年、2026年、2027年，分别按年增长11.4%、10.5%、9.6%，经调 整净利润分别按年增长12.2%、11.5%、10.5%。基于谨慎的考虑，招银国际的预测目前尚未考虑公司多 个重磅创新产品的潜在海外授权BD贡献。 该行认为，中生制药的创新药迎来收获期，生物类似药快速增长，化学仿制药业务保持稳健。根据医药 魔方数据，公司目前已获批的7款生物类似药的样本医院市场容量合计为240亿元(2024年)。考虑到中生 制药在国内的成熟销售网络，该行预计其生物类似药销售有望快速放量，特别是首仿帕妥珠单抗。 ...

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Pharmaceutical Industry - **Key Focus**: Policy outlook for the second half of 2025, emphasizing basic healthcare and innovation support [1][2] Core Insights and Arguments - **Policy Direction**: The government aims to enhance medical accessibility and affordability while strengthening industry regulation. The focus is on supporting pharmaceutical innovation to meet clinical needs and achieve economic and social benefits [1][2] - **Support for Innovative Drugs**: The National Healthcare Security Administration (NHSA) and the National Health Commission (NHC) have introduced measures to support innovative drug development across five areas: R&D, insurance catalog, clinical application, diversified payment, and security measures. The commercial insurance innovation catalog is a highlight, allowing companies to apply concurrently and negotiate settlement prices [1][6][11] - **Separate Payment System Progress**: The separate payment system for innovative drugs is gradually advancing, with an increase in the number of domestic drugs included in Guangdong's separate payment scope. This is expected to enhance market access and coverage for innovative drugs [1][7] - **Drug Procurement Optimization**: The 11th batch of national drug procurement has optimized reporting methods and bidding rules, raising the bidding threshold and clarifying that new drugs will not be included in procurement. This aims to improve quality control and ensure reasonable pricing [1][13][14] Additional Important Content - **Real-Time Settlement**: As of May 2025, real-time settlement has been implemented in 300 regions, covering 77% of the country, with a total of 300 billion yuan allocated from the medical insurance fund. However, the impact on the growth rate of the insurance fund remains limited [3][15][16] - **Regulatory Environment**: The regulatory intensity in the healthcare sector will remain high, with ongoing efforts to address misconduct in medical procurement and retail pharmacy sectors [3][17][28][29] - **Medical Equipment Market**: The bidding scale for medical equipment is gradually increasing, with significant growth in areas such as medical imaging and surgical robots. However, the terminal prices are under pressure due to centralized procurement [3][23][24][25] - **IVD (In Vitro Diagnostics) Sector**: The IVD sector is experiencing slower progress in price adjustments due to different pricing mechanisms in hospitals, but there is a significant potential for domestic substitution as imported products still hold a large market share [20][21] Conclusion The pharmaceutical industry is undergoing significant changes driven by government policies aimed at enhancing healthcare accessibility and supporting innovation. The focus on regulatory compliance and quality control is expected to shape the industry's future landscape, with opportunities for growth in innovative drugs and medical equipment sectors.

Market Performance - The three major stock indices collectively rose in the past week, with the Shanghai Composite Index increasing by 1.13% to close at 3385.36 points, the Shenzhen Component Index rising by 1.42% to 10183.70 points, and the ChiNext Index gaining 2.32% to 2039.44 points [2] - Approximately 75% of individual stocks experienced gains during the week, with 103 stocks rising over 15% and 13 stocks declining more than 15% [2] Top Performing Stocks - Jinling Sports (300651.SZ) led the weekly gainers with an 88.24% increase, followed by Huijin Co. (300368.SZ) with a 50.54% rise, and several other stocks exceeding 40% growth [4] - Jinling Sports has seen a significant surge due to the popularity of the Jiangsu Province's first urban football league, known as "Su Chao," which has generated considerable social media buzz [5] Company Overview - Jinling Sports specializes in sports equipment, venue facilities integration, sports health, and event services, with its main products including ball equipment and athletic gear [5] - The company achieved a new high in stock price since June 2022, with a total market capitalization of 4.1 billion yuan [5] Market Sentiment and Risks - Jinling Sports acknowledged the volatility in its stock price, attributing it to the heated market sentiment surrounding the urban football league, indicating potential irrational trading behavior [6] - Despite the stock surge, the company reported a decline in performance, with a projected decrease in revenue and net profit for 2024, and a loss in the first quarter of 2025 [6] Industry Outlook - The sports industry is expected to maintain high growth, supported by favorable policies and a youthful consumer base driving demand [7] - Analysts recommend focusing on companies with strong sports IP and event hosting capabilities for investment opportunities in 2025 [7] Underperforming Stocks - Longjin Tui (002750.SZ) experienced a significant drop of 36.28% as it entered a delisting preparation period, with its stock price falling to 0.72 yuan and a total market value of 290 million yuan [12] - The company has faced continuous losses over the years, with a reported revenue decline of 23.25% in 2024 [12]

青侨阳光医药投资 - 行业思考 1 标准化程度和医生依赖度的差异， 是"药VS械VS院"业务不同特性的重要来源 "医药"里的"医"主要指医疗器械和医疗机构，"药"主要指中药、化药、生物药等药品。从这点来说，"药品、 器械、医院等医疗机构"是医药行业最核心3大业务类别。除此之外的医药细分，多数可以看成是这3类业务的 配套产业，比如原料药、CRO、CMO等可以看成是药品的配套，分销商、药店等可以看成是药品和器械的配 套，三方诊断、医疗信息化等可以看成是医疗机构的配套。 从欧美日等发达国家过去几十年的历史经验看，在医药行业相对成熟的主流经济体中，"药"的资本回报率最为 可观，"械"的资本回报率也相当优秀，但"院"的资本回报率比较糟糕。 比如有很多人统计过美股不同行业的历史ROIC，其中： 这与我们的直觉感受是一致的，虽然药品和器械占整个医药行业总盘子不到20%，但我们闭着眼睛也能数出几 十个声名显赫、历史回报强劲的来自美国、欧洲、日本的制药企业和医疗器械企业；但对于占行业总盘子超 60%的医疗服务业务，著名的海外上市医院集团我们可能一只手的指头都数不完。 为什么会这样？一个重要原因是这 三类业务在标准化程度和医生依 ...