首药控股：筹划发行H股股份并在香港联交所上市 12月11日晚，首药控股(688197)发布公告称，公司正在筹划发行H股股份并在香港联交所上市事宜。公 司正与中介机构就本次H股上市的具体推进工作进行商讨，相关细节尚未确定。 江苏国信：子公司国信马洲100万千瓦机组投产 12月11日晚，江苏国信(002608)发布公告称，控股子公司江苏国信马洲发电有限公司（简称"国信马 洲"）新建的一台1000MW二次再热超超临界燃煤发电机组，完成168小时满负荷试运行，于2025年12月 12日正式投产运营。 悦康药业：mRNA肿瘤疫苗NMPA临床试验获批准 12月11日晚，悦康药业(688658)发布公告称，全资子公司研发的注射用YKYY031，一种基于自主知识 产权LNP递送系统的通用型mRNA肿瘤疫苗，已获得国家药品监督管理局临床试验批准，拟用于治疗晚 期实体瘤。 动力新科：将出资6.66亿元与联合体其他各方一起参与上汽红岩重整 12月11日晚，动力新科(600841)发布公告称，公司全资子公司上汽红岩收到重庆五中院（2025）渝05破 282号之四《民事裁定书》。重庆五中院已于2025年12月12日裁定批准了上汽红岩重 ...

Company Announcements - Postal Savings Bank plans to invest 10 billion yuan to establish China Post Financial Asset Investment Co., with a registered capital of 10 billion yuan, aimed at enhancing comprehensive service capabilities and supporting technological innovation and private enterprises [1] - Anker Innovations is currently researching equity financing in the Hong Kong capital market to expand its global strategy and enhance brand influence, with no specific plan determined yet [2] - Hoshine Silicon Industry's controlling shareholder intends to transfer 5.08% of shares to Xiao Xiukun for a total price of 2.634 billion yuan, with no change in control [2] - Shantui Co. plans to issue H-shares and list on the Hong Kong Stock Exchange to support its global development [1] Investment & Contracts - Jindi Co. signed an industrial project investment contract with the government of Bishan District, committing to invest no less than 1.5 billion yuan [1] - Toxin Pharmaceuticals plans to increase capital by 10 million yuan in Jiangsu Jinsan Biotechnology Co., which has achieved high-purity ergotamine production [1] Financing & Capital Increase - Shangwei Co. intends to issue shares to its controlling shareholder, Fuhua Chemical, to raise no more than 1.144 billion yuan for digital upgrades and working capital [3] - Wind God Co. plans to raise no more than 1.1 billion yuan through a private placement for expanding high-performance giant engineering tires production [3] Shareholding Changes - Chaozhuo Aerospace's shareholder plans to reduce its stake by up to 3% due to personal funding needs [4] - Yaxin Security's shareholders plan to collectively reduce their holdings by no more than 3% [5] Performance & Earnings - Tiande Yu expects a net profit of 152 million yuan for the first half of the year, a year-on-year increase of 50.89% [11] - Pinming Technology anticipates a net profit increase of 232%-303% for the first half of 2025, driven by growth in its construction information software business [11] Contracts & Bids - Pinggao Electric won bids for State Grid projects totaling approximately 1.45 billion yuan, accounting for 11.69% of its 2024 revenue [13] Acquisitions & Investments - Wuchan Huaneng plans to acquire 100% of Nan Taihu Technology for 1.457 billion yuan, focusing on the combined heat and power sector [10] - Meidi Kai intends to acquire 100% of Haisholi and INNOWAVE VIETNAM for a total of 2.1947 million USD, entering the Samsung supply chain [10] Other Developments - Zhuhai Gree won a lawsuit against ATL, with 14 of ATL's patents declared invalid [16] - Lixing Co. terminated its acquisition of Qingdao Feiyan Precision Steel Ball due to failure to reach an agreement [17]

Investment Rating - The report does not explicitly state an investment rating for the industry [2] Core Insights - The pharmaceutical and biotechnology sector saw a weekly increase of 1.77%, outperforming the Wind All A index (1.49%) and the CSI 300 index (1.59%) [3][8] - Offline pharmacies and pharmaceutical distribution significantly outperformed the index with increases of 10.38% and 4.91% respectively, while in vitro diagnostics (0.77%), raw materials (0.83%), and other biological products (0.89%) lagged behind [3][9] - The report highlights the ongoing "Weight Management Year" initiative launched by the National Health Commission, emphasizing the need for continuous efforts in managing obesity and related chronic diseases [3][12] - The introduction of a pricing guide for brain-computer interface services by the National Medical Insurance Administration aims to accelerate the clinical application of new technologies [3][12] Market Weekly Review - The pharmaceutical and biotechnology sector increased by 1.77%, outperforming the Wind All A index (1.49%) and the CSI 300 index (1.59%) [3][8] - Key performers included offline pharmacies (10.38%) and pharmaceutical distribution (4.91%), while in vitro diagnostics (0.77%) and raw materials (0.83%) underperformed [3][9] - Top gainers included Kingmed Diagnostics (42.43%), Sanyou Medical (34.47%), and Dongfang Ocean (25%), while the largest declines were seen in Shuangcheng Pharmaceutical (-16.56%), Haichuang Pharmaceutical-U (-12.21%), and Ailis (-11.09%) [3][10] Industry News and Key Company Announcements - The National Health Commission's initiative on weight management aims to address obesity and its associated health risks, with a focus on chronic disease prevention [3][12] - The National Medical Insurance Administration has established pricing for brain-computer interface services, facilitating the transition of innovative technologies to clinical use [3][12] - Roche announced a collaboration with Zealand Pharma to develop a long-acting insulin analog, with a total transaction value of $5.3 billion [3][12] - Clinical trials for various drugs, including those for obesity and hypertension, have shown promising results, indicating potential market opportunities [3][14][16][18]

Investment Rating - The industry investment rating is "Positive," indicating an expected overall return exceeding the CSI 300 Index by more than 5% over the next six months [11]. Core Insights - The pharmaceutical sector experienced a decline of 0.46% on March 13, 2025, underperforming the CSI 300 Index by 0.06 percentage points, ranking 15th among 31 sub-industries [5]. - Notable performers within the pharmaceutical sub-industries included offline pharmacies (+2.26%), pharmaceutical distribution (+1.07%), and blood products (+0.24%), while medical R&D outsourcing (-1.32%), hospitals (-1.17%), and medical consumables (-0.971%) lagged behind [5]. - The approval of BMS-986489 for clinical trials in China marks a significant development, as it is a combination of an anti-Fucosyl-GM1 monoclonal antibody and an anti-PD-1 monoclonal antibody, aimed at treating small cell lung cancer [6]. Market Performance - The report highlights that the pharmaceutical sector's performance is mixed, with specific companies like Saily Medical (+10.01%), Dezhan Health (+9.94%), and Dongfang Ocean (+9.84%) showing significant gains, while Zhejiang Medicine (-6.94%), Tianzhihang (-6.33%), and Berry Genomics (-6.12%) faced notable declines [5]. Company Updates - Baiyunshan reported a revenue of 74.993 billion yuan for 2024, a year-on-year decrease of 0.69%, with a net profit of 2.835 billion yuan, down 30.09% [6]. - Yahuang Pharmaceutical announced the completion of the first patient enrollment in a Phase I clinical trial for APL-2302, a USP1 inhibitor targeting advanced solid tumors [6]. - Tianshili received approval for clinical trials of NR-20201, a stem cell injection for treating acute ischemic stroke [7]. - Bai'ao Tai announced the acceptance of its application for marketing authorization of Golimumab injection, a biosimilar targeting TNF-α [7].

Investment Rating - The industry is rated as "Positive," with expectations of overall returns exceeding the CSI 300 Index by more than 5% over the next six months [11]. Core Insights - As of March 13, 2025, the pharmaceutical sector experienced a decline of 0.46%, underperforming the CSI 300 Index by 0.06 percentage points, ranking 15th among 31 sub-industries in the Shenwan classification [5]. - Notable performances within sub-industries include offline pharmacies (+2.26%), pharmaceutical distribution (+1.07%), and blood products (+0.24%), while medical R&D outsourcing (-1.32%), hospitals (-1.17%), and medical consumables (-0.971%) lagged behind [5]. - The approval of BMS-986489 for clinical trials in China marks a significant development, targeting small cell lung cancer patients, and is currently in Phase 3 clinical research internationally [6]. Summary by Sections Market Performance - The pharmaceutical sector's performance on March 13, 2025, was -0.46%, underperforming the CSI 300 Index [5]. - The top three gainers were Saily Medical (+10.01%), Dezhan Health (+9.94%), and Dongfang Ocean (+9.84%), while the top three losers were Zhejiang Medicine (-6.94%), Tianzhihang (-6.33%), and Berry Genomics (-6.12%) [5]. Industry News - The approval of BMS-986489, a combination of anti-Fucosyl-GM1 monoclonal antibody and anti-PD-1 monoclonal antibody, for clinical trials is a key highlight [6]. - Baiyunshan reported a revenue of 74.993 billion yuan in 2024, a decrease of 0.69% year-on-year, with a net profit decline of 30.09% [6]. - Yahui Pharmaceutical announced the completion of the first patient enrollment in a Phase I clinical trial for APL-2302, a USP1 inhibitor [6]. - Tianshili received approval for clinical trials of NR-20201 for treating acute ischemic stroke [7]. - Bai'ao Tai received a notice for the acceptance of its application for the marketing authorization of Golimumab injection, a biosimilar targeting TNF-α [7].