[Table_ReportDate] 2025 年 11 月 24 日 [Table_ReportType] 医药生物行业周报（11 月第 3 周） [Table_S 行业ummary 观点：] [Table_Author] 分析师：王俐媛 执业证书号：S1030524080001 电话：0755-83199599 邮箱：wangly1@csco.com.cn 研究助理：徐伊琳 电话：0755-23602217 邮箱：xuyl@csco.com.cn 公司具备证券投资咨询业务资格 证券研究报告 医药生物 G IVD 巨头共识下注肿瘤早筛 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_BaseData] 1) 周度回顾。上周（11 月 17 日-11 月 21 日）医药生物 板块收跌 6.88%，跑输 Wind 全 A（-5.13%）和沪深 300 （-3.77%）。从细分板块来看，所有子板块均收跌，原 料药（-8.6%）、线下药店（-8.58%）和其他生物制品 领跌（-7.99%）领跌。从个股来看，海南海药（23.8%）、 *ST 长药（19.7%）和*ST 苏吴（15.5 ...

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotechnology Co., Ltd., has received breakthrough therapy designation for its independently developed Sru Li Anti-Inflammatory Injection for use in combination chemotherapy for gastric cancer [1] Company Summary - The drug is an innovative anti-PD-1 monoclonal antibody developed by Fosun Pharma [1] - As of November 20, 2025, the drug has been approved for marketing in multiple countries, including China, the EU, the UK, Indonesia, Cambodia, Thailand, Malaysia, Singapore, and India [1] - In China, the approved indications include first-line treatment for squamous non-small cell lung cancer (sq-NSCLC), extensive-stage small cell lung cancer (ES-SCLC), esophageal squamous cell carcinoma (ESCC), and non-squamous non-small cell lung cancer (nsq-NSCLC) [1] - The drug has received orphan drug designation from regulatory authorities in the US, EU, Switzerland, and South Korea [1] - Multiple combination therapies involving this drug are currently undergoing clinical trials in various countries, targeting indications such as lung cancer, esophageal cancer, head and neck squamous cell carcinoma, colorectal cancer, and gastric cancer [1]

Industry Events - The 2025 China 5G + Industrial Internet Conference will be held from November 21 to 23 in Wuhan, focusing on the integration of 5G, AI, big data, and industrial internet technologies [2] - The China Rare Earth Society's 2025 Academic Annual Meeting will take place on November 21 in Xiamen, discussing advancements in rare earth research and applications [2] - Huawei will release breakthrough AI technology on November 21, aiming to increase the utilization rate of computing resources from the industry average of 30%-40% to 70% [2] - Foxconn will showcase new products in collaboration with Nvidia during the Hon Hai Technology Day on November 21 [2] Company News - Walmart announced its transition from the New York Stock Exchange to Nasdaq, with trading expected to begin on December 9 [12] - Tuojing Technology's major shareholder plans to reduce its stake by up to 843.49 million shares, representing 3% of the total share capital, from December 12, 2025, to March 11, 2026 [12] - Qianyuan High-Tech received a takeover offer from China Seed Group for 20% of its total shares at a price of 11.85 yuan per share, totaling an estimated 2.245 billion yuan [12] - Fosun Pharma's subsidiary has received breakthrough therapy designation for its independently developed drug for gastric cancer, marking a significant milestone in treatment options [12] - *ST Weihai signed a construction contract worth 313 million yuan, which is expected to positively impact the company's future performance [12][13] Market Trends - Multiple new energy-themed ETFs have attracted significant capital inflows, with the Huatai-PineBridge CSI Battery Theme ETF seeing a net subscription of 1.696 billion yuan since the fourth quarter began [16] - Institutional investors are focusing on rebalancing their portfolios as the year-end approaches, with an emphasis on sectors like cyclical stocks and consumer goods [8][7] Supply and Demand Insights - Tungsten prices continue to rise due to favorable supply and demand dynamics, with prices for various tungsten products increasing by approximately 6% compared to the first half of November [10] - The overall price of tungsten products has surged over 120% this year, driven by increased demand from industries such as photovoltaics and automotive [10]

Major Announcements - EVE Energy signed a procurement framework agreement with Smoore International for the continuous supply of battery cells and other products as raw materials, with actual amounts to be determined by future orders [3] - ST Huami's stock is under "double risk" warning due to an audit report expressing inability to provide an opinion for the 2024 financial report, with a recovery of 1.567 billion yuan in occupied funds [4] - Wuzhou Transportation received a regulatory warning for accounting irregularities and failure to fulfill integrity checks for executives, leading to inaccurate financial disclosures [5] - Wenfeng Co. announced that its vice president is under investigation, but this will not significantly impact the company's operations [6] - Fosun Pharma's subsidiary has had its drug included in the breakthrough therapy designation program for gastric cancer treatment, marking a significant development in its product pipeline [7][8] - Shandong Steel's subsidiary is applying for bankruptcy liquidation, which is expected to increase the parent company's net profit by 15.88 million yuan [9] - Zhouming Technology established a new subsidiary, Shenzhen Zhixian Robotics Co., with a registered capital of 50 million yuan [10] Share Buybacks and Holdings - Spring Airlines conducted its first share buyback, acquiring 35,800 shares for a total of 1.9997 million yuan [11] - Donghua Software's controlling shareholder reduced his stake by 1%, selling 10.9832 million shares [12] - Changshu Bank's executives plan to increase their holdings by at least 550,000 shares over the next six months [13] Major Contracts - Nanfeng Co. won contracts worth 45.7 million yuan and 47.17 million yuan for HVAC systems, with delivery scheduled for 2027 [14] - Huakang Clean announced a pre-bid win for a purification system project at Keqiao Future Medical Center, with a bid price of 176 million yuan [15][16] - Qinglong Pipe Industry secured a contract worth 294 million yuan for a pipe procurement project, expected to impact its performance from 2026 to 2030 [17] - China Nuclear Engineering signed new contracts totaling 123.84 billion yuan as of October, with cumulative revenue of 81.334 billion yuan [18]

Core Viewpoint - The article summarizes important announcements from various companies, providing insights for investors regarding partnerships, financial performance, and regulatory actions. Group 1: Partnerships and Agreements - EVE Energy signed a procurement framework agreement with Smoore International for the continuous supply of battery cells and other products, with the actual amounts to be determined by future orders [4] Group 2: Financial Performance and Risks - ST Huami's stock is under "double risk" warning due to an inability to express an opinion on its 2024 financial report, with 1.567 billion yuan of occupied funds recovered [5] - Shandong Steel's subsidiary Metallurgical Ecology is applying for bankruptcy liquidation, which is expected to increase the parent company's net profit by 158.8 million yuan [9] Group 3: Regulatory Actions - Wuzhou Transportation received a regulatory warning for accounting irregularities and failure to fulfill integrity checks for executives, leading to inaccurate financial disclosures [6] - Wenkang's vice president is under investigation, but the company states that this will not significantly impact its operations [7] Group 4: New Projects and Contracts - Nanfeng Co. won contracts worth 45.7 million yuan and 47.17 million yuan for HVAC systems, expected to positively impact future financial performance [14] - Huakang Clean announced a pre-bid win for a purification system project at Keqiao Future Medical Center, with a bid of 176 million yuan [16] - Qinglong Pipe Industry secured a contract worth 294 million yuan for pipe procurement, which represents 10.43% of its audited revenue for 2024 [17] - China Nuclear Engineering signed new contracts totaling 123.84 billion yuan as of October 2025, with revenue of 81.334 billion yuan [18] Group 5: Share Buybacks and Holdings - Spring Airlines conducted its first share buyback, acquiring 35,800 shares for a total of 1.9997 million yuan [11] - Donghua Software's controlling shareholder reduced his stake by 1%, now holding 10.90% of the company [12] - Changshu Bank's executives plan to increase their holdings by at least 550,000 shares over the next six months [13]

Group 1: Pharmaceutical Developments - Fosun Pharma's subsidiary has received breakthrough therapy designation for its PD-1 monoclonal antibody, Surulintinib, for gastric cancer treatment, marking a significant milestone as no other PD-1 targeted monoclonal antibody has been approved for this indication globally [1] - Surulintinib is already approved in China, the EU, and the UK for various cancers, including non-small cell lung cancer and esophageal squamous cell carcinoma [1] Group 2: Supply Agreements - EVE Energy has signed a procurement framework agreement with Simor International for battery cell supplies from 2026 to 2028, although the agreement does not specify financial amounts [1] - The actual financial impact will depend on future orders and will not significantly affect the company's performance in 2025 [1] Group 3: Corporate Actions - Huarong Chemical has not yet introduced clients in the photolithography or photolithography machine sectors, focusing instead on potassium hydroxide and chlorine products for semiconductor and photovoltaic applications [2] - Xunji Technology plans to transfer certain PCB manufacturing assets to its wholly-owned subsidiary and will inject 49.9 million yuan into the subsidiary to support its operations [3] - TuoJing Technology's major shareholder plans to reduce its stake by up to 3% through block trading, with a reduction period set from December 2025 to March 2026 [4] Group 4: Market Activities - Moer Thread has announced a public offering of 70 million shares at a price of 114.28 yuan per share, aiming to raise approximately 8 billion yuan, with a net amount expected to be around 7.576 billion yuan after expenses [5] - Hefu China has experienced a significant stock price increase, with a cumulative rise of 291.92% over a short period, leading to potential market volatility and a possible request for trading suspension [6]

Group 1 - Moer Thread announced an issuance price of 114.28 CNY per share, with a total of 70 million shares to be publicly issued, aiming to raise 8 billion CNY, netting approximately 7.576 billion CNY after expenses [1] - EVE Energy signed a procurement framework agreement with Simo International for battery cells from 2026 to 2028, with the agreement effective until December 31, 2028, but does not specify a concrete amount [1] - Tuojing Technology's major shareholder, the National Integrated Circuit Industry Investment Fund, plans to reduce its stake by up to 3% through block trading from December 12, 2025, to March 11, 2026 [1] Group 2 - Shengyi Electronics announced that its shareholder, Dongguan Science and Technology Innovation Investment Group, plans to reduce its stake by up to 1% from December 12, 2025, to March 11, 2026, due to funding needs [2] - Deep Technology reported that it is a leading domestic high-end storage chip packaging and testing company, currently operating at full capacity in Shenzhen and Hefei, and is expanding based on customer demand [2] - Wengfeng Co. announced that its deputy general manager, Qin Guofen, is under investigation, but this matter is personal and will not significantly impact the company's operations [2] Group 3 - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotechnology, has had its drug, Surulitinib, included in the breakthrough therapy designation for gastric cancer, with no other PD-1 monoclonal antibody approved for this indication globally [3] - Daye Co. is responding to the EU's anti-dumping investigation on Chinese lawnmowers, adjusting its overseas production structure and integrating resources to mitigate impacts [4]

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotech, has received inclusion in the breakthrough therapy designation for its independently developed drug, Surulitinib injection, for the treatment of gastric cancer, which is a significant milestone as no PD-1 targeted monoclonal antibody has been approved for this indication globally [1] Group 1 - The drug Surulitinib (marketed as Hanshuang in China) is intended for use in combination with chemotherapy for neoadjuvant/adjuvant treatment of gastric cancer [1] - The inclusion in the breakthrough therapy program is expected to expedite the review and market launch process for this indication in China [1] - As of the announcement date, there are no approved PD-1 targeted monoclonal antibodies for neoadjuvant/adjuvant treatment of gastric cancer worldwide [1]

Group 1: Legal and Regulatory Issues - The National Healthcare Security Administration disclosed a bribery case involving Huang Mouyun, who was found guilty of bribing multiple healthcare professionals to increase sales of a traditional Chinese medicine product [1][2] - Huang Mouyun paid a total of 1.9263 million yuan in bribes to 15 doctors at a local hospital to secure sales, with the product achieving over 10 million yuan in sales since December 2018 [1][2] - The court ruled that Huang Mouyun's actions constituted bribery of non-state personnel, and he may receive a lighter sentence due to his confession [2] Group 2: Pharmaceutical Developments - Huason Pharmaceutical announced that its product, Amlodipine Besylate Tablets, has completed domestic production registration, aimed at enhancing market competitiveness amid an aging population [1] - Fosun Pharma's subsidiary has had its PD-1 monoclonal antibody, used for gastric cancer treatment, included in the breakthrough therapy designation, marking a significant advancement in cancer treatment options [3] - Tianyi Medical received a medical device registration certificate for its blood dialysis concentrate, which is intended for patients with acute and chronic renal failure [4] Group 3: Clinical Research and Results - Innovent Biologics reported that its drug, Ma Shidu Peptide, achieved a weight reduction of up to 20.1% in obese patients during a Phase III clinical trial, with significant improvements in various health metrics compared to the placebo group [5][6] - The trial involved 462 participants, with the Ma Shidu Peptide group showing an average weight loss of 18.55% after 60 weeks, while the placebo group only lost 3.02% [6] Group 4: Corporate Governance - Changchun High-tech announced a change in the shareholding structure of its controlling shareholder, which will not affect the company's operations or control [4][5] - Guangji Pharmaceutical's independent director, Guo Wei, resigned due to personal reasons, which may impact the board's composition and the presence of accounting professionals [8]

Core Viewpoint - Fosun Pharma's subsidiary, Shanghai Fuhong Hanlin Biotech Co., Ltd., has received inclusion of its independently developed drug, Surufatinib injection, in the breakthrough therapy designation program for the treatment of gastric cancer in combination with chemotherapy [1] Summary by Relevant Sections - **Drug Approval and Indications** - Surufatinib injection has been approved for marketing in multiple countries/regions including China, the EU, the UK, Indonesia, Cambodia, Thailand, Malaysia, Singapore, and India [1] - In China, the approved indications include first-line treatment for squamous non-small cell lung cancer, extensive small cell lung cancer, esophageal squamous cell carcinoma, and non-squamous non-small cell lung cancer [1]