公司点评 | 远大医药 业绩概述：2025 年上半年实现收入 61.07 亿港元，同比增长约 1.0%，人民 币口径收益同比上涨约 2.0%；如剔除第十批集采降价影响，人民币口径上 涨约 13.0%；核药抗肿瘤诊疗板块录得收益约港币 4.2178 亿元，较 2024 年同期（约港币 2.0724 亿元）上涨约 105.5%（剔除人民币兑港元汇率变动 影响）；公司归母净利润 11.69 亿港元；剔除 Telix 投资影响后经调净利润 10.17 亿港元，较 2024 年同期轻微下滑约 5.9%，主要受第十批集采降价及 新产品加速放量导致的市场推广费用增加所致；剔除汇率影响后，轻微下滑 约 5.0%。持续投入资源推进在研项目及引进创新项目，研发总投入（研发 费用加上资本化研发支出、新项目预付款及其他投入）约港币 10.22 亿元。 自研+并购推动管线多元化焕新，支撑业绩增量。公司坚持创新驱动产品结 构优化，创新和壁垒产品营收占比 51.0%，同比提升 14.9 个百分点。易甘 泰®、Lava™、恩卓润®比斯海乐®、恩明润®比斯海乐®、能气朗®、合心爽 ®/合贝爽®等一系列创新和壁垒产品实现快速放量。虽然受集采降价 ...

Market Overview - The A-share market opened with mixed performance, with the Shanghai Composite Index up 0.04% at 3474.63 points, while the Shenzhen Component Index and the ChiNext Index fell by 0.04% and 0.03% respectively [2][3] - The Hong Kong market saw the Hang Seng Index rise by 0.17% and the Hang Seng Tech Index increase by 0.28%, with notable gains in companies like Far East Horizon and Kingstone Pharmaceuticals [4] Sector Performance - Advanced packaging, semiconductor, and power sectors showed strength, while tax refund stores, recombinant protein, and CPO concepts opened lower [1] - The storage chip sector led gains, with companies like Jingzhida rising over 7% following news of Changxin Memory's listing guidance [1] - Shipping and port concepts also performed well, with Ningbo Ocean and Ningbo Shipping both rising over 3% amid news of Houthi attacks on Red Sea merchant ships [1] Monetary Policy - The central bank conducted a 690 billion yuan reverse repurchase operation with a rate of 1.40%, while 1310 billion yuan of reverse repos are set to mature today [5] Currency Exchange - The RMB against the USD was adjusted down by 28 basis points to a midpoint of 7.1534, with the onshore closing price at 7.1747 [6]