Core Insights - The report maintains a positive outlook on the pharmaceutical and biotechnology sector, with a focus on raw material prices as of July 2025 [1][3] Hormonal Drug Price Situation - In July 2025, prices for hormonal drugs such as progesterone, medroxyprogesterone acetate, saponin, dexamethasone sodium phosphate, hydrocortisone, and acetate hydrocortisone remained stable month-on-month. Year-on-year, progesterone prices remained unchanged, while medroxyprogesterone acetate, saponin, dexamethasone sodium phosphate, hydrocortisone, acetate hydrocortisone, and saponin saw declines of 1.85%, 3.23%, 84.22%, 14.04%, 12.15%, and 5.66% respectively [6][10] Antibiotic Intermediate Price Situation - In July 2025, prices for antibiotic intermediates such as 4-AA remained stable month-on-month, while 7-ADCA, 7-ACA, 6-APA, and penicillin industrial salt saw decreases of 1.92%, 2.08%, 8.33%, and 7.89% respectively. Year-on-year, 7-ADCA, 7-ACA, 6-APA, 4-AA, and penicillin industrial salt prices fell by 1.92%, 4.08%, 45.00%, 13.92%, and 41.67% respectively [10][11] β-Lactam Antibiotic Price Situation - In July 2025, prices for β-lactam antibiotics such as cephalexin, ampicillin, cefotaxime sodium, and cefaclor remained stable month-on-month. However, ceftriaxone sodium, cefixime, and amoxicillin saw declines of 1.55%, 1.37%, and 11.36% respectively. Year-on-year, cephalexin, ampicillin, ceftriaxone sodium, cefotaxime sodium, cefixime, and amoxicillin prices decreased by 1.82%, 2.22%, 9.29%, 3.40%, 12.20%, and 35.00% respectively, while cefaclor saw an increase of 6.12% [15][17] Cardiovascular Drug Price Situation - In July 2025, prices for cardiovascular raw materials such as valsartan, irbesartan, telmisartan, lisinopril, enalapril maleate, and atorvastatin calcium remained stable month-on-month. Year-on-year, valsartan prices decreased by 1.54%, while the other drugs remained unchanged [19][20]

Core Viewpoint - The research team at the Tianjin Institute of Industrial Biotechnology has discovered an efficient biosynthetic pathway for progesterone in plants, marking a significant advancement in the synthesis technology of third-generation steroid hormones in China [1][2]. Group 1: Research Breakthrough - The team successfully constructed artificial herbal cells capable of producing steroid hormones, utilizing a more efficient "plant route" compared to the traditional "animal route" [1]. - The new method allows for the direct synthesis of steroid hormones from cholesterol-like substances in the endoplasmic reticulum, bypassing the complex mitochondrial transport steps required in the "animal route" [1]. Group 2: Economic Impact - Steroid hormones such as progesterone and hydrocortisone represent the second largest category of chemical drugs after antibiotics, with global annual sales exceeding $100 billion [1]. - The production yield of steroid hormones using the new method exceeds gram-level per liter, achieving over a tenfold increase compared to the "animal route" [1]. Group 3: Environmental Considerations - Traditional production methods rely on plant resources and can lead to environmental pollution, while the new approach offers a more efficient and environmentally friendly alternative for producing steroid hormone drugs [1][2]. Group 4: Broader Implications - This breakthrough provides new insights into the exploration of life's evolution and lays an important foundation for the efficient and environmentally friendly production of steroid hormone drugs based on heterologous biomimetic synthesis technology [2].

Core Viewpoint - The article discusses the implications of the recent tariff policies implemented by the Trump administration, highlighting the adverse effects on the U.S. economy and international relations, suggesting that these policies have failed to deliver the intended benefits [1][10]. Domestic Impact - The tariff policies have led to significant inflation, with Yale University estimating an annual increase of $3,800 in household expenses for American families by 2025, particularly affecting prices of automobiles and electronics [3]. - Major retailers like Walmart are facing rising costs, prompting them to forecast price increases and plan layoffs of approximately 1,500 employees [3]. - A survey by the American Supply Management Association indicates that the manufacturing sector has suffered severely, with a reduction of 8,000 jobs in the previous month due to the tariffs [3]. - Public discontent regarding the tariffs has surged, leading to protests across all 50 states, particularly among the middle class and small business owners [3]. International Response - In retaliation to U.S. tariffs, China imposed a 15% tariff on U.S. coal and liquefied natural gas, and later an 84% counter-tariff, while also collaborating with 37 countries to challenge the U.S. at the WTO [4]. - Canada has shifted its export focus towards the Asia-Pacific region, with a 21% increase in exports to China from January to April 2025 [4]. - The European Union and Japan have also expressed their intent to counter U.S. tariffs, with Japan emphasizing that it will not compromise its interests in trade negotiations [4]. Trade Negotiations - The article mentions a potential "rare earths for chips" agreement between the U.S. and China, indicating a shift in negotiation dynamics, although it highlights Trump's tendency to misrepresent negotiations for personal gain [6]. - The U.S. pharmaceutical industry faces challenges due to proposed tariffs on imported drugs, which could disrupt supply chains and increase drug prices, particularly affecting the availability of affordable generic medications [7]. Overall Economic Outlook - The article concludes that the U.S. should abandon unilateral and hegemonic approaches to trade and instead engage in rational negotiations based on mutual respect and benefit, as ongoing trade disputes could harm the global economy and the U.S. itself [10].

Core Viewpoint - The article highlights the significant leverage China holds over the U.S. in various critical industries, particularly in rare earth elements, pharmaceuticals, battery materials, and solar energy, raising concerns about U.S. dependency and national security [1][10][44]. Group 1: Rare Earth Elements - China controls 92% of the world's refined rare earth elements, while the U.S. relies on China for 70% of its rare earth compounds and metals from 2020 to 2023 [6][10]. - The U.S. Department of Defense has invested $439 million since 2020 to establish rare earth processing facilities, but production is not expected to begin until 2027, with capacity far below that of China [7][10]. Group 2: Pharmaceuticals - The U.S. pharmaceutical supply chain is heavily reliant on China, with 80% of the raw materials for common drugs like amoxicillin sourced from China [12][13]. - Over 90% of imported hydrocodone and ibuprofen in the U.S. comes from China, indicating a critical dependency on Chinese raw materials for essential medications [15]. Group 3: Battery Materials - China produces over 70% of the world's lithium batteries and controls more than 80% of the global market for battery components [17]. - Chinese companies control 8 out of 14 major cobalt mines in the Democratic Republic of Congo, accounting for over half of the country's cobalt production, with the U.S. relying on China for 70% of its cobalt compound imports [19]. Group 4: Solar Energy - China dominates the solar energy supply chain, with an 80% share in global production across all segments [21]. - In 2023, China accounted for over 80% of the global market for solar products, making it essential for any country aiming to develop clean energy [23]. Group 5: U.S. Response and Challenges - The U.S. has attempted to address its dependency by investigating the pharmaceutical supply chain and considering tariffs, but achieving supply chain localization could take 5 to 10 years [26][28]. - Challenges include potential supply shortages, increased production costs, and significant technological gaps that hinder the U.S. from catching up with China's capabilities [30][34].

Core Viewpoint - The article discusses the characteristics, management strategies, and misconceptions related to eczema, emphasizing the need for tailored approaches based on different demographics and conditions. Group 1: Eczema Characteristics - Eczema presents with varying features depending on the disease stage: acute phase shows red papules with exudation, subacute phase shows darkening redness with scaling, and chronic phase shows thickened, leathery skin with pigmentation [2] - In infants, eczema commonly appears on exposed areas like cheeks and scalp, while in school-aged children, it is often found in flexural areas like the elbows and knees. In the elderly, it typically occurs on the lower legs and hands [2] Group 2: Management Strategies - For infants, a moisturizing strategy is crucial, with studies indicating that using moisturizers at least three times daily can reduce moderate to severe eczema flare-ups by 67% [3] - Medication principles for sensitive areas include using 1% pimecrolimus cream or 0.03% tacrolimus ointment, while mild steroids can be used for acute flare-ups on the body [3] - Elderly patients should use moisturizers containing urea (5%-10%) and avoid long-term use of potent steroids, opting instead for intermittent therapy [6] Group 3: Environmental Considerations - Maintaining a room temperature of 20-22 degrees Celsius and humidity of 50%-60% is recommended for eczema management [5] - Clothing for children should be made of pure cotton, and new clothes should be washed in hot water to remove residual chemicals [5] Group 4: Misconceptions and Risks - Traditional beliefs about "removing dampness and toxins" are challenged by modern medicine, which shows that excessive sweating can damage the skin barrier [7] - The fear of using corticosteroids is addressed, highlighting that when used correctly, the risk of skin atrophy is minimal [8] - Patients are advised against blindly avoiding foods unless a specific allergy is confirmed, and a diverse diet during pregnancy may reduce the risk of allergies in infants [10] Group 5: Importance of Individualized Management - Establishing a management model that focuses on moisturizing, medication to control flare-ups, and avoiding triggers is essential [11] - Keeping a diary to track triggers, medication use, and skin condition can aid healthcare providers in creating personalized treatment plans [11]

Investment Rating - The report maintains an "Outperform" rating for the pharmaceutical industry as of May 11, 2025 [1]. Core Insights - The A-share innovative drug sector saw a weekly increase of 2.33%, outperforming the CSI 300 index by 0.33 percentage points, while the biopharmaceutical sector rose by 0.75% [2][17]. - In the past six months, the A-share innovative drug sector has cumulatively increased by 5.43%, outperforming the CSI 300 index by 9.13 percentage points, whereas the biopharmaceutical sector has decreased by 10.55% [2][17]. - The Hong Kong innovative drug sector experienced a decline of 2.14%, underperforming the Hang Seng Index by 3.75 percentage points, with a cumulative increase of 22.08% over the past six months [2][20]. - The XBI index in the US fell by 8.59% this week, with a cumulative decline of 22.72% over the past six months [2][23]. Summary by Sections Domestic Key Innovative Drug Progress - In May, one new drug was approved for market launch in China, with no new indications approved [3][41]. Overseas Key Innovative Drug Progress - In May, there were no NDA or BLA approvals in the US, Europe, or Japan for innovative drugs [4][45]. Global Key Innovative Drug Transaction Progress - A total of 12 key transactions occurred globally this week, with one disclosed transaction amounting to 415 million USD between Alchemab Therapeutics and Eli Lilly [5]. Market Performance - The report indicates that 39 stocks in the innovative drug sector rose while 67 fell during the week, with the top gainers being HaiChuang Pharmaceutical-U (22.76%), Changchun High-tech (8.99%), and Zhongsheng Pharmaceutical (8.98%) [2][16]. - The top decliners included Fuhong Hanlin (-12.64%), Connaught-B (-12.40%), and Boan Biotechnology (-11.77%) [2][16]. Clinical Trials and Approvals - In May, there were 23 newly announced clinical trials in China, including 17 in BE/I phase, 4 in II phase, and 2 in III phase [31].

Core Viewpoint - The article highlights the seasonal increase in cases of "winged sulfur" or blister beetle dermatitis as temperatures rise, emphasizing the importance of avoiding contact with the beetle to prevent skin reactions [1][2]. Group 1: Health Risks and Symptoms - Blister beetles contain a toxic compound called cantharidin, which can cause dermatitis characterized by linear red spots, pustules, and even ulceration upon contact with skin [2][6]. - The peak incidence of blister beetle dermatitis typically occurs from June to September, with a notable increase in cases during this period [2]. Group 2: Prevention and Treatment - Medical professionals advise against swatting the beetle, as this can increase the affected skin area by 3 to 5 times. Instead, it is recommended to gently brush or blow the beetle away [4][6]. - In case of contact, it is suggested to use adhesive tape to remove any remnants of the beetle and rinse the area with running water for 15 minutes, avoiding alcohol or other home remedies [6][8]. - For symptoms like redness and swelling, a 3% boric acid solution or 0.1% acridine solution can be used for wet compresses, while topical corticosteroids may help with itching [8]. Group 3: Environmental Considerations - Blister beetles thrive in warm, humid environments, particularly after rain or in areas with abundant vegetation, making it advisable to avoid such locations [12]. - Residents in areas with many trees and plants should ensure windows are properly screened to prevent beetles from entering homes, especially at night when they are attracted to light [9][14].