•2025年7月11日，中共中央政治局委员、外交部长王毅在吉隆坡会见美国国务卿鲁比奥。双方就中美关系以及共同关心的问题交换了意见。王毅全面阐述了 中方对发展中美关系的原则立场，强调双方应将两国元首重要共识转化为具体政策和行动。（新华社） •2025年国家基本医疗保险、生育保险和工伤保险药品目录及商业健康保险创新药品目录调整正式启动，符合条件的申报主体可在7月11日至20日期间，通过 国家医保服务平台进行网上申报。今年首次新增的商保创新药目录，主要聚焦创新程度高、临床价值大、患者获益显著，但因超出"保基本"定位暂时无法纳 入基本目录的药品，助力健全多层次用药保障体系，更好满足人民群众多元化的用药需求，为创新药发展提供更充足的经济支撑。（新华社） •7月11日，沪深交易所分别发布《上海证券交易所证券交易规则适用指引第2号——沪股通投资者程序化交易报告》《深圳证券交易所证券交易业务指引第3 号——深股通投资者程序化交易报告》，按照内外资一致的原则，将沪深股通投资者纳入程序化交易报告范畴，并将于2026年1月12日起正式实施。正式实 施后3个月内，存量投资者应当完成报告。（新华财经） •工业和信息化部发布信息化和工业 ...

1、 财政部印发《关于引导保险资金长期稳健投资 进一步加强国有商业保险公司长周期考核的通知》，推动保险资金全面建立三年以上长周期考核机制， 新考核指标自2025年度绩效评价起开始实施。 长周期考核机制落地，有助于提高保险资金投资积极性、稳定性，并逐步提高投资A股的比例，增厚长期收 益，改善资本市场投资者结构，增强市场内在稳定性。 2、 外交部长王毅在吉隆坡会见美国国务卿鲁比奥。 双方就中美关系以及共同关心的问题交换了意见。 双方一致认为会晤是积极、务实、建设性的，同 意加强外交渠道及各领域各层级沟通对话， 发挥外交部门在推动两国关系中的作用，在管控分歧的同时，探索扩大合作领域。 1、 国务院副总理丁薛祥出席2025上合组织数字经济论坛开幕式并发表主旨讲话。 丁薛祥提出，全面提升数字基础设施互联互通水平，持续加强网 络通信、算力调度、数据处理等能力建设， 高质量共建"数字丝绸之路"，打造覆盖更广、运行更稳、响应更快的区域数字基础设施体系。论坛上， 中国、哈萨克斯坦、巴基斯坦、埃及等国家共签署12个数字经济合作项目，涉及跨境电商、智慧城市等领域。 2、国家信息中心数据显示， 二季度我国消费、投资、工业生产、企业经 ...

投资建议：公司是国内平台型心血管龙头，技术创新推动产线不断丰富，目前基本走出集采影响，战略 性布局消费医疗领域有望形成新增长极。基于药品业务调整逐步到位、创新产品及消费医疗管线陆续放 量提升公司整体盈利能力，并考虑到外部环境及内生经营仍有待进一步回稳，我们调整并预测公司 20252027年归母净利润至9.99/11.97/14.15亿元，同比增长304.43%、19.88%、18.21%，EPS分别为 0.53/0.64/0.75元，当前股价对应2025-2027年PE20/17/14倍，维持"推荐"评级。 医疗服务及健康管理板块：实现收入 10.19 亿元（-19.24%），其中合肥心血管医院营收实现15.60%的 较高速增长。此外，公司对商誉、存货、无形资.产等计提2.51亿元减值，对归母净利润产生2.17亿元影 响，若剔除减值计提下滑，但收入环比+31.75%、净利润环比扭亏，源自：1）药品零售渠道库存25Q1 企稳回升迹象明显。从2025Q1来看，尽管高基数下业绩同比仍有所1清理基本完成，板块收入环比 +111.38%（其中，制剂环比+135.65%至5.95亿元，非阿托伐他汀钙和硫酸氢氯吡格雷的占比 ...

6月3日，乐普医疗（300003）宣布，公司自主研发的聚乳酸面部填充剂获得国家药品监督管理局注册批 准。聚乳酸面部填充剂，即大家所熟知的"童颜针"，截至目前，国内已有7款童颜针获批上市。 曾有A股"心血管第一股"之称的乐普医疗近年来业绩持续下滑，逐步缩减对仿制药的投入，重点布局心 血管创新药及皮肤科注射类产品。乐普医疗表示，聚乳酸面部填充剂的成功获批上市标志着公司正式进 入皮肤科领域，将助力公司消费医疗事业的健康发展，预计将对公司业务发展产生积极作用。 乐普医疗在公告中也指出，新产品上市后在推广过程中具体销售情况可能受到包括但不限于临床推广、 渠道开拓、竞争格局改变、宏观政策等因素影响，该产品对公司未来业绩的影响具有不确定性。 去年净利润创近16年最低 除聚乳酸真皮注射填充剂外，乐普医疗在皮肤注射类产品方面还布局了注射用透明质酸钠溶液、注射用 交联透明质酸钠凝胶和注射用透明质酸钠复合溶液等多款产品。此外，乐普医疗还布局了眼科产品，角 膜塑形镜已实现商业化落地并产生收益。 拓展消费医疗赛道的乐普医疗，近年来业绩情况并不理想。 乐普医疗主营业务覆盖医疗器械、药品、医疗服务及健康管理三大板块。自2022年达到业绩巅 ...

Core Viewpoint - Lepu Medical, a leader in cardiovascular devices, has officially entered the dermatology field with the approval of its self-developed polylactic acid facial filler, "童颜针" (Tongyan Needle), marking a significant milestone for the company amid declining performance in recent years [1][5][6]. Company Developments - The "童颜针" is a dermal filler designed to correct moderate to severe nasolabial folds, utilizing polylactic acid (PLLA) which is biodegradable and safe for human use [5][6]. - The product's approval is seen as a key event for Lepu Medical, enhancing its consumer healthcare business and providing new options for both doctors and consumers [5][6]. - The company has been actively expanding into the ophthalmology and dermatology sectors, with several products in various stages of development, including hyaluronic acid gels [5][7]. Financial Performance - Lepu Medical's financial performance has deteriorated significantly, with a projected net profit decline of over 80% in 2024, marking the worst performance since its listing in 2009 [1][7]. - In 2023, the company reported a revenue of approximately 79.8 billion yuan, a year-on-year decrease of 24.78%, and a net profit of about 12.58 billion yuan, down 42.91% [7]. - For 2024, the expected revenue is around 61.03 billion yuan, a decline of 23.52%, with a net profit of approximately 2.47 billion yuan [7][8]. R&D and Market Position - Despite a decline in R&D expenses and personnel, the proportion of R&D investment relative to revenue has increased, indicating a strategic focus on innovation [9][10]. - The number of R&D personnel decreased by over 20% from 2023 to 2024, reflecting potential adjustments in the company's strategic direction [9][10]. - The competitive landscape for the "童颜针" market is intensifying, with seven similar products already approved in China, suggesting a need for Lepu Medical to leverage its technological advantages to stand out [6][7].

Core Viewpoint - Lepu Medical has received NMPA approval for its self-developed polylactic acid facial filler, marking a significant entry into the aesthetic medicine sector amidst intense competition [1][2][3] Group 1: Product Details - The polylactic acid facial filler is classified as a Class III medical device, designed for injection into the dermis to correct moderate to severe nasolabial folds [1] - The main component, polylactic acid (PLLA), is a biodegradable material that is safe and compatible with the human body, breaking down into carbon dioxide and water [2] - The product is expected to provide a new option for doctors and consumers, with good therapeutic effects and low incidence of side effects [5] Group 2: Market Context - The aesthetic medicine market is becoming increasingly competitive, with several companies, including East China Pharmaceutical and Aimeike, already established in the regenerative aesthetic injection sector [2] - The regenerative anti-aging injection market has seen rapid growth, with its market share increasing from 3% in 2019 to 19% in 2023, and projected to reach 31% by 2028 [5][6] Group 3: Strategic Focus - Lepu Medical's entry into the aesthetic medicine field is part of its ongoing strategy to diversify into consumer healthcare and seek new growth avenues [3] - The company aims to mitigate the impact of domestic medical industry policy changes by actively developing self-funded medical products [3] - The strategic focus is on ophthalmology and dermatology, with expectations for a peak in approvals for injectable products in dermatology by 2025 [3][4] Group 4: Financial Impact - The approval of the polylactic acid facial filler is seen as a milestone for Lepu Medical in the dermatology field, potentially driving future business growth [5] - The company reported a revenue of 6.103 billion yuan in 2024, a decline of 23.52% year-on-year, and a net profit of 247 million yuan, down 80.37% year-on-year [3]