[Table_Rank] 评级： 增持 王斌 首席分析师 SAC 执证编号：S0110522030002 wangbin3@sczq.com.cn 电话：010-81152644 [市场指数走势（最近 Table_Chart] 1 年） 资料来源： wind -0.2 0.0 0.2 0.4 0.6 0.8 1.0 1.2 24-08 24-09 24-10 24-11 24-12 25-01 25-02 25-03 25-04 25-05 25-06 25-07 25-08 康哲药业 恒生指数 [Table_BaseData] 公司基本数据 [Table_Title] 创新产品持续增长，皮肤健康线表现突出 [Table_ReportDate] 康哲药业(0876.HK)公司简评报告 | 2025.08.25 核心观点 请务必仔细阅读本报告最后部分的重要法律声明 [Table_Authors] [Table_OtherReport] [Table_Summary] 最新收盘价（港元） 13.44 一年内最高/最低价（港元） 14.16/6.71 市盈率（当前） 18.12 市净率（当前） 1.76 总股本（亿 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [4] Core Insights - The innovative drug sector has seen a significant increase in institutional interest, with the total heavy positions in Biotech innovative drugs reaching 80.371 billion yuan, a quarter-on-quarter growth of 39% [7][18] - The proportion of heavy positions in Biotech innovative drugs relative to the overall market has increased to 2.39%, up by 0.49 percentage points, indicating sustained enthusiasm from institutions towards the innovative drug sector [19][25] - The heavy positions in Biotech innovative drugs account for 24.93% of the total heavy positions in the pharmaceutical industry, reflecting a rise of 5.49 percentage points [19][25] Summary by Sections Weekly Review of New Drug Market - From July 28 to August 1, 2025, the top five companies in the new drug sector by stock price increase were: Zhongsheng Pharmaceutical (29.53%), WuXi AppTec (17.72%), CSPC Pharmaceutical Group (14.60%), Maiwei Biotech (12.08%), and Haizhi Pharmaceutical (11.76%) [14][15] - The top five companies by stock price decrease were: Kintor Pharmaceutical (-19.09%), Hualing Pharmaceutical (-16.19%), Junsheng Pharmaceutical (-13.24%), Kintor Pharma (-12.70%), and Yunding New Drug (-11.29%) [14][15] Key Analysis of New Drug Industry - The report analyzed the latest heavy positions of all funds in the innovative drug sector as of June 30, 2025, focusing on A-share and Hong Kong Biotech companies [18] - The heavy positions in Biotech innovative drugs accounted for 7.05% of the total market capitalization, an increase of 0.93 percentage points [23][28] New Drug Approval and Acceptance - This week, 13 new drug or new indication applications were approved, including drugs such as Risperidone orally disintegrating film and Nivolumab injection [33][34] - Additionally, 6 new drug or new indication applications were accepted, including drugs like Eptinezumab injection and Edaravone tablets [35][36] Clinical Application Approval and Acceptance - A total of 50 new drug clinical applications were approved this week, while 44 new drug clinical applications were accepted [37]