撰文丨王聪 编辑丨王多鱼 排版丨水成文 重塑植物免疫受体已成为创造新的抗病性状的一项关键策略，以应对植物病原体对全球粮食安全和环境可持续性构成的日益严重的威胁。然而，目前的方法受到 植物病原体快速演化的限制，而且往往缺乏广谱性和持久性的保护。 2025 年 7 月 16 日 ，清华大学 刘玉乐 团队 （博士后 王君竹 为 论文的 第一作者 ） 在国际顶尖学术期刊 Nature 上发表了题为： Remodelling autoactive NLRs for broad-spectrum immunity in plants 的研究论文。 该研究开创性地建立了一种 简单高效的人工设计植物抗病基因的全新策略 ，利用蛋白质工程，将一种携带 病原 蛋白酶识别切割位点 （ PCS） 的多肽与激活型 植物 NLR 免疫受体 （ aNLR） 融合，使其保持失活状态，直到融合蛋白 被病原体蛋白酶切割，释放出 aNLR，激活强烈的免疫反应， 使植物获得广谱、持久且 完全的抗病能力。 设置 星标 ，不错过精彩推文 开放转载 欢迎转发到朋友圈和微信群 微信加群 为促进前沿研究的传播和交流，我们组建了多个 专业交流群 ，长按下方二维码 ...

其 他 报 告 2025年07月11日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3510 | 0.48 | 1.40 | | 深证成份指数 | 10631 | 0.47 | 1.25 | | 沪深300指数 | 4010 | 0.47 | 1.54 | | 创业板指数 | 2190 | 0.22 | 1.50 | | 上证国债指数 | 226 | -0.02 | 0.16 | | 上证基金指数 | 6949 | 0.06 | 0.16 | 资料来源:同花顺iFinD | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 24028 | 0.57 | -1.52 | | 中国香港国企指数 | 8668 | 0.83 | -1.75 | | 中国台湾加权指数 | 22693 | 0.74 | -0.14 | | 道琼斯指数 | 44458 | 0.49 | 2.30 | | ...

Group 1: Policy and Regulatory Updates - The National Healthcare Security Administration released the adjustment plan for the 2025 National Basic Medical Insurance, Maternity Insurance, and Work Injury Insurance drug catalog, along with guidelines for commercial health insurance innovative drug catalog adjustments and negotiation rules for drug renewals [1] - The National Medical Products Administration held a national drug business supervision meeting, emphasizing the need for continued risk assessment and the fight against illegal activities in the pharmaceutical sector [2] Group 2: Company Developments - Novo Nordisk's 7.2mg semaglutide application for weight management has been accepted by the European Medicines Agency (EMA), based on positive results from Phase III STEP UP studies [4] - Ascentage Pharma's new drug lisatoclax has received conditional approval from the National Medical Products Administration for use in adult patients with chronic lymphocytic leukemia/small lymphocytic lymphoma [5] - Anke Bio announced a collaboration with Shengji Pharmaceutical for the exclusive agency of a recombinant human follicle-stimulating hormone-CTP fusion protein injection in mainland China and Hong Kong, Macau, and Taiwan [7] - Cornerstone Pharmaceuticals plans to place 100 million shares at a price of HKD 4.72 per share, aiming to raise a total of HKD 472 million as part of its financing plan [8] Group 3: Financial Performance - WuXi AppTec expects to achieve approximately CNY 20.799 billion in revenue for the first half of 2025, a year-on-year increase of about 20.64%, with adjusted net profit expected to be around CNY 6.315 billion, reflecting a growth of approximately 44.43% [10] - ST Sihuan anticipates a half-year revenue of CNY 180 million to CNY 190 million, representing a growth of 70.12% to 79.57%, but expects a loss of CNY 9 million to CNY 13 million [12] Group 4: Industry Collaborations - Baiao Biotechnology and BeiGene have reached a global licensing agreement for antibody molecules, which includes upfront payments and milestone payments based on development and commercialization [14]

Core Viewpoint - Jichuan Pharmaceutical is facing significant challenges with declining sales and profits from its core products, leading to a search for new growth opportunities through innovative drug development [2][10]. Group 1: Company Performance - Jichuan Pharmaceutical's revenue and net profit are projected to decline in 2024, with a revenue drop of 16.96% to 8.017 billion yuan and a net profit decrease of 10.32% to 2.532 billion yuan [6][7]. - The company's flagship product, Pudilan Anti-inflammatory Oral Liquid, has seen a significant decline in sales due to regulatory changes and removal from various medical insurance lists, contributing to the overall revenue drop [4][6]. - The sales volume of Pudilan Anti-inflammatory Oral Liquid fell by 24% in 2019 compared to the previous year, marking the first decline in revenue and net profit since its listing [4]. Group 2: Product Challenges - The core product, Rebeprazole Sodium Enteric-coated Capsules, has been impacted by price reductions due to national procurement policies, leading to a significant drop in market share and sales [8][10]. - Pediatric product, Xiaer Chiqiao Qingre Granules, is also experiencing sluggish growth, further straining the company's revenue [8][10]. Group 3: Innovation and Future Prospects - Jichuan Pharmaceutical is pinning hopes on the innovative drug Xiaer Biantong Granules, which has received a notice of acceptance for market application, potentially filling a gap in the pediatric constipation treatment market [2][10]. - The company has invested approximately 51.42 million yuan in the development of Xiaer Biantong Granules, which is based on a patented formula aimed at treating pediatric constipation [10][12]. - Other innovative drugs in development include a flu treatment and a long-acting growth hormone, both of which have received regulatory acceptance [12]. Group 4: R&D Investment - Jichuan Pharmaceutical has been criticized for its historically low R&D investment, which was only 5.55% of total revenue in 2024, compared to over 8% for some competitors [12][13]. - The company’s sales expenses were significantly higher at 36.85% of total revenue, indicating a need for a more balanced approach between marketing and research and development [12].

1、国办印发！进一步加大稳就业政策支持力度 重要程度：★★★★★ 日前，国务院办公厅印发《关于进一步加大稳就业政策支持力度的通知》，从7个方面提出政策举措，着 力稳就业、稳企业、稳市场、稳预期，推动经济高质量发展。 7月9日，北方稀土公告称，预计2025年半年度实现归属于母公司所有者的净利润9亿元至9.6亿元，与上年 同期相比增加8.55亿元至9.15亿元，同比增加1882.54%至2014.71%。 3、国务院副总理丁薛祥：因地制宜发展新质生产力 重要程度：★★★★ 7月7日至9日，中共中央政治局常委、国务院副总理丁薛祥在黑龙江、吉林调研。他表示，，企业发展关 键靠创新，要促进创新要素向企业集聚，鼓励加大研发投入，通过创新驱动实现领先领跑。大力推动科技 成果就地转化，因地制宜发展新质生产力。 4、特朗普就中美关系表态 外交部回应 重要程度：★★★ 7月9日，外交部发言人毛宁主持例行记者会。有记者问：日前，美国总统特朗普就中美关系表态。外交部 如何看待？毛宁表示，关于中美关系，中方一贯按照相互尊重、和平共处、合作共赢的原则看待和处理中 美关系。 《通知》明确，支持企业稳定就业岗位。扩大稳岗扩岗专项贷款支持范围 ...

安科生物（300009）公告，公司及其全资子公司安科医药与晟济药业签署了《产品独家代理协议》，将 独家代理晟济药业开发的重组人卵泡刺激素-CTP融合蛋白注射液(SJ02)在中国大陆及港澳台地区的销售 及营销推广。SJ02联合促性腺激素释放激素拮抗剂用于控制性卵巢刺激，晟济药业已于2023年12月向国 家药品监督管理局递交药品注册上市申请，有望成为国内首款获批上市的长效FSH-CTP。SJ02上市后将 填补国内长效促卵泡激素制剂的市场空白，为患者提供更佳的治疗选择。此次合作旨在加速SJ02在中国 市场的商业化落地进程，助力公司抢占市场先机，进一步丰富公司在辅助生殖领域的产品矩阵与战略布 局，提升公司的行业影响力和盈利增长点。 ...

Core Viewpoint - The company reported significant declines in revenue and profit for 2024, reflecting operational pressures and strategic adjustments in various business segments [1][2][3] Financial Performance - In 2024, the company achieved revenue of 6.103 billion yuan, a decrease of 23.52%, and a net profit attributable to shareholders of 247 million yuan, down 80.37% [1] - The first quarter of 2025 saw revenue of 1.736 billion yuan, a decline of 9.67%, with a net profit of 379 million yuan, down 21.44% [1] - The gross margin for 2024 decreased by 3.36 percentage points to 60.88% due to policy impacts on the pharmaceutical sector and strategic adjustments in the medical device segment [1] Business Segment Analysis - The pharmaceutical segment reported revenue of 3.49 billion yuan for raw materials, down 14.99%, and 1.409 billion yuan for formulations, down 46.50% [1] - The medical device segment generated revenue of 3.326 billion yuan, reflecting a strategic shift and operational challenges [1][2] - The medical services and health management segment achieved revenue of 1.019 billion yuan, down 19.24%, with notable growth in the Hefei Cardiovascular Hospital [3] Strategic Focus and Innovation - The company is focusing on innovation and internationalization, with new products in the interventional device field receiving approval [4] - The R&D pipeline includes various medical products expected to contribute significantly to future revenue [4] Future Outlook - The company is positioned as a leading player in the cardiovascular sector, with strategic adjustments in the pharmaceutical business and a focus on consumer healthcare expected to drive growth [5] - Projected net profits for 2025-2027 are 999 million yuan, 1.197 billion yuan, and 1.415 billion yuan, representing substantial growth rates [5]

Core Points - The Shandong Provincial Science and Technology Conference recently held in Jinan recognized the winners of the 2024 Shandong Provincial Science and Technology Awards, with Binzhou Medical University achieving a record number of awards, including one Youth Award and two Second-Class Progress Awards [1][7] Group 1: Awards and Achievements - Binzhou Medical University won four provincial science and technology awards, including one Shandong Provincial Science and Technology Youth Award, two Second-Class Progress Awards, and one First-Class Technology Invention Award as a participating unit [1] - Professor Tian Geng received the Shandong Provincial Science and Technology Youth Award for establishing advanced platforms for real-time monitoring of cell membrane biological functions and promoting precision diagnosis and treatment technologies for tumors [2] - The Second-Class Progress Award for "Key Technology Innovation and Application of Systematic Characterization and Quality Control of Chemical Components in Traditional Chinese Medicine" was led by Professor Zhang Jiayu, significantly enhancing the discovery of novel trace components in traditional Chinese medicine [3] - Professor Zhang Guilong's project on "High-Resolution Visualization Imaging Technology Innovation and Promotion Application Based on Functional Magnetic Resonance Imaging Probes" also received a Second-Class Progress Award, contributing to non-invasive diagnostic methods for liver damage [4] - The First-Class Technology Invention Award was awarded for the project "Core Key Technology and Application of Novel Dual-Target Receptor-Fc Fusion Protein Drugs," led by Professor Jiang Jing, which developed two globally innovative dual-target fusion protein drugs [5] Group 2: Institutional Focus and Strategy - In recent years, Binzhou Medical University has actively implemented a technology innovation-driven development strategy, focusing on ecological protection and high-quality development in the Yellow River Basin, leveraging its advantages in health and biomedicine [6] - The university has established several distinctive research platforms and gathered strong research teams to support key technological advancements and provide significant support for industrial transformation and upgrading [6] - The university's approach to technology award applications emphasizes early planning and comprehensive support throughout the application process, enhancing the quality of submission materials [6]

Core Viewpoint - Fosun Pharma's subsidiary, Fuhong Hanlin, has signed a licensing agreement with FBD to collaborate on the development, production, and commercialization of the SIRPα-Fc fusion protein (HCB101) and related drugs in specified regions and fields [1] Group 1: Licensing Agreement Details - The agreement involves Fosun Pharma's subsidiary paying up to $59 million to FBD [1] - Additionally, Fosun Pharma will pay up to $143 million in commercial milestone payments based on the annual net sales of the licensed product in Region 1 [1] Group 2: Market Considerations - The sales performance of the licensed product may be influenced by factors such as drug demand, market competition, and sales channels, indicating potential uncertainties [1]

证券研究报告 康缘药业 (600557 CH) 再看中新医药，重估创新价值 2025 年 6 月 30日│中国内地 中药 康缘药业作为中药创新药的龙头之一，2024 年全资收购中新医药，加码生 物创新药。随着季度基数回落、合规冲击解除，我们认为公司 2Q25 收入同 比环比均有望企稳恢复，2025~2026 年伴随中新医药在研项目数据读出， 生物创新药价值有望体现，带动公司价值重估，维持"买入"评级。 中新医药：海归科学家创立，聚焦代谢与神经，全资进入上市公司 中新医药成立于 2011 年，技术核心团队由海归与国内研发人才组成，创始 人张怡博士曾就职于施贵宝任首席科学家。收购前，中新医药 70%股权归 属康缘集团，30%股权归属南京康竹（中新医药核心团队持股平台）。11M24 公司以自有资金 2.7 亿元收购中新医药 100%股权。中新医药尚未盈利 （9M24 净资产-4.23 亿元），目前临床品种为 ZX2021（GGGF1 三靶长效 减重降糖融合蛋白）、ZX2010（GGF7 双靶长效降糖减重融合蛋白）、ZX1305 （rhNGF 注射液）、ZX1305E（rhNGF 滴眼液）。公司初步测算四条核心 管线 ...