南向资金汹涌而入，港股成为亚洲资本的"蓄水池"。 Wind数据显示，截至2025年9月3日，年内通过港股通南下的资金合计流入9359.97亿元人民币(单位，下 同)，其中恒生医疗保健板块资金净买入1636.83亿元，成为资金追逐的核心赛道。 在这轮港股医药的"黄金抢筹期"中，四环医药(00460)亦被港股通大幅买入，港股通持有股份由年初的 5.28亿股，占港股总股数比例的8.83%提升至9月3号的13.21亿股，占港股总股数比例的14.15%。 南向资金的持续买入，也带动了公司股价的大幅提升，年内四环医药累计涨幅超140%，表现亮眼。那 么市场为何用真金白银投票四环医药呢? 答案藏在公司最新发布的中报里：医美业务全面爆发，创新药进入收获期。更引人注目的是，四环医药 手握近39亿现金，而其当前估值甚至低于"医美+现金储备"的总和——这意味着市场几乎对其创新药业 务给出了"白送"的定价。 资本向来聪明，总是提前布局"业绩拐点"和"估值洼地"。如今随着风口渐起，四环医药正站在资金与业 绩共振的爆发临界点上。 医美+创新药双轮驱动，业绩扭亏进入拐点期 从业绩角度来看，四环医药已明确进入业绩拐点，2025年中报正式实现 ...

Group 1 - The company Jiujian Pharmaceutical has launched its high-end formulation R&D industrial park, which is now in production [1] - The products currently produced include Loxoprofen Sodium Gel Patch, Ketoprofen Gel Patch, Pantoprazole Sodium Enteric-coated Tablets, Dapagliflozin Tablets, and Rosuvastatin Calcium Tablets [1] - The production capacity after launch is sufficient to meet current market demand [1]

央视网消息：据最高人民法院网站消息，医保基金是人民群众的"看病钱"、"救命钱"，事关广大群众的 切身利益，事关医疗保障制度健康持续发展，事关国家长治久安。党的十八大以来，以习近平同志为核 心的党中央高度重视医保基金安全，习近平总书记多次就加强医保基金监管作出重要指示批示，党的二 十届三中全会对加强医保基金监管提出明确要求。2024年，最高人民法院坚决贯彻落实习近平总书记重 要指示批示精神和中央部署要求，充分发挥刑事审判职能作用，依法严惩医保骗保犯罪，切实维护医保 基金安全和人民群众医疗保障合法权益。一是制定指导意见。牵头起草《最高人民法院、最高人民检察 院、公安部关于办理医保骗保刑事案件若干问题的指导意见》，明确医保骗保犯罪定罪处罚、法律适 用、政策把握、办案要求及有关工作制度机制等。二是开展专项整治工作。会同国家医疗保障局等有关 部门开展2024年医保基金违法违规问题专项整治，同步部署全国法院开展2024年医保基金违法违规问题 专项整治工作。三是依法严惩医保骗保犯罪。各级人民法院依法从严惩处医保骗保犯罪，重点打击幕后 组织者、职业骗保人等。2024年，全国法院一审审结医保骗保犯罪案件1156件2299人，一 ...

Core Viewpoint - The Supreme People's Court emphasizes the strict punishment of medical insurance fraud to protect the medical insurance fund and the legitimate rights of the public [1] Group 1: Legal Actions and Statistics - In 2024, courts nationwide concluded 1,156 cases of medical insurance fraud involving 2,299 individuals, with a year-on-year increase of 131.2%, recovering over 402 million yuan in losses [1] - The Supreme Court outlines penalties for individuals who misuse medical insurance benefits for illegal gains, including fines and suspension of medical expense settlements for 3 to 12 months [1] Group 2: Case Examples - A case involving defendant Tao Mouyun, who fraudulently obtained medical insurance funds by selling drugs without a medical history, resulted in losses exceeding 220,000 yuan [2] - Defendant Dai Mouxiu was sentenced to six years in prison for illegally purchasing and selling drugs obtained through medical insurance fraud, with total sales exceeding 340 million yuan [4][6] Group 3: Criminal Trends - The illegal acquisition and sale of drugs purchased through medical insurance fraud have become a severe issue, with organized crime groups profiting from these activities, leading to significant losses for the medical insurance fund and potential health risks for the public [3]

Market Overview - The current market is characterized by volatility, with the Nasdaq reaching a historical high primarily driven by Nvidia, while other sectors remain lackluster, indicating a sentiment-driven market rather than a solid fundamental basis [1] - The Hong Kong stock market experienced a slight decline of 0.29% today, reflecting the overall cooling of market conditions [1] Trade and Tariff Developments - President Trump announced upcoming tariffs on smaller countries, expected to be "slightly above 10%" [1] - NATO Secretary General warned that Brazil, China, and India could face secondary sanctions from the U.S. if Russia does not reach a peace agreement with Ukraine [1] - The Chinese Foreign Ministry stated that there are no winners in a trade war, emphasizing that coercion will not resolve issues [1] Semiconductor and AI Developments - Nvidia's CEO Huang Renxun highlighted the demand for H20 orders, noting its superior ecosystem efficiency compared to domestic alternatives [2] - InnoScience, a leader in GaN power devices, plans to increase its monthly production capacity from 13,000 to 20,000 wafers by the end of 2025, with a long-term goal of 70,000 wafers [2] - Huang acknowledged China's AI models as "world-class," suggesting that U.S. restrictions on high-end chips could accelerate China's AI development [2] Pharmaceutical Sector Insights - The pharmaceutical market is currently benefiting from innovative drugs that are not subject to centralized procurement, thus protecting profit margins [3] - Lijun Pharmaceutical's innovative drug H001 has completed its Phase II clinical trials, showing promise in preventing venous thromboembolism after orthopedic surgeries [3] - The latest centralized procurement list includes several Hong Kong-listed pharmaceutical companies, indicating potential market share growth for those that secure bids [4] Entertainment and Media Sector - The summer box office has reached 3.3 billion yuan, with notable films leading the ticket sales [5] - Companies like Huayi Brothers and Maoyan Entertainment are positioned to benefit from the summer film season, with significant contributions expected to their revenues [5] - The short video industry is experiencing explosive growth, with global in-app purchases nearing $700 million in Q1 2025, a nearly fourfold increase year-on-year [6] Precious Metals Investment - Major financial institutions are advising investors to seek refuge in precious metals due to potential tariffs, with gold, silver, and copper identified as favorable investments [7] - Morgan Stanley and Goldman Sachs have raised their gold price targets, predicting prices could reach $3,800 and $3,700 per ounce, respectively, by year-end [7] Travel and Tourism Sector - Tongcheng Travel reported a 13.2% year-on-year revenue growth in Q1 2025, driven by a strong performance in its core OTA business [8] - The company is expanding its international business, with significant growth in international ticket sales and hotel bookings [9] - Tongcheng's acquisition of Wanda Hotels is expected to enhance its high-end hotel management capabilities, contributing to future revenue growth [9]

Group 1: Investor Relations Activity Overview - The investor relations activity took place from June 12 to June 13, 2025, at the Westin Hotel in Beijing [4] - Attendees included major securities firms and funds such as Shenwan Hongyuan, Huano Investment, and CITIC Securities [4] - Company representatives included the Vice General Manager, Board Secretary, and Financial Officer, Mr. Wang Qibing [4] Group 2: Research and Development Budget - The estimated R&D budget for 2025 is CNY 163 million, with CNY 85 million allocated for innovative drugs and CNY 78 million for generic drugs [6] - The R&D focus will be on chronic disease treatments related to metabolic disorders, including diabetes and hypertension [6] Group 3: Drug Approval and Development - As of 2025, the company has obtained 4 drug registration certificates, including drugs like Sacubitril/Valsartan and Dapagliflozin [7] - Innovative drug DYX116 is in Phase I clinical trials, with expectations to complete by the end of 2025 [7] - DYX216, another innovative drug for resistant hypertension, has identified potential preclinical candidates [7] Group 4: Performance and Growth Factors - The company maintains steady growth due to strong marketing strategies and sales performance [8] - Sales of products like "Furuitong" and "Bokaiqing" continue to grow, contributing to overall performance [8] - Improved product gross margin due to increased production and reduced raw material costs [8] - Enhanced internal management and cost control measures have improved overall profitability [8]

Core Insights - Jining High-tech Zone is leveraging digital empowerment to drive the transformation of advanced manufacturing towards higher levels of sophistication, intelligence, and sustainability [1][10] Group 1: Digital Infrastructure - Jining High-tech Zone has implemented 115 digital transformation projects, achieving full coverage of digital transformation among 286 industrial enterprises [3] - The zone has established one national-level intelligent manufacturing demonstration factory and eight provincial-level intelligent factories, along with six provincial-level digital workshops [3] Group 2: Green Transformation - Digital empowerment has led to a 130% increase in per capita output and a 30% reduction in energy consumption for companies like Chenxin Pharmaceutical [5] - The zone has built eight national-level green factories and ten provincial-level green factories, earning recognition as a national-level green industrial park [5] Group 3: Innovation and Cluster Development - In 2024, Jining High-tech Zone ranked 61st in the national evaluation of high-tech zones, marking three consecutive years of improvement [7] - Key projects such as Komatsu's global intelligent manufacturing base and Longcheng New Energy headquarters are accelerating, with domestic production capacity for innovative drugs reaching 650 million tablets [7] Group 4: Future Planning - The zone collaborates with 32 research institutions, including the Chinese Academy of Sciences and Tsinghua University, aiming to break through 12 key core technologies within three years [9] - By 2025, the zone plans to deepen the integration of research and production, while enhancing cross-border e-commerce channels to achieve record transaction volumes [9]

Core Viewpoint - Four Ring Pharmaceutical's subsidiary, Huisheng Biopharmaceutical, has received drug registration approval from the National Medical Products Administration of China for Dapagliflozin tablets, marking it as the first SGLT-2 inhibitor approved for market in the world [1][2] Company Summary - Dapagliflozin tablets are a new oral hypoglycemic drug for type 2 diabetes, which selectively inhibit the SGLT-2 receptor in the renal proximal tubule, reducing glucose reabsorption and promoting urinary glucose excretion [1] - The approval of Dapagliflozin tablets enhances the product portfolio of Four Ring Pharmaceutical and Huisheng Biopharmaceutical in the diabetes treatment sector, providing better treatment options for patients [2] Industry Summary - According to the International Diabetes Federation, there were 537 million adults with diabetes globally in 2021, with a prevalence rate of 10.5%, and China accounted for 141 million patients, or 26.2% of the global total [2] - The market for SGLT-2 inhibitors is rapidly growing, with projected sales in mainland China nearing 8 billion yuan in the first three quarters of 2024, and Dapagliflozin's sales expected to reach approximately 7 billion yuan [2] - Industry experts indicate that Dapagliflozin is maintaining an annual growth rate of 20% to 30% [2]

Core Viewpoint - Fuyuan Pharmaceutical (601089) has received a drug registration certificate for Dapagliflozin tablets from the National Medical Products Administration, which is expected to enhance the company's product line and market competitiveness [1] Company Summary - Fuyuan Pharmaceutical's wholly-owned subsidiary, Fuyuan Pharma, received the drug registration certificate for Dapagliflozin tablets, suitable for adult patients with type 2 diabetes, in 5mg and 10mg specifications [1] - The company invested a total of RMB 6.07 million in the research and development of this drug as of the announcement date [1] Market Summary - The sales revenue of Dapagliflozin tablets in China's three major terminal markets reached approximately RMB 5.222 billion in 2023 [1] - The approval of the drug registration certificate is anticipated to enrich the company's product offerings and improve its competitive position in the market [1]

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company has won multiple bids in the tenth batch of national drug procurement, leading to a projected 28% year-on-year increase in net profit attributable to the parent company for 2024 [1] - The company reported a revenue of 868 million yuan for 2024, representing a 22.46% increase year-on-year, and a net profit of 176 million yuan, up 27.74% year-on-year [1] - The sales structure has changed, with a rapid increase in production volume and a decrease in the prices of some raw materials, resulting in an improvement in the overall gross profit margin [1] - The company plans to increase R&D investment, with an expected R&D expenditure of 116 million yuan in 2024, a 6.07% increase year-on-year [3] Financial Summary and Valuation Indicators - Revenue is projected to grow from 709 million yuan in 2023 to 868 million yuan in 2024, and further to 960 million yuan in 2025 [4] - Net profit is expected to increase from 138 million yuan in 2023 to 176 million yuan in 2024, and slightly to 178 million yuan in 2025 [4] - The gross profit margin is expected to remain stable around 81.5% to 81.4% from 2024 to 2026 [4] - The projected earnings per share (EPS) are 2.25 yuan for 2024, 2.27 yuan for 2025, and 2.58 yuan for 2026, with corresponding price-to-earnings (P/E) ratios of 17.3, 17.1, and 15.0 respectively [4]