截至2025年10月16日 10:27，中证中药指数(930641)上涨0.61%，成分股达仁堂(600329)上涨4.09%，以 岭药业(002603)上涨3.22%，贵州三力(603439)上涨2.24%，方盛制药(603998)上涨1.95%，盘龙药业 (002864)上涨1.84%。中药ETF(159647)上涨0.69%， 最新价报1.02元，盘中净申购1350万份，冲刺连续 20日净申购。 消息面上，国家药监局近日发布《国家药监局 国家卫生健康委 国家中医药局关于进一步推进药品上市 许可持有人加快开展中药注射剂上市后研究和评价工作的公告（征求意见稿）》，向社会公开征求意 见。征求意见稿明确，将通过主动开展与责令开展相结合的方式，推进药品上市许可持有人加快开展中 药注射剂上市后研究和评价，最终实现"主动评价一批、责令评价一批、依法淘汰一批"的目标。 数据显示，截至2025年9月30日，中证中药指数(930641)前十大权重股分别为云南白药(000538)、片仔癀 (600436)、同仁堂(600085)、东阿阿胶(000423)、吉林敖东(000623)、华润三九(000999)、白云山 (6003 ...

【邪修】打入了年轻人的生活。 减肥再也不用管住嘴迈开腿，而是深夜掐手念8遍减肥咒，主打念力强大抵过一切；做饭之前也不需要把锅具准备齐全才能开火，拥有一个微波炉就能煮 一切。 这原本出自仙侠小说的"邪门歪道"修行方式，正在疯狂席卷互联网。比如最近在社交平台上爆火的【邪修祛黑眼圈法】，有人把自己的脸当作菜盘，黄瓜 西红柿咖啡什么都敢往眼睛上敷；还有人给出"终极绝招"，直接把饿了3天的蚊子放在黑眼圈上。 通过刷医保就可以"0元购"的云南白药，就这样取代千元贵妇眼霜成为黑眼圈救星。至于有没有效果？"建议先给哪吒试试。" 01 黑眼圈人自己的邪修，是把云南白药爆改成眼霜？ 上一个被（黑眼圈）圈内人捧为邪修顶流的，还是马应龙痔疮膏。 看到圈内人把治疗屁股的膏药糊在眼下，还直呼"好有效好滋润"，你瞬间就懂了邪修的真谛：英雄不问出身，方法管用就行。 最被黑眼圈人推崇的邪修大法来自云南白药，圈内人还一本正经地提炼出几条"修炼法则"：白瓶的云南白药喷雾可以湿敷，怕太刺激也可以用粉状搭配不 同中药材，嫌麻烦的直接用膏帖。 邪修的诞生也不是毫无章法，那些你看着天马行空的应对之策背后都有着千丝万缕的勾连。比如马应龙前身就是做眼霜的，" ...

Summary of the Pharmaceutical Industry Conference Call Industry Overview - The conference call focuses on the pharmaceutical industry in China, specifically the performance and outlook of listed pharmaceutical companies in 2025 [1][4]. Key Points and Arguments Financial Performance - In Q1 2025, the overall revenue of domestic listed pharmaceutical companies decreased by 4.2% year-on-year, with net profit attributable to shareholders down by 8.7% and non-recurring net profit down by 10% [3][4]. - Despite the revenue and profit pressures, the industry shows signs of marginal improvement, indicating a potential recovery phase for profitability [4]. Sector Performance - The CXO (Contract Research Organization), medical services, pharmaceutical distribution, and retail sectors outperformed the industry average in revenue growth, with CDMO (Contract Development and Manufacturing Organization) revenue increasing by 13% year-on-year [1][5]. - The CXO sector also saw a notable increase in non-recurring net profit, up by 23% year-on-year, highlighting its strong performance [5]. Valuation Trends - The valuation premium of the pharmaceutical industry has been recovering since early 2025, reaching nearly 45% by June, which is considered to be at a historical mid-low level [7][8]. - Public funds have shown a renewed interest in the sector, suggesting a potential new allocation cycle [7][8]. Innovation and Global Expansion - The "innovation going global" trend is supported by policy backing, industry changes, and performance improvements. The number of Chinese innovative companies participating in overseas academic conferences has increased significantly [9]. - Key players like BeiGene and Hutchison China MediTech have improved cash flow and entered profitability cycles, further driving the trend of innovation going global [9]. Investment Strategies - The mid-term investment strategy for the pharmaceutical industry focuses on two main lines: innovation going global and domestic demand recovery. Key areas of interest include innovative drugs and their upstream supply chains, particularly in the CXO sector [2]. - Attention is also drawn to domestic sectors with lower tariff exposure and the gradual rollout of hospital equipment upgrades, particularly in electrophysiology and orthopedics [2]. Opportunities in Traditional Chinese Medicine (TCM) - The TCM sector is highlighted for its innovative drug opportunities and brand OTC (over-the-counter) products. The decline in raw material prices is expected to alleviate inventory pressures and improve gross margins [14]. - Companies like Yiling Pharmaceutical are advancing multiple pipelines into clinical stages, which could support long-term growth [14]. Medical Device Market Insights - The medical device market is expected to grow significantly, with a projected investment increase of over 25% by 2027 compared to four years prior, driven by ongoing equipment upgrades and hospital recovery [18]. - High-value consumables are particularly recommended for investment due to their growth potential [17]. Home Healthcare Market - The home healthcare device market is gaining attention due to an aging population and increasing health awareness. Key products include blood glucose meters and respiratory devices, with significant growth expected in the coming years [19]. New Consumption Trends in Healthcare - The healthcare new consumption sector is advised to focus on retail market transformations, such as the evolution of pharmacy chains, which may improve long-term revenue expectations [20]. Additional Important Insights - The pharmaceutical industry has faced a challenging environment since mid-2020, but recent trends indicate a potential recovery phase [7]. - The funding landscape for innovative drug development has improved, reducing the likelihood of cash flow constraints in the near future [10]. - The "borrowing ship" model for overseas expansion allows Chinese companies to leverage foreign patents and rights, providing stable cash flow through upfront payments and milestone rewards [13].

Summary of Conference Call on Pharmaceutical Sector Industry Overview - The conference call focuses on the pharmaceutical sector, particularly the impact of tariffs on innovative drugs and the performance of traditional Chinese medicine (TCM) [1][2][5]. Key Points and Arguments Impact of Tariffs on Innovative Drugs - Innovative drugs are minimally affected by tariffs due to the "borrowing ship" model, which allows companies to avoid customs duties by licensing patents to U.S. firms [2]. - For example, even with a 100% tariff on certain oncology products from Hehuang Pharmaceutical, the valuation impact is only 1% to 2% [1][2]. Future Development of Innovative Drug Sector - The future growth of the innovative drug sector relies heavily on business development (BD) logic. The second half of 2025 may see a divergence in market performance, with companies that can deliver on BD continuing to rise, while those that cannot may face declines [3][4]. - A significant increase in conflict of interest agreements is expected in 2025, which will transition into service contracts requiring about two quarters to digest, indicating sustained BD activity throughout the year [4]. Export Dynamics - China's exports of pharmaceutical products to the U.S. are relatively low, with medical devices and diagnostic reagents making up over 30% of total exports, while ordinary drugs account for less than 20% [5]. Performance of Traditional Chinese Medicine (TCM) - The TCM market is showing signs of improvement in Q2 2025, with the high base effect from Q1 diminishing. The third quarter is expected to see accelerated performance due to a lower base from the previous year’s anti-corruption measures in healthcare [6]. - Key stocks to watch include Zhaoli Pharmaceutical, which has a high degree of certainty in procurement and performance completion [6]. Biopharmaceutical Sector Stability - The biopharmaceutical sector, particularly vaccines and blood products, is expected to maintain stable growth. Investors are encouraged to focus on the long-term potential of these companies based on their existing business foundations [3][8]. Additional Important Insights - The overall valuation in the innovative drug sector is currently around three times price-to-sales (PS) ratio, with expectations to correct to five times PS, indicating significant upside potential [4]. - Retail performance for TCM products is strong, with notable sales growth for products like Ma Ying Long hemorrhoid ointment and Yunnan Baiyao's Qi Xue Kang [6]. This summary encapsulates the key insights from the conference call regarding the pharmaceutical sector, highlighting the resilience of innovative drugs against tariffs, the promising outlook for TCM, and the stability of the biopharmaceutical industry.