具体来看，从8月26日开始，博瑞医药股价进入"下跌通道"，截至9月25日收盘，跌幅超过39%，市值蒸 发超过182亿元。 博瑞医药(688166.SH)股价正在坐"过山车"。 9月24日晚间，博瑞医药公告显示，公司股票连续30个交易日内收盘价格跌幅偏离值累计达到70%，属 于股票交易严重异常波动情形。 实际上，博瑞医药股价在此轮下跌之前，曾迎来一波狂飙，7月11日至8月25日，公司股价涨幅达95%。 截至9月24日，博瑞医药收盘价为72.50元/股。根据中证指数有限公司发布的数据，截至9月23日，公司 最新滚动市盈率为313.01倍，公司所处的医药制造业最近一个月平均滚动市盈率为31.43倍，公司市盈率 显著高于行业市盈率水平。公司特别提醒广大投资者，注意投资风险，理性决策，审慎投资。 具体来看，从8月26日开始，博瑞医药股价进入"下跌通道"，截至9月25日收盘，跌幅超过39%，市值蒸 发超过182亿元。 博瑞医药表示，经公司自查，未发现需要公司澄清或回应的媒体报道或市场传闻，公司不存在应披露而 未披露的重大信息。 实际上，博瑞医药股价在此轮下跌之前，曾迎来一波狂飙，7月11日至8月25日，公司股价涨幅达95 ...

Core Viewpoint - The article discusses the clinical trial approval for BGM0504, a dual agonist of GLP-1 and GIP receptors, which is expected to have potential in treating various metabolic diseases, including obesity and non-alcoholic steatohepatitis (NASH) [4][6]. Group 1: Clinical Trial and Drug Development - On September 16, Borui Biopharmaceuticals (Suzhou) Co., Ltd. announced that its subsidiary Borui Pharmaceutical (Suzhou) Co., Ltd. received the clinical trial approval notice from the National Medical Products Administration to conduct trials of BGM0504 tablets in overweight and obese adults [4]. - BGM0504 is designed to activate two downstream signaling pathways, which can help control blood sugar levels, reduce weight, and improve conditions like NASH [6]. - Currently, the injectable form of BGM0504 is in Phase III clinical trials for two indications: type 2 diabetes and weight loss, while the tablet form is being developed for oral administration [7]. Group 2: GLP-1 Drug Class Overview - GLP-1 (glucagon-like peptide-1) is a hormone produced by intestinal L cells and is classified as an incretin. GLP-1 receptor agonists are a new class of hypoglycemic drugs that enhance insulin secretion in a glucose-dependent manner, suppress glucagon secretion, and delay gastric emptying, leading to reduced food intake and lower blood sugar levels [17].

Company Insights - Nvidia is under further investigation by the State Administration for Market Regulation for violating the Anti-Monopoly Law of the People's Republic of China, related to its acquisition of Mellanox Technologies six years ago, which may lead to increased transparency in Nvidia's market strategies and provide more growth opportunities for domestic GPU manufacturers [4] Industry Insights - The medical device sector is expected to improve in the second half of the year, with companies beginning to show positive performance based on their operational trends, and the current valuation of the sector is considered reasonable, indicating potential for valuation switching [10] - The low-altitude economy is gaining attention as various regions implement development policies, with significant orders for eVTOL manufacturers and a clear trend towards large-scale development of the industry chain [11]

Macro News - The article highlights a consensus reached between China and the U.S. regarding the resolution of TikTok-related issues, aiming to reduce investment barriers and promote economic cooperation [1][3] - A significant article by Xi Jinping in the latest issue of "Qiushi" emphasizes the need to address chaotic low-price competition among enterprises, particularly in areas suffering from "involution" [3] - The National Bureau of Statistics reported a 0.1% month-on-month decrease in new residential sales prices in first-tier cities in August, with second-hand residential prices also declining by 1.0% [3] Industry News - The State Council issued a notice to enhance comprehensive regulation of the tourism market, focusing on protecting personal information and preventing unfair practices by online travel platforms [5] - The China Automobile Industry Association announced a payment initiative for suppliers, with 17 major automotive companies, including BYD and NIO, committing to adhere to these payment norms [6] - The launch of Hunan's first low-altitude economy internet platform allows users to book drone services similarly to ride-hailing apps, indicating growth in the low-altitude economy sector [8] Company News - BGI Pharma announced that its BGM0504 tablets have been approved for clinical trials in overweight/obese adults, marking a significant milestone as no similar oral formulations have been approved globally [10] - China Pacific Insurance announced a plan for the free transfer of state-owned equity by Shanghai International Group [11] - Longpan Technology signed a procurement agreement with CATL for lithium iron phosphate cathode materials, indicating a strategic partnership in the battery supply chain [13] Global Market - U.S. stock indices closed higher, with the S&P 500 and Nasdaq reaching new closing highs, driven by strong performances from major tech stocks [12] - International gold prices reached a new record high, with spot gold surpassing $3,685 per ounce, reflecting ongoing market trends [14] Investment Opportunities - Texas Instruments anticipates a 50% growth in its data center business, indicating a recovery in demand for analog chips [18] - The Ministry of Industry and Information Technology plans to support the development of automotive chips and related technologies, highlighting opportunities in the electric and intelligent vehicle sectors [18][19]

Group 1 - The article highlights the importance of addressing low-price and disorderly competition among enterprises, particularly in areas heavily affected by "involution" [1] - The Chinese and U.S. economic leaders discussed key trade issues, reaching a basic framework consensus on cooperation regarding TikTok and reducing investment barriers [2][3] - The National Foreign Exchange Administration announced reforms to enhance cross-border investment and financing, allowing foreign direct investment profits to be reinvested domestically [4] Group 2 - Nvidia is under further investigation by China's market regulator for potential antitrust violations [5] - The China Association of Automobile Manufacturers released a payment guideline for auto manufacturers to suppliers, establishing a 60-day payment term [6] - The Ministry of Commerce criticized the U.S. for unilateral actions regarding tariffs on imports of Russian oil, stating it violates previous agreements and could disrupt global trade [7] Group 3 - Ningde Times announced that its sodium-ion battery has passed national standard certification, becoming the first of its kind globally [11] - Several companies, including Junsheng Electronics and Chip Microelectronics, are making significant acquisitions in the semiconductor sector, indicating a trend towards consolidation in this industry [12] - Tesla's CEO Elon Musk purchased approximately 2.57 million shares of the company, valued at around $1 billion, indicating strong confidence in the company's future [16] Group 4 - International gold prices reached a new record high, with spot gold surpassing $3,685 per ounce, reflecting a continuous upward trend over the past four weeks [17]

21点评：全球高端医疗器械市场长期由欧美日企业主导，但近几年，我国创新医疗器械企业不断实现突 破，从原来更多的仿制欧美国家的产品，到现在不断出现一些自主研发的高端医疗器械，且在部分领域 已经出现领先产品。此前国家药监局已出台十项举措推动高端医疗发展，此次上海行动方案的出台，将 进一步促进医疗器械行业尤其是新技术的发展。 这里是《21健讯Daily》，欢迎与21世纪经济报道新健康团队共同关注医药健康行业最新事件！ 政策动向 《上海市促进高端医疗器械产业全链条发展行动方案》印发 9月15日，上海市人民政府办公厅印发《上海市促进高端医疗器械产业全链条发展行动方案》，到2027 年，新增首次获批境内第三类医疗器械注册证超500件，新增在海外市场获批医疗器械产品超100件，培 育年产值超100亿元、具备较强国际竞争力的龙头企业2家，建设高端医疗器械产业集聚区3个。 河南：加强中医药大模型构建和训练 攻克中药产品一致性难题 9月15日，河南省人民政府办公厅印发《河南省加快人工智能赋能新型工业化行动方案（2025—2027 年）》，其中提出，现代医药产业方面，加快大模型在药物智能筛选、临床试验设计与分析、药物合成 工艺优化 ...

Group 1: Market Overview - The Shanghai Composite Index closed at 3860.50, down 0.26%, while the Shenzhen Component Index rose 0.63% to 13005.77 [1] - The ChiNext Index led the three major indices with a gain of 1.51%, closing at 3066.18 [1] - The overall market showed mixed performance with the innovation growth sector outperforming blue-chip stocks [7] Group 2: Economic Indicators - Fixed asset investment (excluding rural households) from January to August 2025 increased by 0.5% year-on-year, totaling 326,111 billion [15] - The industrial added value above designated size grew by 5.2% year-on-year in August, with a month-on-month increase of 0.37% [17] - Retail sales of consumer goods in August reached 39,668 billion, reflecting a year-on-year growth of 3.4% [19] Group 3: Industry Dynamics - In August 2025, the industrial power generation volume was 936.3 billion kWh, marking a year-on-year increase of 1.6% [31] - The Ningxia region plans to establish a capacity pricing mechanism for power generation to promote energy storage development [27] - LG New Energy entered the top five in passenger car battery installation volume for the 36th week, driven by Tesla Model Y sales [33] Group 4: Company Updates - Borui Pharmaceutical received approval for clinical trials of BGM0504 tablets, a dual agonist for GLP-1 and GIP receptors, targeting metabolic diseases [40] - Xiangdian Co., Ltd. completed the issuance of A-shares to specific investors, raising approximately 1.999 billion [43]

Group 1 - Beijing Junzheng announced that shareholder Beijing Yitang Shengxin reduced its stake by 4.8254 million shares, accounting for 0.999999% of the total shares, without affecting control or ongoing operations [1] - Zhongtai Automobile is required to pay Shanghai Sizhi 29.5 million yuan and overdue interest due to a court ruling on an intellectual property dispute, which may significantly impact current or future performance [2] - Borui Pharmaceutical received approval to conduct clinical trials for BGM0504 tablets in overweight/obese adults, with no similar oral formulations approved globally [2] - Kexing Pharmaceutical's preliminary transfer price for shares is set at 30.88 yuan per share, representing a 28% discount from the closing price [2] Group 2 - Nanfeng Co. announced that its subsidiary's 3D printing service project has not yet been implemented, and it is still in the early stages, with no significant impact on current revenue or profits [3] - Dingtong Technology plans to invest up to 15 million USD to establish a wholly-owned subsidiary in Vietnam for the development and production of various connectors and cooling products [4] - Xindazheng is planning to acquire at least 51% of Jiaxin Liheng Facility Management, leading to a significant asset restructuring, with stock suspension effective from September 15, 2025 [5] - Junsheng Electronics' subsidiary has received a global automotive intelligence project worth approximately 15 billion yuan, with production expected to start in 2027 [6][7] - Green's Harmonics reported that shareholders Zuo Jing and Zuo Yuyue have completed a total reduction of 2.99% of shares [8] - Shoukai Co. reported significant stock trading activity, including a notable increase in shareholder numbers and some institutional shareholders reducing their stakes [9] Group 3 - China Eastern Airlines reported an 8.72% year-on-year increase in passenger turnover for August [10] - Huachao City A experienced a 57% decrease in contract sales amounting to 990 million yuan in August [10] - Hongrun Construction won a bid for a 126 million yuan project related to Shanghai Metro Line 21 [10] - Shuangxin Electronics plans to acquire 88.79% of Ligon Technology for 700 million yuan [10] - Jingtai Semiconductor intends to acquire 100% of Chip Micro Semiconductor for 316 million yuan [10] - Huada Gene's preliminary transfer price is set at 44.10 yuan per share [10] - Huahai Qingke's transfer price is set at 102 yuan per share [10] - Jingke Energy's transfer price is set at 4.90 yuan per share [10] - Hangke Technology's actual controller plans to transfer 3% of total shares [10] - Landai Technology received approval for a control change from the Anhui State-owned Assets Supervision and Administration Commission [10] - *ST Yuanshang's controlling shareholder plans to transfer 5.1% of shares to Xinda Assets [10] - Quanzhu Co. reported that shareholder Wang Jianjun plans to transfer 68.5 million shares to Qingdao Xinhui Investment [10] Group 4 - Lizhong Group received a project designation for aluminum alloy wheels worth an estimated 5.8 billion yuan [11] - Longci Technology plans to invest 210 million yuan in the second phase of its Vietnam project for localized supply of permanent magnet ferrite raw materials [11] - Laofengxiang's subsidiary plans to jointly invest in a modern refining plant and testing laboratory [11] - Zhongding Co. has core technology in humanoid robots and has signed strategic cooperation agreements with multiple companies [11] - Silek signed a 230 million yuan investment cooperation agreement for precision structural components in the new energy sector [11] - Bai Ao Intelligent plans to invest 3 million USD to establish a wholly-owned subsidiary in Vietnam for AI-related products [11]

Core Viewpoint - The announcement from Borui Pharmaceutical indicates the approval of clinical trials for BGM0504 tablets, a dual agonist of GLP-1 and GIP receptors, aimed at treating overweight/obese adults [1] Group 1: Product Development - Borui Pharmaceutical's subsidiary, Borui Medicine, has received the clinical trial approval notice from the National Medical Products Administration for BGM0504 tablets [1] - BGM0504 is designed to have multiple biological effects, including blood sugar control, weight loss, and treatment of NASH [1] - The injectable form of BGM0504 has already entered Phase III clinical trials for type 2 diabetes and weight loss indications [1] Group 2: Market Position - Currently, there are no approved oral formulations targeting the same mechanism as BGM0504 globally [1] - The approval of BGM0504 tablets positions the company uniquely in the market for oral GLP-1 and GIP receptor agonists [1] Group 3: Investor Advisory - The company has advised investors to be aware of the long-term nature and uncertainties associated with drug development [1] - It is noted that the short-term impact on the company's operating performance will not be significant [1]

Group 1: Company Developments - Purun Co. plans to acquire controlling stake in high-performance 2D NAND storage chip company SHM [4] - Longxin Zhongke's first GPGPU chip, 9A1000, is expected to deliver tape-out within the third quarter [5] - Jingwei Hengrun's major shareholder and director, Cao Xuming, intends to reduce holdings by up to 1 million shares [6] - Hangke Technology's actual controller, Cao Ji, plans to transfer 3% of total share capital through inquiry pricing [7] - Jincheng Co. announces a cash acquisition of 100% equity in Chip Micro Semiconductor for 316 million yuan [3] Group 2: Industry Trends - Shanghai government promotes the development of high-end medical imaging products and AI medical devices [1] - Henan province accelerates the construction of national supercomputing internet core nodes and AI-enabled industrialization [1] - Dongguan city supports the construction of low-altitude economic infrastructure, including general airports and eVTOL facilities [2] Group 3: Financing and Investments - Chip Vision Microelectronics completes several hundred million C+ round financing led by Guoxin Fund [16] - Huakan Biotechnology secures several hundred million B+ round financing for 3D cell manufacturing solutions [16] - Haide Hydrogen Energy announces a new round of strategic financing for global market expansion and product development [17]