A-shares fluctuate and rebound, with the Shanghai Composite Index rising 0.26% at midday.

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Reporter: Liu Mingtao | Editor: Xiao Ruidong

On March 27, the A-share market fluctuated upward. By the close of the morning session, the Shanghai Composite Index rose 0.26% to 3899.12 points, the Shenzhen Component Index rose 0.93%, the ChiNext Index rose 0.83%, the Beijing Stock Exchange 50 fell 0.06%, the Sci-Tech Innovation 50 rose 0.55%, and the CSI A500 rose 0.65%. The half-day trading volume of A-shares reached 1.15 trillion yuan.

In terms of liquidity, the central bank announced that on March 27, it conducted a 146.2 billion yuan 7-day reverse repurchase operation through fixed rate and quantity tendering, with an operation rate of 1.40%, a bid amount of 146.2 billion yuan, and a winning amount of 146.2 billion yuan. According to Wind data, 20.5 billion yuan of reverse repurchase agreements matured that day, resulting in a net injection of 125.7 billion yuan for the day.

On the news front, the chief lawyer of the China Securities Regulatory Commission, Cheng Hehong, stated that the draft financial law is currently seeking public opinion, which clearly stipulates “support for medium and long-term funds entering the market to enhance the inherent stability of the capital market,” further solidifying the legal foundation for rational investment, value investment, and long-term investment.

Yu Weining, chief statistician of the Industrial Department of the National Bureau of Statistics, stated that in January and February, various regions and departments accelerated the implementation of more proactive macro policies, focusing on integrating the effects of stock and incremental policies. The profit growth of industrial enterprises above designated size has accelerated, with most industries experiencing a rebound in profits, and rapid profit growth in the equipment manufacturing and high-tech manufacturing industries, demonstrating a continuous recovery in industrial enterprise performance. In the next phase, it is necessary to deeply implement the spirit of the Central Economic Work Conference and the deployment of the National Two Sessions, continuously expand domestic demand, optimize supply, develop new quality productive forces according to local conditions, and promote the construction of a unified national market, driving the sustained and healthy development of the industrial economy.

In terms of sectors, affected by the continued escalation of Zimbabwe’s lithium ore export ban, stocks in lithium ore, batteries, and other new energy sectors performed strongly, with Rongjie Co., Jiangte Electric, Shengxin Lithium Energy, and Jinyuan Co. (rights protection) all experiencing significant gains. Innovative pharmaceutical concept stocks surged, with Meinuohua (rights protection), Jinyao Pharmaceutical, Lianhuan Pharmaceutical, and Zhaoyan New Drug hitting the daily limit.

From the perspective of innovative pharmaceutical performance, the performance growth guidance for CDMO is the clearest and strongest, while clinical CRO guidance generally points to moderate to robust growth, relying more on internal system optimization for profit growth. On the other hand, both BD and the recent key project data readings have been continuously reinforcing the logic of enhancing the competitiveness of domestic innovative drugs since the beginning of the year.

Here, by integrating the latest research report information from more than ten securities firms including Tianfeng, Anxin, and Guoxin, we bring you brief introductions to four companies for your reference.

1. Yinos

As one of the earliest companies in China to obtain NMPA/OECD/FDAGLP certification simultaneously, the company aligns with international standards and possesses competitive international service capabilities within the industry. — Kaiyuan Securities

2. Zhaoyan New Drug

The company is a preclinical CRO with international competitiveness, focusing on unique non-clinical safety evaluations, clinical trial services, and experimental model supply. — Industrial Securities

3. Meinuohua

The company is exploring platform expansion directions, currently focusing on research in the fields of peptides and enzyme-related applications, targeting mature, harmless, or low-side-effect targets. — Tianfeng Securities (rights protection)

4. BioAtla

The company is a global leader in biotechnology platform companies, with the RenMice platform expected to contribute high elasticity, and the BioMice platform expected to provide stable cash flow, highlighting outstanding medium to long-term growth potential. — Cinda Securities

Cover image source: Every Day Media Library

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