Core Viewpoint - The AI medical sector experienced a decline of 0.66% on February 11, with QianYuan Pharmaceutical leading the drop. The Shanghai Composite Index rose by 0.09%, while the Shenzhen Component Index fell by 0.35% [1]. Group 1: Market Performance - The closing price of QianYuan Pharmaceutical was 11.44, down by 4.67%, with a trading volume of 209,800 shares and a transaction value of 243 million [2]. - The AI medical sector saw a net outflow of 1.345 billion from major funds, while retail investors contributed a net inflow of 1.14 billion [2][3]. Group 2: Individual Stock Performance - YoukeDe (688158) closed at 37.54, up by 5.12%, with a trading volume of 631,000 shares and a transaction value of 2.36 billion [1]. - AidiTe (301580) closed at 55.18, up by 4.63%, with a trading volume of 46,100 shares and a transaction value of 251 million [1]. - SanNuo Biology (300298) closed at 18.54, up by 2.71%, with a trading volume of 105,200 shares and a transaction value of 194 million [1]. - The top decliners included QianYuan Pharmaceutical (300254) and KaiPu Biology (300639), with declines of 4.67% and 4.23%, respectively [2].

Core Viewpoint - Norsig (301333) has shown a fluctuating upward trend in its stock price over the past seven trading days, indicating positive market sentiment and potential investment interest [1][2] Group 1: Stock Performance - As of February 10, the stock price closed at 80.48 yuan, up 4.79% from the closing price of 76.80 yuan on February 5, with a price fluctuation range of 9.94% [1] - On February 6, the stock price experienced an intraday drop of 2.07% but closed at 79.04 yuan, marking a daily increase of 2.92% [1] - The stock price fell to 78.10 yuan on February 9, reflecting a decline of 1.19%, before rebounding with a 3.05% increase on February 10, with trading volume reaching 204 million yuan [1] Group 2: Technical Indicators - Technical analysis shows that the MACD indicator remains positive, while the KDJ indicator is at a high level, suggesting bullish momentum [1] - Short-term moving averages are in a bullish arrangement, and the upper pressure level of the Bollinger Bands is approximately 85.09 yuan [1] Group 3: Financing and Market Activity - As of February 9, Norsig's financing balance was 108 million yuan, with a financing purchase amount of 18.84 million yuan, indicating active market participation [2] - There have been no significant company announcements or operational events recently, suggesting a stable operational environment [2]

证券研究报告 2026 年 02 月 08 日 湘财证券研究所 核心要点： 本周医药生物上涨 0.14%，涨跌幅排名位列申万一级行业第 15 位 根据 Wind 数据，本周申万一级行业医药生物上涨 0.14%，涨幅排名位列申 万 31 个一级行业第 15 位。沪深 300 指数下跌 1.33%，医药跑赢沪深 300 指数 1.47 个百分点。申万医药生物二级子行业医疗服务 II 报收 6827.17 点，上涨 1.31%；中药 II 报收 6282.76 点，上涨 2.56%；化学制药Ⅱ报收 12759.67 点，下跌 0.62%；生物制品Ⅱ报收 6271.33 点，下跌 1.82%；医 药商业Ⅱ报收 5434.98 点，上涨 0.57%；医疗器械 II 报收 6635.59 点，下 跌 0.13%。 行业研究 医疗服务行业周报 互联网医疗首诊破冰，关注专科连锁龙头 --医疗服务行业周报 2.2-2.6 相关研究： 从医疗服务板块公司的表现来看，表现居前的公司有：美迪西（+18.0%）、 通策医疗（+8.1%）、诺思格（+5.7%）、贝瑞基因（+4.8%）、泰格医药（+4.2%）； 表现靠后的公司有： 皓元医 ...

Core Viewpoint - The ChiNext Medical Index (970082) closed at 3876.07 points on February 3, with a gain of 2.37% and a trading volume of 13.236 billion yuan, indicating positive market sentiment in the medical sector [1]. Group 1: Index Performance - The ChiNext Medical Index saw 49 constituent stocks rise, with NuoSiGe leading the gains at 8.76% [1]. - The index's turnover rate was 1.71%, reflecting moderate trading activity [1]. Group 2: Top Constituents - The top ten constituents of the ChiNext Medical Index include: - YuanEr Eye Hospital (sz300015) with a weight of 9.18% and a latest price of 11.04 yuan, up 1.28% [1]. - MaiRui Medical (sz300760) with a weight of 8.95% and a latest price of 188.15 yuan, up 0.56% [1]. - TaiGe Medical (sz300347) with a weight of 8.52% and a latest price of 63.20 yuan, up 4.97% [1]. - KangLong HuaCheng (sz300759) with a weight of 7.18% and a latest price of 29.61 yuan, up 2.10% [1]. - LePu Medical (sz300003) with a weight of 4.96% and a latest price of 17.83 yuan, up 1.89% [1]. - New Industry (sz300832) with a weight of 4.73% and a latest price of 54.50 yuan, up 2.60% [1]. - AiMeiKe (sz300896) with a weight of 4.49% and a latest price of 147.57 yuan, up 4.56% [1]. - YingKe Medical (sz300677) with a weight of 4.14% and a latest price of 40.55 yuan, up 1.38% [1]. - FuRui Medical (sz300049) with a weight of 3.55% and a latest price of 67.33 yuan, up 1.45% [1]. - HuaDa Gene (sz300676) with a weight of 3.15% and a latest price of 50.30 yuan, up 2.57% [1]. Group 3: Capital Flow - The net inflow of main funds into the ChiNext Medical Index constituents totaled 145 million yuan, while retail investors experienced a net outflow of 106 million yuan [1]. - The detailed capital flow indicates that TaiGe Medical had a main fund net inflow of 10.514 million yuan, while retail investors had a net outflow of 18.28% [2].

Market Performance - The medical services sector increased by 2.52% on February 3, with Norsig leading the gains [1] - The Shanghai Composite Index closed at 4067.74, up by 1.29%, while the Shenzhen Component Index closed at 14127.1, up by 2.19% [1] Top Gainers in Medical Services - Norsig (301333) closed at 78.98, up by 8.76% with a trading volume of 43,200 shares and a transaction value of 332 million [1] - Yinos (688710) closed at 61.07, up by 7.52% with a trading volume of 17,400 shares and a transaction value of 10.4 million [1] - Dean Diagnostics (300244) closed at 24.73, up by 6.69% with a trading volume of 447,200 shares and a transaction value of 1.084 billion [1] Market Capital Flow - The medical services sector saw a net inflow of 506 million from institutional investors, while retail investors experienced a net outflow of 4.12 billion [2][3] - The top stocks with significant institutional inflows included Tiger Medical (300347) with 103 million and Meinian Health (002044) with 86 million [3] Stock Performance Overview - The stock performance of various companies in the medical services sector showed a mix of gains and losses, with notable declines in stocks like Haocen Medical (002622) down by 1.97% [2] - The trading volume and transaction values varied significantly across different companies, indicating diverse investor interest [2]

Investment Rating - The investment rating for the healthcare industry is "Positive" and maintained [14] Core Insights - The funding levels for Chinese innovative pharmaceutical companies are increasing, leading to a gradual improvement in the research and development (R&D) investment sentiment within the industry. This is expected to usher in a new cycle of prosperity for the innovative drug industry chain [5][12] - The trend of external business development (BD) is likely to benefit the domestic early-stage research industry significantly, as new business models allow early-stage projects to become tradable and monetizable assets, enhancing R&D investment returns [13] Summary by Sections Innovative Chain Development Review - Before 2020, multiple factors converged to initiate a significant rise in China's innovative drug sector, leading to the rapid development of the innovative chain, including CXO and life sciences services [10][30] - From 2020 to the first half of 2022, the global public health crisis accelerated capital inflow into the biopharmaceutical sector, resulting in high demand and a leap in the innovative chain segment, which also triggered a wave of IPOs and substantial supply-side expansion [10][39] - The second half of 2022 to 2024 saw a transition from a heated to a cooling phase, with a significant shift in supply-demand dynamics leading to industry internal competition and pressure on revenues and profit margins [10][54][57] Improvement in R&D Investment Sentiment - Starting from 2025, the R&D investment sentiment in China's innovative drug sector is expected to improve, with companies experiencing increased funding levels. The total amount raised through IPOs and additional offerings in 2025 is projected to reach 201.5 billion yuan, a 145% year-on-year increase [11][62] - The potential milestone payments from external BD are expected to reach 880.5 billion yuan in 2025, marking a 185.9% year-on-year increase, indicating a robust funding environment for innovative drug companies [11] Benefits to Early-stage Research Industry - The new external BD business model enhances the R&D investment return rates for Chinese innovative drug companies, thereby increasing their willingness to invest in R&D [11][13] - The early-stage research industry, including drug discovery CROs and clinical trial services, is expected to benefit significantly from the external BD trend, with leading companies in these segments poised for rapid growth [13]

Core Viewpoint - On February 2, a total of 7 listed companies had their restricted shares unlocked, with a total market value of approximately 43.65 billion yuan [1] Group 1: Company Specifics - Yunding Technology (Stock Code: 000409) had 4.0062 million shares released from equity incentive restrictions [1] - Jinling Pharmaceutical (Stock Code: 000919) had 220,800 shares released from equity incentive restrictions [1] - Dongfang Chuangye (Stock Code: 600278) had 531,600 shares released from equity incentive restrictions [1] - Xinda Securities (Stock Code: 601059) had 2.551 billion shares released from pre-issue share restrictions [1] - Nuo Si Ge (Stock Code: 301333) had 3.9288 million shares with extended lock-up periods released [1] - Jianghan New Materials (Stock Code: 603281) had 12.2 million shares released from pre-issue share restrictions [1] - Fu Er Jia (Stock Code: 301371) had 250,000 shares with extended lock-up periods released [1]

中国国际金融股份有限公司 关于诺思格（北京）医药科技股份有限公司 首次公开发行前已发行股份解除限售并上市流通的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为诺思格 （北京）医药科技股份有限公司（以下简称"诺思格"或"公司"）的保荐机构，根据 《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股票上市规则》《深圳证 券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易 所上市公司自律监管指引第 13 号——保荐业务》等有关法律、行政法规、部门规章及 业务规则的要求，对诺思格本次首次公开发行前已发行股份解除限售并上市流通进行了 认真、审慎核查，具体情况如下： 一、首次公开发行股票情况 （一）首次公开发行股票情况 经中国证券监督管理委员会《关于同意诺思格（北京）医药科技股份有限公司首次 公开发行股票注册的批复》（证监许可[2022]1185 号）同意注册，公司首次公开发行人 民币普通股（A 股）股票 1,500 万股，并于 2022 年 8 月 2 日在深圳证券交易所创业板 上市交易。公司首次公开发行前总股本为 45,000,000 股，首次公开发行后总 ...

证券代码：301333 证券简称：诺思格 公告编号：2026-004 诺思格（北京）医药科技股份有限公司 关于首次公开发行前已发行股份解除限售 并上市流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完 整，没有虚假记载、误导性陈述或重大遗漏。 特别提示： 1、本次上市流通的限售股为诺思格（北京）医药科技股份有限公司（以下 简称"公司"）首次公开发行前已发行股份； 2、本次解除限售股东户数为 2 户，解除限售股份数量合计 39,268,800 股， 占公司总股本的 40.66%，限售期均为自公司首次公开发行股票并上市之日起 42 个月； 3、本次解除限售的股份上市流通日期为 2026 年 2 月 2 日（星期一）。 一、公司股票发行和股本变动情况 （一）首次公开发行股票情况 经中国证券监督管理委员会《关于同意诺思格（北京）医药科技股份有限公 司首次公开发行股票注册的批复》（证监许可[2022]1185 号）同意注册，公司首 次公开发行人民币普通股（A 股）股票 15,000,000 股，并于 2022 年 8 月 2 日在 深圳证券交易所创业板上市交易。公司首次公开发行前总股本为 45,0 ...

Group 1 - The core viewpoint of the news is that Norsg (Beijing) Pharmaceutical Technology Co., Ltd. experienced a decline in stock price and significant trading activity, indicating high investor interest and potential volatility in the market [1][2]. Group 2 - On January 26, Norsg's stock price fell by 3.71%, with a trading volume of 214 million yuan. The financing buy-in amount was 23.10 million yuan, while the financing repayment was 22.31 million yuan, resulting in a net financing buy of 797,000 yuan [1]. - As of January 26, the total balance of margin trading for Norsg was 119 million yuan, accounting for 2.92% of its circulating market value, which is above the 90th percentile level over the past year [1]. - In terms of securities lending, on January 26, Norsg repaid 800 shares and sold 600 shares, with a selling amount of 42,500 yuan. The remaining securities lending balance was 3,800 shares, with a total balance of 269,300 yuan, also above the 90th percentile level over the past year [1]. Group 3 - Norsg was established on August 22, 2008, and went public on August 2, 2022. Its main business includes clinical trial operation services, clinical trial site management services, biological sample testing services, data management and statistical analysis services, clinical trial consulting services, and clinical pharmacology services [2]. - The revenue composition of Norsg's main business is as follows: clinical trial operation services (39.25%), clinical trial site management services (34.10%), data management and statistical analysis services (13.30%), biological sample testing services (8.45%), clinical pharmacology services (3.74%), and clinical trial consulting services (1.16%) [2]. - As of September 30, 2025, Norsg achieved an operating income of 607 million yuan, representing a year-on-year growth of 8.09%, and a net profit attributable to shareholders of 95.57 million yuan, with a year-on-year increase of 13.21% [2]. Group 4 - Since its A-share listing, Norsg has distributed a total of 49.50 million yuan in dividends [3]. - As of September 30, 2025, the number of shareholders of Norsg was 8,734, a decrease of 16.18% from the previous period, while the average circulating shares per person increased by 19.30% to 6,545 shares [2][3]. - Among the top ten circulating shareholders, Nuoan Pioneer Mixed A (320003) ranked as the sixth largest shareholder with 1.68 million shares, while Hong Kong Central Clearing Limited ranked as the tenth largest shareholder with 690,400 shares, a decrease of 138,500 shares from the previous period [3].