Daily Pharmaceutical Industry Briefing

📋 Marvis Contribution · Structured Daily 7 sections · 24 items

Chemical & Pharma Industry Daily (2026-07-06) · Source: User Contribution / Chemical & Pharma Industry Daily

I. API Market Trends

1.1 Steroid Hormone APIs (Continued Rising, El Nino Pushes Up Costs)

Product	June Avg (CNY/kg)	MoM Change	YTD Change	Drivers
Hydrocortisone	34,200	+5.2%	+20.0%	Plant sterols +27%~30%, India high-temp production limits
Dexamethasone Sodium Phosphate	16,800	+8.4%	+31.3%	Upstream BA diol price rise, supply-demand gap widening
Spironolactone	23,200	+5.9%	+20.8%	El Nino impact continues, 4-AD intermediate tight

July forecast: El Nino strengthening, India factory cooling costs rising to 17-18%, operating rate down to ~70%, steroid hormone APIs expected to rise ~5% monthly.

1.2 Antibiotic APIs (Stabilizing & Rebounding)

Product	Price Trend	Near-term Outlook
6-APA	Stabilizing & Rebounding	Clear bottom rebound signal
Penicillin Industrial Salt	Slight Decline	Short-term pressure, mid-term demand recovery expected
Amoxicillin	Stabilizing & Rebounding	Downstream demand improving
Ampicillin	Stabilizing & Rebounding	Following 6-APA uptrend
7-ADCA	Some Recovery	Cephalosporin intermediates recovering
Erythromycin Thiocyanate	Steady Rise	Tight supply-demand continues
Azithromycin	Steady Rise	Demand-side support
Clarithromycin	High-level Stable	Favorable supply structure
Roxithromycin	Steady Rise	Strong supply & demand

1.3 Animal Health/Veterinary APIs (Bottom Range, Some Rebounding)

Product	Price Range (CNY/kg)	Trend
Florfenicol	100-200	Historical bottom, avg price declining
Doxycycline Hyclate	333-365	Rebound from Bottom，Fluctuating Upward
Oxytetracycline HCl	95-104	Low-level Operation
Tilmicosin Phosphate	270-292	Weakly Stable
Colistin Sulfate	114-123	Slightly Weak

VPi (Veterinary Pharma Price Index) closed at 65.92, down 0.44%, overall still weak. But Doxycycline rebounding, factories more willing to hold prices, industry accelerating clearing, cyclical recovery expected in 2026.

1.4 Heparin/Iodine Contrast Agent APIs

HeparinAPI：prices in recent two yearsbasicallyStabilized，at cyclicalBottom Range，Oversupply pattern fundamentally unchanged
Iodine Raw Materials：Driven by electronics industrydemand-driven，iodine priceSome Recovery，butcompared to2022-2023still below yearly cycle highs

II. Upstream Chemical Prices

2.1 Key Chemical Raw Materials (Directly Affecting API Costs)

Product	Price	Daily/Weekly Change	Notes
WTI Crude Oil	$68.78/bbl	+0.13%	Hormuz shipping recovery + OPEC+ continues production increase in Aug, oil price under pressure
Brent Crude Oil	$72.12/bbl	+0.45%	Down ~43% from wartime peak，Multiple investment banks lowered target prices
Imported Granular Sulfur	8,850 CNY/ton	-0.56%(weekly)	Market sentiment unstable, mainly long-term contracts
Shandong Liquid Sulfur	9,113-9,270 CNY/ton	Consecutive Rises	Bidding atmosphere warming
Propylene Oxide	7,850 CNY/ton	Unchanged	Main factory new order price
Propylene Glycol (Industrial)	8,475 CNY/ton	-0.88%(daily)	Bearish expectations remain
Dimethyl Carbonate	3,475 CNY/ton	-1.42%(daily)	Weakening with propylene glycol

2.2 Cost Transmission Chain Analysis

Transmission Chain	Coefficient	Lag	Current Status
Crude Oil → Chemical Solvents/Intermediates	★★★☆☆	2-4 weeks	crude oilSlightly Weak，solvent cost pressure eased
Sulfur → Antibiotics/Vitamins	★★★★☆	4-8 weeks	Sulfur high fluctuation，anti-antibiotic cost support remains
Plant Sterols → Steroid Hormones	★★★★★	Immediate	YoY+27-30%，Steroid hormonesContinued Rising
Propylene Oxide → Propylene Glycol/Excipients	★★★☆☆	2-4 weeks	Propylene Oxideconsolidation，propylene glycol weakly fluctuating

Key Focus: OPEC+ to increase production by 188K bbl/day from August, Hormuz Strait shipping gradually recovering (Gulf exports exceeded 10M bbl/day in June), Citi predicts oil prices may fall to $60 by year-end. If oil prices continue weakening, chemical solvent costs will decline, benefiting synthesis-based API companies.

III. Pharma Excipients & Packaging

3.1 Excipients

Weier Pharma（603351）：leading pharma excipient company，benefiting from overall pharma sector reboundbound，Late Junsincevaluation recovery
Hongri Pharma：Jun 16by1,947.26Million CNYTransferLianyungang WantaiPharmaExcipients50.98%EquitytoWeier Pharma，accelerating industry consolidation
ExcipientsIndustryoverall landscapeStable，leading companies benefiting from post-procurement formulation cost reduction needs，domestic substitution trend clear

3.2 Packaging (Pharma Glass/Rubber Stoppers)

Product	Price Range	Trend
Vials (10ml Standard)	0.08-0.25 CNY/vial	Stable with Slight Rise
Special Glass Vials (10ml Low-temp)	0.20-0.50 CNY/vial	Demand Growing
Lyophilization Vials (High-end)	0.50-1.20 CNY/vial	Driven by Biologics
Light-resistant Vials (10ml Brown)	0.15-0.35 CNY/piece	Stable

Linuo Pharma Packaging：Since March, raised prices 5%-15% on core products like borosilicate ampoules and vials，volume and price both rising；RTU（ready-to-use）packaging export accelerating，overseas revenue exceeding30%
Hualan Stock：leading pharma rubber stopper company，covering ~ of China's top 100 pharma companies88%，benefiting from high-quality packaging demand
After 11th procurement round，competition shifting to quality-tiered evaluation，high-end pharma packaging value becoming more prominent

IV. Pharma Sector Performance

4.1 A-Share Pharma Sector (Week 1 of July: Strong Leading)

Indicator	Data
Pharma Bio Index Weekly Gain	+10.53%
Outperformed CSI 300	+11.07pct
Net Capital Inflow	+3.05B CNY
Innovative Drug Index Weekly Gain	+7.24%

**Sub-sector Rankings (Week 1 of July)**:
**Coredriven**：
Jun 29Medical Insurancedual-directory preliminary review resultsReleased（557drugsPassed，Passedrate92%、YoY+8pct）
Jul 3 NMPA released three major CGT (Cell & Gene Therapy) policies，igniting sector sentiment
innovative drug pre-application mechanism、8-year price protection for high-priced innovative drugs、procurement exemption for Class 1 original drugs during patent periodetc.Policyimplemented
Fedrate cut expectations rising，interest rate-sensitive innovative drug sector valuation recovery

4.2 Key Pharma Company Updates

Company	Weekly Change	Key Developments
Hengrui Pharma	+11.88%	3 drugs approved for clinical trials (SHR-8068/Adebrelimab/Apatinib); Recombinant Trastuzumab NDA accepted and included in priority review (cumulative R&D ~¥2.077B); Q1 revenue ¥8.141B, innovative drugs >60%
BeiGene	+15.02%	Zanubrutinib global salescontinued volume growth, surpassed original drug in global market
Baili Tengang	+29.48%	Core ADC asset, $15.2B collaboration with BMS
Kelun Pharma	+34.78%	Kelun Biopharma ADC competitiveness outstanding
MediLink-B	+32.19% (HK)	Frequent buybacks, strong management confidence
CanoBio-B	+27.01% (HK)	Spisutamab three indications included in medical insurance, >$2.1B global collaboration with Gilead

4.3 HK-Listed Innovative Drug Sector

Hang Seng HK-connect Innovative Drug Index surged weekly
Innovative drug cross-border licensing (License-out) continued exceeding expectations
Institutions recommendH2"barbell strategy":one end innovative internationalization, the other traditional dividend anchors

V. New Drug Approvals

5.1 NDA Acceptances

Date	Company	Drug	Event
Jul 3	Hanyu Pharma/Sansheng Mandi	Semaglutide Injection (Weight Loss)	CDE accepted (5 acceptance numbers, covering mainstream specifications)
Jul 3	Sino Biopharmaceutical (Tide Pharma)	Ropivacaine HCl Extended-release Solution	CDE accepted (World's first incision-applied long-acting analgesic, 72h sustained analgesia)
Jul 2	Hengrui Pharma (Shengdiya)	Recombinant Trastuzumab for Injection	CDE accepted and included in priority review

5.2 Clinical Trial Approvals

Hengrui Pharma：SHR-8068 injection (anti-CTLA-4)、Adebrelimab injection (PD-L1)、Apatinib Mesylate Tabletsletsapproved for clinical trials

5.3 Breakthrough Therapy/Priority Review

CSPC Pharmaceutical (Jushi Bio)：SYS6043 for Injection included in breakthrough therapy designationion（platinum-resistant ovarian cancer etc.）
APIPriority ReviewPolicy（Jul 1Implemented，8month1dayimplemented）：four categoriesAPIeligible forPriority Reviewpathway——import-substituteAPI、shortageAPI、Supporting priority formulation APIs、Original drug domestic transfer APIs

VI. Industry Policy Updates

6.1 Core Policies This Week

Date	Policy/Event	Impact Assessment
Jul 3	NMPA released three major CGT (Cell & Gene Therapy) policies	Major Positive：30dayfast review pathway、full-chain accelerationApprovals，CAR-T/in vivo gene therapy/iPS cellsboosting sentiment across the board
Jul 1	TCM registration new rules officially implemented	Structural Reshuffle：over 70%TCMapprovalssafety information"still unclear"，future3-5yearExpected20%-30%approvalsexitMarket
Jul 1	APIPriority ReviewPolicyImplemented	Positive for CDMO/specialty APIs: Four categories of APIs eligible for priority review
Jun 29	2026 medical insurance dual-directory preliminary review released	Valuation boost：557drugsPassedbasicallyMedical Insurancepreliminary review，54Passedcommercial insuranceInnovative Drugdirectory，Passedrate92%
Late Jun	Innovative drug pre-application mechanism implemented	institutional positive：not yet certifiedbutcan apply early after completing review，access period shortened by ~1year

6.2 TCM Industry Reshuffling

Buchang Pharma deregistered 2 subsidiaries within 2 months
Conba Pharma transferred Dongyang Conba Pharma100% equity
CR Sanjiulisted for transferHubei Jiuzhingtong equity etc.
44at homePharma Companiesindustrysignificantly reduced staff（Jiangchuan Pharmastaff reduction66%、Zhenbaodaostaff reduction21.6%）
Henan、Ningxiaintensively conductingTCMprice governance，some products declining over 60%

6.3 2026 Medical Insurance Directory Innovation Mechanism

Pre-application mechanism：Addresses pain point of new drugs missing annual application window
8-year price protection：High-priced innovative drugs enjoy 8-year medical insurance price protection
Procurementexemption：Class 1 original drugs exempt from procurement during patent period
Dual-directory linkage：basicallyMedical Insurance+commercial insuranceInnovative Drugexclusive directory advancing in parallel

VII. Summary & Outlook

7.1 Key Judgments This Week

1. API：Steroid hormones pushed up by El Nino high temperatures, expected ~5% monthly gain in Julyy；Antibiotic APIsStabilizing & Reboundingsignals clear；animal healthAPIat cyclicalbottom，Industry Accelerating Clearing，watch for reversal opportunities。 2. Chemicalsupstream：Crude oil underOPEC+production increase+Hormuz shipping recovery dual pressureSlightly Weakoperation，Chemicalssolventcosts expected to decline；sulfurhigh fluctuation，still supporting sulfur-containing antibiotic costs。 3. PharmaSector：Policyaspectmultiple catalysts（CGTNew Policy+Medical Insurancedirectory innovation mechanism），Pharmabiologicalweekly+10.53%leading market，Innovative Drugvaluation recovery confirmed，watch for short-term profit-taking pressure。 4. Policyaspect：CGTNew Policyisstrongest catalyst this week，Medical Insurancedirectoryinstitutional reform（pre-application+price protection+Procurementexemption）repairing innovative drug long-term valuation center，TCMIndustryregulation tightening accelerating tail clearing。

7.2 Focus This Week (July 7-11)

Jul 5 market reaction after medical insurance directory preliminary review deadline
CGT new policy draft implementation details
OPEC+production increase pace and oil price trends impact on chemical costs
Mid-year earnings preview window，watch for API company profit recovery
Innovative DrugSectorwhether can continue strong performance，Watchprofit-taking pressure at highs

I. Pharmaceutical Market Overview 6 items

#1 1.1 Steroid Hormone APIs（Continued Rising, El Nino Pushes Up Costs） - Hydrocortisone: 34,200

June Avg（CNY/kg）: 34,200 | MoM Change: +5.2% | YTD Change: +20.0% | Drivers: Plant sterols +27%~30%, India high-temp production limits (See full data in Marvis Contribution)