| 代码 | 本 名称 | 现价 | 涨跌 | 涨跌幅 ▼ | | --- | --- | --- | --- | --- | | 159366 | 跨 港股医疗ETF T+0 | 1.596 | 0.044 | 2.84% | | 159776 | 跨 港股通医药ETF T+0 | 1.422 | 0.033 | 2.38% | | 513700 | 覧 香港医药ETF T+0 | 0.753 | 0.017 | 2.31% | | 513060 | 跨 恒生医疗ETF T+0 | 0.715 | 0.016 | 2.29% | | 159557 | 跨 恒生医疗ETF嘉实 T+0 | 1.808 | 0.039 | 2.20% | | 513200 | 跨 港股通医药ETF T+0 | 1.266 | 0.028 | 2.26% | | 159303 | 跨 恒生医疗ETF基金 T+0 | 1.979 | 0.043 | 2.22% | | 520510 | 跨 港股通医疗ETF T+0 | 1.037 | 0.022 | 2.17% | | 513280 | 跨 恒生生物科技ETF T+0 | 1.31 ...

Summary of Key Points from the Conference Call on China Healthcare Industry Overview - The conference focused on the **China Healthcare** sector, particularly the pharmaceutical and biotech industries, highlighting the attractive investment landscape in the Asia Pacific region [2][5][6]. Core Insights and Arguments - **Growth Projections**: The global pharmaceutical market is expected to grow at a **CAGR of 5.7%** from 2023 to 2028, while the Chinese pharmaceutical market is projected to grow at a **CAGR of 7.7%** during the same period [9][12]. - **Market Dynamics**: The Chinese pharmaceutical market is characterized by a significant reliance on imported products, particularly in the albumin segment, where **60-70%** of the market is composed of imports [34]. - **Out-licensing Trends**: There has been a notable increase in out-licensing activities, with over **$50 billion** in deals recorded in 2024, driven by narrowing innovation gaps and emerging complex modalities [41][42]. - **Regulatory Environment**: The plasma industry in China faces high entry barriers, with only **<30 plasma fractionators** currently operating, leading to a market consolidation trend [33][34]. Important Developments - **Upcoming Events**: Key sector events include the **CSCO 2025** and **WCLC 2025** conferences, which are expected to influence stock performance in the pharmaceutical and biotech sectors [6][8]. - **Pipeline Assets**: Several companies, including Hengrui and CSPC, have significant pipeline assets with upcoming drug approvals and trial progress expected in **2H25** [32][27]. Potential Risks and Challenges - **Supply Constraints**: The Chinese plasma market is underdeveloped compared to global standards, with a limited variety of plasma derivatives available [34]. - **Market Competition**: The top five plasma companies dominate approximately **60%** of the market, indicating a highly consolidated competitive landscape [33]. Additional Insights - **Investment Sentiment**: The overall sentiment towards the China healthcare sector remains positive, with analysts highlighting the potential for significant returns driven by innovation and market expansion [2][41]. - **Technological Advancements**: The introduction of recombinant human albumin (rHSA) is expected to disrupt the albumin market, potentially capturing **~10%** of the total market share [35]. This summary encapsulates the key points discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the China healthcare sector.

本文源自：金融界 石药集团有限公司是香港的一家医药上市企业，主要业务为成药和原料药生产，并以创新药为核心发展 战略，在神经系统疾病、抗肿瘤、抗感染及心血管疾病等治疗领域具有强大的产品组合。同时该公司拥 有一支国际化的研发团队，专注于小分子靶向药物、纳米药物、单抗药物、双抗药物、抗体偶联药物以 及免疫领域生物药物的发现、研究及开发。 截至2025年一季报，石药集团营业总收入70.15亿元、净利润14.78亿元。 8月12日，天风证券首次给予买入评级,目标价18.63港元。 8月14日，石药集团(01093)盘中下跌2.15%，截至10:08，报10.49元/股，成交3.09亿元。 作者：行情君 ...

Group 1 - The Hong Kong stock market showed strong performance on August 13, with the Hang Seng Index rising by 1.88% and the Hang Seng Tech Index increasing by 2.35%, particularly driven by the healthcare sector [1] - The Hong Kong Innovative Drug 50 ETF (513780) closed up by 3.38% with a turnover rate exceeding 18% and a transaction volume of over 400 million yuan, indicating strong investor interest [1] - Notably, the Hong Kong Innovative Drug 50 ETF (513780) experienced a net inflow of 1.07 billion yuan over the past 15 trading days, and it has gained over 92% year-to-date as of August 12 [1] Group 2 - The National Healthcare Security Administration announced the preliminary review results for the 2025 medical insurance directory and commercial insurance innovative drug directory, with 534 drugs passing the basic medical insurance directory review and 121 drugs passing the commercial insurance innovative drug directory review [2] - High-priced innovative drugs, including CAR-T therapies, are seeking inclusion in the commercial insurance innovative drug directory, indicating a push for diversified payment methods for innovative drugs [2] - Analysts suggest that the rise of innovative drugs is sustainable, recommending attention to companies with rich pipeline layouts, high-potential single innovative drugs, and leading technology platforms in the sector [2]

8月13日，石药集团(01093)盘中上涨2.49%，截至10:32，报10.29元/股，成交3.01亿元。 8月12日，天风证券首次给予买入评级,目标价18.63港元。 本文源自：金融界 作者：行情君 石药集团有限公司是香港的一家医药上市企业，主要业务为成药和原料药生产，并以创新药为核心发展 战略，在神经系统疾病、抗肿瘤、抗感染及心血管疾病等治疗领域具有强大的产品组合。同时该公司拥 有一支国际化的研发团队，专注于小分子靶向药物、纳米药物、单抗药物、双抗药物、抗体偶联药物以 及免疫领域生物药物的发现、研究及开发。 截至2025年一季报，石药集团营业总收入70.15亿元、净利润14.78亿元。 ...

格隆汇8月12日丨石药集团(01093.HK)宣布，公司董事会会议将于2025年8月22日(星期五)举行，藉以(其 中包括)批准公司及其附属公司截至2025年6月30日止6个月的未经审核中期业绩。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生 或因倚賴該等內容而引致的任何損失承擔任何責任。 代表董事會 石藥集團有限公司 主席 蔡東晨 香港，2025年8月12日 於 本 公 告 日 期 ， 董 事 會 包 括 執 行 董 事 蔡 東 晨 先 生 、 張 翠 龍 先 生 、 王 振 國 先 生 、 潘 衛 東 先 生、王懷玉先生、李春雷博士、姚兵博士、蔡鑫先生及陳衛平先生；及獨立非執行董事王 波先生、CHEN Chuan先生、王宏廣教授、歐振國先生、羅卓堅先生及李泉女士。 （於香港註冊成立之有限公司） （股份代號：1093） 董事會召開日期 石藥集團有限公司（「本公司」）宣布，本公司董事會（「董事會」）會議將於2025年8月22日（ 星 期五 ）舉行，藉以（ 其中包括 ）批准本公司及其附屬公司截至2025年6月30日止6個月之未經 審核中期業績。 CSPC PHARMACEUTICAL GROUP LIMITED 石 藥 集 團 有 限 公 司 ...

Group 1 - The core viewpoint of the article highlights the recent stock performance of CSPC Pharmaceutical Group, which saw a decline of 2.03% to HKD 10.15 per share, with a trading volume of HKD 374 million [1] - CSPC Pharmaceutical Group is a Hong Kong-listed pharmaceutical company primarily engaged in the production of finished drugs and active pharmaceutical ingredients, focusing on innovative drugs as its core development strategy [1] - The company has a strong product portfolio in therapeutic areas such as neurological diseases, oncology, anti-infection, and cardiovascular diseases, supported by an international R&D team [1] Group 2 - As of the first quarter of 2025, CSPC Pharmaceutical Group reported total revenue of HKD 7.015 billion and a net profit of HKD 1.478 billion [2]

Group 1 - The Hang Seng Hong Kong Stock Connect Innovative Drug Selection Index (HSSCPB) increased by 0.02%, with notable stock performances including Jingtai Holdings (02228) up 7.38% and Fosun Pharma (02196) up 6.00% [3] - The Hong Kong Innovative Drug Selection ETF (520690) rose by 0.52%, reaching a latest price of 0.97 yuan, with a trading volume of 240.45 million yuan and a turnover rate of 0.62% [3] - Jingtai Holdings announced an expected comprehensive income of no less than 500 million yuan for the six months ending June 30, 2025, representing an increase of at least 387% compared to the same period in 2024 [3] Group 2 - The Hong Kong Innovative Drug Selection ETF reached a new high in scale at 385 million yuan and a new high in shares at 399 million [4] - The ETF has seen continuous net inflows over the past three days, with a maximum single-day net inflow of 22.93 million yuan, totaling 42.28 million yuan [4] - The ETF's management fee is 0.50% and the custody fee is 0.10%, which are among the lowest in comparable funds [5] Group 3 - The HSSCPB index aims to reflect the performance of Hong Kong-listed companies involved in innovative drug research, development, and production [5] - The top ten weighted stocks in the HSSCPB index account for 78.05% of the total index weight, including companies like BeiGene (06160) and WuXi Biologics (02269) [5]

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the market, indicating significant investor sentiment against these companies, with notable short-selling ratios and amounts for specific stocks [1][2]. Group 1: Top Short-Selling Ratios - Anta Sports (82020) has the highest short-selling ratio at 100.00% with a short-selling amount of 97,800 CNY [2]. - China National Offshore Oil Corporation (80883) follows with a short-selling ratio of 90.59% and a short-selling amount of 1,305,000 CNY [2]. - Tencent Holdings (00700) has a short-selling ratio of 87.99% with a short-selling amount of 1,125,000 CNY [2]. Group 2: Top Short-Selling Amounts - Meituan (03690) leads in short-selling amount with 1.136 billion CNY and a short-selling ratio of 23.98% [2]. - Xiaomi Group (01810) has a short-selling amount of 1.04 billion CNY and a short-selling ratio of 16.20% [2]. - Tencent Holdings (00700) also appears in this category with a short-selling amount of 1.007 billion CNY and a short-selling ratio of 15.29% [2]. Group 3: Top Short-Selling Deviation Values - Tencent Holdings (80700) has the highest deviation value at 45.57%, indicating a significant difference from its average short-selling ratio over the past 30 days [2]. - China National Offshore Oil Corporation (80883) has a deviation value of 42.14% [2]. - China State Construction International (03311) shows a deviation value of 34.50% [2].