Core Viewpoint - On July 30, CSPC Pharmaceutical Group licensed its oral small molecule GLP-1 receptor agonist SYH2086 to US-based Madrigal Pharmaceuticals for a total transaction value exceeding $2 billion, including a $120 million upfront payment, surpassing market expectations [1] Event - CSPC Pharmaceutical Group announced a licensing agreement with Madrigal Pharmaceuticals for the global development, production, and commercialization rights of its self-developed oral GLP-1 receptor agonist SYH2086 [1] Financial Forecast, Valuation, and Investment Recommendation - The company expects revenues of 29.787 billion yuan, 31.698 billion yuan, and 33.899 billion yuan for 2025-2027, with net profits attributable to the parent company of 5.342 billion yuan, 5.651 billion yuan, and 6.059 billion yuan, corresponding to PE ratios of 21, 20, and 19, maintaining a "buy" rating [1]

Group 1 - The core viewpoint of the news highlights the ongoing bullish trend in the innovative drug sector, driven by significant business development (BD) projects and active trading in related ETFs [1][2][3][4] - The Hong Kong stock market saw a slight increase in major indices, with a notable rise in biopharmaceutical stocks, indicating strong market interest in this sector [1] - Key innovative drug companies such as Hengrui Medicine, CSPC Pharmaceutical, and Lepu Biopharma have secured substantial overseas licensing agreements, which are expected to generate significant revenue [2][3] Group 2 - The innovative drug sector is anticipated to maintain momentum through 2025, supported by major academic conferences that will catalyze market interest [3] - There is a focus on emerging technologies and unmet clinical needs, with specific attention to areas such as dual-target and multi-target therapies, small nucleic acids, and next-generation immuno-oncology drugs [3] - The Hong Kong Innovative Drug Select ETF (520690) tracks a pure innovative drug index, which has shown impressive growth, making it a focal point for investors [4]

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (74.76%), Gree Power (70.14%), and China Shenhua (67.05%) [1] - The largest increases in holdings over the last five trading days were seen in the following companies: Yingfu Fund (+2.967 billion), Li Auto-W (+2.821 billion), and Hang Seng China Enterprises (+2.531 billion) [1] - The largest decreases in holdings over the last five trading days were recorded for Pop Mart (-807 million), China Mobile (-777 million), and Geely Automobile (-630 million) [2] Group 1: Hong Kong Stock Connect Holding Ratios - China Telecom (00728) holds 10.377 billion shares with a holding ratio of 74.76% [1] - Gree Power (01330) has 284 million shares and a holding ratio of 70.14% [1] - China Shenhua (01088) possesses 2.265 billion shares with a holding ratio of 67.05% [1] Group 2: Recent Increases in Holdings - Yingfu Fund (02800) saw an increase of +2.967 billion with a change of +11.772 million shares [1] - Li Auto-W (02015) increased by +2.821 billion with a change of +2.787 million shares [1] - Hang Seng China Enterprises (02828) rose by +2.531 billion with a change of +2.782 million shares [1] Group 3: Recent Decreases in Holdings - Pop Mart (09992) experienced a decrease of -807 million with a change of -321.66 thousand shares [2] - China Mobile (00941) saw a reduction of -777 million with a change of -908.28 thousand shares [2] - Geely Automobile (00175) decreased by -630 million with a change of -3,480.90 thousand shares [2]

Investment Rating - The report assigns an "Overweight" rating to the pharmaceutical and biotechnology industry, indicating that the industry index is expected to outperform the CSI 300 index by 10% or more over the next six months [31]. Core Insights - The pharmaceutical and biotechnology sector has shown strong performance, with an overall increase of 2.95% in the last week, outperforming the CSI 300 index by 4.70 percentage points. Year-to-date, the sector has risen by 22.31%, ranking second among 31 industries [3][12]. - The current PE valuation for the pharmaceutical and biotechnology sector stands at 30.88 times, which is at the historical median level, with a valuation premium of 148% compared to the CSI 300 index [17]. - Notable stock performances include Nanjing New Pharmaceutical with a 78.01% increase, followed by Lide Medical and Chenxin Pharmaceutical with increases of 46.45% and 40.88%, respectively [23][24]. Market Performance - The pharmaceutical and biotechnology sector ranked first among 31 industries last week, with a 2.95% increase, while the top three sub-sectors were chemical pharmaceuticals, traditional Chinese medicine II, and biological products, with increases of 5.01%, 3.12%, and 2.69%, respectively [11]. - Year-to-date, the top-performing sub-sectors include chemical pharmaceuticals, medical services, and biological products, with increases of 40.97%, 35.89%, and 16.54%, respectively [12]. Industry News - Heng Rui Medicine has entered into an agreement with GSK for the global exclusive rights to the PDE3/4 inhibitor HRS-9821, with an upfront payment of $500 million and potential milestone payments totaling approximately $12 billion [4][25]. - CSPC Pharmaceutical has signed an exclusive licensing agreement with Madrigal for the oral small molecule GLP-1 receptor agonist SYH2086, with a total potential value of up to $2.075 billion [4][26]. - Borui Pharmaceutical is collaborating with China Resources Sanjiu to further develop the BGM0504 injection, a dual agonist for GLP-1 and GIP receptors, which is currently in the critical phase of clinical trials [4][27]. Investment Recommendations - The report suggests that the innovative drug sector remains a core investment theme for the second half of the year, with a focus on GLP-1 dual-target new drugs and various sub-sectors such as CXO, medical devices, traditional Chinese medicine, chain pharmacies, and medical services [5][28]. - Recommended stocks include Betta Pharmaceuticals, Teva Biopharmaceuticals, Kaili Medical, Haier Biomedical, Huaxia Eye Hospital, and Lao Bai Xing [5][28].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年7月31日 | 狀態: 新提交 | | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | 公司名稱: | 石藥集團有限公司 | | | 呈交日期: | 2025年8月4日 | | | I. 法定/註冊股本變動 不適用 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01093 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 11,518,751,732 | | 0 | | 11,518,751,732 | | 增加 / 減少 (-) | | | 3,2 ...

聚焦资本市场创新"赛道" 编者按 在资本市场中，行业板块的动态一直是投资者关注的焦点。近期，创新药、CPO概念（算力）与半导体、人工智能等板块热度居高不下，创新"赛道"备受 市场关注。创新药关乎人类健康与医疗进步，在政策扶持、技术突破下蓬勃发展，具备全球竞争力的企业将通过差异化创新和国际化布局打开成长天花 板；受益于全球AI算力需求爆发及技术迭代加速，CPO概念板块下半年将维持高景气度；人工智能行业进入快速发展期，技术的深度应用推动相关企业商 业化发展，盈利整体增加。本期《资本市场》聚焦创新行业，以期为市场提供有价值的参考。 | 数读市场 | | --- | | 8月1日,A股震荡走低,英伟达产业链调整,创新药、 | | 中药题材继续强势,AI硬件、应用概念股此消彼长。截 | | 至收盘,上证指数报3559.95点,深证成指报10991.32 | | 点。 | | 7月28日至8月1日,A股市场整体呈现回调态势,多数宽 | | 基指数下跌。Wind百大概念指数上涨比例43%。在板块 | | 方面,仅19%板块获得正收益,医药生物、通信、传媒 | | 相对表现良好,分别上涨2.95%、2.54%、1.13%。 ...

港股医药股震荡走低，华润医疗跌超13%，石药集团、复星医药、微创医疗、药明康德、药明生物等跟 跌。 ...

Investment Rating - The report maintains a "Recommended" investment rating for the pharmaceutical industry as of August 4, 2025 [1] Core Insights - The innovation environment in the pharmaceutical industry continues to improve, with significant growth in global pharmaceutical transactions, particularly involving Chinese companies, which contributed nearly 50% of the total transaction value [2] - The report emphasizes the importance of weight loss direction in authorized collaborations, highlighting recent partnerships and clinical advancements in GLP-1 dual receptor agonists [3] - The CXO sector is expected to gradually recover following a supply-side cleansing, with an increase in license-out transactions and a notable rise in biotech funding [4] - TCE technology is being continuously updated, with promising clinical data emerging from various trials, indicating a strong market potential for TCE-based therapies [5] - The report highlights the growing trend of business development (BD) in the autoimmune sector, with significant clinical data supporting new treatments [6] Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical sector outperformed the CSI 300 index by 4.70 percentage points in the last week, with a 2.95% increase in the pharmaceutical and biotechnology index [19] - Over the past month, the pharmaceutical sector outperformed the CSI 300 index by 10.20 percentage points, with a 13.02% increase [22] 2. Pharmaceutical Sector Trends and Valuation - The current PE (TTM) for the pharmaceutical and biotechnology industry index is 39.10 times, above the 5-year historical average of 31.99 times [41] 3. Recent Research Achievements - The report lists various recent research achievements by the Huaxin pharmaceutical team, including deep reports on the growth trends in the blood products industry and the impact of policies on inhalation formulations [46] 4. Recent Industry Policies and News - The report discusses recent policies aimed at supporting the high-quality development of innovative drugs, including measures to enhance the entry of innovative drugs into basic medical insurance [48]

Investment Rating - The report indicates a positive outlook for the pharmaceutical and biotechnology sector, with a focus on innovative drug licensing collaborations [1]. Core Insights - The pharmaceutical and biotechnology sector experienced a weekly increase of 2.08%, outperforming the Wind All A index (-1.09%) and the CSI 300 index (-1.75%) during the week of July 28 to August 1 [2][7]. - Significant collaborations in innovative drug licensing were highlighted, including a $500 million upfront payment from Hengrui Medicine to GlaxoSmithKline for the licensing of HRS-9821 and 11 other projects [2][12]. - The report notes a shift in the focus of innovative drug assets from oncology to a broader range of therapeutic areas, including respiratory, metabolic, and immune diseases, indicating an increase in global competitiveness of domestic innovative drugs [2][12]. Weekly Market Review - The chemical preparations sector led the gains with a 5.48% increase, followed by other biological products (5.36%) and medical research outsourcing (4.07%). In contrast, medical devices (-1.43%), blood products (-0.7%), and hospitals (-0.69%) saw declines [2][10]. - Notable individual stock performances included Nanjing New Drug Co. (78%), Lide Man (46.4%), and Chenxin Pharmaceutical (40.9%) as top gainers, while *ST Suwu (-15.1%), Sanofi Biologics (-10.1%), and Botao Biologics (-9.5%) were the biggest losers [2][11]. Industry News and Key Company Announcements - The report mentions that Anhui Province has initiated the collection of information on biosimilar drugs, with plans to start centralized procurement for monoclonal antibodies in early 2025 [2]. - Key events included the announcement of a strategic investment by GSK in Hengrui Medicine, and a licensing agreement between CSPC and Madrigal for the oral GLP-1 receptor agonist SYH2086, which could yield up to $20.75 billion in potential revenue [2][12][13]. - The report also highlights the approval of various drugs and clinical trials, including the positive preliminary data for IMM2510 in treating non-small cell lung cancer [12][13][14].

2、港股通最近5个交易日增持榜（前10名） 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 103.78亿股 | 74.77% | | 绿色动力环保(01330) | 2.83亿股 | 70.07% | | 中国神华(01088) | 22.61亿股 | 66.94% | | 天津创业环保股份(01065) | 2.20亿股 | 64.60% | | 凯盛新能(01108) | 1.60亿股 | 63.80% | | 新天绿色能源(00956) | 11.67亿股 | 63.46% | | 弘业期货(03678) | 1.58亿股 | 63.40% | | 復星医药(02196) | 3.45亿股 | 62.58% | | 南方恆生科技(03033) | 57.33亿股 | 61.98% | | 浙江世宝(01057) | 1.33亿股 | 61.24% | | 山东墨龙(00568) | 1.57亿股 | 61.14% | | 中州证券(01375) | 7.27亿股 | 60.77% | | ...