恒生医疗ETF（513060）高开，盘中持续震荡，截至发稿，上涨近1.5%，成交额近5亿元，换手率超 6%。成分股中半数上涨，亚盛医药-B、四环医药涨超8%；联邦制药、平安好医生、时代天使、再鼎医 药等个股跟涨，涨幅均超3%。 相关机构发文表示，当下的政策主线，政策+BD双轮驱动。目录双轨（基本医保+商保创新药）意味 着"能进医保走医保、谈不成进商保"的支付闭环雏形已定，释放"真创新更易放量"的信号；时间轴看， 8月公示收官→三季度评审与谈判→10–11月结果发布，政策催化将贯穿3–4个月窗口。对A+H公司而 言，已在公示名单内或具有新增适应症者，阶段性更易获得资金关注。 结构与节奏上，业绩线与事件线叠加。创新药在医保/商保支付"双轨"与MNC数百亿美元级BD"干火 药"共振下，中国创新药板块系统性重估仍在继续；互联网医疗（平台+药房/到家）在高增长与盈利改 善带动下，是H股医药里相对收益的主赛道之一；设备耗材侧，带量集采在部分品类节奏持续，短线对 单一产品依赖度高、议价能力弱的企业形成估值压制，但中长期关注出清后龙头份额提升与国产替代的 结构性机会。 上周港股冲高回落，恒指再度刷新阶段新高。港股三大指数今日 ...

(Stock Code: 1177.HK) (RMB bn) 2025 2025 Interim Results Announcement 2025.8.18 Hong Kong CONTENTS Financial Highlights Pipeline Highlights 2 Financial Highlights Both revenue and profit achieved double-digit growth 1.54 3.09 2024 H1 Continuing Operations 2025 H1 Continuing Operations Revenue 15.87 17.57 2024 H1 Continuing Operations 2025 H1 Continuing Operations Profit attributable to owners of the parent (as reported) 1.41 3.39 2024 H1 Continuing Operations 2025 H1 Continuing Operations Profit attributabl ...

Key Points - The top three companies with net inflows from southbound funds are Xinda Biopharmaceutical (01801) with 835 million, China Life (02628) with 403 million, and AIA Insurance (01299) with 373 million [1][2] - The top three companies with net outflows are the Tracker Fund of Hong Kong (02800) with -6.679 billion, Hang Seng China Enterprises (02828) with -2.584 billion, and Anta Sports (02020) with -782 million [1][2] - In terms of net inflow ratio, Canggang Railway (02169) leads with 66.05%, followed by Bosideng (03998) with 49.50%, and Zhengzhou Bank (06196) with 48.61% [1][2] - The companies with the highest net outflow ratios include Skyworth Group (00751) at -52.19%, Anta Sports (02020) at -50.20%, and Ruipu Lanjun (00666) at -44.79% [1][2] Net Inflow Rankings - The top ten companies by net inflow include: - Xinda Biopharmaceutical (01801) with 835 million and a closing price of 95.000 (+8.82%) [2] - China Life (02628) with 403 million and a closing price of 22.800 (+0.71%) [2] - AIA Insurance (01299) with 373 million and a closing price of 76.400 (+3.03%) [2] - Other notable companies include Ideal Automotive (02015) with 365 million and a closing price of 97.150 (+3.30%) [2] Net Outflow Rankings - The top ten companies by net outflow include: - Tracker Fund of Hong Kong (02800) with -6.679 billion and a closing price of 26.080 (+2.35%) [2] - Hang Seng China Enterprises (02828) with -2.584 billion and a closing price of 93.760 (+2.76%) [2] - Anta Sports (02020) with -782 million and a closing price of 90.000 (+0.22%) [2] - Other significant outflows include Alibaba (09988) with -267 million and a closing price of 123.700 (+6.09%) [2] Net Inflow Ratio Rankings - The top companies by net inflow ratio include: - Canggang Railway (02169) with 66.05% and a closing price of 1.310 (-0.76%) [3] - Bosideng (03998) with 49.50% and a closing price of 4.600 (+0.66%) [3] - Zhengzhou Bank (06196) with 48.61% and a closing price of 1.410 (-2.08%) [3] Net Outflow Ratio Rankings - The top companies by net outflow ratio include: - Skyworth Group (00751) with -52.19% and a closing price of 3.260 (+1.24%) [3] - Anta Sports (02020) with -50.20% and a closing price of 90.000 (+0.22%) [3] - Ruipu Lanjun (00666) with -44.79% and a closing price of 12.160 (+5.28%) [3]

智通财经APP获悉，截止8月15日收盘，有133只股票创52周新高，其中瑞港建设(06816)、力劲科技 (00558)、派格生物医药－Ｂ(02565)创高率位于前3位，分别为94.74%、60.74%、39.18%。 52周新高排行 | 股票名称 | 收盘价 | 最高价 | | 创高率 | | --- | --- | --- | --- | --- | | 瑞港建设(06816) | 0.260 | 0.370 | 94.74% | | | 力劲科技(00558) | 6.790 | 7.860 | 60.74% | | | 派格生物医药－Ｂ | 32.000 | 34.100 | 39.18% | | | (02565) | | | | | | FIT HON TENG(06088) | 5.970 | 6.050 | 26.04% | | | 远大中国(02789) | 0.153 | 0.156 | 25.81% | | | 百心安－Ｂ(02185) | 6.060 | 6.280 | 25.60% | | | 久久王(01927) | 0.186 | 0.208 | 25.30% | | | 九源基 ...

8月18日，中国生物制药将披露2025财年中报。 本文源自：金融界 作者：行情君 8月15日，中国生物制药(01177)盘中上涨3.28%，截至10:21，报7.87元/股，成交3.0亿元。 中国生物制药有限公司是一家创新研究和研发驱动型的医药集团，其主要业务包括医药研发、智能化生 产以及销售，主要产品包括多种生物药和化学药，特别在肿瘤、肝病、呼吸系统、外科/镇痛四大治疗 领域具有优势。公司自从2000年上市以来，在MSCI全球标准指数、恒生指数等多个指数中成为成分 股，连续六年入选《制药经理人》的"全球制药企业TOP50"，核心企业正大天晴药业集团、北京泰德制 药股份有限公司多年位列中国医药工业企业百强榜，公司产品收入占比逐年提升。 截至2024年年报，中国生物制药营业总收入288.66亿元、净利润35.0亿元。 ...

| 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.

8月13日早间，港股市场震荡走强，截至午盘恒生指数涨1.88%，恒生科技指数涨2.35%，医疗板块涨幅 居前。 相关ETF方面，港股创新药50ETF（513780）截至午间收盘涨3.38%，换手率超18%，成交额逾4亿元。 成分股方面，昭衍新药、康诺亚-B涨超8%，信达生物、药明合联、凯莱英等多只个股涨幅居前。 消息面上，据第一财经，"医保双目录"申报药品首次亮相，高价创新药冲刺商保目录。8月12日，国家 医保局公示通过2025年医保目录及商保创新药目录调整初步形式审查的药品及相关信息。根据公告，今 年共有534个药品通过基本医保目录的形式审查，121个药品通用名通过商保创新药目录的形式审查，包 括定价百万元的抗癌药CAR-T在内，多款高价创新药冲刺商保创新药目录，寻求创新药多元支付的新途 径。 平安证券指出，从BD、商业化、政策三个角度看，创新药崛起具备持续性，建议关注：管线布局丰富 的创新药公司；创新药单品潜力大，价格有望重估的企业；看好前沿技术平台布局领先的企业， CXO：医药研发投入稳中有升，创新环境有望转暖，新兴领域带来额外增量；上游：优质企业海外布 局进入收获期，国内外共促业绩增长；器械：招采持续 ...

目前，全球尚无Bcl-xL抑制剂获批上市，TQB3142是一款全新机制的抗肿瘤药物。TQB3142通过优化分 子设计，在保持降解活性的同时，能够降低血液毒性风险，有望为恶性肿瘤患者提供新的治疗选择。 TQB3142是一款靶向降解Bcl-xL蛋白的PROTAC分子，通过泛素-蛋白酶体系统特异性降解Bcl-xL 蛋 白，解除其对肿瘤细胞凋亡的抑制，从而激活Caspase级联反应，诱导肿瘤细胞程序性死亡。研究显 示，TQB3142在多种移植瘤模型中表现出显著抑瘤活性，且对血小板毒性风险低于同类候选药物，具有 更优的治疗窗口，代谢风险可控。 中国生物制药(01177)发布公告，集团自主研发的创新药TQB3142"Bcl-xL PROTAC (蛋白降解靶向嵌合 体)"的新药临床试验申请(IND)已获得中国国家药品监督管理局(NMPA)受理，拟用于治疗恶性肿瘤。 ...

格隆汇8月12日丨中国生物制药(01177.HK)公布，集团自主研发的创新药TQB3142「Bcl-xL PROTAC （蛋白降解靶向嵌合体）」的新药临床试验申请(IND)已获得中国国家药品监督管理局(NMPA)受理，拟 用于治疗恶性肿瘤。 TQB3142是一款靶向降解Bcl-xL蛋白的PROTAC分子，通过泛素－蛋白酶体系统特异性降解Bcl-xL蛋 白，解除其对肿瘤细胞凋亡的抑制，从而激活Caspase级联反应，诱导肿瘤细胞程序性死亡。研究显 示，TQB3142在多种移植瘤模型中表现出显著抑瘤活性，且对血小板毒性风险低于同类候选药物，具有 更优的治疗窗口，代谢风险可控。 目前，全球尚无Bcl-xL抑制剂获批上市，TQB3142是一款全新机制的抗肿瘤药物。TQB3142通过优化分 子设计，在保持降解活性的同时，能够降低血液毒性风险，有望为恶性肿瘤患者提供新的治疗选择。 ...