Market Overview - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.24% to close at 25,104.61 points, and a total trading volume of HKD 239.49 billion [1] - The Hang Seng Tech Index was the worst performer, dropping 0.77% to 5,498.5 points [1] - Huatai Securities noted that the market is in a critical phase with a lack of trading themes and awaiting verification of significant domestic and overseas events, suggesting a window for position adjustment [1] Blue-Chip Stocks Performance - China Resources Power (00836) led the blue-chip decline, falling 5.9% to HKD 18.51, contributing a loss of 3.86 points to the Hang Seng Index [2] - The company reported a revenue of HKD 50.267 billion for the first half of 2025, a decrease of 1.67% year-on-year, and a profit attributable to shareholders of HKD 7.872 billion, down 15.92% [2] - Other notable blue-chip movements included China Biologic Products (01177) rising 3.49% and China Unicom (00762) increasing by 3.39% [2] Sector Highlights High-Speed Rail Infrastructure - Major technology stocks generally weakened, while high-speed rail infrastructure stocks performed well, with China CNR (01766) rising 5.85% and Times Electric (03898) increasing by 5.43% [3] - The National Railway Group announced a tender for 210 high-speed train sets, exceeding market expectations, indicating a positive outlook for the sector [3] Pharmaceutical Sector - The pharmaceutical sector saw most stocks rise, with Basilea Pharmaceutica (02616) increasing by 12.87% and Akeso (01167) rising by 10.04% [4] - The Chinese Premier emphasized the need for high-quality technological support and policy backing for the biopharmaceutical industry, aiming to enhance innovation and production of effective medicines [4] Stablecoin Concept Stocks - Stablecoin-related stocks were active, with ZhongAn Online (06060) rising 6.98% and Yao Cai Securities (01428) increasing by 5.75% [4] - Goldman Sachs reported a new expansion cycle for the stablecoin market, potentially reaching trillions of dollars, with payment applications being a key growth driver [6] Notable Stock Movements - Crystal International (02232) reached a new high, closing up 12.66% at HKD 6.85, reporting a revenue of USD 1.229 billion, a 12.4% increase year-on-year [7] - Hong Kong Robotics (00370) surged 12.86% after signing a significant order for 10,000 humanoid robots, marking a milestone in the industry [8] - Huazhu Group (01179) reported a total revenue of RMB 6.426 billion for Q2 2025, a 4.52% increase, with a net profit of RMB 1.544 billion, up 44.7% [9] - Great Wall Motors (02333) saw a rise of 6.45% following the launch of its new PHEV model, which received over 21,856 orders within 24 hours [10] - ZTE Corporation (00763) increased by 5.38%, with analysts highlighting its underestimated progress in AI and network business [11]

Group 1 - Recent industry capital buybacks demonstrate confidence in industry development, with Heng Rui announcing a plan to repurchase A-shares worth 1 to 2 billion yuan for employee stock ownership plans [1] - The performance assessment indicators for the company include innovative drug sales revenue, the number of new molecular entity IND approvals, and the number of innovative drug NDA applications accepted, with unlocking ratios set at 100%, 90%, and 0% [1] - The Vice President of China Biopharmaceutical repurchased 1 million shares, reflecting confidence in the company's development [1] Group 2 - Continuous policy support for the healthy development of the industry is highlighted, with a key leader emphasizing the need for high-quality technological supply and policy support to enhance the biopharmaceutical industry's quality and innovation [1] - On August 11, the Hang Seng Hong Kong Stock Connect Innovative Drug Index was officially adjusted to exclude CXO, becoming a "pure" innovative drug index, which more accurately reflects the overall performance of China's innovative pharmaceutical companies [1] - Historical performance of the index is expected to improve significantly after the exclusion of CXO, with the Hang Seng Innovative Drug ETF (159316) being the only ETF product tracking this index [1]

8月21日早盘，创新药概念集体高开，恒瑞医药绩后涨超1%;，港股医药ETF (159718.SZ)现涨0.66%。成 分股平安好医生(01833)上涨7.69%，丽珠医药(01513)上涨5.95%，金斯瑞生物科技(01548)上涨4.62%， 中国生物制药(01177)，科伦博泰生物-B(06990)等个股跟涨。 港股医药ETF板块构成均衡，不仅包含创新药，还涵盖CXO、互联网医疗、创新器械等港股特色标的， 是投资者配置港股医药板块的便捷标准化工具。建议关注港股医药ETF(159718.SZ)及其联接基金(A 类:019598,C类:019599)。 消息面上，恒瑞医药发布半年报，25H1营业收入157.61亿元,同比增长15.88%；归母净利润44.5亿元， 同比增长29.67%；第二季度营业收入85.56亿元，同比增长12.53%；归母净利润25.76亿元，同比增长 24.88%。 以上内容与数据，与有连云立场无关，不构成投资建议。据此操作，风险自担。 值得注意的是，恒瑞拟以自有资金，采用集中竞价交易方式从二级市场回购A股股份，用于A股员工持 股计划。拟使用资金总额不低于人民币10亿元，不超过人民币20 ...

Core Viewpoint - China Biopharmaceutical (01177) experienced a 2.01% increase in stock price, reaching HKD 7.61 per share with a trading volume of HKD 303 million [1] Company Overview - China Biopharmaceutical is an innovative research and R&D-driven pharmaceutical group, focusing on drug development, intelligent manufacturing, and sales [1] - The company specializes in various biopharmaceuticals and chemical drugs, particularly excelling in four therapeutic areas: oncology, liver diseases, respiratory systems, and surgical/pain management [1] - Since its listing in 2000, the company has been included in multiple indices such as the MSCI Global Standard Index and the Hang Seng Index, and has been recognized in the "Top 50 Global Pharmaceutical Companies" by Pharmaceutical Manager for six consecutive years [1] - Core enterprises like Chengda Tianqing Pharmaceutical Group and Beijing Tide Pharmaceutical Co., Ltd. have consistently ranked among the top 100 pharmaceutical companies in China, with the company's product revenue share increasing year by year [1] Financial Performance - As of the mid-year report in 2025, China Biopharmaceutical reported total revenue of HKD 17.575 billion and a net profit of HKD 3.389 billion [1] Analyst Rating - On August 19,浦银国际证券 maintained a "Buy" rating for the company with a target price of HKD 9.1 [1]

Core Insights - The Hang Seng Healthcare Index (HSHCI) has seen a strong increase of 1.86%, with notable gains from stocks such as Ping An Good Doctor (+7.69%) and Lijun Pharmaceutical (+5.95%) [3] - The Hang Seng Innovation Drug Selection Index (HSSCPB) rose by 2.04%, with Lijun Pharmaceutical and King’s Ray Biotechnology also showing significant increases [5] - Heng Rui Medicine reported a 15.88% increase in revenue to 15.761 billion yuan and a 29.67% increase in net profit to 4.450 billion yuan for the first half of 2025 [7] - The company plans to repurchase A-shares worth 1-2 billion yuan to support employee stock ownership plans [7] Market Performance - The Hang Seng Healthcare ETF (513060) increased by 1.13%, with a recent price of 0.72 yuan and a weekly increase of 1.58% [3] - The Hang Seng Innovation Drug Selection ETF (520690) rose by 1.49%, with a recent price of 1.02 yuan and a weekly increase of 0.80% [5] - The trading volume for the Hang Seng Healthcare ETF was 420 million yuan, with a turnover rate of 5.43% [3] Liquidity and Trading Activity - The Hang Seng Innovation Drug Selection ETF had a trading volume of 18.9759 million yuan, with a turnover rate of 4.81% [6] - The average daily trading volume for the Hang Seng Healthcare ETF over the past month was 2.588 billion yuan, ranking first among comparable funds [3] Company Developments - Heng Rui Medicine's Q2 revenue reached 8.556 billion yuan (+12.53%) and net profit was 2.576 billion yuan (+24.88%), marking record highs for the period [7] - The management of China Biopharmaceutical plans to increase their holdings by 1 million shares, signaling confidence in the sector [8] ETF Performance and Valuation - The Hang Seng Healthcare ETF has seen a net value increase of 54.93% over the past two years, ranking 12th out of 91 QDII equity funds [9] - The ETF's latest price-to-earnings ratio (PE-TTM) is 30.35, indicating it is at a historical low compared to the past three years [11] - The Hang Seng Innovation Drug Selection ETF has a PE-TTM of 29.34, also reflecting a low valuation relative to historical performance [13] Key Holdings - The top ten weighted stocks in the Hang Seng Healthcare Index account for 61.65% of the index, including companies like BeiGene and WuXi Biologics [12] - The top ten weighted stocks in the Hang Seng Innovation Drug Selection Index represent 77.56% of the index, highlighting the concentration in leading biotech firms [13]

智通财经APP获悉，中国生物制药(01177)、驴迹科技(01745)、立高控股(08472)、堃博医疗-B(02216)于 2025年8月21日进行了最新股东权益披露。 | 股票名称 | 机构名称 | 性质 | 变动前持股 | 变动后持股 | 持股比 | | --- | --- | --- | --- | --- | --- | | 中国生物制药 | 谢炘 | 好仓 | 3.59 亿股 | 3.60 亿股 | 1.92%(最新) | | (01177) | | | | | 1.91%(前次) | | 驴迹科技(01745) | Lu Jia Technology | 好仓 | 8.41 亿股 | 8.38 亿股 | 33.11%(最新) | | | Holdings Limited | | | | 49.82%(前次) | | 立高控股(08472) | Yongxin Global | 好仓 | 1270.20 万股 | 970.20 万股 | 8.42%(最新) | | | Investment Limited | | | | 11.03%(前次) | | 堃博医疗 | Computershare Ho ...

格隆汇8月21日丨根据联交所最新权益披露资料显示，2025年8月20日，中国生物制药(01177.HK)获执行董事谢炘在场内以每股均价7.368港元增持100万股， 涉资约736.8万港元。 | 表格序號 | 大股東/董事/最高行政人員名 作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | 持有權益的股份數目 佔已發行的 有關事件的日 相關法 | | | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | (請參閱上述 *註 | 有投票楼股期(日/月/ 份權益 | | | | | | | 8 | 份百分比 年) | | DA20250820E00018 | 謝沂 1101(L) 1,000,000(L) | | | HKD 7.3680 | 359,557,270(L) | 1.92(L)20/08/2025 | 增持后，谢炘最新持股数目为359,557,270股，持股比例由1.91%上升至1.92%。 | 股份代號: | 01177 | | --- | --- | | 上市法國名稱: | 中國生物製藥有限公司 | | 日期 ...

Group 1 - China National Pharmaceutical Group announced that the selective HER2 tyrosine kinase inhibitor "Zongaitini" has received breakthrough therapy designation from the Center for Drug Evaluation (CDE) for the treatment of adult patients with unresectable or metastatic non-small cell lung cancer (NSCLC) carrying HER2 tyrosine kinase domain (TKD) activating mutations [1] - The breakthrough therapy designation is based on data from the Beamion LUNG-1 clinical trial, which is a Phase Ia/Ib open-label trial assessing the safety, maximum tolerated dose (MTD), pharmacokinetics (PK), pharmacodynamics (PD), and preliminary efficacy of Zongaitini in patients with HER2-mutant solid tumors [1] - The five-year survival rate for advanced non-small cell lung cancer patients is less than 30%, with approximately 2-4% of NSCLC driven by HER2 gene mutations, indicating a significant unmet medical need for targeted therapies in this patient population [1] Group 2 - Zongaitini is a covalent, orally administered selective HER2 small molecule inhibitor developed by Boehringer Ingelheim, which covalently binds to both wild-type and mutant HER2 receptors while preserving wild-type EGFR signaling, ensuring efficacy along with good tolerability and safety [2] - Zongaitini has previously received priority review and breakthrough therapy designation from CDE for the indication of previously treated patients with advanced HER2-mutant NSCLC, and it received accelerated approval from the U.S. Food and Drug Administration (FDA) in August [2]

Group 1 - China National Medical Products Administration (NMPA) has granted breakthrough therapy designation to the selective HER2 tyrosine kinase inhibitor, Zongaitini, for first-line treatment of adult patients with unresectable or metastatic non-small cell lung cancer (NSCLC) harboring HER2 tyrosine kinase domain (TKD) activating mutations [1] - The breakthrough designation is based on data from the Beamion LUNG-1 clinical trial, which is an open-label Phase Ia/Ib trial assessing the safety, maximum tolerated dose (MTD), pharmacokinetics (PK), pharmacodynamics (PD), and preliminary efficacy of Zongaitini in patients with HER2-mutant solid tumors [1] - The five-year survival rate for advanced NSCLC patients is less than 30%, with approximately 2-4% of NSCLC driven by HER2 gene mutations, indicating a significant unmet medical need for targeted therapies in this patient population [1] Group 2 - Zongaitini, developed by Boehringer Ingelheim, is a covalent, oral selective HER2 small molecule inhibitor that covalently binds to both wild-type and mutant HER2 receptors while preserving wild-type EGFR signaling, ensuring efficacy along with good tolerability and safety [2] - Zongaitini has previously received priority review and breakthrough therapy designation from the NMPA for the indication of previously treated patients with advanced HER2-mutant NSCLC, and it has also received accelerated approval from the U.S. Food and Drug Administration (FDA) [2] - Boehringer Ingelheim has established a strategic partnership with the group to bring innovative oncology therapies to the mainland China market, leveraging both parties' complementary strengths to provide better treatment options for cancer patients [2]

（於開曼群島註冊成立之有限公司） 網站：www.sinobiopharm.com （股份編號：1177） 自願公告 選擇性HER2 TKI「宗艾替尼」再次獲得CDE突破性治療資格認定 中國生物製藥有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事會（「董事會」）宣佈，選擇性 HER2酪氨酸激酶抑制劑(TKI)「宗艾替尼」再次獲得中國國家藥品監督管理局藥品審評中心(CDE)突破 性治療資格認定，用於治療攜帶HER2酪氨酸激酶結構域(TKD)激活突變的不可切除或轉移性非小細 胞肺癌(NSCLC)成人患者的一線治療。 此次突破性治療資格認定是基於其Beamion LUNG-1臨床試驗數據。這是一項Ia/Ib期首次人體開放 標籤試驗，以確定宗艾替尼在HER2突變實體瘤患者中的安全性、最大耐受劑量(MTD)、藥代動力學 (PK)、藥效學(PD)及初步療效(NCT04886804)。最新數據將於今年晚些時候公布。 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，概不對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 ...