Core Insights - The Hong Kong pharmaceutical sector is experiencing a strong rally, with the China Securities Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index (930965) rising by 1.50% as of July 16, 2025, driven by significant gains in individual stocks such as Lijun Pharmaceutical (01513) up 11.16% and Green Leaf Pharmaceutical (02186) up 8.55% [1][2] - The introduction of a commercial health insurance innovative drug directory by the National Healthcare Security Administration on July 11, 2025, marks a significant development, allowing for the inclusion of high-innovation drugs that exceed basic insurance coverage [1][2] - The first innovative drug directory involving commercial insurance is expected to be launched within 2025, potentially creating a more favorable pricing environment compared to traditional medical insurance negotiations [2] Industry Summary - The Hong Kong Medical ETF (513700) has seen a 1.72% increase, marking its fourth consecutive rise, with the latest price reported at 0.65 yuan [1] - The index reflects the performance of 50 liquid and large-cap healthcare companies within the Hong Kong Stock Connect, with the top ten weighted stocks accounting for 59.44% of the index [2] - The commercial health insurance sector is anticipated to experience significant growth, with potential for premium and innovative drug payment scales to increase by several multiples in the long term [2]

Group 1 - The Hang Seng Index rose by 0.28%, gaining 68 points to close at 24,658 points, while the Hang Seng Tech Index increased by 0.61% [1] - The Hong Kong stock market saw a trading volume of HKD 157.9 billion in the morning session [1] - The National Healthcare Security Administration of China added innovative commercial insurance drugs to the list for 2025, supporting new drugs with high clinical value but payment bottlenecks, leading to a rise in the Hang Seng Biotechnology Index [1] Group 2 - Livzon Pharmaceutical (01513) surged by 12.69% as the Phase II clinical trial for its cardiovascular innovative drug H001 capsule completed patient enrollment [2] - InnoCare Pharma (02577) increased by 6.41%, planning to significantly enhance its 8-inch gallium nitride wafer production capacity over the next five years [2] - China Heartland Fertilizer (01866) rose by 3.83% following reports of a meeting held by relevant authorities to ensure the supply and stabilize prices of potash fertilizer [2] Group 3 - Chongqing Machinery and Electric (02722) saw a significant increase of over 17% due to catalysts in the domestic AIDC market, with Chongqing Cummins being a supplier for engines [2] Group 4 - Jifang Zhitu Holdings (09636) rose by 10.18% after announcing a proposed share placement to raise approximately HKD 746 million for developing on-chain financial resources [3] Group 5 - Smoore International (06969) fell by 3.55%, expecting a year-on-year decline of approximately 21% to 35% in half-year profits [4] - Kanglong Chemical (03759) issued a profit warning, dropping by 5.24%, with an expected year-on-year decline of 36% to 39% in net profit attributable to shareholders for the first half [5]

Core Viewpoint - The pharmaceutical sector remains active, with a focus on leading pharmaceutical companies and the performance of the drug ETF (562050), which tracks the CSI Pharmaceutical Index and has shown significant gains recently [1][3]. Group 1: Pharmaceutical Sector Performance - The drug ETF (562050) opened significantly higher, rising nearly 1% and achieving over 14 million yuan in real-time transactions [1]. - Innovation drug stocks are leading the market, with Lijun Group rising over 6% and Huahai Pharmaceutical increasing over 4% [3]. - The first dynamic adjustment of the medical insurance and commercial insurance innovative drug catalog is set to launch, addressing the high-cost payment challenges for innovative drugs [3]. Group 2: Policy and Market Drivers - The policy emphasizes commercial health insurance as a key payer for innovative drugs, with the first catalog expected to be implemented in October [3]. - The total transaction value of innovative drug License-out deals in China surpassed 66 billion USD in the first half of 2025, with cutting-edge technologies like ADC and bispecific antibodies accounting for over 60% [3]. - The pharmaceutical sector is experiencing a "golden triangle" of drivers: relaxed payment policies, technology export, and rigid demand [3]. Group 3: Earnings Forecasts - All eight constituent stocks of the drug ETF that have released mid-year earnings forecasts are expected to report profits, with expected net profit growth rates exceeding 200% for companies like Buchang Pharmaceutical and Darentang [3][4]. - Specific forecasts include Buchang Pharmaceutical with a lower net profit estimate of 488 million yuan and a growth rate of 110.88%, while Darentang is expected to have a lower estimate of 1.84 billion yuan with a growth rate of 180% [4].

| 居 를 | 证券代码 | 证券商称 | 区间涨跌幅 | | | --- | --- | --- | --- | --- | | | | | 【区间首目】本年初 【区间屋目】2025-6-30 [中位] %] | | | | HSSCPB.HI | 恒生港股通创新的演讲 | | 58.9541 | | 2 | 931409.CSI | SHS制新驱 | | 24.8354 | | 3 | 931440.CSI | 创新型30 | | 20.0153 | | 4 HSLHI | | 恒生指数 | | 20.0017 | | તે | HSTECH.HI | 恒生科技 | | 18.6815 | | 6 | 931152.CSI | CS创新药 | | 13.2131 | 7月16日，港股创新药延续活跃，高纯度标的港股通创新药ETF（520880）场内价格现涨1．59%，冲击 日线4连阳。 | 序号 | 代码 | 名称 | 两日图 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | --- | | | 1513 | 丽珠医药 | | 36.300 | ...

Core Viewpoint - The innovative drug market is experiencing a surge in interest and investment, with significant inflows of capital and strong performance in related stocks [1][5]. Group 1: Market Performance - On July 15, the pharmaceutical ETF (562050) experienced a sharp increase during the opening auction, indicating heightened investor enthusiasm for innovative drugs [2][3]. - The ETF closed up 0.59% at 1.017 yuan per share, with a total trading volume of approximately 26.34 million yuan and a turnover rate of 22.94% [4]. - A-shares in innovative drugs have shown notable gains, with companies like ShenZhou Cell rising nearly 50% in the past month, and others like BoRui Medicine and Jilin AoDong increasing over 10% [5]. Group 2: Fund Performance and Strategy - The latest public fund reports reveal a significant shift towards innovative drugs, with the Changcheng Pharmaceutical Industry Selected Fund achieving over 90% returns, increasing its scale nearly 30 times in the second quarter [6][9]. - The fund manager of Yongying Medical Health Fund indicated a complete portfolio overhaul towards innovative drugs, with top holdings including ShuTaiShen and Rejing Biology, the latter seeing a staggering 443.59% increase this year [6][7]. - The Changcheng fund plans to continue focusing on innovative drugs in the third quarter, emphasizing clinical data, overseas licensing, and domestic sales growth [8]. Group 3: Policy and Market Trends - The innovative drug sector is benefiting from favorable policy developments, with the National Medical Insurance Bureau initiating adjustments to the drug catalog for 2025 [10]. - Data shows that the total amount for Chinese innovative drug licenses reached nearly 66 billion USD in the first half of 2025, surpassing the total for 2024, indicating a rapid rise in global competitiveness [11]. - The current market rally is primarily driven by clinical results and expectations for overseas licensing, with a focus on companies that have the potential for international expansion and those that have successfully transformed [11].

消息面上，7月11日，国家医疗保障局正式启动2025年国家基本医疗保险、生育保险和工伤保险药品目 录及全新设立的商业健康保险创新药品目录调整申报工作。此前的6月30日，国家医保局、国家卫生健 康委印发《支持创新药高质量发展的若干措施》，为进一步完善全链条支持创新药发展举措，推动创新 药高质量发展，更好满足人民群众多元化就医用药需求，创新药及产业链发展有望持续向好。 智通财经APP获悉，创新药概念延续涨势，截至发稿，博安生物(06955)涨18.68%，报17.66港元；恒瑞 医药(01276)涨7.76%，报77.8港元；丽珠医药(01513)涨7.08%，报31.75港元；四环医药(00460)涨5%，报 1.26港元。 国金证券指出，医药板块创新药表现依旧强劲，同时往上游产业链扩散。本质上是创新药维持高景气， 一方面在 biotech 投融资改善及国内创新药政策支持下，带动对药企临床前研究的需求预期提升。另一 方面，药明康德披露的半年度业绩预增公告超预期的催化。我们认为创新药依旧是投资主线，在全球 MNC 面临专利悬崖，积极寻找大单品潜力创新药 BD 合作的浪潮下，可重点关注泛癌种潜力的双/多抗 药物、解 ...

Group 1: Core Insights - A-share companies are experiencing significant overseas expansion, with notable achievements in infrastructure, biomedicine, and equipment manufacturing, leading to large overseas orders [2][3] - The shift in Chinese enterprises' overseas strategy is moving from cost-driven to innovation-driven, leveraging advanced supply chains, international talent, and digital technologies [2] Group 2: Large Orders and Competitive Strength - A-share companies have secured substantial overseas contracts, particularly in the infrastructure sector, with notable projects including a $1.6 billion contract for a gas processing plant in Iraq and contracts totaling approximately 5.34 billion yuan for the China-Kyrgyzstan-Uzbekistan railway [3][4] - In the biomedicine sector, companies like Rongchang Bio are accelerating internationalization, exemplified by a licensing agreement with Vor Bio worth up to $4.1 billion [4] - Equipment manufacturing firms are also making strides, with agreements such as a $406 million contract for a conveyor system in Guinea, enhancing their international market presence [4] Group 3: Accelerated Overseas Capacity Layout - Several A-share companies are intensifying their overseas production capacity, viewing local production as a key driver for global competitiveness [6] - Companies like Linglong Tire are investing $1.193 billion in a production base in Brazil, aiming for an annual output of 14.7 million high-performance tires [6] - Other firms, such as North Special Technology and Zhongke Electric, are also establishing production bases in Thailand and Oman, respectively, to enhance their global supply chain [7] Group 4: Rising Trend of Overseas Mergers and Acquisitions - The number of disclosed overseas mergers and acquisitions by A-share companies has surpassed 60 in the first half of the year, with a focus on electronics, automotive parts, and machinery [9] - Companies are pursuing overseas acquisitions to enter emerging markets and enhance their technological capabilities, as seen with Dongshan Precision's dual acquisitions in the optical communication sector [9][10] - The strategy of overseas mergers and acquisitions is aimed at resource and market integration, with firms like Luoyang Molybdenum consolidating their overseas mineral resource reserves [10]

FF301 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6月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 麗珠醫藥集團股份有限公司 呈交日期: 2025年7月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01513 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 299,807,117 | RMB | | 1 | RMB | | 299,807,117 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 299,807,117 | RMB | | 1 | RMB | | 299,807,117 | | 2. 股份分 ...

证券代码：000513、01513 证券简称：丽珠集团、丽珠医药 公告编号：2025-049 丽珠医药集团股份有限公司关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 丽珠医药集团股份有限公司（以下简称"公司"）于 2024 年 12 月 24 日召 开了公司 2024 年第四次临时股东大会、2024 年第二次 A 股类别股东会及 2024 年第二次 H 股类别股东会，审议通过了《关于回购公司部分 A 股股份方案的议 案》，于 2025 年 5 月 29 日召开了公司 2024 年度股东大会、2025 年第一次 A 股 类别股东会及 2025 年第一次 H 股类别股东会，审议通过了《关于继续实施回购 公司部分 A 股股份方案的议案》及《关于授予董事会回购本公司 H 股的一般授 权》。现将公司回购股份的进展情况公告如下： 一、回购 A 股股份的进展情况 二、回购 H 股股份的进展情况 根据回购本公司 H 股的一般授权，公司将通过香港联合交易所有限公司进 行场内回购，每次回购价格不高于相关回购日前 5 个交易日平均收盘价的 5%， 回购的 ...

Core Viewpoint - The company has announced a cash dividend distribution plan for its A-share shareholders, with a total cash dividend amounting to RMB 652,271,903.80 (including tax), translating to a cash dividend of RMB 11.00 per 10 shares for the fiscal year 2024 [1][2]. Group 1: Dividend Distribution Details - The cash dividend distribution is based on the total A-share capital of 604,293,313 shares, excluding repurchased but not canceled shares [1]. - The cash dividend per share after the distribution will be RMB 1.0793961, which will be deducted from the closing price on the ex-dividend date [2]. - The dividend distribution plan was approved at the company's annual general meeting held on May 29, 2025 [2]. Group 2: Shareholder Eligibility and Taxation - The eligible A-share shareholders for the dividend are those registered with the China Securities Depository and Clearing Corporation Limited Shenzhen Branch as of June 12, 2025 [3]. - For Hong Kong market investors and foreign institutions, the cash dividend will be RMB 9.90 per 10 shares after tax deductions [2]. - The company will not withhold individual income tax for certain shareholders, with tax obligations calculated based on the holding period upon stock transfer [3]. Group 3: Important Dates - The record date for the dividend distribution is set for June 12, 2025, and the ex-dividend date is June 13, 2025 [3].