智通财经APP获悉，香港联交所最新资料显示，7月29日，董事长娄竞减持三生制药(01530)44万股，每 股作价32.6503港元，总金额约为1436.61万港元。减持后最新持股数目约为5.33亿股，最新持股比例为 22.21%。 ...

创梦天地(01119)再涨8.7%，公司引入Playrix战略投资，或为布局《卡拉比丘》海外发行。 康方生物(09926)涨3%再创新高，依沃西联合方案治疗IO耐药NSCLC三期临床完成首例给药。 智通财经APP获悉，港股恒生指数跌1.07%，跌270点，报24906点；恒生科技指数涨0.34%。港股早盘成 交1672亿港元。 AI概念股走势强劲，近期AI应用迎来多重催化，机构称下半年AI主线具充分投资机遇。美图公司 (01357)涨15.26%；金蝶国际(00268)涨11.70%；汇量科技(01860)涨8.59%；金山云(03896)涨10.14%；快 手-W(01024)涨8.98%；粉笔（02469）涨7.91%。 伟仕佳杰(00856)涨2.88%，公司东南亚业务形成多元布局，机构指其当前估值具备显著上行空间。 三生制药(01530)涨超5%，SSGJ-707出海绑定辉瑞，海外估值提升潜力巨大。 锦欣生殖(01951)盘中涨6.48%，政策红利逐步释放，公司为民营辅助生殖龙头。 铜业股全线走低，特朗普宣布对进口半成品铜等征50%关税，纽铜创下历史最大单日跌幅。紫金矿业 (02899)跌4.93%； ...

海通国际发布研报称，2025年7月，三生制药宣布与辉瑞就PD-1*VEGF 双抗SSGJ-707达成的全球授权 协议正式生效。PD(L)1*VEGF 双抗未来有望覆盖2000亿美金的市场。PD(L)1单抗在过去十年间逐渐成 为了全球肿瘤适应症的治疗标准，整体市场空间在2029年有望达到1000亿美金。公司目前布局707(PD- 1*VEGF)、705(PD-1*HER2)、706(PD-1*PDL1)、708(PD-1*TGFβ)三抗双抗在剂量探索阶段，后续值得 期待。 智通财经获悉，三生制药(01530)涨超3%，两个月累计涨幅逾1.6倍。截至发稿，涨2.82%，报32.8港 元，成交额4.04亿港元。 本文源自：智通财经网 该行认为，SSGJ-707中国销售峰值有望达到63-84亿元，全球销售峰值有望达到113-134亿美金。目前辉 瑞制药的肿瘤业务专注在乳腺癌、血液瘤、胸腺肿瘤和膀胱尿路癌四大领域，重点布局小分子、双抗和 ADC药物。在已布局领域上，辉瑞制药有望将SSGJ-707和旗下药物形成联用组合，覆盖超过50W一线 的欧美患者；而辉瑞制药也有望通过SSGJ-707扩大肿瘤业务布局，凭借公司的资金优 ...

2） 创新管线布局清晰，具备潜在百亿峰值收入品种：在研管线覆盖肾科、血液、肿瘤、自免、减重等 多个领域，多个重磅品种（SSS06、IL-17A 单抗、口服紫杉醇等）接近商业化，创新药峰值销售有望达 70–100 亿元。 3） SSGJ-707 出海绑定辉瑞，有望重塑全球估值体系：PD-1×VEGF双抗SSGJ-707 与辉瑞达成全球授权 合作，临床数据领先同类，峰值全球销售有望达113–134 亿美元，海外估值提升潜力巨大。 主营业务稳健，创新品种值得期待 核心产品包括全球唯一商业化重组人血小板生成素特比澳（TPO，细分市场市占率67%，位居第一）、 促红素益比奥（EPO，细分市场市占率42%，位居第一）以及国内治脱生发领军品牌曼迪（市占率超 70%）。 机构：海通国际 公司深耕肾科、血液及肿瘤、自免/眼科及皮肤/减重领域，目前拥有超过30 个在研管线，4 个创新药适 应症NDA 审批进行中：特比奥（慢性肝病引起的血小板减少，CLDT）、SSS06（长效促红素）、608 （IL-17A 单抗）、艾曲泊帕乙醇胺片，未来有望贡献新的收入增量。我们认为公司SSS06（长效促红 素）、柯拉特龙乳膏剂、口服紫杉醇、苯磺 ...

该行认为，SSGJ-707中国销售峰值有望达到63-84亿元，全球销售峰值有望达到113-134亿美金。目前辉 瑞制药的肿瘤业务专注在乳腺癌、血液瘤、胸腺肿瘤和膀胱尿路癌四大领域，重点布局小分子、双抗和 ADC药物。在已布局领域上，辉瑞制药有望将SSGJ-707和旗下药物形成联用组合，覆盖超过50W一线 的欧美患者；而辉瑞制药也有望通过SSGJ-707扩大肿瘤业务布局，凭借公司的资金优势和临床优势在 SMMT和BNTX&BMS未开展III期临床的潜在适应症上(包括RCC、UC、HCC、CRC、PDAC等)快速推 进，拿下首个上市机会。 三生制药(01530)涨超3%，两个月累计涨幅逾1.6倍。截至发稿，涨2.82%，报32.8港元，成交额4.04亿港 元。 海通国际发布研报称，2025年7月，三生制药宣布与辉瑞就PD-1*VEGF双抗SSGJ-707达成的全球授权协 议正式生效。PD(L)1*VEGF双抗未来有望覆盖2000亿美金的市场。PD(L)1单抗在过去十年间逐渐成为 了全球肿瘤适应症的治疗标准，整体市场空间在2029年有望达到1000亿美金。公司目前布局707(PD- 1*VEGF)、705(PD-1 ...

Group 1 - The stock of Sanofi Pharmaceutical (01530) has increased over 3%, with a cumulative rise of more than 160% over the past two months, currently trading at 32.8 HKD with a transaction volume of 404 million HKD [1] - Haitong International's report indicates that the global licensing agreement with Pfizer for the PD-1*VEGF dual antibody SSGJ-707 became effective in July 2025, with a potential market coverage of 200 billion USD [1] - The PD(L)1 monoclonal antibody has become the standard treatment for global oncology indications over the past decade, with the overall market expected to reach 100 billion USD by 2029 [1] Group 2 - The peak sales for SSGJ-707 in China is projected to reach 6.3 to 8.4 billion CNY, while the global peak sales are expected to be between 11.3 to 13.4 billion USD [2] - Pfizer's oncology business focuses on breast cancer, hematological malignancies, thymic tumors, and bladder cancer, with an emphasis on small molecules, dual antibodies, and ADC drugs [2] - Pfizer is expected to leverage SSGJ-707 in combination with its existing drugs to cover over 500,000 frontline patients in Europe and the US, and to expedite the development of potential indications not yet in Phase III clinical trials [2]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report In Q2 2025, the Hong Kong stock market showed a V-shaped trend of sharp decline followed by recovery. The returns of various types of Hong Kong stock funds were positive, and the scale and share of Hong Kong stock funds increased. The stock positions and Hong Kong stock positions of Hong Kong stock funds increased slightly. In terms of heavy - position sectors, there were increases in medicine, finance, and technology, and a decrease in consumption. Among heavy - position stocks, pharmaceutical stocks showed obvious increases, while some Internet platform leaders declined. The scale of some fund companies increased significantly [3]. 3. Summary According to the Table of Contents 3.1 Hong Kong Stock Fund Performance and Scale Development - **Performance**: In Q2 2025, among the main indices tracked by Hong Kong stock funds, the Hang Seng Index and Hang Seng China Enterprises Index rose by 4.42% and 1.9% respectively, outperforming the CSI 300. The Hang Seng Technology Index fell by - 1.70%. The leading indices in terms of gains were the China Securities Hong Kong Stock Connect Innovative Drug Index (25.6%) and the China Securities Hong Kong Stock Connect Non - Banking Financial Index (21.8%). The average returns of various types of Hong Kong stock funds were positive, with "Hong Kong QDII - Active" leading with an average increase of 10.22% [3]. - **Scale and Share**: As of the end of Q2, the total scale of Hong Kong stock funds was 619.134 billion yuan, a quarter - on - quarter increase of 13.54 pct; the total share was 623.83 billion shares, a quarter - on - quarter increase of 7.45 pct. In Q2, the number of newly issued funds was 28, an increase from the previous quarter, but the newly issued scale was 7.517 billion yuan, lower than the previous quarter [3]. 3.2 Hong Kong Stock Fund Positioning Characteristics - **Stock and Hong Kong Stock Positions**: In Q2, the average stock position was 92%, a slight increase from the previous quarter. The stock position of index funds was higher than that of actively managed funds. The average Hong Kong stock position was 85%, an increase from the previous quarter, and the gap between index funds and actively managed funds narrowed in Q2 [3]. - **Heavy - Position Sector Allocation**: Technology (39%) and consumption (25%) ranked first and second in terms of proportion. The sectors with more increases were medicine (+2.27 pct), finance (+2.25 pct), and technology (+1.67 pct), while consumption (-5.97 pct) was significantly reduced [3]. - **Heavy - Position Stock Industry Distribution**: Media ranked first for four consecutive quarters, with a quarter - on - quarter increase of 0.66 pct in Q2; Commerce and Retail ranked second for four consecutive quarters, with a quarter - on - quarter decrease of 3.5 pct; Electronics became the third for two consecutive quarters, with a quarter - on - quarter increase of 0.88 pct. The sector with the highest quarter - on - quarter increase was Medicine and Biology, accounting for 12.42% and a quarter - on - quarter increase of 2.27 pct [3]. - **Individual Stock Level**: The "herding effect" of funds on leading stocks decreased. In terms of the number of funds holding heavy - position stocks, Xiaomi rose one place to become the third, and Sino Biopharmaceutical and Pop Mart entered the top 10 for the first time in four quarters. The concentration of heavy - position stocks decreased, and the proportion of large - cap stocks with a market value of over 80 billion yuan rose to 90% [3]. 3.3 Hong Kong Stock Fund Company Analysis - **Scale Ranking**: In Q2, the top 5 fund companies in terms of scale were Huaxia, E Fund, Fullgoal, GF, and ICBC Credit Suisse, and their total scales increased to varying degrees compared with the previous quarter. Huaxia's Hong Kong stock product scale exceeded 10 billion yuan, and ICBC Credit Suisse's scale increased by 35.45 pct quarter - on - quarter. Among the top 20, the most obvious expansion was by Huatai - PineBridge, with a quarter - on - quarter increase of 91.13 pct, rising four places to the seventh [3]. 3.4 Performance - Oriented Hong Kong Stock Fund Positioning Display and Quarterly Report Views - **Positioning Display**: Some actively managed Hong Kong stock funds in Q2 2025 held stocks that were among the top 50 in terms of gains, such as Rongchang Biologics, Sino Biopharmaceutical, and Innovent Biologics [54]. - **Quarterly Report Views**: Fund managers generally expressed optimism about the development prospects of sectors such as innovative drugs, new consumption, and technology Internet, and adjusted their investment strategies according to market conditions [57][58].

随着创新药板块的上涨，基金经理们的观点分歧亦愈发显著 文|《财经》记者 黄慧玲 实习生 张天藉 编辑|郭楠 杨秀红 业绩翻番的同时，创新药凌厉的涨势也吸引了众多投资者的追捧。上半年，汇添富国证港股通创新药ETF的规模由不到7亿元跃至近80亿元，前述16只基 金总规模由111亿元增长至366亿元，增幅超两倍。截至7月29日，今年以来医药ETF规模共增长374亿元，其中创新药ETF增长315亿元。 今年以来，创新药板块持续走高。截至7月29日，中证港股通创新药指数较年初低点涨幅超 124%，上证科创板创新药指数涨幅超 80%，相关产业链涨幅 超 30%，重仓创新药相关基金今年收益也翻了一番。 随着创新药板块的上涨，基金经理的观点分歧愈发显著。融通基金万民远在二季报中再次表示A 股创新药太贵。国泰徐治彪、南方恽雷等多位基金经理持 类似谨慎看法，甚至提出止盈建议。 更多基金经理在看好后市的同时，亦指出部分个股过于拥挤、估值过高、择股难度加大等问题。在永赢基金单林看来，中国创新药的升级不是"选择题"， 而是"必答题"。"当下的国产创新药正处于产业红利释放的前夜，而最终能穿越周期的，一定是那些真正具备硬科技实力、能持续创 ...

在年内大盘整体上涨的背景下，部分权益类基金也交出了亮眼的成绩单。公开数据显示，截至7月29日，共有23只基金（份额分开计算，下同） 的年内收益率实现翻倍，其中有七成为医药相关基金。若拉长时间至近一年来看，则有多达134只"翻倍基"，其中，医药相关基金占比超四成，收 益率最高超160%。展望后市，业内人士仍看好创新药等细分方向，但也有观点提醒需注意短期回调可能带来的风险。 15只医药基金年内收益翻倍 业内仍看好创新药领域 从主动型医药主题基金的最新重仓情况来看，部分涨幅较高的产品重仓股大致相同。例如，截至2025年二季度末，前述提及的长城医药产业精选 混合发起式的前十大重仓股包括三生制药、信达生物、热景生物、一品红、石药集团、泽璟制药、益方生物、诺诚健华、科伦博泰生物-B、康弘 药业。 同期，永赢医药创新智选混合发起式、中欧医疗创新股票的前十大重仓股中也均持有三生制药、科伦博泰生物-B。交易行情数据显示，截至7月 30日收盘，三生制药、科伦博泰生物-B在年内累计上涨428.9%、138%。 对于当前医药板块的投资机遇，前海开源基金首席经济学家杨德龙表示，"上半年创新药板块带动相关医药基金上涨或是中长期趋势，下半 ...

只有内外兼修，才能为医药创新提供可持续的发展动能。 我国创新药物领域正进入爆发式增长阶段。 国家药监局数据显示，今年上半年我国共批准创新药43个，同比增长59%，这一数字刷新了历史同期的 最高纪录，且接近2024年全年48个的总量。其中，40个创新药由中国企业研发制造，仅有3个是由跨国 公司研发后进口，这一数据充分体现了政策红利正快速转化为推动产业发展的强劲动力。 国家药监局药品注册管理司司长杨霆表示，中国在创新药研发管线方面的规模已占全球的四分之一左 右，每年开展的临床试验数量约3000项，这两项关键指标均处于世界前列。可见，中国在全球创新药研 发领域占据了举足轻重的地位。 随着中国创新药的研发能力显著增强，国内市场竞争的加剧，众多制药企业开始寻求海外市场的机会， 积极探索多种出海模式。2025年，国产创新药的国际市场热潮不断升温，海外授权交易额屡次刷新历史 纪录。 多位创新药企的高层管理人员和一级市场投资专家在接受21世纪经济报道采访时表示，现阶段正是过去 十年产业积累实现集中转化和资本化的关键时期，中国创新药交易市场已趋于稳定，其资产正以不可逆 转的趋势融入全球交易和商业化合作体系。 然而，中国创新药要 ...