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 文 件 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 就 因 本 文 件 的 全 部 或 任 何 部 份 內 容 所 產 生 或 因 依 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：01530） (1)與輝瑞就PD-1/VEGF雙特異性抗體(SSGJ-707) 訂 立 的 許 可 協 議 生 效；及 茲 提 述 本 公 司 日 期 為 二 零 二 五 年 五 月 二 十 日 的 公 告，內 容 有 關（其 中 包 括） 與輝瑞就PD-1/VEGF雙特異性抗體(SSGJ-707)訂 立 許 可 協 議。 許 可 協 議 所 訂 明 之 所 有 先 決 條 件 已 達 成，因 此，許 可 協 議 自 二 零 二 五 年 七 月 二 十 四 日 起 生 效。 構 成 許 可 協 議 項 下 先 決 條 件 之 一 的 選 擇 ...

Core Insights - The Hong Kong Innovative Drug ETF (159567) closed with a gain of 1.95% on July 24, with a trading volume of 2.504 billion yuan [1] - The fund was established on January 3, 2024, with an annual management fee of 0.50% and a custody fee of 0.10% [1] - As of July 23, 2024, the fund's shares totaled 2.166 billion, with a total size of 3.863 billion yuan, reflecting a year-to-date increase of 447.94% in shares and 922.49% in size [1] Fund Performance - The current fund manager, Ma Jun, has managed the fund since its inception, achieving a return of 78.32% during the management period [2] - The fund's recent trading activity shows a cumulative trading amount of 41.889 billion yuan over the last 20 trading days, with an average daily trading amount of 2.094 billion yuan [1] - Year-to-date, the cumulative trading amount is 125.021 billion yuan, with an average daily trading amount of 0.926 billion yuan [1] Holdings Overview - Major holdings in the fund include: - Innovent Biologics (9.52% holding, 26 million yuan market value) - WuXi Biologics (9.47% holding, 25.8 million yuan market value) - BeiGene (8.73% holding, 23.8 million yuan market value) - CanSino Biologics (7.62% holding, 20.8 million yuan market value) - China National Pharmaceutical Group (7.17% holding, 19.6 million yuan market value) [2] - Other significant holdings include CSPC Pharmaceutical Group (6.34% holding) and Ascletis Pharma (2.86% holding) [2]

截至2025年7月22日 09:47，恒生医疗保健指数(HSHCI)强势上涨2.14%，成分股丽珠医药(01513)上涨11.57%，联邦制药(03933)上涨7.00%，再鼎医药(09688) 上涨6.03%，博安生物(06955)，金斯瑞生物科技(01548)等个股跟涨。恒生医疗ETF(513060)上涨2.02%，最新价报0.66元。拉长时间看，截至2025年7月21 日，恒生医疗ETF近1周累计上涨8.95%，涨幅排名可比基金1/3。 流动性方面，恒生医疗ETF盘中换手10.09%，成交8.40亿元，市场交投活跃。拉长时间看，截至7月21日，恒生医疗ETF近1周日均成交28.22亿元，排名可比 基金第一。 第十一批国家药品集采正式启动，共涉及55个品种，释放出集采政策向创新药倾斜的积极信号。中信建投证券指出，本次集采坚持"新药不集采、集采非新 药"的原则，并进一步优化了品种遴选条件，包括排除协议期内的医保谈判药品、专利侵权风险高的品种以及年采购额低于1亿元的品种，体现出政策对创新 药的保护力度不断增强。同时，集采规则更加注重"稳临床、保质量、防围标、反内卷"，通过品牌报量机制、价差控制优化、低价声明制 ...

Group 1 - The core trend observed in the second quarter of 2025 is that many prominent fund managers are increasing their positions in the innovative drug sector, indicating a growing interest in this area [1] - Yongying Fund's Gao Nan reported that the total scale of the funds he manages reached 15.326 billion yuan, a significant increase of nearly 3.5 billion yuan compared to the end of the first quarter [2] - Several funds managed by Gao Nan achieved net value growth exceeding 10%, ranking among the top in their category, showcasing a dual increase in performance and scale [2] Group 2 - The top ten holdings of Gao Nan's flagship fund, Yongying Ruixin, saw significant adjustments, with new additions from the communication equipment sector and innovative drug companies [3] - Major new holdings include companies like ZTE and Innovent Biologics, while positions in BYD and Ninebot were exited [3][4] - The three main investment directions for Gao Nan's funds are communication (TMT), innovative drugs, and light manufacturing, reflecting a clear structural adjustment in response to market themes [4] Group 3 - Gao Nan emphasizes stock selection based on company growth potential and earnings realization, aiming to reduce industry concentration while capturing growth opportunities [5] - The Yongying Technology Driven Fund plans to increase exposure to the artificial intelligence supply chain and reallocate in defense and biomedicine sectors [5] - Gao Nan expresses cautious optimism for the second half of the year, noting improved liquidity conditions and a strong financial risk prevention system established by the government [5] Group 4 - Ruiyuan Fund's Fu Pengbo also significantly increased allocations to the pharmaceutical sector, particularly in innovative drugs, during the second quarter [6] - The Ruiyuan Growth Value Mixed Fund reached a scale of 18.666 billion yuan, with a net value growth rate of 5.80%, outperforming its benchmark by 4.13 percentage points [6][7] - Fu Pengbo's portfolio is heavily weighted towards electronics, internet technology, precision manufacturing, and pharmaceuticals, with a stock position exceeding 92% [7] Group 5 - Fu Pengbo's strategy involves increasing holdings in the pharmaceutical sector, covering innovative drugs and traditional medicine benefiting from AI, while reducing exposure to traditional energy companies [10] - He plans to closely monitor mid-year reports from listed companies and seek industries and companies with rising prosperity [11] - Both Gao Nan and Fu Pengbo share a focus on innovative drugs, providing investors with a reference point for market trends and industry movements [11]

近日，基金二季报密集出炉，医药主题基金以爆发式涨幅成为全市场焦点。 Wind数据显示，截至7月18日，汇添富香港优势精选混合（QDII）A年内收益133.72%，稳居榜首，长 城医药产业精选A、永赢医药创新智选A、中银港股通医药A紧随其后，收益率均突破105%，医药赛道 批量诞生"翻倍基"。 | 数据来源：Wind 截止 | | --- | 至20250630 汇添富香港优势精选基金经理张韡在季报中强调，创新药是未来几年医药行业最重要的投资主线。二季 度以来，中国创新药追赶并反超美国的趋势日益清晰。2024-2025年，中国药企对外授权交易（License out）占比持续提升，产业调研显示这一趋势有望延续。 "中国新药研发的高效率、高产出、高性价比正吸引全球目光。"张韡指出。这些交易预计将在未来3-5 年转化为全球销售额，为中国药企打开5000亿美元+的全球新药市场增量空间。同时，国内医疗需求持 续修复，叠加支付端、准入端、投融资端政策支持，2025年产品型企业有望迎来恢复性增长。随着市场 风险偏好提升，具备核心竞争力的创新药企业将显现长期成长空间。 观察年内业绩领先的医药主题基金二季度持仓变动，可以发现基 ...

Core Viewpoint - Gao Nan's managed funds reported significant growth in the second quarter, with a total management scale of 15.326 billion yuan, an increase of nearly 30% from the previous quarter [1] Fund Performance - Gao Nan's flagship fund, Yongying Ruixin, saw an increase of nearly 1.6 billion yuan in scale during the second quarter, reaching 5.016 billion yuan [1] - The net asset value of Yongying Ruixin Mixed A Fund was 1.4545 yuan at the end of the reporting period, with a net value growth rate of 10.12%, compared to a benchmark return of 1.50% [1] Portfolio Composition - The top ten holdings of Yongying Ruixin as of the end of the second quarter included Pop Mart (09992), Zhongji Xuchuang (300308), Kangfang Biotech (09926), Xinyi Sheng (300502), Jiangxin Home (301061), Xinda Biotech (01801), Weichai Heavy Industry (000880), Baijie Shenzhou (688235), San Sheng Pharmaceutical (01530), and Zijin Mining (601899) [1] - New additions to the portfolio included Zhongji Xuchuang, Xinyi Sheng, Xinda Biotech, Weichai Heavy Industry, San Sheng Pharmaceutical, and Zijin Mining, while Kangfang Biotech and Baijie Shenzhou were increased [3] Macroeconomic Environment - The overall economic operation in China remained stable in the second quarter, with resilient industrial production and high levels of infrastructure and manufacturing investment [3] - The central bank implemented measures such as reserve requirement ratio cuts and interest rate reductions to stabilize the market and expectations [3] Market Analysis - The Shanghai Composite Index rose by 3.26% in the second quarter, despite experiencing significant volatility [3] - The market saw a notable differentiation in asset performance, with sectors like innovative pharmaceuticals, artificial intelligence, and finance showing significant excess returns [3] Investment Strategy - The investment strategy emphasized bottom-up stock selection, focusing on company growth potential and earnings realization [4] - The fund aims to diversify industry concentration while capturing growth opportunities, and it also considers stocks with a safety margin and potential for future improvement [4]

Core Viewpoint - The article highlights the ongoing strong performance of the innovative drug sector, with several fund managers increasing their allocations to this area, indicating a positive outlook for the future despite potential adjustments and volatility ahead [2][3][8]. Group 1: Fund Managers' Adjustments - Fund manager Fu Pengbo has increased allocations to the pharmaceutical sector, particularly in innovative drugs and traditional medicine benefiting from AI, while also adjusting positions in the export chain [4]. - Fund manager Gao Nan has shifted focus towards TMT (Technology, Media, and Telecommunications) and innovative drugs, with significant growth in fund size, indicating a strategic pivot in investment focus [5][6]. - Both fund managers express confidence in the continuation of the innovative drug market's upward trend, emphasizing the importance of evaluating company performance through upcoming mid-year reports [4][10]. Group 2: Market Dynamics and Trends - The innovative drug sector is seen as a necessary evolution rather than an option, with Chinese companies positioned to benefit from global competition and transparency in drug development [9][10]. - Factors contributing to the success of Chinese innovative drugs include high research efficiency, lower operational costs, and a well-established industry chain that supports rapid market entry and commercialization [9]. - The article notes that while the innovative drug sector has strong long-term potential, it has already experienced significant gains, suggesting that market corrections and fluctuations are likely in the near future [3][11].

Market Performance - A-shares steadily advanced this week, with the ChiNext Index reaching a new high for the year and the Shenzhen Component Index hitting a four-month high, approaching its highest point of the year [1] - Weekly trading volume increased to 7.73 trillion yuan, marking the largest weekly trading volume in three months [1] Fund Inflows - Leverage funds actively entered the market, with most industries under the Shenwan first-level industry classification seeing net buying, particularly the computer industry with over 4.4 billion yuan and the electronics industry with over 3 billion yuan [2] - The electronic, biopharmaceutical, and automotive sectors each received over 20 billion yuan in net inflows, while the non-bank financial sector saw a net outflow of over 8.3 billion yuan [2] Rare Earth Demand - The rare earth sector performed strongly, with the rare earth permanent magnet index reaching a three-and-a-half-year high [3] - Demand for rare earths is expected to grow rapidly due to advancements in humanoid robots and electric vehicles, with estimates suggesting a demand of at least 70,000 tons of neodymium-iron-boron by 2025 [3] Energy Metals - The energy metals sector, including lithium and cobalt, reached a two-year high, with lithium carbonate futures breaking 70,000 yuan/ton, marking a 20% increase from recent lows [4] - Short-term lithium salt supply may decline due to reduced exports from Chile and domestic production halts, leading to a potential price stabilization [4] Biopharmaceutical Sector - The biopharmaceutical sector saw significant gains, with the innovative drug index hitting record highs multiple times this week [6] - Notable stocks in the sector, such as Lianhuan Pharmaceutical and Aosaikang, experienced consecutive trading halts, with some stocks showing year-to-date gains exceeding 200% [6][7] Earnings Forecasts - Several pharmaceutical companies have recently forecasted substantial profit increases for the first half of 2025, with estimates suggesting net profit growth exceeding 19 times for some firms [7]

Group 1 - The core viewpoint of the article highlights the performance and management details of the Western Gain Fund's Hong Kong Stock Connect New Opportunities Mixed A Fund, which has shown a net asset increase of 2.83% as of June 30, 2025 [1] - The fund manager, Tao Xingyan, has a strong background in quantitative finance and has held various positions in investment management prior to joining Western Gain Fund in 2019 [1] - The fund's recent share scale changes indicate a total net asset of 0.18 billion yuan, with a significant net asset change rate of -24.80% over the last period [2] Group 2 - The fund's performance metrics show a 3-month return of 16.63%, a 1-year return of 32.92%, and an overall return since inception of -34.23% [2] - The top ten stock holdings of the fund include major companies such as Tencent Holdings, Hong Kong Exchanges, and Alibaba, with a combined holding percentage of 39.68% [2] - Western Gain Fund Management Company, established in July 2010, is based in Shanghai and primarily engages in capital market services, with a registered capital of 370 million yuan [2]

Core Viewpoint - The AI Fund, Jiaoyin Healthcare Mixed Fund A, reported a profit of 2.9479 million yuan for Q2 2025, with a weighted average profit per fund share of 0.1684 yuan, and a net value growth rate of 17.76% for the period [2] Fund Performance - As of July 17, 2025, the fund's unit net value was 1.537 yuan, with a fund size of 31.8706 million yuan [2][14] - The fund's net value growth rates over different periods are as follows: 39.70% over the last three months (ranked 19 out of 138), 61.76% over the last six months (ranked 27 out of 138), and 56.19% over the last year (ranked 33 out of 133) [2] Investment Strategy - The fund manager anticipates that the innovative drug market will continue to thrive, citing the absence of negative factors that could undermine industry trends and the lack of significant valuation bubbles among leading companies [2] - The strategy will focus on maintaining a core position in innovative drugs while also considering sectors and stocks expected to show performance inflection points in the second half of the year [2] Fund Metrics - The fund's Sharpe ratio since inception is 0.9484 [7] - The maximum drawdown since inception is 17.28%, with the largest quarterly drawdown occurring in Q4 2024 at 13.72% [9] - The average stock position since inception is 78.84%, with a peak of 90.79% at the end of H1 2025 and a low of 37.61% at the end of 2023 [12] Top Holdings - As of Q2 2025, the fund's top ten holdings include companies such as Innovent Biologics, Kelun-Biotech, Zai Lab, Hengrui Medicine, and others [17]