Group 1: Market Overview - On July 2, the Hong Kong stock market saw a net inflow of 50.36 billion HKD from northbound trading, with 12.79 billion HKD from the Shanghai Stock Connect and 37.57 billion HKD from the Shenzhen Stock Connect [1] - The most bought stocks included the Tracker Fund of Hong Kong (02800), Innovent Biologics (01801), and Meituan-W (03690) [1] - The most sold stocks were Alibaba-W (09988), Tencent (00700), and Xiaomi Group-W (01810) [1] Group 2: Stock Performance - Alibaba-W had a buy amount of 11.91 billion HKD and a sell amount of 19.79 billion HKD, resulting in a net outflow of 7.88 billion HKD [2] - Xiaomi Group-W had a buy amount of 13.02 billion HKD and a sell amount of 15.25 billion HKD, leading to a net outflow of 2.22 billion HKD [2] - Tencent had a buy amount of 7.39 billion HKD and a sell amount of 11.10 billion HKD, resulting in a net outflow of 3.71 billion HKD [2] Group 3: Sector Insights - The Tracker Fund of Hong Kong (02800) received a net inflow of 16.74 billion HKD, with analysts suggesting that the current market conditions provide a favorable window for investment, particularly in the technology sector [5] - Innovent Biologics (01801) and 3SBio (01530) received net inflows of 6.51 billion HKD and 1.09 billion HKD, respectively, following new measures to support the development of innovative drugs [5] - Meituan-W (03690) saw a net inflow of 3.38 billion HKD, while Alibaba-W and Tencent experienced significant net outflows [6] Group 4: Company-Specific Developments - Chongqing Steel (01053) received a net inflow of 1.44 billion HKD amid rumors of production cuts in Tangshan, which could impact capacity utilization [6] - Pop Mart (09992) received a net inflow of 1.22 billion HKD after being recognized in Time magazine's list of the "100 Most Influential Companies" for 2025 [7] - Xiaomi's Yu7 model orders exceeded expectations, leading to an upward revision of shipment forecasts for 2025 to 2027 [8]

Core Viewpoint - The recent policy measures introduced by the National Healthcare Security Administration and the National Health Commission aim to support the high-quality development of innovative drugs in China, addressing key challenges in the industry from research to market access [1][4]. Group 1: Policy Measures - The new measures include 16 targeted initiatives designed to tackle the difficulties in research, payment, and hospital access for innovative drugs, which are seen as a significant boost for the domestic pharmaceutical innovation engine [1][2]. - The policy encourages commercial health insurance to establish investment funds for innovative drug research, addressing long-term funding shortages [2]. Group 2: Research and Development - The measures allow for the opening of national unified medical insurance data, providing pharmaceutical companies and research institutions with access to critical data resources, which will help in efficiently identifying research targets and optimizing development pipelines [1][3]. - Companies can now apply for "point-to-point" policy guidance from the insurance department as soon as their new drug application is accepted, clarifying key elements for market access [2]. Group 3: Payment and Market Access - The introduction of a "commercial health insurance innovative drug directory" provides a new pathway for high-value innovative drugs that may not fit into basic medical insurance coverage, allowing for price confidentiality and exemption from certain regulations [3]. - The measures state that medical institutions cannot restrict the allocation of innovative drugs based on "drug proportion" or the number of drugs in the directory, enhancing the chances for high-value innovative drugs to enter hospitals [3]. Group 4: Market Outlook - The innovative drug sector is expected to continue its upward trend, driven by a recognition of the commercial model and the long-term value of leading companies, with a positive outlook for the industry’s fundamentals [5][7]. - The current market environment is characterized by a revaluation of research assets, with a focus on data asset pricing rather than business development (BD) pricing, indicating that high-quality research data will attract reasonable market valuations [6]. Group 5: Company Highlights - Heng Rui Medicine (恒瑞医药) is projected to achieve a revenue of 27.985 billion yuan in 2024, reflecting a 22.6% increase, with innovative drug sales expected to rise from 38.1% of total revenue in 2022 to 46.3% in 2024 [8]. - Three Life Pharmaceuticals (三生制药) has made significant strides in international collaboration, with a recent deal with Pfizer valued at up to $6.15 billion, showcasing the clinical value of its dual antibody platform [9].

Core Viewpoint - The article highlights significant policy support for the innovative drug sector in China, which is expected to drive growth and investment opportunities in the industry [2][6][10]. Policy Support - The National Healthcare Security Administration and the National Health Commission issued measures to support the high-quality development of innovative drugs, including 16 specific initiatives across five areas [2][6]. - The measures include utilizing healthcare data for innovative drug research and encouraging commercial health insurance to expand investment in innovative drugs [6][7]. Market Reaction - Following the announcement of the supportive policies, innovative drug stocks surged, with companies like Sali Medical and Guizhou BaiLing hitting the daily limit, and others like Shuyitai and Hotgen Biotech seeing significant gains [3][5]. Future Outlook - Analysts predict that 2025 will be a pivotal year for domestic innovative drug companies to expand internationally, driven by technological innovation and market growth [4][12]. - The innovative drug market is expected to continue expanding, with a notable increase in overseas licensing deals and a shift from capital-driven growth to profit-driven growth [11][12]. Investment Opportunities - Investment strategies should focus on potential companies that may expand internationally, particularly in areas such as next-generation immunotherapy, antibody-drug conjugates (ADC), and breakthroughs in chronic disease treatments [11][12].

Core Insights - The Hong Kong Innovation Drug Index (931787) has shown a positive performance, with significant increases in constituent stocks such as Zai Lab (11.01%) and Cloudmed (9.27%) [1] - The Hong Kong Innovation Drug ETF (513120) has experienced active trading, with a turnover of 33.61% and a total transaction volume of 4.472 billion [1] - The ETF has seen a continuous net inflow of funds over the past 14 days, totaling 3.159 billion [1][2] Market Performance - As of June 27, the Hong Kong Innovation Drug ETF has achieved a net value increase of 86.07% over the past year, ranking 1st out of 120 in QDII equity funds [2] - The ETF's highest monthly return since inception was 23.82%, with the longest consecutive monthly gain being 4 months and a maximum cumulative increase of 44.08% [2] - The average monthly return during the rising months is 7.59% [2] Valuation Metrics - The latest price-to-earnings ratio (PE-TTM) for the Hong Kong Innovation Drug ETF is 32.62, which is below the 83.82% historical level over the past five years, indicating a low valuation [2] - The ETF closely tracks the Hong Kong Innovation Drug Index, which includes up to 50 listed companies primarily engaged in innovative drug research and development [2] Industry Developments - The top ten weighted stocks in the Hong Kong Innovation Drug Index account for 71.99% of the index, with notable companies including Innovent Biologics and BeiGene [3] - The approval of a new drug by the National Medical Products Administration (NMPA) for long-term weight control in adults marks a significant development in the industry [3] - Recent reports suggest that China's innovative drug sector is becoming a global supplier of innovative therapies, driven by high efficiency and low-cost development advantages [4] Investment Opportunities - The Hong Kong Innovation Drug ETF provides exposure to leading companies in the innovative drug sector, such as Innovent Biologics and CanSino Biologics [4] - The ETF supports T+0 trading, enhancing liquidity and allowing investors to conduct multiple transactions within a trading day [4]

Group 1 - UBS initiates coverage of Sangamo Therapeutics (01530.HK) with a "Buy" rating and a target price of HKD 30 [1] - The report highlights Sangamo's core products targeting hematology and autoimmune diseases, emphasizing a record-breaking licensing agreement with Pfizer worth USD 6.15 billion for SSGJ-707 (PD-1/VEGF bispecific antibody) [1] - UBS forecasts a compound annual growth rate (CAGR) of 11.7% for revenue and 12.1% for net profit from 2024 to 2034 for Sangamo [1] Group 2 - Key catalysts include potential data updates for SSGJ-707 in the second half of 2025, recognition of prepaid revenue in Q3, and the initiation of overseas clinical trials for SSGJ-707 [1]

Investment Rating - The investment rating for 3SBio Inc. is Neutral with a 12-month price target of HK$9.37, indicating a downside potential of 58.2% from the current price of HK$22.40 [8][7]. Core Insights - The management of 3SBio Inc. highlighted the successful execution of the licensing-out deal for SSGJ-707 with Pfizer, which was negotiated in less than two months. The initiation of global clinical trials is expected to begin in the third or fourth quarter of 2025 after the deal closes [2][1]. - The company is actively seeking business development opportunities with a growing pipeline that includes assets such as TL1A, BDCA2, and multiple early-stage antibodies, as well as a pre-clinical candidate for weight loss [2][1]. - Product sales in the first half of 2024 are anticipated to be soft due to a challenging industry environment and a high sales base from key drugs, particularly TPO, which saw a growth of 23% year-on-year in the first half of 2024 [3][1]. Summary by Sections Licensing and Business Development - The licensing-out deal for SSGJ-707 is a significant milestone, with the first overseas study expected to start in late 2025. The phase 3 clinical trial for SSGJ-707 as a monotherapy has already commenced in China [2][1]. - The company is focusing on sourcing late-stage assets to enhance its product portfolio, including a recently licensed oral paclitaxel expected to drive growth in 2026 [6][1]. Financial Performance - The company anticipates earnings growth to outperform revenue growth due to savings in operating expenses, despite the soft product sales outlook for the first half of 2024 [3][1]. - The financial forecasts indicate a revenue increase from RMB 9,108 million in 2024 to RMB 11,112.7 million by 2027, with an expected EBITDA growth from RMB 2,922.2 million to RMB 3,856.6 million over the same period [8][7].

（於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1530） 提名委員會的職權範圍 3SBio Inc.三生制药（「本公司」）的提名委員會（「委員會」）乃根據本公司董事會（「董 事 會」）於 二 零 一 四 年 十 一 月 二 十 七 日 通 過 的 決 議 案 成 立。以 下 載 列 經 修 訂 的 委 員 會職權範圍（「職權範圍」）。職 權 範 圍 備 有 英 文 及 繁 體 中 文 版 本 可 供 查 閱。如 職 權 範 圍 的 英 文 版 本 與 繁 體 中 文 版 本 有 任 何 歧 義，概 以 英 文 版 本 為 準。 1. 目 的 3.1 除 本 文 另 有 指 明 外，本 公 司 組 織 章 程 細 則（「章程細則」）（經 不 時 修 訂）所 載 有 關 規 範 董 事 會 議 及 議 事 程 序 的 規 定，適 用 於 委 員 會 的 會 議 及 議 事 程 序。 3.2 委 員 會 成 員 可 親 自 出 席 委 員 會 會 議，或 通 過 其 他 電 子 溝 通 方 式 或 由 成 員 協 定 的 其 他 方 式 參 與 會 議。 3.3 委 員 會 應 每 ...

董事名單與其角色及職能 C 董事委員會主席 三生制药董事會（「董事會」）成員及彼等各自於董事會及董事委員會角色及職能載 列 如 下： | 董事委員會 | 審計委員會 | 提名委員會 | 薪酬委員會 | | --- | --- | --- | --- | | 董 事 | | | | | 執行董事 | | | | | （主 席 兼 首 席 執 行 官） 婁競博士 | — | C | — | | 蘇冬梅女士 | — | — | — | | 非執行董事 | | | | | 張皎娥女士 | — | — | — | | 獨立非執行董事 | | | | | 濮天若先生 | C | — | M | | 楊凱蒂女士 | M | M | C | | 黃祖耀先生 | M | M | M | 附 註： （於 開 曼 群 島 註 冊 成 立 的 有 限 公 司） （股 份 代 號：1530） M 董事委員會成員 二零二五年六月二十五日 ...

(1)於二零二五年六月二十五日舉行之 股 東 週 年 大 會 投 票 表 決 結 果； (2)派 付 末 期 股 息； 及 (3)變更提名委員會組成 (1) 股東週年大會投票表決結果 茲提述三生制药（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）日期為二零二五 年五月二十六日載列（其 中 包 括）本公司股東週年大會（「股東週年大會」）通 告 （「通 告」）之通函（「通 函」）。除 文 義 另 有 所 指 外，本 公 告 所 用 之 詞 彙 與 通 函 所 界 定 者 具 有 相 同 涵 義。 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 之 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 公 告 全 部 或 任 何 部 分 內 容 而 產 生 或 因 依 賴 該 等 內 容 而 引 致 之 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） 本公司之香港股份過戶登記處香 ...

Group 1 - The Hong Kong stock market experienced a collective rise, with the Hang Seng Index up by 0.83% and the Hang Seng Tech Index up by 1.15% [1] - The Hong Kong Innovative Drug ETF (159567) increased by 0.97%, with a turnover rate exceeding 30% and transaction volume quickly surpassing 700 million yuan, indicating active trading [1] - Major stocks within the ETF, such as Rongchang Biopharmaceuticals and Cloudtop New Medicine, saw significant gains, with Rongchang Biopharmaceuticals rising over 4% and Cloudtop New Medicine rising over 2% [1] Group 2 - Recent reports highlight substantial external licensing deals by Chinese innovative pharmaceutical companies, including a deal by 3SBio worth over 6 billion USD, with a record upfront payment of 1.25 billion USD [1] - Another significant deal was announced by CSPC Pharmaceutical Group in collaboration with AstraZeneca, totaling 5.33 billion USD, showcasing the increasing value of Chinese innovative drug products [1] - The narrative of "China R&D, overseas licensing" is gaining recognition, marking a transition for the Chinese innovative drug industry from a "follower" to a "contributor" in the global market [1] Group 3 - Aijian Securities suggests a focus on "hard technology" and "strong demand" in the domestic market, maintaining a bullish outlook on the Chinese innovative drug sector's international expansion [2] - The sector is viewed as having clear industrial trends and future growth potential, with innovative drugs expected to remain the main investment theme within the pharmaceutical sector [2] - Recommendations include focusing on high-quality innovative drug stocks and companies with business development (BD) or data catalysts, as well as monitoring AI healthcare and pharmaceutical companies showing positive changes [2]