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 ...

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(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]

Group 1 - The core viewpoint is that the innovative drug market is still optimistic, with ongoing revaluation of innovative drug assets and a focus on the second-generation IO and ASCO data releases, as well as the valuation reshaping of pharma companies [1][2] - The pharmaceutical index increased by 1.40% during the week of June 9-14, 2025, outperforming the CSI 300 index, which decreased by 0.25%, resulting in a relative outperformance of 1.66% [1] - The current PE (TTM) for the pharmaceutical and biological industry is 28.41 times, compared to 12.04 times for the CSI 300 index, indicating a valuation premium of 135.95% for the pharmaceutical sector, which remains at a historical low [1] Group 2 - The current innovative drug market reflects a recognition of the business model of innovative drugs, driven by leading companies like BeiGene, Innovent Biologics, and Hengrui Medicine, which are expected to turn profitable through business development or globalization in 2024 or Q1 2025 [2] - The collective rise of leading innovative drug stocks indicates a systematic revaluation of their long-term R&D investment value, with the overall valuation center of the innovative drug sector moving upward due to long-term expectations of industry upgrades [2] - The current innovative drug market is characterized by data asset pricing rather than business development pricing, where high-quality and globally leading R&D asset data will attract reasonable market valuations regardless of short-term fluctuations in business development [2]

Investment Rating - The industry investment rating is maintained at "Outperform the Market" [3][82]. Core Viewpoints - The report emphasizes the significant progress of Chinese innovative drugs, highlighting their emergence as a global force in the pharmaceutical industry, supported by a solid industrial foundation, policy backing, and capital support [4][5]. - The gap between Chinese and global innovative drugs has narrowed significantly, with the time to market for first-in-class drugs reduced from over 10 years to within 1-5 years [4]. - The report indicates that Chinese companies now account for over 30% of global clinical trials, with more than 60% of popular targets being pursued by Chinese firms [35][38]. Summary by Sections Breakthrough Therapies - The development of innovative drugs in China is underpinned by a robust industrial base, supportive policies, and substantial capital investment, leading to rapid growth in the ADC market and next-generation therapies [4][12]. - Key drugs such as Keytruda and Semaglutide are projected to generate sales of $29.482 billion and $29.296 billion respectively in 2024, showcasing the potential of innovative therapies [4][12]. Achievements - Chinese innovative drugs have made significant strides, with the clinical trial participation rate increasing from 9.7% in 2016 to 28.2% in 2023 [35]. - The report notes that the number of Chinese companies involved in clinical trials for oncology drugs has risen from 15% in 2016 to 35.5% in 2023, indicating a strong focus on cancer therapies [35]. Leading Trends - The rapid growth of License Out transactions has provided substantial cash flow for innovative drug companies, facilitating their expansion into international markets [5][66]. - The report highlights that the Chinese market is still dominated by foreign patented drugs, but there is significant potential for domestic innovative drugs to capture market share, especially as many foreign drugs face expiration of patents [70][72].