Investment Rating - The report maintains an "Accumulate" rating for the pharmaceutical and biotechnology industry [6] Core Views - The report emphasizes that the second wave of innovation in pharmaceuticals is just beginning, with a focus on disruptive technologies and a potential bull market driven by innovative drugs [2][12][13] - The PD-1 Plus pipeline is highlighted as a significant trend, with various companies actively developing dual-target and triple-target drugs [17][21] Summary by Sections Recent Performance - The pharmaceutical index increased by 3.08% during the week of August 11-15, underperforming the ChiNext index but outperforming the CSI 300 index [11] - The market showed strong momentum, particularly in innovative drugs, with significant movements in both large-cap and small-cap stocks [12] Future Outlook - The report suggests a continued optimistic view on innovative drugs, with a focus on overseas major drugs and small-cap technology revolutions as key investment themes [13] - Specific strategies include balancing investments in new technologies like brain-computer interfaces and AI in medicine while continuing to explore innovative drugs [13] Investment Strategy - The report outlines a detailed investment strategy focusing on innovative drugs, including major overseas players and small-cap technology companies [14] - Key companies mentioned include: - Overseas Major Drugs: Innovent Biologics, 3SBio, and others [14] - Small-Cap Technology Revolution: Junshi Biosciences, Zai Lab, and others [14] - New Technologies: Companies involved in brain-computer interfaces and AI in healthcare [16] PD-1 Plus Pipeline - The PD-1/VEGF dual antibodies are identified as critical in the current research landscape, with several companies like CanSino Biologics and 3SBio making significant advancements [17][18] - The report highlights the competitive landscape and the potential for new therapies to emerge from ongoing clinical trials [19][20] Market Trends - The report notes that the innovation drug index has outperformed the pharmaceutical index and the CSI 300 index since the beginning of 2025, indicating a strong market trend towards innovative pharmaceuticals [47][48]

| 产品名称 | 商品名 | 靶点 | 最早获批年份 | 国家医保 | | --- | --- | --- | --- | --- | | 玛仕度肽注射液 | 信尔美 | GCGR/GLP-1 | 2025 | | | 替妥尤单抗 N01 注射液 | 信必敏 | IGF1R | 2025 | 通过 2025 年医保形式审查 | | 利厄替尼片 | 奥壹新 | EGFR | 2025 | 通过 2025年医保形式审查 | | 氟泽吉塞片 | 达伯特 | KRAS | 2024 | 通过 2025 年医保形式审查 | | 己二酸他雷替尼胶囊 | 达伯乐 | ROS/TRKA | 2024 | 通过 2025 年医保形式审查 | | 匹妥布替尼片 | 捷帕力 | BTK | 2024 | 通过 2025 年医保形式审查 | | 托莱西单抗注射液 | 信必乐 | PCSK9 | 2023 | 医保乙类 | | 伊基仑赛注射液 | 福可苏 | BCMA CAR-T | 2023 | | | 塞普替尼胶囊 | 容受 | RET | 2022 | 通过 2025 年医保形式审查 | | 佩米替尼片 | 达伯坦 | FGFR ...

8月15日，港医药股逆势走强，恒生医药ETF（159892）早盘持续震荡攀升，现涨超2.5%，持仓股 中，京东健康、同源康医药、石药集团、阿里健康、中国生物制药等涨幅居前。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 每日经济新闻 （责任编辑：董萍萍 ） 近期，创新药龙头信达生物旗下子公司在美国启动小分子GLP-1的一期临床试验，标志着我国创新 药企在减肥药领域迈出关键一步。作为当前创新药企业在减肥药物研发中聚焦的核心方向，小分子 GLP-1的研发进展备受关注。据悉，信达生物针对小分子GLP-1受体激动剂的专利于2024年12月提交申 请，并于2025年6月正式公开，此次临床试验的启动无疑为市场注入了一剂强心针。 中信证券指出，国内创新药企业在口服小分子减肥药赛道已处于世界前沿。在此背景下，聚焦创新 药龙头企业的恒生医药ETF（159892）有望持续分享创新药行业的增长红利。 ...

每经AI快讯，8月15日，香港交易所信息显示，贝莱德在信达生物的持股比例于8月12日从5.26%降至 4.58%。 ...

国金证券指出，中国创新药正在崛起，处于创新成果兑现初期；后续独立开发成功与发生BD授权交易出大单品的机会依然较大。肿瘤领域，继续关注两大 方向：①看ADC(抗体偶联药物)的多维度迭代，靶点、抗体结构与毒素组合的创新：②看免疫疗法的分子构件的组合变换与空间结构的创新，将会有ICI、 TAA、细胞因子以及TME相关趋化因子的崭新组合实现突破。我们关注下一重磅单品可能诞生的TCE（T细胞衔接器）、其他双抗/多抗、创新ADC等细分赛 道及其临床领先企业。 规模方面，港股创新药精选ETF最新规模达3.96亿元，创成立以来新高。 资金流入方面，港股创新药精选ETF最新资金净流出302.08万元。拉长时间看，近5个交易日内有3日资金净流入，合计"吸金"3226.69万元，日均净流入达 645.34万元。 回撤方面，截至2025年8月14日，港股创新药精选ETF成立以来最大回撤5.45%，相对基准回撤0.11%。 截至2025年8月15日 09:35，恒生港股通创新药精选指数(HSSCPB)上涨0.77%，成分股百济神州(06160)上涨1.78%，信达生物(01801)上涨1.67%，金斯瑞生物 科技(01548)上涨1. ...

智通财经APP获悉，根据2025年8月14日披露数据，中国电信（00728）、绿色动力环保（01330）、中 国神华（01088）位居港股通持股比例前3位，分别为74.81%、69.75%、68.33%。此外，小米集团－Ｗ （01810）、阿里巴巴－W（09988）、腾讯控股（00700）在最近有统计数据的5个交易日内，持股额增 幅最大，分别为+32.27亿元、+16.94亿元、+11.40亿元;快手-W（01024）、药明生物（02269）、信达生 物（01801）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-29.14亿元、-16.60亿 元、-7.44亿元。 具体数据如下（交易所数据根据T+2日结算）： 1、港股通最新持股比例排行（前20名） | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 103.84亿股 | 74.81% | | 绿色动力环保(01330) | 2.82亿股 | 69.75% | | 中国神华(01088) | 23.08亿股 | 68.33% | | 弘业期货(03678) | 1.61亿股 | 6 ...

简历显示：郑磊先生:中国国籍,复旦大学社会医学与卫生事业管理硕士,曾任国泰君安证券有限公司研究 员、中海基金管理有限责任公司医药行业分析师、2014年12月17日至2017年11月8日任中海医药混合的 基金经理,2015年6月9日至2017年11月8日任中海医疗保健主题股票的基金经理。2017年11月加入汇添富 基金,2018年8月8日至2025年5月23日任添富创新医药混合的基金经理,2019年4月9日至今任汇添富医药保 健混合的基金经理,2020年3月13日至今任汇添富中盘积极成长混合的基金经理。2020年8月21日至今任 汇添富医疗积极成长一年持有期混合型证券投资基金基金经理。2021年3月25日至2022年7月7日任汇添 富健康生活一年持有期混合型证券投资基金的基金经理。 来源：金融界 金融界2025年8月14日消息，汇添富医疗积极成长一年持有混合A(009664) 最新净值0.8263元，增长 1.04%。该基金近1个月收益率15.15%，同类排名506|4688；近6个月收益率63.14%，同类排名60|4532； 今年来收益率66.59%，同类排名84|4490。 汇添富医疗积极成长一年持有混合 ...

该行上调对信达生物(01801)目标价10%，从100港元升至110港元，评级"跑赢大市"。该行对该公司达到 该行全年产品收入增长预测同比增37%非常有信心。 该行依旧关注中国创新药的授权许可交易，同时，对于高价创新药也会有更多补贴，这或许可以驱动销 售量的增长，其中涉及到科济药业-B(02171)、复星医药(02196)、药明巨诺-B(02126)以及科伦博泰生物- B(06990)等。 该行认为康方生物(09926)预计上半年经调整盈利预计将为2300万元人民币，主要受惠于旗下药物 AK104和AK112的收入增长，评级"跑赢大市"。 智通财经APP获悉，建银国际发布研报称，对中国医药行业维持审慎乐观的态度。该行指出，2025年初 至今，港股生物科技股份平均上涨137%，主要受惠于创新药授权交易的现金回赠以及任何即将到来的 美国关税却不受到影响。该行业近期出现一些回调，原因是：1)一些大型生物科技公司2025年上半年的 业绩显示，其药品销售额差于预期，包括和黄医药(00013);2)市场担心特朗普计划分阶段征收一系列药 品关税，这些关税可能在一年半内达到150%，然后最终上升到250%。 该行的首选是20 ...

Group 1 - The World Health Organization (WHO) is set to release new guidelines for GLP-1 therapies for treating adult obesity by September 2025, marking a significant policy shift in addressing the global obesity crisis [1] - The guidelines aim to clarify the clinical indications and applications of GLP-1 receptor agonists (RAs), which are expected to be the first officially recommended medications for adult obesity treatment by WHO [1] - In China, the diabetes prevalence has reached 11.9%, with a treatment rate of only 33%, indicating a substantial unmet medical need, particularly among the over 600 million overweight individuals [1] Group 2 - The GLP-1RA market in China grew from 9.62 billion yuan in 2020 to 10.74 billion yuan in 2023, with a compound annual growth rate (CAGR) of 3.7%. It is projected to reach 71.7 billion yuan by 2029, with a CAGR of 22.2% [2] - On June 26, 2024, a joint initiative by 16 departments in China to implement a "Weight Management Year" led to a significant stock price increase for Aorite, which rose by 9% and continued to rise thereafter [3] Group 3 - Currently listed companies with GLP-1 drugs include major pharmaceutical firms such as Novo Nordisk, Eli Lilly, and AstraZeneca, with various products targeting diabetes and weight management [5][6] - The GLP-1RA industry chain includes a range of companies involved in the development and commercialization of these therapies, highlighting the growing interest and investment in this sector [6]

Key Points Summary Core Insights - The report highlights a positive performance in major market indices, with the Hang Seng Index closing at 25,613, up 2.58% for the day and 27.69% year-to-date [1] - The report indicates significant growth in the technology sector, particularly with the Hang Seng Technology Index rising 3.52% [1] - The report notes that Tencent's Q2 revenue increased by 15% year-on-year, exceeding expectations, with a net profit growth of 10% [4][9] Market Performance - The Hang Seng Index has shown a year-to-date increase of 27.69%, while the Hang Seng Technology Index has increased by 26.02% [1] - The A-share market also performed well, with the Shanghai Composite Index reaching a four-year high, closing at 3,683, up 0.48% [5] - The US stock market continued its upward trend, with the Nasdaq and S&P 500 indices reaching new highs [5] Currency and Commodity Trends - The Renminbi index increased by 0.78% over the past month, while the US Dollar Index decreased by 0.15% [2] - Brent crude oil prices fell by 4.74% over the past month, while gold prices increased by 0.52% [2] Company-Specific Developments - Tencent's revenue from value-added services grew by 16% to 914 billion RMB, and international market game revenue surged by 35% [9][10] - Baidu's AI investment acceleration plan has successfully assisted 20 companies in securing over 100 million RMB in financing [11] - Alibaba Health and Innovent Biologics have entered a strategic cooperation to enhance disease management and digital marketing [12] Economic Indicators - China's M2 money supply increased by 8.8% year-on-year in July, surpassing market expectations of 8.3% [14] - The report anticipates that the US Federal Reserve may likely reduce interest rates in September [5] IPO and Market Activity - The report provides insights into recent IPO performances, highlighting significant gains for newly listed companies [24] - The report notes the increasing participation of the Hong Kong Stock Connect program in the overall market activity [21]