Group 1 - On July 7, 2025, Guotai Junan International (01788), Meituan-W (03690), and Alibaba-W (09988) ranked as the top three in southbound trading volume under the Shanghai-Hong Kong Stock Connect, with transaction amounts of 54.57 billion, 30.67 billion, and 24.19 billion respectively [1] - In the southbound trading volume under the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988), Meituan-W (03690), and Guotai Junan International (01788) also ranked as the top three, with transaction amounts of 23.32 billion, 20.55 billion, and 18.34 billion respectively [1] Group 2 - The top active companies in southbound trading under the Shanghai-Hong Kong Stock Connect included Guotai Junan International (01788) with a net buy of 1.69 billion, Meituan-W (03690) with a net buy of 7.80 billion, and Alibaba-W (09988) with a net buy of 2.00 billion [2] - In the Shenzhen-Hong Kong Stock Connect, Alibaba-W (09988) had a net buy of 848.75 million, while Meituan-W (03690) experienced a net sell of 628.12 million [2]

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed down 1.44% on July 7, with a trading volume of 1.402 billion yuan [1] - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of July 4, 2024, the fund's latest share count was 1.995 billion shares, with a total size of 3.203 billion yuan, reflecting a 404.69% increase in shares and a 747.72% increase in size year-to-date [1] Group 2 - The fund's liquidity showed a cumulative trading amount of 44.415 billion yuan over the last 20 trading days, with an average daily trading amount of 2.221 billion yuan [1] - Year-to-date, the cumulative trading amount reached 96.310 billion yuan over 122 trading days, with an average daily trading amount of 789 million yuan [1] - The current fund manager, Ma Jun, has managed the fund since its inception, achieving a return of 60.51% during the tenure [1] Group 3 - The top holdings of the Hong Kong Innovative Drug ETF include WuXi Biologics (11.47%), BeiGene (10.87%), and Innovent Biologics (9.60%), among others [2] - The fund's holdings are diversified across various companies in the innovative drug sector, with significant investments in both domestic and international firms [2]

Core Viewpoint - The Hong Kong stock market opened lower on July 7, but stablecoin concept stocks rose, with the Hong Kong Stock Connect Technology ETF (513860) showing a year-to-date increase of over 27% [1] Group 1: Market Performance - As of 10:20 AM, the Hong Kong Stock Connect Technology ETF (513860) was flat after a pullback, with notable individual stock performances including Health Road up over 17% and Kuaishou-W up over 3% [1] - The Hong Kong Stock Connect Technology Index increased by 30.85% as of July 4, 2025, while the Hang Seng Index rose by 19.22% and the Hang Seng Technology Index by 16.74% [1] Group 2: Fund Flows - According to Wind data, the Hong Kong Stock Connect Technology ETF (513860) saw a net inflow of 240 million yuan over the past five days, 520 million yuan over the past three months, and 657 million yuan year-to-date [1] Group 3: IPO Activity - In the first half of 2025, there were 42 IPOs in Hong Kong, raising over 107 billion HKD, which is approximately 22% more than the total for the previous year, making Hong Kong the global leader in IPO fundraising [1] Group 4: Valuation Metrics - The Hang Seng Index had a TTM price-to-earnings (P/E) ratio of 10.68 as of July 1, 2025, with a historical percentile of 63.98% and a dividend yield of 3.93% [1] - The Hang Seng Technology Index had a TTM P/E ratio of 20.10, with a historical percentile of 8.95%, indicating a relatively low valuation level [1]

Group 1 - The core viewpoint of the event emphasizes the significant market growth potential of new therapies such as cell and gene therapy, bispecific antibodies, and antibody-drug conjugates (ADCs), alongside the rapid development of artificial intelligence providing more possibilities for disease treatment [1] - The Chinese innovative drug industry has been accelerating its international expansion, with a notable increase in the accessibility of innovative biopharmaceuticals over the past decade [1] - The establishment of a standardized clinical-grade stem cell resource bank is identified as a core support for the sustainable development of the industry, necessitating simultaneous advancements in technological innovation and ethical regulations [1] Group 2 - The roundtable discussion highlighted the shift in human health perspectives from "fighting diseases" to "controlling life quality," driven by breakthroughs in emerging biotechnologies [2] - The event aims to bridge the gap between academia and industry, fostering cross-disciplinary exchanges to explore new paradigms and pathways for technological innovation [2] - Future discussions will focus on cutting-edge technologies such as artificial intelligence, photonics, and synthetic biology, promoting the integration of future technologies with future industries [2]

Investment Rating - The report maintains an "Overweight" rating for the pharmaceutical and biotechnology sector [9]. Core Insights - The pharmaceutical index increased by 3.64% during the week of June 30 to July 4, outperforming both the ChiNext and CSI 300 indices, indicating a positive market sentiment towards innovative drugs and brain-computer interface technologies [14][15]. - The report emphasizes the strong performance of PD-1 Plus drugs, which are seen as a driving force in the current market recovery, supported by significant business development (BD) deals and a favorable industry trend [2][15]. - The outlook for 2025 remains optimistic, focusing on innovative drugs, new technologies, and the restructuring of supply chains [3][16]. Summary by Sections 1. Industry Overview - The pharmaceutical sector is experiencing a rebound, with innovative drugs and brain-computer interfaces leading the charge. The report highlights the importance of PD-1 Plus drugs in this recovery [14][15]. 2. Innovative Drug Selection - PD-1 Plus drugs are gaining traction, with significant overseas collaborations and clinical trial advancements. The report notes that companies like Innovent Biologics and BeiGene are at the forefront of this trend [20][21]. - The report suggests focusing on companies with promising PD-1/IL-2 combinations and those that have successfully entered international markets [23]. 3. Investment Strategies - The report outlines a strategy focusing on core stocks in the innovative drug space, particularly those with strong growth potential and upcoming clinical data releases [3][17]. - Key companies to watch include Innovent Biologics, Zai Lab, and others involved in PD-1 Plus and related technologies [4][17]. 4. Market Performance - The report provides a comparative analysis of the performance of various indices, noting that the innovative drug index has outperformed the broader pharmaceutical index and the CSI 300 index since the beginning of 2025 [41][42]. - The report also highlights the performance of specific stocks within the innovative drug sector, indicating a positive trend for companies like Zai Lab and BeiGene [45]. 5. Future Outlook - The report anticipates continued optimism in the pharmaceutical sector, particularly around innovative drugs and new technologies such as AI in healthcare and rehabilitation robotics [3][16]. - The focus will be on identifying high-growth opportunities in the innovative drug space and leveraging the ongoing restructuring of supply chains [3][19].

Core Insights - The data indicates significant trading volume increases for various companies, suggesting heightened investor interest and potential market movements [1][2][3][4][5] Group 1: Companies with Notable Volume Increases - 阳光能源 (00757) reported a volume ratio of 2.35, indicating strong trading activity [2] - 长城汽车 (02333) had a volume ratio of 2.21, reflecting increased investor engagement [2] - 郑煤机 (00564) showed a volume ratio of 1.92, suggesting a notable rise in trading [2] Group 2: Additional Companies with Increased Trading Activity - 万国数据-SW (09698) recorded a volume ratio of 1.83, indicating significant market interest [2] - 映恩生物-B (09606) had a volume ratio of 1.78, reflecting heightened trading activity [2] - 超盈国际控股 (02111) reported a volume ratio of 1.71, suggesting increased investor focus [2] Group 3: Companies with Moderate Volume Ratios - 中国能源建设 (03996) had a volume ratio of 1.70, indicating a solid level of trading activity [2] - 亚信科技 (01675) reported a volume ratio of 1.60, reflecting moderate investor interest [2] - 金宝通 (00320) showed a volume ratio of 1.53, suggesting a rise in trading volume [2] Group 4: Companies with Lower Volume Ratios - 中国水务 (00855) had a volume ratio of 1.52, indicating stable trading activity [2] - 广汽集团 (02238) reported a volume ratio of 1.52, reflecting consistent investor engagement [2] - 凯莱英 (06821) showed a volume ratio of 1.52, suggesting steady trading interest [2]

Innovent Biologics Overview - Innovent Biologics has grown into a China-leading biopharmaceutical company with 16 commercial products and 21 clinical pipeline products[9,10] - Innovent's total revenue exceeded RMB9.4 billion in 2024, marking a 55% increase from the previous year[26,27] - Product revenue is projected to achieve RMB20 billion in 2027[38] Oncology Drug Development in China - China accounted for 35% of the global oncology trials in 2023, exceeding the US[172] - The share of first-approved innovative drugs developed by China rose significantly from 4% in 2015 to 38% in 2024[175] - In the first half of 2025, Chinese pharmaceutical companies executed 20 oncology out-licensing deals totaling nearly $30 billion, with ADCs remaining a key focus[185,187] IBI363 (PD-1/IL-2 α-bias) Clinical Progress - IBI363 is a global first-in-class next-generation IO therapy designed to selectively activate and expand tumor-specific T cells[158,159] - In IO-resistant squamous cell lung cancer, IBI363 at 3 mg/kg showed a confirmed ORR of 36.7% and a median PFS of 9.3 months[160] - In IO-resistant melanoma, IBI363 showed an ORR of 26.7% and a median DoR of 14 months[531,533] - In 3L+ CRC, IBI363 monotherapy achieved a median OS of 16.1 months, and IBI363 + Bevacizumab combination therapy showed a cORR of 15.1%[647,650] ADC Developments in Gastrointestinal Cancers - HER2 ADCs demonstrated remarkable efficacy in HER2 3+ CRC, with T-DXd showing a 57.5% ORR and IBI354 showing a 54% confirmed ORR in earlier-phase trials[203,204] - IBI343, a CLDN18.2 ADC, showed promising efficacy in 3L gastric cancer, with the 6 mg/kg group achieving an ORR of 36.7% and a median PFS of 6.8 months[214,217] - In advanced pancreatic cancer, IBI343 showed an ORR of 22.7% in CLDN18.2-high (IHC ≥60%) population, with mPFS of 5.4 months and mOS of 9.1 months[220,224]

Core Insights - On July 4, 2025, Guotai Junan International (01788), Alibaba-W (09988), and SMIC (00981) were the top three stocks by trading volume in the Southbound Stock Connect, with trading amounts of 10.714 billion, 3.571 billion, and 3.184 billion respectively [1] - In the Southbound Stock Connect for the Shenzhen-Hong Kong Stock Connect, Guotai Junan International (01788), Alibaba-W (09988), and Xiaomi Group-W (01810) also led the trading volume, with amounts of 3.641 billion, 3.489 billion, and 2.435 billion respectively [1] Southbound Stock Connect (Shanghai-Hong Kong) - Top active companies by trading volume: - Guotai Junan International (01788): 10.714 billion, net buy of 91.5226 million [2] - Alibaba-W (09988): 3.571 billion, net sell of 334 million [2] - SMIC (00981): 3.184 billion, net buy of 37.2 million [2] - Xiaomi Group-W (01810): 3.087 billion, net sell of 370 million [2] - Meituan-W (03690): 2.379 billion, net sell of 270 million [2] - China Construction Bank (00939): 2.120 billion, net buy of 168 million [2] - XPeng Inc. (09868): 2.108 billion, net buy of 919 million [2] - Tencent Holdings (00700): 1.900 billion, net sell of 145 million [2] - CanSino Biologics (09926): 1.674 billion, net sell of 95.5519 million [2] - Dmall (02586): 1.249 billion, net buy of 30.1596 million [2] Southbound Stock Connect (Shenzhen-Hong Kong) - Top active companies by trading volume: - Guotai Junan International (01788): 3.641 billion, net buy of 50.5414 million [2] - Alibaba-W (09988): 3.489 billion, net sell of 1.153 billion [2] - Xiaomi Group-W (01810): 2.435 billion, net sell of 443 million [2] - SMIC (00981): 1.969 billion, net buy of 39.6 million [2] - Tencent Holdings (00700): 1.777 billion, net sell of 28.7313 million [2] - CanSino Biologics (09926): 1.675 billion, net buy of 19.5 million [2] - Meituan-W (03690): 1.660 billion, net buy of 96.5584 million [2] - XPeng Inc. (09868): 1.480 billion, net sell of 462.813 million [2] - Innovent Biologics (01801): 819 million, net buy of 18.2291 million [2] - China Mobile (00941): 622 million, net buy of 47.7507 million [2]

第一财经记者了解到，信达生物GLP-1类减重创新药玛仕度肽已于7月3日在北京大学人民医院开出 全国首张处方。北京大学人民医院纪立农教授为一位超重并伴有脂肪肝的患者开具处方，标志着该药 物在全国正式进入商业化。 ...

Core Insights - The article highlights the launch of a new weight loss drug, Xinermai (generic name: Masitide Injection), developed by Innovent Biologics, which is the world's first GCG/GLP-1 dual receptor agonist approved for weight management in adults with obesity or overweight [1][3]. Industry Overview - Obesity is increasingly recognized as a chronic metabolic disease in China, with the adult overweight and obesity rate reaching 51.2%. If not effectively addressed, this rate is projected to rise to 70.5% by 2030 [3]. - The use of scientifically-based pharmacological interventions is essential for effective weight management, as evidenced by the clinical trials demonstrating significant weight loss and metabolic improvements with Masitide [3]. Product Details - Masitide's dual-target mechanism enhances weight loss effects compared to single-target GLP-1 drugs, leading to reductions in visceral fat and improvements in hypertension, hyperglycemia, hyperlipidemia, and hyperuricemia [3]. - Clinical trials showed that doses of 4mg and 6mg of Masitide over 32 and 48 weeks resulted in significant weight loss and reductions in waist circumference, blood pressure, blood lipids, blood uric acid, and transaminases [3]. Market Launch and Accessibility - The drug is available for patients through JD Health's platform, allowing them to search for "Xinermai" and connect with local medical institutions for appointments [1][4]. - The innovative injection device for Masitide offers enhanced convenience and safety, featuring a needle-free design and painless injection technology [4]. Strategic Collaboration - JD Health's collaboration with Innovent Biologics aims to leverage its multi-channel advantages and healthcare service capabilities to provide patients with more accessible and scientific weight management solutions [5]. - The launch of Xinermai represents a new treatment option for overweight and obese patients in China, with potential applications expanding into areas like fatty liver and adolescent obesity [5].