花旗发表研究报告指出，上海金融监管局、上海市医保局等部门近日联合发布《关于促进商业健康保险 高质量发展助力生物医药产业创新的若干措施》，认为上海试点将逐步扩展至全国。花旗表示，商业保 险作为医疗系统的新财源，应有助于推动药品、医疗器械、诊断及其他医疗程序的使用增加，预期创新 产品将尤为受益。在花旗的研究范围内，认为当中主要受益者包括恒瑞医药、中生制药、信达生物、迈 瑞医疗及平安好医生。 ...

Major Events - Silver诺医药-B (02591) is set to conduct an IPO from August 7 to August 12, with an expected listing date of August 15 [1] - Boan Biotech (06955) plans to place 48 million shares at a discount of approximately 8.78%, aiming to raise about HKD 780 million [1] - Derin Holdings (01709) intends to raise HKD 653.3 million, focusing on the development of blockchain, RWA, and virtual asset businesses [1] - Fuhong Hanlin (02696) received FDA approval to initiate a Phase 1 clinical trial for HLX43, a PD-L1 targeted antibody-drug conjugate for thymic cancer treatment [1] - China Biopharmaceutical (01177) obtained NMPA approval for the Phase II clinical trial application of LM-24C5, a dual antibody targeting CEACAM5/4-1BB [1] Financial Reports - China Mobile (00941) reported a shareholder profit of HKD 84.235 billion, a year-on-year increase of 5.03% [1] - Manulife Financial-S (00945) announced a core profit of CAD 1.7 billion for the second quarter [1] - Swire Properties (01972) reported a basic profit attributable to shareholders of HKD 4.42 billion, a year-on-year growth of 15% [1] - Hutchison Whampoa (00013) posted a net profit of USD 455 million, a significant year-on-year increase of 1663.32% [1] - MGM China (02282) disclosed a net profit of HKD 2.383 billion, a year-on-year decrease of 11.25% [1] - SMIC (00981) reported a shareholder profit of USD 132 million for the second quarter, with a revenue guidance for the third quarter indicating a sequential growth of 5% to 7% [1] - Zai Lab (09688) achieved a total revenue of approximately USD 216 million for the first half of the year, reflecting a year-on-year growth of 15.35% [1] - Innovent Biologics (01801) reported total product revenue exceeding RMB 5.2 billion for the first half of the year, maintaining a strong growth rate of over 35% [1] - Pacific Basin Shipping (02343) announced a profit attributable to shareholders of USD 25.6 million, a year-on-year decrease of 56% [1] - Lee & Man Paper Manufacturing (02314) reported a net profit of HKD 811 million, a year-on-year increase of 0.7%, with an interim dividend of HKD 0.066 per share [1] - Swire Group reported a profit attributable to shareholders of HKD 815 million for the first half of the year, a year-on-year decrease of 79% [1] - Lee & Man Chemical Company (00746) reported a profit increase of 36.0% to HKD 327 million, with an interim dividend of HKD 0.195 per share [1] - Hua Hong Semiconductor (01347) reported a profit attributable to parent company owners of USD 7.952 million for the second quarter, a year-on-year increase of 19.2% [1] - Wharf Real Estate Investment (01997) reported a loss attributable to shareholders of HKD 2.406 billion, a year-on-year increase of 128.71%, with the first interim dividend of HKD 0.066 per share [1] - Dekang Agriculture (02419) issued a profit warning, expecting a year-on-year increase in fair value adjustments of biological assets to approximately RMB 1.1 billion to 1.4 billion [1] - Mongol Mining (00975) issued a profit warning, anticipating a net loss of approximately USD 15 million to 25 million for the first half of the year, marking a shift from profit to loss [1] - Dongfeng Motor Group (00489) issued a profit warning, expecting a decline in net profit attributable to the parent company of 90% to 95% for the first half of the year [1]

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **innovative drug industry** in China, highlighting its growth and international recognition, particularly in the context of major academic conferences like ASR and ASCO [1][2][4]. Core Insights and Arguments - **Policy Support**: Since early 2024, favorable policies have been introduced to support the pharmaceutical industry, positively impacting the valuation of innovative drugs [2][3]. - **International Recognition**: The number of Chinese companies and new drugs showcased at the 2025 ASR and ASCO conferences reached record highs, indicating increased international recognition and collaboration opportunities [1][2][4]. - **Medicare Fund Health**: The Medicare fund is operating well, with a healthy surplus rate, which reduces future payment pressures. New innovative drugs entering negotiations from 2018 to 2024 accounted for only 2% of total fund expenditures, suggesting significant growth potential in the market [1][5]. - **Leading Fields**: China holds a leading position in areas such as ADC (Antibody-Drug Conjugates), monoclonal antibodies, bispecific antibodies, and gene therapy, contributing to the establishment of global competitiveness [1][6]. - **Significant Transactions**: Notable transactions in the innovative drug sector include the licensing of TCE bispecific antibodies from Tongren Pharmaceutical to Merck, with an upfront payment of $700 million, reflecting increased recognition from multinational companies [1][7]. Additional Important Content - **Emerging "留扣" Model**: This new transaction model allows Chinese companies to license products or establish small companies overseas to collaborate with foreign funds, alleviating cash flow pressures and potentially leading to profitable sales in the U.S. market [3][8][9]. - **Profitability Expectations**: Companies like Innovent Biologics and BeiGene are expected to achieve profitability by 2025, indicating that the innovative drug sector is entering a profitable cycle, which may attract more investors [3][10]. - **Impact of Business Development (BD)**: BD activities significantly contribute to company performance, as high-quality research outputs gain international recognition, leading to more licensing deals and collaborations with multinational corporations [11]. - **Valuation Methods**: The common methods for evaluating innovative drug companies include RNPV (Risk-Adjusted Net Present Value) and simplified peak sales multiples, which consider various factors such as discount rates and growth rates [12][17]. - **Factors Influencing PS Multiples**: Key factors affecting the PS multiples include profit margins, product launch speeds, success rates of R&D, and discount rates, all of which have shown positive trends in the innovative drug sector [15][16][18]. This summary encapsulates the essential insights and developments within the innovative drug industry as discussed in the conference call records, providing a comprehensive overview of the current landscape and future prospects.

简历显示：郑宁先生:中国,研究生、硕士。曾任泰康资产管理有限责任公司股票研究经理、高级股票研 究经理;中庚基金管理有限公司研究员、高级研究员(医药组组长)。2022年加入中银基金管理有限公司。 2022年7月1日担任中银创新医疗混合型证券投资基金基金经理。2022年10月13日担任中银医疗保健灵活 配置混合型证券投资基金基金经理。2023年2月28日任中银大健康股票型证券投资基金基金经理。 来源：金融界 金融界2025年8月7日消息，中银创新医疗混合A(007718) 最新净值2.1723元，下跌3.54%。该基金近1个 月收益率12.66%，同类排名684|4457；近6个月收益率78.76%，同类排名23|4316；今年来收益率 80.53%，同类排名29|4287。 中银创新医疗混合A股票持仓前十占比合计62.83%，分别为：信达生物（8.33%）、科伦博泰生 （8.15%）、恒瑞医药（8.08%）、康方生物（8.07%）、新诺威（6.13%）、百利天恒（5.99%）、百济 神州-U（5.97%）、翰森制药（4.15%）、荣昌生物（4.05%）、康诺亚-B（3.91%）。 公开资料显示，中银创新医疗混合 ...

8月7日恒生指数上涨0.69%，南向资金全天合计成交金额为1407.38亿港元，其中，买入成交707.00亿港 元，卖出成交700.38亿港元，合计净买入金额6.61亿港元。具体来看，港股通（深）累计成交金额 526.81亿港元，买入成交283.53亿港元，卖出成交243.29亿港元，合计净买入金额40.24亿港元；港股通 （沪）累计成交金额880.57亿港元，买入成交423.47亿港元，卖出成交457.10亿港元，合计净卖出金额 33.63亿港元。 | 代码 | 简称 | 成交金额（万港元） | 成交净买入（万港元） | 今日涨跌幅（%） | | --- | --- | --- | --- | --- | | 01810 | 小米集团-W | 1047772.68 | 172172.52 | -3.98 | | 00981 | 中芯国际 | 426693.35 | 49971.98 | 0.76 | | 09988 | 阿里巴巴-W | 443298.37 | 49292.76 | 2.14 | | 00700 | 腾讯控股 | 377791.38 | 42667.88 | -0.26 | | 01347 ...

Group 1 - Xiaomi Group-W (01810) leads the southbound trading volume on both Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect, with transaction amounts of 62.12 billion and 42.66 billion respectively [1][1][1] - The top three companies by trading volume on Shanghai-Hong Kong Stock Connect are Xiaomi Group-W (01810), Yingfu Fund (02800), and Alibaba-W (09988) [1][1] - On Shenzhen-Hong Kong Stock Connect, the top three companies are Xiaomi Group-W (01810), SMIC (00981), and Alibaba-W (09988) [1][1] Group 2 - The net buying amount for Xiaomi Group-W (01810) on Shanghai-Hong Kong Stock Connect is +17.67 billion, while on Shenzhen-Hong Kong Stock Connect it is -45.59 million [1][1] - Alibaba-W (09988) has a net buying amount of +3.25 billion on Shanghai-Hong Kong Stock Connect and +1.68 billion on Shenzhen-Hong Kong Stock Connect [1][1] - SMIC (00981) shows a significant net buying amount of +5.26 billion on Shenzhen-Hong Kong Stock Connect, while it has a net buying amount of -25.94 million on Shanghai-Hong Kong Stock Connect [1][1]

Core Insights - The company, Sinopharm (01801.HK), reported that its total product revenue exceeded 5.2 billion yuan in the first half of 2025, representing a year-on-year growth of over 35% [1] - In the second quarter, the total product revenue surpassed 2.7 billion yuan, with a year-on-year increase of over 30% [1] - The sustained growth in the second quarter is attributed to the dual drivers of oncology and comprehensive pipeline development [1]

Core Insights - Sanofi has confirmed the cessation of the promotion of its PCSK9 inhibitor, Alirocumab, in the Chinese market due to global supply issues and a strategic upgrade in its cardiovascular product line [2][3] - The exit of Alirocumab from the market has opened opportunities for domestic pharmaceutical companies to enter the PCSK9 inhibitor space [1][3] Industry Overview - PCSK9 inhibitors are considered a milestone in lipid-lowering therapies, with significant implications for managing high LDL cholesterol levels, which are primarily influenced by genetic factors [1][3] - The understanding of lipoprotein(a) [Lp(a)] in cardiovascular diseases has led to increased interest in developing new lipid-lowering drugs targeting this specific marker [1][7] Market Dynamics - The market for lipid-lowering medications is competitive, with established statin drugs and newer PCSK9 inhibitors being used in combination for optimal patient outcomes [4][5] - There are currently seven approved PCSK9 inhibitors in China, including both imported and domestic products, with ongoing developments from various companies [5][6] Emerging Opportunities - Companies are actively pursuing the development of alternative medications in light of Alirocumab's market exit, indicating a robust interest in the PCSK9 inhibitor segment [3][6] - The market is also seeing advancements in therapies targeting Lp(a), with several multinational corporations engaged in clinical trials for new drugs aimed at lowering Lp(a) levels [7]

Group 1 - Southbound funds net bought Hong Kong stocks worth 661 million HKD today [1] - Notable net purchases include Xiaomi Group-W at 1.722 billion HKD, SMIC at 499 million HKD, Alibaba-W at 492 million HKD, and Tencent Holdings at 426 million HKD [1] - Southbound funds have net bought Tencent for 11 consecutive days, totaling 6.3707 billion HKD, and Alibaba for 4 consecutive days, totaling 2.60865 billion HKD [1] Group 2 - The net selling included the Tracker Fund of Hong Kong at 4.72 billion HKD and Pop Mart at 283 million HKD [1] - Xiaomi Group-W experienced a price drop of 4.0% with a net buy of 1.767 billion HKD [3] - The Tracker Fund of Hong Kong had a slight increase of 0.6% but saw a significant net sell of 4.72 billion HKD [3]

（文章来源：第一财经） 信达生物在港交所发布公告，上半年总产品收入超52亿元，同比增超35%；第二季度产品收入超27亿 元，同比增长超30%。 ...