Investment Rating - The report indicates a positive outlook for the autoimmune therapy market, suggesting significant growth potential and investment opportunities in the sector [8]. Core Insights - The autoimmune market is the second largest after oncology, with a global market size of $132.3 billion in 2022, projected to reach $176.7 billion by 2030, reflecting a compound annual growth rate (CAGR) of 3.68% from 2022 to 2030 [8]. - The report highlights the potential for multi-target interventions to enhance treatment efficacy in autoimmune diseases, transitioning from monoclonal antibodies to bispecific and multispecific antibodies [19]. - The report emphasizes the significant market space for autoimmune therapies in China, where the autoimmune market size was only $2.9 billion in 2022, representing just 8% of the oncology market size of $34.7 billion, indicating substantial room for growth [8]. Market Overview - The global autoimmune drug market is expected to grow significantly, with the market size projected to increase from $1,323 million in 2022 to $1,767 million by 2030 [8]. - The report provides a detailed analysis of various autoimmune diseases, their prevalence, and the corresponding patient populations globally, including conditions like atopic dermatitis, chronic obstructive pulmonary disease, and rheumatoid arthritis [6][11]. Clinical Research Progress - The report outlines advancements in clinical research for dual-target and multi-target therapies, indicating a shift towards more effective treatment options for complex autoimmune diseases [19][22]. - It discusses the development of several blockbuster monoclonal antibody drugs in the autoimmune sector, with projected sales for top drugs in 2024, including Dupilumab at $14.15 billion and Risankizumab at $11.72 billion [9]. Key Companies to Watch - The report identifies key companies involved in the development of autoimmune therapies, including Sanofi, AbbVie, and Johnson & Johnson, highlighting their leading products and market positions [9][25].

Investment Rating - The report maintains a positive outlook on the pharmaceutical and biotechnology industry, emphasizing the transition from "Made in China" to "Created in China" for innovative drugs [10]. Core Insights - The report highlights that domestic innovative drugs are gaining global competitiveness and are currently in the first and second stages of international expansion, primarily through licensing agreements and partnerships [10][12]. - The report identifies key areas of focus for investment, including PD-(L)1 plus, ADCs, and GLP-1 drugs, which are expected to drive future growth and business development (BD) opportunities [10][51]. Summary by Sections Section 1: Transition from "Manufacturing" to "Innovation" - The policy reforms initiated in 2015 have stimulated a shift from generic to innovative drug development in China, with significant increases in R&D investment since 2018 [19][21]. - The number of First-in-Class (FIC) drugs developed in China has risen from 9 in 2015 to 120 in 2024, indicating a substantial increase in innovation [25][26]. Section 2: Continued BD Opportunities - PD-(L)1 plus is identified as a cornerstone for next-generation cancer treatments, with significant demand and potential for new products [51]. - The report notes that ADCs are transitioning towards more differentiated targets, focusing on unmet clinical needs, with promising candidates like PD-L1, DLL3, and EGFR [51]. - The GLP-1 market is experiencing rapid growth, with a focus on multi-target, oral, combination, and long-acting formulations [51]. Section 3: Investment Recommendations - For PD-(L)1 plus, companies such as Kangfang Biotech, Shansheng Pharmaceutical, and Junshi Biosciences are recommended for investment due to their strong pipelines [5]. - In the ADC space, companies like Fuhong Hanlin and Zai Lab are highlighted for their potential in addressing unmet clinical needs [5]. - In the GLP-1 sector, firms such as Borui Pharmaceutical and Zai Lab are noted for their promising developments [5].

信达生物日前注册一项有关IBI363的二期临床试验。该行认为试验反映公司对IBI363作为新一代免疫治 疗基石药物的信心，并有望扩大适应症范围。另外，行业数据显示，公司今年1至5月的销售同比增长 33%，保持强劲势头; 该行预期信达生物上半年收入将同比增长36%，并实现盈亏平衡。 智通财经APP获悉，瑞银发布研报称，将信达生物(01801)的目标价由105.1港元上调至120.1港元，维 持"买入"评级。假设IBI363有新适应症被纳入，将该药物在中国及全球的销售高峰预测分别上调至57亿 及203亿元人民币。 ...

信达生物日前注册一项有关IBI363的二期临床试验。该行认为试验反映公司对IBI363作为新一代免疫治 疗基石药物的信心，并有望扩大适应症范围。另外，行业数据显示，公司今年1至5月的销售同比增长 33%，保持强劲势头;该行预期信达生物上半年收入将同比增长36%，并实现盈亏平衡。 瑞银发布研报称，将信达生物(01801)的目标价由105.1港元上调至120.1港元，维持"买入"评级。假设 IBI363有新适应症被纳入，将该药物在中国及全球的销售高峰预测分别上调至57亿及203亿元人民币。 ...

瑞银发表研究报告指，信达生物日前注册一项有关IBI363的二期临床试验，反映公司对IBI363作为新一 代免疫治疗基石药物的信心，并有望扩大适应症范围。行业数据显示，公司今年1至5月的销售按增长 33%，保持强劲势头。该行预期信达生物上半年收入将按年增长36%，并实现盈亏平衡；目标价由105.1 港元上调至120.1港元，维持"买入"评级。假设IBI363有新适应症被纳入，将该药物在中国及全球的销售 高峰预测分别上调至57亿及203亿元。 ...

中银证券指出，创新领域伴随2024年国家医保谈判的逐步落地，建议关注进入兑现或者放量阶段相关标 的，以及未来具备出海能力的企业，如信达生物、康方生物、诺诚健华等标的。 创新药概念8月1日盘中再度活跃，截至发稿，维康药业20%涨停，悦康药业涨超15%，热景生物涨超 12%续创新高，昂利康、福元医药等涨停，奇正藏药斩获3连板。 机构表示，当下医药板块，一方面政策端的态度正在逐步转向，集采规则逐步优化；另一方面，医药板 块经过几年的研发投入，在研管线逐步进入收获期，并且近期医药行业海外BD的趋势正在加速，这也 进一步体现出当下我国创新药在全球的竞争力，医药行业正逐步走出低谷，伴随后续政策面以及企业盈 利面的逐步改善，医药板块有望迎来估值重塑的机会。 （文章来源：证券时报网） ...

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report In Q2 2025, the Hong Kong stock market showed a V-shaped trend of sharp decline followed by recovery. The returns of various types of Hong Kong stock funds were positive, and the scale and share of Hong Kong stock funds increased. The stock positions and Hong Kong stock positions of Hong Kong stock funds increased slightly. In terms of heavy - position sectors, there were increases in medicine, finance, and technology, and a decrease in consumption. Among heavy - position stocks, pharmaceutical stocks showed obvious increases, while some Internet platform leaders declined. The scale of some fund companies increased significantly [3]. 3. Summary According to the Table of Contents 3.1 Hong Kong Stock Fund Performance and Scale Development - **Performance**: In Q2 2025, among the main indices tracked by Hong Kong stock funds, the Hang Seng Index and Hang Seng China Enterprises Index rose by 4.42% and 1.9% respectively, outperforming the CSI 300. The Hang Seng Technology Index fell by - 1.70%. The leading indices in terms of gains were the China Securities Hong Kong Stock Connect Innovative Drug Index (25.6%) and the China Securities Hong Kong Stock Connect Non - Banking Financial Index (21.8%). The average returns of various types of Hong Kong stock funds were positive, with "Hong Kong QDII - Active" leading with an average increase of 10.22% [3]. - **Scale and Share**: As of the end of Q2, the total scale of Hong Kong stock funds was 619.134 billion yuan, a quarter - on - quarter increase of 13.54 pct; the total share was 623.83 billion shares, a quarter - on - quarter increase of 7.45 pct. In Q2, the number of newly issued funds was 28, an increase from the previous quarter, but the newly issued scale was 7.517 billion yuan, lower than the previous quarter [3]. 3.2 Hong Kong Stock Fund Positioning Characteristics - **Stock and Hong Kong Stock Positions**: In Q2, the average stock position was 92%, a slight increase from the previous quarter. The stock position of index funds was higher than that of actively managed funds. The average Hong Kong stock position was 85%, an increase from the previous quarter, and the gap between index funds and actively managed funds narrowed in Q2 [3]. - **Heavy - Position Sector Allocation**: Technology (39%) and consumption (25%) ranked first and second in terms of proportion. The sectors with more increases were medicine (+2.27 pct), finance (+2.25 pct), and technology (+1.67 pct), while consumption (-5.97 pct) was significantly reduced [3]. - **Heavy - Position Stock Industry Distribution**: Media ranked first for four consecutive quarters, with a quarter - on - quarter increase of 0.66 pct in Q2; Commerce and Retail ranked second for four consecutive quarters, with a quarter - on - quarter decrease of 3.5 pct; Electronics became the third for two consecutive quarters, with a quarter - on - quarter increase of 0.88 pct. The sector with the highest quarter - on - quarter increase was Medicine and Biology, accounting for 12.42% and a quarter - on - quarter increase of 2.27 pct [3]. - **Individual Stock Level**: The "herding effect" of funds on leading stocks decreased. In terms of the number of funds holding heavy - position stocks, Xiaomi rose one place to become the third, and Sino Biopharmaceutical and Pop Mart entered the top 10 for the first time in four quarters. The concentration of heavy - position stocks decreased, and the proportion of large - cap stocks with a market value of over 80 billion yuan rose to 90% [3]. 3.3 Hong Kong Stock Fund Company Analysis - **Scale Ranking**: In Q2, the top 5 fund companies in terms of scale were Huaxia, E Fund, Fullgoal, GF, and ICBC Credit Suisse, and their total scales increased to varying degrees compared with the previous quarter. Huaxia's Hong Kong stock product scale exceeded 10 billion yuan, and ICBC Credit Suisse's scale increased by 35.45 pct quarter - on - quarter. Among the top 20, the most obvious expansion was by Huatai - PineBridge, with a quarter - on - quarter increase of 91.13 pct, rising four places to the seventh [3]. 3.4 Performance - Oriented Hong Kong Stock Fund Positioning Display and Quarterly Report Views - **Positioning Display**: Some actively managed Hong Kong stock funds in Q2 2025 held stocks that were among the top 50 in terms of gains, such as Rongchang Biologics, Sino Biopharmaceutical, and Innovent Biologics [54]. - **Quarterly Report Views**: Fund managers generally expressed optimism about the development prospects of sectors such as innovative drugs, new consumption, and technology Internet, and adjusted their investment strategies according to market conditions [57][58].

随着创新药板块的上涨，基金经理们的观点分歧亦愈发显著 文|《财经》记者 黄慧玲 实习生 张天藉 编辑|郭楠 杨秀红 业绩翻番的同时，创新药凌厉的涨势也吸引了众多投资者的追捧。上半年，汇添富国证港股通创新药ETF的规模由不到7亿元跃至近80亿元，前述16只基 金总规模由111亿元增长至366亿元，增幅超两倍。截至7月29日，今年以来医药ETF规模共增长374亿元，其中创新药ETF增长315亿元。 今年以来，创新药板块持续走高。截至7月29日，中证港股通创新药指数较年初低点涨幅超 124%，上证科创板创新药指数涨幅超 80%，相关产业链涨幅 超 30%，重仓创新药相关基金今年收益也翻了一番。 随着创新药板块的上涨，基金经理的观点分歧愈发显著。融通基金万民远在二季报中再次表示A 股创新药太贵。国泰徐治彪、南方恽雷等多位基金经理持 类似谨慎看法，甚至提出止盈建议。 更多基金经理在看好后市的同时，亦指出部分个股过于拥挤、估值过高、择股难度加大等问题。在永赢基金单林看来，中国创新药的升级不是"选择题"， 而是"必答题"。"当下的国产创新药正处于产业红利释放的前夜，而最终能穿越周期的，一定是那些真正具备硬科技实力、能持续创 ...

在年内大盘整体上涨的背景下，部分权益类基金也交出了亮眼的成绩单。公开数据显示，截至7月29日，共有23只基金（份额分开计算，下同） 的年内收益率实现翻倍，其中有七成为医药相关基金。若拉长时间至近一年来看，则有多达134只"翻倍基"，其中，医药相关基金占比超四成，收 益率最高超160%。展望后市，业内人士仍看好创新药等细分方向，但也有观点提醒需注意短期回调可能带来的风险。 15只医药基金年内收益翻倍 业内仍看好创新药领域 从主动型医药主题基金的最新重仓情况来看，部分涨幅较高的产品重仓股大致相同。例如，截至2025年二季度末，前述提及的长城医药产业精选 混合发起式的前十大重仓股包括三生制药、信达生物、热景生物、一品红、石药集团、泽璟制药、益方生物、诺诚健华、科伦博泰生物-B、康弘 药业。 同期，永赢医药创新智选混合发起式、中欧医疗创新股票的前十大重仓股中也均持有三生制药、科伦博泰生物-B。交易行情数据显示，截至7月 30日收盘，三生制药、科伦博泰生物-B在年内累计上涨428.9%、138%。 对于当前医药板块的投资机遇，前海开源基金首席经济学家杨德龙表示，"上半年创新药板块带动相关医药基金上涨或是中长期趋势，下半 ...

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report No explicit core viewpoints are presented in the given text. The report mainly focuses on analyzing the performance, scale,持仓 characteristics, and fund companies of Hong Kong stock funds. 3. Summaries Based on Related Catalogs 3.1 Hong Kong Stock Fund Performance and Scale Development - **Risk - Return Indicators**: Different types of Hong Kong stock funds, including Hong Kong Stock Connect - ETF & Passive Index, Hong Kong QDII - ETF & Passive Index, Hong Kong Stock Connect - Active, and Hong Kong QDII - Active, have varying returns, maximum drawdowns, and annualized Sharpe ratios over different time periods (1 quarter, 1 year, 3 years, and 5 years). For example, the Hong Kong QDII - Active fund had a 10.22% return in the recent quarter [13]. - **Scale and Share Changes**: There are data on the scale development and share changes of different types of Hong Kong stock funds, as well as the new issuance situation of Hong Kong stock funds in each quarter [17][22]. 3.2 Hong Kong Stock Fund Holding Characteristics - **Stock and Hong Kong Stock Positions**: Information on the stock positions and Hong Kong stock positions of different types of Hong Kong stock funds over the past five years is provided, along with the distribution of stock and Hong Kong stock positions [24][27]. - **Sector Allocation**: The sector allocation of Hong Kong stock funds shows that industries such as media, commerce and retail, and electronics are among the top - allocated sectors. There are also changes in the proportion of different sectors over time [31][35]. - **Heavy - Holding Stocks**: The heavy - holding stocks of Hong Kong stock funds include companies like Tencent Holdings, Xiaomi Group - W, and Alibaba - W. There are also data on the top 10 stocks by market value ratio, the top 10 stocks with increased or decreased allocation, and the top 10 stocks by the number of heavy - holding funds [37][39]. 3.3 Hong Kong Stock Fund Company Analysis - **Fund Company Scale**: The top 20 fund companies in terms of Hong Kong stock fund scale in 2025Q2 are listed, along with their scale in 2025Q1, scale changes, and ranking changes. For example, China Asset Management had a scale of 1009.3 billion yuan in 2025Q2, with a 9.61% increase from 2025Q1 [47]. - **Heavy - Holding Industries and Stocks**: The heavy - holding industries (at the Shenwan primary level) and heavy - holding stocks of the top 20 fund companies in terms of Hong Kong stock fund scale are presented, along with the proportion of heavy - holding stocks and their changes [50][51]. 3.4 Performance - Outstanding Hong Kong Stock Fund Holding Display and Quarterly Report Views - **Funds Holding "Top 50 Rising Stocks"**: Some actively managed Hong Kong stock funds that held "top 50 rising stocks" in 2025Q2 are listed, including their fund codes, names, types, 2025Q2 returns, fund managers, total scale, and the stocks they held, along with the stocks' 2025Q2 rising percentages and the proportion of the stocks' market value in the fund's net value [54][55]. - **Quarterly Report Excerpts**: Excerpts from the 2025 second - quarter reports of some performance - outstanding actively managed Hong Kong stock funds are provided, including their performance, fund managers, total scale, and investment strategies. For example, the Huatai - PineBridge Hong Kong Stock Connect Advantage Select A fund plans to invest in innovative drug companies and excellent equipment and consumable leading companies with high barriers [57][58].