金融界6月25日消息，上证指数低开高走，中证沪深港生物科技主题指数 (沪深港生物科技主题， 932245)报1352.64点。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。当特殊情况下将对指数进行临时调整。当样本退市时，将其从指数 样本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。当沪股通、深 股通和港股通证券范围发生变动导致样本不再满足互联互通资格时，指数将相应调整。 本文源自：金融界 作者：行情君 从指数持仓来看，中证沪深港生物科技主题指数十大权重分别为：恒瑞医药（12.02%）、百济神州 （10.82%）、药明康德（8.63%）、迈瑞医疗（7.04%）、信达生物（6.24%）、药明生物（4.88%）、 康方生物（3.31%）、石药集团（3.04%）、中国生物制药（2.78%）、三生制药（2.05%）。 从中证沪深港生物科技主题指数持仓的市场板块来看，香港证券交易所占比45.80%、上海证券交易所 占比33 ...

Core Viewpoint - The recent performance of the Hong Kong pharmaceutical sector reflects a positive market sentiment towards innovative drug companies, driven by long-term expectations of industry upgrades and the recognition of R&D asset values [1][2]. Group 1: Market Performance - As of June 25, 2025, the CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index (930965) decreased by 0.64%, with mixed performances among constituent stocks [1]. - Notable gainers included Nuo Cheng Jian Hua (09969) up 1.48% and Yun Ding Xin Yao (01952) up 1.20%, while leading decliners included Lian Bang Pharmaceutical (03933) down 5.07% [1]. - The Hong Kong Pharmaceutical ETF (159718) saw a slight decline of 0.12%, with a recent price of 0.84 yuan, but had a weekly increase of 1.69% [1]. Group 2: Liquidity and Scale - The Hong Kong Pharmaceutical ETF had a turnover rate of 21.07% with a trading volume of 53.59 million yuan, indicating active market participation [1]. - Over the past week, the ETF's scale increased by 2.31 million yuan, ranking second among comparable funds [1]. - In terms of shares, the ETF added 5 million shares over the last three months, also ranking second among comparable funds [1]. Group 3: Industry Outlook - According to Fangzheng Securities, there is a strong belief in the ongoing bullish trend for innovative drugs, with a continued revaluation of innovative drug assets expected [1]. - The current market rally is characterized by a recognition of the commercial viability of innovative drug models, particularly for leading companies like BeiGene, Innovent Biologics, and Hansoh Pharmaceutical, which are anticipated to achieve profitability through business development or globalization by 2024 or Q1 2025 [1][2]. - The collective rise of leading innovative drug stocks indicates a systematic re-evaluation of their long-term R&D investments, with the market's confidence in the sustainability of their profit models improving [2]. Group 4: Fund Flows and Leverage - The Medical Innovation ETF (516820) experienced a 0.57% decline, with a recent price of 0.35 yuan, but had a 3-month cumulative increase of 2.05% [3]. - The ETF saw a net inflow of funds over the past six days, totaling 63.57 million yuan, with an average daily net inflow of 10.60 million yuan [3]. - Leveraged funds have been actively buying into the Medical Innovation ETF, with a total net purchase of 5.61 million yuan and a latest financing balance of 56.05 million yuan [3]. Group 5: Index Composition - The CSI Pharmaceutical and Medical Device Innovation Index (931484) includes 30 companies with strong profitability and growth potential, reflecting the overall performance of the pharmaceutical and medical device sector [5]. - The top ten weighted stocks in the index account for 66.57% of its total weight, including companies like Heng Rui Pharmaceutical and WuXi AppTec [5]. - The CSI Hong Kong Stock Connect Pharmaceutical and Health Comprehensive Index (930965) also features a top ten weighted stock composition that represents 60.77% of the index, including companies like BeiGene and WuXi Biologics [6].

Core Viewpoint - On June 24, Zhejiang Shibao made its first appearance on the Hong Kong Stock Connect active trading list in a month, with a trading volume of 1.32 billion HKD and a net buying amount of 87 million HKD, resulting in a significant price increase of 30.72% on that day [1]. Trading Activity Summary - The total trading volume of active stocks on the Hong Kong Stock Connect on June 24 was 37.72 billion HKD, accounting for 31.11% of the total trading amount, with a net selling amount of 646 million HKD [1]. - The top three stocks by trading volume were Xiaomi Group-W (7.88 billion HKD), Meituan-W (5.61 billion HKD), and Alibaba-W (3.99 billion HKD) [1]. - The most frequently listed stocks in the past month were Alibaba-W and Meituan-W, each appearing 21 times, indicating strong interest from Hong Kong Stock Connect investors [1]. Individual Stock Performance - Zhejiang Shibao's trading volume was 1.32 billion HKD, with a net buying amount of 87 million HKD, marking its first appearance on the active list in a month [1]. - Other notable stocks included Tencent Holdings (3.00 billion HKD, net selling of 945 million HKD), Xiaomi Group-W (7.88 billion HKD, net selling of 1.55 billion HKD), and Meituan-W (5.61 billion HKD, net buying of 785 million HKD) [1]. - The latest closing prices and daily percentage changes for key stocks were as follows: Tencent Holdings at 509.50 HKD (+1.09%), Xiaomi Group-W at 56.90 HKD (+3.74%), Meituan-W at 130.00 HKD (-1.07%), and Alibaba-W at 112.70 HKD (+1.71%) [1].

Market Overview - On June 24, the Hang Seng Index rose by 2.06%, closing at 24,177.07 points, with a total net inflow of HKD 2.589 billion through the southbound trading channel [1] - The total trading volume for the southbound trading on June 24 was HKD 121.261 billion, with a net buying amount of HKD 2.589 billion [1] Southbound Trading Details - The Shanghai Stock Exchange's southbound trading had a total transaction amount of HKD 76.777 billion, with a net buying of HKD 0.812 billion; the Shenzhen Stock Exchange's southbound trading had a total transaction amount of HKD 44.484 billion, with a net buying of HKD 1.777 billion [1] - In the top ten active stocks for the Shanghai Stock Exchange's southbound trading, Xiaomi Group-W had the highest transaction amount of HKD 5.007 billion, followed by Meituan-W and Shandong Molong with transaction amounts of HKD 3.106 billion and HKD 2.791 billion, respectively [1] Stock Performance - In terms of net buying, China Construction Bank led with a net buying amount of HKD 0.693 billion, closing with a price increase of 2.56% [1] - Xiaomi Group-W had the highest net selling amount of HKD 1.083 billion, while its closing price increased by 3.74% [1] - For the Shenzhen Stock Exchange's southbound trading, Xiaomi Group-W also led in transaction amount with HKD 2.868 billion, followed by Meituan-W and Alibaba-W with transaction amounts of HKD 2.500 billion and HKD 1.793 billion, respectively [2] - The stock with the highest net buying in the Shenzhen market was Innovent Biologics, with a net buying amount of HKD 0.599 billion, closing up by 4.06% [2]

Core Insights - Innovent Biologics announced positive Phase 3 clinical study results for mazdutide, a dual glucagon (GCG)/glucagon-like peptide-1 (GLP-1) receptor agonist, in treating type 2 diabetes (T2D) in Chinese adults, demonstrating significant efficacy in glycemic control and weight loss [1][8] Clinical Study Details - The DREAMS-1 study enrolled 319 Chinese participants with T2D inadequately controlled by diet and exercise, with a mean age of 50.4 years and a mean baseline HbA1c of 8.24% [2] - Participants were randomized to receive either mazdutide 4 mg, mazdutide 6 mg, or placebo for 24 weeks, with the primary endpoint being the change in HbA1c from baseline to week 24 [2] Efficacy Results - Mazdutide achieved an HbA1c reduction of 2.15% after 24 weeks, with 68.6% and 87.4% of participants on mazdutide 4 mg and 6 mg, respectively, achieving HbA1c <7.0%, compared to 10.7% with placebo [3] - Weight reduction was also significant, with participants on mazdutide 4 mg and 6 mg showing a percentage change in body weight of -5.61% and -7.81%, respectively, compared to -1.26% with placebo [4] Cardiometabolic Improvements - Treatment with mazdutide led to significant improvements in multiple cardiometabolic risk factors, including fasting glucose, waist circumference, blood pressure, and lipid levels [5] Safety Profile - Mazdutide exhibited a favorable safety profile, with low incidence of treatment-emergent adverse events (TEAEs) leading to discontinuation, primarily mild to moderate gastrointestinal symptoms [6][7] Market Context - China has a high incidence of T2D, with approximately 140 million adult patients, highlighting the urgent need for effective treatment options [8][9] - The treatment landscape for diabetes is shifting towards a patient-centered approach, integrating glycemic control, weight management, and cardiovascular risk factor management [8] Future Prospects - Mazdutide has two New Drug Applications (NDAs) under review by China's National Medical Products Administration (NMPA) for chronic weight management and glycemic control in adults with T2D [11][12] - Innovent is actively developing a next-generation pipeline in the cardiovascular and metabolic fields, aiming to meet public health needs [12]

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].

Core Insights - On June 24, 2025, Xiaomi Group-W (01810), Meituan-W (03690), and Shandong Molong (00568) were the top three companies by trading volume in the southbound trading of the Stock Connect, with trading amounts of 5.007 billion, 3.106 billion, and 2.791 billion respectively [1] - In the Shenzhen-Hong Kong Stock Connect, Xiaomi Group-W (01810), Meituan-W (03690), and Alibaba-W (09988) led the trading volume, with amounts of 2.868 billion, 2.500 billion, and 1.793 billion respectively [1] Southbound Trading Highlights - **Top Active Companies in Southbound Trading (Shanghai-Hong Kong)** - Xiaomi Group-W (01810): 5.007 billion, net buy of -1.083 billion - Meituan-W (03690): 3.106 billion, net buy of 0.514 billion - Shandong Molong (00568): 2.791 billion, net buy of -56.957 million - Alibaba-W (09988): 2.194 billion, net buy of -0.470 billion - SMIC (00981): 2.118 billion, net buy of 0.394 billion - CNOOC (00883): 1.908 billion, net buy of 0.084 billion - Pop Mart (09992): 1.835 billion, net buy of 0.264 billion - Tencent Holdings (00700): 1.713 billion, net buy of -0.563 billion - China Construction Bank (00939): 1.664 billion, net buy of 0.693 billion - Zhejiang Shibao (01057): 1.317 billion, net buy of 0.087 billion [2] - **Top Active Companies in Southbound Trading (Shenzhen-Hong Kong)** - Xiaomi Group-W (01810): 2.868 billion, net buy of -0.468 billion - Meituan-W (03690): 2.500 billion, net buy of 0.271 billion - Alibaba-W (09988): 1.793 billion, net buy of -0.281 billion - Tencent Holdings (00700): 1.290 billion, net buy of -0.382 billion - CNOOC (00883): 1.159 billion, net buy of -0.350 billion - SMIC (00981): 1.069 billion, net buy of 0.330 billion - Shandong Molong (00568): 0.925 billion, net buy of 0.067 billion - Innovent Biologics (01801): 0.894 billion, net buy of 0.059 billion - Pop Mart (09992): 0.877 billion, net buy of 0.063 billion - XPeng Motors-W (09868): 0.692 billion, net buy of -0.042 billion [2]

Group 1: Market Overview - Northbound capital recorded a net purchase of HKD 25.89 billion in the Hong Kong stock market, with HK Stock Connect (Shanghai) net buying HKD 8.12 billion and HK Stock Connect (Shenzhen) net buying HKD 17.77 billion [1] - The most net bought stocks included Meituan-W (03690), SMIC (00981), and China Construction Bank (00939) [1] Group 2: Net Buying and Selling Details - Meituan-W (03690) received a net inflow of HKD 7.85 billion, with a focus on consolidating operations in key regions and expanding its flash purchase and supermarket services [6] - SMIC (00981) saw a net inflow of HKD 7.23 billion amid reports of potential changes in U.S. technology export policies affecting major chip manufacturers [6] - China Construction Bank (00939) had a net inflow of HKD 6.93 billion, supported by favorable dividend yields compared to A-shares [6] - Xinda Biopharmaceutical (01801) received a net inflow of HKD 5.99 billion due to its ADC product being included in breakthrough therapy designations [7] - Pop Mart (09992) had a net inflow of HKD 5.26 billion, attributed to improved supply chain capabilities and sales management [7] Group 3: Net Selling Highlights - Xiaomi Group-W (01810) faced a net outflow of HKD 15.51 billion, with analysts noting potential risks from macroeconomic conditions and slower EV demand growth [9] - Alibaba-W (09988) experienced a net outflow of HKD 7.51 billion, following its merger of Ele.me and Fliggy into its e-commerce division, which was seen as a move to enhance operational efficiency [8] - Tencent (00700) had a net outflow of HKD 9.44 billion, reflecting broader market trends [9] - Shandong Molong (00568) and CNOOC (00883) were sold off due to declining oil prices amid geopolitical developments [8]

Core Viewpoint - The Hong Kong Innovative Drug ETF (159567) has shown significant growth in both share volume and fund size since its inception, indicating strong investor interest in the innovative drug sector [1]. Group 1: Fund Performance - As of June 24, the Hong Kong Innovative Drug ETF (159567) closed with a gain of 2.25% and a trading volume of 2.373 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]. - The latest share count reached 1.478 billion, with a total fund size of 2.217 billion yuan as of June 23, reflecting a 273.92% increase in shares and a 486.71% increase in size since December 31, 2024 [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the ETF recorded a cumulative trading amount of 38.434 billion yuan, averaging 1.922 billion yuan per day [1]. - Year-to-date, the ETF has seen a total trading amount of 79.325 billion yuan over 113 trading days, averaging 0.702 billion yuan per day [1]. Group 3: Fund Management - The current fund manager is Ma Jun, who has managed the fund since its inception, achieving a return of 49.94% during the management period [1]. Group 4: Top Holdings - The ETF's top holdings include WuXi Biologics (11.47%), BeiGene (10.87%), and Innovent Biologics (9.60%), among others, with significant market values attributed to each [2].

Investment Rating - The report maintains a "Positive" investment rating for the pharmaceutical industry [4] Core Views - The pharmaceutical sector is experiencing a correction, particularly in the innovative drug segment, but core innovative drug stocks with strong fundamentals are showing resilience. The report continues to favor the innovative drug industry trend and suggests focusing on companies with significant breakthroughs or international expansion [5][33] - The upcoming ADA 2025 conference is expected to showcase numerous advancements in the GLP-1 weight loss sector, highlighting the industry's robust development trajectory. Key areas of focus include muscle gain, oral small molecules, and new targets like Amylin [9][33] Summary by Sections 1. ADA 2025: Anticipating Muscle Gain Validation and New Target Exploration - The global sales of Semaglutide are projected to reach $25.9 billion in 2024, making the GLP-1 sector highly competitive [9] - The report identifies a growing demand for weight loss solutions that also promote muscle gain, particularly among elderly populations suffering from obesity [10] 1.1. Muscle Gain/Non-Weight Loss: New Demand in Weight Loss - Muscle loss is a significant challenge for GLP-1 treatments, with up to 40% of weight loss attributed to muscle loss in patients. The report emphasizes the need for weight loss solutions that preserve muscle mass [10] 1.2. Oral Small Molecules: Orforglipron Expected to be First Approved - Orforglipron is anticipated to be the first approved oral GLP-1 small molecule, with significant upstream benefits expected for companies like Kelun Pharmaceutical and WuXi AppTec [15] 1.3. Amylin: Next-Generation Target with Potential Advantages - The report discusses the potential of Amylin as a complementary treatment to GLP-1, with improved safety profiles and efficacy in weight loss [20] 1.4. Long-Acting Formulations: Improved Patient Compliance - Long-acting formulations are expected to enhance patient adherence to treatment regimens, with several promising candidates in development [21] 1.5. GLP-1 Weight Loss Efficacy: Updated Insights - The report provides an updated overview of the efficacy of GLP-1 treatments in weight loss, highlighting their effectiveness and safety [22] 1.6. Domestic Investment Opportunities from ADA - The report suggests focusing on companies like LaiKai Pharmaceutical and Gree Pharmaceutical, which are well-positioned in the weight loss and muscle gain sectors [25][28][31] 2. Industry Perspective: Innovation, International Expansion, and Aging Population - The report emphasizes the importance of innovation, international expansion, and the aging population as key drivers for the pharmaceutical industry. It notes that the industry has completed a transition from old to new growth drivers [33] - The pharmaceutical index has shown a decline of 4.35% recently, but the long-term outlook remains positive due to ongoing innovation and market expansion [33][44]