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。 ...

Group 1 - The core viewpoint of the article highlights the resurgence of the innovative drug sector, with significant stock price increases for companies like Weikang Pharmaceutical and Yuekang Pharmaceutical, indicating a positive market sentiment [1] - The pharmaceutical sector is experiencing a shift in policy attitudes, with optimization of centralized procurement rules, which is expected to benefit the industry [1] - After years of R&D investment, the pharmaceutical pipeline is entering a harvest phase, and there is an accelerating trend of overseas business development (BD) in the industry, showcasing the global competitiveness of China's innovative drugs [1] Group 2 - Zhongyin Securities suggests focusing on companies that are entering the realization or volume expansion phase, particularly those with overseas capabilities, such as Innovent Biologics, CanSino Biologics, and Eucure Biopharma [1] - The upcoming 2024 national medical insurance negotiations are anticipated to further impact the innovative drug field positively, creating opportunities for valuation reconstruction in the pharmaceutical sector [1]

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].

Core Insights - The innovative drug sector has seen significant growth this year, with the China Securities Hong Kong Stock Connect Innovative Drug Index rising over 124% since the beginning of the year, and the Shanghai Stock Exchange Sci-Tech Innovation Board Innovative Drug Index increasing over 80% [2][3] - There is a growing divergence in opinions among fund managers regarding the valuation of innovative drugs, with some expressing caution and suggesting profit-taking, while others remain optimistic about future growth [2][11] Fund Performance - As of July 29, 2023, 16 funds have reported returns exceeding 100%, all heavily invested in the innovative drug sector [5] - The fund managed by Zhang Wei, Huatai-PineBridge Hong Kong Advantage Selection, leads with a 139% return [5] - The total scale of funds focused on innovative drugs has increased from 111 billion yuan to 366 billion yuan this year, marking a growth of over 200% [5] Market Dynamics - The innovative drug sector has attracted significant investor interest, with the scale of the Huatai-PineBridge National Index Hong Kong Stock Connect Innovative Drug ETF rising from less than 700 million yuan to nearly 8 billion yuan in the first half of the year [5] - The innovative drug index has seen a net inflow of 172 billion yuan, making it one of the highest net buying sectors this year [5][6] Valuation Concerns - Some fund managers, like Wan Minyuan from Rongtong Fund, have raised concerns about the high valuations of A-share innovative drug stocks, suggesting that many companies may have reached their peak valuations [11][12] - There is a belief that the current market is experiencing a bubble, with excessive speculation on early-stage clinical drugs [11][12] Long-term Outlook - The innovative drug sector is viewed as a critical area for investment, with expectations of continued growth driven by technological advancements and supportive policies [10][14] - Fund managers emphasize the importance of selecting companies with strong technological capabilities and sustainable clinical value to navigate potential market volatility [2][14]

Group 1 - The overall market has seen significant growth in 2023, with 23 funds achieving over 100% returns year-to-date, predominantly in the pharmaceutical sector [1][3] - Among these, 17 funds are focused on innovative drugs, making up over 70% of the "doubling funds," with the top performers including 汇添富香港优势精选混合 (QDII) C at 139.12% [4][6] - Over the past year, a total of 134 funds have doubled their returns, with the top fund, 中信建投北交所两年定开混合 A, achieving a remarkable 207.48% return [4][5] Group 2 - The pharmaceutical sector remains a focal point for investment, with analysts optimistic about the innovative drug market and its potential for continued growth [6][7] - Key stocks in high-performing funds include 三生制药 and 科伦博泰生物-B, which have seen substantial price increases of 428.9% and 138% respectively [6][7] - The outlook for the third quarter suggests ongoing opportunities in the innovative drug space, driven by global collaborations and significant clinical data releases [6][7]

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].

7月30日南向资金成交活跃股 7月30日恒生指数下跌1.36%，南向资金全天合计成交金额为1706.84亿港元，其中，买入成交911.99亿 港元，卖出成交794.85亿港元，合计净买入金额117.14亿港元。具体来看，港股通（深）累计成交金额 623.69亿港元，买入成交338.28亿港元，卖出成交285.41亿港元，合计净买入金额52.87亿港元；港股通 （沪）累计成交金额1083.15亿港元，买入成交573.71亿港元，卖出成交509.44亿港元，合计净买入金额 64.27亿港元。 成交活跃股方面，今日上榜个股中，南向资金成交金额最多的是理想汽车-W，合计成交额56.87亿港 元，腾讯控股、阿里巴巴-W成交额紧随其后，分别成交55.11亿港元、49.97亿港元。以净买卖金额统 计，净买入的个股共有9只，理想汽车-W净买入额为20.93亿港元，净买入金额居首，该股收盘股价下 跌12.84%，石药集团净买入额为8.73亿港元，美团-W净买入额为4.47亿港元。净卖出金额最多的是中芯 国际，净卖出2.05亿港元，该股收盘股价下跌5.90%，信达生物、国泰君安国际遭净卖出1.21亿港元、 7355.62万港元。 ...