开年以来，已有超20家港股创新药企再融资，远超去年同期， 部分企业甚至进行了两次再融资。目前再融资额已超340亿港 元。 作者：张英 封图：图虫创意 8月20日，翰森制药（03692.HK）公告，计划通过配股融资39亿港元，这是翰森制药上市以来第三次再融资。 翰森制药上一次再融资是2021年1月，在其股价历史性高点时，通过发行可转债募资6亿美元。目前，翰森制药 的股价已接近其历史高点的80%。 自2025年开年以来，中国不少创新药企迎来 估值修复 ，股价翻倍上涨。 多家药企在资本市场回暖之际再融 资，为未来发展"囤粮"。 据经济观察报统计，开年以来，已有超20家港股创新药企再融资，远超去年同期，部分企业甚至进行了两次再 融资。目前再融资额已超340亿港元。 港股创新药企再融资事件数 相比之下，A股创新药企再融资较少，今年仅两家获批：迪哲医药（688192.SH）在4月定增约18亿元，百利天 恒（688506.SH）39亿元的定增方案在8月初获批。 在股市火热之际，也有部分创新药企创始人、大股东正择机减仓以回笼资金。 "囤粮" 为创新药企提供外包服务的药明康德（603259.SH/02359.HK）是这轮再融资 ...

Core Viewpoint - Hansoh Pharmaceutical plans to raise HKD 3.9 billion through a placement, marking its third refinancing since its listing, with its stock price currently at approximately 80% of its historical high [2] Group 1: Financing Activities - Since the beginning of 2025, over 20 innovative pharmaceutical companies listed in Hong Kong have engaged in refinancing, significantly surpassing the same period last year, with total refinancing exceeding HKD 34 billion [2][4] - WuXi AppTec raised nearly HKD 7.7 billion through a share placement, making it the highest fundraising company in this round of refinancing [5] - Innovent Biologics raised approximately HKD 4.3 billion through the placement of 55 million new shares, with 90% of the funds allocated for global R&D and facility layout [5] Group 2: Stock Performance and Market Trends - The stock prices of many innovative pharmaceutical companies have doubled since the beginning of the year, indicating a market recovery [2] - Innovent Biologics' stock price has increased over 2.5 times since the start of the year, reflecting strong market interest [10] Group 3: Shareholder Actions - Some founders and major shareholders are taking the opportunity to reduce their holdings and cash out, despite the ongoing fundraising activities [4][10] - Notable reductions include Temasek's divestment of over HKD 2.4 billion from Innovent Biologics and significant sales by other major shareholders in various companies [10][11] Group 4: Alternative Financing Methods - Several companies are utilizing "old-for-new" financing methods, where founders sell their old shares to new investors and use the cash to subscribe to new shares, making it more attractive for investors [7][8] - Companies like Aisheng Pharmaceutical and others have successfully raised funds through this method, indicating a trend in the market [8]

智通财经APP获悉，中共中央政治局常委、国务院总理李强8月20日在北京调研生物医药产业发展情 况。他强调，要深入贯彻习近平总书记关于生物医药产业发展的重要指示精神，加大高质量科技供给和 政策支持，充分发挥企业创新主体作用，着力推动生物医药产业提质升级，研发生产更多优质高效的好 药新药，不断增进人民健康福祉。相关概念股：基石药业-B(02616)、和誉-B(02256)、和铂医药 (02142)、信达生物(01801)。 调研中，李强主持召开座谈会。听取有关企业和投资、研发、医疗机构负责人发言后，李强指出，生物 医药产业既是战略性新兴产业，也事关人民健康福祉。要加强原始创新和关键核心技术攻关，发挥政府 和市场两方面作用，充分调动各类资源，凝聚创新合力，尽快取得更大突破。要注重运用人工智能全面 赋能产业发展，提高药物研发、临床试验、诊断治疗、生产流通等环节智能化水平。要强化产品研发、 审评审批、管理使用等政策衔接和协同配合，优化药品集采和谈判议价机制，加大高水平创新药应用指 导力度。李强强调，要依靠创新促进中医药振兴发展，充分运用现代科学的理论、技术、材料等，深化 中医药基础理论、诊疗规律、作用机理的研究阐释，丰 ...

瑞银则综合考虑市值和行业平衡，预测以下股票有望"染蓝"：巨子生物(02367)、药明合联(02268)、泡 泡玛特、京东物流、金山软件(03888)、交通银行(03328)。此外，瑞银根据综合市值排名的缓冲区规 则，泡泡玛特预测可能获纳入恒生中国企业指数。 曹操出行(02643)、映恩生物(09606)、周六福(06168)等有望纳入港股通标的 值得注意的是，港股通是诸多在港股上市公司与内地连接的主要通道之一。根据相关要求，港股上市公 司要进入港股通名单，需要先成为恒生综合指数的成份股。由于恒生综合指数每半年会进行大调整，港 股通也会据此进行调整。 恒指公司将于2025年8月22日(星期五)公布恒生系列指数半年度审议结果，涉及恒生、国企、恒生科技 等港股主要旗舰指数，以及与港股通投资范围密切相关的恒生综指，成份股变动将于2025 9月8日(星期 一)生效。对此，瑞银、华泰证券、中金公司（601995）等多家券商纷纷发布报告，对恒生指数、恒生 中国企业指数、恒生综名单调整以及有望获纳入港股通的名单进行预测。 中金公司指出，由于半年度审议通常变化较大，且追踪旗舰指数的被动资金规模大(综合Bloomberg的统 计 ...

智通财经APP获悉，恒指公司将于2025年8月22日(星期五)公布恒生系列指数半年度审议结果，涉及恒 生、国企、恒生科技等港股主要旗舰指数，以及与港股通投资范围密切相关的恒生综指，成份股变动将 于2025年9月8日(星期一)生效。对此，瑞银、华泰证券、中金公司等多家券商纷纷发布报告，对恒生指 数、恒生中国企业指数、恒生综名单调整以及有望获纳入港股通的名单进行预测。 中金公司指出，由于半年度审议通常变化较大，且追踪旗舰指数的被动资金规模大(综合Bloomberg与 Wind的统计，追踪恒指、国企和恒生科技指数的ETF规模分别约为303.5亿美元、66.3亿美元和261.2亿 美元)，因此潜在成分股变动以及相应资金流向值得重点关注。 交通银行(03328)、泡泡玛特(09992)、百胜中国(09987)等有望纳入恒生指数成份股 瑞银则根据对恒生综合指数的预测，预计可能获纳入港股通分别为：东亚银行、映恩生物-B、蓝月亮集 团、南山铝业国际、正力新能、碧桂园、康耐特光学、晋景新能、汇聚科技、MIRXES-B、中国食品、 京东健康、沪上阿姨、博雷顿、广联科技控股、威胜控股、康臣药业、喜相逢集团。 华泰证券则预计19只港 ...

Key Points - The top three stocks with net inflows from southbound funds are China Life (02628) with 1.58 billion, Southern Hang Seng Technology (03033) with 768 million, and Alibaba-W (09988) with 452 million [1][2] - The top three stocks with net outflows are Tencent Holdings (00700) with -1.20 billion, Anta Sports (02020) with -697 million, and Rongchang Biopharmaceutical (09995) with -584 million [1][2] - In terms of net inflow ratio, Datang Renewable (01798) leads with 74.45%, followed by Shenzhen Expressway (00548) with 50.53%, and Bosideng (03998) with 50.23% [1][3] - The top three stocks with the highest net outflow ratios are Chongqing Rural Commercial Bank (03618) at -58.46%, Kington Services (09666) at -54.34%, and Poly Property Group (00119) at -51.88% [1][3] Net Inflow Rankings - The top ten stocks by net inflow include: - China Life (02628): 1.58 billion, 34.91% increase, closing price 23.620 (+3.60%) [2] - Southern Hang Seng Technology (03033): 768 million, 14.65% increase, closing price 5.475 (-0.90%) [2] - Alibaba-W (09988): 452 million, 4.38% increase, closing price 121.800 (-1.54%) [2] - Other notable stocks include Li Auto-W (02015) with 349 million and AIA Group (01299) with 317 million [2] Net Outflow Rankings - The top ten stocks by net outflow include: - Tencent Holdings (00700): -1.20 billion, -5.56% decrease, closing price 590.000 (+0.68%) [2] - Anta Sports (02020): -697 million, -40.49% decrease, closing price 92.450 (+2.72%) [2] - Rongchang Biopharmaceutical (09995): -584 million, -33.65% decrease, closing price 77.450 (+13.65%) [2] - Other notable stocks include Meituan-W (03690) with -387 million and China Construction Bank (00939) with -366 million [2] Net Inflow Ratio Rankings - The top stocks by net inflow ratio include: - Datang Renewable (01798): 74.45%, net inflow of 14.5175 million, closing price 2.360 (+0.85%) [3] - Shenzhen Expressway (00548): 50.53%, net inflow of 8.719 million, closing price 7.020 (0.00%) [3] - Bosideng (03998): 50.23%, net inflow of 6.728 million, closing price 4.630 (+0.65%) [3]

Core Viewpoint - Innovent Biologics has received implied approval for clinical trials of the drug "IBI3032," aimed at long-term weight control for overweight or obese adults [1] Company Overview - Innovent Biologics Co., Ltd. was established in 2019 and is located in Shanghai, primarily engaged in the pharmaceutical manufacturing industry [1] - The company has a registered capital of 100 million USD and a paid-in capital of 85 million USD [1] - According to data analysis, Innovent Biologics has made one external investment, participated in one bidding project, and holds nine patents, along with 72 administrative licenses [1] - The major shareholder of Innovent Biologics is Innovent Biologics (HK) Limited, which holds 100% of the shares [1]

Investment Rating - The report maintains an investment rating of "B" for the biopharmaceutical industry, indicating that it is expected to outperform the market [1][3]. Core Insights - The report highlights that tumor immunotherapy (IO) is a cornerstone treatment for non-small cell lung cancer (NSCLC), with next-generation IO therapies based on PD-1/L1 monoclonal antibodies showing promise when combined with VEGF, IL-2, ADC, and CTLA-4 to overcome immune resistance and improve survival rates [3][4]. - PD-1/VEGF dual antibodies have demonstrated significant clinical benefits in first-line progression-free survival (PFS) and overall survival (OS) settings, while PD-L1 ADCs offer new options for immune-resistant cases [3][4]. - The report notes that the combination of PD-1/VEGF dual antibodies with chemotherapy has outperformed PD-1 monoclonal antibodies combined with chemotherapy in clinical trials [3][4]. Summary by Sections Tumor Immunotherapy Developments - The report discusses the efficacy of various ADC drugs in NSCLC, including TROP2, EGFR×HER3, and PD-L1 ADCs, which have shown outstanding results [3]. - PD-1/VEGF dual antibodies have reached PFS endpoints in clinical trials for squamous NSCLC, with an overall response rate (ORR) of 71.4% and a median duration of response (mDOR) of 12.7 months [4]. Clinical Trial Results - In first-line PD-L1 positive NSCLC, the ORR for the 707 single-agent treatment was 70.8%, while the combination with chemotherapy yielded an ORR of 58.3% for non-squamous and 81.3% for squamous NSCLC [4]. - The report also highlights the significant OS benefits observed with the PD-1/IL-2α-bias dual antibody fusion protein IBI363 in previously treated squamous NSCLC, achieving a median OS of 15.3 months [5]. Emerging Therapies - The PD-L1 ADC HLX43 has shown an ORR of 31.9% in CPI-treated NSCLC, with a notable 47.4% ORR in the EGFR wild-type non-squamous NSCLC subgroup [6]. - The report emphasizes the potential of the PD-1/VEGF/CTLA-4 triple antibody CS2009, which has demonstrated anti-tumor activity in early clinical trials [6].

恒生医疗ETF（513060）高开，盘中持续震荡，截至发稿，上涨近1.5%，成交额近5亿元，换手率超 6%。成分股中半数上涨，亚盛医药-B、四环医药涨超8%；联邦制药、平安好医生、时代天使、再鼎医 药等个股跟涨，涨幅均超3%。 相关机构发文表示，当下的政策主线，政策+BD双轮驱动。目录双轨（基本医保+商保创新药）意味 着"能进医保走医保、谈不成进商保"的支付闭环雏形已定，释放"真创新更易放量"的信号；时间轴看， 8月公示收官→三季度评审与谈判→10–11月结果发布，政策催化将贯穿3–4个月窗口。对A+H公司而 言，已在公示名单内或具有新增适应症者，阶段性更易获得资金关注。 结构与节奏上，业绩线与事件线叠加。创新药在医保/商保支付"双轨"与MNC数百亿美元级BD"干火 药"共振下，中国创新药板块系统性重估仍在继续；互联网医疗（平台+药房/到家）在高增长与盈利改 善带动下，是H股医药里相对收益的主赛道之一；设备耗材侧，带量集采在部分品类节奏持续，短线对 单一产品依赖度高、议价能力弱的企业形成估值压制，但中长期关注出清后龙头份额提升与国产替代的 结构性机会。 上周港股冲高回落，恒指再度刷新阶段新高。港股三大指数今日 ...

Key Points - The top three companies with net inflows from southbound funds are Xinda Biopharmaceutical (01801) with 835 million, China Life (02628) with 403 million, and AIA Insurance (01299) with 373 million [1][2] - The top three companies with net outflows are the Tracker Fund of Hong Kong (02800) with -6.679 billion, Hang Seng China Enterprises (02828) with -2.584 billion, and Anta Sports (02020) with -782 million [1][2] - In terms of net inflow ratio, Canggang Railway (02169) leads with 66.05%, followed by Bosideng (03998) with 49.50%, and Zhengzhou Bank (06196) with 48.61% [1][2] - The companies with the highest net outflow ratios include Skyworth Group (00751) at -52.19%, Anta Sports (02020) at -50.20%, and Ruipu Lanjun (00666) at -44.79% [1][2] Net Inflow Rankings - The top ten companies by net inflow include: - Xinda Biopharmaceutical (01801) with 835 million and a closing price of 95.000 (+8.82%) [2] - China Life (02628) with 403 million and a closing price of 22.800 (+0.71%) [2] - AIA Insurance (01299) with 373 million and a closing price of 76.400 (+3.03%) [2] - Other notable companies include Ideal Automotive (02015) with 365 million and a closing price of 97.150 (+3.30%) [2] Net Outflow Rankings - The top ten companies by net outflow include: - Tracker Fund of Hong Kong (02800) with -6.679 billion and a closing price of 26.080 (+2.35%) [2] - Hang Seng China Enterprises (02828) with -2.584 billion and a closing price of 93.760 (+2.76%) [2] - Anta Sports (02020) with -782 million and a closing price of 90.000 (+0.22%) [2] - Other significant outflows include Alibaba (09988) with -267 million and a closing price of 123.700 (+6.09%) [2] Net Inflow Ratio Rankings - The top companies by net inflow ratio include: - Canggang Railway (02169) with 66.05% and a closing price of 1.310 (-0.76%) [3] - Bosideng (03998) with 49.50% and a closing price of 4.600 (+0.66%) [3] - Zhengzhou Bank (06196) with 48.61% and a closing price of 1.410 (-2.08%) [3] Net Outflow Ratio Rankings - The top companies by net outflow ratio include: - Skyworth Group (00751) with -52.19% and a closing price of 3.260 (+1.24%) [3] - Anta Sports (02020) with -50.20% and a closing price of 90.000 (+0.22%) [3] - Ruipu Lanjun (00666) with -44.79% and a closing price of 12.160 (+5.28%) [3]