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13日消息，中银创新医疗混合C(010500) 最新净值2.1969元，增长3.87%。该基金近1个 月收益率15.09%，同类排名1008|4699；近6个月收益率86.76%，同类排名26|4543；今年来收益率 85.33%，同类排名30|4501。 中银创新医疗混合C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 ...

Group 1 - The Hong Kong stock market showed strong performance on August 13, with the Hang Seng Index rising by 1.88% and the Hang Seng Tech Index increasing by 2.35%, particularly driven by the healthcare sector [1] - The Hong Kong Innovative Drug 50 ETF (513780) closed up by 3.38% with a turnover rate exceeding 18% and a transaction volume of over 400 million yuan, indicating strong investor interest [1] - Notably, the Hong Kong Innovative Drug 50 ETF (513780) experienced a net inflow of 1.07 billion yuan over the past 15 trading days, and it has gained over 92% year-to-date as of August 12 [1] Group 2 - The National Healthcare Security Administration announced the preliminary review results for the 2025 medical insurance directory and commercial insurance innovative drug directory, with 534 drugs passing the basic medical insurance directory review and 121 drugs passing the commercial insurance innovative drug directory review [2] - High-priced innovative drugs, including CAR-T therapies, are seeking inclusion in the commercial insurance innovative drug directory, indicating a push for diversified payment methods for innovative drugs [2] - Analysts suggest that the rise of innovative drugs is sustainable, recommending attention to companies with rich pipeline layouts, high-potential single innovative drugs, and leading technology platforms in the sector [2]

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 ...

Market Overview - US stock indices rebounded, influenced positively by Trump's market support, leading to a 0.68% rise in Hong Kong stocks [1] - San Francisco Fed President Daly indicated that the timing for interest rate cuts is approaching, with expectations for two 25 basis point cuts this year [1] - Goldman Sachs predicts three consecutive 25 basis point cuts starting in September, with a potential 50 basis point cut if unemployment rises further [1] Domestic Market Sentiment - A-share new account openings in July reached 1.96 million, a 71% year-on-year increase, indicating rising domestic confidence [2] - The stock of Upwind New Materials surged 20% after resuming trading, reigniting market enthusiasm [2] - The steel sector saw a significant rise, with Maanshan Iron & Steel's stock increasing over 15% due to improved loss forecasts and supportive policies [2] Industry Trends - The paper industry is experiencing a price increase, with major companies like Nine Dragons Paper and Lee & Man Paper announcing price hikes [2] - The eleventh batch of centralized drug procurement in China saw a record 45 companies applying for the same drug, intensifying competition in the generic drug market [3] - Investment is shifting towards innovative drugs, with companies like Junshi Biosciences seeing stock increases of nearly 34% due to promising clinical trials [3] Financial Support for Key Industries - A joint guideline from the central bank and seven departments aims to support financing for key manufacturing sectors, including integrated circuits and medical equipment [4] - AI-related companies like Longi Green Energy and Lenovo's server business are seeing stock increases due to new orders and market interest [4] Gaming Industry Performance - The domestic gaming market is projected to reach RMB 168 billion in sales by the first half of 2025, a 14.08% year-on-year increase [4] - Heartbeat Games anticipates a revenue increase of approximately 37% for the first half of 2025, driven by strong performance from self-developed games [4] Individual Company Highlights - Tencent's mobile game "Valorant: Source Action" is set to launch on August 19, with projected annual revenue exceeding RMB 6 billion [5] - Oriental Selection's stock surged nearly 17% ahead of its upcoming financial report, reflecting strong market performance [6] - The Macau gaming sector is experiencing a positive trend, with Morgan Stanley raising its revenue growth forecast for the year from 5% to 10% [6] Technological Advancements - Apple's breakthrough in brain-computer interface (BCI) technology allows users to control devices through thought, indicating a significant market opportunity [7] - The Chinese BCI market is expected to exceed RMB 3.8 billion by 2025, with a CAGR of approximately 20% [7] Investment Opportunities - Kelun-Bio has become a top holding in a major fund, indicating strong market confidence in its innovative drug pipeline [8] - The company has established multiple technology platforms and is expected to accelerate commercialization in 2025 [8]

行业估值方面，药品及生物科技行业市盈率（TTM）平均值为2.19倍，行业中值6.44倍。康诺亚-B市盈 率-33.21倍，行业排名第99位；其他精优药业（00858.HK）为1.42倍、金斯瑞生物科技（01548.HK）为 1.63倍、东瑞制药（02348.HK）为3.35倍、吉林长龙药业（08049.HK）为5.94倍、大健康国际 （02211.HK）为6.94倍。 8月5日，截至港股收盘，恒生指数上涨0.68%，报24902.53点。康诺亚-B（02162.HK）收报69.6港元/ 股，上涨12.53%，成交量628.25万股，成交额4.18亿港元，振幅12.77%。 最近一个月来，康诺亚-B累计涨幅35.04%，今年来累计涨幅100.16%，跑赢恒生指数23.3%的涨幅。 财务数据显示，截至2024年12月31日，康诺亚-B实现营业总收入4.28亿元，同比增长20.91%；归母净利 润-5.15亿元，同比减少43.38%；毛利率97.15%，资产负债率34.28%。 机构评级方面，目前暂无机构对该股做出投资评级建议。 本文源自：金融界 作者：行情君 资料显示，康诺亚生物医药科技有限公司(2162.HK) ...

（文章来源：每日经济新闻） 每经AI快讯，港股创新药板块继续走强，亚盛医药-B涨逾10%，康诺亚-B、乐普生物-B涨逾7%，诺诚 健华、信达生物涨超5%。 ...

Group 1 - The Hong Kong biotechnology stocks collectively rose, with notable increases in several companies' stock prices [1][2] - Beihai Kangcheng-B saw a rise of nearly 19%, while other companies like Gilead Sciences-B and Ascentage Pharma-B also experienced significant gains of over 15% and 9% respectively [1][2] - The overall trend indicates a positive sentiment in the biotechnology sector, with multiple companies achieving gains of over 5% [1][2] Group 2 - Specific stock performance includes: Beihai Kangcheng-B at 18.99% increase, Gilead Sciences-B at 15.30%, and Ascentage Pharma-B at 9.48% [2] - The market capitalization of these companies varies significantly, with Gilead Sciences-B at approximately 11.477 billion and Ascentage Pharma-B at about 29.86 billion [2] - Other notable performers include Jiahua Bio-B and Beikang Medical-B, both showing increases of over 7% [1][2]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 康諾亞生物醫藥科技有限公司（於開曼群島註冊成立的有限公司） 呈交日期: 2025年8月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02162 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 500,000,000 | USD | | 0.0001 USD | | 50,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 500,000,000 | USD | | 0.0001 USD | | 50,000 | 本月底法定/註冊股本總額： ...

Core Insights - The innovative drug market in China is experiencing significant growth, with the total amount of License out transactions for innovative drugs expected to reach nearly $66 billion by the first half of 2025, surpassing the total BD transaction amount for 2024 [1] - The immune system drug market is the second largest prescription drug market globally, with an increasing share of BD transactions, particularly in the autoimmune disease sector, which is gaining attention due to unmet medical needs [2][23] - The emergence of bispecific antibodies (dual antibodies) in the autoimmune disease field is anticipated to create new blockbuster drugs, as they can target multiple antigens simultaneously, enhancing treatment efficacy [7][8][23] Group 1: Market Dynamics - The market for autoimmune disease treatments is projected to reach $119.35 billion by 2027, driven by high demand and long treatment cycles for conditions like systemic lupus erythematosus (SLE) and rheumatoid arthritis (RA) [2] - The TNFα inhibitors, particularly AbbVie's Humira, have generated over $200 billion in revenue over its lifecycle, showcasing the potential for successful drug development in the immune market [2][4] - The competition in the immune drug market is intensifying, with a growing number of patented drugs and a shift towards precision medicine in clinical and commercial strategies [5] Group 2: Bispecific Antibodies - Bispecific antibodies are gaining traction in autoimmune disease treatment, with the ability to simultaneously target different antigens, potentially leading to more effective disease management [7][8] - Clinical data from Roche's bispecific antibody shows significant efficacy in treating refractory SLE patients, indicating the potential of this class of drugs in the autoimmune sector [8] Group 3: Company Insights - Kangnuo Pharmaceutical is positioned as a leading player in the autoimmune field, with its core product CM310 being the first domestically approved IL-4Rα antibody, currently in the commercialization stage [13][23] - The success of CM310 in the market is contingent on its inclusion in the medical insurance negotiation, which is crucial for its sales growth [16][23] - Kangnuo's innovative approach through the NewCo model for licensing out its products has proven beneficial, providing cash flow support and reducing risks for the company [22][23] Group 4: Future Outlook - The potential for Kangnuo's CM310 to achieve significant sales in the Chinese market is optimistic, with projections suggesting it could reach nearly $5 billion by 2030 if it successfully navigates the insurance landscape [23] - The company's advancements in the ADC drug CMG901 for cancer treatment are also noteworthy, with clinical progress ahead of competitors [19][23]

Group 1 - The innovative drug market in China is experiencing a surge, with the total amount of License out transactions for innovative drugs expected to reach nearly $66 billion by the first half of 2025, surpassing the total BD transaction amount for 2024 [1] - The immune system drug market is the second largest prescription drug market globally, with an increasing proportion of BD transactions. The share of tumor pipeline overseas licensing transactions decreased from 72% in 2023 to 61% in 2024, while the share of metabolic and autoimmune drugs increased from 12% to 25% [1][2] - The autoimmune disease market is gaining attention due to its large unmet medical needs, with the global treatment market projected to reach $119.35 billion by 2027 [2] Group 2 - The immune drug market has evolved since the introduction of TNFα inhibitors, with new targets emerging, including interleukin classes and JAK/Tyk2 inhibitors. The competition in clinical and commercial stages is intensifying, with a focus on precision treatment [5][7] - Bispecific antibody drugs are gaining traction in the treatment of autoimmune diseases, offering the ability to target two different antigens simultaneously, which may lead to more effective disease management [7][8] - The first bispecific antibody drugs in the autoimmune field are expected to create a new wave of growth, with companies like 康诺亚 leading the development [23] Group 3 - 康诺亚's core product, CM310, is the first domestically approved IL-4Rα antibody drug, with significant market potential in treating various allergic diseases. Its success in entering the medical insurance negotiation at the end of the year is crucial for its market performance [13][16] - The company has a strong pipeline in the autoimmune field, with CM310 expected to generate substantial sales, potentially reaching 5 billion yuan by 2030 [23] - 康诺亚 is also advancing in the oncology sector with its ADC drug CMG901, which is in the lead for clinical development among competitors [19][23] Group 4 - 康诺亚 has successfully engaged in multiple NewCo agreements, indicating its potential for international expansion and valuation growth in the innovative drug sector [22] - The NewCo model provides a favorable environment for domestic biotech companies, allowing them to secure cash flow and mitigate risks while advancing their research and clinical trials [22] - The recent licensing deal with GSK, which includes a $500 million upfront payment and up to $12 billion in milestone payments, highlights 康诺亚's strong position in the market [12]