Core Viewpoint - The current "medication" market rally is distinct from previous ones, with leading gains concentrated in innovative pharmaceutical companies, particularly strong performance in the Hong Kong stock market [1][2] Group 1: Market Performance - On June 9, both Hong Kong and A-share innovative pharmaceutical sectors saw significant gains, with the Hang Seng Innovative Drug ETF rising by 4.08% and the Hong Kong Stock Connect Medical ETF increasing by 4.25% [3] - Notable individual stock performances included 3SBio (01530.HK) reaching a peak of 22.5 HKD, just shy of its historical high, and a 260% increase in its stock price since February [3] - The A-share innovative drug index rose by 31.5% and the Hong Kong innovative drug index surged by 61.54% since April 9, with several stocks doubling in value [4] Group 2: Catalysts for Growth - The surge in innovative drug stocks is attributed to multiple factors, including recent approvals for 11 innovative drugs from eight companies and promising clinical data for major diseases [5] - The upcoming 2025 ASCO annual meeting will feature 73 research studies from China, a 30% increase from the previous year [5] Group 3: Long-term Positive Factors - Many leading companies are approaching breakeven points, with significant revenue growth reported, particularly for Ascentage Pharma (332.31% growth) [7][8] - The overseas licensing deals have seen substantial increases, with a record-breaking deal of 6.05 billion USD for 3SBio's drug rights to Pfizer [9] - The overall licensing-out transactions in the innovative drug sector have surged, with 41 transactions in Q1 2024 alone, totaling 36.93 billion USD [9] Group 4: Policy Support - Recent policy changes are favorable for innovative drug companies, including optimized centralized procurement policies and increased support for innovative drugs in government reports [10] - The 2024 government work report includes 38 new innovative drugs in the medical insurance catalog, the highest ever, with plans for further optimization in 2025 [10] Group 5: Market Outlook - The valuation of the pharmaceutical sector remains relatively safe compared to other growth industries, with a current TTM P/E ratio of 27.1 times [11] - Some analysts suggest that the innovative drug sector is transitioning from following to leading in the global market, indicating a new era for domestic innovation [11] - However, there are concerns about potential short-term volatility due to rapid price increases and profit-taking by investors [11]

Market Overview - The Hong Kong stock market showed a positive trend with the Hang Seng Index rising 1.63% to close at 24,181.43 points, while the Hang Seng China Enterprises Index and the Hang Seng Tech Index also saw significant gains of 1.74% and 2.78% respectively, marking a technical bull market as they rose over 20% from April lows [1] - The trading volume for the day reached 245.83 billion HKD, indicating strong market activity [1] Blue Chip Performance - Kuaishou-W (01024) led the blue-chip stocks with a 5.58% increase, closing at 62.4 HKD, contributing 16.34 points to the Hang Seng Index [2] - Other notable performers included WuXi Biologics (02269) up 5.48%, SMIC (00981) up 5.1%, while Budweiser APAC (01876) and Zijin Mining (02899) experienced declines of 2.06% and 1.64% respectively [2] Sector Highlights - Major technology stocks collectively rose, with Kuaishou increasing over 5% and Meituan and JD.com both rising over 4% [3] - The innovative drug sector showed strong performance, with stocks like Eucure Biopharma-B (01477) up 19.45% and King’s Ray Biotech (01548) up 16.14% [3][4] - The Chinese securities sector saw a broad increase, with firms like Everbright Securities (06178) rising 5.27% and GF Securities (01776) up 4.66% [4] Regulatory Developments - The China Securities Regulatory Commission approved the transfer of control for eight companies to Central Huijin, which may lead to a new wave of mergers and acquisitions in the securities industry [5] Consumer and Technology Trends - The upcoming Apple Worldwide Developers Conference (WWDC 2025) is expected to drive interest in consumer electronics and related stocks, with companies like AAC Technologies (01415) and Sunny Optical (02382) showing gains [6] - New consumption stocks also performed well, with companies like Bruker (00325) rising 22.34% [6][7] Commodity Movements - Gold stocks faced declines, with Shandong Gold (01787) down 3.99%, influenced by stable U.S. employment data which suggests the Federal Reserve may maintain its current interest rate stance [7] Notable Stock Movements - China Rare Earth (00769) surged 60% following news of eased export controls on rare earths, reflecting strong market interest [8] - Huicai Holdings (01180) experienced a dramatic drop of 47.54% before being suspended, indicating volatility in the entertainment equipment sector [9]

Core Viewpoint - WuXi Biologics (02269.HK) shows a recovering stock price trend, indicating market optimism for its future performance [1][11]. Price Performance - The stock price closed at HKD 24.95 on June 2, 2025, with a stable trading day and a cumulative volatility of 10.8% over the past week, suggesting potential for a breakthrough [1]. - In just two days, the stock price increased by 6.62%, positively impacting related derivative products, with notable performances from JPMorgan and UBS leveraged products, which rose by 28% and 20% respectively [1][7]. Technical Analysis - Support levels for WuXi Biologics are identified at HKD 22.9 and HKD 23.5, confirming bottom support as the stock stabilizes above these levels [3]. - Resistance levels are at HKD 25.8 and HKD 26.8; a breakthrough of the first resistance could lead to a new upward trend [3]. - The probability of an upward movement is assessed at 53%, indicating a neutral to bullish sentiment [3]. Technical Signals - A strong buy signal is indicated by 17 technical signals supporting a bullish outlook, including moving averages and mid-term trend indicators [6]. - The MACD and Ichimoku indicators also provide buy signals, reinforcing expectations for trend continuation [6]. Derivative Products - For bullish investors, the Bank of China call option (15841) offers a stable choice with a leverage of 3.3 times and an exercise price of HKD 24.88, minimizing time decay impact [7]. - For higher leverage, the Morley call option (14687) provides a leverage of 1.9 times, suitable for short-term trading [7]. - Investors interested in bull certificates may consider JPMorgan's product (57118), which offers a leverage of 5.3 times with a recovery price of HKD 22 [7]. Market Outlook - The overall market sentiment is positive, with expectations for further upward movement if the stock can effectively break through the key resistance level of HKD 25.8 [11]. - The stock is currently in a stabilizing phase, and any short-term fluctuations should be viewed as a healthy consolidation process for future gains [11].

Group 1 - The innovative drug sector in A-shares has shown a strong comeback, with multiple stocks experiencing significant price increases, including Shuyou Shen (20% increase) and Ruizhi Pharmaceutical (20% increase), indicating a bullish market sentiment [1] - The Hong Kong market also saw a rise, with WuXi AppTec increasing by 19.88% and several innovative drug ETFs in Hong Kong showing year-to-date gains exceeding 40%, outperforming similar products [1][2] - Analysts suggest that the domestic market is entering a concentrated listing period for innovative drugs, supported by comprehensive policy backing and improvements in commercial medical insurance, which are expected to enhance the commercialization process beyond market expectations [1][5] Group 2 - There is a noticeable divergence in the performance of various medical ETFs, with some experiencing significant inflows while others face substantial outflows, indicating mixed investor sentiment [2][3] - The top-performing innovative drug ETFs, such as ICBC Hong Kong Innovative Drug ETF and Huatai-PineBridge Hong Kong Innovative Drug ETF, have seen net inflows of 2.43 billion and 2.31 billion respectively, while the E Fund CSI 300 Healthcare ETF has recorded the highest net outflow of 2.5 billion [3] - The medical sector is expected to show its best performance in three years by mid-2025, driven by policy optimization and AI industry empowerment, with a clear trend of performance and valuation recovery anticipated in the second half of the year [3] Group 3 - The innovative drug sector has rebounded significantly after a period of decline, with innovative drug ETFs showing substantial weekly gains, particularly in the lead-up to the ASCO annual meeting, which has heightened industry interest [4] - The upcoming ASCO meeting is expected to showcase numerous original research results from Chinese pharmaceutical companies, indicating a shift towards international innovation in drug development [4][5] - Recent approvals of six domestic innovative drugs in May across critical treatment areas such as diabetes and tumors have injected strong momentum into the pharmaceutical industry [5]

Group 1 - The Hong Kong biopharmaceutical sector experienced a collective rise, with WuXi Biologics (02269.HK) and Junshi Biosciences (01877.HK) leading the gains, both increasing over 9% [1] - Other companies such as WuXi AppTec (02359.HK), Kanglong Chemical (300759.HK), Kelun Pharmaceutical (06821.HK), and Tigermed (03347.HK) also saw increases of 4%-5% [1] Group 2 - A significant ruling by the U.S. International Trade Court on May 28 declared the "day of liberation" tariff policy from the Trump administration unconstitutional, reducing policy uncertainty for Chinese pharmaceutical companies looking to expand overseas [3] - The ruling emphasized that the U.S. Constitution grants Congress exclusive power to regulate trade, limiting presidential authority in economic security matters [3] Group 3 - The first quarter of 2025 saw a surge in License-out transactions, totaling 41 deals worth approximately $36.93 billion, nearing the total for the entire year of 2023 [3] - Notable transactions included 3SBio's $12.5 billion upfront payment plus up to $4.8 billion in milestone payments to Pfizer for a PD-1/VEGF dual antibody drug [3] Group 4 - The upcoming ASCO annual meeting in Chicago is expected to showcase the international competitiveness of Chinese innovative drugs, with 71 studies from Chinese companies selected for oral presentations [4] - Key clinical data will be released by several prominent companies, including Innovent Biologics and China Biologic Products, which may reshape treatment standards for non-small cell lung cancer [4][5] Group 5 - The progress of ADC drugs developed by partners of WuXi Biologics and collaborations between Kelun Pharmaceutical and Merck is also attracting attention [5] - The increasing quantity and quality of results presented by Chinese pharmaceutical companies at top academic platforms like ASCO indicate a recognized research and development capability in oncology [5]

港股收评：港股主要股指今日持续走高 生物医药股涨幅居前 金十数据5月29日讯，港股主要股指今日持续走高，截至收盘，恒生指数收涨1.35%，恒生科技指数大 幅上涨2.46%。恒指大市成交额达2268.55亿港元。板块个股方面，线上零售概念今日强势，美团 (03690.HK)大涨6.6%，快手(01024.HK)涨近5%，百度(09888.HK)、阿里巴巴(09988.HK)均涨近2%。生 物医药板块同样大涨，药明巨诺(02126.HK)涨近20%，药明生物(02269.HK)涨超10%。香港港交所 (00388.HK)近日表现活跃，今日盘中一度涨2.56%，报401港元，最终收涨2.4%报400.4港元，股价创 2022年2月以来新高。 ...

消息面上，5月30日-6月3日，2025年美国临床肿瘤学会（ASCO）年会将在美国芝加哥举行。今年 ASCO年会上，中国研究者共计70余项原创研究入选口头报告。交银国际指出，2025ASCO摘要中，中 国创新药入选数量再创新高，印证中国创新药企研发竞争力实现跨越式突破，国际影响力日渐提高。 ASCO大会召开在即，LBA重磅数据即将揭晓，创新药板块有望迎来关注热潮、并有望在未来推动更多 出海交易达成，市场情绪与板块估值将进入正向修复通道。 此外，特朗普关税措施被"叫停"，带动市场情绪回暖。当地时间5月28日，美国联邦法院阻止了美国总 统特朗普在4月2日"解放日"宣布的关税政策生效，并裁定特朗普越权，对向美国出口多于进口的国家征 收全面关税。上述裁定暂停了特朗普绝大多数的关税举措——全球统一关税、对中国和其他国家加征的 关税，以及对中国、加拿大和墨西哥征收的芬太尼相关关税，均因该裁定而暂停。 智通财经APP获悉，医药股走势强劲，截至发稿，药明巨诺-B(02126)涨19.3%，报2.06港元；君实生物 (01877)涨13.59%，报20.65港元；昭衍新药(06127)涨13.38%，报12.54港元；加科思- ...

Group 1 - The innovative drug sector is experiencing multiple favorable developments, with the Guotai Innovative Drug ETF (517110) leading the market and showing strong performance [1] - The ASCO annual meeting, a major platform for biopharmaceutical companies to present clinical research results, will take place from May 30 to June 3, 2025, in Chicago, showcasing significant clinical data from domestic innovative drug companies [1] - The inclusion of multiple domestic innovative drug research projects in the ASCO conference reflects the vigorous state of domestic pharmaceutical R&D and the progress made in cancer treatment [1] Group 2 - The Chinese innovative drug industry is rapidly reshaping the international pharmaceutical market, with leading domestic companies expected to achieve record high revenues and net profits in 2024 [2] - As of now, the total transaction amount for domestic innovative drugs reaching overseas has reached $45.5 billion, with upfront payments totaling $2.2 billion, indicating a strong growth trajectory [2] - The retail market for prescription drugs continues to grow steadily, with biological products and innovative drugs being the main drivers, highlighting the increasing penetration of innovative drugs in the market [2] Group 3 - The Chinese innovative drug industry is transitioning from a phase of capital bubble to a stage of genuine achievements, gaining recognition from multinational corporations [3] - The demand for pharmaceuticals is increasing due to rising health awareness and an aging population, creating opportunities for various pharmaceutical sectors [3] - The Guotai Innovative Drug ETF (517110) provides a way to invest in leading stocks within the innovative drug sector, capitalizing on the rapid industry growth [3]

Core Viewpoint - The Hong Kong pharmaceutical outsourcing sector is experiencing a strong performance, with notable increases in stock prices for several key companies [1] Company Performance - WuXi Biologics (02269.HK) has seen a stock price increase of 4.70% [1] - Kelun Pharmaceutical (06821.HK) has risen by 4.62% [1] - Tigermed (03347.HK) has gained 1.89% [1] - WuXi AppTec (02359.HK) has increased by 1.36% [1]

每经记者｜叶峰 每经编辑｜肖芮冬 市场早盘震荡调整，创业板指领跌。盘面上热点集中在消费和医药两大方向。在ETF市场，与创新药相关的多只ETF涨幅居前。 | 代码 | 名称 | 现价 涨跌幅 17 | | --- | --- | --- | | 159570.SZ | 港股通创新药ETF | 1.297 2.61% | | 159567.SZ | 港股创新药ETF | 1.287 2.22% | | 513120.SH | 港股创新药ETF | 0.971 2.21% | | 513780.SH | 港股创新药50ETF | 1.241 1.97% | | 520700.SH > 港股创新药ETF基金 | | 1.194 - 1.88% | | 159217.SZ 港股通创新药ETF工银 | | 1.058 1.93% | | 样本代码 | 样本简称 | 所属行业 | 总市值* | | --- | --- | --- | --- | | 01801 | 信达生物 | 矢药卫生 | 885.89 | | 06160 | 百济神州 | 医药卫生 | 2034.42 | | 09926 | 康方生物 | 矢药卫生 | ...