国金证券研报指出，继续对医药板块在2025年走出反转行情抱有强烈信心，创新药主线和左侧板块困境 反转依旧是2025年医药板块的最大投资机会。该行认为，创新药产业向上趋势不变，由于海外MNC重 磅单品陆续迎来专利悬崖，通过BD引进管线弥补收入缺口的战略未来有望持续。过往全球创新药产品 授权合作在下半年更为密集，创新药板块行情静待后续BD持续催化。东吴证券则认为，降息背景下， 创新产业链景气度提升，生科上游、CXO板块有望受益。 消息面上，国家医保局发布第十一批国家组织药品集中采购文件。本次集采方案制定和修改过程中，充 分遵循了"稳临床、保质量、防围标、反内卷"的原则。文件提到，本次集采优化了价差控制"锚点"的选 择，不再简单选用最低报价。国泰海通证券认为，集采规则的优化，反映了医保局正在积极推动医 药"反内卷"，内需市场有望持续改善。 智通财经APP获悉，医药股多数上扬。截至发稿，药明合联(02268)涨6.82%，报75.2港元；诺诚健华 (09969)涨5.72%，报17.38港元；药明生物(02269)涨3.86%，报39.24港元；歌礼制药-B(01672)涨3.09%， 报11.01港元；恒瑞医药(0 ...

每经AI快讯，9月22日，港股医药股多数上扬。截至发稿，药明合联(02268.HK)涨6.82%，报75.2港元； 诺诚健华(09969.HK)涨5.72%，报17.38港元；药明生物(02269.HK)涨3.86%，报39.24港元；歌礼制药- B(01672.HK)涨3.09%，报11.01港元；恒瑞医药(01276.HK)涨2.74%，报90港元。 ...

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][2]. Fund Performance - As of September 18, 2024, the fund's share volume reached 8.17 billion shares, with a total size of 7.839 billion yuan, reflecting an increase of 1966.38% in share volume and 1974.81% in size compared to its initial figures on December 31, 2023 [1]. - The fund manager, Ma Jun, has achieved a return of 90.14% since taking over management on January 3, 2024 [2]. Trading Activity - The ETF recorded a trading volume of 12.58 billion yuan on September 19, 2024, with an average daily trading amount of 18.71 billion yuan over the last 20 trading days [1]. - Year-to-date, the ETF has accumulated a total trading amount of 206.404 billion yuan over 176 trading days, averaging 11.73 billion yuan per day [1]. Top Holdings - The ETF's major holdings include: - Innovent Biologics (9.52% holding, 263 million yuan market value) - WuXi Biologics (9.47% holding, 258 million yuan market value) - BeiGene (8.73% holding, 238 million yuan market value) - CanSino Biologics (7.62% holding, 208 million yuan market value) - China National Pharmaceutical Group (7.17% holding, 196 million yuan market value) [2].

Group 1 - The global liquidity environment is becoming more accommodative, leading to a significant inflow of international capital into the Hong Kong market, particularly in the biotech sector [1][2] - As of September 12, 2025, southbound capital from mainland China has net purchased over 10,000 billion HKD in Hong Kong stocks this year, representing a growth of over 100% compared to last year, with the biotech sector attracting 1613 billion HKD [1] - The implementation of Chapter 18A of the Hong Kong Stock Exchange's main board listing rules since 2018 has allowed unprofitable biotech companies to enter the capital market, raising over 800 billion HKD and establishing Hong Kong as a major biotech financing hub [1] Group 2 - In 2025, national policies have been introduced to support the biotech industry, emphasizing innovation and significantly shortening the drug approval process, with IND and NDA approvals increasing by 14.3% and 52.3% respectively in 2024 [2] - The shift in healthcare insurance policies towards supporting innovative drugs has opened new payment channels for high-value drugs, enhancing their market accessibility [2] - A comprehensive policy framework is being established to support the entire lifecycle of innovative drugs from development to market sales, creating sustained growth opportunities for companies and investors [2] Group 3 - The Hang Seng Biotech Index, launched in December 2019, focuses on innovative drugs and contract research organizations (CROs), with nearly 90% of its weight in these sectors, showcasing top industry players [3] - The index has demonstrated exceptional growth and resilience, with a year-to-date increase of over 100% as of early September 2025, significantly outperforming the Hang Seng Index's 27% increase [3] - Despite recent market adjustments, the index's valuation remains relatively low at a price-to-earnings ratio of approximately 31 times, providing substantial room for future valuation recovery and earnings growth [3] Group 4 - The Hong Kong Stock Connect Biotech ETF (159102) offers investors a convenient tool to invest in the biotech sector, with liquidity advantages and no restrictions from QDII quotas [4] - The ETF allows for T+0 trading, enhancing its appeal for investors looking to capitalize on opportunities in the Hong Kong biotech market [4]

Group 1 - The Hong Kong innovative drug sector experienced a decline in the afternoon session on September 13, with notable drops in stock prices [1] - Innovent Biologics saw a decrease of over 7%, while Rongchang Biopharmaceutical and Green Leaf Pharmaceutical fell by more than 4% [1] - Other companies such as WuXi Biologics, Junshi Biosciences, and Kelun Pharmaceutical also experienced declines [1]

Summary of WuXi Biologics Cayman Inc Conference Call Company Overview - **Company**: WuXi Biologics Cayman Inc - **Ticker**: 2269.HK - **Industry**: China Healthcare - **Market Cap**: HK$164,437 million - **Current Price**: HK$38.90 (as of September 18, 2025) - **Price Target**: HK$35.00, indicating a downside of 10% from the current price [8][8] Key Industry Insights - **Fastest Growing Modality**: In the first half of 2025, WuXi's 864 integrated projects included 168 bi-/multi-specific antibody projects, representing 19% of total projects. Revenue from these contracts increased by over 200% year-over-year [2][2] - **Comparison with Other Modalities**: Antibody-drug conjugates (ADCs) also showed significant growth, with a 50% year-over-year increase in revenue [2][2] - **Proprietary Platforms**: WuXi's CD3 T-cell engager platform has engineered various bi-/multi-specific antibodies, including CD3xCD19 and CD3xPSMA [2][2] Clinical Development Highlights - **TQB2825 Trials**: The bi-specific antibody TQB2825 is currently in Phase 3 clinical trials, having previously undergone Phase 2 trials in combination with immunochemotherapy and chemotherapy alone. The primary endpoints include dose and toxicity, with response rates and survival as secondary endpoints [3][3][11] - **Significance of TQB2825**: This is the first antibody enabled by the WuXiBody technology platform to enter a pivotal study, marking a significant milestone for the company [11][11] Financial Projections - **Revenue Growth**: Projected revenue for the fiscal year ending December 2025 is Rmb 21,157 million, with an expected increase to Rmb 24,092 million in 2026 [8][8] - **Earnings Per Share (EPS)**: Expected EPS for 2025 is Rmb 0.93, increasing to Rmb 1.15 in 2026 [8][8] - **Valuation Metrics**: The company has a P/E ratio of 38.2 for 2025, which is expected to decrease to 30.8 by 2026 [8][8] Risks and Opportunities - **Upside Risks**: Faster pharmaceutical market growth, increased outsourcing of R&D, and stronger biotech funding could enhance WuXi's performance [14][14] - **Downside Risks**: Potential slowdown in biologics programs, lower outsourcing intensity, and geopolitical risks could negatively impact the company [14][14] Competitive Landscape - **Bi-specific Antibodies**: The conference highlighted several approved bi-specific antibodies as of March 2025, including those developed by major players like Merus Biopharm and Regeneron, indicating a competitive market landscape [6][6] Conclusion WuXi Biologics is positioned for significant growth in the biopharmaceutical sector, particularly in bi-specific antibodies, with promising clinical developments and robust financial projections. However, the company must navigate various risks that could impact its growth trajectory.

Core Insights - The top three companies by Hong Kong Stock Connect holding ratios are China Telecom (71.75%), Gree Power Environmental (69.11%), and China Shenhua (68.06%) [1] - Alibaba-W, BeiGene, and China Pacific Insurance saw the largest increases in holdings over the last five trading days, with increases of +171.65 billion, +19.60 billion, and +15.85 billion respectively [1] - Xiaomi Group-W, Tencent Holdings, and Great Wall Motors experienced the largest decreases in holdings, with reductions of -13.16 billion, -12.81 billion, and -8.09 billion respectively [2] Hong Kong Stock Connect Holding Ratios - China Telecom (00728) has a holding of 9.959 billion shares, representing 71.75% [1] - Gree Power Environmental (01330) has a holding of 280 million shares, representing 69.11% [1] - China Shenhua (01088) has a holding of 2.299 billion shares, representing 68.06% [1] - Other notable companies in the top 20 include COSCO Shipping Energy (67.64%) and Kaisa New Energy (67.48%) [1] Recent Increases in Holdings - Alibaba-W (09988) saw an increase of +171.65 billion, with an addition of 10.836 million shares [1] - BeiGene (06160) increased by +19.60 billion, with an addition of 970.45 thousand shares [1] - China Pacific Insurance (02601) increased by +15.85 billion, with an addition of 512.87 thousand shares [1] Recent Decreases in Holdings - Xiaomi Group-W (01810) decreased by -13.16 billion, with a reduction of 2.314 million shares [2] - Tencent Holdings (00700) decreased by -12.81 billion, with a reduction of 199.52 thousand shares [2] - Great Wall Motors (02333) decreased by -8.09 billion, with a reduction of 4.667 million shares [2]

Group 1 - WuXi Biologics announced that its biologics drug substance manufacturing facilities MFG1 and MFG2, along with the DP5 drug product facility, received GMP certification from the Turkish Medicines and Medical Devices Agency [1]

Core Viewpoint - WuXi Biologics has successfully obtained GMP certification from the Turkish Medicines and Medical Devices Agency (TITCK) for its manufacturing facilities in Wuxi, marking the company's first successful audit by TITCK [1] Group 1 - The facilities that received GMP certification include the Biologics Drug Substance Plant 1 (MFG1), Biologics Drug Substance Plant 2 (MFG2), and Biologics Drug Product Plant 5 (DP5) [1]

Market Overview - The Hong Kong stock market opened lower but rebounded, with the Hang Seng Index closing up 0.22% at 26,446.56 points and a total turnover of HKD 290.2 billion [1] - The Hang Seng China Enterprises Index rose 0.21% to 9,384.76 points, while the Hang Seng Tech Index increased by 0.91% to 6,043.61 points [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 6.47% to HKD 38.84, contributing 13.66 points to the Hang Seng Index [2] - Other notable blue-chip performers included Li Auto-W (02015) up 4.56% and Nongfu Spring (09633) up 4.11% [2] Sector Highlights - The large technology stocks mostly rose, with Alibaba up over 2% and Kuaishou up 1% [3] - The lithium battery sector saw significant gains, with CATL (03750) surging 7% to a new high [3] - The pharmaceutical sector also performed well, with Jiangsu Hengrui Medicine (02617) skyrocketing 115% [3] Policy and Industry Developments - The National Development and Reform Commission and the National Energy Administration announced a plan to achieve a new energy storage capacity of over 180 million kilowatts by 2027, with an investment of approximately RMB 250 billion [4] - The Ministry of Industry and Information Technology released a plan for the automotive industry aiming for 32.3 million vehicle sales in 2025, with a focus on new energy vehicles [6] Stock Movements - Jiangsu Hengrui Medicine (02617) experienced a dramatic increase of 115.58%, reaching HKD 415 [8] - Lion Group (02562) surged 25.34% to HKD 19.24 after announcing a binding investment agreement in AI and blockchain [9] - Shanghai Fudan (01385) faced pressure, dropping 3.77% to HKD 37.82, following its inclusion in the U.S. entity list [11]