Core Insights - The article discusses the phenomenon of "middlemen profiting" in the innovative drug industry, highlighted by the strategic collaboration between BMS and BNT, which involved a $9 billion deal for the drug BNT327, originally licensed from Chinese company Pumice Biotech [1][2] - The rapid increase in valuations and the perceived undervaluation of Chinese biotech firms are emphasized, with examples illustrating how companies like Pumice and Hengrui have faced challenges in capturing the full value of their innovations [1][2][3] Summary by Sections Strategic Collaborations - BMS and BNT's partnership to develop BNT327 is valued at $9 billion, with Pumice Biotech originally licensing the drug for $55 million [1] - Hengrui Pharmaceuticals licensed its asthma drug SHR-1905 to Aiolos Bio for $25 million upfront, which was later sold to GSK for $10 billion, showcasing the significant markup in valuations [2] Market Dynamics - The article highlights the immature valuation system for innovative drug companies in China and their limited international operational capabilities, leading to unfavorable deals [2][3] - The quality of clinical data and the lack of unique assets hinder Chinese companies' bargaining power in the global market [3] Evolution of BD Transactions - The evolution of business development (BD) transactions in China is outlined, with three phases: exploration (pre-2014), development (2015-2019), and explosion (2020-present) [4][5] - The surge in BD transactions is attributed to the establishment of numerous innovative drug companies post-2010 and regulatory changes that encouraged innovation [5][6] License-in and License-out Trends - License-in transactions dominated initially, allowing companies to mitigate risks and shorten development timelines, but led to inflated prices and market bubbles [6][7] - License-out transactions have recently surpassed License-in, indicating a shift in strategy as companies seek immediate cash flow amid financial pressures [8] New Business Models - The emergence of the NewCo model allows companies to retain longer-term control over their product pipelines while attracting investment, marking a shift from traditional licensing agreements [13][14] - The NewCo model has gained traction among various biotech firms, enabling them to better manage their assets and secure funding [13][15] Future Outlook - The article concludes that while "cheap sales" of assets may continue, Chinese biotech firms are increasingly integrating into the global ecosystem, necessitating a focus on maximizing value within the international value chain [15][16]

Core Viewpoint - The Hong Kong innovative drug-themed ETFs have shown significant performance, with the top 10 ETFs all increasing by over 5%, indicating strong market interest in the innovative drug sector [1][2]. Group 1: ETF Performance - The Hang Seng Innovative Drug ETF (520500) led the gains with a 5.73% increase, reaching a value of 1.864 [2]. - Other notable ETFs include the Hong Kong Innovative Drug ETF with a 5.28% increase and the Hong Kong Stock Connect Innovative Drug ETF with a 5.26% increase [2]. - Among the top-performing stocks, Kangfang Biotech (09926.HK) and BeiGene (06160.HK) both rose over 10%, while Innovent Biologics (01801.HK) and CSPC Pharmaceutical Group (01093.HK) increased by over 3% [2]. Group 2: Market Trends - A total of 25 ETFs have increased by over 40% this year, with 24 of them being related to the Hong Kong biopharmaceutical theme, highlighting the sector's strong performance [3]. - The Hong Kong Innovative Drug Index has risen over 70% since the beginning of the year, significantly outperforming the Hang Seng Index, reflecting high market recognition of the innovative drug industry [4]. Group 3: Policy and Market Drivers - The continuous optimization of the policy environment has positively impacted market sentiment, with the National Healthcare Security Administration initiating adjustments to the 2025 National Medical Insurance Directory, which includes innovative drugs with high clinical value [5]. - The trend of Chinese innovative drugs going global has reached historic breakthroughs, indicating an increase in global competitiveness [5]. - Fund managers express optimism about the innovative drug sector, citing strong clinical data and ongoing product commercialization as key factors for future performance [6].

今日，港股三大指数整体呈现窄幅震荡行情，尾盘短线跳水。 影视股表现活跃，比高集团涨超10%，大麦娱乐涨超8%，丰德丽控股、IMAX中国涨超2%，猫眼娱乐、 欢喜传媒涨超1%。 恒生指数、国企指数分别微幅下跌0.08%、0.09%，恒生科技指数表现相对较强，最终收涨0.56%。 | 代码 | 名称 | | 最新价 | 涨跌额 | 涨跌幅 | | --- | --- | --- | --- | --- | --- | | 800000 | 恒生指数 | (0) | 24498.95 | -18.81 | -0.08% | | CONSULT DOGES BY 800100 | 国企指数 | | 8853.10 | -8.29 | -0.09% | | 800700 | 恒生科技指数 | | 5448.85 | +30.45 | 0.56% | 盘面上，大型科技股涨跌不一，美团涨超1%，网易、腾讯飘红，百度跌超3%，小米跌2%，阿里巴巴跌 超1%。 生物医药股大肆走高，创新药午后涨幅进一步扩大，康诺亚大涨14.5%，康方生物、百济神州涨超10%， 泰格医药、金斯瑞生物科技、科伦博泰生物涨超8%。 半导体芯片股、军工 ...

从消息面来看，近期，创新药板块的利好消息不断。接下来，这个板块的行情是否会持续下去呢？ 创新药概念股集体爆发 自6月底以来，创新药板块一路上行，最近几天更是加速上涨。7月17日，创新药板块指数涨幅超过3%，成都 先导、迈威生物、维康药业、塞力医疗、力生制药、亚太药业、信立泰等近20只相关概念股涨停或涨超10%。 7月17日，创新药领域又传来一则好消息。据北京日报报道，近日，我国自主研发的、抗呼吸道合胞病毒的创 新药——齐瑞索韦列入世界卫生组织儿童药物优化优先清单，有望为全球儿童带来可及、可负担的有效治疗。 据报道，世界卫生组织儿童药物优化（PADO）项目通过凝聚监管机构、资助方与制造商共识，推动有紧迫需 求的儿童药物加速开发，工作内容包括确定研发的重点优先产品及其理想的产品特性。 创新药板块，再次掀起涨停潮！ 今日（7月17日），A股三大指数集体拉升，截至收盘，沪指涨0.37%，深证成指涨1.43%，创业板指涨1.76%。 盘面上，创新药、CPO、AI硬件等方向领涨。其中，创新药概念股集体大涨，成都先导、塞力医疗、力生制药 等近20只相关概念股涨停或涨超10%。 在港股市场上，创新药概念股也集体爆发，截至收盘 ...

Core Insights - The Hong Kong Innovation Drug Index (931787) has shown a strong increase of 5.50% as of July 17, 2025, with significant gains in constituent stocks such as Lepu Biopharma-B (up 20.94%) and CanSino Biologics-B (up 14.50%) [1] - The Hong Kong Innovation Drug ETF (513120) has risen by 4.97%, marking a seven-day consecutive increase, with a trading volume of 9.798 billion HKD and a turnover rate of 67.06% [1] - Over the past year, the Hong Kong Innovation Drug ETF has achieved a net value increase of 109.64%, ranking 1st out of 122 QDII equity funds [2] Market Performance - The Hong Kong Innovation Drug ETF has a current scale of 14.035 billion HKD, making it the largest in the Hong Kong pharmaceutical ETF sector [1] - In the last 22 trading days, there have been net inflows on 12 days, totaling 838 million HKD [1] - The ETF has recorded a maximum monthly return of 23.82% since its inception, with an average monthly return of 7.75% during rising months [2] Index Composition - The index comprises a maximum of 50 listed companies primarily engaged in innovative drug research and development, reflecting the overall performance of the innovative drug sector in the Hong Kong market [2] - The top ten weighted stocks in the index account for 67.94%, with notable companies including Innovent Biologics (01801) and WuXi Biologics (02269) [3] Policy Environment - Recent adjustments to the national medical insurance drug list and commercial health insurance for innovative drugs have established a dual-track payment system, ensuring that innovative drugs are not included in centralized procurement [3] - The regulatory environment is supportive, with the resumption of the fifth set of listing standards for the Sci-Tech Innovation Board and a reduction in clinical trial review periods to 30 days [3] - The combination of favorable policies and significant overseas business development expectations is expected to drive the performance of the innovative drug sector in the coming years [3]

Group 1 - The China Securities Hong Kong Stock Connect Medical Theme Index (932069) has seen a strong increase of 2.89%, with notable gains in constituent stocks such as Kangfang Biotech (09926) up 10.16%, BeiGene (06160) up 9.17%, and Kelun-Biotech (06990) up 8.05% [1][2] - The Hong Kong Medical ETF (159366) has risen by 2.00%, marking its third consecutive increase, with the latest price reaching 1.38 HKD, a new high [1][2] - The index reflects the performance of 50 listed companies involved in medical devices, medical services, pharmaceuticals, and biotechnology within the Hong Kong Stock Connect framework [6] Group 2 - The 2025 National Basic Medical Insurance and other insurance drug directories have officially started adjustments, with the first addition of innovative drugs to the commercial health insurance directory this year [3] - WuXi AppTec has disclosed a positive half-year performance forecast for 2025, exceeding market expectations, leading to a collective rise in the CXO sector [4] - The AI medical technology sector is transitioning towards multi-modal integration, significantly enhancing the intelligence level in medical scenarios, with AI-assisted diagnosis systems penetrating 89% of top-tier hospitals [4] Group 3 - The medical device and traditional Chinese medicine sectors are expected to see a performance turning point in the second half of 2025, with a focus on new technology directions such as medical devices, AI healthcare, and brain-computer interfaces [5] - The Hong Kong Medical ETF aggregates rare and specialized medical segment leaders from the mainland, focusing on internet healthcare, CXO, and medical devices [5] - As of June 30, 2025, the top ten weighted stocks in the index accounted for 57.7% of the total, including companies like WuXi Biologics (02269) and JD Health (06618) [6]

Group 1 - The innovative drug sector is experiencing a strong rally, with significant stock price increases for companies such as Lepu Biopharma-B (up 11.15%), CanSino Biologics (up 9.92%), and others [1] - Recent favorable news for the innovative drug industry includes the initiation of the 11th batch of national drug centralized procurement, which will not include innovative drugs, focusing instead on mature "old drugs" [1] - The National Healthcare Security Administration and the National Health Commission have issued measures to support the high-quality development of innovative drugs, including 16 specific initiatives across R&D support, medical insurance access, and clinical application [1] Group 2 - According to Zhongyou Securities, the innovative drug sector is expected to continue its positive trend due to overseas large-scale business development (BD) expectations and supportive policy documents [2] - The core driving force behind the current Hong Kong stock market's innovative drug rally is value reassessment, with current valuations still considered attractive [2] - Domestic capital has been increasing its positions through the Hong Kong Stock Connect, while foreign capital remains at a low position in innovative drugs, indicating a preference for fundamentally solid and cost-effective stocks [2]

港股生物医药股盘初拉升，康方生物(09926.HK)涨超8%，泰格医药(03347.HK)涨超4%，百济神州 (06160.HK)、复宏汉霖(02696.HK)均涨近4%，金斯瑞生物科技(01548.HK)涨超3%。 ...

特此公告。 百济神州有限公司董事会 A股代码：688235 A股简称：百济神州 公告编号：2025-027 港股代码：06160 港股简称：百济神州 美股代码：ONC 百济神州有限公司 自愿披露关于公司举行业绩电话会议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承 担法律责任。 百济神州有限公司（以下简称"公司"）将于美国东部时间 2025 年 8 月 6 日（星期三）发布根据美国公认会计原则及美国证券交易委员 会适用规则编制的截至 2025 年 6 月 30 日止第二季度未经审计财务业绩 并同步发布根据中国企业会计准则编制的 2025 年半年度主要财务数据 公告。 公司管理团队将于美国东部时间 2025 年 8 月 6 日（星期三）上午 8 时（即北京时间 2025 年 8 月 6 日（星期三）晚上 8 时）举行业绩电话 会议。业绩电话会议将进行网络直播，可通过公司网站投资者关系页面 进 入 ， 网 址 为 https://ir.beonemedicines.com 、 https://sseir.beonemedicine ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因依賴 該等內容而引致的任何損失承擔任何責任。 BeOne Medicines Ltd. 百濟神州有限公司 （根據瑞士法律註冊成立的公司） （股份代號：06160） 相关ETF 百濟神州有限公司（「本公司」）謹此公佈，本公司將於2025年8月6日（星期三） （即 香港聯交所交易時間之後）報告其根據美國公認會計原則及美國證券交易委員會 適用規則編製的截至2025年6月30日止第二季度的未經審核財務業績。本公司董 事會審計委員會將於2025年8月6日（香港時間）審閱及批准2025年第二季度的財 務業績。 財務業績發佈後，本公司將於美國東部時間2025 年8 月6 日（星期三）上午八時正 （即香港時間2025年8月6日（星期三）下午八時正）舉行電話會議。 電話會議將以網路直播方式進行，網絡直播鏈接可從本公司網站的投資者關係頁 面訪問，網址為 https://ir.beonemedicines.com , https://hkexir.beonemedicin ...