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]. Group 1: Fund Performance - As of July 9, 2024, the Hong Kong Innovative Drug ETF (159567) closed with a gain of 1.08% and a trading volume of 2.352 billion yuan [1]. - The fund's share volume increased by 419.87% from 3.95 million shares at the end of 2023 to 20.55 million shares by July 8, 2024 [1]. - The fund's size grew by 749.27%, from 378 million yuan at the end of 2023 to 3.209 billion yuan by July 8, 2024 [1]. Group 2: Liquidity and Trading Activity - Over the last 20 trading days, the cumulative trading amount for the ETF reached 42.082 billion yuan, with an average daily trading amount of 2.104 billion yuan [1]. - Since the beginning of the year, the ETF has recorded a total trading amount of 100.143 billion yuan over 124 trading days, averaging 808 million yuan per day [1]. Group 3: Fund Management - The current fund manager, Ma Jun, has managed the Hong Kong Innovative Drug ETF since its inception on January 3, 2024, achieving a return of 56.11% during the management period [1]. Group 4: Top Holdings - The ETF's top holdings include WuXi Biologics (11.47%), BeiGene (10.87%), and Innovent Biologics (9.60%), among others, indicating a focus on leading companies in the innovative drug sector [2]. - The fund's holdings are diversified across several key players in the biotechnology and pharmaceutical industries, with significant positions in companies like China Biologic Products and CSPC Pharmaceutical Group [2].

公司报告 | 公司专题研究 百济神州（688235） 证券研究报告 CDK4 抑制剂展现出优异早期疗效信号，后续将进入 注册临床研究阶段 CDK4 抑制剂 BGB-43395 具有更优抑制效力。目前 CDK4i 领域 FIC 的药物是 进入 III 期临床的辉瑞的 PF-07220060，在 MCF-7 增殖实验中，BGB-43395 的抑制细胞增殖效力IC₅₀为126 nM，比PF-07220060 更强（后者为544 nM）， 活性提升 4.3 倍，展现出卓越疗效。 后续随访时间延长，整体响应率有望大幅提升 从辉瑞披露的数据可以看到，CDK4 抑制剂 Atirmociclib 的中位起效时间是 3.6M。所以对同靶点药物，百济神州的 CDK4i 来说，3 个月的中位随访时 间还未到中位起效时间。过往数据提示 CDK4/6i 的应答率随时间延长逐 步提升，在 9 个月时达到最高应答概率。BGB-43395 在 3 个月的评估时间 看到 240mg、400mg、600mg BID 联用组 SD+PR 为 67%(8/12)，83%（5/6）， 75%（6/8），趋势较好。 盈利预测与投资评级 我们预计 202 ...

FF301 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 公司名稱: 百濟神州有限公司 (根據瑞士法律註冊成立的公司) 呈交日期: 2025年7月7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) | 06160 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 9,500,000,000 | USD | | 0.0001 USD | | 950,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 9,500,000,000 | USD | | 0.0001 USD | | 950,000 | | 2. 股份分類 | 其他分類 (請註明) | 股份類別 | 其他類別 (請註明) | | ...

Group 1 - The Hong Kong Innovative Drug ETF (159567) closed down 1.44% on July 7, with a trading volume of 1.402 billion yuan [1] - The fund was established on January 3, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of July 4, 2024, the fund's latest share count was 1.995 billion shares, with a total size of 3.203 billion yuan, reflecting a 404.69% increase in shares and a 747.72% increase in size year-to-date [1] Group 2 - The fund's liquidity showed a cumulative trading amount of 44.415 billion yuan over the last 20 trading days, with an average daily trading amount of 2.221 billion yuan [1] - Year-to-date, the cumulative trading amount reached 96.310 billion yuan over 122 trading days, with an average daily trading amount of 789 million yuan [1] - The current fund manager, Ma Jun, has managed the fund since its inception, achieving a return of 60.51% during the tenure [1] Group 3 - The top holdings of the Hong Kong Innovative Drug ETF include WuXi Biologics (11.47%), BeiGene (10.87%), and Innovent Biologics (9.60%), among others [2] - The fund's holdings are diversified across various companies in the innovative drug sector, with significant investments in both domestic and international firms [2]

Group 1 - The report highlights that innovative drugs are leading the pharmaceutical sector's market trends, with valuations expected to continue recovering [3][7][10] - The trend of innovative drugs going overseas is accelerating, which is likely to sustain the main market momentum [3][28] - The report indicates that the overall performance of the pharmaceutical sector faced pressure in Q1 2025, with a year-on-year revenue decline of 4.34% and a net profit drop of 8.87% [4][5] Group 2 - The report notes that the commercialization of domestic biotech innovative drug companies is entering a stable phase, with a significant revenue increase of 36% year-on-year in 2024, reaching 92.43 billion yuan [29][57] - It is projected that the domestic market for innovative drugs could reach 446 billion yuan by 2030, assuming a compound annual growth rate of 30% over the next six years [57][61] - The report emphasizes that the existing overseas licensing deals could yield a sales share of approximately 14.5 billion USD, based on conservative estimates of project success [61][62] Group 3 - The report suggests that there are opportunities for gradual recovery in various sub-sectors, including CXO, traditional Chinese medicine, and retail pharmacies, as operational improvements are expected [3][28] - The report identifies a significant increase in the holdings of innovative drug stocks by public funds, with a notable rise in the proportion of biotech innovative drug holdings [14][24] - The report outlines that the innovative drug sector is expected to benefit from breakthroughs in medical technology, including surgical robots and AI in healthcare [3][4][28]

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） 授出受限制股份單位 本公告乃根據上市規則第17.06A、17.06B以及17.06C條作出。於2025年6月30 日，董事會薪酬委員會根據2016期權及激勵計劃的條款向二百一十六名承授人授 出涉及合共43,839股美國存託股份的受限制股份單位。 2016期權及激勵計劃項下的受限制股份單位 於2025年6月30日，董事會薪酬委員會根據2016期權及激勵計劃的條款授予二百 一十六名承授人合共43,839股美國存託股份受限制股份單位。該等受限制股份單 位相當於569,907股股份，約佔本公告之日公司發行股份總數的0.04%。 授出受限制股份單位詳情 受限制股份單位詳情如下： 1 授出日期： 2025年6月30日 承授人數目： 二百一十六名 已授出受限制股份單位涉及 的相關股份數目： 569,90 ...

Core Viewpoint - The former president of Takeda China, Dan Guohong, will join BeiGene on August 18, taking the role of General Manager for Greater China, Central Asia, and South Asia, reporting to BeiGene's President and COO, Wu Xiaobin [1] Group 1 - Dan Guohong's appointment is expected to strengthen BeiGene's leadership in the specified regions [1] - The transition reflects BeiGene's strategy to enhance its operational capabilities in Greater China and surrounding areas [1]

Core Viewpoint - The innovative drug sector in China has experienced significant growth in 2023, exemplifying a narrative of China's rise in the capital market, with the Huatai-PB Hong Kong Innovative Drug ETF increasing by 57.87% year-to-date and numerous stocks doubling in value [1]. Group 1: Market Performance and Trends - Chinese innovative drug companies are entering a "Deepseek" moment, a culmination of two decades of development, as stated by industry analysts [2][10]. - The recent surge in the innovative drug sector is attributed to the performance of leading pharmaceutical companies, driven by increased sales of commercialized innovative drugs and a surge in licensing deals for clinical trial assets [4][10]. - The total amount of licensing deals by Chinese innovative drug companies reached $45.5 billion in the first five months of 2025, surpassing the total for the first half of 2024, indicating a robust growth in international licensing transactions [8]. Group 2: Company Highlights - A notable example is BeiGene, which created China's first billion-dollar blockbuster drug, Zebrutinib, achieving global sales of $1.3 billion in 2023 [6]. - BeiGene is projected to generate $3.8 billion in revenue in 2024, with Zebrutinib contributing $2.6 billion, leading to a reduction in the company's losses [7]. Group 3: Future Outlook - Analysts believe that the innovative drug sector in China is on a long-term upward trajectory, with the industry poised for a growth phase characterized by the approval of new drugs and increased licensing revenue [11][12]. - The next 3-5 years are expected to see accelerated globalization and a shift towards original innovation in the Chinese innovative drug sector, with companies that have strong pipelines and clinical advantages likely to lead the next growth wave [13]. - Despite recent market volatility, the long-term outlook remains positive, with expectations of a return to reasonable valuations as innovative results continue to materialize [16].

截至2025年6月30日 14:27，中证香港创新药指数(931787)上涨0.68%，成分股昭衍新药(06127)上涨 11.01%，云顶新耀(01952)上涨9.27%，泰格医药(03347)上涨7.85%，凯莱英(06821)上涨4.84%，药明合 联(02268)上涨4.76%。港股创新药ETF(513120)上涨1.16%。 流动性方面，港股创新药ETF盘中换手33.61%，成交44.72亿元，市场交投活跃。拉长时间看，截至6月 27日，港股创新药ETF近1周日均成交67.88亿元。 规模方面，港股创新药ETF最新规模达133.20亿元。份额方面，港股创新药ETF最新份额达118.60亿 份，创近1月新高。 从资金净流入方面来看，港股创新药ETF近14天获得连续资金净流入，最高单日获得6.09亿元净流入， 合计"吸金"31.59亿元。 融资买入方面，6月27日港股创新药ETF获融资买入5.11亿元，两融余额12.21亿元。 截至6月27日，港股创新药ETF近1年净值上涨86.07%，QDII股票型基金排名1/120。从收益能力看，截 至2025年6月27日，港股创新药ETF自成立以来，最高单月回报为 ...

Core Insights - BeiGene is advancing its global leadership in hematology through strong drug development and commercialization capabilities, with over 40 products in clinical development and commercialization stages, expecting 20 milestone advancements in the next 18 months [1][10]. Hematology Leadership - The company has established itself as a leader in hematology, particularly with its BTK inhibitor, Brukinsa (Zebutinib), which has gained significant market share in the U.S. and is approved in 75 global markets, benefiting over 200,000 patients [2][4]. - BeiGene is focusing on the development of next-generation therapies, including the BCL-2 inhibitor Sotorasib and the BTK CDAC BGB-16673, which shows promise in overcoming patient resistance [4][7]. - BGB-16673 has demonstrated an overall response rate (ORR) of 84.8% in R/R CLL indications, and a head-to-head trial against a non-covalent BTK inhibitor has been initiated [4][6]. Innovative Pipeline - Sotorasib is positioned as a next-generation BCL-2 inhibitor with superior efficacy and safety compared to existing treatments, and it is currently undergoing pivotal trials for various indications [7][10]. - The company is also developing a diverse pipeline for solid tumors, focusing on breast, gynecological, lung, and gastrointestinal cancers, with several innovative candidates like the CDK4 inhibitor BGB-43395 and the B7-H4 ADC [11][13][19]. Future Growth Potential - BeiGene plans to submit regulatory applications for Sotorasib globally by the second half of 2025, aiming to solidify its position in the B-cell malignancy treatment landscape [10][19]. - The company is expected to report clinical proof of concept data for over 10 new molecules in the next 6-18 months, including promising candidates in the solid tumor space [25][26]. - Recent analyst reports have given BeiGene a "buy" rating, highlighting its potential for significant growth driven by its innovative pipeline and global market expansion [27].